Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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
Class A Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		64,185,410
Class B Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		92,030,445

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash-equivalents	$ 1,201,802	$ 959,200
Derivative assets, at fair value	3,580	16,499
Total assets	8,514,401	7,649,110
Liabilities:
Derivative liabilities, at fair value	13,668	8,951
Total liabilities	5,917,322	5,419,892
Commitments and contingencies (Note 15)
Non-controlling redeemable interests in consolidated funds	497,406	344,047
Unitholders’ capital:
Paid-in capital	763,466	749,618
Retained earnings	141,143	54,494
Accumulated other comprehensive income (loss)	(476)	1,793
Class A unitholders’ capital	904,133	805,905
Non-controlling interests in consolidated subsidiaries	1,166,788	1,050,319
Non-controlling interests in consolidated funds	28,752	28,947
Total unitholders’ capital	2,099,673	1,885,171
Total liabilities and unitholders’ capital	8,514,401	7,649,110
Class A units, no par value, unlimited units authorized, 64,185,410 and 63,032,276 units issued and outstanding as of June 30, 2017 and December 31, 2016, respectively
Unitholders’ capital:
Common stock	0	0
Class B units, no par value, unlimited units authorized, 92,043,490 and 91,758,067 units issued and outstanding as of June 30, 2017 and December 31, 2016, respectively
Unitholders’ capital:
Common stock	0	0
Oaktree Capital Group Excluding Consolidated Funds
Assets
Cash and cash-equivalents	600,104	291,470
U.S. Treasury and time deposit securities	555,008	757,578
Corporate investments (includes $99,389 and $107,591 measured at fair value as of June 30, 2017 and December 31, 2016, respectively)	1,016,078	1,123,732
Due from affiliates	132,943	208,643
Deferred tax assets	405,030	404,614
Investments, at fair value	99,389	107,591
Other assets	239,849	237,466
Liabilities:
Accrued compensation expense	181,355	284,510
Accounts payable, accrued expenses and other liabilities	161,961	150,596
Due to affiliates	341,741	346,543
Derivative liabilities, at fair value		7,865
Debt obligations	746,336	745,897
Consolidated Funds
Assets
Cash and cash-equivalents	601,698	667,730
Investments, at fair value	4,739,686	3,808,234
Dividends and interest receivable	14,837	15,297
Due from brokers	65,711	98,746
Receivable for securities sold	142,276	34,932
Derivative assets, at fair value	478	357
Other assets	703	311
Liabilities:
Accounts payable, accrued expenses and other liabilities	24,256	11,689
Payables for securities purchased	537,691	291,182
Securities sold short, at fair value	81,086	41,016
Derivative liabilities, at fair value	772	1,086
Distributions payable	3,545	9,207
Borrowings under credit facilities	738,550	483,956
Debt obligations	$ 3,100,029	$ 3,054,210

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Class A Units
Par Value (in dollars per share)	$ 0	$ 0
Units Authorized (in shares)	Unlimited	Unlimited
Issued (in shares)	64,185,410	63,032,276
Outstanding (in shares)	64,185,410	63,032,276
Class B Units
Par Value (in dollars per share)	$ 0	$ 0
Units Authorized (in shares)	Unlimited	Unlimited
Issued (in shares)	92,043,490	91,758,067
Outstanding (in shares)	92,043,490	91,758,067
Oaktree Capital Group Excluding Consolidated Funds
Investments, at fair value	$ 99,389	$ 107,591

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Management fees	$ 180,028	$ 195,015	$ 360,956	$ 393,568
Incentive income	454,027	87,701	562,684	143,638
Total revenues	634,055	282,716	923,640	537,206
Expenses:
Compensation and benefits	(102,002)	(103,002)	(206,489)	(211,407)
Equity-based compensation	(14,748)	(14,726)	(29,701)	(28,622)
Incentive income compensation	(266,556)	(35,461)	(301,164)	(45,268)
Total compensation and benefits expense	(383,306)	(153,189)	(537,354)	(285,297)
General and administrative	(34,388)	(32,949)	(66,607)	(80,780)
Depreciation and amortization	(3,004)	(4,048)	(6,828)	(8,209)
Consolidated fund expenses	(2,728)	(1,462)	(5,199)	(2,546)
Total expenses	(423,426)	(191,648)	(615,988)	(376,832)
Other income (loss):
Interest expense	(44,251)	(26,730)	(93,021)	(54,435)
Interest and dividend income	51,914	37,138	99,874	73,408
Net realized gain (loss) on consolidated funds’ investments	235	6,682	(1,637)	10,083
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	28,453	(5,301)	53,131	(25,973)
Investment income	49,106	41,000	99,557	70,447
Other income (expense), net	4,898	5,548	9,561	11,349
Total other income	90,355	58,337	167,465	84,879
Income before income taxes	300,984	149,405	475,117	245,253
Income taxes	(5,541)	(8,571)	(17,843)	(21,251)
Net income	295,443	140,834	457,274	224,002
Less:
Net income attributable to Oaktree Capital Group, LLC	$ 117,324	$ 49,047	$ 172,239	$ 77,125
Distributions declared per Class A unit (in dollars per share)	$ 0.71	$ 0.55	$ 1.34	$ 1.02
Net income per unit (basic and diluted):
Net income per Class A unit (in dollars per share)	$ 1.83	$ 0.78	$ 2.71	$ 1.24
Weighted average number of Class A units outstanding (in shares)	64,193	62,617	63,611	62,256
Consolidated Funds
Less:
Net (income) loss attributable to non-controlling interests	$ (3,861)	$ (7,319)	$ (13,553)	$ (2,375)
Consolidated Subsidiaries
Less:
Net (income) loss attributable to non-controlling interests	$ (174,258)	$ (84,468)	$ (271,482)	$ (144,502)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income	$ 295,443	$ 140,834	$ 457,274	$ 224,002
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(997)	2,488	(5,654)	3,581
Unrealized gain on interest-rate swap designated as cash-flow hedge		215	60	195
Other comprehensive loss, net of tax	(997)	2,703	(5,594)	3,776
Total comprehensive income	294,446	143,537	451,680	227,778
Less: Comprehensive income attributable to non-controlling interests	(177,518)	(93,399)	(281,710)	(149,128)
Comprehensive income attributable to Oaktree Capital Group, LLC	116,928	50,138	169,970	78,650
Oaktree Capital Group, LLC
Net income	117,324	49,047	172,239	77,125
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(396)	1,004	(2,293)	1,446
Unrealized gain on interest-rate swap designated as cash-flow hedge		87	24	79
Other comprehensive loss, net of tax	(396)	1,091	(2,269)	1,525
Total comprehensive income	116,928	50,138	169,970	78,650
Less: Comprehensive income attributable to non-controlling interests	0	0	0	0
Comprehensive income attributable to Oaktree Capital Group, LLC	116,928	50,138	169,970	78,650
Non-controlling Interests in Consolidated Subsidiaries
Net income	174,258	84,468	271,482	144,502
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(601)	1,484	(3,361)	2,135
Unrealized gain on interest-rate swap designated as cash-flow hedge		128	36	116
Other comprehensive loss, net of tax	(601)	1,612	(3,325)	2,251
Total comprehensive income	173,657	86,080	268,157	146,753
Less: Comprehensive income attributable to non-controlling interests	(173,657)	(86,080)	(268,157)	(146,753)
Comprehensive income attributable to Oaktree Capital Group, LLC	0	0	0	0
Non-controlling Interests in Consolidated Funds
Net income	3,861	7,319	13,553	2,375
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	0	0	0	0
Unrealized gain on interest-rate swap designated as cash-flow hedge		0	0	0
Other comprehensive loss, net of tax	0	0	0	0
Total comprehensive income	3,861	7,319	13,553	2,375
Less: Comprehensive income attributable to non-controlling interests	(3,861)	(7,319)	(13,553)	(2,375)
Comprehensive income attributable to Oaktree Capital Group, LLC	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 457,274	$ 224,002
Adjustments to reconcile net income to net cash used in operating activities:
Investment income	(99,557)	(70,447)
Depreciation and amortization	6,828	8,209
Equity-based compensation	29,701	28,622
Net realized and unrealized (gain) loss from consolidated funds’ investments	(51,494)	15,890
Amortization (accretion) of original issue and market discount of consolidated funds’ investments, net	(1,925)	(4,860)
Income distributions from corporate investments in funds and companies	95,987	52,154
Other non-cash items	1,033	608
Cash flows due to changes in operating assets and liabilities:
Net cash used in operating activities	(73,707)	(240,507)
Cash flows from investing activities:
Purchases of U.S. Treasury and time deposit securities	(413,029)	(473,115)
Proceeds from maturities and sales of U.S. Treasury and time deposit securities	615,599	450,007
Corporate investments in funds and companies	(22,799)	(37,228)
Distributions and proceeds from corporate investments in funds and companies	133,653	132,159
Purchases of fixed assets	(14,030)	(4,159)
Net cash provided by investing activities	299,394	67,664
Cash flows from financing activities:
Net cash provided by financing activities	1,182	178,706
Effect of exchange rate changes on cash	15,733	6,379
Net increase in cash and cash-equivalents	242,602	12,242
Cash and cash-equivalents, beginning balance	959,200	3,331,102
Cash and cash-equivalents, ending balance	1,201,802	631,154
Increase (Decrease) from Adoption of Accounting Standards Update 2015-02 | Adjustment
Cash flows from financing activities:
Cash and cash-equivalents, beginning balance	0	(2,712,190)
Oaktree Capital Group Excluding Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Decrease in other assets	9,647	20,175
Increase in net due to affiliates	70,898	116
Decrease in accrued compensation expense	(103,821)	(150,490)
Increase in accounts payable, accrued expenses and other liabilities	10,862	25,590
Cash flows from financing activities:
Payment of debt issuance costs	0	(801)
Repayment of debt obligations	0	(50,000)
Repurchase and cancellation of units	(9,697)	(10,315)
Distributions to Class A unitholders	(85,942)	(63,547)
Distributions to OCGH unitholders	(154,484)	(116,193)
Distributions to non-controlling interests	(2,342)	(3,515)
Cash and cash-equivalents, beginning balance	291,470
Cash and cash-equivalents, ending balance	600,104
Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
(Increase) decrease in dividends and interest receivable	1,600	(1,622)
Decrease in due from brokers	33,035	20,693
Increase in receivables for securities sold	(104,783)	(75,113)
Increase in other assets	(390)	(1,346)
Increase in accounts payable, accrued expenses and other liabilities	7,289	5,479
Increase in payables for securities purchased	230,157	184,080
Purchases of securities	(2,623,756)	(1,570,440)
Proceeds from maturities and sales of securities	1,957,708	1,048,193
Cash flows from financing activities:
Payment of debt issuance costs	(3,706)	(7,974)
Repayment of debt obligations	(1,243,433)	0
Contributions from non-controlling interests	95,932	64,321
Distributions to non-controlling interests	(32,802)	(23,598)
Proceeds from debt obligations issued by CLOs	1,208,863	426,292
Borrowings on credit facilities	254,000	129,885
Repayments on credit facilities	(25,207)	$ (165,849)
Cash and cash-equivalents, beginning balance	667,730
Cash and cash-equivalents, ending balance	$ 601,698

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Changes in Unitholders' Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2015
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, value			$ 1,885,171	$ 1,808,094
Cumulative-effect adjustment from adoption of accounting guidance					$ (122,621)
Repurchase and cancellation of units			(9,697)	(10,315)
Equity reallocation between controlling and non-controlling interests	$ 2,562	$ (645)	(9,499)	(8,126)
Capital increase related to equity-based compensation			29,035	28,413
Distributions declared			(243,913)	(184,934)
Net income			444,671	222,013
Foreign currency translation adjustment, net of tax	(997)	2,488	(5,654)	3,581
Unrealized gain on interest-rate swap designated as cash-flow hedge, net of tax		215	60	195
Unitholders' capital, value	2,099,673	1,744,426	2,099,673	1,744,426
Paid-in Capital
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, value			749,618	735,166
Cumulative-effect adjustment from adoption of accounting guidance					(12,912)
Repurchase and cancellation of units			(7,194)	(10,089)
Equity reallocation between controlling and non-controlling interests			9,499	8,126
Capital increase related to equity-based compensation			11,895	11,455
Distributions declared				(1,350)
Unitholders' capital, value	763,466	730,396	763,466	730,396
Retained Earnings
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, value			54,494	0
Distributions declared			(85,942)	(62,197)
Net income			172,239	77,125
Unitholders' capital, value	141,143	14,928	141,143	14,928
Accumulated Other Comprehensive Income (Loss)
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, value			1,793	(1,216)
Foreign currency translation adjustment, net of tax			(2,293)	1,446
Unrealized gain on interest-rate swap designated as cash-flow hedge, net of tax			24	79
Unitholders' capital, value	(476)	309	(476)	309
Non-controlling Interests in Consolidated Subsidiaries
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, value			1,050,319	1,043,930
Cumulative-effect adjustment from adoption of accounting guidance					$ (109,709)
Repurchase and cancellation of units			(2,503)	(226)
Equity reallocation between controlling and non-controlling interests			(9,499)	(8,126)
Capital increase related to equity-based compensation			17,140	16,958
Distributions declared			(156,826)	(119,708)
Net income			271,482	144,502
Foreign currency translation adjustment, net of tax	(601)	1,484	(3,361)	2,135
Unrealized gain on interest-rate swap designated as cash-flow hedge, net of tax		128	36	116
Unitholders' capital, value	1,166,788	969,872	1,166,788	969,872
Non-controlling Interests in Consolidated Funds
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, value			28,947	30,214
Distributions declared			(1,145)	(1,679)
Net income			950	386
Foreign currency translation adjustment, net of tax	0	0	0	0
Unrealized gain on interest-rate swap designated as cash-flow hedge, net of tax		0	0	0
Unitholders' capital, value	$ 28,752	$ 28,921	$ 28,752	$ 28,921
Class A Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, shares			63,032	61,970
Issuance of units, shares			1,350	897
Cancellation of units associated with forfeitures, shares			(17)	(41)
Repurchase and cancellation of units, shares			(180)	(223)
Unitholders' capital, shares	64,185	62,603	64,185	62,603
Class B Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, shares			91,758	91,938
Issuance of units, shares			496	630
Cancellation of units associated with forfeitures, shares				(111)
Cancellation of units, shares			(140)	(110)
Repurchase and cancellation of units, shares			(71)	(6)
Unitholders' capital, shares	92,043	92,341	92,043	92,341

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2017
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 condensed consolidated financial statements. Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. Certain 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. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 1, 2017.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies of the Company Consolidation The Company consolidates entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. A limited partnership or similar entity is a variable interest entity (“VIE”) if the unaffiliated limited partners do not have substantive kick-out or participating rights. Most of the Oaktree funds are VIEs because they have not granted unaffiliated limited partners substantive kick-out or participating rights. The Company consolidates those VIEs in which it is the primary beneficiary. An entity is deemed 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 economic performance 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 guidance 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-based fees), would give it a controlling financial interest. A decision maker’s fee arrangement is not considered a variable interest if it is compensation for services provided, commensurate with the level of effort required to provide those services and part of a compensation arrangement that includes only terms, conditions or amounts that are customarily present in arrangements for similar services negotiated at arm’s length (“at-market”), and the decision maker does not hold any other variable interests that absorb more than an insignificant amount of the potential VIE’s expected residual returns. 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. The Company does not consolidate most of the Oaktree funds because it is not the primary beneficiary, as its fee arrangements are not deemed to be variable interests and it does not hold any other interests in those funds that are considered to be more than insignificant. Please see note 3 for more information regarding both consolidated and unconsolidated VIEs. For entities that are not VIEs, consolidation is evaluated through a majority voting interest model. “Consolidated funds” refers to Oaktree-managed funds and CLOs that Oaktree is required to consolidate. When funds or CLOs are consolidated, the Company reflects the assets, liabilities, revenues, expenses and cash flows of the funds or CLOs on a gross basis, and the majority of the economic interests in those funds or CLOs, which are held by third-party investors, are reflected as non-controlling interests in consolidated funds or debt obligations of CLOs in the condensed consolidated financial statements. All of the revenues earned by the Company as investment manager of the consolidated funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the consolidation of a fund does not impact net income or loss attributable to the Company. Certain entities in which the Company has the ability to exert significant influence, including unconsolidated Oaktree funds for which the Company acts as general partner, 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 condensed 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 respective 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”) 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 or third parties after consideration of contractual arrangements that govern allocations of income or loss. Please see note 11 for more information. 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 is tested for impairment annually in the fourth quarter of each fiscal year, or more frequently when events or 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, debt obligations of consolidated CLOs, 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 and/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 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 condensed consolidated statements of operations. The Company’s accounting for these investments is similar to its accounting for investments held by the consolidated funds at fair value, and the valuation methods are consistent with those used to determine the fair value of the consolidated funds’ investments. The Company has elected the fair value option for the financial assets and financial liabilities of its consolidated CLOs. The assets and liabilities of CLOs are primarily reflected within the investments, at fair value and within the debt obligations of CLOs line items in the condensed consolidated statements of financial condition. The Company’s accounting for CLO assets is similar to its accounting for its 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. The fair value of CLO liabilities are measured as the fair value of CLO assets less the sum of (a) the fair value of any beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. Realized gains or losses and changes in the fair value of CLO assets, respectively, are included in net realized gain on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Interest income of CLOs is included in interest and dividend income, and interest expense and other expenses, respectively, are included in interest expense and consolidated fund expenses in the condensed consolidated statements of operations. Changes in the fair value of a CLO’s financial liabilities in accordance with the CLO measurement guidance are included in net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Please see notes 5 and 9 for more information. Accounting Policies of Consolidated Funds Investments, at Fair Value The consolidated funds include investment limited partnerships and CLOs 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 investment limited partnerships with respect to consolidated investments and has elected the fair value option for the financial assets of CLOs. Thus, the consolidated investments are reflected in the condensed 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 condensed 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 condensed 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 condensed consolidated financial statements. Recent Accounting Developments In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance to simplify the accounting for goodwill impairments by eliminating step 2 of the goodwill impairment test. This step currently requires an entity to perform a hypothetical purchase price allocation to derive the implied fair value of goodwill. Under the new guidance, an impairment loss is recognized if the carrying value of a reporting unit exceeds its fair value. The impairment loss would equal the amount of that excess, limited to the total amount of goodwill. All other goodwill impairment guidance remains largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The guidance is effective for the Company in the first quarter of 2020 on a prospective basis, with early adoption permitted. The Company expects that adoption of this guidance will not have a material impact on its consolidated financial statements. In January 2017, the FASB issued guidance that amends the definition of a business. The guidance provides a framework to help determine whether a transaction involves an asset or a business. In general, if substantially all of the gross assets acquired or disposed of are concentrated in a single identifiable asset or group of similar identifiable assets, the transaction is deemed to not involve a business. This framework is expected to reduce the number of transactions that an entity must further evaluate to determine whether they are business combinations or asset acquisitions. The definition of a business may also affect other aspects of accounting, such as goodwill impairment or consolidation. The Company adopted this guidance in the second quarter of 2017, with no impact on its consolidated financial statements. In October 2016, the FASB amended the consolidation guidance with respect to a single decision maker’s evaluation of interests held through related parties that are under common control when it is determining whether it is the primary beneficiary of a VIE. Under the guidance, a reporting entity considers its indirect economic interests in a VIE held through related parties that are under common control on a proportionate basis, consistent with the way it would evaluate its indirect economic interests held through related parties that are not under common control. Previously, a reporting entity’s indirect economic interests in a VIE held through related parties that are under common control were considered to be the equivalent of direct interests in their entirety. The Company adopted the guidance in the first quarter of 2017, with no impact on its consolidated financial statements. In August 2016, the FASB issued guidance on the classification of certain cash receipts and payments in the statement of cash flows. The amendments add to or clarify guidance on a number of cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, distributions received from equity-method investees and beneficial interests in securitization transactions. The guidance is effective for the Company in the first quarter of 2018, generally on a retrospective basis, with early adoption permitted. The Company expects that adoption of this guidance will not have a material impact on its consolidated financial statements. In March 2016, the FASB issued guidance that affects several aspects of accounting for employee share-based payment awards. The amendments relate to the accounting for forfeitures, income taxes at settlement, the classification of income taxes in the statement of cash flows and net settlements for withholding tax. The amendment with respect to forfeitures allows an entity to make an accounting policy election either to estimate the number of forfeitures expected to occur or to account for forfeitures when they occur. The amendments related to income taxes require (a) all excess tax benefits and deficiencies related to share-based payment transactions to be recognized through the provision for income taxes in the consolidated statement of operations and (b) excess tax benefits related to share-based payment transactions to be presented as operating activities in the consolidated statement of cash flows with employee taxes paid classified as a financing activity. The amendments related to net settlements allow an employer to withhold shares upon settlement of an award to satisfy the employer’s tax withholding requirement in an amount up to the employees’ maximum individual tax rate in the relevant jurisdiction without resulting in liability classification of the award. The Company adopted the guidance in the first quarter of 2017. With respect to forfeitures, the Company made an accounting policy election to account for forfeitures when they occur and to adopt the guidance on a modified retrospective basis, which resulted in a $0.4 million increase to retained earnings and a corresponding $0.4 million decrease to paid in capital. Amendments relating to income taxes were adopted on a prospective basis. As a result, prior periods have not been recast. Amendments relating to net settlements were adopted on a modified retrospective basis, with no impact to the consolidated financial statements. In March 2016, the FASB issued guidance eliminating the requirement to retroactively apply the equity method of accounting when a reporting entity obtains significant influence over an investment (e.g., due to an increase in ownership) that previously had been accounted for under the cost basis or at fair value. Instead, the reporting entity would be required to apply the equity method of accounting prospectively from the date significant influence was obtained. The cost of the additional interest in the investee, if any, should be added to the current basis of the investment. The amendment also provides guidance for available-for-sale investments that become eligible for the equity method of accounting. In those cases, any unrealized gain or loss recorded within accumulated other comprehensive income should be recognized in earnings as of the date the investment initially qualifies for the use of the equity method. The Company adopted the guidance in the first quarter of 2017 on a prospective basis, with no impact on its consolidated financial statements. In February 2016, the FASB issued guidance that will require a lessee to recognize a lease asset and a lease liability for most of its operating leases. Under current GAAP, operating leases are not recognized by a lessee in its statements of financial position. In general, the new asset and liability will each equal 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 Company expects to adopt the guidance in the first quarter of 2019 under the modified retrospective transition approach, which requires application of the new guidance at the beginning of the earliest comparative period presented. The Company does not expect that adoption will have a material impact on its consolidated statements of operations because all of its leases are currently classified as operating leases, which under the guidance will continue to be recognized as expense on a straight-line basis. The adoption, however, will result in a significant gross up in total assets and total liabilities on the Company’s consolidated statements of financial position. As of June 30, 2017, the Company’s minimum lease payments under lease obligations aggregated $138.0 million . In January 2016, the FASB issued guidance that changes the classification and measurement of financial instruments and amends certain disclosure requirements associated with the fair value of financial instruments. The amendments revise the accounting related to (a) the classification and measurement of equity investments and (b) the presentation of certain fair value changes for financial liabilities measured at fair value. Specifically, the guidance generally requires equity investments to be carried at fair value with changes flowing through net income. This requirement does not apply to equity-method investments. For financial liabilities measured at fair value, the guidance requires fair value changes attributable to instrument-specific credit risk to be presented separately in other comprehensive income, as opposed to reflecting the entire fair-value change in net income. The guidance is effective for the Company in the first quarter of 2019, with early adoption permitted. The Company expects that adoption of this guidance will not have a material impact on its consolidated financial statements. In May 2014, the FASB issued guidance on revenue recognition that superseded most existing revenue recognition guidance, including industry-specific guidance. The new guidance outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, and provides a largely principles-based framework for addressing revenue recognition issues on a comprehensive basis. Under the new guidance, revenue would be recognized when an entity satisfies a performance obligation by transferring control of a promised good or service to a customer in an amount that reflects the consideration for which the entity expects to be entitled for that good or service. Additionally, enhanced disclosures would be required regarding 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. The Company expects to adopt the guidance

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES The Company consolidates VIEs for which it is the primary beneficiary. VIEs include funds managed by Oaktree and CLOs for which Oaktree acts as collateral manager. The purpose of these VIEs is to provide investment opportunities for investors in exchange for management fees and, in certain cases, performance-based allocations. While the investment strategies of the funds and CLOs differ by product, in general the fundamental risks of the funds and CLOs have similar characteristics, including loss of invested capital and reduction or absence of management and performance-based fees. As general partner or collateral manager, respectively, Oaktree generally considers itself the sponsor of the applicable fund or CLO. The Company does not provide performance guarantees and, other than capital commitments, has no financial obligation to provide funding to VIEs. Consolidated VIEs As of June 30, 2017, the Company consolidated 18 VIEs for which it was the primary beneficiary, including nine funds managed by Oaktree, eight CLOs for which Oaktree serves as collateral manager, and Oaktree AIF Holdings, Inc., which was formed to hold certain assets for regulatory and other purposes. Two of the consolidated funds, Oaktree Enhanced Income Retention Holdings III, LLC and Oaktree CLO RR Holder, LLC, were formed to satisfy risk retention requirements under Section 15G of the Exchange Act. One of the CLOs had not priced as of June 30, 2017. As of December 31, 2016, the Company consolidated 17 VIEs. As of June 30, 2017, the assets and liabilities of the 17 consolidated VIEs representing funds and CLOs amounted to $5.4 billion and $4.5 billion , respectively. The assets of these consolidated VIEs primarily consisted of investments in debt and equity securities, while their liabilities primarily represented debt obligations issued by CLOs. The assets of these VIEs may be used only to settle obligations of the same VIE. In addition, there is no recourse to the Company for the VIEs’ liabilities. In exchange for managing either the funds’ or CLOs’ collateral, the Company typically earns management fees and may earn performance fees, all of which are eliminated in consolidation. As of June 30, 2017, the Company’s investments in consolidated VIEs had a carrying value of $366.4 million , which represented its maximum risk of loss as of that date. The Company’s investments in CLOs 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. Please see note 9 for more information on CLO debt obligations. Unconsolidated VIEs The Company holds variable interests in certain VIEs in the form of direct equity interests that are not consolidated because it is not the primary beneficiary, inasmuch as its fee arrangements are considered at-market and it does not hold interests in those entities that are considered more than insignificant. The Company’s investments in VIEs that were not consolidated are shown below. Carrying Value as of June 30, 2017 December 31, 2016 Corporate investments $ 979,486 $ 1,055,227 Due from affiliates 79,577 159,714 Maximum exposure to loss $ 1,059,063 $ 1,214,941

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2017
Investments [Abstract]
INVESTMENTS	INVESTMENTS Corporate Investments Corporate investments consist of investments in funds and companies in which the Company does not have a controlling financial interest. Investments for which the Company is deemed to exert significant influence are accounted for under the equity method of accounting and reflect Oaktree’s ownership interest in each fund or company. In the case of investments for which 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 each respective fund’s holdings at fair value, equity-method investments in DoubleLine Capital LP and its affiliates (collectively, “DoubleLine”) and other companies are not adjusted to reflect the fair value of the underlying company. The fair value of the underlying investments in Oaktree 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. Corporate investments consisted of the following: As of Corporate Investments : June 30, 2017 December 31, 2016 Equity-method Investments: Funds $ 891,501 $ 981,209 Companies 25,188 34,932 Other investments, at fair value 99,389 107,591 Total corporate investments $ 1,016,078 $ 1,123,732 The components of investment income are set forth below: Three Months Ended June 30, Six Months Ended June 30, Investment Income : 2017 2016 2017 2016 Equity-method Investments: Funds $ 36,562 $ 10,259 $ 69,483 $ 29,219 Companies 18,829 16,682 34,723 31,789 Other investments, at fair value (6,285 ) 14,059 (4,649 ) 9,439 Total investment income $ 49,106 $ 41,000 $ 99,557 $ 70,447 Equity-method Investments The Company’s equity-method investments include its investments in Oaktree funds for which it serves as general partner, and other third-party funds and companies that are not consolidated for which the Company is deemed to exert significant influence. The Company’s share of income or loss generated by these investments is recorded within investment income in the condensed consolidated statements of operations. The Company’s equity-method investments in Oaktree funds principally reflect the Company’s general partner interests in those funds, which typically does not exceed 2.5% in each fund. The Oaktree funds are investment companies that follow a specialized basis of accounting established by GAAP. Equity-method investments in companies include the Company’s one-fifth equity stake in DoubleLine. Each reporting period, the Company evaluates each of its equity-method investments to determine if any are considered significant, as defined by the SEC. As of or for the year ended December 31, 2016, no individual equity-method investment met the significance criteria. As a result, separate financial statements were not required for any of the Company’s equity-method investments. Summarized financial information of the Company’s equity-method investments is set forth below. As of Statement of Financial Condition : June 30, 2017 December 31, 2016 Assets: Cash and cash-equivalents $ 3,499,510 $ 3,713,045 Investments, at fair value 40,725,667 43,084,842 Other assets 1,820,104 1,994,304 Total assets $ 46,045,281 $ 48,792,191 Liabilities and Capital: Debt obligations $ 8,203,642 $ 7,372,063 Other liabilities 2,160,821 2,028,065 Total liabilities 10,364,463 9,400,128 Total capital 35,680,818 39,392,063 Total liabilities and capital $ 46,045,281 $ 48,792,191 Three Months Ended June 30, Six Months Ended June 30, Statements of Operations : 2017 2016 2017 2016 Revenues / investment income $ 557,070 $ 482,265 $ 1,077,680 $ 1,025,099 Interest expense (57,857 ) (41,640 ) (104,871 ) (80,169 ) Other expenses (201,099 ) (217,303 ) (412,257 ) (437,739 ) Net realized and unrealized gain on investments 942,747 550,657 1,867,298 838,724 Net income $ 1,240,861 $ 773,979 $ 2,427,850 $ 1,345,915 Other Investments, at Fair Value Other investments, at fair value primarily consist of investments in certain Oaktree and non-Oaktree funds for which the fair value option of accounting has been elected, as well as derivatives utilized to hedge the Company’s exposure to investment income earned from unconsolidated funds. The following table summarizes net gains (losses) attributable to the Company’s other investments: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Realized gain (loss) $ 59 $ 105 $ 1,555 $ (2,389 ) Net change in unrealized gain (loss) (6,344 ) 13,954 (6,204 ) 11,828 Total gain (loss) $ (6,285 ) $ 14,059 $ (4,649 ) $ 9,439 Investments of Consolidated Funds Investments, at Fair Value Investments held and securities sold short by the consolidated funds are summarized below: Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments June 30, 2017 December 31, June 30, 2017 December 31, United States: Debt securities: Consumer discretionary $ 688,630 $ 628,621 14.5 % 16.5 % Consumer staples 105,482 123,395 2.2 3.2 Energy 80,016 55,655 1.7 1.5 Financials 286,549 182,685 6.1 4.8 Government 5,827 5,234 0.1 0.1 Health care 433,737 337,138 9.2 8.9 Industrials 442,309 379,122 9.4 10.0 Information technology 426,966 272,637 9.0 7.2 Materials 266,851 237,417 5.6 6.2 Telecommunication services 167,012 93,893 3.5 2.5 Utilities 119,807 76,920 2.5 2.0 Total debt securities (cost: $3,018,892 and $2,378,759 as of June 30, 2017 and December 31, 2016, respectively) 3,023,186 2,392,717 63.8 62.9 Equity securities: Consumer discretionary 735 711 0.0 0.0 Consumer staples 209 — 0.0 — Energy 1,845 2,002 0.1 0.1 Financials 5,881 3,977 0.1 0.1 Health care 305 343 0.0 0.0 Industrials 326 1 0.0 0.0 Materials 167 691 0.0 0.0 Telecommunication services 281 — 0.0 — Total equity securities (cost: $11,113 and $5,462 as of June 30, 2017 and December 31, 2016, respectively) 9,749 7,725 0.2 0.2 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments June 30, 2017 December 31, June 30, 2017 December 31, Europe: Debt securities: Consumer discretionary $ 447,928 $ 374,627 9.5 % 9.8 % Consumer staples 120,491 92,750 2.5 2.4 Energy 2,400 13,274 0.1 0.3 Financials 17,239 13,822 0.4 0.4 Government 3,381 1,996 0.1 0.1 Health care 248,510 210,078 5.2 5.5 Industrials 70,524 54,578 1.5 1.4 Information technology 38,683 23,832 0.8 0.6 Materials 255,943 226,961 5.4 6.0 Telecommunication services 195,500 214,182 4.1 5.6 Utilities 1,356 — 0.0 — Total debt securities (cost: $1,386,171 and $1,214,068 as of June 30, 2017 and December 31, 2016, respectively) 1,401,955 1,226,100 29.6 32.1 Equity securities: Financials 2,730 1,605 0.1 0.0 Total equity securities (cost: $1,872 and $1,494 as of June 30, 2017 and December 31, 2016, respectively) 2,730 1,605 0.1 0.0 Asia and other: Debt securities: Consumer discretionary 23,605 3,145 0.4 0.1 Consumer staples 750 5,994 0.0 0.2 Energy 7,297 9,570 0.2 0.3 Financials 2,519 — 0.1 — Government 1,003 1,506 0.0 0.0 Health care 14,039 1,245 0.3 0.0 Industrials 11,233 15,450 0.2 0.4 Information technology 443 409 0.0 0.0 Materials 7,770 10,245 0.2 0.3 Telecommunication services 9,253 4,809 0.2 0.1 Utilities — 928 — 0.0 Total debt securities (cost: $83,243 and $57,400 as of June 30, 2017 and December 31, 2016, respectively) 77,912 53,301 1.6 1.4 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments June 30, 2017 December 31, June 30, 2017 December 31, Asia and other: Equity securities: Consumer discretionary $ 13,510 $ 7,639 0.3 % 0.2 % Consumer staples 4,910 3,786 0.1 0.1 Energy 6,756 6,978 0.1 0.2 Financials 88,825 44,328 1.9 1.2 Health care 414 — 0.0 — Industrials 42,508 21,564 0.9 0.6 Information technology 15,585 16,642 0.3 0.4 Materials 45,674 19,697 0.9 0.5 Telecommunication services 2,971 4,296 0.1 0.1 Utilities 3,001 1,856 0.1 0.1 Total equity securities (cost: $206,335 and $118,292 as of June 30, 2017 and December 31, 2016, respectively) 224,154 126,786 4.7 3.4 Total debt securities 4,503,053 3,672,118 95.0 96.4 Total equity securities 236,633 136,116 5.0 3.6 Total investments, at fair value $ 4,739,686 $ 3,808,234 100.0 % 100.0 % Securities Sold Short Equity securities (proceeds: $78,187 and $41,541 as of June 30, 2017 and December 31, 2016, respectively) $ (81,086 ) $ (41,016 ) As of June 30, 2017 and December 31, 2016, no single issuer or investment had a fair value that exceeded 5% of Oaktree’s total consolidated net assets. Net Gains (Losses) From Investment Activities of Consolidated Funds Net gains (losses) from investment activities in the condensed 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: Three Months Ended June 30, 2017 2016 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 $ 1,497 $ 5,193 $ 8,651 $ 17,740 CLO liabilities (1) — 23,517 — (24,172 ) Foreign-currency forward contracts (2) (569 ) (96 ) (298 ) 849 Total-return and interest-rate swaps (2) (722 ) (237 ) (907 ) 222 Options and futures (2) 29 76 (764 ) 60 Total $ 235 $ 28,453 $ 6,682 $ (5,301 ) Six Months Ended June 30, 2017 2016 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 $ 2,236 $ 8,929 $ 12,322 $ 27,423 CLO liabilities (1) — 43,348 — (52,374 ) Foreign-currency forward contracts (2) (390 ) (410 ) (500 ) 457 Total-return and interest-rate swaps (2) (1,468 ) 998 (890 ) (1,396 ) Options and futures (2) (2,015 ) 266 (849 ) (83 ) Total $ (1,637 ) $ 53,131 $ 10,083 $ (25,973 ) (1) Represents the net change in the fair value of CLO liabilities based on the more observable fair value of CLO assets, as measured under the CLO measurement guidance. Please see note 2 for more information. (2) Please see note 6 for additional information.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2017
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 financial liabilities by fair-value hierarchy level are set forth below. Please see notes 9 and 16 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of June 30, 2017 As of December 31, 2016 Level I Level II Level III Total Level I Level II Level III Total Assets U.S. Treasury and time deposit securities (1) $ 555,008 $ — $ — $ 555,008 $ 757,578 $ — $ — $ 757,578 Corporate investments — 27,852 77,657 105,509 — 27,551 74,663 102,214 Foreign-currency forward contracts (2) — 3,102 — 3,102 — 16,142 — 16,142 Total assets $ 555,008 $ 30,954 $ 77,657 $ 663,619 $ 757,578 $ 43,693 $ 74,663 $ 875,934 Liabilities Contingent consideration (3) $ — $ — $ (24,029 ) $ (24,029 ) $ — $ — $ (23,567 ) $ (23,567 ) Foreign-currency forward contracts (4) — (12,896 ) — (12,896 ) — (7,805 ) — (7,805 ) Interest-rate swaps (3) — — — — — (60 ) — (60 ) Total liabilities $ — $ (12,896 ) $ (24,029 ) $ (36,925 ) $ — $ (7,865 ) $ (23,567 ) $ (31,432 ) (1) Carrying value approximates fair value due to the short-term nature. (2) Amounts are included in other assets in the condensed consolidated statements of financial condition, except for $5,377 as of December 31, 2016, which is included within corporate investments in the condensed consolidated statements of financial condition. (3) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. (4) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition, except for $6,120 as of June 30, 2017, which is included within corporate investments in the condensed consolidated statements of financial condition. There were no transfers between Level I and Level II positions for the six months ended June 30, 2017 and 2016. The table below sets forth a summary of changes in the fair value of Level III financial instruments: Three Months Ended June 30, 2017 2016 Corporate Investments Contingent Consideration Liability Corporate Investments Contingent Consideration Liability Beginning balance $ 75,441 $ (24,168 ) $ 25,624 $ (27,884 ) Contributions or additions 48 — — — Distributions (435 ) — — — Net gain (loss) included in earnings 2,603 139 957 2,889 Ending balance $ 77,657 $ (24,029 ) $ 26,581 $ (24,995 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 2,544 $ 139 $ 957 $ 2,889 Six Months Ended June 30, 2017 2016 Corporate Investments Contingent Consideration Liability Corporate Investments Contingent Consideration Liability Beginning balance $ 74,663 $ (23,567 ) $ 25,750 $ (28,494 ) Contributions or additions 204 — — — Distributions (3,570 ) — — — Net gain (loss) included in earnings 6,360 (462 ) 831 3,499 Ending balance $ 77,657 $ (24,029 ) $ 26,581 $ (24,995 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 4,027 $ (462 ) $ 831 $ 3,499 The table below sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the Company’s Level III financial instruments: Fair Value as of Significant Unobservable Input Financial Instrument June 30, 2017 December 31, 2016 Valuation Technique Range Weighted Average Corporate investment – Limited partnership interests $ 77,657 $ 74,663 Market approach Not applicable Not applicable Not applicable Contingent consideration liability 24,029 23,567 Discounted cash flow Assumed % of total potential contingent payments 0% – 100% 45% 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 June 30, 2017 As of December 31, 2016 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 3,810,291 $ 151,229 $ 3,961,520 $ — $ 2,973,482 $ 208,868 $ 3,182,350 Corporate debt – all other — 498,064 43,469 541,533 — 460,975 28,793 489,768 Equities – common stock 227,106 49 7,287 234,442 129,362 61 6,693 136,116 Equities – preferred stock 1,777 414 — 2,191 — — — — Total investments 228,883 4,308,818 201,985 4,739,686 129,362 3,434,518 244,354 3,808,234 Derivatives: Foreign-currency forward contracts — 117 — 117 — 216 — 216 Swaps — 361 — 361 — 141 — 141 Total derivatives — 478 — 478 — 357 — 357 Total assets $ 228,883 $ 4,309,296 $ 201,985 $ 4,740,164 $ 129,362 $ 3,434,875 $ 244,354 $ 3,808,591 Liabilities CLO debt obligations: Senior secured notes (1) $ — $ (2,988,761 ) $ — $ (2,988,761 ) $ — $ (2,953,880 ) $ — $ (2,953,880 ) Subordinated notes (1) — (111,268 ) — (111,268 ) — (100,330 ) — (100,330 ) Total CLO debt obligations — (3,100,029 ) — (3,100,029 ) — (3,054,210 ) — (3,054,210 ) Securities sold short: Equity securities (81,086 ) — — (81,086 ) (41,016 ) — — (41,016 ) Derivatives: Foreign-currency forward contracts — (735 ) — (735 ) — (4 ) — (4 ) Swaps — (37 ) — (37 ) — (1,082 ) — (1,082 ) Total derivatives — (772 ) — (772 ) — (1,086 ) — (1,086 ) Total liabilities $ (81,086 ) $ (3,100,801 ) $ — $ (3,181,887 ) $ (41,016 ) $ (3,055,296 ) $ — $ (3,096,312 ) (1) The fair value of CLO liabilities is classified based on the more observable fair value of CLO assets. Please see notes 2 and 9 for more information. 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 Total Three Months Ended June 30, 2017 Beginning balance $ 179,080 $ 38,933 $ 6,645 $ 224,658 Transfers into Level III 2,344 1,978 — 4,322 Transfers out of Level III (7,651 ) — — (7,651 ) Purchases 8,309 10,919 136 19,364 Sales (31,071 ) (8,309 ) (523 ) (39,903 ) Realized gains (losses), net 107 116 — 223 Unrealized appreciation (depreciation), net 111 (168 ) 1,029 972 Ending balance $ 151,229 $ 43,469 $ 7,287 $ 201,985 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 700 $ (65 ) $ 1,029 $ 1,664 Three Months Ended June 30, 2016 Beginning balance $ 200,811 $ 1,853 $ 4,326 $ 206,990 Transfers into Level III — — — — Transfers out of Level III (1,962 ) — — (1,962 ) Purchases 2,239 1 157 2,397 Sales (10,886 ) — (525 ) (11,411 ) Realized gains (losses), net 89 — — 89 Unrealized appreciation (depreciation), net (382 ) 36 16 (330 ) Ending balance $ 189,909 $ 1,890 $ 3,974 $ 195,773 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (2,103 ) $ 36 $ 16 $ (2,051 ) Corporate Debt – Bank Debt Corporate Debt – All Other Equities – Common Stock Equities – Preferred Stock Real Estate Real Estate Loan Portfolios Swaps Total Six Months Ended June 30, 2017 Beginning balance $ 208,868 $ 28,793 $ 6,693 $ — $ — $ — $ — $ 244,354 Transfers into Level III 22,188 1,978 — — — — — 24,166 Transfers out of Level III (49,120 ) — — — — — — (49,120 ) Purchases 23,317 27,118 136 — — — — 50,571 Sales (55,205 ) (14,725 ) (639 ) — — — — (70,569 ) Realized gains (losses), net 211 311 87 — — — — 609 Unrealized appreciation (depreciation), net 970 (6 ) 1,010 — — — — 1,974 Ending balance $ 151,229 $ 43,469 $ 7,287 $ — $ — $ — $ — $ 201,985 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 1,147 $ 97 $ 1,010 $ — $ — $ — $ — $ 2,254 Six Months Ended June 30, 2016 Beginning balance $ 1,871,375 $ 3,009,164 $ 8,729,202 $ 1,363,542 $ 9,655,270 $ 2,597,405 $ (8,251 ) $ 27,217,707 Cumulative-effect adjustment from adoption of accounting guidance (1,672,305 ) (3,007,287 ) (8,725,026 ) (1,363,542 ) (9,655,270 ) (2,597,405 ) 8,251 (27,012,584 ) Transfers into Level III 37,535 — 398 — — — — 37,933 Transfers out of Level III (42,670 ) — — — — — — (42,670 ) Purchases 9,378 2 157 — — — — 9,537 Sales (12,872 ) — (821 ) — — — — (13,693 ) Realized gains (losses), net 115 — — — — — — 115 Unrealized appreciation (depreciation), net (647 ) 11 64 — — — — (572 ) Ending balance $ 189,909 $ 1,890 $ 3,974 $ — $ — $ — $ — $ 195,773 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (647 ) $ 11 $ 64 $ — $ — $ — $ — $ (572 ) 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 condensed consolidated statements of operations. Transfers between Level I and Level II positions for the six months ended June 30, 2017 included $0.4 million from Level I to Level II due to a decline in trading activity for one credit-oriented security, which was valued using quoted prices. There were no transfers between Level I and Level II positions for the six months ended June 30, 2016. Transfers out of Level III are 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 reflect 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 June 30, 2017: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer $ 2,503 Discounted cash flow (4) Discount rate 11% – 15% 14% 42,617 Recent market information (5) Quoted prices Not applicable Not applicable Consumer Staples: 1,594 Discounted cash flow (4) Discount rate 11% – 13% 12% 12,657 Recent market information (5) Quoted prices Not applicable Not applicable Industrials: 14,607 Discounted cash flow (4) Discount rate 6% – 11% 7% 4,217 Market approach (6) Earnings multiple (7) 4x - 6x 5x 29,687 Recent market information (5) Quoted prices Not applicable Not applicable Information 4,933 Discounted cash flow (4) Discount rate 11% – 13% 12% 7,187 Recent market information (5) Quoted prices Not applicable Not applicable Materials: 1,209 Discounted cash flow (4) Discount rate 10% – 12% 11% 13,967 Recent market information (5) Quoted prices Not applicable Not applicable Real Estate: 3,346 Discounted cash flow (4) Discount rate 11% – 13% 12% 30,843 Recent market information (5) Quoted prices Not applicable Not applicable 336 Recent transaction price (8) Not applicable Not applicable Not applicable Other: 13,320 Discounted cash flow (4) Discount rate 8% – 15% 13% 11,675 Recent market information (5) Quoted prices Not applicable Not applicable Equity investments: 3,958 Market approach (6) Earnings multiple (7) 4x – 11x 7x 1,343 Discounted cash flow (4) Discount rate 11% – 30% 13% 1,986 Recent market information (5) Quoted prices Not applicable Not applicable Total Level III $ 201,985 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, 2016: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer $ 7,658 Discounted cash flow (4) Discount rate 5% – 13% 7% 64,147 Recent market information (5) Quoted prices Not applicable Not applicable Consumer Staples: 7,356 Discounted cash flow (4) Discount rate 6% – 12% 7% 23,182 Recent market information (5) Quoted prices Not applicable Not applicable Energy: 12,758 Recent market information (5) Quoted prices Not applicable Not applicable Industrials: 10,574 Discounted cash flow (4) Discount rate 5% – 7% 6% 4,230 Market approach (6) Earnings multiple (7) 5x - 7x 6x 30,531 Recent market information (5) Quoted prices Not applicable Not applicable Information 11,681 Discounted cash flow (4) Discount rate 6% – 13% 9% 5,076 Recent market information (5) Quoted prices Not applicable Not applicable Materials: 1,206 Discounted cash flow (4) Discount rate 11% – 13% 12% 15,586 Recent market information (5) Quoted prices Not applicable Not applicable Other: 13,754 Discounted cash flow (4) Discount rate 8% – 16% 12% 9,137 Recent market information (5) Quoted prices Not applicable Not applicable 20,785 Recent transaction price (8) Not applicable Not applicable Not applicable Equity investments: 3,542 Market approach (6) Earnings multiple (7) 4x – 11x 8x 1,352 Discounted cash flow (4) Discount rate 11% – 33% 14% 1,799 Recent market information (5) Quoted prices Not applicable Not applicable Total Level III $ 244,354 (1) 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. (2) 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. (3) The weighted average is based on the fair value of the investments included in the range. (4) 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. (5) 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. (6) 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. (7) 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. (8) 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. 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 six months ended June 30, 2017, there were no changes in the valuation techniques for Level III securities. During the six months ended June 30, 2016, the valuation technique for one Level III credit-oriented investment changed from a discounted cash flow to a market approach based on comparable companies due to the anticipated restructuring of the portfolio company.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	6 Months Ended
	Jun. 30, 2017
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. 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. Freestanding derivatives are financial instruments that the Company enters into as part of its overall risk management strategy but does not utilize hedge accounting. These financial instruments may include foreign-currency exchange contracts, interest-rate swaps and other derivative contracts. As of June 30, 2017, there were no derivatives outstanding that were designated as hedging instruments for accounting purposes. As of December 31, 2016, the Company had one interest-rate swap outstanding, which expired in January 2017, that was designated to hedge the interest-rate risk of the $150.0 million outstanding principal balance remaining under the $250.0 million variable-rate bank term loan. The fair value of foreign-currency forward sell contracts consisted of the following: As of June 30, 2017: Contract Amount in Local Currency Contract Amount in U.S. Dollars Market Value in U.S. Dollars Net Unrealized Appreciation (Depreciation) Euro, expiring 7/10/17-6/29/18 270,700 $ 301,904 $ 312,802 $ (10,898 ) USD (buy GBP), expiring 7/31/17-6/29/18 63,920 63,920 63,088 832 CHF, expiring 12/29/17 5,300 5,418 5,590 (172 ) Japanese Yen, expiring 9/29/17-11/30/17 6,145,000 55,307 54,863 444 Total $ 426,549 $ 436,343 $ (9,794 ) As of December 31, 2016: Euro, expiring 1/9/17-12/29/17 242,100 $ 271,848 $ 257,652 $ 14,196 USD (buy GBP), expiring 1/31/17-12/29/17 72,565 72,565 78,143 (5,578 ) Japanese Yen, expiring 1/31/17-2/28/17 6,150,000 52,511 52,792 (281 ) Total $ 396,924 $ 388,587 $ 8,337 Realized and unrealized gains and losses arising from freestanding derivative instruments were recorded in the condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, Foreign-currency Forward Contracts 2017 2016 2017 2016 Investment income $ (8,455 ) $ 6,530 $ (9,328 ) $ (2,371 ) General and administrative expense (1) (6,268 ) (8,221 ) (8,951 ) (18,112 ) Total $ (14,723 ) $ (1,691 ) $ (18,279 ) $ (20,483 ) (1) To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency 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. 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 condensed consolidated statements of operations was as follows: Three Months Ended June 30, 2017 2016 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 $ (569 ) $ (96 ) $ (298 ) $ 849 Total-return and interest-rate swaps (722 ) (237 ) (907 ) 222 Options and futures 29 76 (764 ) 60 Total $ (1,262 ) $ (257 ) $ (1,969 ) $ 1,131 Six Months Ended June 30, 2017 2016 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 $ (390 ) $ (410 ) $ (500 ) $ 457 Total-return and interest-rate swaps (1,468 ) 998 (890 ) (1,396 ) Options and futures (2,015 ) 266 (849 ) (83 ) Total $ (3,873 ) $ 854 $ (2,239 ) $ (1,022 ) Balance Sheet Offsetting The Company recognizes all derivatives as assets or liabilities at fair value in its condensed 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 condensed 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 June 30, 2017 : Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 3,102 $ 3,102 $ — $ — Derivative assets of consolidated funds: Foreign-currency forward contracts 117 117 — — Total-return and interest-rate swaps 361 26 — 335 Subtotal 478 143 — 335 Total $ 3,580 $ 3,245 $ — $ 335 Derivative Liabilities: Foreign-currency forward contracts $ (12,896 ) $ (3,102 ) $ — $ (9,794 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (735 ) (117 ) — (618 ) Total-return and interest-rate swaps (37 ) (26 ) (11 ) — Subtotal (772 ) (143 ) (11 ) (618 ) Total $ (13,668 ) $ (3,245 ) $ (11 ) $ (10,412 ) Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2016 : Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 16,142 $ 7,805 $ — $ 8,337 Derivative assets of consolidated funds: Foreign-currency forward contracts 216 4 — 212 Total-return and interest-rate swaps 141 141 — — Subtotal 357 145 — 212 Total $ 16,499 $ 7,950 $ — $ 8,549 Derivative Liabilities: Foreign-currency forward contracts $ (7,805 ) $ (7,805 ) $ — $ — Interest-rate swaps (60 ) — (60 ) Subtotal (7,865 ) (7,805 ) — (60 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (4 ) (4 ) — — Total-return and interest-rate swaps (1,082 ) (141 ) (941 ) — Subtotal (1,086 ) (145 ) (941 ) — Total $ (8,951 ) $ (7,950 ) $ (941 ) $ (60 )

FIXED ASSETS

FIXED ASSETS	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
FIXED ASSETS	FIXED ASSETS Fixed assets, which consist of furniture and equipment, capitalized software, office leasehold improvements, and company-owned aircraft, are included in other assets in the condensed consolidated statements of financial position. The following table sets forth the Company’s fixed assets and accumulated depreciation: As of June 30, 2017 December 31, 2016 Furniture, equipment and capitalized software $ 23,417 $ 18,771 Leasehold improvements 58,521 49,626 Corporate aircraft 66,277 66,277 Other 4,925 3,748 Fixed assets 153,140 138,422 Accumulated depreciation (50,859 ) (45,344 ) Fixed assets, net $ 102,281 $ 93,078

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
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 is tested for impairment annually in the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate that impairment may have occurred. As of both June 30, 2017 and December 31, 2016, the Company had $69.3 million of goodwill. The following table summarizes the carrying value of intangible assets: As of June 30, 2017 December 31, 2016 Contractual rights $ 28,017 $ 28,017 Accumulated amortization (11,676 ) (9,675 ) Intangible assets, net $ 16,341 $ 18,342 Amortization expense associated with the Company's intangible assets was $1.0 million for both the three months ended June 30, 2017 and 2016, respectively, and $2.0 million for both the six months ended June 30, 2017 and 2016. Amortization expense is estimated to be $2.0 million for the remaining six months of 2017, $4.0 million per annum for each of the years ending December 31, 2018 through 2020 and $2.3 million for 2021. Goodwill and intangible assets are included in other assets in the condensed consolidated statements of financial position.

DEBT OBLIGATIONS AND CREDIT FAC

DEBT OBLIGATIONS AND CREDIT FACILITIES	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
DEBT OBLIGATIONS AND CREDIT FACILITIES	DEBT OBLIGATIONS AND CREDIT FACILITIES The Company’s debt obligations are set forth below: As of June 30, 2017 December 31, $250,000, 6.75%, issued in November 2009, payable on December 2, 2019 $ 250,000 $ 250,000 $250,000, variable-rate term loan, issued in March 2014, payable on March 31, 2021 (1) 150,000 150,000 $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 $100,000, 3.69%, issued in July 2016, payable on July 12, 2031 100,000 100,000 Total remaining principal 750,000 750,000 Less: Debt issuance costs (3,664 ) (4,103 ) Debt obligations $ 746,336 $ 745,897 (1) The credit agreement consists of a $250 million term loan and a $500 million revolving credit facility. Borrowings 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 revolving credit facility is 0.125% per annum. The credit agreement contains customary financial covenants and restrictions, including ones regarding a maximum leverage ratio and a minimum required level of assets under management (as defined in the credit agreement). As of June 30, 2017, the Company had no outstanding borrowings under the revolving credit facility. As of June 30, 2017, future scheduled principal payments of debt obligations were as follows: Last six months of 2017 $ — 2018 — 2019 250,000 2020 — 2021 150,000 Thereafter 350,000 Total $ 750,000 The Company was in compliance with all financial maintenance covenants associated with its senior notes and bank credit facility as of June 30, 2017 and December 31, 2016. 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, gross of debt issuance costs, was $787.6 million and $756.6 million as of June 30, 2017 and December 31, 2016, respectively, utilizing an average borrowing rate of 3.3% and 3.9% , respectively. As of June 30, 2017, a 10% increase in the assumed average borrowing rate would lower the estimated fair value to $772.9 million , whereas a 10% decrease would increase the estimated fair value to $802.8 million . Credit Facilities of the Consolidated Funds Certain consolidated funds may maintain revolving credit facilities that are secured by the assets of the fund or may issue 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 consolidated funds had the following debt obligations outstanding: Outstanding Amount as of Facility Capacity LIBOR Margin (1) Maturity Commitment Fee Rate L/C Fee Credit Agreement June 30, 2017 December 31, 2016 Revolving credit facility $ 254,000 $ — $ 450,000 1.25% 4/19/2019 N/A N/A Senior variable rate notes (2) 488,998 488,997 $ 489,000 Various 10/20/2027 N/A N/A Total debt obligations 742,998 488,997 Less: Debt issuance costs (4,448 ) (5,041 ) Total debt obligations, net $ 738,550 $ 483,956 (1) The facility bears interest at an annual rate of LIBOR plus the applicable margin. (2) The weighted average interest rate was 2.70% as of June 30, 2017. As of June 30, 2017 and December 31, 2016, the consolidated funds had debt obligations with an aggregate outstanding principal balance of $743.0 million and $489.0 million , respectively. The fair value of the revolving credit facility is a Level III valuation and approximated carrying value due to the short-term or revolving nature. The fair value of the senior variable rate notes is a Level III valuation and approximated carrying value as of June 30, 2017 and December 31, 2016 due to their recent issuance date. Financial instruments that are valued using quoted prices for the security 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. Debt Obligations of CLOs Debt obligations of CLOs represent amounts due to holders of debt securities issued by the CLOs, as well as term loans of CLOs that had not priced as of period end. The table below sets forth the outstanding debt obligations of CLOs as of the date indicated. As of June 30, 2017 As of December 31, 2016 Fair Value (1) Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Fair Value (1) Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Senior secured notes (2)(3) $ 398,563 3.01% 12.0 $ 471,603 2.90% 8.2 Senior secured notes (2)(4) 458,294 2.92% 9.4 470,298 3.03% 9.9 Senior secured notes (5) 24,129 3.62% 1.5 49,336 3.31% 2.0 Senior secured notes (6) 385,301 1.73% 10.2 357,706 1.73% 10.7 Senior secured notes (2) 462,930 3.23% 10.5 467,084 2.96% 11.0 Senior secured notes (6)(7) 411,248 1.73% 13.1 360,234 2.29% 11.3 Senior secured notes (6) 424,810 2.28% 11.9 395,458 2.28% 12.4 Senior secured notes (6) 423,486 1.99% 12.7 382,161 1.99% 13.2 Subordinated note (8) 17,024 N/A 9.4 12,281 N/A 9.9 Subordinated note (8) 19,601 N/A 10.2 17,871 N/A 10.7 Subordinated note (8) 18,952 N/A 10.5 18,432 N/A 11.0 Subordinated note (8) 17,115 N/A 13.1 13,422 N/A 11.3 Subordinated note (8) 20,096 N/A 11.9 17,073 N/A 12.4 Subordinated note (8) 18,480 N/A 12.7 21,251 N/A 13.2 Total CLO debt obligations $ 3,100,029 $ 3,054,210 (1) The fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (a) the fair value of any beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. Please see notes 2 and 5 for more information. (2) The weighted average interest rate is based on LIBOR plus a margin. (3) These notes were reset in May 2017, resulting in a lower interest rate spread and an extension to the original maturity date. (4) These notes were refinanced in March 2017, resulting in a lower interest rate spread. There was no change to the original maturity date. (5) The interest rate is 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% . (6) The weighted average interest rate is based on EURIBOR (subject to a zero floor) plus a margin. (7) These notes were reset in May 2017, resulting in a lower interest rate spread and an extension to the original maturity date. (8) The subordinated notes do not have a contractual interest rate; instead, they receive distributions from the excess cash flows generated by the CLO. 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 June 30, 2017 and December 31, 2016, the fair value of CLO assets was $3.7 billion and $3.4 billion , respectively, and consisted of cash, corporate loans, corporate bonds and other securities. As of June 30, 2017, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: Last six months of 2017 $ — 2018 24,129 2019 — 2020 — 2021 — Thereafter 3,099,250 Total $ 3,123,379

NON-CONTROLLING REDEEMABLE INTE

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS	6 Months Ended
	Jun. 30, 2017
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 presented on a gross basis in the table below. Six Months Ended June 30, 2017 2016 Beginning balance $ 344,047 $ 38,173,125 Cumulative-effect adjustment from adoption of accounting guidance — (37,969,042 ) Initial consolidation of a fund 70,817 — Contributions 95,932 64,321 Distributions (31,655 ) (21,919 ) Net income 12,603 1,989 Change in distributions payable 5,662 (822 ) Foreign currency translation and other — 1,605 Ending balance $ 497,406 $ 249,257

UNITHOLDERS' CAPITAL

UNITHOLDERS' CAPITAL	6 Months Ended
	Jun. 30, 2017
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 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 June 30, 2017 and December 31, 2016, respectively, OCGH units represented 92,043,490 of the total 156,228,900 Oaktree Operating Group units and 91,758,067 of the total 154,790,343 Oaktree Operating Group units. Based on total allocable Oaktree Operating Group capital of $1,965,265 and $1,754,882 as of June 30, 2017 and December 31, 2016, respectively, the OCGH non-controlling interest was $1,157,840 and $1,040,274 . As of June 30, 2017 and December 31, 2016, non-controlling interests attributable to third parties was $8,948 and $10,045 , respectively. The following table sets forth a summary of net income attributable to the OCGH unitholders' non-controlling interest and to Class A unitholders: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 91,740 92,440 91,692 92,177 Class A unitholders 64,193 62,617 63,611 62,256 Total weighted average units outstanding 155,933 155,057 155,303 154,433 Oaktree Operating Group net income: Net income attributable to OCGH non-controlling interest $ 173,638 $ 83,256 $ 270,236 $ 142,082 Net income attributable to Class A unitholders 121,499 56,397 187,927 96,012 Oaktree Operating Group net income (1) $ 295,137 $ 139,653 $ 458,163 $ 238,094 Net income attributable to Oaktree Capital Group, LLC: Oaktree Operating Group net income attributable to Class A unitholders $ 121,499 $ 56,397 $ 187,927 $ 96,012 Non-Operating Group expenses (255 ) (201 ) (487 ) (465 ) Income tax expense of Intermediate Holding Companies (3,920 ) (7,149 ) (15,201 ) (18,422 ) Net income attributable to Oaktree Capital Group, LLC $ 117,324 $ 49,047 $ 172,239 $ 77,125 (1) Oaktree Operating Group net income does not include amounts attributable to other non-controlling interests, which amounted to $620 and $1,246 for the three and six months ended June 30, 2017, respectively, and $1,212 and $2,420 for the three and six months ended June 30, 2016, respectively. The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income attributable to Oaktree Capital Group, LLC $ 117,324 $ 49,047 $ 172,239 $ 77,125 Equity reallocation between controlling and non-controlling interests (2,562 ) 645 9,499 8,126 Change from net income attributable to Oaktree Capital Group, LLC and transfers from non-controlling interests $ 114,762 $ 49,692 $ 181,738 $ 85,251 Please see notes 12, 13 and 14 for additional information regarding transactions that impacted unitholders’ capital.

EARNINGS PER UNIT

EARNINGS PER UNIT	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
EARNINGS PER UNIT	EARNINGS PER UNIT The computation of net income per Class A unit is set forth below: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income per Class A unit (basic and diluted): (in thousands, except per unit amounts) Net income attributable to Oaktree Capital Group, LLC $ 117,324 $ 49,047 $ 172,239 $ 77,125 Weighted average number of Class A units outstanding (basic and diluted) 64,193 62,617 63,611 62,256 Basic and diluted net income per Class A unit $ 1.83 $ 0.78 $ 2.71 $ 1.24 OCGH units may be exchanged on a one -for- one basis into Class A units, subject to certain restrictions. As of June 30, 2017, there were 92,043,490 OCGH units outstanding, which are vested or will vest through February 15, 2027, that ultimately may be exchanged into 92,043,490 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 three and six months ended June 30, 2017 and 2016. A deferred equity unit represents a special unit award that, when vested, will be settled with an unvested OCGH unit on a one-for-one basis. The number of deferred equity units that will vest is based on the achievement of certain performance targets through June 2021. Once a performance target has been met, the applicable number of OCGH units will be issued and begin to vest over 4.0 years. The holder of a deferred equity unit is not entitled to any distributions until the issuance of an OCGH unit in settlement of a deferred equity unit. As of June 30, 2017, no OCGH units were considered issuable under the terms of the arrangement; consequently, no contingently issuable units were included in the computation of diluted earnings per unit for the three and six months ended June 30, 2017. Please see note 13 for more information. In connection with the 2014 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 June 30, 2017, 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 three and six months ended June 30, 2017 and 2016. Please see note 15 for more information.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2017
Share-based Compensation [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Class A and OCGH Unit Awards During the six months ended June 30, 2017, the Company granted 1,212,329 Class A units and 266,362 restricted OCGH units to its employees and directors, subject to annual vesting over a weighted average period of approximately 5.6 years . The grant date fair value of OCGH units awarded during the six months ended June 30, 2017 was determined by applying a 20% discount to the Class A unit trading price on the New York Stock Exchange as of the grant date. In the first quarter of 2017, the Company adopted the new accounting guidance related to share-based payment awards, as further discussed in note 2. With respect to forfeitures, the Company adopted the guidance on a modified retroactive basis and made an accounting policy election to account for forfeitures when they occur. Accordingly, no forfeitures have been assumed in the calculation of compensation expense effective January 1, 2017. As of June 30, 2017, the Company expected to recognize compensation expense on its unvested Class A and OCGH unit awards of $170.9 million over a weighted average period of 4.5 years. A summary of the status of the Company’s unvested Class A and OCGH unit awards and a summary of changes for the period 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, 2016 2,128,400 $ 41.86 2,337,953 $ 39.80 Granted 1,212,329 45.30 266,362 37.13 Vested (744,749 ) 40.40 (344,702 ) 39.23 Forfeited (16,694 ) 45.58 — — Balance, June 30, 2017 2,579,286 $ 43.88 2,259,613 $ 39.62 Equity Value Units OCGH equity value units (“EVUs”) represent special limited partnership units in OCGH that entitle the holder the right to receive special distributions that will be settled in OCGH units, based on value created during a specified period in excess of a fixed “Base Value.” The value created will be measured on a per unit basis, based on the appreciation of the Class A units and certain components of quarterly distributions 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. 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. Certain EVUs provide the holder with liquidity rights in respect of the special distributions, if any, that will be settled in OCGH units. The Company accounts for EVUs with liquidity rights as liability-classified awards. As of June 30, 2017, there were 1,000,000 equity-classified EVUs and 1,000,000 liability-classified EVUs outstanding. As of June 30, 2017, the Company expected to recognize $4.6 million of compensation expense on its unvested EVUs over the next 2.5 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. On April 26, 2017, the terms of the EVU agreement were amended such that the value received under the EVUs will be reduced by (i) distributions received by the holder on 225,000 OCGH units granted to the holder on April 26, 2017, (ii) the value of the portion of profit sharing payments received by the holder attributable to the net incentive income received from certain funds, and (iii) the full value of the OCGH units granted to the holder on April 26, 2017. To the extent that the reduction relates to the value of any such OCGH units that are unvested at the time of the reduction, such OCGH units will vest at that time. The amendment was accounted for as a modification of an equity award in the second quarter of 2017 and resulted in $4.1 million of incremental compensation cost as of the modification date, which will be recognized over the remaining vesting period. 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. Deferred Equity Units A deferred equity unit represents a special unit award that, when vested, will be settled with an unvested OCGH unit on a one -for- one basis. The number of deferred equity units that will vest is based on the achievement of certain performance targets through June 2021. Once a performance target has been met, the applicable number of OCGH units will be issued and begin to vest over 4.0 years. The holder of a deferred equity unit is not entitled to any distributions until the issuance of an OCGH unit in settlement of a deferred equity unit. As of June 30, 2017, there were 250,000 deferred equity units outstanding, all of which were granted in the second quarter of 2017. As of June 30, 2017, the Company expected to recognize $9.1 million of compensation expense on its unvested deferred equity units over a weighted average period of approximately 5.5 years. Please see note 12 for more information. The fair value of the deferred equity units was determined at the grant date based on the then-prevailing Class A unit trading price and reflected a 20% lack-of-marketability discount for the OCGH units that will be issued upon vesting.

INCOME TAXES AND RELATED PAYMEN

INCOME TAXES AND RELATED PAYMENTS	6 Months Ended
	Jun. 30, 2017
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 estimated nature of many amounts and the mix of revenues and expenses between the subsidiaries that are or are not subject to income tax; consequently, from period to period the effective tax rate is subject to significant variation. The Company’s effective tax rate used for interim periods is based on the estimated full-year income tax rate. Certain future items that cannot be reliably estimated, such as incentive income, are excluded from the estimated annual effective tax rate. The tax expense or benefit stemming from these items is recognized in the same period as the underlying income or expense. Tax authorities currently are examining certain income tax returns of Oaktree, with certain of these examinations at an advanced stage. Over the next four quarters ending June 30, 2018, the Company believes that it is reasonably possible that one outcome of these examinations and expiring statutes of limitation on other items may be the release of up to approximately $5.9 million of previously accrued Operating Group income taxes. 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. Exchange Agreement and Tax Receivable Agreement Subject to certain restrictions and the approval of the Company’s board of directors, each holder of OCGH units has the right 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 and/or other consideration of equal value. Certain of the Oaktree Operating Group entities made an election under Section 754 of the U.S. Internal Revenue Code, as amended, 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% 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, subject to realizability considerations. 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 June 30, 2017, are estimated to aggregate $33.4 million over the period ending approximately in 2029 with respect to the 2007 Private Offering, $71.3 million over the period ending approximately in 2034 with respect to the initial public offering, $99.0 million over the period ending approximately in 2035 with respect to the May 2013 Offering, $74.5 million over the period ending approximately in 2036 with respect to the March 2014 Offering, and $62.7 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. No amounts were paid under the tax receivable agreement during the six months ended June 30, 2017.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
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 Oaktree, its affiliates, investment professionals, and portfolio companies are routinely involved in litigation and other legal actions in the ordinary course of their business and investing activities. In addition, Oaktree is subject to the authority of a number of U.S. and non-U.S. regulators, including the SEC and the Financial Industry Regulatory Authority, and those authorities periodically conduct examinations of Oaktree and make other inquiries that may result in the commencement of regulatory proceedings against Oaktree and its personnel. Oaktree is currently not subject to any pending actions or regulatory proceedings 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 June 30, 2017 and December 31, 2016, respectively, the aggregate of such amounts recorded at the fund level in excess of incentive income recognized by the Company was $1,778,191 and $1,970,755 , for which related direct incentive income compensation expense was estimated to be $913,673 and $1,026,345 . Contingent Consideration The Company has a contingent consideration obligation of up to $60.0 million related to the 2014 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 June 30, 2017 and December 31, 2016, respectively, the fair value of the contingent consideration liability was $24.0 million and $23.6 million . Changes in this liability resulted in income of $0.1 million and expense of $0.5 million for the three and six months ended June 30, 2017, respectively, and income of $2.9 million and $3.5 million for the three and six months ended June 30, 2016, respectively. The fair value of the contingent consideration liability is a Level III valuation, which uses a discounted cash-flow analysis based on a probability-weighted average estimate of certain performance targets, including fundraising and revenue levels. The assumptions used in the analysis are inherently subjective, and thus the ultimate amount of the contingent consideration liability may differ materially from the most recent estimate. The contingent consideration liability is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. Changes in the liability are recorded in general and administrative expense in the condensed consolidated statements of operations. Commitments to Funds As of June 30, 2017 and December 31, 2016, the Company, generally in its capacity as general partner, had undrawn capital commitments of $460.4 million and $565.4 million , respectively, including commitments to both unconsolidated and consolidated funds. Investment Commitments of Consolidated Funds Certain of the consolidated funds are parties to credit arrangements that provide for the issuance of letters of credit and/or revolving loans, which may require the particular fund to extend loans to investee companies. The consolidated funds use the same investment criteria in making these commitments as they do for investments that are included in the condensed consolidated statements of financial condition. The unfunded liability associated with these credit arrangements is equal to the amount by which the contractual loan commitment exceeds the sum of funded debt and cash held in escrow, if any. As of June 30, 2017 and December 31, 2016, the consolidated funds had potential aggregate commitments of $11.3 million and $2.1 million , respectively. These commitments are expected to be funded by the funds’ cash balances, proceeds from asset sales or drawdowns against existing capital commitments. A consolidated fund may agree to guarantee the repayment obligations of certain investee companies. As of June 30, 2017 and December 31, 2016, there were no guaranteed amounts under such arrangements. Certain 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. During the six months ended June 30, 2017, the consolidated funds did not provide any financial support to portfolio companies.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS The Company considers its senior executives, employees and unconsolidated 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 due to their short-term nature or 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 $167,217 and $164,335 as of June 30, 2017 and December 31, 2016, respectively, based on a discount rate of 10.0% . As of June 30, 2017 December 31, 2016 Due from affiliates: Loans $ 12,172 $ 19,325 Amounts due from unconsolidated funds 65,638 53,573 Management fees and incentive income due from unconsolidated funds 49,443 130,708 Payments made on behalf of unconsolidated entities 3,775 3,779 Non-interest bearing advances made to certain non-controlling interest holders and employees 1,915 1,258 Total due from affiliates $ 132,943 $ 208,643 Due to affiliates: Due to OCGH unitholders in connection with the tax receivable agreement (please see note 14) $ 340,966 $ 340,966 Amounts due to senior executives, certain non-controlling interest holders and employees 775 5,577 Total due to affiliates $ 341,741 $ 346,543 Loans Loans primarily consist of interest-bearing loans made to certain non-controlling interest holders, primarily certain employees, to meet tax obligations related to vesting of equity awards. The loans, which are generally recourse to the borrower or secured by vested equity and other collateral, typically bear interest at the Company’s cost of debt and generated interest income of $124 and $275 for the three and six months ended June 30, 2017, respectively, and $246 and $450 for the three and six months ended June 30, 2016, 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 paid by the Company, which typically are employee travel and other costs associated with particular portfolio company holdings, are reimbursed to the Company by the portfolio companies. Revenues Earned From Oaktree Funds Management fees and incentive income earned from unconsolidated Oaktree funds totaled $604.6 million and $864.9 million for the three and six months ended June 30, 2017, respectively, and $255.4 million and $482.4 million for the three and six months ended June 30, 2016, respectively. 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 reimbursed generally toward the end of the calendar quarter in which the capital calls occurred. Amounts advanced by the Company are included in non-interest bearing advances made to certain non-controlling interest holders and employees. Aircraft Services The Company owns an aircraft for business purposes. Howard Marks, the Company’s co-chairman, may use this aircraft for personal travel and will reimburse the Company to the extent his use of the aircraft for personal travel exceeds a certain threshold pursuant to a Company policy adopted as of January 1, 2017. Additionally, the Company occasionally makes use of an aircraft 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.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING As a global investment manager, the Company provides investment management services through funds and separate accounts. The Company earns revenues from the management fees and incentive income generated by the funds that it manages. Management uses a consolidated approach to assess performance and allocate resources. As such, the Company’s business is comprised of one segment, the investment management business. The Company conducts its investment management business primarily in the United States, where substantially all of its revenues are generated.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Distribution On July 27, 2017, the Company announced a distribution of $1.31 per Class A unit. This distribution, which is related to the second quarter of 2017, will be paid on August 11, 2017 to Class A unitholders of record at the close of business on August 7, 2017. Acquisition On July 13, 2017, the Company entered into a definitive asset purchase agreement under which the Company will become the new investment adviser to two business development companies: Fifth Street Finance Corp. (NASDAQ: FSC) and Fifth Street Senior Floating Rate Corp. (NASDAQ: FSFR). Oaktree will pay $320 million in cash to Fifth Street Management LLC upon the closing of the transaction, which is currently expected to occur in the fourth quarter of 2017.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Consolidation	Consolidation The Company consolidates entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. A limited partnership or similar entity is a variable interest entity (“VIE”) if the unaffiliated limited partners do not have substantive kick-out or participating rights. Most of the Oaktree funds are VIEs because they have not granted unaffiliated limited partners substantive kick-out or participating rights. The Company consolidates those VIEs in which it is the primary beneficiary. An entity is deemed 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 economic performance 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 guidance 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-based fees), would give it a controlling financial interest. A decision maker’s fee arrangement is not considered a variable interest if it is compensation for services provided, commensurate with the level of effort required to provide those services and part of a compensation arrangement that includes only terms, conditions or amounts that are customarily present in arrangements for similar services negotiated at arm’s length (“at-market”), and the decision maker does not hold any other variable interests that absorb more than an insignificant amount of the potential VIE’s expected residual returns. 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. The Company does not consolidate most of the Oaktree funds because it is not the primary beneficiary, as its fee arrangements are not deemed to be variable interests and it does not hold any other interests in those funds that are considered to be more than insignificant. Please see note 3 for more information regarding both consolidated and unconsolidated VIEs. For entities that are not VIEs, consolidation is evaluated through a majority voting interest model. “Consolidated funds” refers to Oaktree-managed funds and CLOs that Oaktree is required to consolidate. When funds or CLOs are consolidated, the Company reflects the assets, liabilities, revenues, expenses and cash flows of the funds or CLOs on a gross basis, and the majority of the economic interests in those funds or CLOs, which are held by third-party investors, are reflected as non-controlling interests in consolidated funds or debt obligations of CLOs in the condensed consolidated financial statements. All of the revenues earned by the Company as investment manager of the consolidated funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the consolidation of a fund does not impact net income or loss attributable to the Company. Certain entities in which the Company has the ability to exert significant influence, including unconsolidated Oaktree funds for which the Company acts as general partner, are accounted for under the equity method of accounting.
Non-controlling Interests in Consolidated 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 condensed 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 respective 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”) 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 or third parties after consideration of contractual arrangements that govern allocations of income or loss. Please see note 11 for more information.
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 is tested for impairment annually in the fourth quarter of each fiscal year, or more frequently when events or 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 and Fair Value Option	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, debt obligations of consolidated CLOs, 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 and/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 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 condensed consolidated statements of operations. The Company’s accounting for these investments is similar to its accounting for investments held by the consolidated funds at fair value, and the valuation methods are consistent with those used to determine the fair value of the consolidated funds’ investments. The Company has elected the fair value option for the financial assets and financial liabilities of its consolidated CLOs. The assets and liabilities of CLOs are primarily reflected within the investments, at fair value and within the debt obligations of CLOs line items in the condensed consolidated statements of financial condition. The Company’s accounting for CLO assets is similar to its accounting for its 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. The fair value of CLO liabilities are measured as the fair value of CLO assets less the sum of (a) the fair value of any beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. Realized gains or losses and changes in the fair value of CLO assets, respectively, are included in net realized gain on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Interest income of CLOs is included in interest and dividend income, and interest expense and other expenses, respectively, are included in interest expense and consolidated fund expenses in the condensed consolidated statements of operations. Changes in the fair value of a CLO’s financial liabilities in accordance with the CLO measurement guidance are included in net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Please see notes 5 and 9 for more information.
Investments, at Fair Value	Investments, at Fair Value The consolidated funds include investment limited partnerships and CLOs 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 investment limited partnerships with respect to consolidated investments and has elected the fair value option for the financial assets of CLOs. Thus, the consolidated investments are reflected in the condensed 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 condensed 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 condensed 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 condensed consolidated financial statements.
Recent Accounting Developments	Recent Accounting Developments In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance to simplify the accounting for goodwill impairments by eliminating step 2 of the goodwill impairment test. This step currently requires an entity to perform a hypothetical purchase price allocation to derive the implied fair value of goodwill. Under the new guidance, an impairment loss is recognized if the carrying value of a reporting unit exceeds its fair value. The impairment loss would equal the amount of that excess, limited to the total amount of goodwill. All other goodwill impairment guidance remains largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The guidance is effective for the Company in the first quarter of 2020 on a prospective basis, with early adoption permitted. The Company expects that adoption of this guidance will not have a material impact on its consolidated financial statements. In January 2017, the FASB issued guidance that amends the definition of a business. The guidance provides a framework to help determine whether a transaction involves an asset or a business. In general, if substantially all of the gross assets acquired or disposed of are concentrated in a single identifiable asset or group of similar identifiable assets, the transaction is deemed to not involve a business. This framework is expected to reduce the number of transactions that an entity must further evaluate to determine whether they are business combinations or asset acquisitions. The definition of a business may also affect other aspects of accounting, such as goodwill impairment or consolidation. The Company adopted this guidance in the second quarter of 2017, with no impact on its consolidated financial statements. In October 2016, the FASB amended the consolidation guidance with respect to a single decision maker’s evaluation of interests held through related parties that are under common control when it is determining whether it is the primary beneficiary of a VIE. Under the guidance, a reporting entity considers its indirect economic interests in a VIE held through related parties that are under common control on a proportionate basis, consistent with the way it would evaluate its indirect economic interests held through related parties that are not under common control. Previously, a reporting entity’s indirect economic interests in a VIE held through related parties that are under common control were considered to be the equivalent of direct interests in their entirety. The Company adopted the guidance in the first quarter of 2017, with no impact on its consolidated financial statements. In August 2016, the FASB issued guidance on the classification of certain cash receipts and payments in the statement of cash flows. The amendments add to or clarify guidance on a number of cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, distributions received from equity-method investees and beneficial interests in securitization transactions. The guidance is effective for the Company in the first quarter of 2018, generally on a retrospective basis, with early adoption permitted. The Company expects that adoption of this guidance will not have a material impact on its consolidated financial statements. In March 2016, the FASB issued guidance that affects several aspects of accounting for employee share-based payment awards. The amendments relate to the accounting for forfeitures, income taxes at settlement, the classification of income taxes in the statement of cash flows and net settlements for withholding tax. The amendment with respect to forfeitures allows an entity to make an accounting policy election either to estimate the number of forfeitures expected to occur or to account for forfeitures when they occur. The amendments related to income taxes require (a) all excess tax benefits and deficiencies related to share-based payment transactions to be recognized through the provision for income taxes in the consolidated statement of operations and (b) excess tax benefits related to share-based payment transactions to be presented as operating activities in the consolidated statement of cash flows with employee taxes paid classified as a financing activity. The amendments related to net settlements allow an employer to withhold shares upon settlement of an award to satisfy the employer’s tax withholding requirement in an amount up to the employees’ maximum individual tax rate in the relevant jurisdiction without resulting in liability classification of the award. The Company adopted the guidance in the first quarter of 2017. With respect to forfeitures, the Company made an accounting policy election to account for forfeitures when they occur and to adopt the guidance on a modified retrospective basis, which resulted in a $0.4 million increase to retained earnings and a corresponding $0.4 million decrease to paid in capital. Amendments relating to income taxes were adopted on a prospective basis. As a result, prior periods have not been recast. Amendments relating to net settlements were adopted on a modified retrospective basis, with no impact to the consolidated financial statements. In March 2016, the FASB issued guidance eliminating the requirement to retroactively apply the equity method of accounting when a reporting entity obtains significant influence over an investment (e.g., due to an increase in ownership) that previously had been accounted for under the cost basis or at fair value. Instead, the reporting entity would be required to apply the equity method of accounting prospectively from the date significant influence was obtained. The cost of the additional interest in the investee, if any, should be added to the current basis of the investment. The amendment also provides guidance for available-for-sale investments that become eligible for the equity method of accounting. In those cases, any unrealized gain or loss recorded within accumulated other comprehensive income should be recognized in earnings as of the date the investment initially qualifies for the use of the equity method. The Company adopted the guidance in the first quarter of 2017 on a prospective basis, with no impact on its consolidated financial statements. In February 2016, the FASB issued guidance that will require a lessee to recognize a lease asset and a lease liability for most of its operating leases. Under current GAAP, operating leases are not recognized by a lessee in its statements of financial position. In general, the new asset and liability will each equal 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 Company expects to adopt the guidance in the first quarter of 2019 under the modified retrospective transition approach, which requires application of the new guidance at the beginning of the earliest comparative period presented. The Company does not expect that adoption will have a material impact on its consolidated statements of operations because all of its leases are currently classified as operating leases, which under the guidance will continue to be recognized as expense on a straight-line basis. The adoption, however, will result in a significant gross up in total assets and total liabilities on the Company’s consolidated statements of financial position. As of June 30, 2017, the Company’s minimum lease payments under lease obligations aggregated $138.0 million . In January 2016, the FASB issued guidance that changes the classification and measurement of financial instruments and amends certain disclosure requirements associated with the fair value of financial instruments. The amendments revise the accounting related to (a) the classification and measurement of equity investments and (b) the presentation of certain fair value changes for financial liabilities measured at fair value. Specifically, the guidance generally requires equity investments to be carried at fair value with changes flowing through net income. This requirement does not apply to equity-method investments. For financial liabilities measured at fair value, the guidance requires fair value changes attributable to instrument-specific credit risk to be presented separately in other comprehensive income, as opposed to reflecting the entire fair-value change in net income. The guidance is effective for the Company in the first quarter of 2019, with early adoption permitted. The Company expects that adoption of this guidance will not have a material impact on its consolidated financial statements. In May 2014, the FASB issued guidance on revenue recognition that superseded most existing revenue recognition guidance, including industry-specific guidance. The new guidance outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, and provides a largely principles-based framework for addressing revenue recognition issues on a comprehensive basis. Under the new guidance, revenue would be recognized when an entity satisfies a performance obligation by transferring control of a promised good or service to a customer in an amount that reflects the consideration for which the entity expects to be entitled for that good or service. Additionally, enhanced disclosures would be required regarding 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. The Company expects to adopt the guidance in the first quarter of 2018 on a modified retrospective basis. The Company currently anticipates that the most significant effect of the new guidance relates to the recognition of incentive income. The new guidance would require the Company to recognize incentive income when it concludes that it is probable that significant reversals of revenue will not occur in subsequent periods. Under current GAAP, the amount of incentive income recognized by the Company is generally limited to the amount that is not contingent on a future event. The Company is in the process of evaluating the effects, if any, of adopting the new standard on its consolidated financial statements.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	The Company’s investments in VIEs that were not consolidated are shown below. Carrying Value as of June 30, 2017 December 31, 2016 Corporate investments $ 979,486 $ 1,055,227 Due from affiliates 79,577 159,714 Maximum exposure to loss $ 1,059,063 $ 1,214,941

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Investments [Abstract]
Equity Method Investments	Summarized financial information of the Company’s equity-method investments is set forth below. As of Statement of Financial Condition : June 30, 2017 December 31, 2016 Assets: Cash and cash-equivalents $ 3,499,510 $ 3,713,045 Investments, at fair value 40,725,667 43,084,842 Other assets 1,820,104 1,994,304 Total assets $ 46,045,281 $ 48,792,191 Liabilities and Capital: Debt obligations $ 8,203,642 $ 7,372,063 Other liabilities 2,160,821 2,028,065 Total liabilities 10,364,463 9,400,128 Total capital 35,680,818 39,392,063 Total liabilities and capital $ 46,045,281 $ 48,792,191 Three Months Ended June 30, Six Months Ended June 30, Statements of Operations : 2017 2016 2017 2016 Revenues / investment income $ 557,070 $ 482,265 $ 1,077,680 $ 1,025,099 Interest expense (57,857 ) (41,640 ) (104,871 ) (80,169 ) Other expenses (201,099 ) (217,303 ) (412,257 ) (437,739 ) Net realized and unrealized gain on investments 942,747 550,657 1,867,298 838,724 Net income $ 1,240,861 $ 773,979 $ 2,427,850 $ 1,345,915 Corporate investments consisted of the following: As of Corporate Investments : June 30, 2017 December 31, 2016 Equity-method Investments: Funds $ 891,501 $ 981,209 Companies 25,188 34,932 Other investments, at fair value 99,389 107,591 Total corporate investments $ 1,016,078 $ 1,123,732
Investment	The components of investment income are set forth below: Three Months Ended June 30, Six Months Ended June 30, Investment Income : 2017 2016 2017 2016 Equity-method Investments: Funds $ 36,562 $ 10,259 $ 69,483 $ 29,219 Companies 18,829 16,682 34,723 31,789 Other investments, at fair value (6,285 ) 14,059 (4,649 ) 9,439 Total investment income $ 49,106 $ 41,000 $ 99,557 $ 70,447
Investments, at Fair Value	The following table summarizes net gains (losses) attributable to the Company’s other investments: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Realized gain (loss) $ 59 $ 105 $ 1,555 $ (2,389 ) Net change in unrealized gain (loss) (6,344 ) 13,954 (6,204 ) 11,828 Total gain (loss) $ (6,285 ) $ 14,059 $ (4,649 ) $ 9,439 Investments held and securities sold short by the consolidated funds are summarized below: Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments June 30, 2017 December 31, June 30, 2017 December 31, United States: Debt securities: Consumer discretionary $ 688,630 $ 628,621 14.5 % 16.5 % Consumer staples 105,482 123,395 2.2 3.2 Energy 80,016 55,655 1.7 1.5 Financials 286,549 182,685 6.1 4.8 Government 5,827 5,234 0.1 0.1 Health care 433,737 337,138 9.2 8.9 Industrials 442,309 379,122 9.4 10.0 Information technology 426,966 272,637 9.0 7.2 Materials 266,851 237,417 5.6 6.2 Telecommunication services 167,012 93,893 3.5 2.5 Utilities 119,807 76,920 2.5 2.0 Total debt securities (cost: $3,018,892 and $2,378,759 as of June 30, 2017 and December 31, 2016, respectively) 3,023,186 2,392,717 63.8 62.9 Equity securities: Consumer discretionary 735 711 0.0 0.0 Consumer staples 209 — 0.0 — Energy 1,845 2,002 0.1 0.1 Financials 5,881 3,977 0.1 0.1 Health care 305 343 0.0 0.0 Industrials 326 1 0.0 0.0 Materials 167 691 0.0 0.0 Telecommunication services 281 — 0.0 — Total equity securities (cost: $11,113 and $5,462 as of June 30, 2017 and December 31, 2016, respectively) 9,749 7,725 0.2 0.2 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments June 30, 2017 December 31, June 30, 2017 December 31, Europe: Debt securities: Consumer discretionary $ 447,928 $ 374,627 9.5 % 9.8 % Consumer staples 120,491 92,750 2.5 2.4 Energy 2,400 13,274 0.1 0.3 Financials 17,239 13,822 0.4 0.4 Government 3,381 1,996 0.1 0.1 Health care 248,510 210,078 5.2 5.5 Industrials 70,524 54,578 1.5 1.4 Information technology 38,683 23,832 0.8 0.6 Materials 255,943 226,961 5.4 6.0 Telecommunication services 195,500 214,182 4.1 5.6 Utilities 1,356 — 0.0 — Total debt securities (cost: $1,386,171 and $1,214,068 as of June 30, 2017 and December 31, 2016, respectively) 1,401,955 1,226,100 29.6 32.1 Equity securities: Financials 2,730 1,605 0.1 0.0 Total equity securities (cost: $1,872 and $1,494 as of June 30, 2017 and December 31, 2016, respectively) 2,730 1,605 0.1 0.0 Asia and other: Debt securities: Consumer discretionary 23,605 3,145 0.4 0.1 Consumer staples 750 5,994 0.0 0.2 Energy 7,297 9,570 0.2 0.3 Financials 2,519 — 0.1 — Government 1,003 1,506 0.0 0.0 Health care 14,039 1,245 0.3 0.0 Industrials 11,233 15,450 0.2 0.4 Information technology 443 409 0.0 0.0 Materials 7,770 10,245 0.2 0.3 Telecommunication services 9,253 4,809 0.2 0.1 Utilities — 928 — 0.0 Total debt securities (cost: $83,243 and $57,400 as of June 30, 2017 and December 31, 2016, respectively) 77,912 53,301 1.6 1.4 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments June 30, 2017 December 31, June 30, 2017 December 31, Asia and other: Equity securities: Consumer discretionary $ 13,510 $ 7,639 0.3 % 0.2 % Consumer staples 4,910 3,786 0.1 0.1 Energy 6,756 6,978 0.1 0.2 Financials 88,825 44,328 1.9 1.2 Health care 414 — 0.0 — Industrials 42,508 21,564 0.9 0.6 Information technology 15,585 16,642 0.3 0.4 Materials 45,674 19,697 0.9 0.5 Telecommunication services 2,971 4,296 0.1 0.1 Utilities 3,001 1,856 0.1 0.1 Total equity securities (cost: $206,335 and $118,292 as of June 30, 2017 and December 31, 2016, respectively) 224,154 126,786 4.7 3.4 Total debt securities 4,503,053 3,672,118 95.0 96.4 Total equity securities 236,633 136,116 5.0 3.6 Total investments, at fair value $ 4,739,686 $ 3,808,234 100.0 % 100.0 % Securities Sold Short Equity securities (proceeds: $78,187 and $41,541 as of June 30, 2017 and December 31, 2016, respectively) $ (81,086 ) $ (41,016 )
Net Gains (Losses) from Investment Activities of Consolidated Funds	The following table summarizes net gains (losses) from investment activities: Three Months Ended June 30, 2017 2016 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 $ 1,497 $ 5,193 $ 8,651 $ 17,740 CLO liabilities (1) — 23,517 — (24,172 ) Foreign-currency forward contracts (2) (569 ) (96 ) (298 ) 849 Total-return and interest-rate swaps (2) (722 ) (237 ) (907 ) 222 Options and futures (2) 29 76 (764 ) 60 Total $ 235 $ 28,453 $ 6,682 $ (5,301 ) Six Months Ended June 30, 2017 2016 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 $ 2,236 $ 8,929 $ 12,322 $ 27,423 CLO liabilities (1) — 43,348 — (52,374 ) Foreign-currency forward contracts (2) (390 ) (410 ) (500 ) 457 Total-return and interest-rate swaps (2) (1,468 ) 998 (890 ) (1,396 ) Options and futures (2) (2,015 ) 266 (849 ) (83 ) Total $ (1,637 ) $ 53,131 $ 10,083 $ (25,973 ) (1) Represents the net change in the fair value of CLO liabilities based on the more observable fair value of CLO assets, as measured under the CLO measurement guidance. Please see note 2 for more information. (2) Please see note 6 for additional information.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The Company’s other financial assets and financial liabilities by fair-value hierarchy level are set forth below. Please see notes 9 and 16 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of June 30, 2017 As of December 31, 2016 Level I Level II Level III Total Level I Level II Level III Total Assets U.S. Treasury and time deposit securities (1) $ 555,008 $ — $ — $ 555,008 $ 757,578 $ — $ — $ 757,578 Corporate investments — 27,852 77,657 105,509 — 27,551 74,663 102,214 Foreign-currency forward contracts (2) — 3,102 — 3,102 — 16,142 — 16,142 Total assets $ 555,008 $ 30,954 $ 77,657 $ 663,619 $ 757,578 $ 43,693 $ 74,663 $ 875,934 Liabilities Contingent consideration (3) $ — $ — $ (24,029 ) $ (24,029 ) $ — $ — $ (23,567 ) $ (23,567 ) Foreign-currency forward contracts (4) — (12,896 ) — (12,896 ) — (7,805 ) — (7,805 ) Interest-rate swaps (3) — — — — — (60 ) — (60 ) Total liabilities $ — $ (12,896 ) $ (24,029 ) $ (36,925 ) $ — $ (7,865 ) $ (23,567 ) $ (31,432 ) (1) Carrying value approximates fair value due to the short-term nature. (2) Amounts are included in other assets in the condensed consolidated statements of financial condition, except for $5,377 as of December 31, 2016, which is included within corporate investments in the condensed consolidated statements of financial condition. (3) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. (4) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition, except for $6,120 as of June 30, 2017, which is included within corporate investments in the condensed consolidated statements of financial condition.
Summary of Changes in Fair Value of Level III Investments	The table below sets forth a summary of changes in the fair value of Level III financial instruments: Three Months Ended June 30, 2017 2016 Corporate Investments Contingent Consideration Liability Corporate Investments Contingent Consideration Liability Beginning balance $ 75,441 $ (24,168 ) $ 25,624 $ (27,884 ) Contributions or additions 48 — — — Distributions (435 ) — — — Net gain (loss) included in earnings 2,603 139 957 2,889 Ending balance $ 77,657 $ (24,029 ) $ 26,581 $ (24,995 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 2,544 $ 139 $ 957 $ 2,889 Six Months Ended June 30, 2017 2016 Corporate Investments Contingent Consideration Liability Corporate Investments Contingent Consideration Liability Beginning balance $ 74,663 $ (23,567 ) $ 25,750 $ (28,494 ) Contributions or additions 204 — — — Distributions (3,570 ) — — — Net gain (loss) included in earnings 6,360 (462 ) 831 3,499 Ending balance $ 77,657 $ (24,029 ) $ 26,581 $ (24,995 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 4,027 $ (462 ) $ 831 $ 3,499
Summary of Changes in Fair Value of Level III Investments	The table below sets forth a summary of changes in the fair value of Level III financial instruments: Three Months Ended June 30, 2017 2016 Corporate Investments Contingent Consideration Liability Corporate Investments Contingent Consideration Liability Beginning balance $ 75,441 $ (24,168 ) $ 25,624 $ (27,884 ) Contributions or additions 48 — — — Distributions (435 ) — — — Net gain (loss) included in earnings 2,603 139 957 2,889 Ending balance $ 77,657 $ (24,029 ) $ 26,581 $ (24,995 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 2,544 $ 139 $ 957 $ 2,889 Six Months Ended June 30, 2017 2016 Corporate Investments Contingent Consideration Liability Corporate Investments Contingent Consideration Liability Beginning balance $ 74,663 $ (23,567 ) $ 25,750 $ (28,494 ) Contributions or additions 204 — — — Distributions (3,570 ) — — — Net gain (loss) included in earnings 6,360 (462 ) 831 3,499 Ending balance $ 77,657 $ (24,029 ) $ 26,581 $ (24,995 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 4,027 $ (462 ) $ 831 $ 3,499 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 Total Three Months Ended June 30, 2017 Beginning balance $ 179,080 $ 38,933 $ 6,645 $ 224,658 Transfers into Level III 2,344 1,978 — 4,322 Transfers out of Level III (7,651 ) — — (7,651 ) Purchases 8,309 10,919 136 19,364 Sales (31,071 ) (8,309 ) (523 ) (39,903 ) Realized gains (losses), net 107 116 — 223 Unrealized appreciation (depreciation), net 111 (168 ) 1,029 972 Ending balance $ 151,229 $ 43,469 $ 7,287 $ 201,985 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 700 $ (65 ) $ 1,029 $ 1,664 Three Months Ended June 30, 2016 Beginning balance $ 200,811 $ 1,853 $ 4,326 $ 206,990 Transfers into Level III — — — — Transfers out of Level III (1,962 ) — — (1,962 ) Purchases 2,239 1 157 2,397 Sales (10,886 ) — (525 ) (11,411 ) Realized gains (losses), net 89 — — 89 Unrealized appreciation (depreciation), net (382 ) 36 16 (330 ) Ending balance $ 189,909 $ 1,890 $ 3,974 $ 195,773 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (2,103 ) $ 36 $ 16 $ (2,051 ) Corporate Debt – Bank Debt Corporate Debt – All Other Equities – Common Stock Equities – Preferred Stock Real Estate Real Estate Loan Portfolios Swaps Total Six Months Ended June 30, 2017 Beginning balance $ 208,868 $ 28,793 $ 6,693 $ — $ — $ — $ — $ 244,354 Transfers into Level III 22,188 1,978 — — — — — 24,166 Transfers out of Level III (49,120 ) — — — — — — (49,120 ) Purchases 23,317 27,118 136 — — — — 50,571 Sales (55,205 ) (14,725 ) (639 ) — — — — (70,569 ) Realized gains (losses), net 211 311 87 — — — — 609 Unrealized appreciation (depreciation), net 970 (6 ) 1,010 — — — — 1,974 Ending balance $ 151,229 $ 43,469 $ 7,287 $ — $ — $ — $ — $ 201,985 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 1,147 $ 97 $ 1,010 $ — $ — $ — $ — $ 2,254 Six Months Ended June 30, 2016 Beginning balance $ 1,871,375 $ 3,009,164 $ 8,729,202 $ 1,363,542 $ 9,655,270 $ 2,597,405 $ (8,251 ) $ 27,217,707 Cumulative-effect adjustment from adoption of accounting guidance (1,672,305 ) (3,007,287 ) (8,725,026 ) (1,363,542 ) (9,655,270 ) (2,597,405 ) 8,251 (27,012,584 ) Transfers into Level III 37,535 — 398 — — — — 37,933 Transfers out of Level III (42,670 ) — — — — — — (42,670 ) Purchases 9,378 2 157 — — — — 9,537 Sales (12,872 ) — (821 ) — — — — (13,693 ) Realized gains (losses), net 115 — — — — — — 115 Unrealized appreciation (depreciation), net (647 ) 11 64 — — — — (572 ) Ending balance $ 189,909 $ 1,890 $ 3,974 $ — $ — $ — $ — $ 195,773 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (647 ) $ 11 $ 64 $ — $ — $ — $ — $ (572 )
Valuation of Investments and Other Financial Instruments	The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level: As of June 30, 2017 As of December 31, 2016 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 3,810,291 $ 151,229 $ 3,961,520 $ — $ 2,973,482 $ 208,868 $ 3,182,350 Corporate debt – all other — 498,064 43,469 541,533 — 460,975 28,793 489,768 Equities – common stock 227,106 49 7,287 234,442 129,362 61 6,693 136,116 Equities – preferred stock 1,777 414 — 2,191 — — — — Total investments 228,883 4,308,818 201,985 4,739,686 129,362 3,434,518 244,354 3,808,234 Derivatives: Foreign-currency forward contracts — 117 — 117 — 216 — 216 Swaps — 361 — 361 — 141 — 141 Total derivatives — 478 — 478 — 357 — 357 Total assets $ 228,883 $ 4,309,296 $ 201,985 $ 4,740,164 $ 129,362 $ 3,434,875 $ 244,354 $ 3,808,591 Liabilities CLO debt obligations: Senior secured notes (1) $ — $ (2,988,761 ) $ — $ (2,988,761 ) $ — $ (2,953,880 ) $ — $ (2,953,880 ) Subordinated notes (1) — (111,268 ) — (111,268 ) — (100,330 ) — (100,330 ) Total CLO debt obligations — (3,100,029 ) — (3,100,029 ) — (3,054,210 ) — (3,054,210 ) Securities sold short: Equity securities (81,086 ) — — (81,086 ) (41,016 ) — — (41,016 ) Derivatives: Foreign-currency forward contracts — (735 ) — (735 ) — (4 ) — (4 ) Swaps — (37 ) — (37 ) — (1,082 ) — (1,082 ) Total derivatives — (772 ) — (772 ) — (1,086 ) — (1,086 ) Total liabilities $ (81,086 ) $ (3,100,801 ) $ — $ (3,181,887 ) $ (41,016 ) $ (3,055,296 ) $ — $ (3,096,312 ) (1) The fair value of CLO liabilities is classified based on the more observable fair value of CLO assets. Please see notes 2 and 9 for more information.
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 June 30, 2017: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer $ 2,503 Discounted cash flow (4) Discount rate 11% – 15% 14% 42,617 Recent market information (5) Quoted prices Not applicable Not applicable Consumer Staples: 1,594 Discounted cash flow (4) Discount rate 11% – 13% 12% 12,657 Recent market information (5) Quoted prices Not applicable Not applicable Industrials: 14,607 Discounted cash flow (4) Discount rate 6% – 11% 7% 4,217 Market approach (6) Earnings multiple (7) 4x - 6x 5x 29,687 Recent market information (5) Quoted prices Not applicable Not applicable Information 4,933 Discounted cash flow (4) Discount rate 11% – 13% 12% 7,187 Recent market information (5) Quoted prices Not applicable Not applicable Materials: 1,209 Discounted cash flow (4) Discount rate 10% – 12% 11% 13,967 Recent market information (5) Quoted prices Not applicable Not applicable Real Estate: 3,346 Discounted cash flow (4) Discount rate 11% – 13% 12% 30,843 Recent market information (5) Quoted prices Not applicable Not applicable 336 Recent transaction price (8) Not applicable Not applicable Not applicable Other: 13,320 Discounted cash flow (4) Discount rate 8% – 15% 13% 11,675 Recent market information (5) Quoted prices Not applicable Not applicable Equity investments: 3,958 Market approach (6) Earnings multiple (7) 4x – 11x 7x 1,343 Discounted cash flow (4) Discount rate 11% – 30% 13% 1,986 Recent market information (5) Quoted prices Not applicable Not applicable Total Level III $ 201,985 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, 2016: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer $ 7,658 Discounted cash flow (4) Discount rate 5% – 13% 7% 64,147 Recent market information (5) Quoted prices Not applicable Not applicable Consumer Staples: 7,356 Discounted cash flow (4) Discount rate 6% – 12% 7% 23,182 Recent market information (5) Quoted prices Not applicable Not applicable Energy: 12,758 Recent market information (5) Quoted prices Not applicable Not applicable Industrials: 10,574 Discounted cash flow (4) Discount rate 5% – 7% 6% 4,230 Market approach (6) Earnings multiple (7) 5x - 7x 6x 30,531 Recent market information (5) Quoted prices Not applicable Not applicable Information 11,681 Discounted cash flow (4) Discount rate 6% – 13% 9% 5,076 Recent market information (5) Quoted prices Not applicable Not applicable Materials: 1,206 Discounted cash flow (4) Discount rate 11% – 13% 12% 15,586 Recent market information (5) Quoted prices Not applicable Not applicable Other: 13,754 Discounted cash flow (4) Discount rate 8% – 16% 12% 9,137 Recent market information (5) Quoted prices Not applicable Not applicable 20,785 Recent transaction price (8) Not applicable Not applicable Not applicable Equity investments: 3,542 Market approach (6) Earnings multiple (7) 4x – 11x 8x 1,352 Discounted cash flow (4) Discount rate 11% – 33% 14% 1,799 Recent market information (5) Quoted prices Not applicable Not applicable Total Level III $ 244,354 (1) 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. (2) 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. (3) The weighted average is based on the fair value of the investments included in the range. (4) 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. (5) 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. (6) 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. (7) 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. (8) 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. The table below sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the Company’s Level III financial instruments: Fair Value as of Significant Unobservable Input Financial Instrument June 30, 2017 December 31, 2016 Valuation Technique Range Weighted Average Corporate investment – Limited partnership interests $ 77,657 $ 74,663 Market approach Not applicable Not applicable Not applicable Contingent consideration liability 24,029 23,567 Discounted cash flow Assumed % of total potential contingent payments 0% – 100% 45%

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017: Contract Amount in Local Currency Contract Amount in U.S. Dollars Market Value in U.S. Dollars Net Unrealized Appreciation (Depreciation) Euro, expiring 7/10/17-6/29/18 270,700 $ 301,904 $ 312,802 $ (10,898 ) USD (buy GBP), expiring 7/31/17-6/29/18 63,920 63,920 63,088 832 CHF, expiring 12/29/17 5,300 5,418 5,590 (172 ) Japanese Yen, expiring 9/29/17-11/30/17 6,145,000 55,307 54,863 444 Total $ 426,549 $ 436,343 $ (9,794 ) As of December 31, 2016: Euro, expiring 1/9/17-12/29/17 242,100 $ 271,848 $ 257,652 $ 14,196 USD (buy GBP), expiring 1/31/17-12/29/17 72,565 72,565 78,143 (5,578 ) Japanese Yen, expiring 1/31/17-2/28/17 6,150,000 52,511 52,792 (281 ) Total $ 396,924 $ 388,587 $ 8,337
Summary of Impact of Freestanding Derivative Instruments on Condensed Consolidated Statement of Operations	The impact of derivatives held by the consolidated funds in the condensed consolidated statements of operations was as follows: Three Months Ended June 30, 2017 2016 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 $ (569 ) $ (96 ) $ (298 ) $ 849 Total-return and interest-rate swaps (722 ) (237 ) (907 ) 222 Options and futures 29 76 (764 ) 60 Total $ (1,262 ) $ (257 ) $ (1,969 ) $ 1,131 Six Months Ended June 30, 2017 2016 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 $ (390 ) $ (410 ) $ (500 ) $ 457 Total-return and interest-rate swaps (1,468 ) 998 (890 ) (1,396 ) Options and futures (2,015 ) 266 (849 ) (83 ) Total $ (3,873 ) $ 854 $ (2,239 ) $ (1,022 ) Realized and unrealized gains and losses arising from freestanding derivative instruments were recorded in the condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, Foreign-currency Forward Contracts 2017 2016 2017 2016 Investment income $ (8,455 ) $ 6,530 $ (9,328 ) $ (2,371 ) General and administrative expense (1) (6,268 ) (8,221 ) (8,951 ) (18,112 ) Total $ (14,723 ) $ (1,691 ) $ (18,279 ) $ (20,483 ) (1) To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency 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.
Balance Sheet Offsetting Assets	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 June 30, 2017 : Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 3,102 $ 3,102 $ — $ — Derivative assets of consolidated funds: Foreign-currency forward contracts 117 117 — — Total-return and interest-rate swaps 361 26 — 335 Subtotal 478 143 — 335 Total $ 3,580 $ 3,245 $ — $ 335 Derivative Liabilities: Foreign-currency forward contracts $ (12,896 ) $ (3,102 ) $ — $ (9,794 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (735 ) (117 ) — (618 ) Total-return and interest-rate swaps (37 ) (26 ) (11 ) — Subtotal (772 ) (143 ) (11 ) (618 ) Total $ (13,668 ) $ (3,245 ) $ (11 ) $ (10,412 ) Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2016 : Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 16,142 $ 7,805 $ — $ 8,337 Derivative assets of consolidated funds: Foreign-currency forward contracts 216 4 — 212 Total-return and interest-rate swaps 141 141 — — Subtotal 357 145 — 212 Total $ 16,499 $ 7,950 $ — $ 8,549 Derivative Liabilities: Foreign-currency forward contracts $ (7,805 ) $ (7,805 ) $ — $ — Interest-rate swaps (60 ) — (60 ) Subtotal (7,865 ) (7,805 ) — (60 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (4 ) (4 ) — — Total-return and interest-rate swaps (1,082 ) (141 ) (941 ) — Subtotal (1,086 ) (145 ) (941 ) — Total $ (8,951 ) $ (7,950 ) $ (941 ) $ (60 )
Balance Sheet Offsetting Liabilities	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 June 30, 2017 : Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 3,102 $ 3,102 $ — $ — Derivative assets of consolidated funds: Foreign-currency forward contracts 117 117 — — Total-return and interest-rate swaps 361 26 — 335 Subtotal 478 143 — 335 Total $ 3,580 $ 3,245 $ — $ 335 Derivative Liabilities: Foreign-currency forward contracts $ (12,896 ) $ (3,102 ) $ — $ (9,794 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (735 ) (117 ) — (618 ) Total-return and interest-rate swaps (37 ) (26 ) (11 ) — Subtotal (772 ) (143 ) (11 ) (618 ) Total $ (13,668 ) $ (3,245 ) $ (11 ) $ (10,412 ) Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2016 : Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 16,142 $ 7,805 $ — $ 8,337 Derivative assets of consolidated funds: Foreign-currency forward contracts 216 4 — 212 Total-return and interest-rate swaps 141 141 — — Subtotal 357 145 — 212 Total $ 16,499 $ 7,950 $ — $ 8,549 Derivative Liabilities: Foreign-currency forward contracts $ (7,805 ) $ (7,805 ) $ — $ — Interest-rate swaps (60 ) — (60 ) Subtotal (7,865 ) (7,805 ) — (60 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (4 ) (4 ) — — Total-return and interest-rate swaps (1,082 ) (141 ) (941 ) — Subtotal (1,086 ) (145 ) (941 ) — Total $ (8,951 ) $ (7,950 ) $ (941 ) $ (60 )

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
FIXED ASSETS	The following table sets forth the Company’s fixed assets and accumulated depreciation: As of June 30, 2017 December 31, 2016 Furniture, equipment and capitalized software $ 23,417 $ 18,771 Leasehold improvements 58,521 49,626 Corporate aircraft 66,277 66,277 Other 4,925 3,748 Fixed assets 153,140 138,422 Accumulated depreciation (50,859 ) (45,344 ) Fixed assets, net $ 102,281 $ 93,078

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLES	The following table summarizes the carrying value of intangible assets: As of June 30, 2017 December 31, 2016 Contractual rights $ 28,017 $ 28,017 Accumulated amortization (11,676 ) (9,675 ) Intangible assets, net $ 16,341 $ 18,342

DEBT OBLIGATIONS AND CREDIT F33

DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt Obligations	The Company’s debt obligations are set forth below: As of June 30, 2017 December 31, $250,000, 6.75%, issued in November 2009, payable on December 2, 2019 $ 250,000 $ 250,000 $250,000, variable-rate term loan, issued in March 2014, payable on March 31, 2021 (1) 150,000 150,000 $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 $100,000, 3.69%, issued in July 2016, payable on July 12, 2031 100,000 100,000 Total remaining principal 750,000 750,000 Less: Debt issuance costs (3,664 ) (4,103 ) Debt obligations $ 746,336 $ 745,897 (1) The credit agreement consists of a $250 million term loan and a $500 million revolving credit facility. Borrowings 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 revolving credit facility is 0.125% per annum. The credit agreement contains customary financial covenants and restrictions, including ones regarding a maximum leverage ratio and a minimum required level of assets under management (as defined in the credit agreement). As of June 30, 2017, the Company had no outstanding borrowings under the revolving credit facility.
Future Principal Payments of Debt Obligations	As of June 30, 2017, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: Last six months of 2017 $ — 2018 24,129 2019 — 2020 — 2021 — Thereafter 3,099,250 Total $ 3,123,379 As of June 30, 2017, future scheduled principal payments of debt obligations were as follows: Last six months of 2017 $ — 2018 — 2019 250,000 2020 — 2021 150,000 Thereafter 350,000 Total $ 750,000
Schedule of Collateralized Loan Obligation	The table below sets forth the outstanding debt obligations of CLOs as of the date indicated. As of June 30, 2017 As of December 31, 2016 Fair Value (1) Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Fair Value (1) Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Senior secured notes (2)(3) $ 398,563 3.01% 12.0 $ 471,603 2.90% 8.2 Senior secured notes (2)(4) 458,294 2.92% 9.4 470,298 3.03% 9.9 Senior secured notes (5) 24,129 3.62% 1.5 49,336 3.31% 2.0 Senior secured notes (6) 385,301 1.73% 10.2 357,706 1.73% 10.7 Senior secured notes (2) 462,930 3.23% 10.5 467,084 2.96% 11.0 Senior secured notes (6)(7) 411,248 1.73% 13.1 360,234 2.29% 11.3 Senior secured notes (6) 424,810 2.28% 11.9 395,458 2.28% 12.4 Senior secured notes (6) 423,486 1.99% 12.7 382,161 1.99% 13.2 Subordinated note (8) 17,024 N/A 9.4 12,281 N/A 9.9 Subordinated note (8) 19,601 N/A 10.2 17,871 N/A 10.7 Subordinated note (8) 18,952 N/A 10.5 18,432 N/A 11.0 Subordinated note (8) 17,115 N/A 13.1 13,422 N/A 11.3 Subordinated note (8) 20,096 N/A 11.9 17,073 N/A 12.4 Subordinated note (8) 18,480 N/A 12.7 21,251 N/A 13.2 Total CLO debt obligations $ 3,100,029 $ 3,054,210 (1) The fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (a) the fair value of any beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. Please see notes 2 and 5 for more information. (2) The weighted average interest rate is based on LIBOR plus a margin. (3) These notes were reset in May 2017, resulting in a lower interest rate spread and an extension to the original maturity date. (4) These notes were refinanced in March 2017, resulting in a lower interest rate spread. There was no change to the original maturity date. (5) The interest rate is 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% . (6) The weighted average interest rate is based on EURIBOR (subject to a zero floor) plus a margin. (7) These notes were reset in May 2017, resulting in a lower interest rate spread and an extension to the original maturity date. (8) The subordinated notes do not have a contractual interest rate; instead, they receive distributions from the excess cash flows generated by the CLO. The consolidated funds had the following debt obligations outstanding: Outstanding Amount as of Facility Capacity LIBOR Margin (1) Maturity Commitment Fee Rate L/C Fee Credit Agreement June 30, 2017 December 31, 2016 Revolving credit facility $ 254,000 $ — $ 450,000 1.25% 4/19/2019 N/A N/A Senior variable rate notes (2) 488,998 488,997 $ 489,000 Various 10/20/2027 N/A N/A Total debt obligations 742,998 488,997 Less: Debt issuance costs (4,448 ) (5,041 ) Total debt obligations, net $ 738,550 $ 483,956 (1) The facility bears interest at an annual rate of LIBOR plus the applicable margin. (2) The weighted average interest rate was 2.70% as of June 30, 2017.

NON-CONTROLLING REDEEMABLE IN34

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Tables)	6 Months Ended
	Jun. 30, 2017
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 presented on a gross basis in the table below. Six Months Ended June 30, 2017 2016 Beginning balance $ 344,047 $ 38,173,125 Cumulative-effect adjustment from adoption of accounting guidance — (37,969,042 ) Initial consolidation of a fund 70,817 — Contributions 95,932 64,321 Distributions (31,655 ) (21,919 ) Net income 12,603 1,989 Change in distributions payable 5,662 (822 ) Foreign currency translation and other — 1,605 Ending balance $ 497,406 $ 249,257

UNITHOLDERS' CAPITAL (Tables)

UNITHOLDERS' CAPITAL (Tables)	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Summary of Net Income (Loss)	The following table sets forth a summary of net income attributable to the OCGH unitholders' non-controlling interest and to Class A unitholders: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 91,740 92,440 91,692 92,177 Class A unitholders 64,193 62,617 63,611 62,256 Total weighted average units outstanding 155,933 155,057 155,303 154,433 Oaktree Operating Group net income: Net income attributable to OCGH non-controlling interest $ 173,638 $ 83,256 $ 270,236 $ 142,082 Net income attributable to Class A unitholders 121,499 56,397 187,927 96,012 Oaktree Operating Group net income (1) $ 295,137 $ 139,653 $ 458,163 $ 238,094 Net income attributable to Oaktree Capital Group, LLC: Oaktree Operating Group net income attributable to Class A unitholders $ 121,499 $ 56,397 $ 187,927 $ 96,012 Non-Operating Group expenses (255 ) (201 ) (487 ) (465 ) Income tax expense of Intermediate Holding Companies (3,920 ) (7,149 ) (15,201 ) (18,422 ) Net income attributable to Oaktree Capital Group, LLC $ 117,324 $ 49,047 $ 172,239 $ 77,125 (1) Oaktree Operating Group net income does not include amounts attributable to other non-controlling interests, which amounted to $620 and $1,246 for the three and six months ended June 30, 2017, respectively, and $1,212 and $2,420 for the three and six months ended June 30, 2016, respectively.
Changes in Company Ownership Interest	The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income attributable to Oaktree Capital Group, LLC $ 117,324 $ 49,047 $ 172,239 $ 77,125 Equity reallocation between controlling and non-controlling interests (2,562 ) 645 9,499 8,126 Change from net income attributable to Oaktree Capital Group, LLC and transfers from non-controlling interests $ 114,762 $ 49,692 $ 181,738 $ 85,251

EARNINGS PER UNIT (Tables)

EARNINGS PER UNIT (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Computations of Net Income (Loss) Per Unit	The computation of net income per Class A unit is set forth below: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income per Class A unit (basic and diluted): (in thousands, except per unit amounts) Net income attributable to Oaktree Capital Group, LLC $ 117,324 $ 49,047 $ 172,239 $ 77,125 Weighted average number of Class A units outstanding (basic and diluted) 64,193 62,617 63,611 62,256 Basic and diluted net income per Class A unit $ 1.83 $ 0.78 $ 2.71 $ 1.24

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2017
Share-based Compensation [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 period 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, 2016 2,128,400 $ 41.86 2,337,953 $ 39.80 Granted 1,212,329 45.30 266,362 37.13 Vested (744,749 ) 40.40 (344,702 ) 39.23 Forfeited (16,694 ) 45.58 — — Balance, June 30, 2017 2,579,286 $ 43.88 2,259,613 $ 39.62

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Amounts Due from and Due to Affiliates	The fair value of amounts due to affiliates approximated $167,217 and $164,335 as of June 30, 2017 and December 31, 2016, respectively, based on a discount rate of 10.0% . As of June 30, 2017 December 31, 2016 Due from affiliates: Loans $ 12,172 $ 19,325 Amounts due from unconsolidated funds 65,638 53,573 Management fees and incentive income due from unconsolidated funds 49,443 130,708 Payments made on behalf of unconsolidated entities 3,775 3,779 Non-interest bearing advances made to certain non-controlling interest holders and employees 1,915 1,258 Total due from affiliates $ 132,943 $ 208,643 Due to affiliates: Due to OCGH unitholders in connection with the tax receivable agreement (please see note 14) $ 340,966 $ 340,966 Amounts due to senior executives, certain non-controlling interest holders and employees 775 5,577 Total due to affiliates $ 341,741 $ 346,543

ORGANIZATION AND BASIS OF PRE39

ORGANIZATION AND BASIS OF PRESENTATION (Details)	6 Months Ended
	Jun. 30, 2017partnership_interestvote
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Limited Liability Company (LLC) ownership interest	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 ACCOUN40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)quote	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Variable Interest Entity
Number of broker quotes (in quote) | quote	1
Cumulative-effect adjustment from adoption of accounting guidance			$ (122,621)
Aggregate minimum lease payments under lease obligations	$ 138,000
Retained Earnings
Variable Interest Entity
Cumulative-effect adjustment from adoption of accounting guidance		$ 352
Paid-in Capital
Variable Interest Entity
Cumulative-effect adjustment from adoption of accounting guidance		(352)	$ (12,912)
Accounting Standards Update 2016-09 | Retained Earnings
Variable Interest Entity
Cumulative-effect adjustment from adoption of accounting guidance		400
Accounting Standards Update 2016-09 | Paid-in Capital
Variable Interest Entity
Cumulative-effect adjustment from adoption of accounting guidance		$ (400)
Minimum
Variable Interest Entity
Withdrawal period	1 month
Minimum | Contractual Rights to Earn Future Fee Income
Variable Interest Entity
Estimated useful lives in years	3 years
Maximum
Variable Interest Entity
Withdrawal period	3 years
Maximum | Contractual Rights to Earn Future Fee Income
Variable Interest Entity
Estimated useful lives in years	7 years

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) - Consolidated VIEs $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)entity	Dec. 31, 2016entity
Variable Interest Entity
Number of VIE's consolidated (in entity)	18	17
VIE consolidated assets | $	$ 5,400
VIE consolidated liabilities | $	4,500
Maximum loss exposure | $	$ 366.4
Funds Managed by Oaktree
Variable Interest Entity
Number of VIE's consolidated (in entity)	9
CLO's for Which Oaktree Acts as Collateral Manager
Variable Interest Entity
Number of VIE's consolidated (in entity)	8
Consolidated Funds Formed to Satisfy Risk Retention Requirements
Variable Interest Entity
Number of VIE's consolidated (in entity)	2
CLO not Priced
Variable Interest Entity
Number of VIE's consolidated (in entity)	1
Remaining Variable Interest Entities
Variable Interest Entity
Number of VIE's consolidated (in entity)	17

VARIABLE INTEREST ENTITIES - VI

VARIABLE INTEREST ENTITIES - VIEs Not Consolidated (Details) - Unconsolidated VIEs - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity
Maximum exposure to loss	$ 1,059,063	$ 1,214,941
Corporate investments
Variable Interest Entity
Assets and liabilities, net	979,486	1,055,227
Due from affiliates
Variable Interest Entity
Assets and liabilities, net	$ 79,577	$ 159,714

INVESTMENTS - Corporate investm

INVESTMENTS - Corporate investments (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investment [Line Items]
Other investments, at fair value	$ 99,389	$ 107,591
Total corporate investments	1,016,078	1,123,732
Funds
Investment [Line Items]
Equity-method investments	891,501	981,209
Companies
Investment [Line Items]
Equity-method investments	$ 25,188	$ 34,932

INVESTMENTS - Investment income

INVESTMENTS - Investment income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ (6,285)	$ 14,059	$ (4,649)	$ 9,439
Total investment income	49,106	41,000	99,557	70,447
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments investment income (loss)	36,562	10,259	69,483	29,219
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments investment income (loss)	$ 18,829	$ 16,682	$ 34,723	$ 31,789

INVESTMENTS - Additional Inform

INVESTMENTS - Additional Information (Details)	Jun. 30, 2017
Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	2.50%
DoubleLine
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%

INVESTMENTS - Equity-method Inv

INVESTMENTS - Equity-method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Assets:
Cash and cash-equivalents	$ 3,499,510		$ 3,499,510		$ 3,713,045
Investments, at fair value	40,725,667		40,725,667		43,084,842
Other assets	1,820,104		1,820,104		1,994,304
Total assets	46,045,281		46,045,281		48,792,191
Liabilities and Capital:
Debt obligations	8,203,642		8,203,642		7,372,063
Other liabilities	2,160,821		2,160,821		2,028,065
Total liabilities	10,364,463		10,364,463		9,400,128
Total capital	35,680,818		35,680,818		39,392,063
Total liabilities and capital	46,045,281		46,045,281		$ 48,792,191
Statements of Operations:
Revenues / investment income	557,070	$ 482,265	1,077,680	$ 1,025,099
Interest expense	(57,857)	(41,640)	(104,871)	(80,169)
Other expenses	(201,099)	(217,303)	(412,257)	(437,739)
Net realized and unrealized gain on investments	942,747	550,657	1,867,298	838,724
Net income	$ 1,240,861	$ 773,979	$ 2,427,850	$ 1,345,915

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investment [Line Items]
Realized gain (loss)	$ 235	$ 6,682	$ (1,637)	$ 10,083
Net change in unrealized gain (loss)	28,453	(5,301)	53,131	(25,973)
Total gain (loss)			51,494	(15,890)
Non-Oaktree funds
Investment [Line Items]
Realized gain (loss)	59	105	1,555	(2,389)
Net change in unrealized gain (loss)	(6,344)	13,954	(6,204)	11,828
Total gain (loss)	$ (6,285)	$ 14,059	$ (4,649)	$ 9,439

INVESTMENTS - Fair Value (Detai

INVESTMENTS - Fair Value (Details) - Consolidated Funds - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 4,503,053	$ 3,672,118
Equity securities:	$ 236,633	$ 136,116
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	95.00%	96.40%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	5.00%	3.60%
Investments, at fair value	$ 4,739,686	$ 3,808,234
Total investments, at fair value, Fair Value as a Percentage of Investments of Consolidated Funds	100.00%	100.00%
Total securities sold short, at fair value	$ (81,086)	$ (41,016)
Equity securities:
Schedule Of Investments In Marketable Securities [Line Items]
Total securities sold short, at fair value	(81,086)	(41,016)
United States:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	3,023,186	2,392,717
Equity securities:	$ 9,749	$ 7,725
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	63.80%	62.90%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.20%
United States: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 688,630	$ 628,621
Equity securities:	$ 735	$ 711
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	14.50%	16.50%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 105,482	$ 123,395
Equity securities:	$ 209	$ 0
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	2.20%	3.20%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 80,016	$ 55,655
Equity securities:	$ 1,845	$ 2,002
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	1.70%	1.50%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.10%
United States: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 286,549	$ 182,685
Equity securities:	$ 5,881	$ 3,977
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	6.10%	4.80%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.10%
United States: | Government
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 5,827	$ 5,234
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.10%
United States: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 433,737	$ 337,138
Equity securities:	$ 305	$ 343
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	9.20%	8.90%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 442,309	$ 379,122
Equity securities:	$ 326	$ 1
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	9.40%	10.00%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 426,966	$ 272,637
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	9.00%	7.20%
United States: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 266,851	$ 237,417
Equity securities:	$ 167	$ 691
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	5.60%	6.20%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States: | Telecommunication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 167,012	$ 93,893
Equity securities:	$ 281	$ 0
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	3.50%	2.50%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 119,807	$ 76,920
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	2.50%	2.00%
Europe:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 1,401,955	$ 1,226,100
Equity securities:	$ 2,730	$ 1,605
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	29.60%	32.10%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.00%
Europe: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 447,928	$ 374,627
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	9.50%	9.80%
Europe: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 120,491	$ 92,750
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	2.50%	2.40%
Europe: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 2,400	$ 13,274
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.30%
Europe: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 17,239	$ 13,822
Equity securities:	$ 2,730	$ 1,605
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.40%	0.40%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.00%
Europe: | Government
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 3,381	$ 1,996
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.10%
Europe: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 248,510	$ 210,078
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	5.20%	5.50%
Europe: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 70,524	$ 54,578
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	1.50%	1.40%
Europe: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 38,683	$ 23,832
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.80%	0.60%
Europe: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 255,943	$ 226,961
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	5.40%	6.00%
Europe: | Telecommunication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 195,500	$ 214,182
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	4.10%	5.60%
Europe: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 1,356	$ 0
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 77,912	$ 53,301
Equity securities:	$ 224,154	$ 126,786
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	1.60%	1.40%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	4.70%	3.40%
Asia and other: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 23,605	$ 3,145
Equity securities:	$ 13,510	$ 7,639
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.40%	0.10%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.30%	0.20%
Asia and other: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 750	$ 5,994
Equity securities:	$ 4,910	$ 3,786
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.20%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.10%
Asia and other: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 7,297	$ 9,570
Equity securities:	$ 6,756	$ 6,978
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.30%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.20%
Asia and other: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 2,519	$ 0
Equity securities:	$ 88,825	$ 44,328
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.00%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	1.90%	1.20%
Asia and other: | Government
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 1,003	$ 1,506
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 14,039	$ 1,245
Equity securities:	$ 414	$ 0
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.30%	0.00%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 11,233	$ 15,450
Equity securities:	$ 42,508	$ 21,564
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.40%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.90%	0.60%
Asia and other: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 443	$ 409
Equity securities:	$ 15,585	$ 16,642
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.30%	0.40%
Asia and other: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 7,770	$ 10,245
Equity securities:	$ 45,674	$ 19,697
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.30%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.90%	0.50%
Asia and other: | Telecommunication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 9,253	$ 4,809
Equity securities:	$ 2,971	$ 4,296
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.10%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.10%
Asia and other: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities:	$ 0	$ 928
Equity securities:	$ 3,001	$ 1,856
Debt securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Equity securities: Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.10%

INVESTMENTS - Fair Value, Addit

INVESTMENTS - Fair Value, Additional Information (Details) - Consolidated Funds - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Schedule Of Investments In Marketable Securities [Line Items]
Securities sold short, proceeds	$ 78,187	$ 41,541
United States:
Schedule Of Investments In Marketable Securities [Line Items]
Total debt securities, cost	3,018,892	2,378,759
Total equity securities, cost	11,113	5,462
Europe:
Schedule Of Investments In Marketable Securities [Line Items]
Total debt securities, cost	1,386,171	1,214,068
Total equity securities, cost	1,872	1,494
Asia and other:
Schedule Of Investments In Marketable Securities [Line Items]
Total debt securities, cost	83,243	57,400
Total equity securities, cost	$ 206,335	$ 118,292

INVESTMENTS - Net Gains (Losses

INVESTMENTS - Net Gains (Losses) from Investment Activities of Consolidated Funds (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Gain (Loss) on Investments [Line Items]
Net realized gain (loss) on consolidated funds’ investments	$ 235	$ 6,682	$ (1,637)	$ 10,083
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	28,453	(5,301)	53,131	(25,973)
Consolidated Funds | Not Designated as Hedging Instrument
Gain (Loss) on Investments [Line Items]
Net realized gain (loss) on consolidated funds’ investments	235	6,682	(1,637)	10,083
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	28,453	(5,301)	53,131	(25,973)
Consolidated Funds | Investments and other financial instruments | Not Designated as Hedging Instrument
Gain (Loss) on Investments [Line Items]
Net realized gain (loss) on consolidated funds’ investments	1,497	8,651	2,236	12,322
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	5,193	17,740	8,929	27,423
Consolidated Funds | CLO Liabilities | Not Designated as Hedging Instrument
Gain (Loss) on Investments [Line Items]
Net realized gain (loss) on consolidated funds’ investments	0	0	0	0
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	23,517	(24,172)	43,348	(52,374)
Consolidated Funds | Foreign-currency forward contracts | Not Designated as Hedging Instrument
Gain (Loss) on Investments [Line Items]
Net realized gain (loss) on consolidated funds’ investments	(569)	(298)	(390)	(500)
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(96)	849	(410)	457
Consolidated Funds | Total-return and interest-rate swaps | Not Designated as Hedging Instrument
Gain (Loss) on Investments [Line Items]
Net realized gain (loss) on consolidated funds’ investments	(722)	(907)	(1,468)	(890)
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(237)	222	998	(1,396)
Consolidated Funds | Options and futures | Not Designated as Hedging Instrument
Gain (Loss) on Investments [Line Items]
Net realized gain (loss) on consolidated funds’ investments	29	(764)	(2,015)	(849)
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	$ 76	$ 60	$ 266	$ (83)

FAIR VALUE - Financial Instrume

FAIR VALUE - Financial Instruments by Fair-value Hierarchy Level (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 3,580	$ 16,499
Derivative liabilities	(13,668)	(8,951)
Oaktree Capital Group Excluding Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and government-agency securities	555,008	757,578
Corporate investments	1,016,078	1,123,732
Derivative liabilities		(7,865)
Oaktree Capital Group Excluding Consolidated Funds | Interest-rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		(60)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	663,619	875,934
Total liabilities	(36,925)	(31,432)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Contingent consideration liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(24,029)	(23,567)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	3,102	16,142
Derivative liabilities	(12,896)	(7,805)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Interest-rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	(60)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | U.S. Treasury and time deposit securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and government-agency securities	555,008	757,578
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate investments	105,509	102,214
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	555,008	757,578
Total liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Contingent consideration liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | 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
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | U.S. Treasury and time deposit securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and government-agency securities	555,008	757,578
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate investments	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	30,954	43,693
Total liabilities	(12,896)	(7,865)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Contingent consideration liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	3,102	16,142
Derivative liabilities	(12,896)	(7,805)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		5,377
Derivative liabilities	(6,120)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Interest-rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	(60)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | U.S. Treasury and time deposit securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and government-agency securities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate investments	27,852	27,551
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	77,657	74,663
Total liabilities	(24,029)	(23,567)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Contingent consideration liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(24,029)	(23,567)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | 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
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | U.S. Treasury and time deposit securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and government-agency securities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate investments	$ 77,657	$ 74,663

FAIR VALUE - Changes in Fair Va

FAIR VALUE - Changes in Fair Value (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Corporate Investments
Beginning balance	$ 75,441	$ 25,624	$ 74,663	$ 25,750
Contributions or additions	48	0	204	0
Distributions	(435)	0	(3,570)	0
Net gain (loss) included in earnings	2,603	957	6,360	831
Ending balance	77,657	26,581	77,657	26,581
Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	2,544	957	4,027	831
Contingent Consideration Liability
Beginning balance	(24,168)	(27,884)	(23,567)	(28,494)
Contributions or additions	0	0	0	0
Distributions	0	0	0	0
Net gain (loss) included in earnings	139	2,889	(462)	3,499
Ending balance	(24,029)	(24,995)	(24,029)	(24,995)
Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	$ 139	$ 2,889	$ (462)	$ 3,499

FAIR VALUE - Valuation Techniqu

FAIR VALUE - Valuation Techniques (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	$ 99,389	$ 107,591
Corporate investment – Limited partnership interests | Market approach (value of underlying assets) | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	77,657	74,663
Contingent consideration liability | Discounted cash flow | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent consideration liability	$ 24,029	$ 23,567
Minimum | Contingent consideration liability | Discounted cash flow | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount rate	0.00%
Maximum | Contingent consideration liability | Discounted cash flow | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount rate	100.00%
Weighted Average | Contingent consideration liability | Discounted cash flow | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount rate	45.00%

FAIR VALUE - Consolidated Funds

FAIR VALUE - Consolidated Funds Valuation of Investments and Other Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total derivatives	$ 3,580	$ 16,499
Total derivatives	(13,668)	(8,951)
Consolidated Funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	4,739,686	3,808,234
Total derivatives	478	357
Equity securities	(81,086)	(41,016)
Total derivatives	(772)	(1,086)
Consolidated Funds | Equity securities:
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Equity securities	(81,086)	(41,016)
Consolidated Funds | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	201,985	244,354
Consolidated Funds | Fair Value, Measurements, Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	4,739,686	3,808,234
Total derivatives	478	357
Total assets	4,740,164	3,808,591
Total derivatives	(772)	(1,086)
Total liabilities	(3,181,887)	(3,096,312)
Consolidated Funds | Fair Value, Measurements, Recurring | Equity securities:
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Equity securities	(81,086)	(41,016)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO Debt Obligations
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	(3,100,029)	(3,054,210)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO Debt Obligations | Senior secured notes
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	(2,988,761)	(2,953,880)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO Debt Obligations | Subordinated notes
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	(111,268)	(100,330)
Consolidated Funds | Fair Value, Measurements, Recurring | Foreign-currency forward contracts
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total derivatives	117	216
Total derivatives	(735)	(4)
Consolidated Funds | Fair Value, Measurements, Recurring | Swaps
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total derivatives	361	141
Total derivatives	(37)	(1,082)
Consolidated Funds | Fair Value, Measurements, Recurring | Corporate debt – bank debt
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	3,961,520	3,182,350
Consolidated Funds | Fair Value, Measurements, Recurring | Corporate debt – all other
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	541,533	489,768
Consolidated Funds | Fair Value, Measurements, Recurring | Equities – common stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	234,442	136,116
Consolidated Funds | Fair Value, Measurements, Recurring | Equities – preferred stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	2,191	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	228,883	129,362
Total derivatives	0	0
Total assets	228,883	129,362
Total derivatives	0	0
Total liabilities	(81,086)	(41,016)
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Equity securities:
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Equity securities	(81,086)	(41,016)
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | CLO Debt Obligations
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | CLO Debt Obligations | Senior secured notes
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | CLO Debt Obligations | Subordinated notes
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Foreign-currency forward contracts
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total derivatives	0	0
Total derivatives	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Swaps
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total derivatives	0	0
Total derivatives	0	0
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	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Equities – common stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	227,106	129,362
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Equities – preferred stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	1,777	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	4,308,818	3,434,518
Total derivatives	478	357
Total assets	4,309,296	3,434,875
Total derivatives	(772)	(1,086)
Total liabilities	(3,100,801)	(3,055,296)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Equity securities:
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Equity securities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | CLO Debt Obligations
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	(3,100,029)	(3,054,210)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | CLO Debt Obligations | Senior secured notes
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	(2,988,761)	(2,953,880)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | CLO Debt Obligations | Subordinated notes
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	(111,268)	(100,330)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total derivatives	117	216
Total derivatives	(735)	(4)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Swaps
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total derivatives	361	141
Total derivatives	(37)	(1,082)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Corporate debt – bank debt
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	3,810,291	2,973,482
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Corporate debt – all other
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	498,064	460,975
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Equities – common stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	49	61
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Equities – preferred stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	414	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	201,985	244,354
Total derivatives	0	0
Total assets	201,985	244,354
Total derivatives	0	0
Total liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equity securities:
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Equity securities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | CLO Debt Obligations
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | CLO Debt Obligations | Senior secured notes
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | CLO Debt Obligations | Subordinated notes
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Foreign-currency forward contracts
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total derivatives	0	0
Total derivatives	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Swaps
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total derivatives	0	0
Total derivatives	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	151,229	208,868
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Corporate debt – all other
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	43,469	28,793
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equities – common stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	7,287	6,693
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equities – preferred stock
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments	$ 0	$ 0

FAIR VALUE - Consolidated Fun55

FAIR VALUE - Consolidated Funds Summary of Changes in Fair Value of Level III Investments (Details) - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cumulative-effect adjustment from adoption of accounting guidance					$ (27,012,584)
Fair Value, Net Asset (Liability) Measured On Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 224,658	$ 206,990	$ 244,354	$ 27,217,707
Transfers into Level III	4,322	0	24,166	37,933
Transfers out of Level III	(7,651)	(1,962)	(49,120)	(42,670)
Purchases	19,364	2,397	50,571	9,537
Sales	(39,903)	(11,411)	(70,569)	(13,693)
Realized gains (losses), net	223	89	609	115
Unrealized appreciation (depreciation), net	972	(330)	1,974	(572)
Ending balance	201,985	195,773	201,985	195,773
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	1,664	(2,051)	2,254	(572)
Corporate debt – bank debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	179,080	200,811	208,868	1,871,375
Cumulative-effect adjustment from adoption of accounting guidance					(1,672,305)
Transfers into Level III	2,344	0	22,188	37,535
Transfers out of Level III	(7,651)	(1,962)	(49,120)	(42,670)
Purchases	8,309	2,239	23,317	9,378
Sales	(31,071)	(10,886)	(55,205)	(12,872)
Realized gains (losses), net	107	89	211	115
Unrealized appreciation (depreciation), net	111	(382)	970	(647)
Ending balance	151,229	189,909	151,229	189,909
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	700	(2,103)	1,147	(647)
Corporate debt – all other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	38,933	1,853	28,793	3,009,164
Cumulative-effect adjustment from adoption of accounting guidance					(3,007,287)
Transfers into Level III	1,978	0	1,978	0
Transfers out of Level III	0	0	0	0
Purchases	10,919	1	27,118	2
Sales	(8,309)	0	(14,725)	0
Realized gains (losses), net	116	0	311	0
Unrealized appreciation (depreciation), net	(168)	36	(6)	11
Ending balance	43,469	1,890	43,469	1,890
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(65)	36	97	11
Equities – common stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	6,645	4,326	6,693	8,729,202
Cumulative-effect adjustment from adoption of accounting guidance					(8,725,026)
Transfers into Level III	0	0	0	398
Transfers out of Level III	0	0	0	0
Purchases	136	157	136	157
Sales	(523)	(525)	(639)	(821)
Realized gains (losses), net		0	87	0
Unrealized appreciation (depreciation), net	1,029	16	1,010	64
Ending balance	7,287	3,974	7,287	3,974
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	1,029	16	1,010	64
Equities – preferred stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			0	1,363,542
Cumulative-effect adjustment from adoption of accounting guidance					(1,363,542)
Transfers into Level III			0	0
Transfers out of Level III			0	0
Purchases			0	0
Sales			0	0
Realized gains (losses), net			0	0
Unrealized appreciation (depreciation), net			0	0
Ending balance	0	0	0	0
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period			0	0
Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			0	9,655,270
Cumulative-effect adjustment from adoption of accounting guidance					(9,655,270)
Transfers into Level III			0	0
Transfers out of Level III			0	0
Purchases			0	0
Sales			0	0
Realized gains (losses), net			0	0
Unrealized appreciation (depreciation), net			0	0
Ending balance	0	0	0	0
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period			0	0
Real estate loan portfolios
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			0	2,597,405
Cumulative-effect adjustment from adoption of accounting guidance					(2,597,405)
Transfers into Level III			0	0
Transfers out of Level III			0	0
Purchases			0	0
Sales			0	0
Realized gains (losses), net			0	0
Unrealized appreciation (depreciation), net			0	0
Ending balance	0	0	0	0
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period			0	0
Swaps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cumulative-effect adjustment from adoption of accounting guidance					$ 8,251
Swaps
Beginning balance			0	(8,251)
Transfers into Level III			0	0
Transfers out of Level III			0	0
Purchases			0	0
Sales			0	0
Realized gains (losses), net			0	0
Unrealized appreciation (depreciation), net			0	0
Ending balance	$ 0	$ 0	0	0
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period			$ 0	$ 0

FAIR VALUE - Consolidated Fun56

FAIR VALUE - Consolidated Funds Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)investment	Jun. 30, 2016investment
Credit oriented investments | Market approach (comparable companies) | Value of Company's underlying assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of investments that changed valuation technique | investment	0	1
Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer of investments from Level I to Level II | $	$ 0.4

FAIR VALUE - Consolidated Fun57

FAIR VALUE - Consolidated Funds Summary of Valuation Techniques and Quantitative Information (Details) - Consolidated Funds $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 4,739,686	$ 3,808,234
Level III
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	201,985	244,354
Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 2,503	$ 7,658
Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	11.00%	5.00%
Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	15.00%	13.00%
Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	14.00%	7.00%
Level III | Credit-oriented investments: | Consumer discretionary | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 42,617	$ 64,147
Level III | Credit-oriented investments: | Consumer staples | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 1,594	$ 7,356
Level III | Credit-oriented investments: | Consumer staples | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	11.00%	6.00%
Level III | Credit-oriented investments: | Consumer staples | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	13.00%	12.00%
Level III | Credit-oriented investments: | Consumer staples | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	12.00%	7.00%
Level III | Credit-oriented investments: | Consumer staples | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 12,657	$ 23,182
Level III | Credit-oriented investments: | Energy | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		12,758
Level III | Credit-oriented investments: | Industrials | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 14,607	$ 10,574
Level III | Credit-oriented investments: | Industrials | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	6.00%	5.00%
Level III | Credit-oriented investments: | Industrials | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	11.00%	7.00%
Level III | Credit-oriented investments: | Industrials | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	7.00%	6.00%
Level III | Credit-oriented investments: | Industrials | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 29,687	$ 30,531
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 4,217	$ 4,230
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	4	5
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	6	7
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies) | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	5	6
Level III | Credit-oriented investments: | Information technology | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 4,933	$ 11,681
Level III | Credit-oriented investments: | Information technology | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	11.00%	6.00%
Level III | Credit-oriented investments: | Information technology | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	13.00%	13.00%
Level III | Credit-oriented investments: | Information technology | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	12.00%	9.00%
Level III | Credit-oriented investments: | Information technology | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 7,187	$ 5,076
Level III | Credit-oriented investments: | Materials | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 1,209	$ 1,206
Level III | Credit-oriented investments: | Materials | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	10.00%	11.00%
Level III | Credit-oriented investments: | Materials | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	12.00%	13.00%
Level III | Credit-oriented investments: | Materials | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	11.00%	12.00%
Level III | Credit-oriented investments: | Materials | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 13,967	$ 15,586
Level III | Credit-oriented investments: | Real estate | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 3,346
Level III | Credit-oriented investments: | Real estate | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	11.00%
Level III | Credit-oriented investments: | Real estate | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	13.00%
Level III | Credit-oriented investments: | Real estate | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	12.00%
Level III | Credit-oriented investments: | Real estate | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 30,843
Level III | Credit-oriented investments: | Real estate | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	336
Level III | Credit-oriented investments: | Other | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 13,320	$ 13,754
Level III | Credit-oriented investments: | Other | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	8.00%	8.00%
Level III | Credit-oriented investments: | Other | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	15.00%	16.00%
Level III | Credit-oriented investments: | Other | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	13.00%	12.00%
Level III | Credit-oriented investments: | Other | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 11,675	$ 9,137
Level III | Credit-oriented investments: | Other | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value		20,785
Level III | Equity investments: | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 1,343	$ 1,352
Level III | Equity investments: | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	11.00%	11.00%
Level III | Equity investments: | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	30.00%	33.00%
Level III | Equity investments: | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	13.00%	14.00%
Level III | Equity investments: | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 1,986	$ 1,799
Level III | Equity investments: | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, at fair value	$ 3,958	$ 3,542
Level III | Equity investments: | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	4	4
Level III | Equity investments: | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	11	11
Level III | Equity investments: | Market approach (comparable companies) | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Earnings multiple	7	8

DERIVATIVES AND HEDGING - Addit

DERIVATIVES AND HEDGING - Additional Information (Details) - Oaktree Capital Group Excluding Consolidated Funds	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)instrument
Variable Rate Term Loan
Derivatives And Hedging Activities [Line Items]
Notional value of instrument	$ 250,000,000
Senior Unsecured Credit Facility | Variable Rate Term Loan
Derivatives And Hedging Activities [Line Items]
Notional value of instrument		$ 250,000,000
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument
Derivatives And Hedging Activities [Line Items]
Number of interest-rate swaps (in agreements) | instrument		1
Outstanding notional value of interest-rate swaps		$ 150,000,000

DERIVATIVES AND HEDGING - Summa

DERIVATIVES AND HEDGING - Summary of Net Forward Currency Sell Contracts Under Freestanding Derivatives (Details) - Oaktree Capital Group Excluding Consolidated Funds - Not Designated as Hedging Instrument - Foreign Currency Forward Sell Contracts € in Thousands, ¥ in Thousands, SFr in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2017CHF (SFr)	Jun. 30, 2017JPY (¥)	Jun. 30, 2017EUR (€)	Dec. 31, 2016JPY (¥)	Dec. 31, 2016EUR (€)
Derivative [Line Items]
Contract amount	$ 426,549	$ 396,924
Market Value in U.S. Dollars	436,343	388,587
Net Unrealized Appreciation (Depreciation)	(9,794)	8,337
Euro
Derivative [Line Items]
Contract amount	301,904	271,848			€ 270,700		€ 242,100
Market Value in U.S. Dollars	312,802	257,652
Net Unrealized Appreciation (Depreciation)	(10,898)	14,196
USD
Derivative [Line Items]
Contract amount	63,920	72,565
Market Value in U.S. Dollars	63,088	78,143
Net Unrealized Appreciation (Depreciation)	832	(5,578)
CHF
Derivative [Line Items]
Contract amount	5,418		SFr 5,300
Market Value in U.S. Dollars	5,590
Net Unrealized Appreciation (Depreciation)	(172)
Japanese Yen
Derivative [Line Items]
Contract amount	55,307	52,511		¥ 6,145,000		¥ 6,150,000
Market Value in U.S. Dollars	54,863	52,792
Net Unrealized Appreciation (Depreciation)	$ 444	$ (281)

DERIVATIVES AND HEDGING - Sum60

DERIVATIVES AND HEDGING - Summary of Freestanding Derivative Instruments on Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	$ (14,723)	$ (1,691)	$ (18,279)	$ (20,483)
Investment income | Not Designated as Hedging Instrument | Foreign-currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	(8,455)	6,530	(9,328)	(2,371)
General and administrative expense | Not Designated as Hedging Instrument | Foreign-currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	$ (6,268)	$ (8,221)	$ (8,951)	$ (18,112)

DERIVATIVES AND HEDGING - Impac

DERIVATIVES AND HEDGING - Impact of Derivatives Held by Consolidated Funds on Income (Details) - Not Designated as Hedging Instrument - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	$ (1,262)	$ (1,969)	$ (3,873)	$ (2,239)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(257)	1,131	854	(1,022)
Foreign-currency forward contracts
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	(569)	(298)	(390)	(500)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(96)	849	(410)	457
Total-return and interest-rate swaps
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	(722)	(907)	(1,468)	(890)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(237)	222	998	(1,396)
Options and futures
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	29	(764)	(2,015)	(849)
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 76	$ 60	$ 266	$ (83)

DERIVATIVES AND HEDGING - Balan

DERIVATIVES AND HEDGING - Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivative Assets:
Derivative assets, at fair value	$ 3,580	$ 16,499
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	3,245	7,950
Cash Collateral Received (Pledged)	0	0
Net Amount	335	8,549
Derivative Liabilities:
Derivative liabilities	(13,668)	(8,951)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	(3,245)	(7,950)
Cash Collateral Pledged	(11)	(941)
Net Amount	(10,412)	(60)
Oaktree Capital Group Excluding Consolidated Funds
Derivative Liabilities:
Derivative liabilities		(7,865)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities		(7,805)
Cash Collateral Pledged		0
Net Amount		(60)
Oaktree Capital Group Excluding Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Derivative assets, at fair value	3,102	16,142
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	3,102	7,805
Cash Collateral Received (Pledged)	0	0
Net Amount	0	8,337
Derivative Liabilities:
Derivative liabilities	(12,896)	(7,805)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	(3,102)	(7,805)
Cash Collateral Pledged	0	0
Net Amount	(9,794)	0
Oaktree Capital Group Excluding Consolidated Funds | Interest-rate swaps
Derivative Liabilities:
Derivative liabilities		(60)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities
Cash Collateral Pledged		0
Net Amount		(60)
Consolidated Funds
Derivative Assets:
Derivative assets, at fair value	478	357
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	143	145
Cash Collateral Received (Pledged)	0	0
Net Amount	335	212
Derivative Liabilities:
Derivative liabilities	(772)	(1,086)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	(143)	(145)
Cash Collateral Pledged	(11)	(941)
Net Amount	(618)	0
Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Derivative assets, at fair value	117	216
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	117	4
Cash Collateral Received (Pledged)	0	0
Net Amount	0	212
Derivative Liabilities:
Derivative liabilities	(735)	(4)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	(117)	(4)
Cash Collateral Pledged	0	0
Net Amount	(618)	0
Consolidated Funds | Total-return and interest-rate swaps
Derivative Assets:
Derivative assets, at fair value	361	141
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	26	141
Cash Collateral Received (Pledged)	0	0
Net Amount	335	0
Derivative Liabilities:
Derivative liabilities	(37)	(1,082)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	(26)	(141)
Cash Collateral Pledged	(11)	(941)
Net Amount	$ 0	$ 0

FIXED ASSETS (Details)

FIXED ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment
Fixed assets	$ 153,140	$ 138,422
Accumulated depreciation	(50,859)	(45,344)
Fixed assets, net	102,281	93,078
Furniture, equipment and capitalized software
Property, Plant and Equipment
Fixed assets	23,417	18,771
Leasehold improvements
Property, Plant and Equipment
Fixed assets	58,521	49,626
Corporate aircraft
Property, Plant and Equipment
Fixed assets	66,277	66,277
Other
Property, Plant and Equipment
Fixed assets	$ 4,925	$ 3,748

GOODWILL AND INTANGIBLES (Detai

GOODWILL AND INTANGIBLES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 69,300		$ 69,300		$ 69,300
Carrying Value of Intangible Assets
Contractual rights	28,017		28,017		28,017
Accumulated amortization	(11,676)		(11,676)		(9,675)
Intangible assets, net	16,341		16,341		$ 18,342
Amortization	1,000	$ 1,000	2,000	$ 2,000
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2017	2,000		2,000
2,018	4,000		4,000
2,019	4,000		4,000
2,020	4,000		4,000
2,021	$ 2,300		$ 2,300

DEBT OBLIGATIONS AND CREDIT F65

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total remaining principal	$ 750,000,000	$ 750,000,000
Less: Debt issuance costs	(3,664,000)	(4,103,000)
Debt obligations	746,336,000	745,897,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit agreement	$ 500,000,000
Unused commitment fee	0.125%
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
LIBOR margin	1.00%
Senior Unsecured Credit Facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings under credit facilities	$ 0
6.75% Notes
Debt Instrument [Line Items]
Total remaining principal	250,000,000	250,000,000
Face Amount	$ 250,000,000
Stated percentage	6.75%
Variable Rate Term Loan
Debt Instrument [Line Items]
Total remaining principal	$ 150,000,000	150,000,000
Face Amount	250,000,000
3.91% Notes
Debt Instrument [Line Items]
Total remaining principal	50,000,000	50,000,000
Face Amount	$ 50,000,000
Stated percentage	3.91%
4.01% Notes
Debt Instrument [Line Items]
Total remaining principal	$ 100,000,000	100,000,000
Face Amount	$ 100,000,000
Stated percentage	4.01%
4.21% Notes
Debt Instrument [Line Items]
Total remaining principal	$ 100,000,000	100,000,000
Face Amount	$ 100,000,000
Stated percentage	4.21%
3.69% Notes
Debt Instrument [Line Items]
Total remaining principal	$ 100,000,000	$ 100,000,000
Face Amount	$ 100,000,000
Stated percentage	3.69%
Term Loan Due 2021 | Term Loan
Debt Instrument [Line Items]
Face Amount	$ 250,000,000

DEBT OBLIGATIONS AND CREDIT F66

DEBT OBLIGATIONS AND CREDIT FACILITIES - Future Principal Payments of Debt Obligations (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Last six months of 2017	$ 0
2,018	0
2,019	250,000
2,020	0
2,021	150,000
Thereafter	350,000
Total debt obligations	$ 750,000	$ 750,000

DEBT OBLIGATIONS AND CREDIT F67

DEBT OBLIGATIONS AND CREDIT FACILITIES - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Consolidated Funds
Debt Instrument [Line Items]
Borrowings under credit facilities	$ 738,550	$ 483,956
Securities owned and pledged as collateral	$ 3,700,000	3,400,000
Consolidated Funds | Senior Notes
Debt Instrument [Line Items]
Term (in years)	10 years
Consolidated Funds | Credit Agreement
Debt Instrument [Line Items]
Borrowings under credit facilities	$ 742,998	488,997
Level III | Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Total CLO debt obligations	$ 787,600	$ 756,600
Average borrowing rate	3.30%	3.90%
Percentage increase in average borrowing rate assumption that would decrease fair value of debt obligation	10.00%
Fair value of debt obligation decrease in value due to increase in average borrowing rate	$ 772,900
Percentage decrease in average borrowing rate assumption that would increase fair value of debt obligation	10.00%
Fair value of debt obligation increase in value due to decrease in average borrowing rate	$ 802,800

DEBT OBLIGATIONS AND CREDIT F68

DEBT OBLIGATIONS AND CREDIT FACILITIES - Credit Facilities of Consolidated Funds (Details) - Consolidated Funds - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Borrowings under credit facilities	$ 738,550,000	$ 483,956,000
Debt obligations	3,100,029,000	3,054,210,000
Revolving credit facility
Debt Instrument [Line Items]
Borrowings under credit facilities	254,000,000	0
Facility Capacity	$ 450,000,000
LIBOR Margin	1.25%
Senior variable rate notes
Debt Instrument [Line Items]
Borrowings under credit facilities	$ 488,998,000	488,997,000
Facility Capacity	$ 489,000,000
Weighted Average Interest Rate	2.70%
Credit Agreement
Debt Instrument [Line Items]
Borrowings under credit facilities	$ 742,998,000	488,997,000
Less: Debt issuance costs	(4,448,000)	(5,041,000)
Debt obligations	$ 738,550,000	$ 483,956,000

DEBT OBLIGATIONS AND CREDIT F69

DEBT OBLIGATIONS AND CREDIT FACILITIES - Collateralized Loan Obligation Loans Payable (Details) - Collateralized Loan Obligations - Consolidated Funds - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Fair Value	$ 3,100,029	$ 3,054,210
Senior variable rate notes 1
Debt Instrument [Line Items]
Fair Value	$ 398,563	$ 471,603
Weighted Average Interest Rate	3.01%	2.90%
Weighted Average Remaining Maturity (years)	12 years	8 years 2 months 12 days
Senior variable rate notes 2
Debt Instrument [Line Items]
Fair Value	$ 458,294	$ 470,298
Weighted Average Interest Rate	2.92%	3.03%
Weighted Average Remaining Maturity (years)	9 years 4 months 24 days	9 years 10 months 24 days
Senior variable rate notes 3
Debt Instrument [Line Items]
Fair Value	$ 24,129	$ 49,336
Weighted Average Interest Rate	3.62%	3.31%
Weighted Average Remaining Maturity (years)	1 year 6 months	2 years
Senior variable rate notes 3 | Estimate of Fair Value Measurement | Minimum
Debt Instrument [Line Items]
Unused commitment fee	0.00%
Senior variable rate notes 3 | Estimate of Fair Value Measurement | Maximum
Debt Instrument [Line Items]
Unused commitment fee	2.00%
Senior variable rate notes 4
Debt Instrument [Line Items]
Fair Value	$ 385,301	$ 357,706
Weighted Average Interest Rate	1.73%	1.73%
Weighted Average Remaining Maturity (years)	10 years 2 months 12 days	10 years 8 months 12 days
Senior variable rate notes 4 | Estimate of Fair Value Measurement | EURIBOR
Debt Instrument [Line Items]
Base rate	0.00%
Senior variable rate notes 5
Debt Instrument [Line Items]
Fair Value	$ 462,930	$ 467,084
Weighted Average Interest Rate	3.23%	2.96%
Weighted Average Remaining Maturity (years)	10 years 6 months	11 years
Senior variable rate notes 6
Debt Instrument [Line Items]
Fair Value	$ 411,248	$ 360,234
Weighted Average Interest Rate	1.73%	2.29%
Weighted Average Remaining Maturity (years)	13 years 1 month 6 days	11 years 3 months 15 days
Senior variable rate notes 7
Debt Instrument [Line Items]
Fair Value	$ 424,810	$ 395,458
Weighted Average Interest Rate	2.28%	2.28%
Weighted Average Remaining Maturity (years)	11 years 10 months 24 days	12 years 4 months 24 days
Senior variable rate notes 8
Debt Instrument [Line Items]
Fair Value	$ 423,486	$ 382,161
Weighted Average Interest Rate	1.99%	1.99%
Weighted Average Remaining Maturity (years)	12 years 8 months 12 days	13 years 2 months 12 days
Subordinated note 1
Debt Instrument [Line Items]
Fair Value	$ 17,024	$ 12,281
Weighted Average Remaining Maturity (years)	9 years 4 months 24 days	9 years 10 months 24 days
Subordinated note 2
Debt Instrument [Line Items]
Fair Value	$ 19,601	$ 17,871
Weighted Average Remaining Maturity (years)	10 years 2 months 12 days	10 years 8 months 12 days
Subordinated note 3
Debt Instrument [Line Items]
Fair Value	$ 18,952	$ 18,432
Weighted Average Remaining Maturity (years)	10 years 6 months	11 years
Subordinated note 4
Debt Instrument [Line Items]
Fair Value	$ 17,115	$ 13,422
Weighted Average Remaining Maturity (years)	13 years 1 month 6 days	11 years 3 months 15 days
Subordinated note 5
Debt Instrument [Line Items]
Fair Value	$ 20,096	$ 17,073
Weighted Average Remaining Maturity (years)	11 years 10 months 24 days	12 years 4 months 24 days
Subordinated note 6
Debt Instrument [Line Items]
Fair Value	$ 18,480	$ 21,251
Weighted Average Remaining Maturity (years)	12 years 8 months 12 days	13 years 2 months 12 days

DEBT OBLIGATIONS AND CREDIT F70

DEBT OBLIGATIONS AND CREDIT FACILITIES - Future Principal Payments with Respect to the CLO Loans Payable (Details) - Collateralized Loan Obligations - Consolidated Funds - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt obligations	$ 3,100,029	$ 3,054,210
CLO
Debt Instrument [Line Items]
Last six months of 2017	0
2,018	24,129
2,019	0
2,020	0
2,021	0
Thereafter	3,099,250
Total debt obligations	$ 3,123,379

NON-CONTROLLING REDEEMABLE IN71

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Non-Controlling Redeemable Interests in Consolidated Funds
Beginning balance	$ 344,047	$ 38,173,125
Cumulative-effect adjustment from adoption of accounting guidance	0	(37,969,042)
Initial consolidation of a fund	70,817	0
Contributions	95,932	64,321
Distributions	(31,655)	(21,919)
Net income	12,603	1,989
Change in distributions payable	5,662	(822)
Foreign currency translation and other	0	1,605
Ending balance	$ 497,406	$ 249,257

UNITHOLDERS' CAPITAL - Addition

UNITHOLDERS' CAPITAL - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Total unitholders’ capital	$ 2,099,673	$ 1,885,171	$ 1,744,426	$ 1,808,094
OCGH
Class of Stock [Line Items]
Unitholders' capital (in shares)	92,043,490	91,758,067
Total unitholders’ capital	$ 1,157,840	$ 1,040,274
Oaktree Operating Group
Class of Stock [Line Items]
Total Oaktree Operating Group units (in shares)	156,228,900	154,790,343
Total unitholders’ capital	$ 1,965,265	$ 1,754,882
Equity Held by Third Parties
Class of Stock [Line Items]
Total unitholders’ capital	$ 8,948	$ 10,045

UNITHOLDERS' CAPITAL - Summary

UNITHOLDERS' CAPITAL - Summary of Net Income (Loss) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Weighted average Oaktree Operating Group units outstanding (in thousands):
Weighted average number of Class A units outstanding (in shares)	64,193	62,617	63,611	62,256
Oaktree Operating Group net income:
Oaktree Operating Group net income	$ 295,443	$ 140,834	$ 457,274	$ 224,002
Net income attributable to Oaktree Capital Group, LLC:
Income tax expense of Intermediate Holding Companies	(5,541)	(8,571)	(17,843)	(21,251)
Net income attributable to Oaktree Capital Group, LLC	$ 117,324	$ 49,047	$ 172,239	$ 77,125
OCGH non-controlling interest
Weighted average Oaktree Operating Group units outstanding (in thousands):
Weighted average number of Class A units outstanding (in shares)	91,740	92,440	91,692	92,177
Oaktree Operating Group net income:
Oaktree Operating Group net income	$ 173,638	$ 83,256	$ 270,236	$ 142,082
Class A unitholders
Weighted average Oaktree Operating Group units outstanding (in thousands):
Weighted average number of Class A units outstanding (in shares)	64,193	62,617	63,611	62,256
Oaktree Operating Group net income:
Oaktree Operating Group net income	$ 121,499	$ 56,397	$ 187,927	$ 96,012
Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Weighted average number of Class A units outstanding (in shares)	155,933	155,057	155,303	154,433
Oaktree Operating Group net income:
Oaktree Operating Group net income	$ 295,137	$ 139,653	$ 458,163	$ 238,094
Net income attributable to Oaktree Capital Group, LLC:
OCGH non-controlling interest	620	1,212	1,246	2,420
Oaktree Capital Group, LLC
Net income attributable to Oaktree Capital Group, LLC:
Oaktree Operating Group net income attributable to Class A unitholders	121,499	56,397	187,927	96,012
Non-Operating Group expenses	(255)	(201)	(487)	(465)
Income tax expense of Intermediate Holding Companies	(3,920)	(7,149)	(15,201)	(18,422)
Net income attributable to Oaktree Capital Group, LLC	$ 117,324	$ 49,047	$ 172,239	$ 77,125

UNITHOLDERS' CAPITAL - Changes

UNITHOLDERS' CAPITAL - Changes in Company Ownership Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Net income attributable to Oaktree Capital Group, LLC	$ 117,324	$ 49,047	$ 172,239	$ 77,125
Equity reallocation between controlling and non-controlling interests	(2,562)	645	9,499	8,126
Change from net income attributable to Oaktree Capital Group, LLC and transfers from non-controlling interests	$ 114,762	$ 49,692	$ 181,738	$ 85,251

EARNINGS PER UNIT - Computation

EARNINGS PER UNIT - Computations of Net Income (Loss) Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net income attributable to Oaktree Capital Group, LLC	$ 117,324	$ 49,047	$ 172,239	$ 77,125
Weighted average number of Class A units outstanding (in shares)	64,193	62,617	63,611	62,256
Basic and diluted net income per Class A unit (in dollars per share)	$ 1.83	$ 0.78	$ 2.71	$ 1.24

EARNINGS PER UNIT - Computati76

EARNINGS PER UNIT - Computations of Net Income (Loss) Per Unit (Additional Information) (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2017shares	Jun. 30, 2017shares
Highstar Capital
Earnings Per Share [Line Items]
Performance period (in years)		7 years
Deferred Equity Units
Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share computation (in shares)	0	0
Deferred Equity Units
Earnings Per Share [Line Items]
Vesting period		4 years
OCGH Units
Earnings Per Share [Line Items]
Exchange ratio		1
OCGH Issued (in shares)	92,043,490	92,043,490
Class A Units
Earnings Per Share [Line Items]
Exchange ratio		1
Antidilutive securities excluded from earnings per share computation (in shares)		92,043,490

EQUITY-BASED COMPENSATION - Cla

EQUITY-BASED COMPENSATION - Class A and OCGH Unit Awards (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from market price	20.00%
Unrecognized compensation expense on non-vested equity-based awards | $	$ 170.9
Weighted average period of recognition non-vested equity-based awards	4 years 6 months
Restricted Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting period	5 years 7 months 6 days
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	1,212,329
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	266,362

EQUITY-BASED COMPENSATION - Sum

EQUITY-BASED COMPENSATION - Summary of Unvested Equity-Based Awards and Changes (Details)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Class A Units
Number of Units
Beginning balance (in shares) | shares	2,128,400
Granted (in shares) | shares	1,212,329
Vested (in shares) | shares	(744,749)
Forfeited (in shares) | shares	(16,694)
Ending balance (in shares) | shares	2,579,286
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 41.86
Granted (in dollars per share) | $ / shares	45.30
Vested (in dollars per share) | $ / shares	40.40
Forfeited (in dollars per share) | $ / shares	45.58
Ending balance (in dollars per share) | $ / shares	$ 43.88
OCGH Units
Number of Units
Beginning balance (in shares) | shares	2,337,953
Granted (in shares) | shares	266,362
Vested (in shares) | shares	(344,702)
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	2,259,613
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 39.80
Granted (in dollars per share) | $ / shares	37.13
Vested (in dollars per share) | $ / shares	39.23
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 39.62

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity Value Units (Details) - USD ($) $ in Millions	Apr. 26, 2017	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense on non-vested equity-based awards		$ 170.9
Discount from market price		20.00%
Chief Executive Officer | Equity Value Units, Equity Settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units (in shares)		1,000,000
Chief Executive Officer | Equity Value Units, Cash Settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units (in shares)		1,000,000
Number of units granted (in shares)	225,000
Incremental compensation cost	$ 4.1
Chief Executive Officer | Equity Value Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recapitalization percentage		33.33%
Unrecognized compensation expense on non-vested equity-based awards		$ 4.6
Weighted average remaining service term		2 years 6 months

EQUITY-BASED COMPENSATION - Def

EQUITY-BASED COMPENSATION - Deferred Equity Units (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)shares	Dec. 31, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of recognition non-vested equity-based awards	4 years 6 months
Deferred Equity Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Nonvested units outstanding (in shares)	250,000
Unrecognized compensation cost | $	$ 9.1
Weighted average period of recognition non-vested equity-based awards	5 years 6 months
Lack-of-marketability discount	20.00%
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchange ratio	1
Nonvested units outstanding (in shares)	2,259,613	2,337,953

INCOME TAXES AND RELATED PAYM81

INCOME TAXES AND RELATED PAYMENTS (Details)	6 Months Ended
	Jun. 30, 2017USD ($)company	Dec. 31, 2037USD ($)	Dec. 31, 2036USD ($)	Dec. 31, 2035USD ($)	Dec. 31, 2034USD ($)	Dec. 31, 2029USD ($)
Income Tax Disclosure [Abstract]
Number of wholly-owned subsidiaries | company	2
Decreases resulting from settlements with taxing authorities	$ 5,900,000
Percentage of cash savings	85.00%
Tax Receivable Agreement
Payments to unitholders under Tax Receivable Agreement	$ 0
Forecast
Tax Receivable Agreement
Payments to unitholders under Tax Receivable Agreement		$ 62,700,000	$ 74,500,000	$ 99,000,000	$ 71,300,000	$ 33,400,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Contingencies And Commitments [Line Items]
Accrued incentives (fund level)	$ 1,778,191,000		$ 1,778,191,000		$ 1,970,755,000
Compensation expense related to accrued incentives (fund level)	913,673,000		913,673,000		1,026,345,000
Capital commitments	460,400,000		460,400,000		565,400,000
Consolidated Funds
Contingencies And Commitments [Line Items]
Aggregate potential credit and investment commitments	11,300,000		11,300,000		2,100,000
Highstar Capital
Contingencies And Commitments [Line Items]
Contingent consideration			$ 60,000,000
Performance period (in years)			7 years
Contingent consideration	24,000,000		$ 24,000,000		$ 23,600,000
Contingent consideration income	$ 100,000	$ 2,900,000		$ 3,500,000
Contingent consideration expense			$ 500,000

RELATED-PARTY TRANSACTIONS - Ad

RELATED-PARTY TRANSACTIONS - Additional Information (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest income	$ 124	$ 246	$ 275	$ 450
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates	167,217		167,217		$ 164,335
Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Management fees and incentive income	$ 604,600	$ 255,400	$ 864,900	$ 482,400
Discounted cash flow | Affiliates | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate			10.00%
Minimum | Discounted cash flow | Affiliates | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Average interest rate			2.00%
Maximum | Discounted cash flow | Affiliates | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Average interest rate			3.00%

RELATED-PARTY TRANSACTIONS - Am

RELATED-PARTY TRANSACTIONS - Amounts Due from and Due to Affiliates (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Due from affiliates:
Loans	$ 12,172	$ 19,325
Amounts due from unconsolidated funds	65,638	53,573
Management fees and incentive income due from unconsolidated funds	49,443	130,708
Payments made on behalf of unconsolidated entities	3,775	3,779
Non-interest bearing advances made to certain non-controlling interest holders and employees	1,915	1,258
Total due from affiliates	132,943	208,643
Due to affiliates:
Due to OCGH unitholders in connection with the tax receivable agreement (please see note 14)	340,966	340,966
Amounts due to senior executives, certain non-controlling interest holders and employees	775	5,577
Total due to affiliates	$ 341,741	$ 346,543

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)	6 Months Ended
	Jun. 30, 2017segment
Segment Reporting [Abstract]
Number of segments	1

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2017	Jul. 27, 2017
Class A Units
Class of Stock [Line Items]
Dividend declared (in dollars per share)		$ 1.31
Forecast
Class of Stock [Line Items]
Definitive asset purchase agreement	$ 320