Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 23, 2016	Jun. 30, 2015
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	OAK
Entity Registrant Name	Oaktree Capital Group, LLC
Entity Central Index Key	1,403,528
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2.6
Class A Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		61,922,641
Class B Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		91,937,873

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash-equivalents	$ 480,590	$ 408,296
U.S. Treasury securities	661,116	655,529
Corporate investments (includes $67,626 and $40,814 measured at fair value as of December 31, 2015 and 2014, respectively)	213,988	187,963
Due from affiliates	35,899	46,881
Deferred tax assets	425,798	357,364
Other assets	257,913	282,516
Assets of consolidated funds:
Cash and cash-equivalents	480,590	408,296
Investments, at fair value	45,179,906	46,533,799
Derivative assets, at fair value	204,226	320,696
Other assets	257,913	282,516
Total assets	51,811,098	53,344,062
Liabilities:
Accrued compensation expense	319,834	294,886
Accounts payable, accrued expenses and other liabilities	121,934	148,361
Due to affiliates	356,851	309,214
Debt obligations	850,000	850,000
Liabilities of consolidated funds:
Accounts payable, accrued expenses and other liabilities	121,934	148,361
Derivative liabilities, at fair value	304,437	259,265
Debt obligations of CLOs	850,000	850,000
Total liabilities	$ 11,829,879	$ 9,822,777
Commitments and contingencies (Note 13)
Non-controlling redeemable interests in consolidated funds	$ 38,173,125	$ 41,681,155
Unitholders' capital:
Paid-in capital	735,166	536,431
Retained earnings	0	11,378
Accumulated other comprehensive loss	(1,216)	(1,070)
Class A unitholders’ capital	733,950	546,739
Non-controlling interests in consolidated funds	1,043,930	1,265,961
Total unitholders’ capital	1,808,094	1,840,130
Total liabilities and unitholders’ capital	51,811,098	53,344,062
Class A Units
Unitholders' capital:
Common stock	0	0
Class B Units
Unitholders' capital:
Common stock	0	0
Consolidated funds
Assets
Cash and cash-equivalents	2,850,512	2,940,198
Other assets	446,825	664,192
Assets of consolidated funds:
Cash and cash-equivalents	2,850,512	2,940,198
Investments, at fair value	45,179,906	46,533,799
Dividends and interest receivable	189,693	193,428
Due from brokers	706,708	605,882
Receivable for securities sold	163,799	171,817
Derivative assets, at fair value	198,351	296,197
Other assets	446,825	664,192
Liabilities:
Accounts payable, accrued expenses and other liabilities	128,774	75,487
Debt obligations	2,355,060	1,601,535
Liabilities of consolidated funds:
Accounts payable, accrued expenses and other liabilities	128,774	75,487
Payables for securities purchased	478,437	767,733
Securities sold short, at fair value	91,246	64,438
Derivative liabilities, at fair value	300,208	253,509
Distributions payable	364,773	752,762
Borrowings under credit facilities	6,462,762	4,704,852
Debt obligations of CLOs	2,355,060	1,601,535
Unitholders' capital:
Non-controlling interests in consolidated funds	$ 30,214	$ 27,430

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Corporate investments at fair value	$ 67,626	$ 40,814
Class A Units
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	Unlimited	Unlimited
Common stock, shares issued (in shares)	61,969,860	43,763,719
Common stock, shares outstanding (in shares)	61,969,860	43,763,719
Class B Units
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	Unlimited	Unlimited
Common stock, shares issued (in shares)	91,937,873	109,088,901
Common stock, shares outstanding (in shares)	91,937,873	109,088,901

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Management fees	$ 195,308	$ 192,055	$ 192,605
Incentive income	6,597	1,839	2,317
Total revenues	201,905	193,894	194,922
Expenses:
Compensation and benefits	(416,907)	(388,512)	(365,696)
Equity-based compensation	(54,381)	(41,395)	(28,441)
Incentive income compensation	(160,831)	(221,194)	(482,551)
Total compensation and benefits expense	(632,119)	(651,101)	(876,688)
General and administrative	(110,677)	(99,835)	(114,404)
Depreciation and amortization	14,022	8,003	7,119
Consolidated fund expenses	(184,090)	(188,538)	(108,851)
Total expenses	(940,908)	(947,477)	(1,107,062)
Other income (loss):
Interest expense	(216,799)	(129,942)	(61,160)
Interest and dividend income	1,958,802	1,902,576	1,806,361
Net realized gain on consolidated funds’ investments	1,177,150	2,131,584	3,503,998
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(3,767,527)	(993,260)	1,843,469
Investment income	51,958	33,695	56,027
Other income (expense), net	20,006	3,018	409
Total other income (loss)	(776,410)	2,947,671	7,149,104
Income (loss) before income taxes	(1,515,413)	2,194,088	6,236,964
Income taxes	(17,549)	(18,536)	(26,232)
Net income (loss)	(1,532,962)	2,175,552	6,210,732
Less:
Net income attributable to non-controlling interests in consolidated subsidiaries	(205,372)	(399,379)	(824,795)
Net income attributable to Oaktree Capital Group, LLC	$ 71,349	$ 126,283	$ 221,998
Distributions declared per Class A unit (in dollars per share)	$ 2.1000	$ 3.15	$ 4.71
Net income per unit (basic and diluted):
Net income per Class A unit (in dollars per share)	$ 1.45	$ 2.97	$ 6.35
Weighted average number of Class A units outstanding (in shares)	49,324	42,582	34,979
Consolidated funds
Less:
Net income attributable to non-controlling interests in consolidated subsidiaries	$ 1,809,683	$ (1,649,890)	$ (5,163,939)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net income (loss)	$ (1,532,962)	$ 2,175,552	$ 6,210,732
Other comprehensive income (loss), net of tax:
Foreign-currency translation adjustments	(2,210)	(1,693)	(1,546)
Unrealized gain on interest-rate swap designated as cash-flow hedge	1,374	1,852	3,732
Other comprehensive income (loss), net of tax	(836)	159	2,186
Total comprehensive income	(1,533,798)	2,175,711	6,212,918
Less: Comprehensive income attributable to non-controlling interests	1,605,001	(2,049,376)	(5,990,294)
Comprehensive income attributable to Oaktree Capital Group, LLC	71,203	126,335	222,624
Oaktree Capital Group, LLC
Net income (loss)	71,349	126,283	221,998
Other comprehensive income (loss), net of tax:
Foreign-currency translation adjustments	(621)	(489)	(198)
Unrealized gain on interest-rate swap designated as cash-flow hedge	475	541	824
Other comprehensive income (loss), net of tax	(146)	52	626
Total comprehensive income	71,203	126,335	222,624
Less: Comprehensive income attributable to non-controlling interests	0	0	0
Comprehensive income attributable to Oaktree Capital Group, LLC	71,203	126,335	222,624
Non-controlling Interests in Consolidated Subsidiaries
Net income (loss)	205,372	399,379	824,795
Other comprehensive income (loss), net of tax:
Foreign-currency translation adjustments	(1,589)	(1,204)	(1,348)
Unrealized gain on interest-rate swap designated as cash-flow hedge	899	1,311	2,908
Other comprehensive income (loss), net of tax	(690)	107	1,560
Total comprehensive income	204,682	399,486	826,355
Less: Comprehensive income attributable to non-controlling interests	(204,682)	(399,486)	(826,355)
Comprehensive income attributable to Oaktree Capital Group, LLC	0	0	0
Non-controlling Interests in Consolidated Funds
Net income (loss)	(1,809,683)	1,649,890	5,163,939
Other comprehensive income (loss), net of tax:
Foreign-currency translation adjustments	0	0	0
Unrealized gain on interest-rate swap designated as cash-flow hedge	0	0	0
Other comprehensive income (loss), net of tax	0	0	0
Total comprehensive income	(1,809,683)	1,649,890	5,163,939
Less: Comprehensive income attributable to non-controlling interests	1,809,683	(1,649,890)	(5,163,939)
Comprehensive income attributable to Oaktree Capital Group, LLC	$ 0	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	$ (1,532,962)	$ 2,175,552	$ 6,210,732
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Investment income	(51,958)	(33,695)	(56,027)
Depreciation and amortization	14,022	8,003	7,119
Equity-based compensation	54,381	41,395	28,441
Net realized and unrealized (gains) losses from consolidated funds’ investments	2,590,377	(1,138,324)	(5,347,467)
Amortization (accretion) of original issue and market discount of consolidated funds’ investments, net	(26,366)	(5,910)	(73,376)
Income distributions from corporate investments in companies	50,252	45,817	37,706
Amortization or write-off of debt issuance costs	15,689	12,042	4,701
Cash flows due to changes in operating assets and liabilities:
Decrease in deferred tax assets	10,645	15,255	12,367
(Increase) decrease in other assets	34,349	(62,883)	(23,252)
Decrease in net due to affiliates	(3,857)	(12,908)	(8,638)
Increase in accrued compensation expense	24,948	16,231	159,734
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(26,537)	43,661	(19,524)
Purchases of securities	(82,273)	(68,499)	(59,682)
Net cash provided by (used in) operating activities	(943,227)	(4,326,536)	5,436,017
Cash flows from investing activities:
Purchases of U.S. Treasury securities	(385,642)	(414,970)	(702,456)
Proceeds from maturities and sales of U.S. Treasury securities	380,055	436,041	396,470
Distributions and proceeds from corporate investments in funds and companies	57,954	38,341	2,643
Acquisition, net of cash acquired (Highstar)	0	(25,637)	0
Purchases of fixed assets	(23,724)	(5,005)	(4,609)
Other	0	0	(50,000)
Net cash used in investing activities	(53,630)	(39,729)	(417,634)
Cash flows from financing activities:
Proceeds from issuance of debt obligations	0	500,000	0
Payment of debt issuance costs	0	(2,296)	0
Repayments of debt obligations	0	(229,464)	(35,715)
Proceeds from issuance of Class A units	237,820	296,650	419,908
Purchase of OCGH units	(237,820)	(296,400)	(419,908)
Repurchase and cancellation of OCGH units	(4,926)	(2,085)	(833)
Distributions to Class A unitholders	(99,120)	(131,954)	(160,296)
Distributions to OCGH unitholders	(273,534)	(418,867)	(621,613)
Contributions from non-controlling interests	4,000	0	0
Distributions to non-controlling interests	(6,493)	0	0
Net cash provided by (used in) financing activities	992,269	5,092,336	(5,312,944)
Effect of exchange rate changes on cash	(12,804)	(15,242)	3,700
Net increase (decrease) in cash and cash-equivalents	(17,392)	710,829	(290,861)
Cash and cash-equivalents, beginning balance	3,348,494	2,637,665	2,928,526
Cash and cash-equivalents, ending balance	3,331,102	3,348,494	2,637,665
Supplemental cash flow disclosures:
Cash paid for interest	159,460	79,222	47,360
Cash paid for income taxes	5,586	7,947	15,526
Issuance of OCGH units related to the Highstar acquisition	0	3,996	0
Net assets related to the initial consolidation of a fund	0	961,634	0
Non-controlling interests in consolidated subsidiaries acquired	0	72,195	0
Consolidated funds
Cash flows due to changes in operating assets and liabilities:
(Increase) decrease in dividends and interest receivable	3,735	(33,171)	18,531
(Increase) decrease in due from brokers	(100,826)	(322,119)	121,379
Decrease in receivables for securities sold	8,018	177,130	176,986
(Increase) decrease in other assets	224,296	(171,720)	119,274
Increase (decrease) in accounts payable, accrued expenses and other liabilities	64,482	(32,640)	(74,898)
Increase (decrease) in payables for securities purchased	(289,294)	(287,005)	68,031
Purchases of securities	(17,994,888)	(21,975,014)	(18,277,324)
Proceeds from maturities and sales of securities	15,988,267	17,213,767	22,351,522
Cash flows from financing activities:
Payment of debt issuance costs	(25,156)	(29,697)	(13,595)
Contributions from non-controlling interests	5,404,333	8,260,647	6,507,188
Distributions to non-controlling interests	(6,633,233)	(6,826,094)	(12,783,673)
Proceeds from debt obligations issued by CLOs	982,962	1,601,535	0
Borrowings on credit facilities	7,682,232	7,503,750	3,718,026
Repayments on credit facilities	$ (6,038,796)	$ (5,133,389)	$ (1,922,433)

Consolidated Statements of Chan

Consolidated Statements of Changes in Unitholders Capital - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unitholders' capital, beginning of period	$ 1,840,130	$ 1,708,378	$ 1,393,893
Issuance of units	237,820	296,650	419,908
Issuance of OCGH units related to the Highstar acquisition	0	3,996	0
Purchase of OCGH units from OCGH unitholders	(237,820)	(296,400)	(419,908)
Deferred tax effect resulting from the purchase of OCGH units	16,606	13,705	19,807
Repurchase and cancellation of OCGH units	(4,926)	(2,085)	(833)
Non-controlling interests related to the Highstar acquisition	0	72,195	0
Non-controlling interests related to the Highstar acquisition	6,880	65,454
Equity reallocation between controlling and non-controlling interests	181,539	51,525	79,052
Capital increase related to equity-based compensation	52,762	41,261	28,441
Distributions declared	(382,099)	(590,982)	(781,909)
Net income	279,577	527,799	1,046,793
Foreign-currency translation adjustments	(2,210)	(1,693)	(1,546)
Unrealized gain on interest-rate swap designated as cash-flow hedge, net of tax	1,374	1,852	3,732
Unitholders' capital, end of period	1,808,094	1,840,130	1,708,378
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unitholders' capital, beginning of period	536,431	590,236	645,053
Issuance of units	237,820	296,650	419,908
Issuance of OCGH units related to the Highstar acquisition		1,137
Purchase of OCGH units from OCGH unitholders	(237,820)	(296,400)	(419,908)
Deferred tax effect resulting from the purchase of OCGH units	16,606	13,705	19,807
Equity reallocation between controlling and non-controlling interests	181,539	51,525	79,052
Capital increase related to equity-based compensation	16,983	11,532	6,620
Distributions declared	(16,393)	(131,954)	(160,296)
Unitholders' capital, end of period	735,166	536,431	590,236
Retained Earnings (Accumulated Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unitholders' capital, beginning of period	11,378	(114,905)	(336,903)
Distributions declared	(82,727)
Net income	71,349	126,283	221,998
Unitholders' capital, end of period	0	11,378	(114,905)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unitholders' capital, beginning of period	(1,070)	(1,122)	(1,748)
Foreign-currency translation adjustments	(621)	(489)	(198)
Unrealized gain on interest-rate swap designated as cash-flow hedge, net of tax	475	541	824
Unitholders' capital, end of period	(1,216)	(1,070)	(1,122)
Non-controlling Interests in Consolidated Subsidiaries
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unitholders' capital, beginning of period	1,265,961	1,234,169	1,087,491
Issuance of OCGH units related to the Highstar acquisition		2,859
Repurchase and cancellation of OCGH units	(4,926)	(2,085)	(833)
Non-controlling interests related to the Highstar acquisition		72,195
Non-controlling interests related to the Highstar acquisition	4,000	13,810
Equity reallocation between controlling and non-controlling interests	(181,539)	(51,525)	(79,052)
Capital increase related to equity-based compensation	35,779	29,729	21,821
Distributions declared	(280,027)	(432,677)	(621,613)
Net income	205,372	399,379	824,795
Foreign-currency translation adjustments	(1,589)	(1,204)	(1,348)
Unrealized gain on interest-rate swap designated as cash-flow hedge, net of tax	899	1,311	2,908
Unitholders' capital, end of period	1,043,930	1,265,961	1,234,169
Non-controlling Interests in Consolidated Funds
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unitholders' capital, beginning of period	27,430	0	0
Non-controlling interests related to the Highstar acquisition	2,880	51,644
Distributions declared	(2,952)	(26,351)	0
Net income	2,856	2,137	0
Unitholders' capital, end of period	$ 30,214	$ 27,430	$ 0
Class A Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unitholders' capital, beginning of period (in shares)	43,764,000	38,473,000	30,181,000
Issuance of units (in shares)	18,231,000	5,291,000	8,292,000
Cancellation of Class B units associated with forfeitures of OCGH units (in shares)	(25,000)
Unitholders' capital, end of period (in shares)	61,970,000	43,764,000	38,473,000
Class B Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unitholders' capital, beginning of period (in shares)	109,089,000	112,584,000	120,268,000
Issuance of units (in shares)	1,338,000	1,891,000	673,000
Cancellation of Class B units associated with forfeitures of OCGH units (in shares)	(135,000)	(56,000)	(48,000)
Cancellation of Class B units (in shares)	(18,354,000)	(5,330,000)	(8,309,000)
Unitholders' capital, end of period (in shares)	91,938,000	109,089,000	112,584,000

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Oaktree Capital Group, LLC (together with its subsidiaries, “Oaktree” or the “Company”) is a leader among global investment managers specializing in alternative investments. Oaktree emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Funds managed by Oaktree (the “Oaktree funds”) include commingled funds, separate accounts and collateralized loan obligation vehicles (“CLOs”). Commingled funds include open-end and closed-end limited partnerships in which the Company makes an investment and for which it serves as the general partner. CLOs are structured finance vehicles in which the Company typically makes an investment and for which it serves as collateral manager. Oaktree Capital Group, LLC is a Delaware limited liability company that was formed on April 13, 2007. The Company is owned by its Class A and Class B unitholders. Oaktree Capital Group Holdings GP, LLC acts as the Company’s manager and is the general partner of Oaktree Capital Group Holdings, L.P. (“OCGH”), which owns 100% of the Company’s outstanding Class B units. OCGH is owned by the Company’s senior executives, current and former employees and certain other investors (collectively, the “OCGH unitholders”). The Company’s operations are conducted through a group of operating entities collectively referred to as the Oaktree Operating Group. OCGH has a direct economic interest in the Oaktree Operating Group and the Company has an indirect economic interest in the Oaktree Operating Group. The interests in the Oaktree Operating Group are referred to as the “Oaktree Operating Group units.” An Oaktree Operating Group unit is not a separate legal interest but represents one limited partnership interest in each of the Oaktree Operating Group entities. Class A units are entitled to one vote per unit. Class B units are entitled to ten votes per unit and do not represent an economic interest in the Company. The number of Class B units held by OCGH, increases or decreases in response to corresponding changes in OCGH’s economic interest in the Oaktree Operating Group; consequently, the OCGH unitholders’ economic interest in the Oaktree Operating Group is reflected within non-controlling interests in consolidated subsidiaries in the accompanying consolidated financial statements. Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries, the consolidated entities that are considered to be variable interest entities (“VIEs”) and for which the Company is considered the primary beneficiary, and certain entities that are not considered VIEs but in which the Company has a controlling financial interest. Most of the Oaktree funds consolidated by the Company are investment companies that follow a specialized basis of accounting established by GAAP. All intercompany transactions and balances have been eliminated in consolidation.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of income and expenses during the period then ended. Actual results could differ from these estimates. Accounting Policies of the Company Consolidation In February 2015, the Financial Accounting Standards Board (“FASB”) amended its consolidation guidance to end the deferral granted to investment companies with respect to applying the variable interest entity (“VIE”) guidance. The Company will adopt the guidance in the first quarter of 2016 on a modified retrospective basis. Under the modified retrospective approach, prior years would not be restated; instead, a cumulative-effect adjustment to equity as of the beginning of the adoption year would be recorded. The Company is currently evaluating the effect that adoption will have on its consolidated financial statements. The adoption is expected to significantly reduce the number of funds consolidated by the Company, and therefore reduce the Company’s consolidated total assets, total liabilities and non-controlling redeemable interests in consolidated funds. However, the Company does not expect there to be an impact on net income attributable to the Company. Please see “—Recent Accounting Developments” below for more information regarding the consolidation guidance. Under current GAAP, the Company consolidates those entities for which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. As of December 31, 2015, consolidated entities included eight VIEs for which the Company was considered the primary beneficiary, and substantially all of Oaktree’s closed-end, commingled open-end and evergreen funds for which the Company acts as the general partner and is deemed to have control through a voting interest model. Variable Interest Model. The Company consolidates VIEs for which it is considered the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s business and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation model for VIEs, which was revised effective January 1, 2010, requires an analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance-related fees), would give it a controlling financial interest. The consolidation model for VIEs may be deferred if the VIE and the reporting entity’s interest in the VIE meet the deferral conditions set forth in Accounting Standards Codification (“ASC”) 810-10-65-2(aa). If a VIE has met the deferral conditions, the analysis is based on the consolidation model for VIEs prior to January 1, 2010, which requires an analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company’s involvement through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance-related fees) would be expected to absorb a majority of the variability of the entity. Under either model, the Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective Oaktree funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. While the Company holds variable interests in the Oaktree funds, most of those funds do not meet the characteristics of a VIE. As of December 31, 2015, the Company consolidated eight VIEs for which it was the primary beneficiary, including Oaktree AIF Holdings, Inc. (“AIF”), which was formed to hold certain assets for regulatory and other purposes. The seven remaining VIEs represented CLOs for which the Company acts as collateral manager. Two of the CLOs had not priced as of December 31, 2015. The Company consolidated six VIEs as of December 31, 2014. There were no VIEs for which the Company was not the primary beneficiary as of December 31, 2015 and 2014. As of December 31, 2015, the Company consolidated seven CLOs with total assets and liabilities of $2.6 billion and $2.5 billion , respectively. The assets and liabilities, respectively, of the CLOs primarily consisted of investments in debt securities and debt obligations issued by the CLOs. The debt obligations issued by each CLO are collateralized by the same CLO’s investments, and assets of one CLO may not be used to satisfy liabilities of another. In exchange for managing the collateral of the CLOs, the Company typically earns management fees and may earn performance fees, both of which are eliminated in consolidation. As of December 31, 2015, the Company’s investments in its CLOs had a carrying value of $162.2 million (fair value approximated $130.1 million ), which represented its maximum risk of loss as of that date. The Company’s investments are generally subordinated to other interests in the CLOs and entitle the Company to receive a pro-rata portion of the residual cash flows, if any, from the CLOs. Investors in the CLOs have no recourse against the Company for any losses they sustain. Please see note 7 for more information on CLO debt obligations. Voting Interest Model. For entities that are not VIEs, the Company evaluates those entities that it controls through a majority voting interest, including those Oaktree funds in which the Company as the sole general partner is presumed to have control (together with the CLOs, the “consolidated funds”). Although as general partner the Company typically has only a small, single-digit percentage equity interest in each fund, the funds’ third-party limited partners do not have the right to dissolve the partnerships or have substantive kick-out or participating rights that would overcome the presumption of control by the Company. Consequently, Oaktree’s consolidated financial statements reflect the assets, liabilities, revenues, expenses and cash flows of the consolidated funds on a gross basis, and the majority of the economic interests in those funds, which are held by third-party investors, are attributed to non-controlling interests in consolidated funds in the accompanying consolidated financial statements. All intercompany transactions, including revenues earned by Oaktree from the funds, are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by non-controlling interests, Oaktree’s attributable share of the net income from the funds is increased by the amounts eliminated. Thus, the elimination of the amounts in consolidation has no effect on net income or loss attributable to the Company. Certain funds for which the Company has no general partner responsibility but has the ability to exert significant influence through other means are accounted for under the equity method of accounting. Non-controlling Redeemable Interests in Consolidated Funds The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners. These interests are presented as non-controlling redeemable interests in consolidated funds within the consolidated statements of financial condition, outside of the permanent capital section. Limited partners in open-end and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective limited partnership agreements, over periods ranging from one month to three years. While limited partners in consolidated closed-end funds generally have not been granted redemption rights, these limited partners do have withdrawal or redemption rights in certain limited circumstances that are beyond the control of the Company, such as instances in which retaining the limited partnership interest could cause the limited partner to violate a law, regulation or rule. The allocation of net income or loss to non-controlling redeemable interests in consolidated funds is based on the relative ownership interests of the unaffiliated limited partners after the consideration of contractual arrangements that govern allocations of income or loss. At the consolidated level, potential incentives are allocated to non-controlling redeemable interests in consolidated funds until such incentives become allocable to the Company under the substantive contractual terms of the limited partnership agreements of the funds. Non-controlling Interests in Consolidated Funds Non-controlling interests in consolidated funds represent the equity interests held by third-party investors in CLOs that had not yet priced as of the respective period end. All non-controlling interests in those CLOs are attributed a share of income or loss arising from the respective CLO based on the relative ownership interests of third-party investors after consideration of contractual arrangements that govern allocations of income or loss. Investors in those CLOs are generally unable to redeem their interests until the CLO liquidates, is called or otherwise terminates. Non-controlling Interests in Consolidated Subsidiaries Non-controlling interests in consolidated subsidiaries reflect the portion of unitholders’ capital attributable to OCGH unitholders (“OCGH non-controlling interest”), certain related parties and third parties. All non-controlling interests in consolidated subsidiaries are attributed a share of income or loss in the respective consolidated subsidiary based on the relative economic interests of the OCGH unitholders, related parties or third parties after consideration of contractual arrangements that govern allocations of income or loss. Please see note 9 for more information. Business Combinations The Company accounts for business combinations using the acquisition method of accounting, which requires the use of estimates and judgment to measure the fair value of identifiable tangible and intangible assets acquired, liabilities assumed, and non-controlling interests in the acquiree as of the acquisition date. Contingent consideration that is determined to be part of the business combination is recognized at fair value as of the acquisition date and is included in the purchase price. Transaction costs are expensed as incurred. Goodwill and Intangibles Goodwill represents the excess of cost over the fair value of identifiable net assets of acquired businesses. Goodwill has an indefinite useful life and is not amortized, but instead tested for impairment annually in the fourth quarter of each fiscal year or more frequently when events and circumstances indicate that impairment may have occurred. The Company’s identifiable intangible assets acquired in business combinations primarily relate to contractual rights to earn future management fees and incentive income. Finite-lived intangible assets are amortized over their estimated useful lives, which range from three to seven years, and are reviewed for impairment whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable. Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, such as the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I – Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. The types of investments in Level I include exchange-traded equities, debt and derivatives with quoted prices. • Level II – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are directly or indirectly observable. Level II inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. The types of investments in Level II generally include corporate bonds and loans, government and agency securities, less liquid and restricted equity investments, over-the-counter traded derivatives, and other investments where the fair value is based on observable inputs. • Level III – Valuations for which one or more significant inputs are unobservable. These inputs reflect the Company’s assessment of the assumptions that market participants use to value the investment based on the best available information. Level III inputs include prices of quoted securities in markets for which there are few transactions, less public information exists or prices vary among brokered market makers. The types of investments in Level III include non-publicly traded equity, debt, real estate and derivatives. In some instances, the inputs used to value an instrument may fall into multiple levels of the fair-value hierarchy. In such instances, the instrument’s level within the fair-value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair-value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. Transfers of assets into or out of each fair value hierarchy level as a result of changes in the observability of the inputs used in measuring fair value are accounted for as of the beginning of the reporting period. Transfers resulting from a specific event, such as a reorganization or restructuring, are accounted for as of the date of the event that caused the transfer. In the absence of observable market prices, the Company values Level III investments using valuation methodologies applied on a consistent basis. The quarterly valuation process for Level III investments begins with each portfolio company, property or security being valued by the investment or valuation teams. With the exception of open-end funds, all unquoted Level III investment values are reviewed and approved by (i) the Company’s valuation officer, who is independent of the investment teams, (ii) a designated investment professional of each strategy and (iii) for a substantial majority of unquoted Level III holdings as measured by market value, a valuation committee of the respective strategy. For open-end funds, unquoted Level III investment values are reviewed and approved by the Company’s valuation officer. For certain investments, the valuation process also includes a review by independent valuation parties, at least annually, to determine whether the fair values determined by management are reasonable. Results of the valuation process are evaluated each quarter, including an assessment of whether the underlying calculations should be adjusted or recalibrated. In connection with this process, the Company periodically evaluates changes in fair-value measurements for reasonableness, considering items such as industry trends, general economic and market conditions, and factors specific to the investment. Certain assets are valued using prices obtained from brokers or pricing vendors. The Company obtains an average of one to two broker quotes. The Company seeks to obtain at least one quote directly from a broker making a market for the asset and one price from a pricing vendor for the specific or similar securities. These investments may be classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. The Company evaluates the prices obtained from brokers or pricing vendors based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Company also performs back-testing of valuation information obtained from brokers and pricing vendors against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Company performs due diligence procedures surrounding pricing vendors to understand their methodology and controls to support their use in the valuation process. Fair Value Option The Company has elected the fair value option for certain corporate investments that otherwise would not have reflected unrealized gains and losses in current-period earnings. Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition. Unrealized gains and losses resulting from changes in fair value are reflected as a component of investment income in the consolidated statements of operations. The Company’s accounting for those investments is similar to its accounting for investments held by the consolidated funds at fair value and the valuation methods used to determine the fair value of those investments. In addition, the Company has elected the fair value option for the assets of its CLOs. Assets of the CLOs are included in investments, at fair value and liabilities of the CLOs are reflected in debt obligations of CLOs in the consolidated statements of financial condition. The Company’s accounting for CLOs is similar to its accounting for closed-end funds with respect to both carrying investments held by CLOs at fair value and the valuation methods used to determine the fair value of those investments. Realized gains or losses and changes in the fair value of consolidated CLO assets are included in net realized gain on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments, respectively, in the consolidated statements of operations. Interest income of CLOs is included in interest and dividend income, and interest expense and other expenses are included in interest expense and consolidated fund expenses, respectively, in the consolidated statements of operations. Foreign Currency The assets and liabilities of Oaktree’s foreign subsidiaries with non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. The results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in other comprehensive income (loss) within the consolidated statements of financial condition until realized. Gains and losses resulting from foreign-currency transactions are included in general and administrative expense. Derivatives and Hedging A derivative is an instrument whose value is derived from an underlying instrument or index, such as interest rates, equity securities, currencies, commodities or credit spreads. Derivatives include futures, forwards, swaps, or option contracts, or other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest-rate swaps or currency forwards). The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company’s overall risk management strategy that may result in the use of derivatives to economically hedge or reduce these exposures. To mitigate the risk associated with fluctuations in interest rates, the Company may enter into interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable-rate borrowings. The Company’s corporate investments in funds include investments denominated in currencies other than the U.S. dollar, which is the Company’s reporting currency and, consequently, are subject to fluctuations in foreign-currency exchange rates. The Company also receives management fees from certain funds and pays expenses in currencies other than the U.S. dollar. To manage the risks associated with foreign-currency exchange gains and losses generated by the remeasurement of the Company’s corporate investments, management fees and expenses denominated in non-functional currencies, the Company may enter into currency option and forward contracts. As a result of the use of these or other derivative contracts, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. The Company attempts to mitigate this counterparty risk by entering into derivative contracts only with major financial institutions that have investment-grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivatives. The Company recognizes all derivatives as assets or liabilities in its consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition. When the Company enters into a derivative contract, the Company may elect to designate the derivative as a hedging instrument and apply hedge accounting as part of its overall risk management strategy. In other situations, when a derivative does not qualify for hedge accounting or when the derivative and the hedged item are both recorded in current-period earnings and thus deemed to be economic hedges, hedge accounting is not applied. Derivatives that are designated as hedging instruments are classified as either a hedge of (a) a recognized asset or liability (“fair-value hedge”), (b) a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash-flow hedge”), or (c) a net investment in a foreign operation. For a fair-value hedge, changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk are recorded in current-period earnings in the same caption in the consolidated statements of operations as the hedged item. Changes in the fair value of a derivative that is highly effective and is designated and qualifies as a cash-flow hedge, to the extent that the hedge is effective, are recorded in other comprehensive income (loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is recorded in current-period earnings. Changes in the fair value of derivatives designated as hedging instruments that are caused by factors other than changes in the risk being hedged are excluded from the assessment of hedge effectiveness and recognized in current-period earnings. For a derivative that is not designated as a hedging instrument (“freestanding derivative”), the Company records changes in fair value in current-period earnings. The Company formally documents at inception the hedge relationship, including identification of the hedging instrument and the hedged item, as well as the risk management objectives, the strategy for undertaking the hedge transaction, and the evaluation of effectiveness of its hedged transaction. On a quarterly basis, the Company formally assesses whether the derivative it designated in each hedging relationship has been and is expected to remain highly effective in offsetting changes in the estimated fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the balance remaining in other comprehensive income (loss) is released to earnings. Cash and Cash-equivalents Cash and cash-equivalents include demand deposit accounts, as well as money market funds and short-term investments with maturities of three months or less at the date of acquisition. U.S. Treasury Securities Includes holdings of U.S. Treasury bills with maturities greater than three months at the date of acquisition. These securities, classified as available-for-sale, are recorded at fair value with changes in fair value included in other comprehensive income (loss). Changes in fair value were not material for all years presented. Corporate Investments Corporate investments consist of investments in funds and companies that the Company does not control. Investments where the Company is deemed to exert significant influence are accounted for using the equity method of accounting and reflect Oaktree’s ownership interest in each such fund or company. For investments where the Company is not deemed to exert significant influence or control, the fair value option of accounting has been elected. Investment income represents the Company’s pro-rata share of income or loss from these funds or companies or the change in fair value of the investment, as applicable. Oaktree’s general partnership interests are substantially illiquid. While investments in funds reflect the fund’s holdings at fair value, equity-method investments in DoubleLine Capital LP and other companies are not adjusted to reflect the fair value of the underlying company. The fair value of the underlying investments in funds is based on the Company’s assessment, which takes into account expected cash flows, earnings multiples and/or comparisons to similar market transactions, among other factors. Valuation adjustments reflecting consideration of credit quality, concentration risk, sales restrictions and other liquidity factors are integral to valuing these instruments. Management Fees Management fees are recognized over the period in which the investment advisory services are performed. The contractual terms of management fees vary by fund structure. In the case of most closed-end funds, the management fee rate is applied against committed capital during the fund’s investment period and the lesser of total funded capital or cost basis of assets in the liquidation period. However, for certain closed-end funds, management fees during the investment period are calculated based on drawn capital. Additionally, for those closed-end funds for which management fees are based on committed capital, the Company sometimes elects to delay the start of the fund’s investment period and thus its full management fees; instead, earning management fees based only on drawn capital for the period between the first capital drawdown and the date on which the Company elects to start the investment period. The Company’s right to receive management fees typically ends after 10 or 11 years from the initial closing date or the start of the investment period even if assets remain to be liquidated. For open-end and evergreen funds, the management fee is generally based on the NAV of the fund. In the case of certain open-end and evergreen fund accounts, the Company has the potential to earn performance-based fees, typically in reference to a relevant benchmark index or hurdle rate. The Company does not recognize incremental income for transaction, advisory, director and other ancillary fees received in connection with providing services to portfolio companies or potential investees of the funds; rather, any such fees are offset against management fees earned from the applicable fund. These fees are typically recognized as revenue in the period in which they are offset against the quarterly management fees that would otherwise be paid by the applicable fund, which is generally the quarter following the period in which the fees are received. Inasmuch as these fees are not paid directly by the consolidated funds, such fees do not eliminate in consolidation and may impact the presentation of gross consolidated management fees; however, there is no impact to the Company’s net income as the amounts are included in net income (loss) attributable to non-controlling interests in consolidated funds. Ancillary fees recognized in management fees for the years ended December 31, 2015, 2014 and 2013 were $26.6 million , $32.7 million and $62.9 million , respectively. Incentive Income Incentive income generally represents 20% of each closed-end fund’s profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and up to 20% of certain evergreen fund’s annual profits, subject to high-water marks. The Company has elected to adopt “Method 1” for revenue recognition based on a formula. Under this method, incentive income is recognized when fixed or determinable, all related contingencies have been removed and collection is reasonably assured, which generally occurs in the quarter of, or the quarter immediately prior to, the distribution of the income by the fund to Oaktree. The Method 1 criteria for revenue recognition is typically met (a) for closed-end funds, only after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors, and (b) for certain evergreen funds, at the conclusion of each annual measurement period. Incentives received by Oaktree before the above criteria have been met are deferred and recorded as a deferred incentive income liability within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. There was no incentive income deferred as of December 31, 2015 and 2014. The Company may receive tax distributions related to taxable income allocated by funds, which are treated as an advance of incentive income and subject to the same recognition criteria. Tax distributions are contractually not subject to clawback. Incentive Income Compensation Incentive income compensation expense includes (a) compensation directly related to incentive income, which generally consists of percentage interests (sometimes referred to as “points”) that the Company grants to its investment professionals associated with the particular fund that generated the incentive income, and (b) compensation directly related to investment income. The Company has an obligation to pay a fixed percentage of the incentive income earned from a particular fund, including income from consolidated funds that is eliminated in consolidation, to specified investment professionals responsible for the management of the fund. Amounts payable pursuant to these arrangements are recorded as compensation expense when they have become probable and reasonably estimable. The Company’s determination of the point at which it becomes probable and reasonably estim

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS In August 2014, the Company completed its acquisition of Highstar for $31.4 million in cash, 100,595 fully-vested OCGH units and contingent consideration of up to $60.0 million . Highstar is an investment management firm specializing in U.S. energy infrastructure, waste management and transportation. The transaction, which was immaterial to Oaktree’s consolidated financial statements, resulted in $50.8 million of goodwill, $28.0 million of identifiable intangible assets, primarily consisting of contractual rights associated with the management of Highstar Capital IV (“HS IV”), and $72.2 million of non-controlling interests in certain acquired subsidiaries that principally relate to investments in HS IV. Effective August 2014, the Company consolidated the financial position and results of operations of the controlled Highstar entities, including HS IV, and accounted for this transaction as a business combination. Please see notes 10 and 13 for more information regarding the contingent consideration liability.

INVESTMENTS, AT FAIR VALUE

INVESTMENTS, AT FAIR VALUE	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
INVESTMENTS, AT FAIR VALUE	INVESTMENTS, AT FAIR VALUE Investments held and securities sold short by the consolidated funds are summarized below: Fair Value as of December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments: 2015 2014 2015 2014 United States: Debt securities: Consumer discretionary $ 3,387,072 $ 3,173,576 7.5 % 6.8 % Consumer staples 686,071 692,890 1.5 1.5 Energy 854,220 1,028,317 1.9 2.2 Financials 1,293,508 805,337 2.9 1.7 Government 95,508 140,053 0.2 0.3 Health care 1,135,799 1,010,462 2.5 2.2 Industrials 1,710,706 1,795,909 3.8 3.9 Information technology 1,293,815 1,167,635 2.9 2.5 Materials 1,393,521 1,288,947 3.1 2.8 Telecommunication services 471,711 372,457 1.0 0.8 Utilities 686,126 1,409,408 1.5 3.0 Total debt securities (cost: $15,304,870 and $13,611,109 as of December 31, 2015 and 2014, respectively) 13,008,057 12,884,991 28.8 27.7 Equity securities: Consumer discretionary 1,813,832 2,475,318 4.0 5.3 Consumer staples 872,472 530,305 1.9 1.1 Energy 1,810,290 1,756,480 4.0 3.8 Financials 7,639,790 7,720,904 16.9 16.6 Health care 92,866 224,705 0.2 0.5 Industrials 1,728,086 2,970,356 3.8 6.4 Information technology 67,253 176,097 0.2 0.4 Materials 882,366 1,207,523 2.0 2.6 Telecommunication services 16,471 21,616 0.0 0.0 Utilities 156,865 329,175 0.3 0.7 Total equity securities (cost: $13,290,699 and $13,911,333 as of December 31, 2015 and 2014, respectively) 15,080,291 17,412,479 33.3 37.4 Fair Value as of December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments: 2015 2014 2015 2014 Europe: Debt securities: Consumer discretionary $ 1,329,387 $ 1,371,689 2.9 % 3.0 % Consumer staples 222,789 242,513 0.5 0.5 Energy 144,742 370,456 0.3 0.8 Financials 808,568 803,468 1.8 1.7 Government 46,946 — 0.1 — Health care 197,569 147,661 0.5 0.3 Industrials 291,950 344,642 0.7 0.7 Information technology 71,168 41,960 0.2 0.1 Materials 377,460 421,327 0.8 0.9 Telecommunication services 200,610 142,322 0.4 0.3 Utilities 18,028 24,668 0.0 0.1 Total debt securities (cost: $4,207,531 and $3,803,751 as of December 31, 2015 and 2014, respectively) 3,709,217 3,910,706 8.2 8.4 Equity securities: Consumer discretionary 270,370 311,847 0.6 0.7 Consumer staples 145,108 59,628 0.3 0.1 Energy 21,791 92,416 0.0 0.2 Financials 6,239,424 4,760,386 13.8 10.2 Government 40,290 635 0.1 0.0 Health care 79,582 52,887 0.2 0.1 Industrials 1,499,142 1,226,825 3.3 2.6 Information technology 1,646 1,190 0.0 0.0 Materials 475,306 398,559 1.1 0.9 Telecommunication services 4,834 — 0.0 — Utilities 344,736 — 0.8 — Total equity securities (cost: $7,627,245 and $5,884,950 as of December 31, 2015 and 2014, respectively) 9,122,229 6,904,373 20.2 14.8 Asia and other: Debt securities: Consumer discretionary 102,531 140,732 0.2 0.3 Consumer staples 33,061 7,927 0.1 0.0 Energy 193,645 217,299 0.4 0.5 Financials 27,413 18,935 0.1 0.0 Government 6,974 50,073 0.0 0.1 Health care 47,010 48,977 0.1 0.1 Industrials 268,710 420,323 0.6 0.9 Information technology 31,983 23,555 0.1 0.1 Materials 248,830 252,965 0.6 0.6 Utilities 2,713 9,113 0.0 0.0 Total debt securities (cost: $1,090,867 and $1,168,453 as of December 31, 2015 and 2014, respectively) 962,870 1,189,899 2.2 2.6 Fair Value as of December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments: 2015 2014 2015 2014 Asia and other: Equity securities: Consumer discretionary $ 506,761 $ 664,077 1.1 % 1.4 % Consumer staples 29,863 113,471 0.1 0.2 Energy 192,844 298,040 0.4 0.6 Financials 986,753 1,518,532 2.2 3.3 Health care 18,535 22,899 0.1 0.1 Industrials 1,032,225 937,455 2.3 2.0 Information technology 244,433 322,592 0.5 0.7 Materials 96,326 145,657 0.2 0.3 Telecommunication services 34,678 39,244 0.1 0.1 Utilities 154,824 169,384 0.3 0.4 Total equity securities (cost: $3,370,406 and $3,393,453 as of December 31, 2015 and 2014, respectively) 3,297,242 4,231,351 7.3 9.1 Total debt securities 17,680,144 17,985,596 39.2 38.7 Total equity securities 27,499,762 28,548,203 60.8 61.3 Total investments, at fair value $ 45,179,906 $ 46,533,799 100.0 % 100.0 % Securities Sold Short: Equity securities (proceeds: $102,236 and $70,760 as of December 31, 2015 and 2014, respectively) $ (91,246 ) $ (64,438 ) As of December 31, 2015 and 2014, no single issuer or investment had a fair value that exceeded 5% of Oaktree’s total consolidated net assets. Net Gains From Investment Activities of Consolidated Funds Net gains from investment activities in the consolidated statements of operations consist primarily of realized and unrealized gains and losses on the consolidated funds’ investments (including foreign exchange gains and losses attributable to foreign-denominated investments and related activities) and other financial instruments. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments. Upon disposition of an investment, unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period. The following table summarizes net gains (losses) from investment activities: Year Ended December 31, 2015 2014 2013 Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Investments and other financial instruments $ 895,271 $ (3,602,437 ) $ 1,937,061 $ (1,080,571 ) $ 3,649,821 $ 2,152,662 Foreign-currency forward contracts (1) 457,594 (98,420 ) 179,675 278,647 (217,234 ) (286,336 ) Total-return and interest-rate swaps (1) (215,837 ) (38,658 ) 54,437 (193,079 ) 89,333 (22,619 ) Options and futures (1) 43,055 (30,198 ) (38,431 ) 6,513 (17,922 ) (238 ) Swaptions (1)(2) (2,933 ) 2,186 (1,158 ) (4,770 ) — — Total $ 1,177,150 $ (3,767,527 ) $ 2,131,584 $ (993,260 ) $ 3,503,998 $ 1,843,469 (1) Please see note 6 for additional information. (2) A swaption is an option granting the buyer the right but not the obligation to enter into a swap agreement on a specified future date.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Fair Value of Financial Assets and Liabilities The short-term nature of cash and cash-equivalents, receivables and accounts payable causes each of their carrying values to approximate fair value. The fair value of short-term investments included in cash and cash-equivalents is a Level I valuation. The Company’s other financial assets and liabilities by fair-value hierarchy level are set forth below. Please see notes 7 and 15 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of December 31, 2015 As of December 31, 2014 Level I Level II Level III Total Level I Level II Level III Total Assets U.S. Treasury securities (1) $ 661,116 $ — $ — $ 661,116 $ 655,529 $ — $ — $ 655,529 Corporate investments — 41,876 25,750 67,626 23,660 17,154 — 40,814 Foreign-currency forward contracts (2) — 5,875 — 5,875 — 24,499 — 24,499 Total assets $ 661,116 $ 47,751 $ 25,750 $ 734,617 $ 679,189 $ 41,653 $ — $ 720,842 Liabilities Contingent consideration (3) $ — $ — $ (28,494 ) $ (28,494 ) $ — $ — $ (27,245 ) $ (27,245 ) Foreign-currency forward contracts (3) — (3,286 ) — (3,286 ) — (3,439 ) — (3,439 ) Interest-rate swaps (3) — (943 ) — (943 ) — (2,317 ) — (2,317 ) Total liabilities $ — $ (4,229 ) $ (28,494 ) $ (32,723 ) $ — $ (5,756 ) $ (27,245 ) $ (33,001 ) (1) Carrying value approximates fair value due to the short-term nature. (2) Amounts are included in other assets in the consolidated statements of financial condition. (3) Amounts are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. Fair Value of Financial Instruments Held By Consolidated Funds The short-term nature of cash and cash-equivalents held at the consolidated funds causes their carrying value to approximate fair value. The fair value of cash-equivalents is a Level I valuation. Derivatives may relate to a mix of Level I, II or III investments, and therefore their fair-value hierarchy level may not correspond to the fair-value hierarchy level of the economically hedged investment. The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level: As of December 31, 2015 As of December 31, 2014 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 7,891,929 $ 1,871,375 $ 9,763,304 $ — $ 8,135,722 $ 1,555,656 $ 9,691,378 Corporate debt – all other 5,450 4,902,226 3,009,164 7,916,840 4,039 5,539,518 2,750,661 8,294,218 Equities – common stock 4,836,422 256,604 8,729,202 13,822,228 6,042,583 505,459 9,044,579 15,592,621 Equities – preferred stock — — 1,363,542 1,363,542 3,148 — 1,320,752 1,323,900 Real estate 61,317 — 9,655,270 9,716,587 — — 9,216,056 9,216,056 Real estate loan portfolios — — 2,597,405 2,597,405 — — 2,399,105 2,399,105 Other — — — — 945 — 15,576 16,521 Total investments 4,903,189 13,050,759 27,225,958 45,179,906 6,050,715 14,180,699 26,302,385 46,533,799 Derivatives: Foreign-currency forward contracts — 156,234 — 156,234 — 254,929 — 254,929 Swaps — 16,544 — 16,544 — 4,217 — 4,217 Options and futures — 25,559 — 25,559 — 36,568 — 36,568 Swaptions — 14 — 14 — 483 — 483 Total derivatives — 198,351 — 198,351 — 296,197 — 296,197 Total assets $ 4,903,189 $ 13,249,110 $ 27,225,958 $ 45,378,257 $ 6,050,715 $ 14,476,896 $ 26,302,385 $ 46,829,996 Liabilities Securities sold short: Equity securities $ (91,246 ) $ — $ — $ (91,246 ) $ (64,438 ) $ — $ — $ (64,438 ) Derivatives: Foreign-currency forward contracts — (64,364 ) — (64,364 ) — (54,663 ) — (54,663 ) Swaps — (223,359 ) (8,251 ) (231,610 ) — (172,672 ) (10,687 ) (183,359 ) Options and futures (88 ) (4,146 ) — (4,234 ) (11,051 ) (3,918 ) — (14,969 ) Swaptions — — — — — (518 ) — (518 ) Total derivatives (88 ) (291,869 ) (8,251 ) (300,208 ) (11,051 ) (231,771 ) (10,687 ) (253,509 ) Total liabilities $ (91,334 ) $ (291,869 ) $ (8,251 ) $ (391,454 ) $ (75,489 ) $ (231,771 ) $ (10,687 ) $ (317,947 ) The following tables set forth a summary of changes in the fair value of Level III investments: Corporate Debt – Bank Debt Corporate Debt – All Other Equities – Common Stock Equities – Preferred Stock Real Estate Real Estate Loan Portfolio Swaps Other Total 2015: Beginning balance $ 1,555,656 $ 2,750,661 $ 9,044,579 $ 1,320,752 $ 9,216,056 $ 2,399,105 $ (10,687 ) $ 15,576 $ 26,291,698 Transfers into Level III 364,501 248,824 570,137 15,835 142,165 — — — 1,341,462 Transfers out of Level III (199,119 ) (246,615 ) (1,427,473 ) (32,692 ) (61,317 ) — — (12,000 ) (1,979,216 ) Purchases 684,359 1,267,168 1,706,683 203,077 1,973,704 1,207,691 — — 7,042,682 Sales (493,438 ) (584,756 ) (1,315,766 ) (305,917 ) (2,242,760 ) (1,100,273 ) — (5,513 ) (6,048,423 ) Realized gains (losses), net 16,245 (4,670 ) 125,637 81,037 766,400 283,074 — 3,147 1,270,870 Unrealized appreciation (depreciation), net (56,829 ) (421,448 ) 25,405 81,450 (138,978 ) (192,192 ) 2,436 (1,210 ) (701,366 ) Ending balance $ 1,871,375 $ 3,009,164 $ 8,729,202 $ 1,363,542 $ 9,655,270 $ 2,597,405 $ (8,251 ) $ — $ 27,217,707 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (43,305 ) $ (340,883 ) $ (33,299 ) $ 169,799 $ 342,560 $ (192,192 ) $ 2,436 $ — $ (94,884 ) 2014: Beginning balance $ 2,809,437 $ 2,432,179 $ 6,700,015 $ 919,771 $ 6,221,294 $ 2,369,441 $ — $ 13,708 $ 21,465,845 Transfers into Level III 930,966 222,357 1,044,659 1,017 474,098 — — — 2,673,097 Transfers out of Level III (2,121,960 ) (19,480 ) (809,815 ) (97,171 ) (120,120 ) — — — (3,168,546 ) Purchases 1,083,224 1,021,815 2,944,074 328,507 2,943,580 950,256 — 2,000 9,273,456 Sales (1,121,409 ) (888,147 ) (917,197 ) (85,470 ) (1,688,713 ) (1,277,993 ) (3,939 ) (4,469 ) (5,987,337 ) Realized gains (losses), net 135,890 114,436 170,598 (14,462 ) 275,717 175,962 3,939 3,363 865,443 Unrealized appreciation (depreciation), net (160,492 ) (132,499 ) (87,755 ) 268,560 1,110,200 181,439 (10,687 ) 974 1,169,740 Ending balance $ 1,555,656 $ 2,750,661 $ 9,044,579 $ 1,320,752 $ 9,216,056 $ 2,399,105 $ (10,687 ) $ 15,576 $ 26,291,698 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (27,075 ) $ 114,613 $ 264,486 $ 299,817 $ 1,468,857 $ 181,439 $ (10,687 ) $ (132 ) $ 2,291,318 Total realized and unrealized gains and losses recorded for Level III investments are included in net realized gain on consolidated funds’ investments or net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. There were no transfers between Level I and Level II positions for the year ended December 31, 2015. Transfers between Level I and Level II positions for the year ended December 31, 2014 included $739.7 million from Level II to Level I due to the removal of discounts on three exchange-traded common equity investments upon the expiration of lockup periods and increased trading volume for one exchange-traded common equity investment. Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market trading activity or completed an initial public offering during the respective period and thus were valued using observable inputs. Transfers into Level III typically reflected either investments that experienced a less significant level of market trading activity during the period or portfolio companies that undertook restructurings or bankruptcy proceedings and thus were valued in the absence of observable inputs. The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2015: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (9)(10)(11) Range Weighted Average (12) Credit-oriented investments: Consumer $ 289,107 Discounted cash flow (1) Discount rate 5% – 15% 12% 451,584 Market approach (2) Earnings multiple (3) 3x – 10x 6x 232,995 Recent transaction price (5) Not applicable Not applicable Not applicable 156,160 Recent market information (6) Quoted prices / discount Not applicable Not applicable Financials: 595,066 Discounted cash flow (1) Discount rate 6% – 14% 11% 259,669 Market approach (2)(4) Underlying asset multiple 1.1x – 1.5x 1.2x 232,958 Recent transaction price (5) Not applicable Not applicable Not applicable 241,667 Recent market information (6) Quoted prices / discount Not applicable Not applicable Industrials: 135,808 Discounted cash flow (1) Discount rate 5% – 15% 13% 55,310 Discounted cash flow (1) / (8) Discount rate / Market transactions 9% – 11% 10% 7,549 Market approach (2) Earnings multiple (3) 5x – 9x 7x 219,121 Market approach (2)(4) Underlying asset multiple 0.7x – 1.0x 0.9x 45,647 Recent transaction price (5) Not applicable Not applicable Not applicable 24,247 Recent market information (6) Quoted prices / discount Not applicable Not applicable Materials: 417,749 Discounted cash flow (1) Discount rate 11% – 14% 14% 128,230 Market approach (2) Earnings multiple (3) 7x – 9x 8x 3,938 Recent transaction price (5) Not applicable Not applicable Not applicable 71,174 Recent market information (6) Quoted prices / discount Not applicable Not applicable Information 199,841 Discounted cash flow (1) Discount rate 6% – 13% 12% 143,596 Market approach (2) Earnings multiple (3) 6x – 8x 7x 63,594 Recent transaction price (5) Not applicable Not applicable Not applicable 62,353 Recent market information (6) Quoted prices / discount Not applicable Not applicable Other: 442,797 Discounted cash flow (1) Discount rate 5% – 20% 12% 60,643 Recent transaction price (5) Not applicable Not applicable Not applicable 331,485 Recent market information (6) Quoted prices / discount Not applicable Not applicable Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (9)(10)(11) Range Weighted Average (12) Equity investments: Financials: 58,352 Discounted cash flow (1) Discount rate 14% – 16% 15% 1,029,904 Market approach (2)(4) Underlying asset multiple 1.0x – 1.5x 1.4x 189,714 Recent transaction price (5) Not applicable Not applicable Not applicable Industrials: 37,130 Discounted cash flow (1) Discount rate 10% – 12% 11% 2,385,995 Market approach (2) Earnings multiple (3) 5x – 18x 9x 1,287,791 Market approach (2)(4) Underlying asset multiple 0.9x – 1.0x 1.0x 248,894 Recent transaction price (5) Not applicable Not applicable Not applicable 53,005 Recent market information (6) Quoted prices / discount Not applicable Not applicable Materials: 1,238,760 Market approach (2) Earnings multiple (3) 7x – 9x 8x 25,133 Recent transaction price (5) Not applicable Not applicable Not applicable Utilities 616,596 Market approach (2) Earnings multiple (3) 8x – 11x 9x 266,185 Other Not applicable Not applicable Not applicable 200,112 Recent transaction price (5) Not applicable Not applicable Not applicable Other: 1,898,334 Market approach (2) Earnings multiple (3) 6x – 18x 10x 164,026 Market approach (2)(4) Underlying asset multiple 1.1x – 1.3x 1.2x 221,350 Recent transaction price (5) Not applicable Not applicable Not applicable 171,463 Recent market information (6) Quoted prices / discount Not applicable Not applicable Real estate-oriented investments: 3,863,639 Discounted cash flow (1)(7) Discount rate 6% – 44% 13% Terminal capitalization rate 5% – 10% 7% Direct capitalization rate 5% – 10% 7% Net operating income growth rate 0% – 38% 10% Absorption rate 25% – 44% 30% 132,640 Discounted cash flow (1) / (8) Discount rate / Market transactions 6% – 8% 7% 218,817 Market approach (2) Earnings multiple (3) 9x – 11x 11x 992,695 Market approach (2)(4) Underlying asset multiple 1x – 1.8x 1.6x 512,120 Recent transaction price (5) Not applicable Not applicable Not applicable 2,385,895 Recent market information (6) Quoted prices / discount 0% – 5% 3% 1,385,418 Sales approach (8) Market transactions Not applicable Not applicable 164,046 Other Not applicable Not applicable Not applicable Real estate loan portfolios: 2,101,463 Discounted cash flow (1)(7) Discount rate 7% – 23% 13% 495,942 Recent transaction price (5) Not applicable Not applicable Not applicable Total Level III $ 27,217,707 The following table sets forth a summary of the valuation technique and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2014: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (9)(10)(11) Range Weighted Average (12) Credit-oriented investments: Consumer $ 164,401 Discounted cash flow (1) Discount rate 5% – 12% 11% 487,784 Market approach (2) Earnings multiple (3) 3x – 10x 5x 133,410 Recent transaction price (5) Not applicable Not applicable Not applicable 119,219 Recent market information (6) Quoted prices / discount Not applicable Not applicable Financials: 280,827 Discounted cash flow (1) Discount rate 9% – 14% 12% 205,639 Market approach (2)(4) Underlying asset multiple 0.9x – 1.1x 1x 228,804 Recent transaction price (5) Not applicable Not applicable Not applicable 55,472 Recent market information (6) Quoted prices / discount Not applicable Not applicable Industrials: 240,935 Discounted cash flow (1) Discount rate 5% – 20% 13% 206,763 Discounted cash flow (1) / (8) Discount rate / Market transactions 10% – 14% 12% 13,358 Market approach (2) Earnings multiple (3) 3x – 8x 7x 83,020 Market approach (2)(4) Underlying asset multiple 0.9x – 1.1x 1x 121,888 Recent transaction price (5) Not applicable Not applicable Not applicable 113,500 Recent market information (6) Quoted prices / discount Not applicable Not applicable Materials: 77,008 Discounted cash flow (1) Discount rate 11% – 13% 12% 189,081 Discounted cash flow (1) / (8) Discount rate / Market transactions 15% – 17% 16% 250,803 Market approach (2) Earnings multiple (3) 6x – 8x 7x 64,490 Recent transaction price (5) Not applicable Not applicable Not applicable Other: 449,065 Discounted cash flow (1) Discount rate 5% – 13% 11% 376,237 Market approach (2) Earnings multiple (3) 7x – 8x 8x 123,842 Recent transaction price (5) Not applicable Not applicable Not applicable 310,084 Recent market information (6) Quoted prices / discount Not applicable Not applicable Equity investments: Energy: 47,524 Discounted cash flow (1) Discount rate 10% – 12% 11% 1,045,233 Market approach (2) Earnings multiple (3) 5x – 18x 12x 60,409 Recent transaction price (5) Not applicable Not applicable Not applicable 432,717 Other Not applicable Not applicable Not applicable Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (9)(10)(11) Range Weighted Average (12) Financials: $ 116,328 Discounted cash flow (1) / (8) Discount rate / Market transactions 6% – 8% 7% 646,720 Market approach (2)(4) Underlying asset multiple 1x – 1.1x 1x 171,844 Recent transaction price (5) Not applicable Not applicable Not applicable 140,804 Recent market information (6) Quoted prices / discount Not applicable Not applicable Industrials: 2,086,026 Market approach (2) Earnings multiple (3) 3x – 15x 9x 2,313,549 Market approach (2)(4) Underlying asset multiple 1x – 1.2x 1x 100,655 Recent transaction price (5) Not applicable Not applicable Not applicable 397,377 Recent market information (6) Quoted prices / discount Not applicable Not applicable Materials: 1,154,908 Market approach (2) Earnings multiple (3) 4x – 11x 8x 70,123 Recent transaction price (5) Not applicable Not applicable Not applicable 1,477 Recent market information (6) Quoted prices / discount Not applicable Not applicable Other: 1,371,935 Market approach (2) Earnings multiple (3) 4x – 12x 8x 55,769 Recent transaction price (5) Not applicable Not applicable Not applicable 151,933 Recent market information (6) Quoted prices / discount Not applicable Not applicable Real estate-oriented investments: 3,276,236 Discounted cash flow (1)(7) Discount rate 6% – 44% 13% Terminal capitalization rate 6% – 10% 8% Direct capitalization rate 5% – 9% 7% Net operating income growth rate 0% – 37% 10% Absorption rate 19% – 44% 38% 262,218 Market approach (2) Earnings multiple (3) 12x – 18x 13x 766,755 Market approach (2)(4) Underlying asset multiple 1x – 1.5x 1.4x 915,247 Recent transaction price (5) Not applicable Not applicable Not applicable 2,625,026 Recent market information (6) Quoted prices / discount 0% – 6% 4% 245,316 Recent market information (6) / (2) Quoted prices / discount (3) 7x – 9x 8x 1,075,459 Sales approach (8) Market transactions Not applicable Not applicable 49,799 Other Not applicable Not applicable Not applicable Real estate loan 2,019,261 Discounted cash flow (1)(7) Discount rate 8% – 16% 13% 379,844 Recent transaction price (5) Not applicable Not applicable Not applicable Other 15,576 Total Level III $ 26,291,698 (1) A discounted cash-flow method is generally used to value performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments, real estate-oriented investments and real estate loan portfolios. (2) A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying issuer. (3) Earnings multiples are based on comparable public companies and transactions with comparable companies. The Company typically utilizes multiples of EBITDA; however, in certain cases the Company may use other earnings multiples believed to be most relevant to the investment. The Company typically applies the multiple to trailing twelve-months’ EBITDA. However, in certain cases other earnings measures, such as pro forma EBITDA, may be utilized if deemed to be more relevant. (4) A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets. (5) Certain investments are valued based on recent transactions, generally defined as investments purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date. (6) Certain investments are valued using quoted prices for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. (7) The discounted cash flow model for certain real estate-oriented investments and certain real estate loan portfolios contains a sell-out analysis. In these cases, the discounted cash flow is based on the expected timing and prices of sales of the underlying properties. The Company’s determination of the sales prices of these properties typically includes consideration of prices and other relevant information from market transactions involving comparable properties. (8) The sales approach uses prices and other relevant information generated by market transactions involving comparable assets. The significant unobservable inputs used in the sales approach generally include adjustments to transactions involving comparable assets or properties, adjustments to external or internal appraised values, and the Company’s assumptions regarding market trends or other relevant factors. (9) The discount rate is the significant unobservable input used in the fair-value measurement of performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments and real estate loan portfolios. An increase (decrease) in the discount rate would result in a lower (higher) fair-value measurement. (10) Multiple of either earnings or underlying assets is the significant unobservable input used in the market approach for the fair-value measurement of distressed credit-oriented investments, credit-oriented investments in which the consolidated funds have a controlling interest in the underlying issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement. (11) The significant unobservable inputs used in the fair-value measurement of real estate investments utilizing a discounted cash flow analysis can include one or more of the following: discount rate, terminal capitalization rate, direct capitalization rate, net operating income growth rate or absorption rate. An increase (decrease) in a discount rate, terminal capitalization rate or direct capitalization rate would result in a lower (higher) fair-value measurement. An increase (decrease) in a net operating income growth rate or absorption rate would result in a higher (lower) fair-value measurement. Generally, a change in a net operating income growth rate or absorption rate would be accompanied by a directionally similar change in the discount rate. (12) The weighted average is based on the fair value of the investments included in the range. A significant amount of judgment may be required when using unobservable inputs, including assessing the accuracy of source data and the results of pricing models. The Company assesses the accuracy and reliability of the sources it uses to develop unobservable inputs. These sources may include third-party vendors that the Company believes are reliable and commonly utilized by other marketplace participants. As described in note 2, other factors beyond the unobservable inputs described above may have a significant impact on investment valuations. During the year ended December 31, 2015, the valuation technique for ten Level III investments changed, as follows: (a) three credit-oriented investments and one equity investment changed from a market approach based on comparable companies to a market approach based on the value of underlying assets as a result of an increased focus on the value of the company’s physical assets, (b) one equity investment changed from a market approach based on comparable companies to a valuation based on recent market information due to increased availability of broker quotations, (c) one credit-oriented investment changed from a valuation technique that used both a discounted cash flow and sales approach to an approach based solely on a discounted cash flow technique due to a decreased focus on the value of the issuer’s assets, (d) one real estate-oriented investment changed from a valuation based on a market approach to a discounted cash flow as a result of the stabilization of the underlying property, (e) one real estate-oriented investment changed from a valuation based on a discounted cash flow to a sales approach as a result of receiving offers from potential buyers, (f) one credit-oriented investment changed from a valuation based on recent market information to a discounted cash flow technique due to decreased availability of broker quotations, and (g) one credit-oriented investment, comprised of ten underlying loans, changed from a valuation technique that used both a discounted cash flow and sales approach to a market approach based on the value of underlying assets as a result of an increased focus on the value of the assets collateralizing the loans. During the year ended December 31, 2014, the valuation technique for one Level III equity security and one Level III credit-oriented security changed from a valuation based on recent market information to a market approach based on comparable companies, because the investee underwent a restructuring and its securities are no longer traded. The valuation technique for two Level III equity securities and one Level III credit-oriented security changed from a valuation based on a discounted cash flow to a market approach based on comparable companies as a result of the stabilization of the underlying investments. One equity investment changed from a market approach based on the value of underlying assets to a valuation based on recent market information as a result of a pending transaction in which the consolidated funds are expected to receive shares of publicly traded stock in exchange for their current equity investment. One real estate-oriented investment commenced trading on a securities exchange; thus, it changed from a market approach based on comparable companies to a valuation based on recent market information, as adjusted for factors stemming from the structure of the equity interests owned by the consolidated funds. One Level III real estate-oriented investment changed from a valuation based on recent market information to a market approach based on comparable companies as a result of a lack of recent market transaction data. Additionally, two real estate-oriented investments changed from a sales approach based on recent market transactions to a discounted cash flow approach reflecting a change to a model-based approach driven by a reduction in recent observable market data.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING	DERIVATIVES AND HEDGING The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company’s overall risk management strategy that may include the use of derivatives to economically hedge or reduce these exposures. From time to time, the Company may enter into (a) foreign-currency option and forward contracts to reduce earnings and cash-flow volatility associated with changes in foreign-currency exchange rates, and (b) interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable rate borrowings. As a result of the use of these or other derivative contracts, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. The Company attempts to mitigate this counterparty risk by entering into derivative contracts only with major financial institutions that have investment-grade credit ratings. Counterparty credit risk is evaluated in determining the fair value of derivatives. As of December 31, 2015 and 2014, the Company had outstanding two interest-rate swaps that were designated to hedge the interest-rate risk covering up to $150.0 million and $180.0 million , respectively, of the $250.0 million variable-rate bank term loan. The swaps, which had aggregate designated notional values of $318.8 million and $348.8 million as of December 31, 2015 and 2014, respectively, expire through January 2017. As of December 31, 2015, the hedges continued to be effective. In August 2013, to facilitate its investment management activities, the Company entered into a two -year total return swap (“TRS”) agreement with a financial institution to meet certain investment objectives for which the primary risk exposure was credit. Pursuant to the TRS agreement, the Company had deposited $50.0 million in cash collateral with the counterparty and had the ability to access up to $ 200.0 million of U.S. dollar-denominated debt securities underlying the TRS. In February 2014, the Company closed its TRS position, resulting in $7.1 million of realized gains and $1.4 million of cash received at closing. In connection with the launch of a CLO, the Company contributed the earlier $50.0 million cash collateral deposit and $5.7 million of remaining realized gains due from the counterparty under the TRS agreement, and an additional $4.5 million in cash. The CLO purchased the underlying reference securities that were held by the counterparty under the TRS agreement at fair value of $312.9 million plus $1.0 million of interest receivable. The CLO paid $258.2 million in cash, net of the $50.0 million cash collateral deposit, and $5.7 million of realized gains due from the counterparty under the TRS agreement. The CLO was funded with the Company’s $60.2 million in aggregate contributions and net proceeds of $450.0 million in cash from the issuance of $456.0 million in senior secured notes to third parties, net of $6.0 million in debt issuance costs. Please see note 7 for more information regarding debt obligations of CLOs. Freestanding derivatives are financial instruments that the Company enters into as part of its overall risk management strategy but does not designate as hedging instruments for accounting purposes. These financial instruments may include foreign-currency exchange contracts, interest-rate swaps and other derivative contracts. The fair value of foreign-currency forward sell contracts consisted of the following: As of December 31, 2015: Contract Contract Amount in U.S. Dollars Market Amount in U.S. Dollars Net Unrealized Appreciation (Depreciation) Euro, expiring 1/8/16-12/30/16 246,850 $ 274,135 $ 269,603 $ 4,532 USD (buy GBP), expiring 1/8/16-10/31/16 70,594 70,594 72,476 (1,882 ) Japanese Yen, expiring 1/29/16-9/30/16 5,840,300 48,631 48,692 (61 ) Total $ 393,360 $ 390,771 $ 2,589 As of December 31, 2014: Euro, expiring 1/8/15-12/31/15 206,820 $ 266,569 $ 250,789 $ 15,780 USD (buy GBP), expiring 1/8/15-12/31/15 88,081 88,081 91,485 (3,404 ) Japanese Yen, expiring 1/30/15-12/30/15 7,420,600 70,784 62,100 8,684 Total $ 425,434 $ 404,374 $ 21,060 Realized and unrealized gains and losses arising from freestanding derivative instruments were recorded in the consolidated statements of operations as follows: For the Year Ended December 31, Foreign-currency Forward Contracts: 2015 2014 2013 General and administrative expense (1) $ 23,554 $ 31,772 $ 3,763 Total-return Swap: Investment income $ — $ 2,554 $ 4,515 (1) To the extent that the Company’s freestanding derivatives are utilized to hedge its exposure to investment income and management fees earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction in expenses) reflected in consolidated general and administrative expense. As of both December 31, 2015 and 2014 , the Company had not designated any derivatives as fair-value hedges or hedges of net investments in foreign operations. Derivatives Held By Consolidated Funds Certain consolidated funds utilize derivatives in their ongoing investment operations. These derivatives primarily consist of foreign-currency forward contracts and options utilized to manage currency risk, interest-rate swaps to hedge interest-rate risk, options and futures used to hedge certain exposures for specific securities, and total-return swaps utilized mainly to obtain exposure to leveraged loans or to participate in foreign markets not readily accessible. The primary risk exposure for options and futures is price, while the primary risk exposure for total-return swaps is credit. None of the derivative instruments is accounted for as a hedging instrument utilizing hedge accounting. The impact of derivatives held by the consolidated funds in the consolidated statements of operations was as follows: Year Ended December 31, 2015 2014 2013 Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Foreign-currency forward contracts $ 457,594 $ (98,420 ) $ 179,675 $ 278,647 $ (217,234 ) $ (286,336 ) Total-return and interest-rate swaps (215,837 ) (38,658 ) 54,437 (193,079 ) 89,333 (22,619 ) Options and futures 43,055 (30,198 ) (38,431 ) 6,513 (17,922 ) (238 ) Swaptions (2,933 ) 2,186 (1,158 ) (4,770 ) — — Total $ 281,879 $ (165,090 ) $ 194,523 $ 87,311 $ (145,823 ) $ (309,193 ) Foreign-currency Forward Contracts Certain consolidated funds enter into foreign-currency forward contracts to hedge foreign currencies utilized in certain current investments or future purchase commitments. All commitments are valued using the applicable foreign-currency exchange rate, with the resulting unrealized gain or loss included in income. Gains or losses are realized at the time forward contracts are either extinguished or closed if entering into an offsetting contract. The average notional amounts of foreign-currency forward contracts outstanding during 2015 were $5.4 billion long and $338.1 million short, and during 2014 were $4.9 billion long and $293.1 million short. Outstanding foreign-currency forward contracts as of December 31, 2015 and 2014 , which included $156.2 million and $254.9 million of gross unrealized appreciation, and $64.4 million and $54.7 million of gross unrealized depreciation, respectively, were as follows: As of December 31, 2015: Buy (Sell) Contract Amount in Local Currency Contract Amount in U.S. Dollars Market Amount in U.S. Dollars Net Unrealized Appreciation (Depreciation) Euro, expiring 1/12/16-11/13/18 (2,383,537 ) $ 2,630,690 $ 2,600,245 $ 30,445 Pound Sterling, expiring 1/12/16-11/14/16 (1,401,289 ) 2,135,175 2,065,891 69,284 Canadian Dollar, expiring 2/4/16-5/19/16 (46,505 ) 35,279 33,485 1,794 Australian Dollar, expiring 3/17/16 (323,440 ) 228,399 234,428 (6,029 ) Hong Kong Dollar, expiring 1/21/16 (1,896 ) 245 245 — Japanese Yen, expiring 1/21/16 -4/7/16 (7,651,169 ) 62,040 63,709 (1,669 ) Swiss Franc, expiring 1/21/16 (481 ) 493 481 12 Singapore Dollar, expiring 1/21/16 (2,444 ) 1,753 1,722 31 South Korean Won, expiring 1/4/16-12/1/16 (151,173,334 ) 132,553 128,757 3,796 New Zealand Dollar, expiring 3/17/16-6/9/16 (284,364 ) 178,371 193,723 (15,352 ) Danish Krone, expiring 11/4/16 (362,000 ) 54,167 53,316 851 Chinese Yuan, expiring 3/17/16-5/20/16 (466,187 ) 74,667 71,220 3,447 Swedish Krona, expiring 1/21/16 (145 ) (11 ) (17 ) 6 U.S. Dollar (buy Euro), expiring 1/12/16-11/18/16 (32,547 ) 37,577 32,323 5,254 Total $ 5,571,398 $ 5,479,528 $ 91,870 As of December 31, 2014: Buy (Sell) Contract Amount in Local Currency Contract Amount in U.S. Dollars Market Amount in U.S. Dollars Net Unrealized Appreciation (Depreciation) Euro, expiring 1/15/15-11/10/17 (1,750,676 ) $ 2,157,379 $ 2,063,471 $ 93,908 Pound Sterling, expiring 1/15/15-11/13/15 (1,502,240 ) 2,415,637 2,334,072 81,565 Canadian Dollar, expiring 2/12/15-5/14/15 (40,491 ) 36,125 34,355 1,770 Australian Dollar, expiring 5/14/15 (452,812 ) 372,065 367,066 4,999 Hong Kong Dollar, expiring 1/22/15 (33,463 ) 2,037 2,037 — Japanese Yen, expiring 1/15/15-11/27/15 (27,531,226 ) 237,931 228,584 9,347 Swiss Franc, expiring 1/22/15 (550 ) 581 554 27 Singapore Dollar, expiring 1/22/15 (3,396 ) 856 788 68 South Korean Won, expiring 2/2/15-7/23/15 (95,179,385 ) 88,233 86,302 1,931 New Zealand Dollar, expiring 2/12/15-5/14/15 (170,103 ) 130,519 131,417 (898 ) Danish Krone, expiring 11/4/15 (336,981 ) 56,723 54,992 1,731 Indian Rupee, expiring 3/2/15-12/1/15 165,828 (2,001 ) (2,526 ) 525 Swedish Krona, expiring 1/22/15 (3,963 ) 284 245 39 Israeli New Sheqel, expiring 2/27/15 487,100 (121,007 ) (124,720 ) 3,713 U.S. Dollar (buy Euro), expiring 2/24/15-6/29/15 (31,528 ) 33,636 32,095 1,541 Total $ 5,408,998 $ 5,208,732 $ 200,266 Balance Sheet Offsetting The Company recognizes all derivatives as assets or liabilities at fair value in its consolidated statements of financial condition. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition. The table below sets forth the setoff rights and related arrangements associated with derivatives held by the Company. The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance. Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2015 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 5,875 $ 2,047 $ — $ 3,828 Derivative assets of consolidated funds: Foreign-currency forward contracts 156,234 38,033 — 118,201 Total-return and interest-rate swaps 16,544 4,526 — 12,018 Options and futures 25,559 5,665 — 19,894 Swaptions 14 14 — — Subtotal 198,351 48,238 — 150,113 Total $ 204,226 $ 50,285 $ — $ 153,941 Derivative Liabilities: Foreign-currency forward contracts $ (3,286 ) $ (2,047 ) $ — $ (1,239 ) Interest-rate swaps (943 ) — — (943 ) Subtotal (4,229 ) (2,047 ) — (2,182 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (64,364 ) (38,788 ) — (25,576 ) Total-return and interest-rate swaps (231,610 ) (5,304 ) (202,677 ) (23,629 ) Options and futures (4,234 ) (4,146 ) (88 ) — Subtotal (300,208 ) (48,238 ) (202,765 ) (49,205 ) Total $ (304,437 ) $ (50,285 ) $ (202,765 ) $ (51,387 ) Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2014 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 24,499 $ 5,756 $ — $ 18,743 Derivative assets of consolidated funds: Foreign-currency forward contracts 254,929 51,260 — 203,669 Total-return and interest-rate swaps 4,217 512 — 3,705 Options and futures 36,568 12,605 — 23,963 Swaptions 483 483 — — Subtotal 296,197 64,860 — 231,337 Total $ 320,696 $ 70,616 $ — $ 250,080 Derivative Liabilities: Foreign-currency forward contracts $ (3,439 ) $ (3,439 ) $ — $ — Interest-rate swaps (2,317 ) (2,317 ) — — Subtotal (5,756 ) (5,756 ) — — Derivative liabilities of consolidated funds: Foreign-currency forward contracts (54,663 ) (51,088 ) — (3,575 ) Total-return and interest-rate swaps (183,359 ) (9,427 ) (156,011 ) (17,921 ) Options and futures (14,969 ) (3,863 ) (11,106 ) — Swaptions (518 ) (483 ) — (35 ) Subtotal (253,509 ) (64,861 ) (167,117 ) (21,531 ) Total $ (259,265 ) $ (70,617 ) $ (167,117 ) $ (21,531 )

DEBT OBLIGATIONS AND CREDIT FAC

DEBT OBLIGATIONS AND CREDIT FACILITIES	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
DEBT OBLIGATIONS AND CREDIT FACILITIES	DEBT OBLIGATIONS AND CREDIT FACILITIES The Company’s debt obligations are set forth below: As of December 31, 2015 2014 $50,000, 6.09%, issued in June 2006, payable on June 6, 2016 $ 50,000 $ 50,000 $50,000, 5.82%, issued in November 2006, payable on November 8, 2016 50,000 50,000 $250,000, 6.75%, issued in November 2009, payable on December 2, 2019 250,000 250,000 $250,000, rate as described below, term loan issued in March 2014, payable on March 31, 2019 250,000 250,000 $50,000, 3.91%, issued in September 2014, payable on September 3, 2024 50,000 50,000 $100,000, 4.01%, issued in September 2014, payable on September 3, 2026 100,000 100,000 $100,000, 4.21%, issued in September 2014, payable on September 3, 2029 100,000 100,000 Total remaining principal $ 850,000 $ 850,000 Future scheduled principal payments of debt obligations as of December 31, 2015 were as follows: 2016 $ 100,000 2017 — 2018 — 2019 500,000 2020 — Thereafter 250,000 Total $ 850,000 The Company was in compliance with all financial maintenance covenants associated with its senior notes and bank credit facility as of December 31, 2015 and 2014 . The fair value of the Company’s debt obligations, which are carried at amortized cost, is a Level III valuation that is estimated based on a discounted cash-flow calculation using estimated rates that would be offered to Oaktree for debt of similar terms and maturities. The fair value of these debt obligations was $855.3 million and $895.9 million as of December 31, 2015 and 2014, respectively, utilizing an average borrowing rate of 3.7% and 3.2% , respectively. As of December 31, 2015, a 10% increase in the assumed average borrowing rate would lower the estimated fair value to $839.7 million , whereas a 10% decrease would increase the estimated fair value to $871.6 million . In September 2014, the Company’s subsidiaries Oaktree Capital Management, L.P. (the “Issuer”) and Oaktree Capital I, L.P., Oaktree Capital II, L.P. and Oaktree AIF Investments, L.P. (the “Guarantors” and together with the Issuer, the “Obligors”) issued and sold to certain accredited investors $50.0 million aggregate principal amount of its 3.91% Senior Notes, Series A, due September 3, 2024 (the “Series A Notes”), $100.0 million aggregate principal amount of its 4.01% Senior Notes, Series B, due September 3, 2026 (the “Series B Notes”) and $100.0 million aggregate principal amount of its 4.21% Senior Notes, Series C, due September 3, 2029 (the “Series C Notes” and together with the Series A Notes and the Series B Notes, the “Notes”) pursuant to a note and guarantee agreement (the “Note Agreement”). The Notes are senior unsecured obligations of the Issuer, guaranteed by the Guarantors on a joint and several basis. Interest on the Notes is payable semi-annually. The Note Agreement provides for certain affirmative and negative covenants, including financial covenants relating to the Obligors’ combined leverage ratio and minimum assets under management. In addition, the Note Agreement contains customary representations and warranties of the Obligors and customary events of default, in certain cases, subject to cure periods. The Issuer may prepay all, or from time to time any part of, the Notes at any time, subject to the Issuer’s payment of the applicable make-whole amount determined with respect to such principal amount prepaid. Upon the occurrence of a change of control, the Issuer will be required to make an offer to prepay the Notes together with the applicable make-whole amount determined with respect to such principal amount prepaid. In March 2014, the Company’s subsidiaries Oaktree Capital Management, L.P., Oaktree Capital II, L.P., Oaktree AIF Investments, L.P. and Oaktree Capital I, L.P. entered into a credit agreement with a bank syndicate for senior unsecured credit facilities (the “Credit Facility”), consisting of a $250.0 million fully-funded term loan (the “Term Loan”) and a $500.0 million revolving credit facility (the “Revolver”), each with a five -year term. The Credit Facility replaced the amortizing term loan, which had a principal balance of $218.8 million , and the undrawn revolver under the Company’s prior credit facility. The Term Loan matures in March 2019, at which time the entire principal amount of $250.0 million is due. Borrowings under the Credit Facility generally bear interest at a spread to either LIBOR or an alternative base rate. Based on the current credit ratings of Oaktree Capital Management, L.P., the interest rate on borrowings is LIBOR plus 1.00% per annum and the commitment fee on the unused portions of the Revolver is 0.125% per annum. Utilizing interest-rate swaps, the majority of the Term Loan’s annual interest rate is fixed at 2.69% through January 2016 and 2.22% for the twelve months thereafter, based on the current credit ratings of Oaktree Capital Management, L.P. The Credit Facility contains customary financial covenants and restrictions, including ones regarding a maximum leverage ratio of 3.0 -to- 1.0 and a minimum required level of assets under management (as defined in the credit agreement) of $50.0 billion . As of December 31, 2015, the Company had no outstanding borrowings under the Revolver and was able to draw the full amount available without violating any financial maintenance covenants. Credit Facilities of the Consolidated Funds Certain consolidated funds maintain revolving credit facilities to fund investments between, or in advance of, capital drawdowns. These facilities generally (a) are collateralized by the unfunded capital commitments of the consolidated funds’ limited partners, (b) bear an annual commitment fee based on unfunded commitments, and (c) contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments, and portfolio asset dispositions. Additionally, certain consolidated funds have issued senior variable rate notes to fund investments on a longer term basis, generally up to ten years. The obligations of the consolidated funds are nonrecourse to the Company. The fair value of the revolving credit facilities is a Level III valuation and approximated carrying value for all periods presented due to their short-term nature. The fair value of the credit facilities and senior variable rate notes is a Level III valuation and aggregated $3.7 billion and $2.8 billion as of December 31, 2015 and 2014, respectively, using prices obtained from pricing vendors. Financial instruments that are valued using quoted prices for the subject or similar securities are generally classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. The consolidated funds had the following revolving credit facilities and term loans outstanding: Credit Agreement Outstanding Amount as of December 31, Facility Capacity LIBOR Margin (1) Maturity Commitment Fee Rate L/C Fee (2) 2015 2014 Credit facility (3) $ 434,000 $ 434,000 $ 450,000 1.60% 10/20/2020 N/A N/A Senior variable rate notes (3) — 249,500 $ 249,500 1.55% 10/20/2022 N/A N/A Senior variable rate notes (3) — 499,322 $ 500,000 1.20% 4/20/2023 N/A N/A Senior variable rate notes (3) — 402,422 $ 402,500 1.20% 7/20/2023 N/A N/A Senior variable rate notes (3) — 64,500 $ 64,500 1.65% 7/20/2023 N/A N/A Credit facility (3) 589,312 — $ 620,000 1.25% 10/20/2018 N/A N/A Credit facility (3) 546,461 — $ 575,000 1.40% 10/20/2016 N/A N/A Senior variable rate notes (3) 420,000 420,000 $ 420,000 1.47% 8/15/2025 N/A N/A Senior variable rate notes (3) 84,750 84,399 $ 86,000 2.10% 8/15/2025 N/A N/A Credit facility (3) 286,000 — $ 305,000 1.60% 10/20/2020 N/A N/A Senior variable rate notes (3) 332,763 332,706 $ 333,000 1.56% 11/15/2025 N/A N/A Senior variable rate notes (3) 76,942 76,648 $ 78,000 2.30% 11/15/2025 N/A N/A Senior variable rate notes (3) 39,252 39,049 $ 40,000 3.20% 11/15/2025 N/A N/A Senior variable rate notes (3) 307,500 — $ 307,500 1.55% 2/15/2026 N/A N/A Senior variable rate notes (3) 64,835 — $ 65,000 2.30% 2/15/2026 N/A N/A Senior variable rate notes (3) 37,002 — $ 37,500 3.10% 2/15/2026 N/A N/A Revolving credit facility 6,342 50,054 $ 400,000 3.07% 8/13/2016 0.25% 2.00% Revolving credit facility — 500,000 $ 500,000 1.60% 6/26/2015 0.25% N/A Revolving credit facility (4) — — $ 150,000 2.75% 2/12/2018 1.00% 2.00% Revolving credit facility 626,366 — $ 1,400,000 1.50% 3/18/2018 0.60% 1.50% Revolving credit facility — 800 $ 75,000 2.00% 12/15/2016 0.35% 2.00% Revolving credit facility 71,491 — $ 110,000 2.00% 11/4/2016 0.25% 2.00% Revolving credit facility 17,441 — $ 50,000 1.50% 1/30/2017 0.25% 1.50% Euro-denominated revolving credit facility 625,833 650,725 € 650,000 1.65% 2/25/2016 0.25% 1.65% Euro-denominated revolving credit facility 81,356 97,925 € 100,000 1.95% 2/2/2016 0.40% 1.95% Revolving credit facility — 146,000 $ 221,000 1.65% 9/30/2015 0.25% N/A Revolving credit facility 439,504 201,739 $ 500,000 1.60% 1/16/2017 0.25% 1.60% Revolving credit facility — 2,000 $ 30,000 1.50% 12/9/2016 0.20% N/A Revolving credit facility (4) 48,300 56,697 $ 61,000 2.95% 3/15/2019 N/A N/A Revolving credit facility (4) 43,241 88,000 $ 72,688 2.75% 12/16/2018 1.00% N/A Revolving credit facility 277,194 93,943 $ 450,000 1.60% 9/8/2016 0.25% 2.00% Credit facility (4) 59,996 — $ 59,996 4.50% 3/21/2018 N/A N/A Credit facility (4) 108,987 — $ 108,987 1.95% 3/11/2016 N/A N/A Revolving credit facility 339,062 — $ 800,000 1.45% 7/14/2017 0.25% 1.45% Euro-denominated revolving credit facility 43,450 — € 95,000 2.25% 9/1/2017 0.50% N/A Revolving credit facility — — $ 40,000 2.25% 3/4/2017 0.30% 1.75% Revolving credit facility 69,339 — $ 130,000 1.50% 10/13/2016 0.20% 1.50% Euro-denominated revolving credit facility 29,475 — € 35,000 1.50% 12/7/2017 0.20% 1.50% Credit facility (4)(5) 356,568 214,423 $ 356,568 1.91% Various N/A N/A $ 6,462,762 $ 4,704,852 (1) The facilities bear interest, at the borrower’s option, at (a) an annual rate of LIBOR plus the applicable margin or (b) an alternate base rate, as defined in the respective credit agreement. (2) Certain facilities allow for the issuance of letters of credit at an applicable annual fee. As of December 31, 2015 and 2014, outstanding standby letters of credit totaled $509,770 and $43,326 , respectively. (3) The senior variable rate notes and credit facilities are collateralized by the portfolio investments and cash and cash-equivalents of the respective fund. (4) The credit facility is collateralized by specific investments of the fund. (5) Of the total balance outstanding, $147.4 million in March 2016, $64.0 million in July 2016, $52.3 million in October 2016 and $92.9 million in 2017. Debt Obligations of CLOs Debt obligations of CLOs represent amounts due to holders of debt securities issued by the CLOs, including term loans that had not priced as of period end. The table below sets forth the outstanding debt obligations of the CLOs for the periods indicated. As of December 31, 2015 As of December 31, 2014 Outstanding Borrowings Fair Value (1) Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Outstanding Borrowings Fair Value (1) Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Senior secured notes (2) $ 457,196 $ 447,460 2.37% 9.3 $ 456,567 $ 449,167 2.25% 10.3 Senior secured notes (3) 454,423 446,558 2.52% 11.0 453,821 454,274 2.43% 12.0 Senior secured notes (4) 79,914 78,632 2.96% 3.0 85,776 85,468 2.61% 4.0 Senior secured notes (5) 363,709 357,626 2.26% 11.7 405,018 402,649 2.32% 12.7 Senior secured notes (6) 455,295 448,933 2.54% 12.0 — — — — Senior secured notes (7) 361,142 359,914 2.29% 12.3 — — — — Subordinated note (8) 25,500 16,400 N/A 11.0 25,500 25,500 N/A 12.0 Subordinated note (8) 21,183 15,876 N/A 11.7 23,596 23,596 N/A 12.7 Subordinated note (8) 25,500 18,337 N/A 12.0 — — — — Subordinated note (8) 17,924 11,928 N/A 12.3 — — — — Subordinated note (9) 12,036 12,036 N/A 1.6 — — — — Term loan (10) 81,238 81,238 1.20% 1.6 — — — — Term loan — — — — 151,257 151,257 1.24% 1.8 $ 2,355,060 $ 2,294,938 $ 1,601,535 $ 1,591,911 (1) The debt obligations of the CLOs are Level III valuations and were valued using prices obtained from pricing vendors or recent transactions. Financial instruments that are valued using quoted prices for the subject or similar securities are generally classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. Financial instruments that are valued based on recent transactions are generally defined as securities purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date. For certain recently issued debt obligations, the carrying value approximates fair value. (2) The weighted average interest rate is based on LIBOR plus 2.01% . (3) The weighted average interest rate is based on LIBOR plus 2.20% . (4) The interest rate was LIBOR plus a margin determined based on a formula as defined in the respective borrowing agreements, which incorporate different borrowing values based on the characteristics of collateral investments purchased. The weighted average unused commitment fee rate ranged from 0% to 2.0% . (5) The weighted average interest rate is based on EURIBOR (subject to a zero floor) plus 2.26% . (6) The weighted average interest rate is based on LIBOR plus 2.10% . (7) The weighted average interest rate is based on EURIBOR (subject to a zero floor) plus 2.29% . (8) The subordinated notes do not have a contractual interest rate; instead, they receive distributions from the excess cash flows generated by the CLO. (9) This represents a subordinated credit facility with a total capacity of €25 million as of December 31, 2015. The facility does not have a contractual interest rate; instead, this facility receives distributions from the excess cash flows generated by the CLO. (10) The term loan had a total facility capacity of €150 million as of December 31, 2015. The interest rate is based on EURIBOR plus 1.20% . The unused commitment fee was 0.30% . The debt obligations of CLOs are nonrecourse to the Company and are backed by the investments held by the respective CLO. Assets of one CLO may not be used to satisfy the liabilities of another. As of December 31, 2015 and 2014, the fair value of CLO assets was $2.6 billion and $2.1 billion , respectively, and consisted of cash, corporate loans, corporate bonds and other securities. Future scheduled principal payments with respect to the debt obligations of CLOs as of December 31, 2015 were as follows: 2016 $ — 2017 93,274 2018 79,914 2019 — 2020 — Thereafter 2,181,872 Total $ 2,355,060

NON-CONTROLLING REDEEMABLE INTE

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS	12 Months Ended
	Dec. 31, 2015
Non-Controlling Redeemable Interests in Consolidated Funds [Abstract]
NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS	NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS The following table sets forth a summary of changes in the non-controlling redeemable interests in the consolidated funds. Dividends reinvested and in-kind contributions or distributions are non-cash in nature and have been grossed up in the table below. Year Ended December 31, 2015 2014 2013 Beginning balance $ 41,681,155 $ 38,834,831 $ 39,670,831 Contributions 5,796,081 9,420,044 6,507,188 Distributions (7,407,437 ) (7,962,362 ) (12,783,673 ) Net income (loss) (1,812,539 ) 1,647,753 5,163,939 Change in distributions payable 387,989 (528,051 ) 105,735 Change in accrued or deferred contributions 526 (26,760 ) — Initial consolidation of a fund — 902,979 — Foreign-currency translation and other (472,650 ) (607,279 ) 170,811 Ending balance $ 38,173,125 $ 41,681,155 $ 38,834,831

UNITHOLDERS' CAPITAL

UNITHOLDERS' CAPITAL	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
UNITHOLDERS' CAPITAL	UNITHOLDERS’ CAPITAL Unitholders’ capital reflects the economic interests attributable to Class A unitholders, non-controlling interests in consolidated subsidiaries and non-controlling interests in consolidated funds. Non-controlling interests in consolidated subsidiaries represent the portion of unitholders’ capital attributable to the OCGH non-controlling interest, certain related parties and third parties. The OCGH non-controlling interest is determined at the Oaktree Operating Group level based on the proportionate share of Oaktree Operating Group units held by the OCGH unitholders. Certain expenses, such as income tax and related administrative expenses of Oaktree Capital Group, LLC and its Intermediate Holding Companies, are solely attributable to the Class A unitholders. As of December 31, 2015 and 2014 , respectively, OCGH units represented 91,937,873 of the total 153,907,733 Oaktree Operating Group units and 109,088,901 of the total 152,852,620 Oaktree Operating Group units. Based on total allocable Oaktree Operating Group capital of $1,575,504 and $1,640,594 as of December 31, 2015 and 2014 , respectively, the OCGH non-controlling interest was $941,141 and $1,170,893 . As of December 31, 2015 and 2014, non-controlling interests attributable to certain related parties and third parties was $102,789 and $95,068 , respectively. Distributions per Class A unit are set forth below: Payment Date Record Date Applicable to Quarterly Period Ended Distribution Per Unit November 12, 2015 November 9, 2015 September 30, 2015 $ 0.40 August 13, 2015 August 10, 2015 June 30, 2015 0.50 May 14, 2015 May 11, 2015 March 31, 2015 0.64 February 25, 2015 February 19, 2015 December 31, 2014 0.56 Total 2015 $ 2.10 November 13, 2014 November 10, 2014 September 30, 2014 $ 0.62 August 14, 2014 August 11, 2014 June 30, 2014 0.55 May 15, 2014 May 12, 2014 March 31, 2014 0.98 February 27, 2014 February 24, 2014 December 31, 2013 1.00 Total 2014 $ 3.15 November 15, 2013 November 13, 2013 September 30, 2013 $ 0.74 August 20, 2013 August 16, 2013 June 30, 2013 1.51 May 21, 2013 May 17, 2013 March 31, 2013 1.41 March 1, 2013 February 25, 2013 December 31, 2012 1.05 Total 2013 $ 4.71 The following table sets forth a summary of net income attributable to the OCGH non-controlling interest and to Class A unitholders: Year Ended December 31, 2015 2014 2013 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 104,427 110,078 115,992 Class A unitholders 49,324 42,582 34,979 Total weighted average units outstanding 153,751 152,660 150,971 Oaktree Operating Group net income: Net income attributable to OCGH non-controlling interest $ 195,162 $ 386,398 $ 824,795 Net income attributable to Class A unitholders 87,620 146,446 243,250 Oaktree Operating Group net income (1) $ 282,782 $ 532,844 $ 1,068,045 Net income attributable to Oaktree Capital Group, LLC: Oaktree Operating Group net income attributable to Class A unitholders $ 87,620 $ 146,446 $ 243,250 Non-Operating Group expenses (2,097 ) (1,645 ) (1,195 ) Income tax expense of Intermediate Holding Companies (14,174 ) (18,518 ) (20,057 ) Net income attributable to Oaktree Capital Group, LLC $ 71,349 $ 126,283 $ 221,998 (1) Oaktree Operating Group net income does not reflect amounts attributable to other non-controlling interests, which amounted to $10,214 and $12,981 for the years ended December 31, 2015 and 2014, respectively. The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below: Year Ended December 31, 2015 2014 2013 Net income attributable to Oaktree Capital Group, LLC $ 71,349 $ 126,283 $ 221,998 Equity reallocation between controlling and non-controlling interests 181,539 51,525 79,052 Change from net income attributable to Oaktree Capital Group, LLC and transfers from non-controlling interest $ 252,888 $ 177,808 $ 301,050 In November 2015, the Company’s board of directors approved the exchange of 12,998,725 outstanding vested and unvested OCGH units (the “November 2015 Exchange”) held by employees, former employees and other existing OCGH unitholders into an equal number of Class A units, which continued to be owned by the same unitholders. The exchange did not result in an increase to the tax receivable agreement liability. The Class A units issued in the exchange are subject to a three -year lock-up that is scheduled to be released in equal quarterly increments, generally two business days after the Company’s quarterly earnings release, starting with the earnings release for the fourth quarter of 2015 that was announced on February 9, 2016. As a result, approximately 1.1 million Class A units will become newly eligible for sale each quarter through the earnings release for the third quarter of 2018. Please see note 11 for more information. In March 2015, the Company issued and sold 4,600,000 Class A units in a public offering (the “March 2015 Offering”), resulting in $237.8 million in proceeds to the Company. The Company did not retain any proceeds from the sale of Class A units in the March 2015 Offering. The proceeds from the March 2015 Offering were used to acquire interests in the Company’s business from certain of the Company’s directors, employees and other investors, including certain senior executives and other members of the Company’s senior management. In March 2014, the Company issued and sold 5,000,000 Class A units in a public offering (the “March 2014 Offering”), resulting in $296.7 million in proceeds to the Company. The Company did not retain any proceeds from the sale of Class A units in the March 2014 Offering. The proceeds from the March 2014 Offering were used to acquire interests in the Company’s business from certain of the Company’s directors, employees and other investors, including certain senior executives and other members of the Company’s senior management. In May 2013, the Company issued and sold 8,050,000 Class A units in a public offering at a price to the public of $53.50 per Class A unit (the “May 2013 Offering”), resulting in $419.9 million in net proceeds to the Company, after deducting underwriting discounts and commissions. The Company did not retain any proceeds from the sale of Class A units in the May 2013 Offering. The net proceeds from the May 2013 Offering were used to acquire interests in the Company’s business from certain of the Company’s directors, employees and other investors, including certain senior executives and other members of the Company’s senior management. Please see notes 10, 11 and 12 for additional information regarding transactions that impacted unitholders’ capital.

EARNINGS PER UNIT

EARNINGS PER UNIT	12 Months Ended
	Dec. 31, 2015
Earnings Per Unit [Abstract]
EARNINGS PER UNIT	EARNINGS PER UNIT The computation of net income per Class A unit is set forth below: Year Ended December 31, 2015 2014 2013 Net income per Class A unit (basic and diluted): (in thousands, except per unit amounts) Net income attributable to Oaktree Capital Group, LLC $ 71,349 $ 126,283 $ 221,998 Weighted average number of Class A units outstanding (basic and diluted) 49,324 42,582 34,979 Basic and diluted net income per Class A unit $ 1.45 $ 2.97 $ 6.35 Vested OCGH units may be exchanged on a one -for- one basis into Class A units, subject to certain restrictions. As of December 31, 2015 , there were 91,937,873 OCGH units outstanding, which are vested or will vest through March 1, 2025, that may ultimately be exchanged into 91,937,873 Class A units. The exchange of these units would proportionally increase the Company’s interest in the Oaktree Operating Group. However, as the restrictions set forth in the exchange agreement were in place at the end of each respective reporting period, those units were not included in the computation of diluted earnings per unit for the years ended December 31, 2015, 2014 and 2013. In connection with the Highstar acquisition, the Company has a contingent consideration liability that is payable in a combination of cash and fully-vested OCGH units. The amount of contingent consideration, if any, is based on the achievement of certain performance targets over a period of up to seven years from the acquisition date. As of December 31, 2015 and 2014, no OCGH units were considered issuable under the terms of the contingent consideration arrangement; consequently, no contingently issuable units were included in the computation of diluted earnings per unit for the years ended December 31, 2015 and 2014. Please see note 13 for more information.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION In December 2011, the Company adopted the 2011 Oaktree Capital Group, LLC Equity Incentive Plan (the “2011 Plan”). The 2011 Plan provides for the granting of options, unit appreciation rights, restricted unit awards, unit bonus awards, phantom equity awards or other unit-based awards to senior executives, directors, officers, certain employees, consultants, and advisors of the Company and its affiliates. As of December 31, 2015, a maximum of 22,927,893 units have been authorized to be awarded pursuant to the 2011 Plan, and 8,118,332 units (including 2,000,000 EVUs and 33,608 phantom units) have been awarded under the 2011 Plan. A total of 4,954,976 OCGH units were awarded and issued pursuant to the 2007 Oaktree Capital Group Equity Incentive Plan, which was discontinued for future issuances on March 28, 2012. Each Class A and OCGH unit, when issued, represents an indirect interest in one Oaktree Operating Group unit. Total vested and unvested Class A and OCGH units issued and outstanding were 153,907,733 as of December 31, 2015. Pursuant to the terms of the OCGH limited partnership agreement, the general partner of OCGH may elect at its discretion to declare an open period during which an OCGH unitholder may exchange its OCGH units for, at the option of the Company’s board of directors, Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value, or any combination of the foregoing under the terms of the Company’s exchange agreement, as amended. The general partner determines the number of units eligible for exchange within a given open period and, if the OCGH unitholders request to exchange a number of units in excess of the amount eligible for exchange, the general partner determines which units to exchange taking into account appropriate factors. In addition, the general partner of OCGH may at its sole discretion cause a mandatory sale or exchange of OCGH units owned by any OCGH unitholder. Upon approval by the Company’s board of directors, OCGH units selected for exchange in accordance with the foregoing will be exchanged, at the option of the board of directors, into Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value, or any combination of the foregoing pursuant to the terms of the exchange agreement. The exchange agreement generally provides that (a) such OCGH units will be acquired by the Intermediate Holding Companies in exchange for, at the option of the Company’s board of directors, Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value, or any combination of the foregoing, (b) the OCGH units acquired by the Intermediate Holding Companies may then be redeemed by OCGH in exchange for Oaktree Operating Group units, (c) the Intermediate Holding Companies may exchange Oaktree Operating Group units with each other such that, immediately after such exchange, each Intermediate Holding Company holds Oaktree Operating Group units only in the Oaktree Operating Group entity for which such Intermediate Holding Company serves as the general partner and (d) the Company will cancel a corresponding number of Class B units. Class A and OCGH Unit Awards In 2015, the Company granted 1,175,213 restricted OCGH units and 7,940 Class A units to its employees and directors, subject to annual vesting over a weighted average period of approximately 5.0 years. As of December 31, 2015, the Company expected to recognize compensation expense on its unvested Class A and OCGH unit awards of $136.3 million over a weighted average period of 4.3 years . In connection with the November 2015 Exchange, certain amendments were made to the OCGH limited partnership agreement. The amendment was accounted for as a modification of equity awards and did not result in an impact to net income attributable to the Company. Please see note 9 for more information. The Company utilizes a contemporaneous valuation report in determining fair value at the date of grant for OCGH unit awards. Each valuation report is based on the market price of Oaktree’s Class A units. A discount is then applied to the Class A unit market price to reflect the lack of marketability for the OCGH units. The determination of an appropriate discount for lack of marketability is based on a review of discounts on the sale of restricted shares of publicly traded companies and multi-period put-based quantitative methods. Factors that influence the size of the discount for lack of marketability include (a) the estimated time it would take for an OCGH unitholder to exchange units into Class A units, (b) the volatility of the Company’s business and (c) thin trading of the Class A units. Each of these factors is subject to significant judgment. The estimated time-to-liquidity assumption increased from approximately three years in the first quarter of 2013 to more than five years in the most recent valuation in 2015. The estimated time to liquidity is influenced primarily by the need for (a) the general partner of OCGH to elect in its discretion to declare an open period during which an OCGH unitholder may exchange his or her unrestricted vested OCGH units for, at the option of the Company’s board of directors, Class A units on a one -for- one basis, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value or any combination of the foregoing, and (b) the approval of the Company’s board of directors to exchange such OCGH units into any of the foregoing. Board approval is based primarily on the objective of maintaining an orderly market for Oaktree’s units, but may take into account any other factors that the board may deem appropriate in its sole discretion. Volatility is estimated from historical and implied volatilities of the Company and six comparable public alternative asset management companies. In valuing employee OCGH unit grants, the discount percentage applied to the then-prevailing Class A unit trading price was 30% from January 1, 2013 to March 31, 2013, 25% from April 1, 2013 to April 30, 2014, and 20% from May 1, 2014 to December 31, 2015. The declines in the discount percentages were primarily attributable to lower volatility. The calculation of compensation expense assumes a forfeiture rate of up to 1.5% annually, based on expected employee turnover. Compensation expense is revised annually or more frequently, as necessary, to adjust for actual forfeitures and to reflect expense only for those units that ultimately vest. In each period presented, forfeitures were not materially different from the assumed rate. A summary of the status of the Company’s unvested Class A and OCGH unit awards and a summary of changes for the periods presented are set forth below (actual dollars per unit): Class A Units OCGH Units Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Balance, December 31, 2012 11,669 $ 41.91 4,902,348 $ 28.17 Granted 8,508 47.83 763,000 34.60 Vested (3,595 ) 40.07 (1,152,026 ) 24.10 Forfeited — — (47,600 ) 29.54 Balance, December 31, 2013 16,582 45.34 4,465,722 30.30 Granted 7,164 58.88 1,770,418 43.98 Vested (4,697 ) 44.54 (1,109,170 ) 24.90 Forfeited — — (55,978 ) 34.42 Balance, December 31, 2014 19,049 50.63 5,070,992 36.21 Granted 7,940 55.75 1,175,213 44.04 Vested (50,931 ) 40.11 (1,421,597 ) 32.38 Exchanged (1) 2,418,282 38.10 (2,418,282 ) 38.10 Forfeited (18,000 ) 42.29 (140,359 ) 35.68 Balance, December 31, 2015 2,376,340 $ 38.18 2,265,967 $ 40.70 (1) Represents the unvested units with respect to the November 2015 exchange of 12,998,725 outstanding vested and unvested OCGH units into an equal number of Class A units. Equity Value Units OCGH equity value units (“EVUs”) represent special limited partnership units in OCGH that entitle the holder the right to receive a one-time special distribution that will be settled in OCGH units, based on value created during a specified period (“Term”) in excess of a fixed “Base Value.” The value created will be measured on a per unit basis, based on Class A unit trading prices and certain components of quarterly distributions with respect to interim periods during the Term. EVUs also give the holder the right, subject to service vesting and Oaktree performance relative to the accreting Base Value, to receive certain quarterly distributions from OCGH. EVUs do not entitle the holder to any voting rights. On December 2, 2014, OCGH granted 2,000,000 EVUs to Jay S. Wintrob, the Company’s Chief Executive Officer, subject to a five -year vesting schedule through December 2019. The grant agreement provides Mr. Wintrob with certain liquidity rights in respect of the one-time special distribution that will be settled in OCGH units. The Company accounts for those EVUs subject to such liquidity rights as liability-classified awards. As of December 31, 2015, there were 1,000,000 equity-classified EVUs and 1,000,000 liability-classified EVUs outstanding. On February 24, 2015, the Company’s board of directors approved an amendment to certain terms relating to the EVUs granted to Mr. Wintrob. The board of directors determined that it was appropriate to extend Mr. Wintrob’s EVU performance period, and the period during which Mr. Wintrob’s potential payment of OCGH units remains at risk, over two additional years to provide a longer term incentive structure. As a result of the amendment, the number of OCGH units that Mr. Wintrob will receive in respect of the EVUs will generally be determined based on the appreciation of the Class A units and certain distributions made with respect to OCGH units over the period beginning on January 1, 2015 and ending on each of December 31, 2019, December 31, 2020 and December 31, 2021, with one-third of the EVUs recapitalizing on each such date. The amendment was accounted for as a modification of an equity award in the first quarter of 2015 and was immaterial to the Company’s consolidated financial statements. As of December 31, 2015, the Company expected to recognize $10.1 million of compensation expense on its unvested EVUs over the next 4.0 years. Equity-classified EVUs that require future service are expensed on a straight-line basis over the requisite service period. Liability-classified EVUs are remeasured at the end of each quarter. The fair value of EVUs was determined using a Monte Carlo simulation model at the grant date for equity-classified EVUs and as of the period end date for liability-classified EVUs. The fair value is affected by the Class A unit trading price and assumptions regarding certain complex and subjective variables, including the expected Class A unit trading price volatility, distributions and exercise timing, and the risk-free interest rate. The fair value of equity-classified EVUs reflected a 20% lack-of-marketability discount for the OCGH units that will be issued upon vesting, and an assumed forfeiture rate of zero .

INCOME TAXES AND RELATED PAYMEN

INCOME TAXES AND RELATED PAYMENTS	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES AND RELATED PAYMENTS	INCOME TAXES AND RELATED PAYMENTS Oaktree is a publicly traded partnership and Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc., two of its Intermediate Holding Companies, are wholly-owned corporate subsidiaries. Income earned by these corporate subsidiaries is subject to U.S. federal and state income taxation and taxed at prevailing rates. Income earned by non-corporate subsidiaries is not subject to U.S. federal corporate income tax and is allocated to the Oaktree Operating Group’s unitholders. The Company’s effective tax rate is dependent on many factors, including the mix of revenues and expenses between the two corporate subsidiaries that are subject to income tax and the three other subsidiaries that are not; consequently, the effective tax rate is subject to significant variation from period to period. Income tax expense from operations consisted of the following: Year Ended December 31, 2015 2014 2013 Current: U.S. federal income tax $ 1,478 $ 4,128 $ 5,516 State and local income tax 1,650 (372 ) 5,148 Foreign income tax 2,621 2,245 3,195 $ 5,749 $ 6,001 $ 13,859 Deferred: U.S. federal income tax $ 11,306 $ 12,544 $ 11,253 State and local income tax 786 1,836 1,120 Foreign income tax (292 ) (1,845 ) — $ 11,800 $ 12,535 $ 12,373 Total: U.S. federal income tax $ 12,784 $ 16,672 $ 16,769 State and local income tax 2,436 1,464 6,268 Foreign income tax 2,329 400 3,195 Income tax expense $ 17,549 $ 18,536 $ 26,232 The Company’s income (loss) before income taxes consisted of the following: Year Ended December 31, 2015 2014 2013 Domestic income (loss) before income taxes $ (1,518,108 ) $ 2,195,174 $ 6,233,758 Foreign income (loss) before income taxes 2,695 (1,086 ) 3,206 Total income (loss) before income taxes $ (1,515,413 ) $ 2,194,088 $ 6,236,964 The Company’s effective tax rate differed from the federal statutory rate for the following reasons: Year Ended December 31, 2015 2014 2013 Income tax expense at federal statutory rate 35.00 % 35.00 % 35.00 % Income passed through (35.91 ) (34.15 ) (34.69 ) State and local taxes, net of federal benefit (0.17 ) 0.05 0.09 Foreign taxes (0.09 ) 0.04 0.03 Other, net 0.01 (0.10 ) (0.01 ) Total effective rate (1.16 )% 0.84 % 0.42 % The components of the Company’s deferred tax assets and liabilities were as follows: As of December 31, 2015 2014 2013 Deferred tax assets: Investment in partnerships $ 414,142 $ 351,962 $ 277,039 Equity-based compensation expense 3,773 5,514 3,695 Other, net 9,675 3,071 1,822 Total deferred tax assets 427,590 360,547 282,556 Total deferred tax liabilities 1,792 3,183 3,671 Net deferred tax assets before valuation allowance 425,798 357,364 278,885 Valuation allowance — — — Net deferred tax assets $ 425,798 $ 357,364 $ 278,885 When assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred tax assets are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. The deferred tax asset recognized by the Company, as it relates to the higher tax basis in the carrying value of certain assets compared to the book basis of those assets, will be recognized in future years by these taxable entities. Deferred tax assets are based on the amount of the tax benefit that the Company’s management has determined is more likely than not to be realized in future periods. In determining the realizability of this tax benefit, management considered numerous factors that will give rise to pre-tax income in future periods. Among these are the historical and expected future book and tax basis pre-tax income of the Company and unrealized gains in the Company’s assets at the determination date. Based on these and other factors, the Company determined that, as of December 31, 2015, all deferred tax assets were more likely than not to be realized in future periods. The Company recognizes tax benefits related to its tax positions only where the position is “more likely than not” to be sustained in the event of examination by tax authorities. As part of its assessment, the Company analyzes its tax filing positions in all of the federal, state and foreign tax jurisdictions where it is required to file income tax returns, and for all open tax years in these jurisdictions. As of December 31, 2015, the total reserve balance including interest and penalties was $6.5 million . The following is a reconciliation of unrecognized tax benefits (excluding interest and penalties thereon): Year Ended December 31, 2015 2014 2013 Unrecognized tax benefits, January 1 $ 5,575 $ 10,390 $ 9,472 Additions for tax positions related to the current year 1,156 1,492 1,633 Additions for tax positions related to prior years 109 — 1,029 Reductions for tax positions related to prior years — (1,373 ) (806 ) Settlements — (3,657 ) — Lapse in statute of limitations (1,884 ) (1,277 ) (938 ) Unrecognized tax benefits, December 31 $ 4,956 $ 5,575 $ 10,390 If the above tax benefits as of December 31, 2015 were to be recognized in 2015, the $5.0 million would impact the annual effective tax rate. The Company recognizes interest and penalties related to unrecognized tax positions in the provision for income taxes in the consolidated statements of operations. As of both December 31, 2015 and 2014, the amount of interest and penalties accrued was $1.5 million . There was no net change in the amount of interest and penalties accrued from December 31, 2014 to December 31, 2015 because the $0.9 million accrual of interest and penalties in 2015 was fully offset by a $0.9 million benefit from the reversal of prior-year accruals upon the lapse in the statute of limitations. The Company recognized a net benefit of $2.9 million in 2014 and a net expense of $0.5 million in 2013. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax regulators. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for the years before 2011. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any current audit will have a material adverse effect on the Company’s consolidated financial statements. Taxing authorities are currently examining certain income tax returns of Oaktree, with certain of these examinations at an advanced stage. The Company believes that it is reasonably possible that one outcome of these current examinations and expiring statutes of limitation on other items may be the release of up to approximately $3.5 million of previously accrued Operating Group income taxes during the four quarters ending December 31, 2016. The Company believes that it has adequately provided for any reasonably foreseeable outcomes related to its tax examinations and that any settlements related thereto will not have a material adverse effect on the Company’s consolidated financial statements; however, there can be no assurances as to the ultimate outcomes. Tax Receivable Agreement Subject to certain restrictions, each holder of OCGH units has the right, subject to the approval of the Company’s board of directors, to exchange his or her vested units for, at the option of the Company’s board of directors, Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value, or any combination of the foregoing. Certain of the Oaktree Operating Group entities made an election under Section 754 of the U.S. Internal Revenue Code, as amended (the “Code”), which may result in an adjustment to the tax basis of the assets owned by the Oaktree Operating Group at the time of an exchange. These exchanges may result in increases in tax deductions and tax basis that would reduce the amount of tax that Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc. would otherwise be required to pay in the future. Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc. have entered into a tax receivable agreement with OCGH unitholders that, as amended, provides for the payment to an exchanging or selling OCGH unitholder of 85.0% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income taxes that they actually realize (or are deemed to realize in the case of an early termination payment by Oaktree Holdings, Inc. or Oaktree AIF Holdings, Inc., or a change of control) as a result of an increase in the tax basis of the assets owned by the Oaktree Operating Group. When an exchange of OCGH units results in an increase to the tax basis of the assets owned by the Oaktree Operating Group, a deferred tax asset and an associated liability for payments to OCGH unitholders under the tax receivable agreement are recorded. The establishment of a deferred tax asset increases additional paid-in capital because the transactions are between Oaktree and its unitholders. Assuming no material changes in the relevant tax law and that the Company earns sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments to OCGH unitholders under the tax receivable agreement, as of December 31, 2015, are estimated to aggregate $37.1 million over the period ending approximately in 2029 with respect to the 2007 Private Offering, $75.2 million over the period ending approximately in 2034 with respect to the initial public offering, $104.0 million over the period ending approximately in 2035 with respect to the May 2013 Offering, $78.1 million over the period ending approximately in 2036 with respect to the March 2014 Offering, and $62.5 million over the period ending approximately in 2037 with respect to the March 2015 Offering. Future estimated payments to OCGH unitholders under the tax receivable agreement are subject to increase in the event of additional exchanges of OCGH units.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the normal course of business, Oaktree enters into contracts that contain certain representations, warranties and indemnifications. The Company’s exposure under these arrangements would involve future claims that have not yet been asserted. Inasmuch as no such claims currently exist or are expected to arise, the Company has not accrued any liability in connection with these indemnifications. Legal Actions Periodically, the Company is a party to legal actions arising in the ordinary course of business. The Company is currently not subject to any pending actions that either individually or in the aggregate are expected to have a material impact on its consolidated financial statements. Incentive Income In addition to the incentive income recognized by the Company, certain of its funds have amounts recorded as potentially allocable to the Company as its share of potential future incentive income, based on each fund’s net asset value. Inasmuch as this incentive income is contingent upon future investment activity and other factors, it is not recognized by the Company until it is fixed or determinable. As of December 31, 2015 , 2014 and 2013 , the aggregate of such amounts recorded at the fund level in excess of incentive income recognized by the Company was $1,540,469 , $1,915,107 and $2,211,979 , respectively, for which related direct incentive income compensation expense was estimated to be $750,077 , $930,572 and $994,879 , respectively. Contingent Consideration The Company has a contingent consideration obligation of up to $60.0 million related to the Highstar acquisition, payable in cash and fully-vested OCGH units. The amount of contingent consideration is based on the achievement of certain performance targets over a period of up to seven years from the acquisition date. As of December 31, 2015, the fair value of the contingent consideration liability was $28.5 million , based on a discount rate of 10% . In 2015 and 2014, the Company recognized expenses of $1.2 million and $1.7 million , respectively, associated with changes in the contingent consideration liability. The fair value of the contingent consideration liability is a Level III valuation and was valued using a discounted cash-flow analysis, based on a probability-weighted average estimate of achieving certain performance targets, including fundraising and revenue levels. The assumptions used in the discounted cash-flow analysis were based on a number of factors that require significant judgment. As a result, the ultimate amount of the contingent consideration liability may differ materially. The contingent consideration liability is included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. Changes in the liability are recorded in general and administrative expense in the consolidated statements of operations. Commitments to Funds As of December 31, 2015 and 2014 , the Company, generally in its capacity as general partner, had undrawn capital commitments of $469.4 million and $256.0 million , respectively, including commitments to both non-consolidated and consolidated funds. Operating Leases Oaktree leases its main headquarters office in Los Angeles and offices in 16 other cities in the U.S., Asia and Europe, pursuant to current lease terms expiring through 2030. Occupancy costs, including non-lease expenses, were $19,305 , $18,040 and $17,878 for the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015, aggregate estimated minimum commitments under Oaktree’s operating leases were as follows: 2016 $ 14,132 2017 8,006 2018 10,369 2019 10,509 2020 10,406 Thereafter 50,005 Total $ 103,427 Investment Commitments of Consolidated Funds The consolidated funds are parties to certain credit agreements that provide for the issuance of letters of credit and revolving loans, and may require the consolidated funds to extend additional loans to investee companies. The consolidated funds use the same investment criteria in making these unrecorded commitments as they do for investments that are included in the consolidated statements of financial condition. The unfunded liability associated with these credit agreements is equal to the amount by which the contractual loan commitment exceeds the sum of the amount of funded debt and cash held in escrow, if any. As of December 31, 2015 and 2014, the consolidated funds had aggregate potential credit and investment commitments of $1,274.8 million and $1,585.8 million , respectively. These commitments will be funded by the funds’ cash balances, proceeds from asset sales or drawdowns against existing capital commitments. A consolidated fund may guarantee the repayment obligations of certain investee companies. The aggregate amounts guaranteed were not material to the consolidated financial statements as of December 31, 2015 and 2014. The majority of the Company’s consolidated funds are investment companies that are required to disclose financial support provided or contractually required to be provided to any of their portfolio companies. Certain consolidated funds within the Distressed Debt, Control Investing and Real Estate strategies provide financial support to portfolio companies in accordance with the investment objectives of the consolidated funds. Distressed Debt funds typically invest primarily in the securities of entities that are undergoing, are considered likely to undergo, or have undergone reorganizations under applicable bankruptcy law, or other extraordinary transactions such as debt restructurings, reorganizations and liquidations outside of bankruptcy. Control Investing funds typically seek to obtain control or significant influence primarily in middle-market companies through the purchase of debt at a discount (also known as “distress-for-control”), structured or hybrid investments (such as convertible debt or debt with warrants), or direct equity investments that typically involve situations with an element of distress or dislocation. Real Estate funds generally focus on distressed or similar opportunities primarily in real estate, real estate debt and restructurings, which typically involve value investments, rescue capital and distress-for-control investments. This financial support may be provided pursuant to contractual agreements, typically in the form of follow-on investments, guarantees or financing commitments. Most of the financial support is provided as an inherent part of the ongoing investment operations of the consolidated funds within these strategies and is considered to be provided at the discretion of the Company in its capacity as general partner and investment manager. For the year ended December 31, 2015, the consolidated funds provided financial support to portfolio companies totaling $402.7 million and $5.4 billion , respectively, pursuant to contractual agreements and at the discretion of the consolidated funds. The majority of this financial support consisted of the funds’ purchases of investment securities and companies.

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	12 Months Ended
	Dec. 31, 2015
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]
EMPLOYEE BENEFITS	EMPLOYEE BENEFITS Oaktree provides certain employee benefits, including a voluntary 401(k) savings plan for which the Company makes an annual profit sharing contribution equal to up to 4.5% of total compensation for employees below certain compensation levels and up to 13.2% of total compensation, subject to prescribed limits, for employees meeting certain eligibility requirements. For the years ended December 31, 2015 , 2014 and 2013 , the Company incurred expenses of $9.1 million , $7.8 million and $6.0 million , respectively, in connection with the plan. Oaktree also has a discretionary annual bonus program for all employees, which is based, in part, on adjusted net income.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company considers its senior executives, employees and non-consolidated Oaktree funds to be affiliates (as defined in the FASB ASC Master Glossary). Amounts due from and to affiliates are set forth below. The fair value of amounts due from and to affiliates is a Level III valuation and was valued based on a discounted cash-flow analysis. The carrying value of amounts due from affiliates approximated fair value because their average interest rate, which ranged from 2.0% to 3.0% , approximated the Company’s cost of debt. The fair value of amounts due to affiliates approximated $160,952 and $159,264 as of December 31, 2015 and 2014, respectively, based on a discount rate of 10.0% . As of December 31, 2015 2014 Due from affiliates: Loans $ 29,718 $ 39,452 Amounts due from non-consolidated funds 777 2,525 Payments made on behalf of non-consolidated entities 3,788 3,221 Non-interest bearing advances made to certain non-controlling interest holders and employees 1,616 1,683 Total due from affiliates $ 35,899 $ 46,881 Due to affiliates: Due to OCGH unitholders in connection with the tax receivable agreement (please see note 12) $ 356,851 $ 308,475 Amounts due to senior executives, certain non-controlling interest holders and employees — 739 Total due to affiliates $ 356,851 $ 309,214 Loans Loans primarily consist of interest-bearing advances made to certain non-controlling interest holders, primarily the Company’s employees, to meet tax obligations related to vesting of equity awards. The notes, which are generally recourse to the borrower or secured by vested equity and other collateral, bear interest at the Company’s cost of debt and generated interest income of $2,144 , $1,440 and $1,629 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Due From Oaktree Funds and Portfolio Companies In the normal course of business, the Company advances certain expenses on behalf of Oaktree funds. Amounts advanced on behalf of consolidated funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily employee travel and other costs associated with particular portfolio company holdings, are reimbursed by the portfolio companies. Other Investment Transactions The Company’s senior executives, directors and senior professionals are permitted to invest their own capital (or the capital of family trusts or other estate planning vehicles they control) in Oaktree funds, for which they pay the particular fund’s full management fee but not its incentive allocation. To facilitate the funding of capital calls by funds in which employees are invested, the Company periodically advances on a short-term basis the capital calls on certain employees’ behalf. These advances are generally reimbursed toward the end of the calendar quarter in which the capital calls occurred. Amounts temporarily advanced by the Company are included in non-interest bearing advances made to certain non-controlling interest holders and employees. Aircraft Services As of December 31, 2014, the Company leased an airplane for business purposes. On March 23, 2015, the Company exercised a purchase option for $12.5 million . Howard Marks, the Company’s co-chairman, may use this aircraft for personal travel and, pursuant to a policy adopted by the Company relating to such personal use, the Company is reimbursed by Mr. Marks for the costs of using the aircraft for personal travel. Additionally, the Company occasionally makes use of an airplane owned by one of its senior executives for business purposes at a price to the Company that is based on market rates. Special Allocations Certain senior executives receive special allocations based on a percentage of profits of the Oaktree Operating Group. These special allocations, which are recorded as compensation expense, are made on a current basis for so long as they remain senior executives of the Company, with limited exceptions.

CAPITAL REQUIREMENTS OF REGULAT

CAPITAL REQUIREMENTS OF REGULATED ENTITIES	12 Months Ended
	Dec. 31, 2015
Regulatory Capital Requirements [Abstract]
CAPITAL REQUIREMENTS OF REGULATED ENTITIES	CAPITAL REQUIREMENTS OF REGULATED ENTITIES One of the Company’s indirect subsidiaries is a registered U.S. broker-dealer that is subject to the minimum net capital requirements of the U.S. Securities and Exchange Commission and the U.S. Financial Industry Regulatory Authority. Additionally, one of the Company’s indirect subsidiaries based in London is subject to the capital requirements of the U.K. Financial Conduct Authority, and another based in Hong Kong is subject to the capital requirements of the Hong Kong Securities and Futures Ordinance. These entities operate in excess of their respective regulatory capital requirements. The regulatory capital requirements referred to above may restrict the Company’s ability to withdraw capital from its entities for purposes such as paying cash distributions or advances to the Company. As of December 31, 2015 and 2014, there was approximately $71.3 million and $100.1 million , respectively, of such potentially restricted amounts.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company’s business is comprised of one segment, the investment management segment. As a global investment manager, the Company provides investment management services through funds and separate accounts. Management makes operating decisions and assesses business performance based on financial and operating metrics and data that are presented without the consolidation of any funds. The Company conducts its investment management business primarily in the United States, where substantially all of its revenues are generated. In the fourth quarter of 2015, the Company made certain changes to the calculation methodology of adjusted net income. These changes were made to keep the Company’s segment reporting consistent with the data that its chief operating decision maker uses to manage the business. One change involves third-party placement costs associated with the marketing of closed-end funds, which now are capitalized and amortized as general and administrative expense in proportion to the associated management fee stream. Previously, these placement costs were expensed as incurred, which mirrors their treatment under GAAP and remains the case for any such costs associated with open-end and evergreen funds. Prior-period placement costs associated with closed-end funds were deemed to be immaterial and thus adjusted net income has not been recast for this change. The other changes involve two areas related to foreign currency: gains and losses stemming from our hedging activities, and income or expense from foreign-currency transactions. Previously, all of these income statement effects, whether realized or unrealized, were included in the particular period’s general and administrative expense. This treatment remains the case for GAAP presentation. However, for adjusted net income, realized gains and losses from the Company’s foreign-currency hedging activities now are included in the same revenue or expense line item as the underlying exposure that was hedged. Unrealized gains and losses from such hedging activities are deferred until realized. Foreign-currency transaction gains and losses are included in other income (expense), net. Fiscal years 2015 and 2014 have been recast to retroactively reflect these changes related to foreign currency. The impact on 2013 from the foreign currency changes was deemed to be immaterial and thus adjusted net income has not been recast for these changes. Adjusted Net Income The Company’s chief operating decision maker uses adjusted net income (“ANI”) as a tool to help evaluate the financial performance of, and make resource allocations and other operating decisions for, the investment management segment. The components of revenues and expenses used in the determination of ANI do not give effect to the consolidation of the funds that the Company manages. Segment revenues include investment income (loss) that is classified in other income (loss) in the GAAP-basis statements of operations. Segment revenues and expenses also reflect Oaktree’s proportionate economic interest in Highstar, whereby amounts received for contractually reimbursable costs are classified for segment reporting as expenses and under GAAP as other income. In addition, ANI excludes the effect of (a) non-cash equity-based compensation expense related to unit grants made before our initial public offering, (b) acquisition-related items including amortization of intangibles and changes in the contingent consideration liability, (c) differences arising from EVUs that are classified as liability awards under GAAP but as equity awards for segment reporting, (d) income taxes, (e) other income or expenses applicable to OCG or its Intermediate Holding Companies, and (f) the adjustment for non-controlling interests. Beginning with the fourth quarter of 2015, the definition of ANI was modified to reflect differences with respect to (a) third-party placement costs associated with closed-end funds, which under GAAP are expensed as incurred, but for ANI are capitalized and amortized as general and administrative expense in proportion to the associated management fee stream, and (b) gains and losses resulting from foreign-currency transactions and hedging activities, which under GAAP are recognized as general and administrative expense whether realized or unrealized in the current period, but for ANI unrealized gains and losses from foreign-currency hedging activities are deferred until realized, at which time they are included in the same revenue or expense line item as the underlying exposure that was hedged. Foreign-currency transaction gains and losses are included in other income (expense), net. Prior periods have not been recast for the change related to third-party placement costs, but have been recast to retroactively reflect the change related to foreign-currency hedging for fiscal years 2015 and 2014. The impact on 2013 from the foreign currency changes was deemed to be immaterial and thus ANI has not been recast for these changes. Incentive income and incentive income compensation expense are included in ANI when the underlying fund distributions are known or knowable as of the respective quarter end, which may be later than the time at which the same revenue or expense is included in the GAAP-basis statements of operations, for which the revenue standard is fixed or determinable and the expense standard is probable and reasonably estimable. ANI is calculated at the Operating Group level. ANI (1) was as follows: Year Ended December 31, 2015 2014 2013 Revenues: Management fees $ 753,805 $ 762,823 $ 749,901 Incentive income 263,806 491,402 1,030,195 Investment income 48,253 117,662 258,654 Total revenues 1,065,864 1,371,887 2,038,750 Expenses: Compensation and benefits (404,442 ) (379,360 ) (365,306 ) Equity-based compensation (37,978 ) (19,705 ) (3,828 ) Incentive income compensation (141,822 ) (231,871 ) (436,217 ) General and administrative (120,783 ) (127,954 ) (117,361 ) Depreciation and amortization (10,018 ) (7,249 ) (7,119 ) Total expenses (715,043 ) (766,139 ) (929,831 ) Adjusted net income before interest and other income (expense) 350,821 605,748 1,108,919 Interest expense, net of interest income (2) (35,032 ) (30,190 ) (28,621 ) Other income (expense), net (3,927 ) (2,431 ) 409 Adjusted net income $ 311,862 $ 573,127 $ 1,080,707 (1) Beginning with the fourth quarter of 2015, the definition of adjusted net income was modified to reflect differences with respect to (a) third-party placement costs associated with closed-end funds, which under GAAP are expensed as incurred, but for adjusted net income are capitalized and amortized as general and administrative expense in proportion to the associated management fee stream, and (b) unrealized gains and losses resulting from foreign-currency hedging activities, which under GAAP are recognized as general and administrative expense in the current period, but for adjusted net income are deferred until realized at which time they are included in the same revenue or expense line item as the underlying exposure that was hedged. Prior periods have not been recast for the change related to third-party placement costs, but have been recast to retroactively reflect the change related to foreign-currency hedging for fiscal years 2015 and 2014. The impact on 2013 from the foreign currency changes was deemed to be immaterial and thus ANI has not been recast for these changes. Placement costs associated with closed-end funds amounted to $4.4 million , $25,000 and $1.8 million for the first three quarters of 2015, full-year 2014 and full-year 2013, respectively. (2) Interest income was $5.1 million , $3.6 million and $3.2 million for the years ended December 31, 2015 , 2014 and 2013, respectively. A reconciliation of net income attributable to Oaktree Capital Group, LLC to adjusted net income of the investment management segment is presented below. Year Ended December 31, 2015 2014 2013 Net income attributable to Oaktree Capital Group, LLC $ 71,349 $ 126,283 $ 221,998 Incentive income (1) (19,002 ) 28,813 (64,460 ) Incentive income compensation (1) 19,009 (10,677 ) 46,334 Equity-based compensation (2) 16,403 21,690 24,613 Placement costs (3) 3,619 — — Foreign-currency hedging (4) 2,619 (2,003 ) — Acquisition-related items (5) 5,251 2,442 — Income taxes (6) 17,549 18,536 26,232 Non-Operating Group expenses (7) 2,097 1,645 1,195 Non-controlling interests (7) 192,968 386,398 824,795 Adjusted net income $ 311,862 $ 573,127 $ 1,080,707 (1) This adjustment adds back the effect of timing differences associated with the recognition of incentive income and incentive income compensation expense between adjusted net income and net income attributable to OCG. (2) This adjustment adds back the effect of (a) equity-based compensation expense related to unit grants made before the Company’s initial public offering, which is excluded from adjusted net income because it is a non-cash charge that does not affect the Company’s financial position, and (b) differences arising from EVUs that are classified as liability awards under GAAP but as equity awards for segment reporting. (3) This adjustment adds back the effect of timing differences with respect to the recognition of third-party placement costs associated with closed-end funds between adjusted net income and net income attributable to OCG. (4) This adjustment adds back the effect of timing differences associated with the recognition of unrealized gains and losses related to foreign-currency hedging between adjusted net income and net income attributable to OCG. (5) This adjustment adds back the effect of acquisition-related items associated with the amortization of intangibles and changes in the contingent consideration liability. (6) Because adjusted net income is a pre-tax measure, this adjustment adds back the effect of income tax expense. (7) Because adjusted net income is calculated at the Operating Group level, this adjustment adds back the effect of items applicable to OCG, its Intermediate Holding Companies or non-controlling inter ests. The following tables reconcile the Company’s segment information to the consolidated financial statements: As of or for the Year Ended December 31, 2015 Segment Adjustments Consolidated Management fees (1) $ 753,805 $ (558,497 ) $ 195,308 Incentive income (1) 263,806 (257,209 ) 6,597 Investment income (1) 48,253 3,705 51,958 Total expenses (2) (715,043 ) (225,865 ) (940,908 ) Interest expense, net (3) (35,032 ) (181,767 ) (216,799 ) Other income (expense), net (4) (3,927 ) 23,933 20,006 Other income (loss) of consolidated funds (5) — (631,575 ) (631,575 ) Income taxes — (17,549 ) (17,549 ) Net loss attributable to non-controlling interests in consolidated funds — 1,809,683 1,809,683 Net income attributable to non-controlling interests in consolidated subsidiaries — (205,372 ) (205,372 ) Adjusted net income/net income attributable to Oaktree Capital Group, LLC $ 311,862 $ (240,513 ) $ 71,349 Corporate investments (6) $ 1,434,109 $ (1,220,121 ) $ 213,988 Total assets (7) $ 3,257,728 $ 48,553,370 $ 51,811,098 (1) The adjustment represents the elimination of amounts earned from the consolidated funds and for management fees, the reclassification of $12,676 of net gains related to foreign-currency hedging activities to general and administrative expense. (2) The expense adjustment consists of (a) equity-based compensation expense of $16,475 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $165,904 , (c) expenses incurred by the Intermediate Holding Companies of $1,690 , (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $19,009 , (e) acquisition-related items of $5,251 , (f) adjustments of $23,552 related to amounts received for contractually reimbursable costs that are classified as expenses for segment reporting and as other income under GAAP, (g) differences of $72 arising from EVUs that are classified as liability awards under GAAP but as equity awards for segment reporting, (h) $3,619 related to third-party placement costs, (i) $9,676 of net gains related to foreign-currency hedging activities, and (j) other expenses of $113 . (3) The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. (4) The adjustment to other income (expense), net represents adjustments related to (a) amounts received for contractually reimbursable costs of $23,552 that are classified as expenses for segment reporting and as other income under GAAP, and (b) the reclassification of $381 of net losses related to foreign-currency hedging activities to general and administrative expense. (5) The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. (6) The adjustment to corporate investments is to remove from segment assets the Company’s investments in the consolidated funds, including investments in its CLOs, that are treated as equity- or cost-method investments for segment reporting. The $1.4 billion of corporate investments included $1.3 billion of equity-method investments. (7) The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. As of or for the Year Ended December 31, 2014 Segment Adjustments Consolidated Management fees (1) $ 762,823 $ (570,768 ) $ 192,055 Incentive income (1) 491,402 (489,563 ) 1,839 Investment income (1) 117,662 (83,967 ) 33,695 Total expenses (2) (766,139 ) (181,338 ) (947,477 ) Interest expense, net (3) (30,190 ) (99,752 ) (129,942 ) Other income (expense), net (4) (2,431 ) 5,449 3,018 Other income of consolidated funds (5) — 3,040,900 3,040,900 Income taxes — (18,536 ) (18,536 ) Net income attributable to non-controlling interests in consolidated funds — (1,649,890 ) (1,649,890 ) Net income attributable to non-controlling interests in consolidated subsidiaries — (399,379 ) (399,379 ) Adjusted net income/net income attributable to Oaktree Capital Group, LLC $ 573,127 $ (446,844 ) $ 126,283 Corporate investments (6) $ 1,515,443 $ (1,327,480 ) $ 187,963 Total assets (7) $ 3,267,799 $ 50,076,263 $ 53,344,062 (1) The adjustment represents the elimination of amounts attributable to the consolidated funds and for management fees, the reclassification of $1,669 of net losses related to foreign-currency hedging activities to general and administrative expense. (2) The expense adjustment consists of (a) equity-based compensation expense of $21,657 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $161,055 , (c) expenses incurred by the Intermediate Holding Companies of $1,645 and (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $10,677 , (e) acquisition-related items of $2,442 , (f) adjustments of $8,319 related to amounts received for contractually reimbursable costs that are classified as expenses for segment reporting and as other income under GAAP, (g) differences of $33 arising from EVUs that are classified as liability awards under GAAP but as equity awards for segment reporting, (g) $3,204 of net gains related to foreign-currency hedging activities, and (i) other expenses of $68 . (3) The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. (4) The adjustment to other income (expense), net represents adjustments related to (a) amounts received for contractually reimbursable costs of $8,319 that are classified as expenses for segment reporting and as other income under GAAP, and (b) the reclassification of $2,870 of net gains related to foreign-currency hedging activities to general and administrative expense. (5) The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. (6) The adjustment to corporate investments is to remove from segment assets the Company’s investments in the consolidated funds, including investments in its CLOs, that are treated as equity- or cost-method investments for segment reporting. The $1.5 billion of corporate investments included $1.3 billion of equity-method investments. (7) The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. As of or for the Year Ended December 31, 2013 Segment Adjustments Consolidated Management fees (1) $ 749,901 $ (557,296 ) $ 192,605 Incentive income (1) 1,030,195 (1,027,878 ) 2,317 Investment income (1) 258,654 (202,627 ) 56,027 Total expenses (2) (929,831 ) (177,231 ) (1,107,062 ) Interest expense, net (3) (28,621 ) (32,539 ) (61,160 ) Other income, net 409 — 409 Other income of consolidated funds (4) — 7,153,828 7,153,828 Income taxes — (26,232 ) (26,232 ) Net income attributable to non-controlling interests in consolidated funds — (5,163,939 ) (5,163,939 ) Net income attributable to non-controlling interests in consolidated subsidiaries — (824,795 ) (824,795 ) Adjusted net income/net income attributable to Oaktree Capital Group, LLC $ 1,080,707 $ (858,709 ) $ 221,998 Corporate investments (5) $ 1,197,173 $ (1,027,246 ) $ 169,927 Total assets (6) $ 2,817,127 $ 42,446,127 $ 45,263,254 (1) The adjustment represents the elimination of amounts attributable to the consolidated funds. (2) The expense adjustment consists of (a) equity-based compensation expense of $24,613 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $105,089 , (c) expenses incurred by the Intermediate Holding Companies of $1,195 and (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $46,334 . (3) The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. (4) The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. (5) The adjustment to corporate investments is to remove from segment assets the Company’s investments in the consolidated funds, including investments in its CLOs, that are treated as equity- or cost-method investments for segment reporting. The $1.2 billion of corporate investments included $1.1 billion of equity-method investments. (6) The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On February 9, 2016, the Company declared a distribution attributable to the fourth quarter of 2015 of $0.47 per Class A unit, bringing aggregate distributions relating to fiscal year 2015 to $2.01 . The distribution of $0.47 was paid on February 26, 2016 to Class A unitholders of record at the close of business on February 19, 2016.

QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Data [Abstract]
QUARTERLY FINANCIAL DATA	QUARTERLY FINANCIAL DATA (UNAUDITED) Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 50,819 $ 51,487 $ 50,491 $ 49,108 Expenses (235,974 ) (245,929 ) (190,518 ) (268,487 ) Other income (loss) 1,476,049 (116,711 ) (1,624,651 ) (511,097 ) Income (loss) before income taxes $ 1,290,894 $ (311,153 ) $ (1,764,678 ) $ (730,476 ) Net income (loss) $ 1,283,019 $ (316,638 ) $ (1,766,571 ) $ (732,772 ) Net income attributable to Oaktree Capital Group, LLC $ 38,253 $ 19,814 $ 1,887 $ 11,395 Net income per unit (basic and diluted): Net income per Class A unit $ 0.85 $ 0.41 $ 0.04 $ 0.21 Distributions declared per Class A unit $ 0.56 $ 0.64 $ 0.50 $ 0.40 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Revenues $ 40,431 $ 51,560 $ 54,243 $ 47,660 Expenses (258,319 ) (215,385 ) (252,401 ) (221,372 ) Other income (loss) 1,766,058 1,476,829 (375,461 ) 80,245 Income (loss) before income taxes $ 1,548,170 $ 1,313,004 $ (573,619 ) $ (93,467 ) Net income (loss) $ 1,540,184 $ 1,307,243 $ (578,960 ) $ (92,915 ) Net income attributable to Oaktree Capital Group, LLC $ 51,794 $ 31,186 $ 18,913 $ 24,390 Net income per unit (basic and diluted): Net income per Class A unit $ 1.30 $ 0.72 $ 0.43 $ 0.56 Distributions declared per Class A unit $ 1.00 $ 0.98 $ 0.55 $ 0.62

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of income and expenses during the period then ended. Actual results could differ from these estimates.
Consolidation	Consolidation In February 2015, the Financial Accounting Standards Board (“FASB”) amended its consolidation guidance to end the deferral granted to investment companies with respect to applying the variable interest entity (“VIE”) guidance. The Company will adopt the guidance in the first quarter of 2016 on a modified retrospective basis. Under the modified retrospective approach, prior years would not be restated; instead, a cumulative-effect adjustment to equity as of the beginning of the adoption year would be recorded. The Company is currently evaluating the effect that adoption will have on its consolidated financial statements. The adoption is expected to significantly reduce the number of funds consolidated by the Company, and therefore reduce the Company’s consolidated total assets, total liabilities and non-controlling redeemable interests in consolidated funds. However, the Company does not expect there to be an impact on net income attributable to the Company. Please see “—Recent Accounting Developments” below for more information regarding the consolidation guidance. Under current GAAP, the Company consolidates those entities for which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. As of December 31, 2015, consolidated entities included eight VIEs for which the Company was considered the primary beneficiary, and substantially all of Oaktree’s closed-end, commingled open-end and evergreen funds for which the Company acts as the general partner and is deemed to have control through a voting interest model.
Variable Interest Model	Variable Interest Model. The Company consolidates VIEs for which it is considered the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s business and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation model for VIEs, which was revised effective January 1, 2010, requires an analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance-related fees), would give it a controlling financial interest. The consolidation model for VIEs may be deferred if the VIE and the reporting entity’s interest in the VIE meet the deferral conditions set forth in Accounting Standards Codification (“ASC”) 810-10-65-2(aa). If a VIE has met the deferral conditions, the analysis is based on the consolidation model for VIEs prior to January 1, 2010, which requires an analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company’s involvement through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance-related fees) would be expected to absorb a majority of the variability of the entity. Under either model, the Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective Oaktree funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. While the Company holds variable interests in the Oaktree funds, most of those funds do not meet the characteristics of a VIE. As of December 31, 2015, the Company consolidated eight VIEs for which it was the primary beneficiary, including Oaktree AIF Holdings, Inc. (“AIF”), which was formed to hold certain assets for regulatory and other purposes. The seven remaining VIEs represented CLOs for which the Company acts as collateral manager. Two of the CLOs had not priced as of December 31, 2015. The Company consolidated six VIEs as of December 31, 2014. There were no VIEs for which the Company was not the primary beneficiary as of December 31, 2015 and 2014. As of December 31, 2015, the Company consolidated seven CLOs with total assets and liabilities of $2.6 billion and $2.5 billion , respectively. The assets and liabilities, respectively, of the CLOs primarily consisted of investments in debt securities and debt obligations issued by the CLOs. The debt obligations issued by each CLO are collateralized by the same CLO’s investments, and assets of one CLO may not be used to satisfy liabilities of another. In exchange for managing the collateral of the CLOs, the Company typically earns management fees and may earn performance fees, both of which are eliminated in consolidation. As of December 31, 2015, the Company’s investments in its CLOs had a carrying value of $162.2 million (fair value approximated $130.1 million ), which represented its maximum risk of loss as of that date. The Company’s investments are generally subordinated to other interests in the CLOs and entitle the Company to receive a pro-rata portion of the residual cash flows, if any, from the CLOs. Investors in the CLOs have no recourse against the Company for any losses they sustain. Please see note 7 for more information on CLO debt obligations. Voting Interest Model. For entities that are not VIEs, the Company evaluates those entities that it controls through a majority voting interest, including those Oaktree funds in which the Company as the sole general partner is presumed to have control (together with the CLOs, the “consolidated funds”). Although as general partner the Company typically has only a small, single-digit percentage equity interest in each fund, the funds’ third-party limited partners do not have the right to dissolve the partnerships or have substantive kick-out or participating rights that would overcome the presumption of control by the Company. Consequently, Oaktree’s consolidated financial statements reflect the assets, liabilities, revenues, expenses and cash flows of the consolidated funds on a gross basis, and the majority of the economic interests in those funds, which are held by third-party investors, are attributed to non-controlling interests in consolidated funds in the accompanying consolidated financial statements. All intercompany transactions, including revenues earned by Oaktree from the funds, are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by non-controlling interests, Oaktree’s attributable share of the net income from the funds is increased by the amounts eliminated. Thus, the elimination of the amounts in consolidation has no effect on net income or loss attributable to the Company. Certain funds for which the Company has no general partner responsibility but has the ability to exert significant influence through other means are accounted for under the equity method of accounting.
Consolidation, Funds and Subsidiaries	Non-controlling Redeemable Interests in Consolidated Funds The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners. These interests are presented as non-controlling redeemable interests in consolidated funds within the consolidated statements of financial condition, outside of the permanent capital section. Limited partners in open-end and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective limited partnership agreements, over periods ranging from one month to three years. While limited partners in consolidated closed-end funds generally have not been granted redemption rights, these limited partners do have withdrawal or redemption rights in certain limited circumstances that are beyond the control of the Company, such as instances in which retaining the limited partnership interest could cause the limited partner to violate a law, regulation or rule. The allocation of net income or loss to non-controlling redeemable interests in consolidated funds is based on the relative ownership interests of the unaffiliated limited partners after the consideration of contractual arrangements that govern allocations of income or loss. At the consolidated level, potential incentives are allocated to non-controlling redeemable interests in consolidated funds until such incentives become allocable to the Company under the substantive contractual terms of the limited partnership agreements of the funds. Non-controlling Interests in Consolidated Funds Non-controlling interests in consolidated funds represent the equity interests held by third-party investors in CLOs that had not yet priced as of the respective period end. All non-controlling interests in those CLOs are attributed a share of income or loss arising from the respective CLO based on the relative ownership interests of third-party investors after consideration of contractual arrangements that govern allocations of income or loss. Investors in those CLOs are generally unable to redeem their interests until the CLO liquidates, is called or otherwise terminates. Non-controlling Interests in Consolidated Subsidiaries Non-controlling interests in consolidated subsidiaries reflect the portion of unitholders’ capital attributable to OCGH unitholders (“OCGH non-controlling interest”), certain related parties and third parties. All non-controlling interests in consolidated subsidiaries are attributed a share of income or loss in the respective consolidated subsidiary based on the relative economic interests of the OCGH unitholders, related parties or third parties after consideration of contractual arrangements that govern allocations of income or loss. Please see note 9 for more information.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting, which requires the use of estimates and judgment to measure the fair value of identifiable tangible and intangible assets acquired, liabilities assumed, and non-controlling interests in the acquiree as of the acquisition date. Contingent consideration that is determined to be part of the business combination is recognized at fair value as of the acquisition date and is included in the purchase price. Transaction costs are expensed as incurred.
Goodwill and Intangibles	Goodwill and Intangibles Goodwill represents the excess of cost over the fair value of identifiable net assets of acquired businesses. Goodwill has an indefinite useful life and is not amortized, but instead tested for impairment annually in the fourth quarter of each fiscal year or more frequently when events and circumstances indicate that impairment may have occurred. The Company’s identifiable intangible assets acquired in business combinations primarily relate to contractual rights to earn future management fees and incentive income. Finite-lived intangible assets are amortized over their estimated useful lives, which range from three to seven years, and are reviewed for impairment whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable.
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, such as the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I – Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. The types of investments in Level I include exchange-traded equities, debt and derivatives with quoted prices. • Level II – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are directly or indirectly observable. Level II inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. The types of investments in Level II generally include corporate bonds and loans, government and agency securities, less liquid and restricted equity investments, over-the-counter traded derivatives, and other investments where the fair value is based on observable inputs. • Level III – Valuations for which one or more significant inputs are unobservable. These inputs reflect the Company’s assessment of the assumptions that market participants use to value the investment based on the best available information. Level III inputs include prices of quoted securities in markets for which there are few transactions, less public information exists or prices vary among brokered market makers. The types of investments in Level III include non-publicly traded equity, debt, real estate and derivatives. In some instances, the inputs used to value an instrument may fall into multiple levels of the fair-value hierarchy. In such instances, the instrument’s level within the fair-value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair-value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. Transfers of assets into or out of each fair value hierarchy level as a result of changes in the observability of the inputs used in measuring fair value are accounted for as of the beginning of the reporting period. Transfers resulting from a specific event, such as a reorganization or restructuring, are accounted for as of the date of the event that caused the transfer. In the absence of observable market prices, the Company values Level III investments using valuation methodologies applied on a consistent basis. The quarterly valuation process for Level III investments begins with each portfolio company, property or security being valued by the investment or valuation teams. With the exception of open-end funds, all unquoted Level III investment values are reviewed and approved by (i) the Company’s valuation officer, who is independent of the investment teams, (ii) a designated investment professional of each strategy and (iii) for a substantial majority of unquoted Level III holdings as measured by market value, a valuation committee of the respective strategy. For open-end funds, unquoted Level III investment values are reviewed and approved by the Company’s valuation officer. For certain investments, the valuation process also includes a review by independent valuation parties, at least annually, to determine whether the fair values determined by management are reasonable. Results of the valuation process are evaluated each quarter, including an assessment of whether the underlying calculations should be adjusted or recalibrated. In connection with this process, the Company periodically evaluates changes in fair-value measurements for reasonableness, considering items such as industry trends, general economic and market conditions, and factors specific to the investment. Certain assets are valued using prices obtained from brokers or pricing vendors. The Company obtains an average of one to two broker quotes. The Company seeks to obtain at least one quote directly from a broker making a market for the asset and one price from a pricing vendor for the specific or similar securities. These investments may be classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. The Company evaluates the prices obtained from brokers or pricing vendors based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Company also performs back-testing of valuation information obtained from brokers and pricing vendors against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Company performs due diligence procedures surrounding pricing vendors to understand their methodology and controls to support their use in the valuation process. Fair Value Option The Company has elected the fair value option for certain corporate investments that otherwise would not have reflected unrealized gains and losses in current-period earnings. Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition. Unrealized gains and losses resulting from changes in fair value are reflected as a component of investment income in the consolidated statements of operations. The Company’s accounting for those investments is similar to its accounting for investments held by the consolidated funds at fair value and the valuation methods used to determine the fair value of those investments. In addition, the Company has elected the fair value option for the assets of its CLOs. Assets of the CLOs are included in investments, at fair value and liabilities of the CLOs are reflected in debt obligations of CLOs in the consolidated statements of financial condition. The Company’s accounting for CLOs is similar to its accounting for closed-end funds with respect to both carrying investments held by CLOs at fair value and the valuation methods used to determine the fair value of those investments. Realized gains or losses and changes in the fair value of consolidated CLO assets are included in net realized gain on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments, respectively, in the consolidated statements of operations. Interest income of CLOs is included in interest and dividend income, and interest expense and other expenses are included in interest expense and consolidated fund expenses, respectively, in the consolidated statements of operations.
Foreign Currency	Foreign Currency Investments denominated in non-U.S. currencies are recorded in the consolidated financial statements after translation into U.S. dollars utilizing rates of exchange on the last business day of the period. Interest and dividend income is recorded net of foreign withholding taxes and calculated using the exchange rate in effect when the income is recognized. The effect of changes in exchange rates on assets and liabilities, income, and realized gains or losses is included as part of net realized gain (loss) on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. Foreign Currency The assets and liabilities of Oaktree’s foreign subsidiaries with non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. The results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in other comprehensive income (loss) within the consolidated statements of financial condition until realized. Gains and losses resulting from foreign-currency transactions are included in general and administrative expense.
Derivatives and Hedging	Derivatives and Hedging A derivative is an instrument whose value is derived from an underlying instrument or index, such as interest rates, equity securities, currencies, commodities or credit spreads. Derivatives include futures, forwards, swaps, or option contracts, or other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest-rate swaps or currency forwards). The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company’s overall risk management strategy that may result in the use of derivatives to economically hedge or reduce these exposures. To mitigate the risk associated with fluctuations in interest rates, the Company may enter into interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable-rate borrowings. The Company’s corporate investments in funds include investments denominated in currencies other than the U.S. dollar, which is the Company’s reporting currency and, consequently, are subject to fluctuations in foreign-currency exchange rates. The Company also receives management fees from certain funds and pays expenses in currencies other than the U.S. dollar. To manage the risks associated with foreign-currency exchange gains and losses generated by the remeasurement of the Company’s corporate investments, management fees and expenses denominated in non-functional currencies, the Company may enter into currency option and forward contracts. As a result of the use of these or other derivative contracts, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. The Company attempts to mitigate this counterparty risk by entering into derivative contracts only with major financial institutions that have investment-grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivatives. The Company recognizes all derivatives as assets or liabilities in its consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition. When the Company enters into a derivative contract, the Company may elect to designate the derivative as a hedging instrument and apply hedge accounting as part of its overall risk management strategy. In other situations, when a derivative does not qualify for hedge accounting or when the derivative and the hedged item are both recorded in current-period earnings and thus deemed to be economic hedges, hedge accounting is not applied. Derivatives that are designated as hedging instruments are classified as either a hedge of (a) a recognized asset or liability (“fair-value hedge”), (b) a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash-flow hedge”), or (c) a net investment in a foreign operation. For a fair-value hedge, changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk are recorded in current-period earnings in the same caption in the consolidated statements of operations as the hedged item. Changes in the fair value of a derivative that is highly effective and is designated and qualifies as a cash-flow hedge, to the extent that the hedge is effective, are recorded in other comprehensive income (loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is recorded in current-period earnings. Changes in the fair value of derivatives designated as hedging instruments that are caused by factors other than changes in the risk being hedged are excluded from the assessment of hedge effectiveness and recognized in current-period earnings. For a derivative that is not designated as a hedging instrument (“freestanding derivative”), the Company records changes in fair value in current-period earnings. The Company formally documents at inception the hedge relationship, including identification of the hedging instrument and the hedged item, as well as the risk management objectives, the strategy for undertaking the hedge transaction, and the evaluation of effectiveness of its hedged transaction. On a quarterly basis, the Company formally assesses whether the derivative it designated in each hedging relationship has been and is expected to remain highly effective in offsetting changes in the estimated fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the balance remaining in other comprehensive income (loss) is released to earnings.
Cash and Cash-Equivalents	Cash and Cash-equivalents Cash and cash-equivalents held at the consolidated funds represent cash that, although not legally restricted, is not available to support the general liquidity needs of Oaktree as the use of such amounts is generally limited to the investment activities of the consolidated funds. Cash-equivalents, a Level I valuation, include highly liquid investments such as money market funds, whose carrying value approximates fair value due to its short-term nature. Cash and Cash-equivalents Cash and cash-equivalents include demand deposit accounts, as well as money market funds and short-term investments with maturities of three months or less at the date of acquisition.
U.S. Treasury Securities	U.S. Treasury Securities Includes holdings of U.S. Treasury bills with maturities greater than three months at the date of acquisition. These securities, classified as available-for-sale, are recorded at fair value with changes in fair value included in other comprehensive income (loss). Changes in fair value were not material for all years presented.
Receivable for Investments Sold	Receivable for Investments Sold Receivables for investments sold by the consolidated funds are recorded at net realizable value. Changes in net realizable value are reflected within net change in unrealized appreciation (depreciation) on consolidated funds’ investments and realizations are reflected within net realized gain on consolidated funds’ investments in the consolidated statements of operations.
Corporate Investments	Corporate Investments Corporate investments consist of investments in funds and companies that the Company does not control. Investments where the Company is deemed to exert significant influence are accounted for using the equity method of accounting and reflect Oaktree’s ownership interest in each such fund or company. For investments where the Company is not deemed to exert significant influence or control, the fair value option of accounting has been elected. Investment income represents the Company’s pro-rata share of income or loss from these funds or companies or the change in fair value of the investment, as applicable. Oaktree’s general partnership interests are substantially illiquid. While investments in funds reflect the fund’s holdings at fair value, equity-method investments in DoubleLine Capital LP and other companies are not adjusted to reflect the fair value of the underlying company. The fair value of the underlying investments in funds is based on the Company’s assessment, which takes into account expected cash flows, earnings multiples and/or comparisons to similar market transactions, among other factors. Valuation adjustments reflecting consideration of credit quality, concentration risk, sales restrictions and other liquidity factors are integral to valuing these instruments.
Management Fees	Management Fees Management fees are recognized over the period in which the investment advisory services are performed. The contractual terms of management fees vary by fund structure. In the case of most closed-end funds, the management fee rate is applied against committed capital during the fund’s investment period and the lesser of total funded capital or cost basis of assets in the liquidation period. However, for certain closed-end funds, management fees during the investment period are calculated based on drawn capital. Additionally, for those closed-end funds for which management fees are based on committed capital, the Company sometimes elects to delay the start of the fund’s investment period and thus its full management fees; instead, earning management fees based only on drawn capital for the period between the first capital drawdown and the date on which the Company elects to start the investment period. The Company’s right to receive management fees typically ends after 10 or 11 years from the initial closing date or the start of the investment period even if assets remain to be liquidated. For open-end and evergreen funds, the management fee is generally based on the NAV of the fund. In the case of certain open-end and evergreen fund accounts, the Company has the potential to earn performance-based fees, typically in reference to a relevant benchmark index or hurdle rate. The Company does not recognize incremental income for transaction, advisory, director and other ancillary fees received in connection with providing services to portfolio companies or potential investees of the funds; rather, any such fees are offset against management fees earned from the applicable fund. These fees are typically recognized as revenue in the period in which they are offset against the quarterly management fees that would otherwise be paid by the applicable fund, which is generally the quarter following the period in which the fees are received. Inasmuch as these fees are not paid directly by the consolidated funds, such fees do not eliminate in consolidation and may impact the presentation of gross consolidated management fees; however, there is no impact to the Company’s net income as the amounts are included in net income (loss) attributable to non-controlling interests in consolidated funds.
Incentive Income	The Company may receive tax distributions related to taxable income allocated by funds, which are treated as an advance of incentive income and subject to the same recognition criteria. Tax distributions are contractually not subject to clawback. Incentive Income Incentive income generally represents 20% of each closed-end fund’s profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and up to 20% of certain evergreen fund’s annual profits, subject to high-water marks. The Company has elected to adopt “Method 1” for revenue recognition based on a formula. Under this method, incentive income is recognized when fixed or determinable, all related contingencies have been removed and collection is reasonably assured, which generally occurs in the quarter of, or the quarter immediately prior to, the distribution of the income by the fund to Oaktree. The Method 1 criteria for revenue recognition is typically met (a) for closed-end funds, only after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors, and (b) for certain evergreen funds, at the conclusion of each annual measurement period. Incentives received by Oaktree before the above criteria have been met are deferred and recorded as a deferred incentive income liability within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition.
Incentive Income Compensation	Incentive Income Compensation Incentive income compensation expense includes (a) compensation directly related to incentive income, which generally consists of percentage interests (sometimes referred to as “points”) that the Company grants to its investment professionals associated with the particular fund that generated the incentive income, and (b) compensation directly related to investment income. The Company has an obligation to pay a fixed percentage of the incentive income earned from a particular fund, including income from consolidated funds that is eliminated in consolidation, to specified investment professionals responsible for the management of the fund. Amounts payable pursuant to these arrangements are recorded as compensation expense when they have become probable and reasonably estimable. The Company’s determination of the point at which it becomes probable and reasonably estimable that incentive income compensation expense should be recorded is based on its assessment of numerous factors, particularly those related to the profitability, realizations, distribution status, investment profile and commitments or contingencies of the individual funds that may give rise to incentive income. Incentive income compensation is expensed no later than the period in which the underlying income is recognized. Payment of incentive income compensation generally occurs in the same period the related income is received or in the next period. Participation in incentive income generated by the consolidated funds is subject to forfeiture upon departure and to vesting provisions (generally over a period of five years ), in each case, under certain circumstances set forth in the applicable governing documents. These provisions are generally only applicable to incentive income compensation that has not yet been recognized as an expense by the Company or paid to the participant.
Equity-based Compensation	Equity-based Compensation Equity-based compensation expense reflects the non-cash charge associated with grants of Class A units, OCGH units and OCGH equity value units (“EVUs”), and is calculated based on the grant-date fair value of the unit award, adjusted annually or more frequently, as necessary, for actual forfeitures to reflect expense only for those units that ultimately vest. A contemporaneous valuation report is utilized in determining fair value at the date of grant for OCGH unit awards. Each valuation report is based on the market price of Oaktree’s Class A units as well as other pertinent factors. A discount is then applied to the Class A unit market price to reflect the lack of marketability for equity-classified awards, if applicable. The determination of an appropriate discount for lack of marketability is based on a review of discounts on the sale of restricted shares of publicly-traded companies and multi-period put-based quantitative methods. Factors that influence the size of the discount for lack of marketability applicable to OCGH units include (a) the estimated time it would take for an OCGH unitholder to exchange units into Class A units, (b) the volatility of the Company’s business and (c) thin trading of the Class A units. Each of these factors is subject to significant judgment. Equity-based awards that do not require future service (i.e., awards vested at grant) are expensed immediately. Equity-based awards that require future service are expensed on a straight-line basis over the requisite service period. Cash-settled equity-based awards are classified as liabilities and are remeasured at the end of each reporting period.
Depreciation and Amortization	Depreciation and Amortization Depreciation and amortization expense includes costs associated with the purchase of furniture and equipment, capitalized software, leasehold improvements, an airplane and acquired intangibles. Furniture and equipment and capitalized software costs are depreciated using the straight-line method over the estimated useful life of the asset, generally three to five years beginning in the first full month after the asset is placed in service. Leasehold improvements are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term.
Other Income (Expense)	Other Income (Expense), Net Other income (expense), net represents non-operating income or expense. In the third quarter of 2014, this line item began to include income related to amounts received for contractually reimbursable costs associated with certain arrangements made in connection with the acquisition of the Highstar Capital team and certain Highstar entities (collectively “Highstar”). In past years, it has also included the operating results of certain properties that were received as part of a 2010 arbitration award.
Income Taxes	Income Taxes Oaktree is a publicly traded partnership. Because it satisfies the qualifying income test, it is not required to be treated as a corporation for U.S. federal and state income tax purposes; rather it is taxed as a partnership. Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc., two of the Company’s Intermediate Holding Companies and wholly-owned corporate subsidiaries, are subject to U.S. federal and state income taxes. The remainder of Oaktree’s income is generally not subject to U.S. corporate-level taxation. The Company’s effective tax rate is dependent on many factors, including the estimated nature of many amounts and the mix of revenues and expenses between the two corporate subsidiaries that are subject to income tax and the three other subsidiaries that are not; consequently, the effective tax rate is subject to significant variation from period to period. The Company’s non-U.S. income or loss before taxes is generally not significant in relation to total pre-tax income or loss and is generally more predictable because, unlike U.S. pre-tax income, it is not significantly impacted by unrealized gains or losses. Non-U.S. tax expense typically represents a disproportionately large percentage of total income tax expense because nearly all of the Company’s non-U.S. income or loss is subject to corporate-level income tax, whereas a substantial portion of the Company’s U.S.-based income or loss is not subject to corporate-level taxes. In addition, changes in the proportion of non-U.S. pre-tax income to total pre-tax income impact the Company’s effective tax rate to the extent non-U.S. rates differ from the combined U.S. federal and state tax rate. Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases, using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Oaktree analyzes its tax filing positions for all open tax years in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns. If the Company determines that uncertainties in tax positions exist, a reserve is established. Oaktree recognizes accrued interest and penalties related to uncertain tax positions within income tax expense in the consolidated statements of operations. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. Oaktree reviews its tax positions quarterly and adjusts its tax balances as new information becomes available. The Oaktree funds are generally not subject to U.S. federal and state income taxes and, consequently, no income tax provision has been made in the accompanying consolidated financial statements because individual partners are responsible for their proportionate share of the taxable income. Income Taxes The consolidated funds may invest in operating entities that are treated as partnerships for U.S. federal income tax purposes which may give rise to unrelated business taxable income (“UBTI”) or income effectively connected with a U.S. trade or business (“ECI”). The consolidated funds permit certain investors to elect to participate in these investments through a “blocker structure” using entities that are treated as corporations for U.S. federal income tax purposes and are generally subject to U.S. federal, state and local taxes. The consolidated funds withhold blocker expenses and tax payments from electing limited partners, which are treated as deemed distributions to such limited partners pursuant to the terms of the respective limited partnership agreement.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting unitholders’ capital that, under GAAP, are excluded from net income (loss). Other gains and losses result from unrealized gains and losses on cash-flow hedges and foreign-currency translation adjustments, net of tax.
Accounting Policies of Consolidated Funds	Accounting Policies of Consolidated Funds Although as general partner the Company typically only has a small minority economic interest in the consolidated funds, the third-party limited partners neither have the right to dissolve the partnerships nor possess substantive kick-out or participating rights that would overcome the presumption of control by the Company. Accordingly, the Company consolidates the consolidated funds and records non-controlling interests to reflect the economic interests of the unaffiliated limited partners.
Investment Transactions and Income Recognition	Investment Transactions and Income Recognition The consolidated funds record investment transactions at cost on trade date for publicly traded securities or when they have an enforceable right to acquire the security, which is generally on the closing date if not publicly traded. Realized gains and losses on investments are recorded on a specific identification basis. The consolidated funds record dividend income on the ex-dividend date and interest income on an accrual basis, unless the related investment is in default or if collection of the income is otherwise considered doubtful. The consolidated funds may hold investments that provide for interest payable in-kind rather than in cash, in which case the related income is recorded at its estimated net realizable amount.
Investments, at fair value	Investments, at Fair Value The consolidated funds are primarily investment limited partnerships that reflect their investments, including majority-owned and controlled investments, at fair value. The Company has retained the specialized investment company accounting guidance under GAAP for those consolidated funds with respect to consolidated investments. Thus, the consolidated investments are reflected in the consolidated statements of financial condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Non-publicly traded debt and equity securities and other securities or instruments for which reliable market quotations are not available are valued by management using valuation methodologies applied on a consistent basis. These securities may initially be valued at the acquisition price as the best indicator of fair value. The Company reviews the significant unobservable inputs, valuations of comparable investments and other similar transactions for investments valued at acquisition price to determine whether another valuation methodology should be utilized. Subsequent valuations will depend on the facts and circumstances known as of the valuation date and the application of valuation methodologies as further described below under “—Non-publicly Traded Equity and Real Estate Investments.” The fair value may also be based on a pending transaction expected to close after the valuation date. Exchange-traded Investments Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. Securities that are not readily marketable due to legal restrictions that may limit or restrict transferability are generally valued at a discount from quoted market prices. The discount would reflect the amount market participants would require due to the risk relating to the inability to access a public market for the security for the specified period and would vary depending on the nature and duration of the restriction and the perceived risk and volatility of the underlying securities. Securities with longer duration restrictions or higher volatility are generally valued at a higher discount. Such discounts are generally estimated based on put option models or an analysis of market studies. Instances where the Company has applied discounts to quoted prices of restricted listed securities have been infrequent. The impact of such discounts is not material to the Company’s consolidated statements of financial condition and results of operations for all periods presented. Credit-oriented Investments (including Real Estate Loan Portfolios) Investments in corporate and government debt which are not listed or admitted to trading on any securities exchange are valued at the mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker-dealers. The market-yield approach is considered in the valuation of non-publicly traded debt securities, utilizing expected future cash flows and discounted using estimated current market rates. Discounted cash-flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of the borrower. Consideration is also given to a borrower’s ability to meet principal and interest obligations; this may include an evaluation of collateral and/or the underlying value of the borrower utilizing techniques described below under “—Non-publicly Traded Equity and Real Estate Investments.” Non-publicly Traded Equity and Real Estate Investments The fair value of equity and real estate investments is determined using a cost, market or income approach. The cost approach is based on the current cost of reproducing a real estate investment less deterioration and functional and economic obsolescence. The market approach utilizes valuations of comparable public companies and transactions, and generally seeks to establish the enterprise value of the portfolio company or investment property using a market-multiple methodology. This approach takes into account the financial measure (such as EBITDA, adjusted EBITDA, free cash flow, net operating income, net income, book value or net asset value) believed to be most relevant for the given company or investment property. Consideration also may be given to factors such as acquisition price of the security or investment property, historical and projected operational and financial results for the portfolio company, the strengths and weaknesses of the portfolio company or investment property relative to its comparable companies or properties, industry trends, general economic and market conditions, and others deemed relevant. The income approach is typically a discounted cash-flow method that incorporates expected timing and level of cash flows. It incorporates assumptions in determining growth rates, income and expense projections, discount and capitalization rates, capital structure, terminal values, and other factors. The applicability and weight assigned to market and income approaches are determined based on the availability of reliable projections and comparable companies and transactions. The valuation of securities may be impacted by expectations of investors’ receptiveness to a public offering of the securities, the size of the holding of the securities and any associated control, information with respect to transactions or offers for the securities (including the transaction pursuant to which the investment was made and the elapsed time from the date of the investment to the valuation date), and applicable restrictions on the transferability of the securities. These valuation methodologies involve a significant degree of management judgment. Accordingly, valuations by the Company do not necessarily represent the amounts that eventually may be realized from sales or other dispositions of investments. Fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the consolidated financial statements.
Securities Sold Short	Securities Sold Short Securities sold short represent obligations of the consolidated funds to make a future delivery of a specific security and, correspondingly, create an obligation to purchase the security at prevailing market prices (or deliver the security, if owned by the consolidated funds) as of the delivery date. As a result, these short sales create the risk that the funds’ obligations to satisfy the delivery requirement may exceed the amount recorded in the accompanying consolidated statements of financial condition. Securities sold short are recorded at fair value, with the resulting change in value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. When the securities are delivered, any gain or loss is included in net realized gain on consolidated funds’ investments. The funds maintain cash deposits with prime brokers in order to cover their obligations on short sales. These amounts are included in due from brokers in the consolidated statements of financial condition.
Options	Options The purchase price of a call option or a put option is recorded as an investment, which is carried at fair value. If a purchased option expires, a loss in the amount of the cost of the option is realized. When there is a closing sale transaction, a gain or loss is realized if the proceeds are greater or less than, respectively, the cost of the option. When a call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. When a consolidated fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. If a written option expires, a gain is realized in the amount of the premium received. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss. The writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition.
Total-return Swaps	Total-return Swaps A total-return swap is an agreement to exchange cash flows based on an underlying asset. Pursuant to these agreements, a fund may deposit collateral with the counterparty and may pay a swap fee equal to a fixed percentage of the value of the underlying security (notional amount). A fund earns interest on cash collateral held on account with the counterparty and may be required to deposit additional collateral equal to the unrealized appreciation or depreciation on the underlying asset. Changes in the underlying value of the swaps recorded as unrealized gains or losses are based on changes in the underlying value of the security. All amounts exchanged with the swap counterparty representing capital appreciation or depreciation, dividend income and expense, items of interest income on short proceeds, borrowing costs on short sales, and commissions are recorded as realized gains or losses. Dividend income and expense on the underlying assets are accrued as unrealized gains or losses on the ex-date.
Due From Brokers	Due From Brokers Due from brokers represents cash owned by the consolidated funds and cash collateral on deposit with brokers and counterparties that are used as collateral for the consolidated funds’ securities and swaps.
Risks and Uncertainties	Risks and Uncertainties Certain consolidated funds invest primarily in the securities of entities that are undergoing, or are considered likely to undergo, reorganization, debt restructuring, liquidation or other extraordinary transactions. Investments in such entities are considered speculative and involve substantial risk of principal loss. Certain of the consolidated funds’ investments may also consist of securities that are thinly traded, securities and other assets for which no market exists, and securities which are restricted as to their transferability. Additionally, investments are subject to concentration and industry risks, reflecting numerous factors, including political, regulatory or economic issues that could cause the investments and their markets to be relatively illiquid and their prices relatively volatile. Investments denominated in non-U.S. currencies or involving non-U.S. domiciled entities are subject to risks and special considerations not typically associated with U.S. investments. Such risks may include, but are not limited to, investment and repatriation restrictions; currency exchange-rate fluctuations; adverse political, social and economic developments; less liquidity; smaller capital markets; and certain local tax law considerations. Credit risk is the potential loss that may be incurred from the failure of a counterparty or an issuer to make payments according to the terms of a contract. Some consolidated funds are subject to additional credit risk due to strategies of investing in debt of financially distressed issuers or derivatives, as well as involvement in privately-negotiated structured notes and structured-credit transactions. Counterparties include custodian banks, major brokerage houses and their affiliates. The Company monitors the creditworthiness of the financial institutions with which it conducts business. Bank debt has exposure to certain types of risk, including interest rate, market, and the potential non-payment of principal and interest as a result of default or bankruptcy of the issuer. Loans are generally subject to prepayment risk, which will affect the maturity of such loans. The consolidated funds may enter into bank debt participation agreements through contractual relationships with a third-party intermediary, causing the consolidated funds to assume the credit risk of both the borrower and the intermediary. The consolidated funds may invest in real property and real estate-related investments, including commercial mortgage-backed securities (“CMBS”) and real estate loans, that entail substantial inherent risks. There can be no assurance that such investments will increase in value or that significant losses will not be incurred. CMBS are subject to a number of risks, including credit, interest rate, prepayment and market. These risks can be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged properties are located, the level of the borrowers’ equity in the mortgaged properties, and the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. Real estate loans include residential or commercial loans that are non-performing at the time of their acquisition or that become non-performing following their acquisition. Non-performing real estate loans may require a substantial amount of workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate and/or write-down of the principal balance. Moreover, foreclosure on collateral securing one or more real estate loans held by the consolidated funds may be necessary, which may be lengthy and expensive. Residential loans are typically subject to risks associated with the value of the underlying properties, which may be affected by a number of factors including general economic conditions, mortgage qualification standards, local market conditions such as employment levels, the supply of homes, and the safety, convenience and attractiveness of the properties and neighborhoods. Commercial loans are typically subject to risks associated with the ability of the borrower to repay, which may be impacted by general economic conditions, as well as borrower-specific factors including the quality of management, the ability to generate sufficient income to make scheduled principal and interest payments, or the ability to obtain alternative financing to repay the loan. Certain consolidated funds hold over-the-counter derivatives that may allow counterparties to terminate derivative contracts prior to maturity under certain circumstances, thereby resulting in an accelerated payment of any net liability owed to the counterparty.
Recent Accounting Developments	Recent Accounting Developments In February 2016, the FASB issued guidance that will require lessees to recognize a lease asset and a lease liability for most of its operating leases. Under current GAAP, operating leases are not recognized by lessees in its statements of financial position. The asset and liability will generally be equal to the present value of lease payments. The guidance does not significantly change the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee. The guidance is effective for the Company in the first quarter of 2019 using a modified retrospective transition approach, which requires application of the new guidance at the beginning of the earliest comparative period presented. Early adoption is permitted. The Company is currently evaluating the effect that adoption will have on its consolidated financial statements. In April 2015, the FASB issued guidance that changes the presentation of debt issuance costs in the statements of financial position. Under current GAAP, such costs are reflected in the statements of financial position as a deferred asset. The new guidance will require these costs to be presented as a direct deduction from the related debt liability and to be amortized as interest expense. The amendment does not affect the current guidance on the recognition and measurement of debt issuance costs. The guidance is effective for the Company in the first quarter of 2016 on a retrospective basis, with early adoption permitted. The Company does not expect that adoption of this guidance will have a material impact on its consolidated financial statements. In February 2015, the FASB amended its consolidation guidance to end the deferral granted to investment companies with respect to applying VIE guidance. The new guidance does not affect the five characteristics that determine if an entity is a VIE; rather, it focuses on the consolidation criteria used to evaluate whether certain legal entities should be consolidated. Additionally, the new guidance eliminates the presumption that a general partner should consolidate a limited partnership under the voting model. The amendment is intended to simplify the consolidation guidance by placing more emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a VIE and providing more clarity for reporting entities that typically make use of limited partnerships or VIEs. The Company will adopt the guidance in the first quarter of 2016 on a modified retrospective basis. Under the modified retrospective approach, prior years would not be restated; instead, a cumulative-effect adjustment to equity as of the beginning of the adoption year would be recorded. The Company is currently evaluating the effect that adoption will have on its consolidated financial statements. The adoption is expected to significantly reduce the number of funds consolidated by the Company, and therefore reduce the Company’s consolidated total assets, total liabilities and non-controlling redeemable interests in consolidated funds. The Company does not expect there to be an impact on net income attributable to the Company. In August 2014, the FASB issued guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The guidance requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements. Additionally, an entity must provide certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective for the Company in the fourth quarter of 2016, with early adoption permitted. The Company does not expect that adoption of this guidance will have a material impact on its consolidated financial statements. In August 2014, the FASB issued guidance on measuring the financial assets and financial liabilities of a consolidated collateralized financing entity. The guidance applies to reporting entities that are required to consolidate a collateralized financing entity under the VIE guidance when (a) the reporting entity measures all of the financial assets and financial liabilities of that consolidated financing entity at fair value in the consolidated financial statements and (b) the changes in the fair values of those financial assets and financial liabilities are reflected in earnings. The guidance provides an alternative for measuring the financial assets and financial liabilities of a consolidated collateralized financing entity to eliminate differences in the fair value of those financial assets and financial liabilities as determined under GAAP. The guidance is effective for the Company in the first quarter of 2016, with early adoption permitted. The Company is currently evaluating the effect that adoption will have on its consolidated financial statements. In May 2014, the FASB and International Accounting Standards Board issued converged guidance on revenue recognition, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance provides a largely principles-based framework for addressing revenue recognition issues on a comprehensive basis, eliminates an entity’s ability to recognize revenue if there is risk of significant reversal, and requires enhanced disclosures to provide greater insight into both revenue that has been recognized and revenue that is expected to be recognized in the future from existing contracts, including quantitative and qualitative information about significant judgments and changes in those judgments made by management in recognizing revenue. In July 2015, the FASB delayed the effective date of the guidance by one year. The guidance will be effective for the Company in the first quarter of 2018 on either a full or modified retrospective basis, with early adoption permitted. The Company is currently evaluating the effect that adoption will have on its consolidated financial statements.

INVESTMENTS, AT FAIR VALUE (Tab

INVESTMENTS, AT FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Investments, at Fair Value	Investments held and securities sold short by the consolidated funds are summarized below: Fair Value as of December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments: 2015 2014 2015 2014 United States: Debt securities: Consumer discretionary $ 3,387,072 $ 3,173,576 7.5 % 6.8 % Consumer staples 686,071 692,890 1.5 1.5 Energy 854,220 1,028,317 1.9 2.2 Financials 1,293,508 805,337 2.9 1.7 Government 95,508 140,053 0.2 0.3 Health care 1,135,799 1,010,462 2.5 2.2 Industrials 1,710,706 1,795,909 3.8 3.9 Information technology 1,293,815 1,167,635 2.9 2.5 Materials 1,393,521 1,288,947 3.1 2.8 Telecommunication services 471,711 372,457 1.0 0.8 Utilities 686,126 1,409,408 1.5 3.0 Total debt securities (cost: $15,304,870 and $13,611,109 as of December 31, 2015 and 2014, respectively) 13,008,057 12,884,991 28.8 27.7 Equity securities: Consumer discretionary 1,813,832 2,475,318 4.0 5.3 Consumer staples 872,472 530,305 1.9 1.1 Energy 1,810,290 1,756,480 4.0 3.8 Financials 7,639,790 7,720,904 16.9 16.6 Health care 92,866 224,705 0.2 0.5 Industrials 1,728,086 2,970,356 3.8 6.4 Information technology 67,253 176,097 0.2 0.4 Materials 882,366 1,207,523 2.0 2.6 Telecommunication services 16,471 21,616 0.0 0.0 Utilities 156,865 329,175 0.3 0.7 Total equity securities (cost: $13,290,699 and $13,911,333 as of December 31, 2015 and 2014, respectively) 15,080,291 17,412,479 33.3 37.4 Fair Value as of December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments: 2015 2014 2015 2014 Europe: Debt securities: Consumer discretionary $ 1,329,387 $ 1,371,689 2.9 % 3.0 % Consumer staples 222,789 242,513 0.5 0.5 Energy 144,742 370,456 0.3 0.8 Financials 808,568 803,468 1.8 1.7 Government 46,946 — 0.1 — Health care 197,569 147,661 0.5 0.3 Industrials 291,950 344,642 0.7 0.7 Information technology 71,168 41,960 0.2 0.1 Materials 377,460 421,327 0.8 0.9 Telecommunication services 200,610 142,322 0.4 0.3 Utilities 18,028 24,668 0.0 0.1 Total debt securities (cost: $4,207,531 and $3,803,751 as of December 31, 2015 and 2014, respectively) 3,709,217 3,910,706 8.2 8.4 Equity securities: Consumer discretionary 270,370 311,847 0.6 0.7 Consumer staples 145,108 59,628 0.3 0.1 Energy 21,791 92,416 0.0 0.2 Financials 6,239,424 4,760,386 13.8 10.2 Government 40,290 635 0.1 0.0 Health care 79,582 52,887 0.2 0.1 Industrials 1,499,142 1,226,825 3.3 2.6 Information technology 1,646 1,190 0.0 0.0 Materials 475,306 398,559 1.1 0.9 Telecommunication services 4,834 — 0.0 — Utilities 344,736 — 0.8 — Total equity securities (cost: $7,627,245 and $5,884,950 as of December 31, 2015 and 2014, respectively) 9,122,229 6,904,373 20.2 14.8 Asia and other: Debt securities: Consumer discretionary 102,531 140,732 0.2 0.3 Consumer staples 33,061 7,927 0.1 0.0 Energy 193,645 217,299 0.4 0.5 Financials 27,413 18,935 0.1 0.0 Government 6,974 50,073 0.0 0.1 Health care 47,010 48,977 0.1 0.1 Industrials 268,710 420,323 0.6 0.9 Information technology 31,983 23,555 0.1 0.1 Materials 248,830 252,965 0.6 0.6 Utilities 2,713 9,113 0.0 0.0 Total debt securities (cost: $1,090,867 and $1,168,453 as of December 31, 2015 and 2014, respectively) 962,870 1,189,899 2.2 2.6 Fair Value as of December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments: 2015 2014 2015 2014 Asia and other: Equity securities: Consumer discretionary $ 506,761 $ 664,077 1.1 % 1.4 % Consumer staples 29,863 113,471 0.1 0.2 Energy 192,844 298,040 0.4 0.6 Financials 986,753 1,518,532 2.2 3.3 Health care 18,535 22,899 0.1 0.1 Industrials 1,032,225 937,455 2.3 2.0 Information technology 244,433 322,592 0.5 0.7 Materials 96,326 145,657 0.2 0.3 Telecommunication services 34,678 39,244 0.1 0.1 Utilities 154,824 169,384 0.3 0.4 Total equity securities (cost: $3,370,406 and $3,393,453 as of December 31, 2015 and 2014, respectively) 3,297,242 4,231,351 7.3 9.1 Total debt securities 17,680,144 17,985,596 39.2 38.7 Total equity securities 27,499,762 28,548,203 60.8 61.3 Total investments, at fair value $ 45,179,906 $ 46,533,799 100.0 % 100.0 % Securities Sold Short: Equity securities (proceeds: $102,236 and $70,760 as of December 31, 2015 and 2014, respectively) $ (91,246 ) $ (64,438 )
Net Gains (Losses) from Investment Activities of Consolidated Funds	The following table summarizes net gains (losses) from investment activities: Year Ended December 31, 2015 2014 2013 Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Investments and other financial instruments $ 895,271 $ (3,602,437 ) $ 1,937,061 $ (1,080,571 ) $ 3,649,821 $ 2,152,662 Foreign-currency forward contracts (1) 457,594 (98,420 ) 179,675 278,647 (217,234 ) (286,336 ) Total-return and interest-rate swaps (1) (215,837 ) (38,658 ) 54,437 (193,079 ) 89,333 (22,619 ) Options and futures (1) 43,055 (30,198 ) (38,431 ) 6,513 (17,922 ) (238 ) Swaptions (1)(2) (2,933 ) 2,186 (1,158 ) (4,770 ) — — Total $ 1,177,150 $ (3,767,527 ) $ 2,131,584 $ (993,260 ) $ 3,503,998 $ 1,843,469 (1) Please see note 6 for additional information. (2) A swaption is an option granting the buyer the right but not the obligation to enter into a swap agreement on a specified future date.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The Company’s other financial assets and liabilities by fair-value hierarchy level are set forth below. Please see notes 7 and 15 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of December 31, 2015 As of December 31, 2014 Level I Level II Level III Total Level I Level II Level III Total Assets U.S. Treasury securities (1) $ 661,116 $ — $ — $ 661,116 $ 655,529 $ — $ — $ 655,529 Corporate investments — 41,876 25,750 67,626 23,660 17,154 — 40,814 Foreign-currency forward contracts (2) — 5,875 — 5,875 — 24,499 — 24,499 Total assets $ 661,116 $ 47,751 $ 25,750 $ 734,617 $ 679,189 $ 41,653 $ — $ 720,842 Liabilities Contingent consideration (3) $ — $ — $ (28,494 ) $ (28,494 ) $ — $ — $ (27,245 ) $ (27,245 ) Foreign-currency forward contracts (3) — (3,286 ) — (3,286 ) — (3,439 ) — (3,439 ) Interest-rate swaps (3) — (943 ) — (943 ) — (2,317 ) — (2,317 ) Total liabilities $ — $ (4,229 ) $ (28,494 ) $ (32,723 ) $ — $ (5,756 ) $ (27,245 ) $ (33,001 ) (1) Carrying value approximates fair value due to the short-term nature. (2) Amounts are included in other assets in the consolidated statements of financial condition. (3) Amounts are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition.
Valuation of Investments and Other Financial Instruments	The fair value of cash-equivalents is a Level I valuation. Derivatives may relate to a mix of Level I, II or III investments, and therefore their fair-value hierarchy level may not correspond to the fair-value hierarchy level of the economically hedged investment. The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level: As of December 31, 2015 As of December 31, 2014 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 7,891,929 $ 1,871,375 $ 9,763,304 $ — $ 8,135,722 $ 1,555,656 $ 9,691,378 Corporate debt – all other 5,450 4,902,226 3,009,164 7,916,840 4,039 5,539,518 2,750,661 8,294,218 Equities – common stock 4,836,422 256,604 8,729,202 13,822,228 6,042,583 505,459 9,044,579 15,592,621 Equities – preferred stock — — 1,363,542 1,363,542 3,148 — 1,320,752 1,323,900 Real estate 61,317 — 9,655,270 9,716,587 — — 9,216,056 9,216,056 Real estate loan portfolios — — 2,597,405 2,597,405 — — 2,399,105 2,399,105 Other — — — — 945 — 15,576 16,521 Total investments 4,903,189 13,050,759 27,225,958 45,179,906 6,050,715 14,180,699 26,302,385 46,533,799 Derivatives: Foreign-currency forward contracts — 156,234 — 156,234 — 254,929 — 254,929 Swaps — 16,544 — 16,544 — 4,217 — 4,217 Options and futures — 25,559 — 25,559 — 36,568 — 36,568 Swaptions — 14 — 14 — 483 — 483 Total derivatives — 198,351 — 198,351 — 296,197 — 296,197 Total assets $ 4,903,189 $ 13,249,110 $ 27,225,958 $ 45,378,257 $ 6,050,715 $ 14,476,896 $ 26,302,385 $ 46,829,996 Liabilities Securities sold short: Equity securities $ (91,246 ) $ — $ — $ (91,246 ) $ (64,438 ) $ — $ — $ (64,438 ) Derivatives: Foreign-currency forward contracts — (64,364 ) — (64,364 ) — (54,663 ) — (54,663 ) Swaps — (223,359 ) (8,251 ) (231,610 ) — (172,672 ) (10,687 ) (183,359 ) Options and futures (88 ) (4,146 ) — (4,234 ) (11,051 ) (3,918 ) — (14,969 ) Swaptions — — — — — (518 ) — (518 ) Total derivatives (88 ) (291,869 ) (8,251 ) (300,208 ) (11,051 ) (231,771 ) (10,687 ) (253,509 ) Total liabilities $ (91,334 ) $ (291,869 ) $ (8,251 ) $ (391,454 ) $ (75,489 ) $ (231,771 ) $ (10,687 ) $ (317,947 )
Summary of Changes in Fair Value of Level III Investments	The following tables set forth a summary of changes in the fair value of Level III investments: Corporate Debt – Bank Debt Corporate Debt – All Other Equities – Common Stock Equities – Preferred Stock Real Estate Real Estate Loan Portfolio Swaps Other Total 2015: Beginning balance $ 1,555,656 $ 2,750,661 $ 9,044,579 $ 1,320,752 $ 9,216,056 $ 2,399,105 $ (10,687 ) $ 15,576 $ 26,291,698 Transfers into Level III 364,501 248,824 570,137 15,835 142,165 — — — 1,341,462 Transfers out of Level III (199,119 ) (246,615 ) (1,427,473 ) (32,692 ) (61,317 ) — — (12,000 ) (1,979,216 ) Purchases 684,359 1,267,168 1,706,683 203,077 1,973,704 1,207,691 — — 7,042,682 Sales (493,438 ) (584,756 ) (1,315,766 ) (305,917 ) (2,242,760 ) (1,100,273 ) — (5,513 ) (6,048,423 ) Realized gains (losses), net 16,245 (4,670 ) 125,637 81,037 766,400 283,074 — 3,147 1,270,870 Unrealized appreciation (depreciation), net (56,829 ) (421,448 ) 25,405 81,450 (138,978 ) (192,192 ) 2,436 (1,210 ) (701,366 ) Ending balance $ 1,871,375 $ 3,009,164 $ 8,729,202 $ 1,363,542 $ 9,655,270 $ 2,597,405 $ (8,251 ) $ — $ 27,217,707 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (43,305 ) $ (340,883 ) $ (33,299 ) $ 169,799 $ 342,560 $ (192,192 ) $ 2,436 $ — $ (94,884 ) 2014: Beginning balance $ 2,809,437 $ 2,432,179 $ 6,700,015 $ 919,771 $ 6,221,294 $ 2,369,441 $ — $ 13,708 $ 21,465,845 Transfers into Level III 930,966 222,357 1,044,659 1,017 474,098 — — — 2,673,097 Transfers out of Level III (2,121,960 ) (19,480 ) (809,815 ) (97,171 ) (120,120 ) — — — (3,168,546 ) Purchases 1,083,224 1,021,815 2,944,074 328,507 2,943,580 950,256 — 2,000 9,273,456 Sales (1,121,409 ) (888,147 ) (917,197 ) (85,470 ) (1,688,713 ) (1,277,993 ) (3,939 ) (4,469 ) (5,987,337 ) Realized gains (losses), net 135,890 114,436 170,598 (14,462 ) 275,717 175,962 3,939 3,363 865,443 Unrealized appreciation (depreciation), net (160,492 ) (132,499 ) (87,755 ) 268,560 1,110,200 181,439 (10,687 ) 974 1,169,740 Ending balance $ 1,555,656 $ 2,750,661 $ 9,044,579 $ 1,320,752 $ 9,216,056 $ 2,399,105 $ (10,687 ) $ 15,576 $ 26,291,698 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (27,075 ) $ 114,613 $ 264,486 $ 299,817 $ 1,468,857 $ 181,439 $ (10,687 ) $ (132 ) $ 2,291,318
Summary of Valuation Techniques and Quantitative Information	The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2015: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (9)(10)(11) Range Weighted Average (12) Credit-oriented investments: Consumer $ 289,107 Discounted cash flow (1) Discount rate 5% – 15% 12% 451,584 Market approach (2) Earnings multiple (3) 3x – 10x 6x 232,995 Recent transaction price (5) Not applicable Not applicable Not applicable 156,160 Recent market information (6) Quoted prices / discount Not applicable Not applicable Financials: 595,066 Discounted cash flow (1) Discount rate 6% – 14% 11% 259,669 Market approach (2)(4) Underlying asset multiple 1.1x – 1.5x 1.2x 232,958 Recent transaction price (5) Not applicable Not applicable Not applicable 241,667 Recent market information (6) Quoted prices / discount Not applicable Not applicable Industrials: 135,808 Discounted cash flow (1) Discount rate 5% – 15% 13% 55,310 Discounted cash flow (1) / (8) Discount rate / Market transactions 9% – 11% 10% 7,549 Market approach (2) Earnings multiple (3) 5x – 9x 7x 219,121 Market approach (2)(4) Underlying asset multiple 0.7x – 1.0x 0.9x 45,647 Recent transaction price (5) Not applicable Not applicable Not applicable 24,247 Recent market information (6) Quoted prices / discount Not applicable Not applicable Materials: 417,749 Discounted cash flow (1) Discount rate 11% – 14% 14% 128,230 Market approach (2) Earnings multiple (3) 7x – 9x 8x 3,938 Recent transaction price (5) Not applicable Not applicable Not applicable 71,174 Recent market information (6) Quoted prices / discount Not applicable Not applicable Information 199,841 Discounted cash flow (1) Discount rate 6% – 13% 12% 143,596 Market approach (2) Earnings multiple (3) 6x – 8x 7x 63,594 Recent transaction price (5) Not applicable Not applicable Not applicable 62,353 Recent market information (6) Quoted prices / discount Not applicable Not applicable Other: 442,797 Discounted cash flow (1) Discount rate 5% – 20% 12% 60,643 Recent transaction price (5) Not applicable Not applicable Not applicable 331,485 Recent market information (6) Quoted prices / discount Not applicable Not applicable Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (9)(10)(11) Range Weighted Average (12) Equity investments: Financials: 58,352 Discounted cash flow (1) Discount rate 14% – 16% 15% 1,029,904 Market approach (2)(4) Underlying asset multiple 1.0x – 1.5x 1.4x 189,714 Recent transaction price (5) Not applicable Not applicable Not applicable Industrials: 37,130 Discounted cash flow (1) Discount rate 10% – 12% 11% 2,385,995 Market approach (2) Earnings multiple (3) 5x – 18x 9x 1,287,791 Market approach (2)(4) Underlying asset multiple 0.9x – 1.0x 1.0x 248,894 Recent transaction price (5) Not applicable Not applicable Not applicable 53,005 Recent market information (6) Quoted prices / discount Not applicable Not applicable Materials: 1,238,760 Market approach (2) Earnings multiple (3) 7x – 9x 8x 25,133 Recent transaction price (5) Not applicable Not applicable Not applicable Utilities 616,596 Market approach (2) Earnings multiple (3) 8x – 11x 9x 266,185 Other Not applicable Not applicable Not applicable 200,112 Recent transaction price (5) Not applicable Not applicable Not applicable Other: 1,898,334 Market approach (2) Earnings multiple (3) 6x – 18x 10x 164,026 Market approach (2)(4) Underlying asset multiple 1.1x – 1.3x 1.2x 221,350 Recent transaction price (5) Not applicable Not applicable Not applicable 171,463 Recent market information (6) Quoted prices / discount Not applicable Not applicable Real estate-oriented investments: 3,863,639 Discounted cash flow (1)(7) Discount rate 6% – 44% 13% Terminal capitalization rate 5% – 10% 7% Direct capitalization rate 5% – 10% 7% Net operating income growth rate 0% – 38% 10% Absorption rate 25% – 44% 30% 132,640 Discounted cash flow (1) / (8) Discount rate / Market transactions 6% – 8% 7% 218,817 Market approach (2) Earnings multiple (3) 9x – 11x 11x 992,695 Market approach (2)(4) Underlying asset multiple 1x – 1.8x 1.6x 512,120 Recent transaction price (5) Not applicable Not applicable Not applicable 2,385,895 Recent market information (6) Quoted prices / discount 0% – 5% 3% 1,385,418 Sales approach (8) Market transactions Not applicable Not applicable 164,046 Other Not applicable Not applicable Not applicable Real estate loan portfolios: 2,101,463 Discounted cash flow (1)(7) Discount rate 7% – 23% 13% 495,942 Recent transaction price (5) Not applicable Not applicable Not applicable Total Level III $ 27,217,707 The following table sets forth a summary of the valuation technique and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2014: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (9)(10)(11) Range Weighted Average (12) Credit-oriented investments: Consumer $ 164,401 Discounted cash flow (1) Discount rate 5% – 12% 11% 487,784 Market approach (2) Earnings multiple (3) 3x – 10x 5x 133,410 Recent transaction price (5) Not applicable Not applicable Not applicable 119,219 Recent market information (6) Quoted prices / discount Not applicable Not applicable Financials: 280,827 Discounted cash flow (1) Discount rate 9% – 14% 12% 205,639 Market approach (2)(4) Underlying asset multiple 0.9x – 1.1x 1x 228,804 Recent transaction price (5) Not applicable Not applicable Not applicable 55,472 Recent market information (6) Quoted prices / discount Not applicable Not applicable Industrials: 240,935 Discounted cash flow (1) Discount rate 5% – 20% 13% 206,763 Discounted cash flow (1) / (8) Discount rate / Market transactions 10% – 14% 12% 13,358 Market approach (2) Earnings multiple (3) 3x – 8x 7x 83,020 Market approach (2)(4) Underlying asset multiple 0.9x – 1.1x 1x 121,888 Recent transaction price (5) Not applicable Not applicable Not applicable 113,500 Recent market information (6) Quoted prices / discount Not applicable Not applicable Materials: 77,008 Discounted cash flow (1) Discount rate 11% – 13% 12% 189,081 Discounted cash flow (1) / (8) Discount rate / Market transactions 15% – 17% 16% 250,803 Market approach (2) Earnings multiple (3) 6x – 8x 7x 64,490 Recent transaction price (5) Not applicable Not applicable Not applicable Other: 449,065 Discounted cash flow (1) Discount rate 5% – 13% 11% 376,237 Market approach (2) Earnings multiple (3) 7x – 8x 8x 123,842 Recent transaction price (5) Not applicable Not applicable Not applicable 310,084 Recent market information (6) Quoted prices / discount Not applicable Not applicable Equity investments: Energy: 47,524 Discounted cash flow (1) Discount rate 10% – 12% 11% 1,045,233 Market approach (2) Earnings multiple (3) 5x – 18x 12x 60,409 Recent transaction price (5) Not applicable Not applicable Not applicable 432,717 Other Not applicable Not applicable Not applicable Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (9)(10)(11) Range Weighted Average (12) Financials: $ 116,328 Discounted cash flow (1) / (8) Discount rate / Market transactions 6% – 8% 7% 646,720 Market approach (2)(4) Underlying asset multiple 1x – 1.1x 1x 171,844 Recent transaction price (5) Not applicable Not applicable Not applicable 140,804 Recent market information (6) Quoted prices / discount Not applicable Not applicable Industrials: 2,086,026 Market approach (2) Earnings multiple (3) 3x – 15x 9x 2,313,549 Market approach (2)(4) Underlying asset multiple 1x – 1.2x 1x 100,655 Recent transaction price (5) Not applicable Not applicable Not applicable 397,377 Recent market information (6) Quoted prices / discount Not applicable Not applicable Materials: 1,154,908 Market approach (2) Earnings multiple (3) 4x – 11x 8x 70,123 Recent transaction price (5) Not applicable Not applicable Not applicable 1,477 Recent market information (6) Quoted prices / discount Not applicable Not applicable Other: 1,371,935 Market approach (2) Earnings multiple (3) 4x – 12x 8x 55,769 Recent transaction price (5) Not applicable Not applicable Not applicable 151,933 Recent market information (6) Quoted prices / discount Not applicable Not applicable Real estate-oriented investments: 3,276,236 Discounted cash flow (1)(7) Discount rate 6% – 44% 13% Terminal capitalization rate 6% – 10% 8% Direct capitalization rate 5% – 9% 7% Net operating income growth rate 0% – 37% 10% Absorption rate 19% – 44% 38% 262,218 Market approach (2) Earnings multiple (3) 12x – 18x 13x 766,755 Market approach (2)(4) Underlying asset multiple 1x – 1.5x 1.4x 915,247 Recent transaction price (5) Not applicable Not applicable Not applicable 2,625,026 Recent market information (6) Quoted prices / discount 0% – 6% 4% 245,316 Recent market information (6) / (2) Quoted prices / discount (3) 7x – 9x 8x 1,075,459 Sales approach (8) Market transactions Not applicable Not applicable 49,799 Other Not applicable Not applicable Not applicable Real estate loan 2,019,261 Discounted cash flow (1)(7) Discount rate 8% – 16% 13% 379,844 Recent transaction price (5) Not applicable Not applicable Not applicable Other 15,576 Total Level III $ 26,291,698 (1) A discounted cash-flow method is generally used to value performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments, real estate-oriented investments and real estate loan portfolios. (2) A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying issuer. (3) Earnings multiples are based on comparable public companies and transactions with comparable companies. The Company typically utilizes multiples of EBITDA; however, in certain cases the Company may use other earnings multiples believed to be most relevant to the investment. The Company typically applies the multiple to trailing twelve-months’ EBITDA. However, in certain cases other earnings measures, such as pro forma EBITDA, may be utilized if deemed to be more relevant. (4) A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets. (5) Certain investments are valued based on recent transactions, generally defined as investments purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date. (6) Certain investments are valued using quoted prices for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. (7) The discounted cash flow model for certain real estate-oriented investments and certain real estate loan portfolios contains a sell-out analysis. In these cases, the discounted cash flow is based on the expected timing and prices of sales of the underlying properties. The Company’s determination of the sales prices of these properties typically includes consideration of prices and other relevant information from market transactions involving comparable properties. (8) The sales approach uses prices and other relevant information generated by market transactions involving comparable assets. The significant unobservable inputs used in the sales approach generally include adjustments to transactions involving comparable assets or properties, adjustments to external or internal appraised values, and the Company’s assumptions regarding market trends or other relevant factors. (9) The discount rate is the significant unobservable input used in the fair-value measurement of performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments and real estate loan portfolios. An increase (decrease) in the discount rate would result in a lower (higher) fair-value measurement. (10) Multiple of either earnings or underlying assets is the significant unobservable input used in the market approach for the fair-value measurement of distressed credit-oriented investments, credit-oriented investments in which the consolidated funds have a controlling interest in the underlying issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement. (11) The significant unobservable inputs used in the fair-value measurement of real estate investments utilizing a discounted cash flow analysis can include one or more of the following: discount rate, terminal capitalization rate, direct capitalization rate, net operating income growth rate or absorption rate. An increase (decrease) in a discount rate, terminal capitalization rate or direct capitalization rate would result in a lower (higher) fair-value measurement. An increase (decrease) in a net operating income growth rate or absorption rate would result in a higher (lower) fair-value measurement. Generally, a change in a net operating income growth rate or absorption rate would be accompanied by a directionally similar change in the discount rate. (12) The weighted average is based on the fair value of the investments included in the range.

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Net Forward Currency Sell Contracts Under Freestanding Derivatives	The fair value of foreign-currency forward sell contracts consisted of the following: As of December 31, 2015: Contract Contract Amount in U.S. Dollars Market Amount in U.S. Dollars Net Unrealized Appreciation (Depreciation) Euro, expiring 1/8/16-12/30/16 246,850 $ 274,135 $ 269,603 $ 4,532 USD (buy GBP), expiring 1/8/16-10/31/16 70,594 70,594 72,476 (1,882 ) Japanese Yen, expiring 1/29/16-9/30/16 5,840,300 48,631 48,692 (61 ) Total $ 393,360 $ 390,771 $ 2,589 As of December 31, 2014: Euro, expiring 1/8/15-12/31/15 206,820 $ 266,569 $ 250,789 $ 15,780 USD (buy GBP), expiring 1/8/15-12/31/15 88,081 88,081 91,485 (3,404 ) Japanese Yen, expiring 1/30/15-12/30/15 7,420,600 70,784 62,100 8,684 Total $ 425,434 $ 404,374 $ 21,060
Summary of Impact of Freestanding Derivative Instruments on Condensed Consolidated Statement of Operations	Realized and unrealized gains and losses arising from freestanding derivative instruments were recorded in the consolidated statements of operations as follows: For the Year Ended December 31, Foreign-currency Forward Contracts: 2015 2014 2013 General and administrative expense (1) $ 23,554 $ 31,772 $ 3,763 Total-return Swap: Investment income $ — $ 2,554 $ 4,515 (1) To the extent that the Company’s freestanding derivatives are utilized to hedge its exposure to investment income and management fees earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction in expenses) reflected in consolidated general and administrative expense.
Impact of Derivative Instruments Held by Consolidated Funds on Condensed Consolidated Statements of Operations	The impact of derivatives held by the consolidated funds in the consolidated statements of operations was as follows: Year Ended December 31, 2015 2014 2013 Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Foreign-currency forward contracts $ 457,594 $ (98,420 ) $ 179,675 $ 278,647 $ (217,234 ) $ (286,336 ) Total-return and interest-rate swaps (215,837 ) (38,658 ) 54,437 (193,079 ) 89,333 (22,619 ) Options and futures 43,055 (30,198 ) (38,431 ) 6,513 (17,922 ) (238 ) Swaptions (2,933 ) 2,186 (1,158 ) (4,770 ) — — Total $ 281,879 $ (165,090 ) $ 194,523 $ 87,311 $ (145,823 ) $ (309,193 )
Schedule of Notional Amounts of Outstanding Derivative Positions	Outstanding foreign-currency forward contracts as of December 31, 2015 and 2014 , which included $156.2 million and $254.9 million of gross unrealized appreciation, and $64.4 million and $54.7 million of gross unrealized depreciation, respectively, were as follows: As of December 31, 2015: Buy (Sell) Contract Amount in Local Currency Contract Amount in U.S. Dollars Market Amount in U.S. Dollars Net Unrealized Appreciation (Depreciation) Euro, expiring 1/12/16-11/13/18 (2,383,537 ) $ 2,630,690 $ 2,600,245 $ 30,445 Pound Sterling, expiring 1/12/16-11/14/16 (1,401,289 ) 2,135,175 2,065,891 69,284 Canadian Dollar, expiring 2/4/16-5/19/16 (46,505 ) 35,279 33,485 1,794 Australian Dollar, expiring 3/17/16 (323,440 ) 228,399 234,428 (6,029 ) Hong Kong Dollar, expiring 1/21/16 (1,896 ) 245 245 — Japanese Yen, expiring 1/21/16 -4/7/16 (7,651,169 ) 62,040 63,709 (1,669 ) Swiss Franc, expiring 1/21/16 (481 ) 493 481 12 Singapore Dollar, expiring 1/21/16 (2,444 ) 1,753 1,722 31 South Korean Won, expiring 1/4/16-12/1/16 (151,173,334 ) 132,553 128,757 3,796 New Zealand Dollar, expiring 3/17/16-6/9/16 (284,364 ) 178,371 193,723 (15,352 ) Danish Krone, expiring 11/4/16 (362,000 ) 54,167 53,316 851 Chinese Yuan, expiring 3/17/16-5/20/16 (466,187 ) 74,667 71,220 3,447 Swedish Krona, expiring 1/21/16 (145 ) (11 ) (17 ) 6 U.S. Dollar (buy Euro), expiring 1/12/16-11/18/16 (32,547 ) 37,577 32,323 5,254 Total $ 5,571,398 $ 5,479,528 $ 91,870 As of December 31, 2014: Buy (Sell) Contract Amount in Local Currency Contract Amount in U.S. Dollars Market Amount in U.S. Dollars Net Unrealized Appreciation (Depreciation) Euro, expiring 1/15/15-11/10/17 (1,750,676 ) $ 2,157,379 $ 2,063,471 $ 93,908 Pound Sterling, expiring 1/15/15-11/13/15 (1,502,240 ) 2,415,637 2,334,072 81,565 Canadian Dollar, expiring 2/12/15-5/14/15 (40,491 ) 36,125 34,355 1,770 Australian Dollar, expiring 5/14/15 (452,812 ) 372,065 367,066 4,999 Hong Kong Dollar, expiring 1/22/15 (33,463 ) 2,037 2,037 — Japanese Yen, expiring 1/15/15-11/27/15 (27,531,226 ) 237,931 228,584 9,347 Swiss Franc, expiring 1/22/15 (550 ) 581 554 27 Singapore Dollar, expiring 1/22/15 (3,396 ) 856 788 68 South Korean Won, expiring 2/2/15-7/23/15 (95,179,385 ) 88,233 86,302 1,931 New Zealand Dollar, expiring 2/12/15-5/14/15 (170,103 ) 130,519 131,417 (898 ) Danish Krone, expiring 11/4/15 (336,981 ) 56,723 54,992 1,731 Indian Rupee, expiring 3/2/15-12/1/15 165,828 (2,001 ) (2,526 ) 525 Swedish Krona, expiring 1/22/15 (3,963 ) 284 245 39 Israeli New Sheqel, expiring 2/27/15 487,100 (121,007 ) (124,720 ) 3,713 U.S. Dollar (buy Euro), expiring 2/24/15-6/29/15 (31,528 ) 33,636 32,095 1,541 Total $ 5,408,998 $ 5,208,732 $ 200,266
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance. Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2015 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 5,875 $ 2,047 $ — $ 3,828 Derivative assets of consolidated funds: Foreign-currency forward contracts 156,234 38,033 — 118,201 Total-return and interest-rate swaps 16,544 4,526 — 12,018 Options and futures 25,559 5,665 — 19,894 Swaptions 14 14 — — Subtotal 198,351 48,238 — 150,113 Total $ 204,226 $ 50,285 $ — $ 153,941 Derivative Liabilities: Foreign-currency forward contracts $ (3,286 ) $ (2,047 ) $ — $ (1,239 ) Interest-rate swaps (943 ) — — (943 ) Subtotal (4,229 ) (2,047 ) — (2,182 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (64,364 ) (38,788 ) — (25,576 ) Total-return and interest-rate swaps (231,610 ) (5,304 ) (202,677 ) (23,629 ) Options and futures (4,234 ) (4,146 ) (88 ) — Subtotal (300,208 ) (48,238 ) (202,765 ) (49,205 ) Total $ (304,437 ) $ (50,285 ) $ (202,765 ) $ (51,387 ) Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2014 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 24,499 $ 5,756 $ — $ 18,743 Derivative assets of consolidated funds: Foreign-currency forward contracts 254,929 51,260 — 203,669 Total-return and interest-rate swaps 4,217 512 — 3,705 Options and futures 36,568 12,605 — 23,963 Swaptions 483 483 — — Subtotal 296,197 64,860 — 231,337 Total $ 320,696 $ 70,616 $ — $ 250,080 Derivative Liabilities: Foreign-currency forward contracts $ (3,439 ) $ (3,439 ) $ — $ — Interest-rate swaps (2,317 ) (2,317 ) — — Subtotal (5,756 ) (5,756 ) — — Derivative liabilities of consolidated funds: Foreign-currency forward contracts (54,663 ) (51,088 ) — (3,575 ) Total-return and interest-rate swaps (183,359 ) (9,427 ) (156,011 ) (17,921 ) Options and futures (14,969 ) (3,863 ) (11,106 ) — Swaptions (518 ) (483 ) — (35 ) Subtotal (253,509 ) (64,861 ) (167,117 ) (21,531 ) Total $ (259,265 ) $ (70,617 ) $ (167,117 ) $ (21,531 )

DEBT OBLIGATIONS AND CREDIT F31

DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt Obligations	The Company’s debt obligations are set forth below: As of December 31, 2015 2014 $50,000, 6.09%, issued in June 2006, payable on June 6, 2016 $ 50,000 $ 50,000 $50,000, 5.82%, issued in November 2006, payable on November 8, 2016 50,000 50,000 $250,000, 6.75%, issued in November 2009, payable on December 2, 2019 250,000 250,000 $250,000, rate as described below, term loan issued in March 2014, payable on March 31, 2019 250,000 250,000 $50,000, 3.91%, issued in September 2014, payable on September 3, 2024 50,000 50,000 $100,000, 4.01%, issued in September 2014, payable on September 3, 2026 100,000 100,000 $100,000, 4.21%, issued in September 2014, payable on September 3, 2029 100,000 100,000 Total remaining principal $ 850,000 $ 850,000
Future Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations as of December 31, 2015 were as follows: 2016 $ 100,000 2017 — 2018 — 2019 500,000 2020 — Thereafter 250,000 Total $ 850,000 Future scheduled principal payments with respect to the debt obligations of CLOs as of December 31, 2015 were as follows: 2016 $ — 2017 93,274 2018 79,914 2019 — 2020 — Thereafter 2,181,872 Total $ 2,355,060
Revolving Bank Credit Facilities and Term Loans Outstanding of Consolidated Funds	The consolidated funds had the following revolving credit facilities and term loans outstanding: Credit Agreement Outstanding Amount as of December 31, Facility Capacity LIBOR Margin (1) Maturity Commitment Fee Rate L/C Fee (2) 2015 2014 Credit facility (3) $ 434,000 $ 434,000 $ 450,000 1.60% 10/20/2020 N/A N/A Senior variable rate notes (3) — 249,500 $ 249,500 1.55% 10/20/2022 N/A N/A Senior variable rate notes (3) — 499,322 $ 500,000 1.20% 4/20/2023 N/A N/A Senior variable rate notes (3) — 402,422 $ 402,500 1.20% 7/20/2023 N/A N/A Senior variable rate notes (3) — 64,500 $ 64,500 1.65% 7/20/2023 N/A N/A Credit facility (3) 589,312 — $ 620,000 1.25% 10/20/2018 N/A N/A Credit facility (3) 546,461 — $ 575,000 1.40% 10/20/2016 N/A N/A Senior variable rate notes (3) 420,000 420,000 $ 420,000 1.47% 8/15/2025 N/A N/A Senior variable rate notes (3) 84,750 84,399 $ 86,000 2.10% 8/15/2025 N/A N/A Credit facility (3) 286,000 — $ 305,000 1.60% 10/20/2020 N/A N/A Senior variable rate notes (3) 332,763 332,706 $ 333,000 1.56% 11/15/2025 N/A N/A Senior variable rate notes (3) 76,942 76,648 $ 78,000 2.30% 11/15/2025 N/A N/A Senior variable rate notes (3) 39,252 39,049 $ 40,000 3.20% 11/15/2025 N/A N/A Senior variable rate notes (3) 307,500 — $ 307,500 1.55% 2/15/2026 N/A N/A Senior variable rate notes (3) 64,835 — $ 65,000 2.30% 2/15/2026 N/A N/A Senior variable rate notes (3) 37,002 — $ 37,500 3.10% 2/15/2026 N/A N/A Revolving credit facility 6,342 50,054 $ 400,000 3.07% 8/13/2016 0.25% 2.00% Revolving credit facility — 500,000 $ 500,000 1.60% 6/26/2015 0.25% N/A Revolving credit facility (4) — — $ 150,000 2.75% 2/12/2018 1.00% 2.00% Revolving credit facility 626,366 — $ 1,400,000 1.50% 3/18/2018 0.60% 1.50% Revolving credit facility — 800 $ 75,000 2.00% 12/15/2016 0.35% 2.00% Revolving credit facility 71,491 — $ 110,000 2.00% 11/4/2016 0.25% 2.00% Revolving credit facility 17,441 — $ 50,000 1.50% 1/30/2017 0.25% 1.50% Euro-denominated revolving credit facility 625,833 650,725 € 650,000 1.65% 2/25/2016 0.25% 1.65% Euro-denominated revolving credit facility 81,356 97,925 € 100,000 1.95% 2/2/2016 0.40% 1.95% Revolving credit facility — 146,000 $ 221,000 1.65% 9/30/2015 0.25% N/A Revolving credit facility 439,504 201,739 $ 500,000 1.60% 1/16/2017 0.25% 1.60% Revolving credit facility — 2,000 $ 30,000 1.50% 12/9/2016 0.20% N/A Revolving credit facility (4) 48,300 56,697 $ 61,000 2.95% 3/15/2019 N/A N/A Revolving credit facility (4) 43,241 88,000 $ 72,688 2.75% 12/16/2018 1.00% N/A Revolving credit facility 277,194 93,943 $ 450,000 1.60% 9/8/2016 0.25% 2.00% Credit facility (4) 59,996 — $ 59,996 4.50% 3/21/2018 N/A N/A Credit facility (4) 108,987 — $ 108,987 1.95% 3/11/2016 N/A N/A Revolving credit facility 339,062 — $ 800,000 1.45% 7/14/2017 0.25% 1.45% Euro-denominated revolving credit facility 43,450 — € 95,000 2.25% 9/1/2017 0.50% N/A Revolving credit facility — — $ 40,000 2.25% 3/4/2017 0.30% 1.75% Revolving credit facility 69,339 — $ 130,000 1.50% 10/13/2016 0.20% 1.50% Euro-denominated revolving credit facility 29,475 — € 35,000 1.50% 12/7/2017 0.20% 1.50% Credit facility (4)(5) 356,568 214,423 $ 356,568 1.91% Various N/A N/A $ 6,462,762 $ 4,704,852 (1) The facilities bear interest, at the borrower’s option, at (a) an annual rate of LIBOR plus the applicable margin or (b) an alternate base rate, as defined in the respective credit agreement. (2) Certain facilities allow for the issuance of letters of credit at an applicable annual fee. As of December 31, 2015 and 2014, outstanding standby letters of credit totaled $509,770 and $43,326 , respectively. (3) The senior variable rate notes and credit facilities are collateralized by the portfolio investments and cash and cash-equivalents of the respective fund. (4) The credit facility is collateralized by specific investments of the fund. (5) Of the total balance outstanding, $147.4 million in March 2016, $64.0 million in July 2016, $52.3 million in October 2016 and $92.9 million in 2017.
Schedule of Long-term Debt Instruments	The table below sets forth the outstanding debt obligations of the CLOs for the periods indicated. As of December 31, 2015 As of December 31, 2014 Outstanding Borrowings Fair Value (1) Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Outstanding Borrowings Fair Value (1) Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Senior secured notes (2) $ 457,196 $ 447,460 2.37% 9.3 $ 456,567 $ 449,167 2.25% 10.3 Senior secured notes (3) 454,423 446,558 2.52% 11.0 453,821 454,274 2.43% 12.0 Senior secured notes (4) 79,914 78,632 2.96% 3.0 85,776 85,468 2.61% 4.0 Senior secured notes (5) 363,709 357,626 2.26% 11.7 405,018 402,649 2.32% 12.7 Senior secured notes (6) 455,295 448,933 2.54% 12.0 — — — — Senior secured notes (7) 361,142 359,914 2.29% 12.3 — — — — Subordinated note (8) 25,500 16,400 N/A 11.0 25,500 25,500 N/A 12.0 Subordinated note (8) 21,183 15,876 N/A 11.7 23,596 23,596 N/A 12.7 Subordinated note (8) 25,500 18,337 N/A 12.0 — — — — Subordinated note (8) 17,924 11,928 N/A 12.3 — — — — Subordinated note (9) 12,036 12,036 N/A 1.6 — — — — Term loan (10) 81,238 81,238 1.20% 1.6 — — — — Term loan — — — — 151,257 151,257 1.24% 1.8 $ 2,355,060 $ 2,294,938 $ 1,601,535 $ 1,591,911 (1) The debt obligations of the CLOs are Level III valuations and were valued using prices obtained from pricing vendors or recent transactions. Financial instruments that are valued using quoted prices for the subject or similar securities are generally classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. Financial instruments that are valued based on recent transactions are generally defined as securities purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date. For certain recently issued debt obligations, the carrying value approximates fair value. (2) The weighted average interest rate is based on LIBOR plus 2.01% . (3) The weighted average interest rate is based on LIBOR plus 2.20% . (4) The interest rate was LIBOR plus a margin determined based on a formula as defined in the respective borrowing agreements, which incorporate different borrowing values based on the characteristics of collateral investments purchased. The weighted average unused commitment fee rate ranged from 0% to 2.0% . (5) The weighted average interest rate is based on EURIBOR (subject to a zero floor) plus 2.26% . (6) The weighted average interest rate is based on LIBOR plus 2.10% . (7) The weighted average interest rate is based on EURIBOR (subject to a zero floor) plus 2.29% . (8) The subordinated notes do not have a contractual interest rate; instead, they receive distributions from the excess cash flows generated by the CLO. (9) This represents a subordinated credit facility with a total capacity of €25 million as of December 31, 2015. The facility does not have a contractual interest rate; instead, this facility receives distributions from the excess cash flows generated by the CLO. (10) The term loan had a total facility capacity of €150 million as of December 31, 2015. The interest rate is based on EURIBOR plus 1.20% . The unused commitment fee was 0.30% .

NON-CONTROLLING REDEEMABLE IN32

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Tables)	12 Months Ended
	Dec. 31, 2015
Non-Controlling Redeemable Interests in Consolidated Funds [Abstract]
Summary of Changes in Non-controlling Redeemable Interests in Consolidated Funds	The following table sets forth a summary of changes in the non-controlling redeemable interests in the consolidated funds. Dividends reinvested and in-kind contributions or distributions are non-cash in nature and have been grossed up in the table below. Year Ended December 31, 2015 2014 2013 Beginning balance $ 41,681,155 $ 38,834,831 $ 39,670,831 Contributions 5,796,081 9,420,044 6,507,188 Distributions (7,407,437 ) (7,962,362 ) (12,783,673 ) Net income (loss) (1,812,539 ) 1,647,753 5,163,939 Change in distributions payable 387,989 (528,051 ) 105,735 Change in accrued or deferred contributions 526 (26,760 ) — Initial consolidation of a fund — 902,979 — Foreign-currency translation and other (472,650 ) (607,279 ) 170,811 Ending balance $ 38,173,125 $ 41,681,155 $ 38,834,831

UNITHOLDERS' CAPITAL (Tables)

UNITHOLDERS' CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Schedule of Distributions Made	Distributions per Class A unit are set forth below: Payment Date Record Date Applicable to Quarterly Period Ended Distribution Per Unit November 12, 2015 November 9, 2015 September 30, 2015 $ 0.40 August 13, 2015 August 10, 2015 June 30, 2015 0.50 May 14, 2015 May 11, 2015 March 31, 2015 0.64 February 25, 2015 February 19, 2015 December 31, 2014 0.56 Total 2015 $ 2.10 November 13, 2014 November 10, 2014 September 30, 2014 $ 0.62 August 14, 2014 August 11, 2014 June 30, 2014 0.55 May 15, 2014 May 12, 2014 March 31, 2014 0.98 February 27, 2014 February 24, 2014 December 31, 2013 1.00 Total 2014 $ 3.15 November 15, 2013 November 13, 2013 September 30, 2013 $ 0.74 August 20, 2013 August 16, 2013 June 30, 2013 1.51 May 21, 2013 May 17, 2013 March 31, 2013 1.41 March 1, 2013 February 25, 2013 December 31, 2012 1.05 Total 2013 $ 4.71
Summary of Net Income (Loss)	The following table sets forth a summary of net income attributable to the OCGH non-controlling interest and to Class A unitholders: Year Ended December 31, 2015 2014 2013 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 104,427 110,078 115,992 Class A unitholders 49,324 42,582 34,979 Total weighted average units outstanding 153,751 152,660 150,971 Oaktree Operating Group net income: Net income attributable to OCGH non-controlling interest $ 195,162 $ 386,398 $ 824,795 Net income attributable to Class A unitholders 87,620 146,446 243,250 Oaktree Operating Group net income (1) $ 282,782 $ 532,844 $ 1,068,045 Net income attributable to Oaktree Capital Group, LLC: Oaktree Operating Group net income attributable to Class A unitholders $ 87,620 $ 146,446 $ 243,250 Non-Operating Group expenses (2,097 ) (1,645 ) (1,195 ) Income tax expense of Intermediate Holding Companies (14,174 ) (18,518 ) (20,057 ) Net income attributable to Oaktree Capital Group, LLC $ 71,349 $ 126,283 $ 221,998 (1) Oaktree Operating Group net income does not reflect amounts attributable to other non-controlling interests, which amounted to $10,214 and $12,981 for the years ended December 31, 2015 and 2014, respectively.
Changes in Company Ownership Interest	The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below: Year Ended December 31, 2015 2014 2013 Net income attributable to Oaktree Capital Group, LLC $ 71,349 $ 126,283 $ 221,998 Equity reallocation between controlling and non-controlling interests 181,539 51,525 79,052 Change from net income attributable to Oaktree Capital Group, LLC and transfers from non-controlling interest $ 252,888 $ 177,808 $ 301,050

EARNINGS PER UNIT (Tables)

EARNINGS PER UNIT (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Unit [Abstract]
Computations of Net Income Per Unit	The computation of net income per Class A unit is set forth below: Year Ended December 31, 2015 2014 2013 Net income per Class A unit (basic and diluted): (in thousands, except per unit amounts) Net income attributable to Oaktree Capital Group, LLC $ 71,349 $ 126,283 $ 221,998 Weighted average number of Class A units outstanding (basic and diluted) 49,324 42,582 34,979 Basic and diluted net income per Class A unit $ 1.45 $ 2.97 $ 6.35

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Unvested Equity-Based Awards and Changes	A summary of the status of the Company’s unvested Class A and OCGH unit awards and a summary of changes for the periods presented are set forth below (actual dollars per unit): Class A Units OCGH Units Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Balance, December 31, 2012 11,669 $ 41.91 4,902,348 $ 28.17 Granted 8,508 47.83 763,000 34.60 Vested (3,595 ) 40.07 (1,152,026 ) 24.10 Forfeited — — (47,600 ) 29.54 Balance, December 31, 2013 16,582 45.34 4,465,722 30.30 Granted 7,164 58.88 1,770,418 43.98 Vested (4,697 ) 44.54 (1,109,170 ) 24.90 Forfeited — — (55,978 ) 34.42 Balance, December 31, 2014 19,049 50.63 5,070,992 36.21 Granted 7,940 55.75 1,175,213 44.04 Vested (50,931 ) 40.11 (1,421,597 ) 32.38 Exchanged (1) 2,418,282 38.10 (2,418,282 ) 38.10 Forfeited (18,000 ) 42.29 (140,359 ) 35.68 Balance, December 31, 2015 2,376,340 $ 38.18 2,265,967 $ 40.70 (1) Represents the unvested units with respect to the November 2015 exchange of 12,998,725 outstanding vested and unvested OCGH units into an equal number of Class A units.

INCOME TAXES AND RELATED PAYM36

INCOME TAXES AND RELATED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Income tax expense from operations consisted of the following: Year Ended December 31, 2015 2014 2013 Current: U.S. federal income tax $ 1,478 $ 4,128 $ 5,516 State and local income tax 1,650 (372 ) 5,148 Foreign income tax 2,621 2,245 3,195 $ 5,749 $ 6,001 $ 13,859 Deferred: U.S. federal income tax $ 11,306 $ 12,544 $ 11,253 State and local income tax 786 1,836 1,120 Foreign income tax (292 ) (1,845 ) — $ 11,800 $ 12,535 $ 12,373 Total: U.S. federal income tax $ 12,784 $ 16,672 $ 16,769 State and local income tax 2,436 1,464 6,268 Foreign income tax 2,329 400 3,195 Income tax expense $ 17,549 $ 18,536 $ 26,232
Schedule of Income before Income Tax, Domestic and Foreign	The Company’s income (loss) before income taxes consisted of the following: Year Ended December 31, 2015 2014 2013 Domestic income (loss) before income taxes $ (1,518,108 ) $ 2,195,174 $ 6,233,758 Foreign income (loss) before income taxes 2,695 (1,086 ) 3,206 Total income (loss) before income taxes $ (1,515,413 ) $ 2,194,088 $ 6,236,964
Schedule of Effective Income Tax Rate Reconciliation	The Company’s effective tax rate differed from the federal statutory rate for the following reasons: Year Ended December 31, 2015 2014 2013 Income tax expense at federal statutory rate 35.00 % 35.00 % 35.00 % Income passed through (35.91 ) (34.15 ) (34.69 ) State and local taxes, net of federal benefit (0.17 ) 0.05 0.09 Foreign taxes (0.09 ) 0.04 0.03 Other, net 0.01 (0.10 ) (0.01 ) Total effective rate (1.16 )% 0.84 % 0.42 %
Schedule of Deferred Tax Assets and Liabilities	The components of the Company’s deferred tax assets and liabilities were as follows: As of December 31, 2015 2014 2013 Deferred tax assets: Investment in partnerships $ 414,142 $ 351,962 $ 277,039 Equity-based compensation expense 3,773 5,514 3,695 Other, net 9,675 3,071 1,822 Total deferred tax assets 427,590 360,547 282,556 Total deferred tax liabilities 1,792 3,183 3,671 Net deferred tax assets before valuation allowance 425,798 357,364 278,885 Valuation allowance — — — Net deferred tax assets $ 425,798 $ 357,364 $ 278,885
Schedule of Unrecognized Tax Benefits Roll Forward	The following is a reconciliation of unrecognized tax benefits (excluding interest and penalties thereon): Year Ended December 31, 2015 2014 2013 Unrecognized tax benefits, January 1 $ 5,575 $ 10,390 $ 9,472 Additions for tax positions related to the current year 1,156 1,492 1,633 Additions for tax positions related to prior years 109 — 1,029 Reductions for tax positions related to prior years — (1,373 ) (806 ) Settlements — (3,657 ) — Lapse in statute of limitations (1,884 ) (1,277 ) (938 ) Unrecognized tax benefits, December 31 $ 4,956 $ 5,575 $ 10,390

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	As of December 31, 2015, aggregate estimated minimum commitments under Oaktree’s operating leases were as follows: 2016 $ 14,132 2017 8,006 2018 10,369 2019 10,509 2020 10,406 Thereafter 50,005 Total $ 103,427

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Amounts Due from and Due to Affiliates	The fair value of amounts due to affiliates approximated $160,952 and $159,264 as of December 31, 2015 and 2014, respectively, based on a discount rate of 10.0% . As of December 31, 2015 2014 Due from affiliates: Loans $ 29,718 $ 39,452 Amounts due from non-consolidated funds 777 2,525 Payments made on behalf of non-consolidated entities 3,788 3,221 Non-interest bearing advances made to certain non-controlling interest holders and employees 1,616 1,683 Total due from affiliates $ 35,899 $ 46,881 Due to affiliates: Due to OCGH unitholders in connection with the tax receivable agreement (please see note 12) $ 356,851 $ 308,475 Amounts due to senior executives, certain non-controlling interest holders and employees — 739 Total due to affiliates $ 356,851 $ 309,214

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Adjusted Net Income	ANI (1) was as follows: Year Ended December 31, 2015 2014 2013 Revenues: Management fees $ 753,805 $ 762,823 $ 749,901 Incentive income 263,806 491,402 1,030,195 Investment income 48,253 117,662 258,654 Total revenues 1,065,864 1,371,887 2,038,750 Expenses: Compensation and benefits (404,442 ) (379,360 ) (365,306 ) Equity-based compensation (37,978 ) (19,705 ) (3,828 ) Incentive income compensation (141,822 ) (231,871 ) (436,217 ) General and administrative (120,783 ) (127,954 ) (117,361 ) Depreciation and amortization (10,018 ) (7,249 ) (7,119 ) Total expenses (715,043 ) (766,139 ) (929,831 ) Adjusted net income before interest and other income (expense) 350,821 605,748 1,108,919 Interest expense, net of interest income (2) (35,032 ) (30,190 ) (28,621 ) Other income (expense), net (3,927 ) (2,431 ) 409 Adjusted net income $ 311,862 $ 573,127 $ 1,080,707 (1) Beginning with the fourth quarter of 2015, the definition of adjusted net income was modified to reflect differences with respect to (a) third-party placement costs associated with closed-end funds, which under GAAP are expensed as incurred, but for adjusted net income are capitalized and amortized as general and administrative expense in proportion to the associated management fee stream, and (b) unrealized gains and losses resulting from foreign-currency hedging activities, which under GAAP are recognized as general and administrative expense in the current period, but for adjusted net income are deferred until realized at which time they are included in the same revenue or expense line item as the underlying exposure that was hedged. Prior periods have not been recast for the change related to third-party placement costs, but have been recast to retroactively reflect the change related to foreign-currency hedging for fiscal years 2015 and 2014. The impact on 2013 from the foreign currency changes was deemed to be immaterial and thus ANI has not been recast for these changes. Placement costs associated with closed-end funds amounted to $4.4 million , $25,000 and $1.8 million for the first three quarters of 2015, full-year 2014 and full-year 2013, respectively. (2) Interest income was $5.1 million , $3.6 million and $3.2 million for the years ended December 31, 2015 , 2014 and 2013, respectively.
Reconciliation of Net Income (Loss) Attributable to Oaktree Capital Group, LLC to Adjusted Net Income	A reconciliation of net income attributable to Oaktree Capital Group, LLC to adjusted net income of the investment management segment is presented below. Year Ended December 31, 2015 2014 2013 Net income attributable to Oaktree Capital Group, LLC $ 71,349 $ 126,283 $ 221,998 Incentive income (1) (19,002 ) 28,813 (64,460 ) Incentive income compensation (1) 19,009 (10,677 ) 46,334 Equity-based compensation (2) 16,403 21,690 24,613 Placement costs (3) 3,619 — — Foreign-currency hedging (4) 2,619 (2,003 ) — Acquisition-related items (5) 5,251 2,442 — Income taxes (6) 17,549 18,536 26,232 Non-Operating Group expenses (7) 2,097 1,645 1,195 Non-controlling interests (7) 192,968 386,398 824,795 Adjusted net income $ 311,862 $ 573,127 $ 1,080,707 (1) This adjustment adds back the effect of timing differences associated with the recognition of incentive income and incentive income compensation expense between adjusted net income and net income attributable to OCG. (2) This adjustment adds back the effect of (a) equity-based compensation expense related to unit grants made before the Company’s initial public offering, which is excluded from adjusted net income because it is a non-cash charge that does not affect the Company’s financial position, and (b) differences arising from EVUs that are classified as liability awards under GAAP but as equity awards for segment reporting. (3) This adjustment adds back the effect of timing differences with respect to the recognition of third-party placement costs associated with closed-end funds between adjusted net income and net income attributable to OCG. (4) This adjustment adds back the effect of timing differences associated with the recognition of unrealized gains and losses related to foreign-currency hedging between adjusted net income and net income attributable to OCG. (5) This adjustment adds back the effect of acquisition-related items associated with the amortization of intangibles and changes in the contingent consideration liability. (6) Because adjusted net income is a pre-tax measure, this adjustment adds back the effect of income tax expense. (7) Because adjusted net income is calculated at the Operating Group level, this adjustment adds back the effect of items applicable to OCG, its Intermediate Holding Companies or non-controlling inter ests.
Schedule of Reconciliation of Total Segments to Income Loss Attributable to Oaktree Capital Group, LLC and Total Assets	The following tables reconcile the Company’s segment information to the consolidated financial statements: As of or for the Year Ended December 31, 2015 Segment Adjustments Consolidated Management fees (1) $ 753,805 $ (558,497 ) $ 195,308 Incentive income (1) 263,806 (257,209 ) 6,597 Investment income (1) 48,253 3,705 51,958 Total expenses (2) (715,043 ) (225,865 ) (940,908 ) Interest expense, net (3) (35,032 ) (181,767 ) (216,799 ) Other income (expense), net (4) (3,927 ) 23,933 20,006 Other income (loss) of consolidated funds (5) — (631,575 ) (631,575 ) Income taxes — (17,549 ) (17,549 ) Net loss attributable to non-controlling interests in consolidated funds — 1,809,683 1,809,683 Net income attributable to non-controlling interests in consolidated subsidiaries — (205,372 ) (205,372 ) Adjusted net income/net income attributable to Oaktree Capital Group, LLC $ 311,862 $ (240,513 ) $ 71,349 Corporate investments (6) $ 1,434,109 $ (1,220,121 ) $ 213,988 Total assets (7) $ 3,257,728 $ 48,553,370 $ 51,811,098 (1) The adjustment represents the elimination of amounts earned from the consolidated funds and for management fees, the reclassification of $12,676 of net gains related to foreign-currency hedging activities to general and administrative expense. (2) The expense adjustment consists of (a) equity-based compensation expense of $16,475 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $165,904 , (c) expenses incurred by the Intermediate Holding Companies of $1,690 , (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $19,009 , (e) acquisition-related items of $5,251 , (f) adjustments of $23,552 related to amounts received for contractually reimbursable costs that are classified as expenses for segment reporting and as other income under GAAP, (g) differences of $72 arising from EVUs that are classified as liability awards under GAAP but as equity awards for segment reporting, (h) $3,619 related to third-party placement costs, (i) $9,676 of net gains related to foreign-currency hedging activities, and (j) other expenses of $113 . (3) The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. (4) The adjustment to other income (expense), net represents adjustments related to (a) amounts received for contractually reimbursable costs of $23,552 that are classified as expenses for segment reporting and as other income under GAAP, and (b) the reclassification of $381 of net losses related to foreign-currency hedging activities to general and administrative expense. (5) The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. (6) The adjustment to corporate investments is to remove from segment assets the Company’s investments in the consolidated funds, including investments in its CLOs, that are treated as equity- or cost-method investments for segment reporting. The $1.4 billion of corporate investments included $1.3 billion of equity-method investments. (7) The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. As of or for the Year Ended December 31, 2014 Segment Adjustments Consolidated Management fees (1) $ 762,823 $ (570,768 ) $ 192,055 Incentive income (1) 491,402 (489,563 ) 1,839 Investment income (1) 117,662 (83,967 ) 33,695 Total expenses (2) (766,139 ) (181,338 ) (947,477 ) Interest expense, net (3) (30,190 ) (99,752 ) (129,942 ) Other income (expense), net (4) (2,431 ) 5,449 3,018 Other income of consolidated funds (5) — 3,040,900 3,040,900 Income taxes — (18,536 ) (18,536 ) Net income attributable to non-controlling interests in consolidated funds — (1,649,890 ) (1,649,890 ) Net income attributable to non-controlling interests in consolidated subsidiaries — (399,379 ) (399,379 ) Adjusted net income/net income attributable to Oaktree Capital Group, LLC $ 573,127 $ (446,844 ) $ 126,283 Corporate investments (6) $ 1,515,443 $ (1,327,480 ) $ 187,963 Total assets (7) $ 3,267,799 $ 50,076,263 $ 53,344,062 (1) The adjustment represents the elimination of amounts attributable to the consolidated funds and for management fees, the reclassification of $1,669 of net losses related to foreign-currency hedging activities to general and administrative expense. (2) The expense adjustment consists of (a) equity-based compensation expense of $21,657 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $161,055 , (c) expenses incurred by the Intermediate Holding Companies of $1,645 and (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $10,677 , (e) acquisition-related items of $2,442 , (f) adjustments of $8,319 related to amounts received for contractually reimbursable costs that are classified as expenses for segment reporting and as other income under GAAP, (g) differences of $33 arising from EVUs that are classified as liability awards under GAAP but as equity awards for segment reporting, (g) $3,204 of net gains related to foreign-currency hedging activities, and (i) other expenses of $68 . (3) The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. (4) The adjustment to other income (expense), net represents adjustments related to (a) amounts received for contractually reimbursable costs of $8,319 that are classified as expenses for segment reporting and as other income under GAAP, and (b) the reclassification of $2,870 of net gains related to foreign-currency hedging activities to general and administrative expense. (5) The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. (6) The adjustment to corporate investments is to remove from segment assets the Company’s investments in the consolidated funds, including investments in its CLOs, that are treated as equity- or cost-method investments for segment reporting. The $1.5 billion of corporate investments included $1.3 billion of equity-method investments. (7) The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. As of or for the Year Ended December 31, 2013 Segment Adjustments Consolidated Management fees (1) $ 749,901 $ (557,296 ) $ 192,605 Incentive income (1) 1,030,195 (1,027,878 ) 2,317 Investment income (1) 258,654 (202,627 ) 56,027 Total expenses (2) (929,831 ) (177,231 ) (1,107,062 ) Interest expense, net (3) (28,621 ) (32,539 ) (61,160 ) Other income, net 409 — 409 Other income of consolidated funds (4) — 7,153,828 7,153,828 Income taxes — (26,232 ) (26,232 ) Net income attributable to non-controlling interests in consolidated funds — (5,163,939 ) (5,163,939 ) Net income attributable to non-controlling interests in consolidated subsidiaries — (824,795 ) (824,795 ) Adjusted net income/net income attributable to Oaktree Capital Group, LLC $ 1,080,707 $ (858,709 ) $ 221,998 Corporate investments (5) $ 1,197,173 $ (1,027,246 ) $ 169,927 Total assets (6) $ 2,817,127 $ 42,446,127 $ 45,263,254 (1) The adjustment represents the elimination of amounts attributable to the consolidated funds. (2) The expense adjustment consists of (a) equity-based compensation expense of $24,613 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $105,089 , (c) expenses incurred by the Intermediate Holding Companies of $1,195 and (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $46,334 . (3) The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. (4) The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. (5) The adjustment to corporate investments is to remove from segment assets the Company’s investments in the consolidated funds, including investments in its CLOs, that are treated as equity- or cost-method investments for segment reporting. The $1.2 billion of corporate investments included $1.1 billion of equity-method investments. (6) The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable.

QUARTERLY FINANCIAL DATA (Table

QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	QUARTERLY FINANCIAL DATA (UNAUDITED) Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 50,819 $ 51,487 $ 50,491 $ 49,108 Expenses (235,974 ) (245,929 ) (190,518 ) (268,487 ) Other income (loss) 1,476,049 (116,711 ) (1,624,651 ) (511,097 ) Income (loss) before income taxes $ 1,290,894 $ (311,153 ) $ (1,764,678 ) $ (730,476 ) Net income (loss) $ 1,283,019 $ (316,638 ) $ (1,766,571 ) $ (732,772 ) Net income attributable to Oaktree Capital Group, LLC $ 38,253 $ 19,814 $ 1,887 $ 11,395 Net income per unit (basic and diluted): Net income per Class A unit $ 0.85 $ 0.41 $ 0.04 $ 0.21 Distributions declared per Class A unit $ 0.56 $ 0.64 $ 0.50 $ 0.40 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Revenues $ 40,431 $ 51,560 $ 54,243 $ 47,660 Expenses (258,319 ) (215,385 ) (252,401 ) (221,372 ) Other income (loss) 1,766,058 1,476,829 (375,461 ) 80,245 Income (loss) before income taxes $ 1,548,170 $ 1,313,004 $ (573,619 ) $ (93,467 ) Net income (loss) $ 1,540,184 $ 1,307,243 $ (578,960 ) $ (92,915 ) Net income attributable to Oaktree Capital Group, LLC $ 51,794 $ 31,186 $ 18,913 $ 24,390 Net income per unit (basic and diluted): Net income per Class A unit $ 1.30 $ 0.72 $ 0.43 $ 0.56 Distributions declared per Class A unit $ 1.00 $ 0.98 $ 0.55 $ 0.62

ORGANIZATION AND BASIS OF PRE41

ORGANIZATION AND BASIS OF PRESENTATION - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015partnership_interestvote
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership interest (as a percent)	100.00%
Number of partnership interests | partnership_interest	1
Number of votes per Class A unit	1
Number of votes per Class B unit	10

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Consolidation) (Details) - Variable Interest Entity, Primary Beneficiary $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)entity	Dec. 31, 2014USD ($)entity
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of variable interest entities that are consolidated (in number of entities) | entity	8	6
Assets	$ 2,600	$ 2,100
Liabilities	2,500
Maximum loss exposure	162.2
Maximum loss exposure, fair value	$ 130.1
Remaining Variable Interest Entities
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of variable interest entities that are consolidated (in number of entities) | entity	7
CLO not Priced
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of variable interest entities that are consolidated (in number of entities) | entity	2

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Goodwill and Intangible Assets) (Details) - Contractual Rights to Earn Future Fee Income	12 Months Ended
	Dec. 31, 2015
Minimum
Finite-Lived Intangible Assets [Line Items]
Useful lives (in years)	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Useful lives (in years)	7 years

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value) (Details)	12 Months Ended
	Dec. 31, 2015quote
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of quotes	1
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of quotes	1
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of quotes	2

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Management Fees) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Ancillary fees recognized	$ 26.6	$ 32.7	$ 62.9
Minimum
Management fees, term (in years)	10 years
Maximum
Management fees, term (in years)	11 years

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Incentive Income) (Details)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Incentive income, closed-end funds (as a percent)	20.00%
Preferred return, closed-end funds (as a percent)	8.00%
Incentive income, evergreen funds (as a percent)	20.00%

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Incentive Income Compensation Expense) (Details)	12 Months Ended
	Dec. 31, 2015
Incentive Income
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Incentive income compensation expense, vesting period (in years)	5 years

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation and Amortization) (Details)	12 Months Ended
	Dec. 31, 2015
Furniture and Equipment and Capitalized Software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Furniture and Equipment and Capitalized Software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Acquired Intangibles [Member] | Minimum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	3 years
Acquired Intangibles [Member] | Maximum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	7 years

SUMMARY OF SIGNIFICANT ACCOUN49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Total Return Swaps) (Details) - Swaps (net) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Long
Derivative [Line Items]
Notional amounts of total return swaps	$ 2,913,281	$ 1,358,867
Short
Derivative [Line Items]
Notional amounts of total return swaps	$ 15,644	$ 20,955

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - Highstar Capital $ in Millions	1 Months Ended
	Aug. 31, 2014USD ($)shares
Business Acquisition [Line Items]
Cash purchase price	$ 31.4
OCGH units issued (in shares) | shares	100,595
Goodwill	$ 50.8
Intangible assets	28
Noncontrolling interest	72.2
Maximum
Business Acquisition [Line Items]
Contingent consideration	$ 60

INVESTMENTS, AT FAIR VALUE - In

INVESTMENTS, AT FAIR VALUE - Investments, at Fair Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Feb. 28, 2014
Schedule Of Investments In Marketable Securities [Line Items]
Total investments, at fair value	$ 45,179,906	$ 46,533,799	$ 312,900
Total investments, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	100.00%	100.00%
Proceeds from securities sold short	$ 102,236	$ 70,760
Debt securities:
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 17,680,144	$ 17,985,596
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	39.20%	38.70%
Equity securities:
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 27,499,762	$ 28,548,203
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	60.80%	61.30%
Securities Sold Short:	$ (91,246)	$ (64,438)
United States:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, cost	15,304,870	13,611,109
Equity securities cost	13,290,699	13,911,333
United States: | Debt securities:
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 13,008,057	$ 12,884,991
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	28.80%	27.70%
United States: | Debt securities: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 3,387,072	$ 3,173,576
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	7.50%	6.80%
United States: | Debt securities: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 686,071	$ 692,890
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	1.50%	1.50%
United States: | Debt securities: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 854,220	$ 1,028,317
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	1.90%	2.20%
United States: | Debt securities: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 1,293,508	$ 805,337
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	2.90%	1.70%
United States: | Debt securities: | Government
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 95,508	$ 140,053
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.20%	0.30%
United States: | Debt securities: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 1,135,799	$ 1,010,462
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	2.50%	2.20%
United States: | Debt securities: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 1,710,706	$ 1,795,909
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	3.80%	3.90%
United States: | Debt securities: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 1,293,815	$ 1,167,635
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	2.90%	2.50%
United States: | Debt securities: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 1,393,521	$ 1,288,947
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	3.10%	2.80%
United States: | Debt securities: | Telecommunication services
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 471,711	$ 372,457
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	1.00%	0.80%
United States: | Debt securities: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 686,126	$ 1,409,408
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	1.50%	3.00%
United States: | Equity securities:
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 15,080,291	$ 17,412,479
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	33.30%	37.40%
United States: | Equity securities: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 1,813,832	$ 2,475,318
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	4.00%	5.30%
United States: | Equity securities: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 872,472	$ 530,305
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	1.90%	1.10%
United States: | Equity securities: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 1,810,290	$ 1,756,480
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	4.00%	3.80%
United States: | Equity securities: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 7,639,790	$ 7,720,904
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	16.90%	16.60%
United States: | Equity securities: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 92,866	$ 224,705
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.20%	0.50%
United States: | Equity securities: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 1,728,086	$ 2,970,356
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	3.80%	6.40%
United States: | Equity securities: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 67,253	$ 176,097
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.20%	0.40%
United States: | Equity securities: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 882,366	$ 1,207,523
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	2.00%	2.60%
United States: | Equity securities: | Telecommunication services
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 16,471	$ 21,616
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.00%	0.00%
United States: | Equity securities: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 156,865	$ 329,175
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.30%	0.70%
Europe:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, cost	$ 4,207,531	$ 3,803,751
Equity securities cost	7,627,245	5,884,950
Europe: | Debt securities:
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 3,709,217	$ 3,910,706
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	8.20%	8.40%
Europe: | Debt securities: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 1,329,387	$ 1,371,689
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	2.90%	3.00%
Europe: | Debt securities: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 222,789	$ 242,513
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.50%	0.50%
Europe: | Debt securities: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 144,742	$ 370,456
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.30%	0.80%
Europe: | Debt securities: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 808,568	$ 803,468
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	1.80%	1.70%
Europe: | Debt securities: | Government
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 46,946	$ 0
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.10%	0.00%
Europe: | Debt securities: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 197,569	$ 147,661
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.50%	0.30%
Europe: | Debt securities: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 291,950	$ 344,642
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.70%	0.70%
Europe: | Debt securities: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 71,168	$ 41,960
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.20%	0.10%
Europe: | Debt securities: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 377,460	$ 421,327
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.80%	0.90%
Europe: | Debt securities: | Telecommunication services
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 200,610	$ 142,322
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.40%	0.30%
Europe: | Debt securities: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 18,028	$ 24,668
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.00%	0.10%
Europe: | Equity securities:
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 9,122,229	$ 6,904,373
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	20.20%	14.80%
Europe: | Equity securities: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 270,370	$ 311,847
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.60%	0.70%
Europe: | Equity securities: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 145,108	$ 59,628
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.30%	0.10%
Europe: | Equity securities: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 21,791	$ 92,416
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.00%	0.20%
Europe: | Equity securities: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 6,239,424	$ 4,760,386
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	13.80%	10.20%
Europe: | Equity securities: | Government
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 40,290	$ 635
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.10%	0.00%
Europe: | Equity securities: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 79,582	$ 52,887
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.20%	0.10%
Europe: | Equity securities: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 1,499,142	$ 1,226,825
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	3.30%	2.60%
Europe: | Equity securities: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 1,646	$ 1,190
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.00%	0.00%
Europe: | Equity securities: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 475,306	$ 398,559
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	1.10%	0.90%
Europe: | Equity securities: | Telecommunication services
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 4,834	$ 0
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.00%	0.00%
Europe: | Equity securities: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 344,736	$ 0
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.80%	0.00%
Asia and other:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, cost	$ 1,090,867	$ 1,168,453
Equity securities cost	3,370,406	3,393,453
Asia and other: | Debt securities:
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 962,870	$ 1,189,899
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	2.20%	2.60%
Asia and other: | Debt securities: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 102,531	$ 140,732
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.20%	0.30%
Asia and other: | Debt securities: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 33,061	$ 7,927
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.10%	0.00%
Asia and other: | Debt securities: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 193,645	$ 217,299
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.40%	0.50%
Asia and other: | Debt securities: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 27,413	$ 18,935
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.10%	0.00%
Asia and other: | Debt securities: | Government
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 6,974	$ 50,073
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.00%	0.10%
Asia and other: | Debt securities: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 47,010	$ 48,977
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.10%	0.10%
Asia and other: | Debt securities: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 268,710	$ 420,323
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.60%	0.90%
Asia and other: | Debt securities: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 31,983	$ 23,555
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.10%	0.10%
Asia and other: | Debt securities: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 248,830	$ 252,965
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.60%	0.60%
Asia and other: | Debt securities: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Fixed income securities, Fair Value	$ 2,713	$ 9,113
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent)	0.00%	0.00%
Asia and other: | Equity securities:
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 3,297,242	$ 4,231,351
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	7.30%	9.10%
Asia and other: | Equity securities: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 506,761	$ 664,077
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	1.10%	1.40%
Asia and other: | Equity securities: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 29,863	$ 113,471
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.10%	0.20%
Asia and other: | Equity securities: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 192,844	$ 298,040
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.40%	0.60%
Asia and other: | Equity securities: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 986,753	$ 1,518,532
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	2.20%	3.30%
Asia and other: | Equity securities: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 18,535	$ 22,899
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.10%	0.10%
Asia and other: | Equity securities: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 1,032,225	$ 937,455
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	2.30%	2.00%
Asia and other: | Equity securities: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 244,433	$ 322,592
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.50%	0.70%
Asia and other: | Equity securities: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 96,326	$ 145,657
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.20%	0.30%
Asia and other: | Equity securities: | Telecommunication services
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 34,678	$ 39,244
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.10%	0.10%
Asia and other: | Equity securities: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 154,824	$ 169,384
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent)	0.30%	0.40%

INVESTMENTS, AT FAIR VALUE - Ad

INVESTMENTS, AT FAIR VALUE - Additional Information (Detail) - issuer	Dec. 31, 2015	Dec. 31, 2014
Investments [Abstract]
Number of individual issuers	0	0
Percentage exceeded consolidated net assets (as a percent)	5.00%	5.00%

INVESTMENTS, AT FAIR VALUE - Ne

INVESTMENTS, AT FAIR VALUE - Net Gains (Losses) from Investment Activities of Consolidated Funds (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain (Loss) on Investments [Line Items]
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 2,619	$ (2,003)	$ 0
Consolidated funds
Gain (Loss) on Investments [Line Items]
Net Realized Gain (Loss) on Investments	1,177,150	2,131,584	3,503,998
Net Change in Unrealized Appreciation (Depreciation) on Investments	(3,767,527)	(993,260)	1,843,469
Consolidated funds | Investments and other financial instruments
Gain (Loss) on Investments [Line Items]
Net Realized Gain (Loss) on Investments	895,271	1,937,061	3,649,821
Net Change in Unrealized Appreciation (Depreciation) on Investments	(3,602,437)	(1,080,571)	2,152,662
Not Designated as Hedging Instrument | Consolidated funds
Gain (Loss) on Investments [Line Items]
Net Realized Gain (Loss) on Investments	281,879	194,523	(145,823)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(165,090)	87,311	(309,193)
Not Designated as Hedging Instrument | Consolidated funds | Foreign-currency forward contracts
Gain (Loss) on Investments [Line Items]
Net Realized Gain (Loss) on Investments	457,594	179,675	(217,234)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(98,420)	278,647	(286,336)
Not Designated as Hedging Instrument | Consolidated funds | Total-return and interest-rate swaps
Gain (Loss) on Investments [Line Items]
Net Realized Gain (Loss) on Investments	(215,837)	54,437	89,333
Net Change in Unrealized Appreciation (Depreciation) on Investments	(38,658)	(193,079)	(22,619)
Not Designated as Hedging Instrument | Consolidated funds | Options and futures
Gain (Loss) on Investments [Line Items]
Net Realized Gain (Loss) on Investments	43,055	(38,431)	(17,922)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(30,198)	6,513	(238)
Not Designated as Hedging Instrument | Consolidated funds | Swaptions
Gain (Loss) on Investments [Line Items]
Net Realized Gain (Loss) on Investments	(2,933)	(1,158)	0
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 2,186	$ (4,770)	$ 0

FAIR VALUE - Financial Instrume

FAIR VALUE - Financial Instruments by Fair-value Hierarchy Level (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate investments (includes $67,626 and $40,814 measured at fair value as of December 31, 2015 and 2014, respectively)	$ 213,988	$ 187,963	$ 169,927
Derivative assets	204,226	320,696
Derivative liabilities	(304,437)	(259,265)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	734,617	720,842
Total liabilities	(32,723)	(33,001)
Fair Value, Measurements, Recurring | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	661,116	655,529
Fair Value, Measurements, Recurring | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate investments (includes $67,626 and $40,814 measured at fair value as of December 31, 2015 and 2014, respectively)	67,626	40,814
Fair Value, Measurements, Recurring | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(28,494)	(27,245)
Fair Value, Measurements, Recurring | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	5,875	24,499
Derivative liabilities	(3,286)	(3,439)
Fair Value, Measurements, Recurring | Interest-rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(943)	(2,317)
Fair Value, Measurements, Recurring | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	661,116	679,189
Total liabilities	0	0
Fair Value, Measurements, Recurring | Level I | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	661,116	655,529
Fair Value, Measurements, Recurring | Level I | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate investments (includes $67,626 and $40,814 measured at fair value as of December 31, 2015 and 2014, respectively)	0	23,660
Fair Value, Measurements, Recurring | Level I | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Fair Value, Measurements, Recurring | Level I | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level I | Interest-rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	47,751	41,653
Total liabilities	(4,229)	(5,756)
Fair Value, Measurements, Recurring | Level II | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	0	0
Fair Value, Measurements, Recurring | Level II | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate investments (includes $67,626 and $40,814 measured at fair value as of December 31, 2015 and 2014, respectively)	41,876	17,154
Fair Value, Measurements, Recurring | Level II | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	5,875	24,499
Derivative liabilities	(3,286)	(3,439)
Fair Value, Measurements, Recurring | Level II | Interest-rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(943)	(2,317)
Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	25,750	0
Total liabilities	(28,494)	(27,245)
Fair Value, Measurements, Recurring | Level III | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	0	0
Fair Value, Measurements, Recurring | Level III | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate investments (includes $67,626 and $40,814 measured at fair value as of December 31, 2015 and 2014, respectively)	25,750	0
Fair Value, Measurements, Recurring | Level III | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(28,494)	(27,245)
Fair Value, Measurements, Recurring | Level III | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level III | Interest-rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 0	$ 0

FAIR VALUE - Valuation of Inves

FAIR VALUE - Valuation of Investments and Other Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Feb. 28, 2014
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	$ 45,179,906	$ 46,533,799	$ 312,900
Derivative assets, at fair value	204,226	320,696
Derivative liabilities, at fair value	(304,437)	(259,265)
Fair Value, Measurements, Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total assets	734,617	720,842
Total liabilities	(32,723)	(33,001)
Fair Value, Measurements, Recurring | Forward contracts (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	5,875	24,499
Derivative liabilities, at fair value	(3,286)	(3,439)
Fair Value, Measurements, Recurring | Level I
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total assets	661,116	679,189
Total liabilities	0	0
Fair Value, Measurements, Recurring | Level I | Forward contracts (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	0	0
Fair Value, Measurements, Recurring | Level II
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total assets	47,751	41,653
Total liabilities	(4,229)	(5,756)
Fair Value, Measurements, Recurring | Level II | Forward contracts (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	5,875	24,499
Derivative liabilities, at fair value	(3,286)	(3,439)
Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total assets	25,750	0
Total liabilities	(28,494)	(27,245)
Fair Value, Measurements, Recurring | Level III | Forward contracts (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	0	0
Consolidated funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	45,179,906	46,533,799
Derivative assets, at fair value	198,351	296,197
Securities sold short – equities	(91,246)	(64,438)
Derivative liabilities, at fair value	(300,208)	(253,509)
Consolidated funds | Swaptions (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	14	483
Derivative liabilities, at fair value		(518)
Consolidated funds | Options and futures
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	25,559	36,568
Derivative liabilities, at fair value	(4,234)	(14,969)
Consolidated funds | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	27,217,707	26,291,698
Consolidated funds | Fair Value, Measurements, Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	45,179,906	46,533,799
Derivative assets, at fair value	198,351	296,197
Total assets	45,378,257	46,829,996
Securities sold short – equities	(91,246)	(64,438)
Derivative liabilities, at fair value	(300,208)	(253,509)
Total liabilities	(391,454)	(317,947)
Consolidated funds | Fair Value, Measurements, Recurring | Forward contracts (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	156,234	254,929
Derivative liabilities, at fair value	(64,364)	(54,663)
Consolidated funds | Fair Value, Measurements, Recurring | Swaps (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	16,544	4,217
Derivative liabilities, at fair value	(231,610)	(183,359)
Consolidated funds | Fair Value, Measurements, Recurring | Swaptions (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	14	483
Derivative liabilities, at fair value	0	(518)
Consolidated funds | Fair Value, Measurements, Recurring | Options and futures
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	25,559	36,568
Derivative liabilities, at fair value	(4,234)	(14,969)
Consolidated funds | Fair Value, Measurements, Recurring | Corporate debt – bank debt
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	9,763,304	9,691,378
Consolidated funds | Fair Value, Measurements, Recurring | Corporate debt – all other
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	7,916,840	8,294,218
Consolidated funds | Fair Value, Measurements, Recurring | Equities – common stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	13,822,228	15,592,621
Consolidated funds | Fair Value, Measurements, Recurring | Equities – preferred stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	1,363,542	1,323,900
Consolidated funds | Fair Value, Measurements, Recurring | Real estate
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	9,716,587	9,216,056
Consolidated funds | Fair Value, Measurements, Recurring | Real estate loan portfolios
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	2,597,405	2,399,105
Consolidated funds | Fair Value, Measurements, Recurring | Other
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	0	16,521
Consolidated funds | Fair Value, Measurements, Recurring | Level I
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	4,903,189	6,050,715
Derivative assets, at fair value	0	0
Total assets	4,903,189	6,050,715
Securities sold short – equities	(91,246)	(64,438)
Derivative liabilities, at fair value	(88)	(11,051)
Total liabilities	(91,334)	(75,489)
Consolidated funds | Fair Value, Measurements, Recurring | Level I | Forward contracts (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level I | Swaps (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level I | Swaptions (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level I | Options and futures
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	(88)	(11,051)
Consolidated funds | Fair Value, Measurements, Recurring | Level I | Corporate debt – bank debt
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level I | Corporate debt – all other
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	5,450	4,039
Consolidated funds | Fair Value, Measurements, Recurring | Level I | Equities – common stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	4,836,422	6,042,583
Consolidated funds | Fair Value, Measurements, Recurring | Level I | Equities – preferred stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	0	3,148
Consolidated funds | Fair Value, Measurements, Recurring | Level I | Real estate
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	61,317	0
Consolidated funds | Fair Value, Measurements, Recurring | Level I | Real estate loan portfolios
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level I | Other
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	0	945
Consolidated funds | Fair Value, Measurements, Recurring | Level II
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	13,050,759	14,180,699
Derivative assets, at fair value	198,351	296,197
Total assets	13,249,110	14,476,896
Securities sold short – equities	0	0
Derivative liabilities, at fair value	(291,869)	(231,771)
Total liabilities	(291,869)	(231,771)
Consolidated funds | Fair Value, Measurements, Recurring | Level II | Forward contracts (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	156,234	254,929
Derivative liabilities, at fair value	(64,364)	(54,663)
Consolidated funds | Fair Value, Measurements, Recurring | Level II | Swaps (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	16,544	4,217
Derivative liabilities, at fair value	(223,359)	(172,672)
Consolidated funds | Fair Value, Measurements, Recurring | Level II | Swaptions (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	14	483
Derivative liabilities, at fair value	0	(518)
Consolidated funds | Fair Value, Measurements, Recurring | Level II | Options and futures
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	25,559	36,568
Derivative liabilities, at fair value	(4,146)	(3,918)
Consolidated funds | Fair Value, Measurements, Recurring | Level II | Corporate debt – bank debt
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	7,891,929	8,135,722
Consolidated funds | Fair Value, Measurements, Recurring | Level II | Corporate debt – all other
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	4,902,226	5,539,518
Consolidated funds | Fair Value, Measurements, Recurring | Level II | Equities – common stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	256,604	505,459
Consolidated funds | Fair Value, Measurements, Recurring | Level II | Equities – preferred stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level II | Real estate
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level II | Real estate loan portfolios
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level II | Other
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	27,225,958	26,302,385
Derivative assets, at fair value	0	0
Total assets	27,225,958	26,302,385
Securities sold short – equities	0	0
Derivative liabilities, at fair value	(8,251)	(10,687)
Total liabilities	(8,251)	(10,687)
Consolidated funds | Fair Value, Measurements, Recurring | Level III | Forward contracts (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level III | Swaps (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	(8,251)	(10,687)
Consolidated funds | Fair Value, Measurements, Recurring | Level III | Swaptions (net)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level III | Options and futures
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	0	0
Consolidated funds | Fair Value, Measurements, Recurring | Level III | Corporate debt – bank debt
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	1,871,375	1,555,656
Consolidated funds | Fair Value, Measurements, Recurring | Level III | Corporate debt – all other
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	3,009,164	2,750,661
Consolidated funds | Fair Value, Measurements, Recurring | Level III | Equities – common stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	8,729,202	9,044,579
Consolidated funds | Fair Value, Measurements, Recurring | Level III | Equities – preferred stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	1,363,542	1,320,752
Consolidated funds | Fair Value, Measurements, Recurring | Level III | Real estate
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	9,655,270	9,216,056
Consolidated funds | Fair Value, Measurements, Recurring | Level III | Real estate loan portfolios
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	2,597,405	2,399,105
Consolidated funds | Fair Value, Measurements, Recurring | Level III | Other
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	$ 0	$ 15,576

FAIR VALUE - Summary of Changes

FAIR VALUE - Summary of Changes in Fair Value of Level III Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 26,291,698	$ 21,465,845
Transfers into Level III	1,341,462	2,673,097
Transfers out of Level III	(1,979,216)	(3,168,546)
Purchases	7,042,682	9,273,456
Sales	(6,048,423)	(5,987,337)
Realized gains (losses), net	1,270,870	865,443
Unrealized appreciation (depreciation), net	(701,366)	1,169,740
Ending balance	27,217,707	26,291,698
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(94,884)	2,291,318
Corporate Debt – Bank Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,555,656	2,809,437
Transfers into Level III	364,501	930,966
Transfers out of Level III	(199,119)	(2,121,960)
Purchases	684,359	1,083,224
Sales	(493,438)	(1,121,409)
Realized gains (losses), net	16,245	135,890
Unrealized appreciation (depreciation), net	(56,829)	(160,492)
Ending balance	1,871,375	1,555,656
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(43,305)	(27,075)
Corporate Debt – All Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,750,661	2,432,179
Transfers into Level III	248,824	222,357
Transfers out of Level III	(246,615)	(19,480)
Purchases	1,267,168	1,021,815
Sales	(584,756)	(888,147)
Realized gains (losses), net	(4,670)	114,436
Unrealized appreciation (depreciation), net	(421,448)	(132,499)
Ending balance	3,009,164	2,750,661
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(340,883)	114,613
Equities – Common Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	9,044,579	6,700,015
Transfers into Level III	570,137	1,044,659
Transfers out of Level III	(1,427,473)	(809,815)
Purchases	1,706,683	2,944,074
Sales	(1,315,766)	(917,197)
Realized gains (losses), net	125,637	170,598
Unrealized appreciation (depreciation), net	25,405	(87,755)
Ending balance	8,729,202	9,044,579
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(33,299)	264,486
Equities – Preferred Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,320,752	919,771
Transfers into Level III	15,835	1,017
Transfers out of Level III	(32,692)	(97,171)
Purchases	203,077	328,507
Sales	(305,917)	(85,470)
Realized gains (losses), net	81,037	(14,462)
Unrealized appreciation (depreciation), net	81,450	268,560
Ending balance	1,363,542	1,320,752
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	169,799	299,817
Real Estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	9,216,056	6,221,294
Transfers into Level III	142,165	474,098
Transfers out of Level III	(61,317)	(120,120)
Purchases	1,973,704	2,943,580
Sales	(2,242,760)	(1,688,713)
Realized gains (losses), net	766,400	275,717
Unrealized appreciation (depreciation), net	(138,978)	1,110,200
Ending balance	9,655,270	9,216,056
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	342,560	1,468,857
Real Estate Loan Portfolio
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,399,105	2,369,441
Transfers into Level III	0	0
Transfers out of Level III	0	0
Purchases	1,207,691	950,256
Sales	(1,100,273)	(1,277,993)
Realized gains (losses), net	283,074	175,962
Unrealized appreciation (depreciation), net	(192,192)	181,439
Ending balance	2,597,405	2,399,105
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(192,192)	181,439
Swaps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(10,687)	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Purchases	0	0
Sales	0	(3,939)
Realized gains (losses), net	0	3,939
Unrealized appreciation (depreciation), net	2,436	(10,687)
Ending balance	(8,251)	(10,687)
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	2,436	(10,687)
Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	15,576	13,708
Transfers into Level III	0	0
Transfers out of Level III	(12,000)	0
Purchases	0	2,000
Sales	(5,513)	(4,469)
Realized gains (losses), net	3,147	3,363
Unrealized appreciation (depreciation), net	(1,210)	974
Ending balance	0	15,576
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$ 0	$ (132)

FAIR VALUE - Additional Informa

FAIR VALUE - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)loaninvestment	Dec. 31, 2014USD ($)investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers from Level II to Level I | $	$ 0	$ 739,700,000
Number of exchange-traded investments - Decrease		3
Number of exchange-traded investments - Increase		1
Number of investments that changed valuation technique	10
Market approach (comparable companies) | Equity securities: | Value of company's underlying assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique	1
Market approach (comparable companies) | Equity securities: | Increased Availability of Broker Quotations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique	1
Market approach (comparable companies) | Equity securities: | Other Restructuring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique		1
Market approach (comparable companies) | Equity securities: | Stabilization of Underlying Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique		2
Market approach (comparable companies) | Credit-oriented investments: | Value of company's underlying assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique	3
Market approach (comparable companies) | Credit-oriented investments: | Other Restructuring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique		1
Market approach (comparable companies) | Credit-oriented investments: | Stabilization of Underlying Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique		1
Market approach (comparable companies) | Real estate-oriented investments: | Stabilization of Underlying Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique	1
Market approach (comparable companies) | Real estate-oriented investments: | Lack of Data
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique		1
Discounted cash flow / Sales approach | Credit-oriented investments: | Decreased Focus On Issuer's Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique	1
Discounted cash flow / Sales approach | Credit-oriented investments: | Increased Focus On the Value Of Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique	1
Number of loans | loan	10
Discounted Cash Flow | Real estate-oriented investments: | Offers From Potential Buyers
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique	1
Discounted Cash Flow | Real estate-oriented investments: | Change in Approach
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique		2
Recent market information | Equity securities: | Pending Transaction
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique		1
Recent market information | Credit-oriented investments: | Decreased Availability Of Broker Quotations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique	1
Recent market information | Real estate-oriented investments: | Change in Structure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments that changed valuation technique		1

FAIR VALUE - Summary of Valuati

FAIR VALUE - Summary of Valuation Techniques and Quantitative Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Feb. 28, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 45,179,906	$ 46,533,799	$ 312,900
Consolidated funds
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	45,179,906	46,533,799
Consolidated funds | Level III
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	27,217,707	26,291,698
Consolidated funds | Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 289,107	$ 164,401
Consolidated funds | Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	5.00%	5.00%
Consolidated funds | Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	15.00%	12.00%
Consolidated funds | Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	12.00%	11.00%
Consolidated funds | Level III | Credit-oriented investments: | Consumer discretionary | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 451,584	$ 487,784
Consolidated funds | Level III | Credit-oriented investments: | Consumer discretionary | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	3	3
Consolidated funds | Level III | Credit-oriented investments: | Consumer discretionary | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	10	10
Consolidated funds | Level III | Credit-oriented investments: | Consumer discretionary | Market approach (comparable companies) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	6	5
Consolidated funds | Level III | Credit-oriented investments: | Consumer discretionary | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 232,995	$ 133,410
Consolidated funds | Level III | Credit-oriented investments: | Consumer discretionary | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	156,160	119,219
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 135,808	$ 240,935
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	5.00%	5.00%
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	15.00%	20.00%
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Discounted cash flow | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	13.00%	13.00%
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 7,549	$ 13,358
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	5	3
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	9	8
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	7	7
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 45,647	$ 121,888
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	24,247	113,500
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Market approach (value of underlying assets)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 219,121	$ 83,020
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Market approach (value of underlying assets) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	0.7	0.9
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Market approach (value of underlying assets) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1	1.1
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Market approach (value of underlying assets) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	0.9	1
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Discounted cash flow / Sales approach
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 55,310	$ 206,763
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Discounted cash flow / Sales approach | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)	9.00%	10.00%
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Discounted cash flow / Sales approach | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)	11.00%	14.00%
Consolidated funds | Level III | Credit-oriented investments: | Industrials | Discounted cash flow / Sales approach | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)	10.00%	12.00%
Consolidated funds | Level III | Credit-oriented investments: | Materials | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 417,749	$ 77,008
Consolidated funds | Level III | Credit-oriented investments: | Materials | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	11.00%	11.00%
Consolidated funds | Level III | Credit-oriented investments: | Materials | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	14.00%	13.00%
Consolidated funds | Level III | Credit-oriented investments: | Materials | Discounted cash flow | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	14.00%	12.00%
Consolidated funds | Level III | Credit-oriented investments: | Materials | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 128,230	$ 250,803
Consolidated funds | Level III | Credit-oriented investments: | Materials | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	7	6
Consolidated funds | Level III | Credit-oriented investments: | Materials | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	9	8
Consolidated funds | Level III | Credit-oriented investments: | Materials | Market approach (comparable companies) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	8	7
Consolidated funds | Level III | Credit-oriented investments: | Materials | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 3,938	$ 64,490
Consolidated funds | Level III | Credit-oriented investments: | Materials | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	71,174
Consolidated funds | Level III | Credit-oriented investments: | Materials | Discounted cash flow / Sales approach
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		$ 189,081
Consolidated funds | Level III | Credit-oriented investments: | Materials | Discounted cash flow / Sales approach | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)		15.00%
Consolidated funds | Level III | Credit-oriented investments: | Materials | Discounted cash flow / Sales approach | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)		17.00%
Consolidated funds | Level III | Credit-oriented investments: | Materials | Discounted cash flow / Sales approach | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)		16.00%
Consolidated funds | Level III | Credit-oriented investments: | Other | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 442,797	$ 449,065
Consolidated funds | Level III | Credit-oriented investments: | Other | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	5.00%	5.00%
Consolidated funds | Level III | Credit-oriented investments: | Other | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	20.00%	13.00%
Consolidated funds | Level III | Credit-oriented investments: | Other | Discounted cash flow | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	12.00%	11.00%
Consolidated funds | Level III | Credit-oriented investments: | Other | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		$ 376,237
Consolidated funds | Level III | Credit-oriented investments: | Other | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple		7
Consolidated funds | Level III | Credit-oriented investments: | Other | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple		8
Consolidated funds | Level III | Credit-oriented investments: | Other | Market approach (comparable companies) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple		8
Consolidated funds | Level III | Credit-oriented investments: | Other | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 60,643	$ 123,842
Consolidated funds | Level III | Credit-oriented investments: | Other | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	331,485	310,084
Consolidated funds | Level III | Credit-oriented investments: | Financials | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 595,066	$ 280,827
Consolidated funds | Level III | Credit-oriented investments: | Financials | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	6.00%	9.00%
Consolidated funds | Level III | Credit-oriented investments: | Financials | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	14.00%	14.00%
Consolidated funds | Level III | Credit-oriented investments: | Financials | Discounted cash flow | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	11.00%	12.00%
Consolidated funds | Level III | Credit-oriented investments: | Financials | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 232,958	$ 228,804
Consolidated funds | Level III | Credit-oriented investments: | Financials | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	241,667	55,472
Consolidated funds | Level III | Credit-oriented investments: | Financials | Market approach (value of underlying assets)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 259,669	$ 205,639
Consolidated funds | Level III | Credit-oriented investments: | Financials | Market approach (value of underlying assets) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1.1	0.9
Consolidated funds | Level III | Credit-oriented investments: | Financials | Market approach (value of underlying assets) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1.5	1.1
Consolidated funds | Level III | Credit-oriented investments: | Financials | Market approach (value of underlying assets) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1.2	1
Consolidated funds | Level III | Credit-oriented investments: | Information technology | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 199,841
Consolidated funds | Level III | Credit-oriented investments: | Information technology | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	6.00%
Consolidated funds | Level III | Credit-oriented investments: | Information technology | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	13.00%
Consolidated funds | Level III | Credit-oriented investments: | Information technology | Discounted cash flow | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	12.00%
Consolidated funds | Level III | Credit-oriented investments: | Information technology | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 143,596
Consolidated funds | Level III | Credit-oriented investments: | Information technology | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	6
Consolidated funds | Level III | Credit-oriented investments: | Information technology | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	8
Consolidated funds | Level III | Credit-oriented investments: | Information technology | Market approach (comparable companies) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	7
Consolidated funds | Level III | Credit-oriented investments: | Information technology | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 63,594
Consolidated funds | Level III | Credit-oriented investments: | Information technology | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	62,353
Consolidated funds | Level III | Equity investments: | Industrials | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 37,130
Consolidated funds | Level III | Equity investments: | Industrials | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	10.00%
Consolidated funds | Level III | Equity investments: | Industrials | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	12.00%
Consolidated funds | Level III | Equity investments: | Industrials | Discounted cash flow | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	11.00%
Consolidated funds | Level III | Equity investments: | Industrials | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 2,385,995	$ 2,086,026
Consolidated funds | Level III | Equity investments: | Industrials | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	5	3
Consolidated funds | Level III | Equity investments: | Industrials | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	18	15
Consolidated funds | Level III | Equity investments: | Industrials | Market approach (comparable companies) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	9	9
Consolidated funds | Level III | Equity investments: | Industrials | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 248,894	$ 100,655
Consolidated funds | Level III | Equity investments: | Industrials | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	53,005	397,377
Consolidated funds | Level III | Equity investments: | Industrials | Market approach (value of underlying assets)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 1,287,791	$ 2,313,549
Consolidated funds | Level III | Equity investments: | Industrials | Market approach (value of underlying assets) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	0.9	1
Consolidated funds | Level III | Equity investments: | Industrials | Market approach (value of underlying assets) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1	1.2
Consolidated funds | Level III | Equity investments: | Industrials | Market approach (value of underlying assets) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1	1
Consolidated funds | Level III | Equity investments: | Materials | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 1,238,760	$ 1,154,908
Consolidated funds | Level III | Equity investments: | Materials | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	7	4
Consolidated funds | Level III | Equity investments: | Materials | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	9	11
Consolidated funds | Level III | Equity investments: | Materials | Market approach (comparable companies) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	8	8
Consolidated funds | Level III | Equity investments: | Materials | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 25,133	$ 70,123
Consolidated funds | Level III | Equity investments: | Materials | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		1,477
Consolidated funds | Level III | Equity investments: | Other | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 1,898,334	$ 1,371,935
Consolidated funds | Level III | Equity investments: | Other | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	6	4
Consolidated funds | Level III | Equity investments: | Other | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	18	12
Consolidated funds | Level III | Equity investments: | Other | Market approach (comparable companies) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	10	8
Consolidated funds | Level III | Equity investments: | Other | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 221,350	$ 55,769
Consolidated funds | Level III | Equity investments: | Other | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	171,463	151,933
Consolidated funds | Level III | Equity investments: | Other | Market approach (value of underlying assets)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 164,026
Consolidated funds | Level III | Equity investments: | Other | Market approach (value of underlying assets) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1.1
Consolidated funds | Level III | Equity investments: | Other | Market approach (value of underlying assets) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1.3
Consolidated funds | Level III | Equity investments: | Other | Market approach (value of underlying assets) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1.2
Consolidated funds | Level III | Equity investments: | Financials | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 58,352
Consolidated funds | Level III | Equity investments: | Financials | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	14.00%
Consolidated funds | Level III | Equity investments: | Financials | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	16.00%
Consolidated funds | Level III | Equity investments: | Financials | Discounted cash flow | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	15.00%
Consolidated funds | Level III | Equity investments: | Financials | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 189,714	171,844
Consolidated funds | Level III | Equity investments: | Financials | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		140,804
Consolidated funds | Level III | Equity investments: | Financials | Market approach (value of underlying assets)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 1,029,904	$ 646,720
Consolidated funds | Level III | Equity investments: | Financials | Market approach (value of underlying assets) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1	1
Consolidated funds | Level III | Equity investments: | Financials | Market approach (value of underlying assets) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1.5	1.1
Consolidated funds | Level III | Equity investments: | Financials | Market approach (value of underlying assets) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Underlying asset multiple	1.4	1
Consolidated funds | Level III | Equity investments: | Financials | Discounted cash flow / Sales approach
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		$ 116,328
Consolidated funds | Level III | Equity investments: | Financials | Discounted cash flow / Sales approach | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)		6.00%
Consolidated funds | Level III | Equity investments: | Financials | Discounted cash flow / Sales approach | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)		8.00%
Consolidated funds | Level III | Equity investments: | Financials | Discounted cash flow / Sales approach | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)		7.00%
Consolidated funds | Level III | Equity investments: | Energy | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		$ 47,524
Consolidated funds | Level III | Equity investments: | Energy | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)		10.00%
Consolidated funds | Level III | Equity investments: | Energy | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)		12.00%
Consolidated funds | Level III | Equity investments: | Energy | Discounted cash flow | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)		11.00%
Consolidated funds | Level III | Equity investments: | Energy | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		$ 1,045,233
Consolidated funds | Level III | Equity investments: | Energy | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple		5
Consolidated funds | Level III | Equity investments: | Energy | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple		18
Consolidated funds | Level III | Equity investments: | Energy | Market approach (comparable companies) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple		12
Consolidated funds | Level III | Equity investments: | Energy | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		$ 60,409
Consolidated funds | Level III | Equity investments: | Energy | Other
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		432,717
Consolidated funds | Level III | Equity investments: | Utilities | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 616,596
Consolidated funds | Level III | Equity investments: | Utilities | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	8
Consolidated funds | Level III | Equity investments: | Utilities | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	11
Consolidated funds | Level III | Equity investments: | Utilities | Market approach (comparable companies) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	9
Consolidated funds | Level III | Equity investments: | Utilities | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 200,112
Consolidated funds | Level III | Equity investments: | Utilities | Other
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	266,185
Consolidated funds | Level III | Real estate-oriented investments: | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 3,863,639	$ 3,276,236
Consolidated funds | Level III | Real estate-oriented investments: | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	6.00%	6.00%
Terminal capitalization rate (as a percent)		0.06
Direct capitalization rate (as a percent)		0.05
Net operating income growth rate (as a percent)		0.00%
Absorption rate (as a percent)		19.00%
Consolidated funds | Level III | Real estate-oriented investments: | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	44.00%	44.00%
Terminal capitalization rate (as a percent)		0.10
Direct capitalization rate (as a percent)		0.09
Net operating income growth rate (as a percent)		37.00%
Absorption rate (as a percent)		44.00%
Consolidated funds | Level III | Real estate-oriented investments: | Discounted cash flow | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	13.00%	13.00%
Terminal capitalization rate (as a percent)		0.08
Direct capitalization rate (as a percent)		0.07
Net operating income growth rate (as a percent)		10.00%
Absorption rate (as a percent)		38.00%
Consolidated funds | Level III | Real estate-oriented investments: | Terminal capitalization rate | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Terminal capitalization rate (as a percent)	0.05
Consolidated funds | Level III | Real estate-oriented investments: | Terminal capitalization rate | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Terminal capitalization rate (as a percent)	0.10
Consolidated funds | Level III | Real estate-oriented investments: | Terminal capitalization rate | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Terminal capitalization rate (as a percent)	0.07
Consolidated funds | Level III | Real estate-oriented investments: | Direct capitalization rate | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Direct capitalization rate (as a percent)	0.05
Consolidated funds | Level III | Real estate-oriented investments: | Direct capitalization rate | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Direct capitalization rate (as a percent)	0.10
Consolidated funds | Level III | Real estate-oriented investments: | Direct capitalization rate | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Direct capitalization rate (as a percent)	0.07
Consolidated funds | Level III | Real estate-oriented investments: | New operating growth income growth rate | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Net operating income growth rate (as a percent)	0.00%
Consolidated funds | Level III | Real estate-oriented investments: | New operating growth income growth rate | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Net operating income growth rate (as a percent)	38.00%
Consolidated funds | Level III | Real estate-oriented investments: | New operating growth income growth rate | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Net operating income growth rate (as a percent)	10.00%
Consolidated funds | Level III | Real estate-oriented investments: | Absorption rate | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Absorption rate (as a percent)	25.00%
Consolidated funds | Level III | Real estate-oriented investments: | Absorption rate | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Absorption rate (as a percent)	44.00%
Consolidated funds | Level III | Real estate-oriented investments: | Absorption rate | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Absorption rate (as a percent)	30.00%
Consolidated funds | Level III | Real estate-oriented investments: | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 218,817	$ 262,218
Consolidated funds | Level III | Real estate-oriented investments: | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	9	12
Consolidated funds | Level III | Real estate-oriented investments: | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	11	18
Consolidated funds | Level III | Real estate-oriented investments: | Market approach (comparable companies) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	11	13
Consolidated funds | Level III | Real estate-oriented investments: | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 512,120	$ 915,247
Consolidated funds | Level III | Real estate-oriented investments: | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 2,385,895	$ 2,625,026
Consolidated funds | Level III | Real estate-oriented investments: | Recent market information | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices / discount (as a percent)	0.00%	0.00%
Consolidated funds | Level III | Real estate-oriented investments: | Recent market information | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices / discount (as a percent)	5.00%	6.00%
Consolidated funds | Level III | Real estate-oriented investments: | Recent market information | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices / discount (as a percent)	3.00%	4.00%
Consolidated funds | Level III | Real estate-oriented investments: | Market approach (value of underlying assets)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 992,695	$ 766,755
Consolidated funds | Level III | Real estate-oriented investments: | Market approach (value of underlying assets) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple		1
Underlying asset multiple	1
Consolidated funds | Level III | Real estate-oriented investments: | Market approach (value of underlying assets) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple		1.5
Underlying asset multiple	1.8
Consolidated funds | Level III | Real estate-oriented investments: | Market approach (value of underlying assets) | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple		1.4
Underlying asset multiple	1.6
Consolidated funds | Level III | Real estate-oriented investments: | Other
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 164,046	$ 49,799
Consolidated funds | Level III | Real estate-oriented investments: | Discounted cash flow / Sales approach
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 132,640
Consolidated funds | Level III | Real estate-oriented investments: | Discounted cash flow / Sales approach | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)	6.00%
Consolidated funds | Level III | Real estate-oriented investments: | Discounted cash flow / Sales approach | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)	8.00%
Consolidated funds | Level III | Real estate-oriented investments: | Discounted cash flow / Sales approach | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate / Market transactions (as a percent)	7.00%
Consolidated funds | Level III | Real estate-oriented investments: | Recent market information and market approach comparable companies valuation technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		$ 245,316
Consolidated funds | Level III | Real estate-oriented investments: | Recent market information and market approach comparable companies valuation technique | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices/Discount/Earnings multiple (as a percent)		700.00%
Consolidated funds | Level III | Real estate-oriented investments: | Recent market information and market approach comparable companies valuation technique | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices/Discount/Earnings multiple (as a percent)		900.00%
Consolidated funds | Level III | Real estate-oriented investments: | Recent market information and market approach comparable companies valuation technique | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices/Discount/Earnings multiple (as a percent)		800.00%
Consolidated funds | Level III | Real estate-oriented investments: | Sales Approach
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 1,385,418	$ 1,075,459
Consolidated funds | Level III | Real Estate Loan Portfolio | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 2,101,463	$ 2,019,261
Consolidated funds | Level III | Real Estate Loan Portfolio | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	7.00%	8.00%
Consolidated funds | Level III | Real Estate Loan Portfolio | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	23.00%	16.00%
Consolidated funds | Level III | Real Estate Loan Portfolio | Discounted cash flow | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate (as a percent)	13.00%	13.00%
Consolidated funds | Level III | Real Estate Loan Portfolio | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 495,942	$ 379,844
Consolidated funds | Level III | Other
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		$ 15,576

DERIVATIVES AND HEDGING - Addit

DERIVATIVES AND HEDGING - Additional Information (Details)	1 Months Ended		12 Months Ended
	Feb. 28, 2014USD ($)	Aug. 31, 2013USD ($)	Dec. 31, 2015USD ($)instrument	Dec. 31, 2014USD ($)instrument	Dec. 31, 2013USD ($)
Derivative [Line Items]
Investments, at fair value	$ 312,900,000		$ 45,179,906,000	$ 46,533,799,000
Interest receivable	1,000,000
Payments to acquire investments	258,200,000		82,273,000	68,499,000	$ 59,682,000
Foreign Currency Contracts - Long
Derivative [Line Items]
Average notional amount			5,400,000,000	4,900,000,000
Foreign Currency Contracts - Short
Derivative [Line Items]
Average notional amount			338,100,000	293,100,000
Foreign Currency Contracts
Derivative [Line Items]
Gross unrealized appreciation			156,200,000	254,900,000
Gross unrealized depreciation			$ 64,400,000	$ 54,700,000
Designated as Hedging Instrument | Interest-rate swaps | Cash Flow Hedging
Derivative [Line Items]
Number of interest-rate swap agreements | instrument			2	2
Notional value of interest rate swap			$ 150,000,000	$ 180,000,000
Notional value			318,800,000	$ 348,800,000
Not Designated as Hedging Instrument | Fair Value Hedging | Total-return swap
Derivative [Line Items]
Notional value		$ 200,000,000
Remaining maturity (in years)		2 years
Collateral, Right to reclaim cash	50,000,000	$ 50,000,000
Derivative, Due from counter party	5,700,000
Gain on sale of derivatives	7,100,000
Cash received	1,400,000
Oaktree CLO 2014-1 Ltd. | Not Designated as Hedging Instrument | Fair Value Hedging | Total-return swap
Derivative [Line Items]
Collateral, Right to reclaim cash	4,500,000
Oaktree CLO 2014-1 Ltd.
Derivative [Line Items]
Notes receivable	60,200,000
Variable rate term loan
Derivative [Line Items]
Face amount			250,000,000
Senior Loans
Derivative [Line Items]
Proceeds from debt obligations issued by CLOs	450,000,000
Proceeds from of debt	456,000,000
Debt issuance cost	$ 6,000,000
Senior Unsecured Credit Facility | Variable rate term loan
Derivative [Line Items]
Face amount			$ 250,000,000

DERIVATIVES AND HEDGING - Cash

DERIVATIVES AND HEDGING - Cash Flow Hedges (Details) - Not Designated as Hedging Instrument - Foreign Currency Forward Contracts € in Thousands, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015JPY (¥)	Dec. 31, 2015EUR (€)	Dec. 31, 2014JPY (¥)	Dec. 31, 2014EUR (€)
Derivative [Line Items]
Notional value	$ 393,360	$ 425,434
Market Amount in U.S. Dollars	390,771	404,374
Net Unrealized Appreciation (Depreciation)	2,589	21,060
Euro Member Countries, Euro
Derivative [Line Items]
Notional value	274,135	266,569		€ 246,850		€ 206,820
Market Amount in U.S. Dollars	269,603	250,789
Net Unrealized Appreciation (Depreciation)	4,532	15,780
United States of America, Dollars
Derivative [Line Items]
Notional value	70,594	88,081
Market Amount in U.S. Dollars	72,476	91,485
Net Unrealized Appreciation (Depreciation)	(1,882)	(3,404)
Japan, Yen
Derivative [Line Items]
Notional value	48,631	70,784	¥ 5,840,300		¥ 7,420,600
Market Amount in U.S. Dollars	48,692	62,100
Net Unrealized Appreciation (Depreciation)	$ (61)	$ 8,684
Minimum | Euro Member Countries, Euro
Derivative [Line Items]
Expiration date	Jan. 8, 2016	Jan. 8, 2015
Minimum | United States of America, Dollars
Derivative [Line Items]
Expiration date	Jan. 8, 2016	Jan. 8, 2015
Minimum | Japan, Yen
Derivative [Line Items]
Expiration date	Jan. 29, 2016	Jan. 30, 2015
Maximum | Euro Member Countries, Euro
Derivative [Line Items]
Expiration date	Dec. 30, 2016	Dec. 31, 2015
Maximum | United States of America, Dollars
Derivative [Line Items]
Expiration date	Oct. 31, 2016	Dec. 31, 2015
Maximum | Japan, Yen
Derivative [Line Items]
Expiration date	Sep. 30, 2016	Dec. 30, 2015

DERIVATIVES AND HEDGING - Frees

DERIVATIVES AND HEDGING - Freestanding Derivatives (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Foreign-currency Forward Contracts:
Derivative [Line Items]
Realized and unrealized gains (losses)	$ 23,554	$ 31,772	$ 3,763
Total-return swap
Derivative [Line Items]
Realized and unrealized gains (losses)	$ 0	$ 2,554	$ 4,515

DERIVATIVES AND HEDGING - Conso

DERIVATIVES AND HEDGING - Consolidated Funds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 2,619	$ (2,003)	$ 0
Consolidated funds | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Net Change in Unrealized Appreciation (Depreciation) on Investments	(165,090)	87,311	(309,193)
Gain (Loss) on Sale of Derivatives	281,879	194,523	(145,823)
Consolidated funds | Not Designated as Hedging Instrument | Foreign-currency forward contracts
Derivatives, Fair Value [Line Items]
Net Change in Unrealized Appreciation (Depreciation) on Investments	(98,420)	278,647	(286,336)
Gain (Loss) on Sale of Derivatives	457,594	179,675	(217,234)
Consolidated funds | Not Designated as Hedging Instrument | Options and futures
Derivatives, Fair Value [Line Items]
Net Change in Unrealized Appreciation (Depreciation) on Investments	(30,198)	6,513	(238)
Gain (Loss) on Sale of Derivatives	43,055	(38,431)	(17,922)
Consolidated funds | Not Designated as Hedging Instrument | Swaptions
Derivatives, Fair Value [Line Items]
Net Change in Unrealized Appreciation (Depreciation) on Investments	2,186	(4,770)	0
Gain (Loss) on Sale of Derivatives	$ (2,933)	$ (1,158)	$ 0

DERIVATIVES AND HEDGING - Forei

DERIVATIVES AND HEDGING - Foreign-currency Forward Contracts (Details) - Not Designated as Hedging Instrument - Foreign-currency Forward Contracts: € in Thousands, ₪ in Thousands, ₩ in Thousands, ₨ in Thousands, ¥ in Thousands, £ in Thousands, SGD in Thousands, SFr in Thousands, NZD in Thousands, KPW in Thousands, HKD in Thousands, DKK in Thousands, CAD in Thousands, AUD in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Dec. 31, 2015DKK

Dec. 31, 2015CHF (SFr)

Dec. 31, 2015KPW

Dec. 31, 2015SGD

Dec. 31, 2015HKD

Dec. 31, 2015KRW (₩)

Dec. 31, 2015JPY (¥)

Dec. 31, 2015AUD

Dec. 31, 2015INR (₨)

Dec. 31, 2015NZD

Dec. 31, 2015GBP (£)

Dec. 31, 2015CAD

Dec. 31, 2015EUR (€)

Dec. 31, 2014DKK

Dec. 31, 2014CHF (SFr)

Dec. 31, 2014ILS (₪)

Dec. 31, 2014KPW

Dec. 31, 2014SGD

Dec. 31, 2014HKD

Dec. 31, 2014KRW (₩)

Dec. 31, 2014JPY (¥)

Dec. 31, 2014AUD

Dec. 31, 2014INR (₨)

Dec. 31, 2014NZD

Dec. 31, 2014GBP (£)

Dec. 31, 2014CAD

Dec. 31, 2014EUR (€)

Derivative [Line Items]

Notional

$ (393,360)

$ (425,434)

Market Amount in U.S. Dollars

390,771

404,374

Net Unrealized Appreciation (Depreciation)

23,554

31,772

$ 3,763

Euro Member Countries, Euro

Derivative [Line Items]

Notional

(274,135)

(266,569)

€ (246,850)

€ (206,820)

Market Amount in U.S. Dollars

$ 269,603

$ 250,789

Euro Member Countries, Euro | Minimum

Derivative [Line Items]

Expiration date

Jan. 8, 2016

Jan. 8, 2015

Euro Member Countries, Euro | Maximum

Derivative [Line Items]

Expiration date

Dec. 30, 2016

Dec. 31, 2015

Japan, Yen

Derivative [Line Items]

Notional

$ (48,631)

$ (70,784)

¥ (5,840,300)

¥ (7,420,600)

Market Amount in U.S. Dollars

$ 48,692

$ 62,100

Japan, Yen | Minimum

Derivative [Line Items]

Expiration date

Jan. 29, 2016

Jan. 30, 2015

Japan, Yen | Maximum

Derivative [Line Items]

Expiration date

Sep. 30, 2016

Dec. 30, 2015

United States of America, Dollars

Derivative [Line Items]

Notional

$ (70,594)

$ (88,081)

Market Amount in U.S. Dollars

$ 72,476

$ 91,485

United States of America, Dollars | Minimum

Derivative [Line Items]

Expiration date

Jan. 8, 2016

Jan. 8, 2015

United States of America, Dollars | Maximum

Derivative [Line Items]

Expiration date

Oct. 31, 2016

Dec. 31, 2015

Consolidated funds

Derivative [Line Items]

Notional

$ (5,571,398)

$ (5,408,998)

Market Amount in U.S. Dollars

5,479,528

5,208,732

Net Unrealized Appreciation (Depreciation)

91,870

200,266

Consolidated funds | Euro Member Countries, Euro

Derivative [Line Items]

Notional

(2,630,690)

(2,157,379)

(2,383,537)

(1,750,676)

Market Amount in U.S. Dollars

2,600,245

2,063,471

Net Unrealized Appreciation (Depreciation)

$ 30,445

$ 93,908

Consolidated funds | Euro Member Countries, Euro | Minimum

Derivative [Line Items]

Expiration date

Jan. 12, 2016

Jan. 15, 2015

Consolidated funds | Euro Member Countries, Euro | Maximum

Derivative [Line Items]

Expiration date

Nov. 13, 2018

Nov. 10, 2017

Consolidated funds | United Kingdom, Pounds

Derivative [Line Items]

Notional

$ (2,135,175)

$ (2,415,637)

£ (1,401,289)

£ (1,502,240)

Market Amount in U.S. Dollars

2,065,891

2,334,072

Net Unrealized Appreciation (Depreciation)

$ 69,284

$ 81,565

Consolidated funds | United Kingdom, Pounds | Minimum

Derivative [Line Items]

Expiration date

Jan. 12, 2016

Jan. 15, 2015

Consolidated funds | United Kingdom, Pounds | Maximum

Derivative [Line Items]

Expiration date

Nov. 14, 2016

Nov. 13, 2015

Consolidated funds | Canada, Dollars

Derivative [Line Items]

Notional

$ (35,279)

$ (36,125)

CAD (46,505)

CAD (40,491)

Market Amount in U.S. Dollars

33,485

34,355

Net Unrealized Appreciation (Depreciation)

$ 1,794

$ 1,770

Consolidated funds | Canada, Dollars | Minimum

Derivative [Line Items]

Expiration date

Feb. 4, 2016

Feb. 12, 2015

Consolidated funds | Canada, Dollars | Maximum

Derivative [Line Items]

Expiration date

May 19, 2016

May 14, 2015

Consolidated funds | Australia, Dollars

Derivative [Line Items]

Notional

$ (228,399)

$ (372,065)

AUD (323,440)

AUD (452,812)

Market Amount in U.S. Dollars

234,428

367,066

Net Unrealized Appreciation (Depreciation)

$ (6,029)

$ 4,999

Consolidated funds | Australia, Dollars | Maximum

Derivative [Line Items]

Expiration date

Mar. 17, 2016

May 14, 2015

Consolidated funds | Hong Kong, Dollars

Derivative [Line Items]

Notional

$ (245)

$ (2,037)

HKD (1,896)

HKD (33,463)

Market Amount in U.S. Dollars

245

2,037

Net Unrealized Appreciation (Depreciation)

$ 0

$ 0

Consolidated funds | Hong Kong, Dollars | Maximum

Derivative [Line Items]

Expiration date

Jan. 21, 2016

Jan. 22, 2015

Consolidated funds | Japan, Yen

Derivative [Line Items]

Notional

$ (62,040)

$ (237,931)

¥ (7,651,169)

¥ (27,531,226)

Market Amount in U.S. Dollars

63,709

228,584

Net Unrealized Appreciation (Depreciation)

$ (1,669)

$ 9,347

Consolidated funds | Japan, Yen | Minimum

Derivative [Line Items]

Expiration date

Jan. 21, 2016

Jan. 15, 2015

Consolidated funds | Japan, Yen | Maximum

Derivative [Line Items]

Expiration date

Apr. 7, 2016

Nov. 27, 2015

Consolidated funds | Switzerland, Francs

Derivative [Line Items]

Notional

$ (493)

$ (581)

SFr (481)

SFr (550)

Market Amount in U.S. Dollars

481

554

Net Unrealized Appreciation (Depreciation)

$ 12

$ 27

Consolidated funds | Switzerland, Francs | Maximum

Derivative [Line Items]

Expiration date

Jan. 21, 2016

Jan. 22, 2015

Consolidated funds | Singapore, Dollars

Derivative [Line Items]

Notional

$ (1,753)

$ (856)

SGD (2,444)

SGD (3,396)

Market Amount in U.S. Dollars

1,722

788

Net Unrealized Appreciation (Depreciation)

$ 31

$ 68

Consolidated funds | Singapore, Dollars | Maximum

Derivative [Line Items]

Expiration date

Jan. 21, 2016

Jan. 22, 2015

Consolidated funds | Korea (South), Won

Derivative [Line Items]

Notional

$ (132,553)

$ (88,233)

₩ (151,173,334)

₩ (95,179,385)

Market Amount in U.S. Dollars

128,757

86,302

Net Unrealized Appreciation (Depreciation)

$ 3,796

$ 1,931

Consolidated funds | Korea (South), Won | Minimum

Derivative [Line Items]

Expiration date

Jan. 4, 2016

Feb. 2, 2015

Consolidated funds | Korea (South), Won | Maximum

Derivative [Line Items]

Expiration date

Dec. 1, 2016

Jul. 23, 2015

Consolidated funds | New Zealand, Dollars

Derivative [Line Items]

Notional

$ (178,371)

$ (130,519)

NZD (284,364)

NZD (170,103)

Market Amount in U.S. Dollars

193,723

131,417

Net Unrealized Appreciation (Depreciation)

$ (15,352)

$ (898)

Consolidated funds | New Zealand, Dollars | Minimum

Derivative [Line Items]

Expiration date

Mar. 17, 2016

Feb. 12, 2015

Consolidated funds | New Zealand, Dollars | Maximum

Derivative [Line Items]

Expiration date

Jun. 9, 2016

May 14, 2015

Consolidated funds | Denmark, Kroner

Derivative [Line Items]

Notional

$ (54,167)

$ (56,723)

DKK (362,000)

DKK (336,981)

Market Amount in U.S. Dollars

53,316

54,992

Net Unrealized Appreciation (Depreciation)

$ 851

$ 1,731

Consolidated funds | Denmark, Kroner | Maximum

Derivative [Line Items]

Expiration date

Nov. 4, 2016

Nov. 4, 2015

Consolidated funds | India, Rupees

Derivative [Line Items]

Notional

$ (74,667)

$ (2,001)

₨ 466,187

₨ (165,828)

Market Amount in U.S. Dollars

71,220

(2,526)

Net Unrealized Appreciation (Depreciation)

$ 3,447

$ 525

Consolidated funds | India, Rupees | Minimum

Derivative [Line Items]

Expiration date

Mar. 17, 2016

Mar. 2, 2015

Consolidated funds | India, Rupees | Maximum

Derivative [Line Items]

Expiration date

May 20, 2016

Dec. 1, 2015

Consolidated funds | Sweden, Kronor

Derivative [Line Items]

Notional

$ (11)

$ (284)

KPW (145)

KPW (3,963)

Market Amount in U.S. Dollars

(17)

245

Net Unrealized Appreciation (Depreciation)

$ 6

$ 39

Consolidated funds | Sweden, Kronor | Maximum

Derivative [Line Items]

Expiration date

Jan. 21, 2016

Jan. 22, 2015

Consolidated funds | Israel, New Shekels

Derivative [Line Items]

Notional

$ (121,007)

₪ (487,100)

Market Amount in U.S. Dollars

(124,720)

Net Unrealized Appreciation (Depreciation)

$ 3,713

Consolidated funds | Israel, New Shekels | Maximum

Derivative [Line Items]

Expiration date

Feb. 27, 2015

Consolidated funds | United States of America, Dollars

Derivative [Line Items]

Notional

$ (37,577)

$ (33,636)

€ (32,547)

€ (31,528)

Market Amount in U.S. Dollars

32,323

32,095

Net Unrealized Appreciation (Depreciation)

$ 5,254

$ 1,541

Consolidated funds | United States of America, Dollars | Minimum

Derivative [Line Items]

Expiration date

Jan. 12, 2016

Feb. 24, 2015

Consolidated funds | United States of America, Dollars | Maximum

Derivative [Line Items]

Expiration date

Nov. 18, 2016

Jun. 29, 2015

DERIVATIVES AND HEDGING - Balan

DERIVATIVES AND HEDGING - Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative Assets:
Net Amounts of Assets Presented	$ 204,226	$ 320,696
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	50,285	70,616
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	153,941	250,080
Derivative Liabilities:
Derivative liabilities	(304,437)	(259,265)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	(50,285)	(70,617)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)	(202,765)	(167,117)
Net Amount	(51,387)	(21,531)
Oaktree Capital Group, LLC
Derivative Liabilities:
Derivative liabilities	(4,229)	(5,756)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	(2,047)	(5,756)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)	0	0
Net Amount	(2,182)	0
Oaktree Capital Group, LLC | Foreign-currency forward contracts
Derivative Assets:
Net Amounts of Assets Presented	5,875	24,499
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	2,047	5,756
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	3,828	18,743
Derivative Liabilities:
Derivative liabilities	(3,286)	(3,439)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	(2,047)	(3,439)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)	0	0
Net Amount	(1,239)	0
Oaktree Capital Group, LLC | Interest-rate swaps
Derivative Liabilities:
Derivative liabilities	(943)	(2,317)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	0	(2,317)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)	0	0
Net Amount	(943)	0
Consolidated funds
Derivative Assets:
Net Amounts of Assets Presented	198,351	296,197
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	48,238	64,860
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	150,113	231,337
Derivative Liabilities:
Derivative liabilities	(300,208)	(253,509)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	(48,238)	(64,861)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)	(202,765)	(167,117)
Net Amount	(49,205)	(21,531)
Consolidated funds | Foreign-currency forward contracts
Derivative Assets:
Net Amounts of Assets Presented	156,234	254,929
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	38,033	51,260
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	118,201	203,669
Derivative Liabilities:
Derivative liabilities	(64,364)	(54,663)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	(38,788)	(51,088)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)	0	0
Net Amount	(25,576)	(3,575)
Consolidated funds | Total-return and interest-rate swaps
Derivative Assets:
Net Amounts of Assets Presented	16,544	4,217
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	4,526	512
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	12,018	3,705
Derivative Liabilities:
Derivative liabilities	(231,610)	(183,359)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	(5,304)	(9,427)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)	(202,677)	(156,011)
Net Amount	(23,629)	(17,921)
Consolidated funds | Options and futures
Derivative Assets:
Net Amounts of Assets Presented	25,559	36,568
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	5,665	12,605
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	19,894	23,963
Derivative Liabilities:
Derivative liabilities	(4,234)	(14,969)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	(4,146)	(3,863)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)	(88)	(11,106)
Net Amount	0	0
Consolidated funds | Swaptions
Derivative Assets:
Net Amounts of Assets Presented	14	483
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	14	483
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	$ 0	0
Derivative Liabilities:
Derivative liabilities		(518)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)		(483)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)		0
Net Amount		$ (35)

DEBT OBLIGATIONS AND CREDIT F65

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total remaining principal	$ 850,000,000	$ 850,000,000
6.09%
Debt Instrument [Line Items]
Total remaining principal	50,000,000	50,000,000
Face amount	$ 50,000,000
Stated rate (as a percent)	6.09%
Maturity date	Jun. 6, 2016
Offering date	Jun. 30, 2006
5.82%
Debt Instrument [Line Items]
Total remaining principal	$ 50,000,000	50,000,000
Face amount	$ 50,000,000
Stated rate (as a percent)	5.82%
Maturity date	Nov. 8, 2016
Offering date	Nov. 30, 2006
6.75%
Debt Instrument [Line Items]
Total remaining principal	$ 250,000,000	250,000,000
Face amount	$ 250,000,000
Stated rate (as a percent)	6.75%
Maturity date	Dec. 2, 2019
Offering date	Nov. 30, 2009
Variable rate term loan
Debt Instrument [Line Items]
Total remaining principal	$ 250,000,000	250,000,000
Face amount	$ 250,000,000
Maturity date	Mar. 31, 2019
Offering date	Mar. 31, 2014
3.91%
Debt Instrument [Line Items]
Total remaining principal	$ 50,000,000	50,000,000
Face amount	$ 50,000,000
Stated rate (as a percent)	3.91%
Maturity date	Sep. 3, 2024
Offering date	Sep. 30, 2014
4.01%
Debt Instrument [Line Items]
Total remaining principal	$ 100,000,000	100,000,000
Face amount	$ 100,000,000
Stated rate (as a percent)	4.01%
Maturity date	Sep. 3, 2026
Offering date	Sep. 30, 2014
4.21%
Debt Instrument [Line Items]
Total remaining principal	$ 100,000,000	$ 100,000,000
Face amount	$ 100,000,000
Stated rate (as a percent)	4.21%
Maturity date	Sep. 3, 2029
Offering date	Sep. 30, 2014

DEBT OBLIGATIONS AND CREDIT F66

DEBT OBLIGATIONS AND CREDIT FACILITIES - Future Principal Payments of Debt Obligations (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,016	$ 100,000
2,017	0
2,018	0
2,019	500,000
2,020	0
Thereafter	250,000
Total	$ 850,000	$ 850,000

DEBT OBLIGATIONS AND CREDIT F67

DEBT OBLIGATIONS AND CREDIT FACILITIES - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2014
Debt Instrument [Line Items]
Debt obligations of CLOs		$ 850,000,000	$ 850,000,000
Maximum leverage ratio, numerator		3
Maximum leverage ratio, denominator		1
Level III
Debt Instrument [Line Items]
Fair value of debt obligations		$ 855,300,000	$ 895,900,000
Average borrowing rate (as a percent)		3.70%	3.20%
Increase in assumed borrowing rate (as a percent)		10.00%
Decrease in estimated fair value		$ 839,700,000
Increase in assumed borrowing rate (as a percent)		10.00%
Decrease in estimated fair value		$ 871,600,000
Consolidated funds
Debt Instrument [Line Items]
Debt obligations of CLOs		2,355,060,000	$ 1,601,535,000
Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Minimum required level of assets under management		$ 50,000,000,000
Revolving credit facility 2 | Senior Unsecured Credit Facilities
Debt Instrument [Line Items]
Facility capacity	$ 500,000,000
Term (in years)	5 years
LIBOR margin (as percent)		1.00%
Commitment fee payable on unused funds (as a percent)		0.125%
Senior Variable Notes | Consolidated funds
Debt Instrument [Line Items]
Senior notes, term (in years)		10 years
Senior Variable Notes | Consolidated funds | Level III
Debt Instrument [Line Items]
Fair value of debt obligations		$ 3,700,000,000	$ 2,800,000,000
3.91% Senior Notes, Series A | Guarantor Subsidiaries | Senior Variable Notes
Debt Instrument [Line Items]
Debt obligations of CLOs				$ 50,000,000
Stated rate (as a percent)				3.91%
4.01% Senior Notes, Series B | Guarantor Subsidiaries | Senior Variable Notes
Debt Instrument [Line Items]
Debt obligations of CLOs				$ 100,000,000
Stated rate (as a percent)				4.01%
4.21% Senior Notes, Series C | Guarantor Subsidiaries | Senior Variable Notes
Debt Instrument [Line Items]
Debt obligations of CLOs				$ 100,000,000
Stated rate (as a percent)				4.21%
Term Loan
Debt Instrument [Line Items]
Face amount	$ 250,000,000
Fixed interest rate ( as a percent)		2.69%
Old Line of Credit Facility
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 218,800,000
2.22% Term Loan | Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Fixed interest rate ( as a percent)		2.22%

DEBT OBLIGATIONS AND CREDIT F68

DEBT OBLIGATIONS AND CREDIT FACILITIES - Revolving Bank Credit Facilities and Term Loans Outstanding of Consolidated Funds (Detail) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2014USD ($)
Level III
Line of Credit Facility [Line Items]
Fair value of credit facilities	$ 855,300		$ 895,900
Consolidated funds
Line of Credit Facility [Line Items]
Outstanding Amount	6,462,762		4,704,852
Borrowings under credit facilities	6,462,762		4,704,852
Consolidated funds | Credit facility 1
Line of Credit Facility [Line Items]
Outstanding Amount	434,000		434,000
Facility Capacity	$ 450,000
LIBOR margin (as percent)	1.60%
Maturity	Oct. 20, 2020
Borrowings under credit facilities	$ 434,000		434,000
Consolidated funds | Senior variable rate notes 1
Line of Credit Facility [Line Items]
Outstanding Amount	0		249,500
Facility Capacity	$ 249,500
LIBOR margin (as percent)	1.55%
Maturity	Oct. 20, 2022
Borrowings under credit facilities	$ 0		249,500
Consolidated funds | Senior variable rate notes 2
Line of Credit Facility [Line Items]
Outstanding Amount	0		499,322
Facility Capacity	$ 500,000
LIBOR margin (as percent)	1.20%
Maturity	Apr. 20, 2023
Borrowings under credit facilities	$ 0		499,322
Consolidated funds | Senior variable rate notes 3
Line of Credit Facility [Line Items]
Outstanding Amount	0		402,422
Facility Capacity	$ 402,500
LIBOR margin (as percent)	1.20%
Maturity	Jul. 20, 2023
Borrowings under credit facilities	$ 0		402,422
Consolidated funds | Senior variable rate notes 4
Line of Credit Facility [Line Items]
Outstanding Amount	0		64,500
Facility Capacity	$ 64,500
LIBOR margin (as percent)	1.65%
Maturity	Jul. 20, 2023
Borrowings under credit facilities	$ 0		64,500
Consolidated funds | Credit facility 2
Line of Credit Facility [Line Items]
Outstanding Amount	589,312		0
Facility Capacity	$ 620,000
LIBOR margin (as percent)	1.25%
Maturity	Oct. 20, 2018
Borrowings under credit facilities	$ 589,312		0
Consolidated funds | Credit facility 3
Line of Credit Facility [Line Items]
Outstanding Amount	546,461		0
Facility Capacity	$ 575,000
LIBOR margin (as percent)	1.40%
Maturity	Oct. 20, 2016
Borrowings under credit facilities	$ 546,461		0
Consolidated funds | Senior variable rate notes 5
Line of Credit Facility [Line Items]
Outstanding Amount	420,000		420,000
Facility Capacity	$ 420,000
LIBOR margin (as percent)	1.47%
Maturity	Aug. 15, 2025
Borrowings under credit facilities	$ 420,000		420,000
Consolidated funds | Senior variable rate notes 6
Line of Credit Facility [Line Items]
Outstanding Amount	84,750		84,399
Facility Capacity	$ 86,000
LIBOR margin (as percent)	2.10%
Maturity	Aug. 15, 2025
Borrowings under credit facilities	$ 84,750		84,399
Consolidated funds | Credit facility 4
Line of Credit Facility [Line Items]
Outstanding Amount	286,000		0
Facility Capacity	$ 305,000
LIBOR margin (as percent)	1.60%
Maturity	Oct. 20, 2020
Borrowings under credit facilities	$ 286,000		0
Consolidated funds | Senior variable rate note 7
Line of Credit Facility [Line Items]
Outstanding Amount	332,763		332,706
Facility Capacity	$ 333,000
LIBOR margin (as percent)	1.56%
Maturity	Nov. 15, 2025
Borrowings under credit facilities	$ 332,763		332,706
Consolidated funds | Senior variable rate note 8
Line of Credit Facility [Line Items]
Outstanding Amount	76,942		76,648
Facility Capacity	$ 78,000
LIBOR margin (as percent)	2.30%
Maturity	Nov. 15, 2025
Borrowings under credit facilities	$ 76,942		76,648
Consolidated funds | Senior variable rate note 9
Line of Credit Facility [Line Items]
Outstanding Amount	39,252		39,049
Facility Capacity	$ 40,000
LIBOR margin (as percent)	3.20%
Maturity	Nov. 15, 2025
Borrowings under credit facilities	$ 39,252		39,049
Consolidated funds | Senior variable rate note 10
Line of Credit Facility [Line Items]
Outstanding Amount	307,500		0
Facility Capacity	$ 307,500
LIBOR margin (as percent)	1.55%
Maturity	Feb. 15, 2026
Borrowings under credit facilities	$ 307,500		0
Consolidated funds | Senior variable rate note 11
Line of Credit Facility [Line Items]
Outstanding Amount	64,835		0
Facility Capacity	$ 65,000
LIBOR margin (as percent)	2.30%
Maturity	Feb. 15, 2026
Borrowings under credit facilities	$ 64,835		0
Consolidated funds | Senior variable rate note 12
Line of Credit Facility [Line Items]
Outstanding Amount	37,002		0
Facility Capacity	$ 37,500
LIBOR margin (as percent)	3.10%
Maturity	Feb. 15, 2026
Borrowings under credit facilities	$ 37,002		0
Consolidated funds | Revolving credit facility 1
Line of Credit Facility [Line Items]
Outstanding Amount	6,342		50,054
Facility Capacity	$ 400,000
LIBOR margin (as percent)	3.07%
Maturity	Aug. 13, 2016
Commitment Fee Rate (as a percent)	0.25%
L/C fee (as a percent)	2.00%	2.00%
Borrowings under credit facilities	$ 6,342		50,054
Consolidated funds | Revolving credit facility 2
Line of Credit Facility [Line Items]
Outstanding Amount	0		500,000
Facility Capacity	$ 500,000
LIBOR margin (as percent)	1.60%
Maturity	Jun. 26, 2015
Commitment Fee Rate (as a percent)	0.25%
Borrowings under credit facilities	$ 0		500,000
Consolidated funds | Revolving credit facility 3
Line of Credit Facility [Line Items]
Outstanding Amount	0		0
Facility Capacity	$ 150,000
LIBOR margin (as percent)	2.75%
Maturity	Feb. 12, 2018
Commitment Fee Rate (as a percent)	1.00%
L/C fee (as a percent)	2.00%	2.00%
Borrowings under credit facilities	$ 0		0
Consolidated funds | Revolving credit facility 4
Line of Credit Facility [Line Items]
Outstanding Amount	$ 626,366		0
Facility Capacity | €		€ 1,400,000
LIBOR margin (as percent)	1.50%
Maturity	Mar. 18, 2018
Commitment Fee Rate (as a percent)	0.60%
L/C fee (as a percent)	1.50%	1.50%
Borrowings under credit facilities	$ 626,366		0
Consolidated funds | Revolving credit facility 5
Line of Credit Facility [Line Items]
Outstanding Amount	$ 0		800
Facility Capacity | €		€ 75,000
LIBOR margin (as percent)	2.00%
Maturity	Dec. 15, 2016
Commitment Fee Rate (as a percent)	0.35%
L/C fee (as a percent)	2.00%	2.00%
Borrowings under credit facilities	$ 0		800
Consolidated funds | Revolving credit facility 6
Line of Credit Facility [Line Items]
Outstanding Amount	71,491		0
Facility Capacity	$ 110,000
LIBOR margin (as percent)	2.00%
Maturity	Nov. 4, 2016
Commitment Fee Rate (as a percent)	0.25%
L/C fee (as a percent)	2.00%	2.00%
Borrowings under credit facilities	$ 71,491		0
Consolidated funds | Revolving credit facility 7
Line of Credit Facility [Line Items]
Outstanding Amount	17,441		0
Facility Capacity	$ 50,000
LIBOR margin (as percent)	1.50%
Maturity	Jan. 30, 2017
Commitment Fee Rate (as a percent)	0.25%
L/C fee (as a percent)	1.50%	1.50%
Borrowings under credit facilities	$ 17,441		0
Consolidated funds | Euro-denominated revolving credit facility 1
Line of Credit Facility [Line Items]
Outstanding Amount	$ 625,833		650,725
Facility Capacity | €		€ 650,000
LIBOR margin (as percent)	1.65%
Maturity	Feb. 25, 2016
Commitment Fee Rate (as a percent)	0.25%
L/C fee (as a percent)	1.65%	1.65%
Borrowings under credit facilities	$ 625,833		650,725
Consolidated funds | Euro-denominated revolving credit facility 2
Line of Credit Facility [Line Items]
Outstanding Amount	$ 81,356		97,925
Facility Capacity | €		€ 100,000
LIBOR margin (as percent)	1.95%
Maturity	Feb. 2, 2016
Commitment Fee Rate (as a percent)	0.40%
L/C fee (as a percent)	1.95%	1.95%
Borrowings under credit facilities	$ 81,356		97,925
Consolidated funds | Revolving credit facility 8
Line of Credit Facility [Line Items]
Outstanding Amount	0		146,000
Facility Capacity	$ 221,000
LIBOR margin (as percent)	1.65%
Maturity	Sep. 30, 2015
Commitment Fee Rate (as a percent)	0.25%
Borrowings under credit facilities	$ 0		146,000
Consolidated funds | Revolving credit facility 9
Line of Credit Facility [Line Items]
Outstanding Amount	439,504		201,739
Facility Capacity	$ 500,000
LIBOR margin (as percent)	1.60%
Maturity	Jan. 16, 2017
Commitment Fee Rate (as a percent)	0.25%
L/C fee (as a percent)	1.60%	1.60%
Borrowings under credit facilities	$ 439,504		201,739
Consolidated funds | Revolving credit facility 10
Line of Credit Facility [Line Items]
Outstanding Amount	0		2,000
Facility Capacity	$ 30,000
LIBOR margin (as percent)	1.50%
Maturity	Dec. 9, 2016
Commitment Fee Rate (as a percent)	0.20%
Borrowings under credit facilities	$ 0		2,000
Consolidated funds | Revolving credit facility 11
Line of Credit Facility [Line Items]
Outstanding Amount	48,300		56,697
Facility Capacity	$ 61,000
LIBOR margin (as percent)	2.95%
Maturity	Mar. 15, 2019
Borrowings under credit facilities	$ 48,300		56,697
Consolidated funds | Revolving credit facility 12
Line of Credit Facility [Line Items]
Outstanding Amount	43,241		88,000
Facility Capacity	$ 72,688
LIBOR margin (as percent)	2.75%
Maturity	Dec. 16, 2018
Commitment Fee Rate (as a percent)	1.00%
Borrowings under credit facilities	$ 43,241		88,000
Consolidated funds | Revolving credit facility 13
Line of Credit Facility [Line Items]
Outstanding Amount	277,194		93,943
Facility Capacity	$ 450,000
LIBOR margin (as percent)	1.60%
Maturity	Sep. 8, 2016
Commitment Fee Rate (as a percent)	0.25%
L/C fee (as a percent)	2.00%	2.00%
Borrowings under credit facilities	$ 277,194		93,943
Consolidated funds | Credit facility 5
Line of Credit Facility [Line Items]
Outstanding Amount	59,996		0
Facility Capacity	$ 59,996
LIBOR margin (as percent)	4.50%
Maturity	Mar. 21, 2018
Borrowings under credit facilities	$ 59,996		0
Consolidated funds | Credit facility 6
Line of Credit Facility [Line Items]
Outstanding Amount	108,987		0
Facility Capacity	$ 108,987
LIBOR margin (as percent)	1.95%
Maturity	Mar. 11, 2016
Borrowings under credit facilities	$ 108,987		0
Consolidated funds | Revolving credit facility 14
Line of Credit Facility [Line Items]
Outstanding Amount	339,062		0
Facility Capacity	$ 800,000
LIBOR margin (as percent)	1.45%
Maturity	Jul. 14, 2017
Commitment Fee Rate (as a percent)	0.25%
L/C fee (as a percent)	1.45%	1.45%
Borrowings under credit facilities	$ 339,062		0
Consolidated funds | Euro-denominated revolving credit facility 3
Line of Credit Facility [Line Items]
Outstanding Amount	$ 43,450		0
Facility Capacity | €		€ 95,000
LIBOR margin (as percent)	2.25%
Maturity	Sep. 1, 2017
Commitment Fee Rate (as a percent)	0.50%
Borrowings under credit facilities	$ 43,450		0
Consolidated funds | Revolving credit facility 15
Line of Credit Facility [Line Items]
Outstanding Amount	0		0
Facility Capacity	$ 40,000
LIBOR margin (as percent)	2.25%
Maturity	Mar. 4, 2017
Commitment Fee Rate (as a percent)	0.30%
L/C fee (as a percent)	1.75%	1.75%
Borrowings under credit facilities	$ 0		0
Consolidated funds | Revolving credit facility 16
Line of Credit Facility [Line Items]
Outstanding Amount	69,339		0
Facility Capacity	$ 130,000
LIBOR margin (as percent)	1.50%
Maturity	Oct. 13, 2016
Commitment Fee Rate (as a percent)	0.20%
L/C fee (as a percent)	1.50%	1.50%
Borrowings under credit facilities	$ 69,339		0
Consolidated funds | Euro-denominated revolving credit facility 4
Line of Credit Facility [Line Items]
Outstanding Amount	$ 29,475		0
Facility Capacity | €		€ 35,000
LIBOR margin (as percent)	1.50%
Maturity	Dec. 7, 2017
Commitment Fee Rate (as a percent)	0.20%
L/C fee (as a percent)	1.50%	1.50%
Borrowings under credit facilities	$ 29,475		0
Consolidated funds | Credit facility 7
Line of Credit Facility [Line Items]
Outstanding Amount	356,568		214,423
Facility Capacity	$ 356,568
LIBOR margin (as percent)	1.91%
Borrowings under credit facilities	$ 356,568		214,423
Consolidated funds | Credit Agreement
Line of Credit Facility [Line Items]
Outstanding Amount	6,462,762
Borrowings under credit facilities	6,462,762
Consolidated funds | Standby Letters of Credit
Line of Credit Facility [Line Items]
Amount outstanding	509,770		$ 43,326
Consolidated funds | In March 2016 | Credit facility 7
Line of Credit Facility [Line Items]
Outstanding Amount	147,400
Borrowings under credit facilities	147,400
Consolidated funds | In July 2016 | Credit facility 7
Line of Credit Facility [Line Items]
Outstanding Amount	64,000
Borrowings under credit facilities	64,000
Consolidated funds | In October 2016 | Credit facility 7
Line of Credit Facility [Line Items]
Outstanding Amount	52,300
Borrowings under credit facilities	52,300
Consolidated funds | In 2017 | Credit facility 7
Line of Credit Facility [Line Items]
Outstanding Amount	92,900
Borrowings under credit facilities	$ 92,900

DEBT OBLIGATIONS AND CREDIT F69

DEBT OBLIGATIONS AND CREDIT FACILITIES - Collateralized Loan Obligation Loans Payable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015EUR (€)
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 850,000	$ 850,000
Consolidated funds
Debt Instrument [Line Items]
Debt obligations of CLOs	2,355,060	1,601,535
Consolidated funds | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	2,355,060	1,601,535
Consolidated funds | Senior secured notes 1 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 457,196	$ 456,567
Weighted Average Interest Rate (as a percent)	2.37%	2.25%	2.37%
Weighted Average Remaining Maturity (in years)	9 years 3 months 18 days	10 years 3 months 18 days
Consolidated funds | Senior secured notes 2 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 454,423	$ 453,821
Weighted Average Interest Rate (as a percent)	2.52%	2.43%	2.52%
Weighted Average Remaining Maturity (in years)	11 years	12 years
Consolidated funds | Senior secured notes 3 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 79,914	$ 85,776
Weighted Average Interest Rate (as a percent)	2.96%	2.61%	2.96%
Weighted Average Remaining Maturity (in years)	3 years	4 years
Consolidated funds | Senior secured notes 4 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 363,709	$ 405,018
Weighted Average Interest Rate (as a percent)	2.26%	2.32%	2.26%
Weighted Average Remaining Maturity (in years)	11 years 8 months 12 days	12 years 8 months 1 day
Consolidated funds | Senior secured notes 5 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 455,295
Weighted Average Interest Rate (as a percent)	2.54%		2.54%
Weighted Average Remaining Maturity (in years)	12 years
Consolidated funds | Senior secured notes 5 | Collateralized Loan Obligations | LIBOR
Debt Instrument [Line Items]
Interest rate (as a percent)	2.10%
Consolidated funds | Senior secured notes 6 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 361,142
Weighted Average Interest Rate (as a percent)	2.29%		2.29%
Weighted Average Remaining Maturity (in years)	12 years 3 months 18 days
Consolidated funds | Subordinated note 1 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 25,500	$ 25,500
Weighted Average Remaining Maturity (in years)	11 years	12 years
Consolidated funds | Subordinated note 2 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 21,183	$ 23,596
Weighted Average Remaining Maturity (in years)	11 years 8 months 21 days	12 years 8 months 1 day
Consolidated funds | Subordinated note 3 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 25,500
Weighted Average Remaining Maturity (in years)	12 years
Consolidated funds | Subordinated note 4 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 17,924
Weighted Average Remaining Maturity (in years)	12 years 3 months 18 days
Consolidated funds | Subordinated note 5 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 12,036
Weighted Average Remaining Maturity (in years)	1 year 7 months 6 days
Facility capacity | €			€ 25,000,000
Consolidated funds | Term loan 1 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	$ 81,238
Weighted Average Interest Rate (as a percent)	1.20%		1.20%
Weighted Average Remaining Maturity (in years)	1 year 7 months 6 days
Commitment fee payable on unused funds (as a percent)	0.30%
Facility capacity | €			€ 150,000,000
Consolidated funds | Term loan 1 | Collateralized Loan Obligations | EURIBOR
Debt Instrument [Line Items]
Interest rate (as a percent)	1.20%
Consolidated funds | Term loan 2 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs		$ 151,257
Weighted Average Interest Rate (as a percent)		1.24%
Weighted Average Remaining Maturity (in years)		1 year 9 months 18 days
Consolidated funds | Estimate of fair value | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	$ 2,294,938	$ 1,591,911
Consolidated funds | Estimate of fair value | Senior secured notes 1 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	$ 447,460	449,167
Consolidated funds | Estimate of fair value | Senior secured notes 1 | Collateralized Loan Obligations | LIBOR
Debt Instrument [Line Items]
Interest rate (as a percent)	2.01%
Consolidated funds | Estimate of fair value | Senior secured notes 2 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	$ 446,558	454,274
Consolidated funds | Estimate of fair value | Senior secured notes 2 | Collateralized Loan Obligations | LIBOR
Debt Instrument [Line Items]
Interest rate (as a percent)	2.20%
Consolidated funds | Estimate of fair value | Senior secured notes 3 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	$ 78,632	85,468
Consolidated funds | Estimate of fair value | Senior secured notes 4 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	$ 357,626	402,649
Consolidated funds | Estimate of fair value | Senior secured notes 4 | Collateralized Loan Obligations | EURIBOR
Debt Instrument [Line Items]
Interest rate (as a percent)	2.26%
Base rate floor (as a percent)	0.00%
Consolidated funds | Estimate of fair value | Senior secured notes 5 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	$ 448,933
Consolidated funds | Estimate of fair value | Senior secured notes 6 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	$ 359,914
Consolidated funds | Estimate of fair value | Senior secured notes 6 | Collateralized Loan Obligations | EURIBOR
Debt Instrument [Line Items]
Interest rate (as a percent)	2.29%
Base rate floor (as a percent)	0.00%
Consolidated funds | Estimate of fair value | Subordinated note 1 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	$ 16,400	25,500
Consolidated funds | Estimate of fair value | Subordinated note 2 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	15,876	23,596
Consolidated funds | Estimate of fair value | Subordinated note 3 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	18,337
Consolidated funds | Estimate of fair value | Subordinated note 4 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	11,928
Consolidated funds | Estimate of fair value | Subordinated note 5 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	12,036
Consolidated funds | Estimate of fair value | Term loan 1 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value	$ 81,238
Consolidated funds | Estimate of fair value | Term loan 2 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Fair Value		$ 151,257
Consolidated funds | Minimum | Estimate of fair value | Senior secured notes 3 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Commitment fee payable on unused funds (as a percent)	0.00%
Consolidated funds | Maximum | Estimate of fair value | Senior secured notes 3 | Collateralized Loan Obligations
Debt Instrument [Line Items]
Commitment fee payable on unused funds (as a percent)	2.00%

DEBT OBLIGATIONS AND CREDIT F70

DEBT OBLIGATIONS AND CREDIT FACILITIES - CLO Future principal payments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2,016	$ 100,000
2,017	0
2,018	0
2,019	500,000
2,020	0
Thereafter	250,000
Debt obligations of CLOs	850,000	$ 850,000
Consolidated funds
Debt Instrument [Line Items]
Debt obligations of CLOs	2,355,060	1,601,535
Consolidated funds | Collateralized Loan Obligations
Debt Instrument [Line Items]
Debt obligations of CLOs	2,355,060	1,601,535
Consolidated funds | Secured Debt | Collateralized Loan Obligations
Debt Instrument [Line Items]
2,016	0
2,017	93,274
2,018	79,914
2,019	0
2,020	0
Thereafter	2,181,872
Debt obligations of CLOs	2,355,060
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Assets	$ 2,600,000	$ 2,100,000

NON-CONTROLLING REDEEMABLE IN71

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS - Summary of Changes in Non-controlling Redeemable Interests in Consolidated Funds (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Non-Controlling Redeemable Interests in Consolidated Funds [Roll Forward]
Beginning balance	$ 41,681,155	$ 38,834,831	$ 39,670,831
Contributions	5,796,081	9,420,044	6,507,188
Distributions	(7,407,437)	(7,962,362)	(12,783,673)
Net income (loss)	(1,812,539)	1,647,753	5,163,939
Change in distributions payable	387,989	(528,051)	105,735
Change in accrued or deferred contributions	526	(26,760)	0
Initial consolidation of a fund	0	902,979	0
Foreign-currency translation and other	(472,650)	(607,279)	170,811
Ending balance	$ 38,173,125	$ 41,681,155	$ 38,834,831

UNITHOLDERS' CAPITAL - Addition

UNITHOLDERS' CAPITAL - Additional Information (Detail) $ / shares in Units, $ in Thousands	Mar. 10, 2014USD ($)shares	Mar. 31, 2015USD ($)shares	May. 31, 2013USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Dec. 31, 2014USD ($)$ / sharesshares	Sep. 30, 2014$ / shares	Jun. 30, 2014$ / shares	Mar. 31, 2014$ / shares	Dec. 31, 2013USD ($)$ / sharesshares	Sep. 30, 2013$ / shares	Jun. 30, 2013$ / shares	Mar. 31, 2013$ / shares	Dec. 31, 2015USD ($)day$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares	Nov. 30, 2015shares	Dec. 31, 2012USD ($)shares
Class of Stock [Line Items]
Total unitholders’ capital				$ 1,808,094				$ 1,840,130				$ 1,708,378				$ 1,808,094	$ 1,840,130	$ 1,708,378		$ 1,393,893
Non-controlling interests in consolidated funds				$ 1,043,930				$ 1,265,961								1,043,930	1,265,961
Proceeds from issuance of Class A units																$ 237,820	$ 296,650	$ 419,908
OCGH Units
Class of Stock [Line Items]
Shares authorized for conversion | shares																			12,998,725
Class A Units
Class of Stock [Line Items]
Unitholders' capital (in shares) | shares				61,970,000				43,764,000				38,473,000				61,970,000	43,764,000	38,473,000		30,181,000
Lock-up period (in years)																3 years
Number of business days after earnings release | day																2
Shares eligible for sale | shares																			1,100,000
Distribution Per Unit (in dollars per share) | $ / shares				$ 0.40	$ 0.5	$ 0.64	$ 0.56	$ 0.62	$ 0.55	$ 0.98	$ 1	$ 0.74	$ 1.51	$ 1.41	$ 1.05	$ 2.1	$ 3.15	$ 4.71
Issuance of units (in shares) | shares	5,000,000	4,600,000,000	8,050,000													18,231,000	5,291,000	8,292,000
Proceeds from issuance of Class A units	$ 296,700	$ 237,800	$ 419,900
Share price (in dollars per share) | $ / shares			$ 53.50
OCGH
Class of Stock [Line Items]
Unitholders' capital (in shares) | shares				91,937,873				109,088,901								91,937,873	109,088,901
Total unitholders’ capital				$ 941,141				$ 1,170,893								$ 941,141	$ 1,170,893
Oaktree Operating Group
Class of Stock [Line Items]
Subsidiary units outstanding (in shares) | shares				153,907,733				152,852,620								153,907,733	152,852,620
Total unitholders’ capital				$ 1,575,504				$ 1,640,594								$ 1,575,504	$ 1,640,594
Equity Held by Third Parties
Class of Stock [Line Items]
Non-controlling interests in consolidated funds				$ 102,789				$ 95,068								$ 102,789	$ 95,068

UNITHOLDERS' CAPITAL - Summary

UNITHOLDERS' CAPITAL - Summary of Net Income (Loss) (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Weighted average Oaktree Operating Group units outstanding (in thousands):
Class A units outstanding (in shares)									49,324	42,582	34,979
Oaktree Operating Group net income:
Oaktree Operating Group net income:	$ (732,772)	$ (1,766,571)	$ (316,638)	$ 1,283,019	$ (92,915)	$ (578,960)	$ 1,307,243	$ 1,540,184	$ (1,532,962)	$ 2,175,552	$ 6,210,732
Net income attributable to Oaktree Capital Group, LLC:
Income tax expense of Intermediate Holding Companies									(17,549)	(18,536)	(26,232)
Net income attributable to Oaktree Capital Group, LLC	$ 11,395	$ 1,887	$ 19,814	$ 38,253	$ 24,390	$ 18,913	$ 31,186	$ 51,794	71,349	126,283	221,998
OCGH non-controlling interest									$ 205,372	$ 399,379	$ 824,795
OCGH non-controlling interest
Weighted average Oaktree Operating Group units outstanding (in thousands):
Class A units outstanding (in shares)									104,427	110,078	115,992
Oaktree Operating Group net income:
Oaktree Operating Group net income:									$ 195,162	$ 386,398	$ 824,795
Class A Unitholders
Weighted average Oaktree Operating Group units outstanding (in thousands):
Class A units outstanding (in shares)									49,324	42,582	34,979
Oaktree Operating Group net income:
Oaktree Operating Group net income:									$ 87,620	$ 146,446	$ 243,250
Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Class A units outstanding (in shares)									153,751	152,660	150,971
Oaktree Operating Group net income:
Oaktree Operating Group net income:									$ 282,782	$ 532,844	$ 1,068,045
Net income attributable to Oaktree Capital Group, LLC:
OCGH non-controlling interest									10,214	12,981
Oaktree Capital Group, LLC
Net income attributable to Oaktree Capital Group, LLC:
Oaktree Operating Group net income attributable to Class A unitholders									87,620	146,446	243,250
Non-Operating Group expenses									(2,097)	(1,645)	(1,195)
Income tax expense of Intermediate Holding Companies									(14,174)	(18,518)	(20,057)
Net income attributable to Oaktree Capital Group, LLC									$ 71,349	$ 126,283	$ 221,998

UNITHOLDERS' CAPITAL - Changes

UNITHOLDERS' CAPITAL - Changes in Company Ownership Interest (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stockholders' Equity Note [Abstract]
Net income attributable to Oaktree Capital Group, LLC	$ 11,395	$ 1,887	$ 19,814	$ 38,253	$ 24,390	$ 18,913	$ 31,186	$ 51,794	$ 71,349	$ 126,283	$ 221,998
Equity reallocation between controlling and non-controlling interests									181,539	51,525	79,052
Change from net income attributable to Oaktree Capital Group, LLC and transfers from non-controlling interest									$ 252,888	$ 177,808	$ 301,050

EARNINGS PER UNIT - Computation

EARNINGS PER UNIT - Computations of Net Income Per Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net income per Class A unit (basic and diluted):
Net income attributable to Oaktree Capital Group, LLC	$ 11,395	$ 1,887	$ 19,814	$ 38,253	$ 24,390	$ 18,913	$ 31,186	$ 51,794	$ 71,349	$ 126,283	$ 221,998
Weighted average number of Class A units outstanding (in shares)									49,324	42,582	34,979
Basic and diluted net income per Class A unit (in dollars per share)	$ 0.21	$ 0.04	$ 0.41	$ 0.85	$ 0.56	$ 0.43	$ 0.72	$ 1.30	$ 1.45	$ 2.97	$ 6.35

EARNINGS PER UNIT - Computati76

EARNINGS PER UNIT - Computations of Net Income Per Unit Additional information (Detail)	12 Months Ended
	Dec. 31, 2015shares
Highstar Capital
Earnings Per Share [Line Items]
Period of performance (in years)	7 years
OCGH Units
Earnings Per Share [Line Items]
Potential exchangeable units ratio	1
Common stock, shares outstanding (in shares)	91,937,873
Class A Units
Earnings Per Share [Line Items]
Potential exchangeable units ratio	1
OCGH Issued (in shares)	91,937,873

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2015shares
Class A Units and OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested and unvested Class A and OCGH units issued and outstanding units (in shares)	153,907,733
2007 Plan | OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units authorized (in shares)	4,954,976
2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized units (in shares)	22,927,893
Units authorized (in shares)	8,118,332
2011 Plan | Equity Value Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued as of balance sheet date (in shares)	2,000,000
2011 Plan | Phantom Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued as of balance sheet date (in shares)	33,608

EQUITY-BASED COMPENSATION - Cla

EQUITY-BASED COMPENSATION - Class A and OCGH Unit Awards (Details) $ in Millions	3 Months Ended	12 Months Ended				13 Months Ended	20 Months Ended
	Mar. 31, 2013	Dec. 31, 2015USD ($)companyshares	Dec. 31, 2014shares	Dec. 31, 2013shares	Mar. 31, 2013	Apr. 30, 2014	Dec. 31, 2015USD ($)	Nov. 30, 2015shares
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for conversion								12,998,725
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)		1,175,213
Units vesting periods (in years)		5 years
Unvested equity-based awards | $		$ 136.3					$ 136.3
Recognition period (in years)		4 years 4 months
Estimated time-to-liquidity assumption (in years)	3 years	5 years
Number of comparable publicly-owned alternative asset managers | company		6
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)		1,175,213	1,770,418	763,000
OCGH Units | OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share exchange rate		1
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)		7,940
Class A Units | Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share exchange rate		1
2007 Plan | OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount rate (as a percent)					30.00%	25.00%	20.00%
Forfeiture rate (as a percent)		1.50%

EQUITY-BASED COMPENSATION - Sum

EQUITY-BASED COMPENSATION - Summary of Unvested Equity-Based Awards and Changes (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class A Units
Number of Units
Beginning balance (in shares)	19,049	16,582	11,669
Granted (in shares)	7,940	7,164	8,508
Vested (in shares)	(50,931)	(4,697)	(3,595)
Exchanged (in shares)	2,418,282
Forfeited (in shares)	(18,000)	0	0
Ending balance (in shares)	2,376,340	19,049	16,582
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 50.63	$ 45.34	$ 41.91
Granted (in dollars per share)	55.75	58.88	47.83
Vested (in dollars per share)	40.11	44.54	40.07
Exchanged (in dollars per share)	38.10
Forfeited (in dollars per share)	42.29	0	0
Ending balance (in dollars per share)	$ 38.18	$ 50.63	$ 45.34
OCGH Units
Number of Units
Beginning balance (in shares)	5,070,992	4,465,722	4,902,348
Granted (in shares)	1,175,213	1,770,418	763,000
Vested (in shares)	(1,421,597)	(1,109,170)	(1,152,026)
Exchanged (in shares)	(2,418,282)
Forfeited (in shares)	(140,359)	(55,978)	(47,600)
Ending balance (in shares)	2,265,967	5,070,992	4,465,722
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 36.21	$ 30.30	$ 28.17
Granted (in dollars per share)	44.04	43.98	34.60
Vested (in dollars per share)	32.38	24.90	24.10
Exchanged (in dollars per share)	38.10
Forfeited (in dollars per share)	35.68	34.42	29.54
Ending balance (in dollars per share)	$ 40.70	$ 36.21	$ 30.30

EQUITY-BASED COMPENSATION - E80

EQUITY-BASED COMPENSATION - Equity Value Units (Details) - USD ($) $ in Millions	Feb. 24, 2015	Dec. 02, 2014	Dec. 31, 2015
Equity Value Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognition period (in years)			4 years
Unrecognized share expense			$ 10.1
Discount rate (as a percent)			20.00%
Equity Value Units | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)		2,000,000
Units vesting periods (in years)		5 years
Performance period (in years)	2 years
Forfeiture rate (as a percent)			0.00%
Recapitalization percentage			33.33%
Equity Value Units, Equity Settled | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
EVUs outstanding (in shares)			1,000,000
Equity Value Units, Cash Settled | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
EVUs outstanding (in shares)			1,000,000

INCOME TAXES AND RELATED PAYM81

INCOME TAXES AND RELATED PAYMENTS - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)company	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Income Tax Disclosure [Abstract]
Number of wholly-owned subsidiaries | company	2
Subsidiary subject to income tax | company	2
Subsidiary not subject to income tax | company	3
Total reserve	$ 6,500
Realized tax benefits	5,000
Income tax penalties and interest expense	900
Income tax penalties and interest benefits	900	$ 2,900	$ (500)
Decrease resulting from settlements with taxing authorities	3,500
Income tax penalties and interest accrued	1,500	1,500
Settlement of tax positions	$ 0	$ (3,657)	$ 0

INCOME TAXES AND RELATED PAYM82

INCOME TAXES AND RELATED PAYMENTS - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
U.S. federal income tax	$ 1,478	$ 4,128	$ 5,516
State and local income tax	1,650	(372)	5,148
Foreign income tax	2,621	2,245	3,195
Current:	5,749	6,001	13,859
Deferred:
U.S. federal income tax	11,306	12,544	11,253
State and local income tax	786	1,836	1,120
Foreign income tax	(292)	(1,845)	0
Deferred:	11,800	12,535	12,373
Total:
U.S. federal income tax	12,784	16,672	16,769
State and local income tax	2,436	1,464	6,268
Foreign income tax	2,329	400	3,195
Income tax expense	$ 17,549	$ 18,536	$ 26,232

INCOME TAXES AND RELATED PAYM83

INCOME TAXES AND RELATED PAYMENTS - Income Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Domestic income (loss) before income taxes									$ (1,518,108)	$ 2,195,174	$ 6,233,758
Foreign income (loss) before income taxes									2,695	(1,086)	3,206
Income (loss) before income taxes	$ (730,476)	$ (1,764,678)	$ (311,153)	$ 1,290,894	$ (93,467)	$ (573,619)	$ 1,313,004	$ 1,548,170	$ (1,515,413)	$ 2,194,088	$ 6,236,964

INCOME TAXES AND RELATED PAYM84

INCOME TAXES AND RELATED PAYMENTS - Effective Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	35.00%	35.00%	35.00%
Income passed through	(35.91%)	(34.15%)	(34.69%)
State and local taxes, net of federal benefit	(0.17%)	0.05%	0.09%
Foreign taxes	(0.09%)	0.04%	0.03%
Other, net	0.01%	(0.10%)	(0.01%)
Total effective rate	(1.16%)	0.84%	0.42%

INCOME TAXES AND RELATED PAYM85

INCOME TAXES AND RELATED PAYMENTS - Income Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Investment in partnerships	$ 414,142	$ 351,962	$ 277,039
Equity-based compensation expense	3,773	5,514	3,695
Other, net	9,675	3,071	1,822
Total deferred tax assets	427,590	360,547	282,556
Total deferred tax liabilities	1,792	3,183	3,671
Net deferred tax assets before valuation allowance	425,798	357,364	278,885
Valuation allowance	0	0	0
Net deferred tax assets	$ 425,798	$ 357,364	$ 278,885

INCOME TAXES AND RELATED PAYM86

INCOME TAXES AND RELATED PAYMENTS - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 5,575	$ 10,390	$ 9,472
Additions for tax positions related to the current year	1,156	1,492	1,633
Additions for tax positions related to prior years	109	0	1,029
Reductions for tax positions related to prior years	0	(1,373)	(806)
Settlement of tax positions	0	(3,657)	0
Lapse of statute of limitations	(1,884)	(1,277)	(938)
Balance at end of period	$ 5,575	$ 10,390	$ 9,472	$ 4,956

INCOME TAXES AND RELATED PAYM87

INCOME TAXES AND RELATED PAYMENTS - Tax Receivable Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2037	Dec. 31, 2036	Dec. 31, 2035	Dec. 31, 2034	Dec. 31, 2029
Tax Receivable Agreement [Line Items]
Percentage of cash savings (as a percent)	85.00%
Scenario, Forecast
Tax Receivable Agreement [Line Items]
Payments to unitholders under TRA		$ 62.5	$ 78.1	$ 104	$ 75.2	$ 37.1

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)office	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Loss Contingencies [Line Items]
Accrued incentives (fund level)	$ 1,540,469	$ 1,915,107	$ 2,211,979
Compensation expense related to accrued incentives (fund level)	750,077	930,572	994,879
Capital commitments	$ 469,400	256,000
Number of Offices | office	16
Occupancy costs	$ 19,305	18,040	$ 17,878
Highstar Capital
Loss Contingencies [Line Items]
Period of performance (in years)	7 years
Contingent consideration	$ 28,500
Discount rate (as a percent)	10.00%
Contingent consideration expense	$ 1,200	1,700
Consolidated funds
Loss Contingencies [Line Items]
Commitments	1,274,800	$ 1,585,800
Consolidated funds | Support Provided Pursuant to Contractual Agreements | Financial Support
Loss Contingencies [Line Items]
Financial support to portfolio companies	402,700
Consolidated funds | Support Provided at the Discretion of the Company | Financial Support
Loss Contingencies [Line Items]
Financial support to portfolio companies	$ 5,400,000

COMMITMENTS AND CONTINGENCIES89

COMMITMENTS AND CONTINGENCIES (Operating Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Occupancy, Net	$ 19,305	$ 18,040	$ 17,878
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	14,132
2,017	8,006
2,018	10,369
2,019	10,509
2,020	10,406
Thereafter	50,005
Total	$ 103,427

EMPLOYEE BENEFITS (Details)

EMPLOYEE BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contribution expense	$ 9.1	$ 7.8	$ 6
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer matching contribution (as a percent)	4.50%
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer matching contribution (as a percent)	13.20%

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 23, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Interest income		$ 2,144	$ 1,440	$ 1,629
Commitment to purchase	$ 12,500
Level III
Related Party Transaction [Line Items]
Fair value of amounts due to affiliates		$ 160,952	$ 159,264
Level III | Discounted Cash Flow | Affiliated Entity
Related Party Transaction [Line Items]
Discount rate (as a percent)		10.00%
Level III | Discounted Cash Flow | Minimum | Affiliated Entity
Related Party Transaction [Line Items]
Average interest rate (as a percent)		2.00%
Level III | Discounted Cash Flow | Maximum | Affiliated Entity
Related Party Transaction [Line Items]
Average interest rate (as a percent)		3.00%

RELATED PARTY TRANSACTIONS - Am

RELATED PARTY TRANSACTIONS - Amounts Due from and Due to Affiliates (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Due from affiliates:
Loans	$ 29,718	$ 39,452
Amounts due from non-consolidated funds	777	2,525
Payments made on behalf of non-consolidated entities	3,788	3,221
Non-interest bearing advances made to certain non-controlling interest holders and employees	1,616	1,683
Total due from affiliates	35,899	46,881
Due to affiliates:
Due to OCGH unitholders in connection with the tax receivable agreement (please see note 12)	356,851	308,475
Amounts due to senior executives, certain non-controlling interest holders and employees	0	739
Total due to affiliates	$ 356,851	$ 309,214

CAPITAL REQUIREMENTS OF REGUL93

CAPITAL REQUIREMENTS OF REGULATED ENTITIES (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Regulatory Capital Requirements [Abstract]
Potential restricted amounts	$ 71.3	$ 100.1

SEGMENT REPORTING - Adjusted Ne

SEGMENT REPORTING - Adjusted Net Income (Detail) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of segments | segment									1
Revenues:
Management fees									$ 195,308	$ 192,055	$ 192,605
Incentive income									6,597	1,839	2,317
Total revenues	$ 49,108	$ 50,491	$ 51,487	$ 50,819	$ 47,660	$ 54,243	$ 51,560	$ 40,431	201,905	193,894	194,922
Expenses:
Compensation and benefits									(416,907)	(388,512)	(365,696)
Equity-based compensation									(54,381)	(41,395)	(28,441)
Incentive income compensation									(160,831)	(221,194)	(482,551)
General and administrative expenses									(110,677)	(99,835)	(114,404)
Depreciation and amortization expense									(14,022)	(8,003)	(7,119)
Total expenses	$ (268,487)	$ (190,518)	$ (245,929)	$ (235,974)	$ (221,372)	$ (252,401)	$ (215,385)	$ (258,319)	(940,908)	(947,477)	(1,107,062)
Interest expense, net of interest income									(216,799)	(129,942)	(61,160)
Other income (expense), net									20,006	3,018	409
Segment
Revenues:
Management fees									753,805	762,823	749,901
Incentive income									263,806	491,402	1,030,195
Investment income									48,253	117,662	258,654
Total revenues									1,065,864	1,371,887	2,038,750
Expenses:
Compensation and benefits									(404,442)	(379,360)	(365,306)
Equity-based compensation									(37,978)	(19,705)	(3,828)
Incentive income compensation									(141,822)	(231,871)	(436,217)
General and administrative expenses									(120,783)	(127,954)	(117,361)
Depreciation and amortization expense									(10,018)	(7,249)	(7,119)
Total expenses									(715,043)	(766,139)	(929,831)
Adjusted net income before interest and other income (expense)									350,821	605,748	1,108,919
Interest expense, net of interest income									(35,032)	(30,190)	(28,621)
Other income (expense), net									(3,927)	(2,431)	409
Adjusted net income									$ 311,862	$ 573,127	$ 1,080,707

SEGMENT REPORTING - Adjusted 95

SEGMENT REPORTING - Adjusted Net Income (Additional Information) (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Asset Reconciling Item [Line Items]
Placement fees		$ 3,619	$ 0	$ 0
Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Placement fees	$ 4,400		25	1,800
Interest income		$ 5,100	$ 3,600	$ 3,200

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Net Income (Loss) Attributable to Oaktree Capital Group, LLC to Adjusted Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended								9 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Net income attributable to Oaktree Capital Group, LLC	$ 11,395	$ 1,887	$ 19,814	$ 38,253	$ 24,390	$ 18,913	$ 31,186	$ 51,794		$ 71,349	$ 126,283	$ 221,998
Investment income										51,958	33,695	56,027
Incentive income compensation										19,009	(10,677)	46,334
Equity-based compensation										54,381	41,395	28,441
Placement fees										3,619	0	0
Currency forward contracts										2,619	(2,003)	0
Income taxes										17,549	18,536	26,232
Non-Operating Group expenses										2,097	1,645	1,195
OCGH non-controlling interest										205,372	399,379	824,795
Adjustments
Segment Reporting Information [Line Items]
Net income attributable to Oaktree Capital Group, LLC										(240,513)	(446,844)	(858,709)
Investment income										3,705	(83,967)	(202,627)
Incentive income										(19,002)	28,813	(64,460)
Incentive income compensation										19,009	10,677	46,334
Placement fees										3,619
Currency forward contracts										9,676	3,204
Acquisition-related items										5,251	2,442	0
Income taxes										17,549	18,536	26,232
OCGH non-controlling interest										205,372	399,379	824,795
Segment
Segment Reporting Information [Line Items]
Net income attributable to Oaktree Capital Group, LLC										311,862	573,127	1,080,707
Investment income										48,253	117,662	258,654
Equity-based compensation										37,978	19,705	3,828
Placement fees									$ 4,400		25	1,800
Income taxes										0	0	0
OCGH non-controlling interest										0	0	0
Adjusted net income										311,862	573,127	1,080,707
OCGH Units Prior to Initial Public Offering in April 2012
Segment Reporting Information [Line Items]
Equity-based compensation										16,403	21,690	24,613
OCGH
Segment Reporting Information [Line Items]
OCGH non-controlling interest										$ 192,968	$ 386,398	$ 824,795

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Reconciliation of Total Segments to Income Loss Attributable to Oaktree Capital Group, LLC and Total Assets (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Asset Reconciling Item [Line Items]
Management fees									$ 195,308	$ 192,055	$ 192,605
Incentive income									6,597	1,839	2,317
Investment income									51,958	33,695	56,027
Total expenses	$ (268,487)	$ (190,518)	$ (245,929)	$ (235,974)	$ (221,372)	$ (252,401)	$ (215,385)	$ (258,319)	(940,908)	(947,477)	(1,107,062)
Interest expense, net									(216,799)	(129,942)	(61,160)
Other income (expense), net									20,006	3,018	409
Other income (loss) of consolidated funds									(631,575)	3,040,900	7,153,828
Income taxes									(17,549)	(18,536)	(26,232)
Net income attributable to non-controlling interests in consolidated subsidiaries									(205,372)	(399,379)	(824,795)
Net income attributable to Oaktree Capital Group, LLC	11,395	$ 1,887	$ 19,814	$ 38,253	24,390	$ 18,913	$ 31,186	$ 51,794	71,349	126,283	221,998
Corporate investments	213,988				187,963				213,988	187,963	169,927
Total assets	51,811,098				53,344,062				51,811,098	53,344,062	45,263,254
Non-controlling Interests in Consolidated Funds
Segment Reporting, Asset Reconciling Item [Line Items]
Net loss attributable to non-controlling interests in consolidated funds									1,809,683	(1,649,890)	(5,163,939)
Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Management fees									753,805	762,823	749,901
Incentive income									263,806	491,402	1,030,195
Investment income									48,253	117,662	258,654
Total expenses									(715,043)	(766,139)	(929,831)
Interest expense, net									(35,032)	(30,190)	(28,621)
Other income (expense), net									(3,927)	(2,431)	409
Other income (loss) of consolidated funds									0	0	0
Income taxes									0	0	0
Net income attributable to non-controlling interests in consolidated subsidiaries									0	0	0
Net income attributable to Oaktree Capital Group, LLC									311,862	573,127	1,080,707
Corporate investments	1,434,109				1,515,443				1,434,109	1,515,443	1,197,173
Total assets	3,257,728				3,267,799				3,257,728	3,267,799	2,817,127
Segment | Non-controlling Interests in Consolidated Funds
Segment Reporting, Asset Reconciling Item [Line Items]
Net loss attributable to non-controlling interests in consolidated funds									0	0	0
Adjustments
Segment Reporting, Asset Reconciling Item [Line Items]
Management fees									(558,497)	(570,768)	(557,296)
Incentive income									(257,209)	(489,563)	(1,027,878)
Investment income									3,705	(83,967)	(202,627)
Total expenses									(225,865)	(181,338)	(177,231)
Interest expense, net									(181,767)	(99,752)	(32,539)
Other income (expense), net									23,933	5,449	0
Other income (loss) of consolidated funds									(631,575)	3,040,900	7,153,828
Income taxes									(17,549)	(18,536)	(26,232)
Net income attributable to non-controlling interests in consolidated subsidiaries									(205,372)	(399,379)	(824,795)
Net income attributable to Oaktree Capital Group, LLC									(240,513)	(446,844)	(858,709)
Corporate investments	(1,220,121)				(1,327,480)				(1,220,121)	(1,327,480)	(1,027,246)
Total assets	$ 48,553,370				$ 50,076,263				48,553,370	50,076,263	42,446,127
Adjustments | Non-controlling Interests in Consolidated Funds
Segment Reporting, Asset Reconciling Item [Line Items]
Net loss attributable to non-controlling interests in consolidated funds									$ 1,809,683	$ (1,649,890)	$ (5,163,939)

SEGMENT REPORTING - Schedule 98

SEGMENT REPORTING - Schedule of Reconciliation of Total Segments to Income Loss Attributable to Oaktree Capital Group, LLC and Total Assets (Additional Information) (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Asset Reconciling Item [Line Items]
Equity-based compensation		$ 54,381	$ 41,395	$ 28,441
Consolidated fund expenses		165,904	161,055	105,089
Expenses incurred by the Intermediate Holding Companies		1,690	1,645	1,195
Incentive compensation, timing differences		(19,009)	10,677	(46,334)
Currency forward contracts		2,619	(2,003)	0
Placement fees		3,619	0	0
Corporate investments		213,988	187,963	169,927
OCGH Units Prior to Initial Public Offering in April 2012
Segment Reporting, Asset Reconciling Item [Line Items]
Equity-based compensation		16,475	21,657	24,613
Adjustments
Segment Reporting, Asset Reconciling Item [Line Items]
Net Realized Gain (Loss) on Investments		12,676	1,669
Incentive compensation, timing differences		(19,009)	(10,677)	(46,334)
Acquisition-related items		5,251	2,442	0
Segments reimbursable expenses		23,552	8,319
Foreign currency gain (loss)		381	2,870
Share-based compensation		72	33
Currency forward contracts		9,676	3,204
Placement fees		3,619
Other expenses		113	68
Corporate investments		(1,220,121)	(1,327,480)	(1,027,246)
Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Equity-based compensation		37,978	19,705	3,828
Placement fees	$ 4,400		25	1,800
Corporate investments		1,434,109	1,515,443	1,197,173
Equity Method Investments | Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Equity method investments		$ 1,300,000	$ 1,300,000	$ 1,100,000

SUBSEQUENT EVENTS - (Details)

SUBSEQUENT EVENTS - (Details) - $ / shares

3 Months Ended

12 Months Ended

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Feb. 09, 2016

Subsequent Event [Line Items]

Distributions declared per Class A unit (in dollars per share)

$ 0.4000

$ 0.50

$ 0.64

$ 0.56

$ 0.62

$ 0.55

$ 0.98

$ 1

$ 2.1000

$ 3.15

$ 4.71

Class A Units

Subsequent Event [Line Items]

Distributions declared per Class A unit (in dollars per share)

$ 2.01

Class A Units | Subsequent Event

Subsequent Event [Line Items]

Dividends declared (in dollars per share)

$ 0.47

QUARTERLY FINANCIAL DATA (Detai

QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Data [Abstract]
Revenues	$ 49,108	$ 50,491	$ 51,487	$ 50,819	$ 47,660	$ 54,243	$ 51,560	$ 40,431	$ 201,905	$ 193,894	$ 194,922
Expenses	(268,487)	(190,518)	(245,929)	(235,974)	(221,372)	(252,401)	(215,385)	(258,319)	(940,908)	(947,477)	(1,107,062)
Other income (loss)	(511,097)	(1,624,651)	(116,711)	1,476,049	80,245	(375,461)	1,476,829	1,766,058	(776,410)	2,947,671	7,149,104
Income (loss) before income taxes	(730,476)	(1,764,678)	(311,153)	1,290,894	(93,467)	(573,619)	1,313,004	1,548,170	(1,515,413)	2,194,088	6,236,964
Net income (loss)	(732,772)	(1,766,571)	(316,638)	1,283,019	(92,915)	(578,960)	1,307,243	1,540,184	(1,532,962)	2,175,552	6,210,732
Net income attributable to Oaktree Capital Group, LLC	$ 11,395	$ 1,887	$ 19,814	$ 38,253	$ 24,390	$ 18,913	$ 31,186	$ 51,794	$ 71,349	$ 126,283	$ 221,998
Basic and diluted net income (loss) per Class A unit (in dollars per share)	$ 0.21	$ 0.04	$ 0.41	$ 0.85	$ 0.56	$ 0.43	$ 0.72	$ 1.30	$ 1.45	$ 2.97	$ 6.35
Distributions declared per Class A unit (in dollars per share)	$ 0.4000	$ 0.50	$ 0.64	$ 0.56	$ 0.62	$ 0.55	$ 0.98	$ 1	$ 2.1000	$ 3.15	$ 4.71