Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) 10-K 22 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Feb. 20, 2019	Jun. 30, 2018
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Trading Symbol	OAK
Entity Registrant Name	Oaktree Capital Group, LLC
Entity Central Index Key	1,403,528
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Public Float			$ 2.9
Class A Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		71,482,276
Class B Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		85,408,069

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash-equivalents	$ 831,727	$ 959,465
Deferred tax assets	229,100	202,460
Receivable for securities sold		98,738
Derivative assets, at fair value	6,502	5,751
Total assets	10,432,178	9,014,796
Liabilities:
Derivative liabilities, at fair value	2,961	21,586
Total liabilities	6,982,839	6,133,631
Commitments and contingencies (Note 17)
Non-controlling redeemable interests in consolidated funds	961,622	860,548
Unitholders’ capital:
Paid-in capital	893,043	788,413
Retained earnings	100,683	80,128
Accumulated other comprehensive income	1,053	443
Unitholders’ capital attributable to Oaktree Capital Group, LLC	1,395,363	868,984
Non-controlling interests in consolidated subsidiaries	1,092,354	1,121,237
Non-controlling interests in consolidated funds	0	30,396
Total unitholders’ capital	2,487,717	2,020,617
Total liabilities and unitholders’ capital	10,432,178	9,014,796
Series A Preferred Units
Unitholders’ capital:
Preferred stock	173,669	0
Series B Preferred Units
Unitholders’ capital:
Preferred stock	226,915	0
Class A Units
Unitholders’ capital:
Common stock	0	0
Class B Units
Unitholders’ capital:
Common stock	0	0
Oaktree Capital Group Excluding Consolidated Funds
Assets
Cash and cash-equivalents	460,937	481,631
U.S. Treasury and other securities	546,531	176,602
Corporate investments (includes $74,899 and $50,778 measured at fair value as of December 31, 2018 and 2017, respectively)	1,209,764	1,009,631
Due from affiliates	442,912	223,224
Deferred tax assets	229,100	202,460
Investments, at fair value	74,899	50,778
Derivative assets, at fair value	4,038
Other assets	533,044	564,529
Liabilities:
Accrued compensation expense	437,966	274,984
Accounts payable, accrued expenses and other liabilities	128,729	158,716
Due to affiliates	188,367	177,873
Debt obligations	745,945	746,274
Derivative liabilities, at fair value		20,633
Consolidated Funds
Assets
Cash and cash-equivalents	370,790	477,834
Investments, at fair value	6,531,385	5,660,540
Dividends and interest receivable	26,792	21,144
Due from brokers	11,599	54,289
Receivable for securities sold	65,884	141,582
Derivative assets, at fair value	2,464	731
Other assets	976	599
Liabilities:
Accounts payable, accrued expenses and other liabilities	31,000	18,111
Payables for securities purchased	450,172	580,906
Debt obligations	4,127,994	3,219,592
Securities sold short, at fair value	2,609	86,467
Derivative liabilities, at fair value	643	953
Distributions payable	4,885	7,354
Borrowings under credit facilities	$ 864,529	$ 862,401

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Series A Preferred Units
Preferred stock, shares issued (in shares)	7,200,000
Preferred stock, shares outstanding (in shares)	7,200,000
Series B Preferred Units
Preferred stock, shares issued (in shares)	9,400,000
Preferred stock, shares outstanding (in shares)	9,400,000
Class A Units
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	Unlimited	Unlimited
Common stock, shares issued (in shares)	71,661,623	65,310,226
Common stock, shares outstanding (in shares)	71,661,623	65,310,226
Class B Units
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	Unlimited	Unlimited
Common stock, shares issued (in shares)	85,471,937	90,975,687
Common stock, shares outstanding (in shares)	85,471,937	90,975,687
Oaktree Capital Group Excluding Consolidated Funds
Investments, at fair value	$ 74,899	$ 50,778

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Total revenues	$ 1,386,079	$ 1,469,767	$ 1,125,746
Expenses:
Compensation and benefits	(407,674)	(392,827)	(389,892)
Equity-based compensation	(62,989)	(59,337)	(63,724)
Incentive income compensation	(338,675)	(416,481)	(168,276)
Total compensation and benefits expense	(809,338)	(868,645)	(621,892)
General and administrative	(153,483)	(130,892)	(145,430)
Depreciation and amortization	(25,862)	(15,776)	(16,222)
Consolidated fund expenses	(11,888)	(10,030)	(5,792)
Total expenses	(1,000,571)	(1,025,343)	(789,336)
Other income (loss):
Interest expense	(160,111)	(169,888)	(120,610)
Interest and dividend income	287,155	215,119	165,066
Net realized gain (loss) on consolidated funds’ investments	(23,528)	20,400	27,593
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(164,592)	55,061	(12,453)
Investment income	157,110	201,289	199,126
Other income, net	7,782	138,519	13,490
Total other income	103,816	460,500	272,212
Income before income taxes	489,324	904,924	608,622
Income taxes	(24,779)	(215,442)	(42,519)
Net income	464,545	689,482	566,103
Less:
Net income attributable to Oaktree Capital Group, LLC	223,418	231,494	194,705
Net income attributable to preferred unitholders	(12,277)	0	0
Net income attributable to Oaktree Capital Group, LLC Class A unitholders	$ 211,141	$ 231,494	$ 194,705
Distributions declared per Class A unit (in dollars per share)	$ 2.97000	$ 3.21	$ 2.25
Net income per unit (basic and diluted):
Net income per Class A unit (in dollars per share)	$ 2.99	$ 3.61	$ 3.11
Weighted average number of Class A units outstanding (basic and diluted) (in shares)	70,526	64,148	62,565
Consolidated Subsidiaries
Less:
Net income attributable to non-controlling interests	$ (282,818)	$ (424,784)	$ (348,477)
Consolidated Funds
Less:
Net income attributable to non-controlling interests	41,691	(33,204)	(22,921)
Management fees
Revenues:
Total revenues	712,020	726,414	774,587
Incentive income
Revenues:
Total revenues	$ 674,059	$ 743,353	$ 351,159

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income	$ 464,545	$ 689,482	$ 566,103
Other comprehensive income (loss), net of tax:
Foreign-currency translation adjustments	1,363	(3,389)	6,579
Unrealized gain on interest-rate swap designated as cash-flow hedge	0	60	847
Other comprehensive income (loss), net of tax	1,363	(3,329)	7,426
Total comprehensive income	465,908	686,153	573,529
Comprehensive income attributable to Oaktree Capital Group, LLC	224,028	230,144	197,714
Comprehensive income attributable to preferred unitholders	(12,277)	0	0
Comprehensive income attributable to OCG Class A unitholders	211,751	230,144	197,714
Consolidated Funds
Other comprehensive income (loss), net of tax:
Less: Comprehensive income attributable to non-controlling interests	41,691	(33,204)	(22,921)
Consolidated Subsidiaries
Other comprehensive income (loss), net of tax:
Less: Comprehensive income attributable to non-controlling interests	$ (283,571)	$ (422,805)	$ (352,894)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 464,545	$ 689,482	$ 566,103
Adjustments to reconcile net income to net cash used in operating activities:
Adoption of revenue recognition standard	48,709	0	0
Investment income	(157,110)	(201,289)	(199,126)
Depreciation and amortization	25,862	15,776	16,222
Equity-based compensation	62,989	59,337	63,724
Net realized and unrealized (gain) loss from consolidated funds’ investments	188,120	(75,461)	(15,140)
Amortization (accretion) of original issue and market discount of consolidated funds’ investments, net	(4,999)	(3,816)	(6,583)
Income distributions from corporate investments in funds and companies	197,801	182,844	121,421
Other non-cash items	1,961	1,028	4,688
Cash flows due to changes in operating assets and liabilities:
Net cash used in operating activities	(617,017)	(336,305)	(317,906)
Cash flows from investing activities:
Purchases of U.S. Treasury and other securities	(1,048,083)	(610,474)	(874,480)
Proceeds from maturities and sales of U.S. Treasury and other securities	678,067	1,191,670	778,018
Corporate investments in funds and companies	(442,216)	(158,663)	(113,464)
Distributions and proceeds from corporate investments in funds and companies	324,898	264,226	181,769
Acquisition (BDCs)	0	(319,435)	0
Purchases of fixed assets	(5,816)	(29,413)	(70,430)
Proceeds from sale of fixed assets	0	5,048	0
Net cash provided by (used in) investing activities	(493,150)	342,959	(98,587)
Cash flows from financing activities:
Net cash provided by (used in) financing activities	994,983	(51,032)	763,327
Effect of exchange rate changes on cash	(239)	39,285	(6,546)
Net increase (decrease) in cash and cash-equivalents	(115,423)	(5,093)	340,288
Initial consolidation (deconsolidation) of funds	(12,315)	5,358	0
Cash and cash-equivalents, beginning balance	959,465	959,200	3,331,102
Cash and cash-equivalents, ending balance	831,727	959,465	959,200
Supplemental cash flow disclosures:
Cash paid for interest	131,113	146,341	99,740
Cash paid for income taxes	13,103	22,853	15,178
Supplemental disclosure of non-cash activities:
Net assets related to the initial consolidation of funds	0	296,971	34,095
Net assets related to the deconsolidation of funds	8,165	0	0
Oaktree Capital Group Excluding Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Decrease in deferred tax assets	13,122	202,294	24,578
Decrease in other assets	10,745	7,818	23,833
Decrease in net due to affiliates	(241,067)	(184,616)	(105,401)
Increase (decrease) in accrued compensation expense	161,526	(9,143)	(34,915)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(22,537)	7,533	33,595
Cash flows from financing activities:
Proceeds from issuance of debt obligations	0	250,000	100,000
Net proceeds from issuance of Class A units	219,750	0	0
Purchase of OCGH units	(219,525)	0	0
Repurchase and cancellation of units	(12,195)	(12,317)	(12,764)
Distributions to Class A unitholders	(210,941)	(206,212)	(141,561)
Distributions to preferred unitholders	(12,277)	0	0
Distributions to OCGH unitholders	(284,507)	(355,834)	(252,902)
Distributions to non-controlling interests	(4,921)	(4,784)	(6,888)
Net proceeds from issuance of preferred units	400,584	0	0
Payment of debt issuance costs	(2,235)	0	(1,310)
Repayments of debt obligations	0	(250,000)	(200,000)
Cash and cash-equivalents, beginning balance	481,631	291,470
Cash and cash-equivalents, ending balance	460,937	481,631	291,470
Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Increase in dividends and interest receivable	(6,554)	(4,328)	(3,122)
Decrease in due from brokers	42,683	44,457	57,605
(Increase) decrease in receivables for securities sold	75,122	(101,668)	(21,200)
(Increase) decrease in other assets	(286)	(286)	25
Increase (decrease) in accounts payable, accrued expenses and other liabilities	13,632	2,802	(3,367)
Increase (decrease) in payables for securities purchased	(118,813)	259,652	149,575
Purchases of securities	(4,949,238)	(5,337,361)	(3,460,598)
Proceeds from maturities and sales of securities	3,576,770	4,108,640	2,470,177
Cash flows from financing activities:
Proceeds from issuance of debt obligations	1,741,258	1,709,592	839,448
Contributions from non-controlling interests	447,260	331,764	144,060
Distributions to non-controlling interests	(335,041)	(148,617)	(59,757)
Payment of debt issuance costs	(1,771)	(8,159)	(13,015)
Repayments of debt obligations	(730,456)	(1,688,229)	0
Borrowings on credit facilities	0	702,100	1,025,333
Repayments on credit facilities	0	(370,336)	(657,317)
Cash and cash-equivalents, beginning balance	477,834	667,730
Cash and cash-equivalents, ending balance	370,790	477,834	667,730
Adjustment | Change in cash and cash-equivalents from adoption of accounting guidance
Cash flows from financing activities:
Cash and cash-equivalents, beginning balance	$ 0	0	(2,712,190)
Cash and cash-equivalents, ending balance		$ 0	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Unitholders Capital - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2018	Jan. 01, 2017	Jan. 01, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,020,617	$ 1,885,171	$ 1,808,094
Cumulative-effect adjustment from adoption of accounting guidance				$ 48,709	$ 0	$ (122,621)
Issuance of units	620,334		0
Change in deferred taxes resulting from increase in Class A ownership percentage		475
Change in deferred taxes resulting from increase in Class A ownership percentage	(231,720)	(12,317)	(12,764)
Purchase of non-controlling interests in subsidiary	(2,916)
Deferred tax effect resulting from the purchase of OCGH units	7,103		745
Equity reallocation between controlling and non-controlling interests	0	0	0
Capital increase related to equity-based compensation	61,033	59,720	63,727
Distributions declared	(542,281)	(569,053)	(404,551)
Net income	505,475	659,950	545,115
Foreign currency translation adjustment, net of tax	1,363	(3,389)	6,579
Unrealized gain on interest-rate swap designated as cash-flow hedge, net of tax	0	60	847
Ending balance	2,487,717	2,020,617	1,885,171
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	788,413	749,618	735,166
Cumulative-effect adjustment from adoption of accounting guidance				0	(352)	(12,912)
Issuance of units	219,750	0	0
Change in deferred taxes resulting from increase in Class A ownership percentage		475
Change in deferred taxes resulting from increase in Class A ownership percentage	(228,469)	(9,073)	(12,200)
Purchase of non-controlling interests in subsidiary	(1,320)
Deferred tax effect resulting from the purchase of OCGH units	7,103		745
Equity reallocation between controlling and non-controlling interests	80,106	23,151	14,388
Capital increase related to equity-based compensation	27,460	24,594	25,781
Distributions declared	0	0	(1,350)
Ending balance	893,043	788,413	749,618
Retained Earnings (Accumulated Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	80,128	54,494	0
Cumulative-effect adjustment from adoption of accounting guidance				20,355	352
Distributions declared	(210,941)	(206,212)	(140,211)
Net income	211,141	231,494	194,705
Ending balance	100,683	80,128	54,494
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	443	1,793	(1,216)
Foreign currency translation adjustment, net of tax	610	(1,374)	2,666
Unrealized gain on interest-rate swap designated as cash-flow hedge, net of tax		24	343
Ending balance	1,053	443	1,793
Non-controlling Interests in Consolidated Subsidiaries
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,121,237	1,050,319	1,043,930
Cumulative-effect adjustment from adoption of accounting guidance				$ 28,354	$ 0	$ (109,709)
Change in deferred taxes resulting from increase in Class A ownership percentage	(3,251)	(3,244)	(564)
Purchase of non-controlling interests in subsidiary	(1,596)
Equity reallocation between controlling and non-controlling interests	(80,106)	(23,151)	(14,388)
Capital increase related to equity-based compensation	33,573	35,126	37,946
Distributions declared	(289,428)	(360,618)	(259,790)
Net income	282,818	424,784	348,477
Foreign currency translation adjustment, net of tax	753	(2,015)	3,913
Unrealized gain on interest-rate swap designated as cash-flow hedge, net of tax		36	504
Ending balance	1,092,354	1,121,237	1,050,319
Non-controlling Interests in Consolidated Funds
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	30,396	28,947	30,214
Distributions declared	(29,635)	(2,223)	(3,200)
Net income	(761)	3,672	1,933
Ending balance	$ 0	$ 30,396	$ 28,947
Class A Units | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	65,310	63,032	61,970
Issuance of units (in shares)	6,688	2,507	1,420
Cancellation of units associated with forfeitures (in shares)	(115)	(21)	(108)
Cancellation of units (in shares)	0	0	0
Repurchase and cancellation of units (in shares)	(221)	(208)	(250)
Ending balance (in shares)	71,662	65,310	63,032
Class B Units | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	90,976	91,758	91,938
Issuance of units (in shares)	182	524	630
Cancellation of units associated with forfeitures (in shares)	0	0	(207)
Cancellation of units (in shares)	(582)	(1,221)	(589)
Repurchase and cancellation of units (in shares)	(5,104)	(85)	(14)
Ending balance (in shares)	85,472	90,976	91,758
Series A Preferred Units | Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0
Issuance of units	173,669
Distributions declared	(6,890)
Net income	6,890
Ending balance	173,669	0	0
Series B Preferred Units | Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0	0	0
Issuance of units	226,915
Distributions declared	(5,387)
Net income	5,387
Ending balance	$ 226,915	$ 0	$ 0

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2018
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 credit, private equity, real assets and listed equities. Funds managed by Oaktree (the “Oaktree funds”) include commingled funds, separate accounts, collateralized loan obligation vehicles (“CLOs”) and publicly-traded business development companies (“BDCs”). 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 and its preferred unitholders. Oaktree Capital Group Holdings GP, LLC acts as the Company’s manager and is the general partner of Oaktree Capital Group Holdings, L.P. (“OCGH”), which owns 100% of the Company’s outstanding Class B units. OCGH is owned by the Company’s senior executives, current and former employees, and certain other investors (collectively, the “OCGH unitholders”). The Company’s operations are conducted through a group of operating entities collectively referred to as the “Oaktree Operating Group.” OCGH has a direct economic interest in the Oaktree Operating Group and the Company has an indirect economic interest in the Oaktree Operating Group. The interests in the Oaktree Operating Group are referred to as the “Oaktree Operating Group units.” An Oaktree Operating Group unit is not a separate legal interest but represents one limited partnership interest in each of the Oaktree Operating Group entities. Class A units are entitled to one vote per unit. Class B units are entitled to ten votes per unit and do not represent an economic interest in the Company. The number of Class B units held by OCGH increases or decreases in response to corresponding changes in OCGH’s economic interest in the Oaktree Operating Group; consequently, the OCGH unitholders’ economic interest in the Oaktree Operating Group is reflected within non-controlling interests in consolidated subsidiaries in the accompanying consolidated financial statements. Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries 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. Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of income and expenses during the period then ended. Actual results could differ from these estimates.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
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 (a) 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 (b) 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 of those funds due to the fact that its fee arrangements are considered at-market and thus 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 5 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 the Company 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 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 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 13 for more information. Acquisitions The Company accounts for business combinations using the acquisition method of accounting, which requires the use of estimates and judgment to measure the fair value of identifiable tangible and intangible assets acquired, liabilities assumed, and non-controlling interests in the acquiree as of the acquisition date. Contingent consideration that is determined to be part of the business combination is recognized at fair value as of the acquisition date and is included in the purchase price. Transaction costs are expensed as incurred. Transactions that do not meet the definition of a business are accounted for as asset acquisitions. The cost of an asset acquisition is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Transaction costs are included in the cost of the acquisition and no goodwill is recognized. 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 acquired identifiable intangible assets 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 seven to 25 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 pricing vendors or brokers. The Company seeks to obtain prices from at least two pricing vendors for the subject or similar securities. In cases where vendor pricing is not reflective of fair value, a secondary vendor is unavailable, or no vendor pricing is available, a comparison value made up of quotes for the subject or similar securities received from broker dealers may be used. 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 pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Company performs due diligence procedures surrounding pricing vendors to understand their methodology and controls to support their use in the valuation process. Fair Value Option The Company has elected the fair value option for certain corporate investments that otherwise would not have reflected unrealized gains and losses in current-period earnings. Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition. Unrealized gains and losses resulting from changes in fair value are reflected as a component of investment income in the consolidated statements of operations. The Company’s accounting for 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 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 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 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 consolidated statements of operations. Please see notes 7 and 11 for more information. Foreign Currency The assets and liabilities of Oaktree’s foreign subsidiaries with non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. The results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in other comprehensive income (loss) within the consolidated statements of financial condition until realized. Gains and losses resulting from foreign-currency transactions are included in general and administrative expense. Derivatives and Hedging A derivative is a financial instrument whose value is derived from an underlying financial instrument or index, such as interest rates, equity securities, currencies, commodities or credit spreads. Derivatives include futures, forwards, swaps or option contracts, and other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest-rate swaps, foreign-currency forwards or cross-currency swaps). The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company’s overall risk management strategy that may result in the use of derivatives to economically hedge or reduce these exposures. 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. The Company recognizes all derivatives as assets or liabilities in its consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition. When the Company enters into a derivative contract, it 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 we enter into as part of our overall risk management strategy but do not utilize hedge accounting. These financial instruments may include foreign-currency exchange contracts, interest-rate swaps and other derivative contracts. Derivatives that are designated as hedging instruments are classified as either a hedge of (a) a recognized asset or liability (“fair-value hedge”), (b) a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash-flow hedge”), or (c) a net investment in a foreign operation. For a fair-value hedge, the Company records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk in current-period earnings in the same caption in the consolidated statements of operations as the hedged item. Changes in the fair value of a derivative that is highly effective and is designated and qualifies as a cash-flow hedge, to the extent that the hedge is effective, are recorded in other comprehensive income (loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is recorded in current-period earnings. Changes in the fair value of derivatives designated as hedging instruments that are caused by factors other than changes in the risk being hedged are excluded from the assessment of hedge effectiveness and recognized in current-period earnings. For freestanding derivatives, changes in fair value are recorded in current-period earnings. The Company formally documents at inception the hedge relationship, including identification of the hedging instrument and the hedged item, as well as the risk management objectives, the strategy for undertaking the hedge transaction, and the evaluation of effectiveness of the hedged transaction. On a quarterly basis, the Company formally assesses whether the derivative it designated in each hedging relationship has been and is expected to remain highly effective in offsetting changes in the estimated fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the balance remaining in other comprehensive income (loss) is released to earnings. Cash and Cash-equivalents Cash and cash-equivalents include demand deposit accounts, money market funds and short-term investments with maturities of three months or less at the date of acquisition. U.S. Treasury and Other Securities U.S. Treasury and other securities include holdings of U.S. Treasury bills, time deposit securities and commercial paper with maturities greater than three months at the date of acquisition. These securities are classified as available-for-sale and recorded at fair value with changes in fair value included in other comprehensive income (loss). Changes in fair value were not material for all years presented. Corporate Investments Corporate investments consist of investments in funds and companies 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. Revenue Recognition On January 1, 2018, the Company adopted the new revenue recognition standard on a modified retrospective basis. As a result, prior period amounts continue to be reported under historic GAAP. Upon adoption, the Company recorded a cumulative-effect increase to unitholders’ capital as of January 1, 2018 of $48.7 million , net of tax. This adjustment relates to incentive income that would have met the “probable that significant reversal will not occur” criteria as of January 1, 2018 under the new revenue standard. The Company earns management fees and incentive income from the investment advisory services it provides to its customers. Revenue is recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company typically enters into contracts with investment funds to provide investment management and administrative services. These services are generally capable of being distinct and each is accounted for as separate performance obligations comprised of distinct service periods because the services are performed over time. The Company determined that for accounting purposes the investment funds are generally considered to be the customers with respect to commingled funds, while the individual investors are the customers with respect to separate account and fund-of-one vehicles. The Company receives management fees and/or incentive income with respect to its investment management services, and it is reimbursed by the funds for expenses incurred or paid on behalf of the funds with respect to its investment advisory services and its administrative services. The Company evaluates whether it is the principal (i.e., report as management fees on a gross basis) or agent (i.e., report as management fees on a net basis) with respect to each performance obligation and associated reimbursement arrangements. The Company has elected to apply the variable consideration exemption for its fee arrangements with its customers. Please see note 4 for more information on revenues. Management Fees Management fees are recognized over the period in which the investment management services are performed because customers simultaneously consume and receive benefits that are satisfied over time. The contractual terms of management fees generally vary by fund structure. For most closed-end funds, the management fee rate is applied against committed capital during the fund’s investment period and the lesser of total funded capital or cost basis of assets in the liquidation period. Certain closed-end funds pay management fees during the investment period based on drawn capital or cost basis. Additionally, for closed-end funds that pay management fees based on committed capital, the Company may elect to delay the start of the fund’s investment period and thus its full management fees, in which case it earns management fees based on drawn capital, and in certain cases outstanding borrowings under a fund-level credit facility made in lieu of drawing capital, until the Company elects to start the fund’s investment period. The Company’s right to receive management fees typically ends after 10 or 11 years from either the initial closing date or the start of the investment period, even if assets remain in the fund. In the case of CLOs, the management fee is based on the aggregate par value of collateral assets and principal cash, as defined in the applicable CLO indentures, and a portion of the management fees is dependent on the sufficiency of the particular vehicle’s cash flow. For open-end and evergreen funds, the management fee is generally based on the NAV of the fund. For the publicly-traded BDCs, the management fee is based on gross assets (including assets acquired with leverage), net of cash. In the case of certain open-end fund accounts, the Company has the potential to earn performance-based fees, typically in reference to a relevant benchmark index or hurdle rate, which are classified as management fees. The Company also earns quarterly incentive fees on the investment income from certain evergreen funds, such as the publicly-traded BDCs and other fund accounts, which are generally recurring in nature and reflected as management fees. The ultimate amount of management fees that will be earned over the life of the contract is subject to a large number and broad range of possible outcomes due to market volatility and other factors outside of the Company’s control. As a result, the amount of revenue earned in any given period is generally determined at the end of each reporting period and relates to services performed during that period. The impact on management fees as a result of applying the new revenue standard for the year ended December 31, 2018 was an increase of $13.3 million . This amount relates to the gross-up of reimbursable costs incurred on behalf of Oaktree funds in which the Company has determined it is the principal. Such costs are presented in compensation and benefits and general and administrative expenses. Incentive Income Incentive income generally represents 20% of each closed-end fund’s profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and up to 20% of certain evergreen fund’s annual profits, subject to high-water marks or hurdle rates. Incentive income is recognized when it is probable that a significant reversal will not occur. Revenue recognition is typically met (a) for closed-end funds, only after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors, and (b) for certain evergreen funds, at the conclusion of each annual measurement period. Potential incentive income is highly susceptible to market volatility, the judgment and actions of third parties, and other factors outside of the Company’s control. The Company’s experience has demonstrated little predictive value in the amount of potential incentive income ultimately earned due to the highly uncertain nature of returns inherent in the markets and contingencies associated with many realization events. As a result, the amount of incentive income recognized in any given period is generally determined after giving consideration to a number of factors, including whether the fund is in its investment or liquidation period, and the nature and level of risk associated with changes in fair value of the remaining assets in the fund. In general, it would be unlikely that any amount of potential incentive income would be recognized until (a) the uncertainty is resolved or (b) the fund is near final liquidation, assets are under contract for sale or are of low risk of significant fluctuation in fair value, and the assets are significantly in excess of the threshold at which incentive income would be earned. The impact on incentive income as a result of applying the new revenue standard for the year ended December 31, 2018 was a net increase of $80.0 million . Incentives received by Oaktree before the revenue recognition criteria have been met are deferred and recorded as a deferred incentive income liability within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company may receive tax distributions related to taxable income allocated by funds, which are treated as an advance of incentive income and subject to the same recognition criteria. Tax distributions are contractually not subject to clawback. Total Compensation and Benefits Compensation and Benefits Compensat

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2018
Asset Acquisitions [Abstract]
ACQUISITIONS	ACQUISITIONS On October 17, 2017, the Company completed a transaction in which it became the new investment adviser to two business development companies (the “BDCs”): Oaktree Specialty Lending Corporation (NASDAQ: OCSL) and Oaktree Strategic Income Corporation (NASDAQ: OCSI). Upon the closing of the transaction (the “BDC acquisition”), the Company paid $320.0 million in cash to Fifth Street Management LLC (“FSM”), net of certain transaction-related expenses, for all of FSM’s right, title and interest in specified business records related to FSM’s then-existing investment advisory agreements with each BDC. The transaction was accounted for as an asset acquisition. The net purchase price was $319.4 million , consisting of the $320.0 million cash payment, net of certain transaction-related expenses and reimbursements received from the seller. Substantially all of the purchase price was allocated to finite-lived contractual rights. While FSM pledged cash and other assets with an estimated fair value of $56.2 million to indemnify the Company or the BDCs against potential claims or assessments, the Company determined that the amount of the potential liability associated with these claims could not be reasonably estimated as of the acquisition date so no amounts were recognized in purchase accounting related to the indemnification agreement. Please see note 17 for more information.

REVENUES

REVENUES	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Revenues disaggregated by fund structure is set forth below. Revenues are affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the management fees and investors’ ability to redeem: Year Ended December 31, 2018 2017 2016 Management Fees Closed-end $ 466,319 $ 504,727 $ 566,425 Open-end 142,013 160,961 156,106 Evergreen 103,688 60,726 52,056 Total $ 712,020 $ 726,414 $ 774,587 Incentive Income Closed-end $ 651,021 $ 701,065 $ 318,239 Evergreen 23,038 42,288 32,920 Total $ 674,059 $ 743,353 $ 351,159 Contract Balances The Company receives management fees monthly or quarterly in accordance with its contracts with customers. Incentive income is received when the fund makes a distribution. Contract assets relate to the Company’s conditional right to receive payment for its performance completed under the contract. Receivables are recorded when the right to consideration becomes unconditional (i.e., only requires the passage of time). Contract liabilities (i.e., deferred revenues) relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenues when the Company provides investment management services. The table below sets forth contract balances for the periods indicated: As of December 31, 2018 2017 Receivables (1) $ 74,795 $ 98,738 Contract assets (1) 288,176 54,221 Contract liabilities (2) (26,549 ) (25,297 ) (1) The changes in the balances primarily relate to accruals, net of payments received. (2) Revenue recognized in the year ended December 31, 2018 from amounts included in the contract liability balance was

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2018
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 fees. 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 December 31, 2018, the Company consolidated 23 VIEs for which it was the primary beneficiary, including 11 funds managed by Oaktree, 11 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. As of December 31, 2017, the Company consolidated 21 VIEs. As of December 31, 2018, the assets and liabilities of the 22 consolidated VIEs representing funds and CLOs amounted to $6.9 billion and $5.5 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 December 31, 2018, the Company’s investments in consolidated VIEs had a carrying value of $485.5 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 11 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 carrying value of the Company’s investments in VIEs that were not consolidated are shown below. As of December 31, 2018 2017 Corporate investments $ 1,093,294 $ 930,699 Due from affiliates 384,225 160,257 Maximum exposure to loss $ 1,477,519 $ 1,090,956

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2018
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 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 December 31, Corporate Investments 2018 2017 Equity-method investments: Funds $ 1,089,068 $ 916,559 Companies 45,797 42,294 Other investments, at fair value 74,899 50,778 Total corporate investments $ 1,209,764 $ 1,009,631 The components of investment income are set forth below: Year Ended December 31, Investment Income 2018 2017 2016 Equity-method investments: Funds $ 66,922 $ 138,465 $ 123,511 Companies 73,868 71,311 66,427 Other investments, at fair value 16,320 (8,487 ) 9,188 Total investment income $ 157,110 $ 201,289 $ 199,126 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, but 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 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 U.S. Securities and Exchange Commission (“SEC”). As of December 31, 2018 and 2017, or for the years ended December 31, 2018, 2017 and 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 December 31, Statements of Financial Condition 2018 2017 Assets: Cash and cash-equivalents $ 3,875,072 $ 2,654,311 Investments, at fair value 39,711,382 41,754,054 Other assets 2,832,960 2,116,751 Total assets $ 46,419,414 $ 46,525,116 Liabilities and Capital: Debt obligations $ 7,234,596 $ 8,393,314 Other liabilities 2,662,850 2,264,579 Total liabilities 9,897,446 10,657,893 Total capital 36,521,968 35,867,223 Total liabilities and capital $ 46,419,414 $ 46,525,116 Year Ended December 31, 2018 2017 2016 Statements of Operations Revenues / investment income $ 1,861,551 $ 1,982,828 $ 2,188,044 Interest expense (276,779 ) (235,266 ) (176,009 ) Other expenses (876,627 ) (821,083 ) (899,288 ) Net realized and unrealized gain on investments 1,087,345 3,795,102 4,065,939 Net income $ 1,795,490 $ 4,721,581 $ 5,178,686 Other Investments, at Fair Value Other investments, at fair value primarily consist of: (a) investments in certain Oaktree and non-Oaktree funds for which the fair value option of accounting has been elected and (b) derivatives utilized to hedge the Company’s exposure to investment income earned from its funds. The following table summarizes net gains (losses) attributable to the Company’s other investments: Year Ended December 31, 2018 2017 2016 Realized gain (loss) $ 18,208 $ 8,439 $ 1,808 Net change in unrealized gain (loss) (1,888 ) (16,926 ) 7,380 Total gain (loss) $ 16,320 $ (8,487 ) $ 9,188 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 December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments 2018 2017 2018 2017 United States: Debt securities: Communication services $ 543,948 $ 178,984 8.4 % 3.2 % Consumer discretionary 506,551 796,681 7.8 14.0 Consumer staples 112,197 100,863 1.7 1.8 Energy 204,568 106,414 3.1 1.9 Financials 332,240 161,807 5.1 2.9 Government — 3,033 — 0.1 Health care 537,592 416,779 8.2 7.4 Industrials 443,406 441,440 6.8 7.8 Information technology 536,000 431,010 8.2 7.6 Materials 289,499 384,310 4.4 6.8 Real estate 217,633 146,836 3.3 2.6 Utilities 137,031 117,805 2.1 2.1 Total debt securities (cost: $4,019,823 and $3,284,346 as of December 31, 2018 and 2017, respectively) 3,860,665 3,285,962 59.1 58.2 Equity securities: Communication services — 305 — 0.0 Consumer discretionary 1,915 1,778 0.1 0.0 Energy 131 649 0.0 0.0 Financials 837 3,061 0.0 0.1 Health care 1,348 527 0.0 0.0 Industrials 88 316 0.0 0.0 Utilities 1,107 1,192 0.0 0.0 Total equity securities (cost: $6,117 and $8,102 as of December 31, 2018 and 2017, respectively) 5,426 7,828 0.1 0.1 Real estate: Real estate — 121,588 — 2.1 Total real estate securities (cost: $0 and $121,582 as of December 31, 2018 and 2017, respectively) — 121,588 — 2.1 Fair Value as of December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments 2018 2017 2018 2017 Europe: Debt securities: Communication services $ 530,337 $ 278,358 8.1 % 4.9 % Consumer discretionary 545,324 573,270 8.3 10.1 Consumer staples 160,406 121,636 2.5 2.1 Energy 15,260 5,929 0.2 0.1 Financials 48,545 40,130 0.7 0.7 Health care 418,516 333,693 6.4 5.9 Industrials 246,640 163,972 3.8 2.9 Information technology 194,988 95,409 3.0 1.7 Materials 221,660 267,252 3.4 4.7 Real estate 30,045 12,528 0.5 0.2 Utilities 1,559 8,949 0.0 0.2 Total debt securities (cost: $2,477,821 and $1,894,727 as of December 31, 2018 and 2017, respectively) 2,413,280 1,901,126 36.9 33.5 Equity securities: Consumer staples 38 1,449 0.0 0.0 Energy — 3,827 — 0.1 Financials — 7,410 — 0.1 Health care 948 601 0.1 0.0 Materials — 1,622 — 0.0 Total equity securities (cost: $320 and $12,787 as of December 31, 2018 and 2017, respectively) 986 14,909 0.1 0.2 Asia and other: Debt securities: Communication services 12,069 8,104 0.2 0.1 Consumer discretionary 36,822 30,332 0.6 0.5 Consumer staples 11,867 748 0.2 0.0 Energy 20,594 10,175 0.3 0.2 Financials 13,995 20,362 0.2 0.4 Government 12,155 — 0.2 — Health care 9,633 13,806 0.1 0.2 Industrials 40,468 22,935 0.7 0.4 Information technology 1,887 536 0.0 0.0 Materials 15,516 8,515 0.2 0.2 Real estate 38,592 6,272 0.6 0.1 Utilities 14,870 769 0.2 0.0 Total debt securities (cost: $233,603 and $124,723 as of December 31, 2018 and 2017, respectively) 228,468 122,554 3.5 2.1 Fair Value as of December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments 2018 2017 2018 2017 Asia and other: Equity securities: Communication services $ — $ 1,735 — % 0.0 % Consumer discretionary 874 29,026 0.0 0.5 Consumer staples 997 7,279 0.0 0.1 Energy 382 5,551 0.0 0.1 Financials 2,935 58,632 0.0 1.2 Industrials 11,265 34,019 0.2 0.7 Information technology 1,725 23,900 0.0 0.4 Materials 4,382 28,590 0.1 0.5 Real estate — 15,339 — 0.3 Utilities — 2,502 — 0.0 Total equity securities (cost: $22,977 and $185,164 as of December 31, 2018 and 2017, respectively) 22,560 206,573 0.3 3.8 Total debt securities 6,502,413 5,309,642 99.5 93.8 Total equity securities 28,972 229,310 0.5 4.1 Total real estate securities — 121,588 — 2.1 Total investments, at fair value $ 6,531,385 $ 5,660,540 100.0 % 100.0 % Securities Sold Short Equity securities (proceeds: $2,644 and $82,502 as of December 31, 2018 and 2017, respectively) $ (2,609 ) $ (86,467 ) As of December 31, 2018 and 2017, 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 consolidated statements of operations consist primarily of realized and unrealized gains and losses on the consolidated funds’ investments (including foreign exchange gains and losses attributable to foreign-denominated investments and related activities) and other financial instruments. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments. Upon disposition of an investment, unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period. The following table summarizes net gains (losses) from investment activities: Year Ended December 31, 2018 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 Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Investments and other financial instruments $ (26,109 ) $ (252,038 ) $ 27,910 $ (1,151 ) $ 30,718 $ 109,398 CLO liabilities (1) — 85,014 — 53,351 — (120,702 ) Foreign-currency forward contracts (2) 513 2,327 (2,917 ) 1,909 521 264 Total-return and interest-rate swaps (2) 858 29 232 378 (2,353 ) (1,416 ) Options and futures (2) 1,210 76 (4,825 ) 574 (1,293 ) 3 Total $ (23,528 ) $ (164,592 ) $ 20,400 $ 55,061 $ 27,593 $ (12,453 ) (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 8 for additional information.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2018
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. There were no transfers between Level I and Level II positions for the years ended December 31, 2018 and 2017. Please see notes 11 and 18 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of December 31, 2018 As of December 31, 2017 Level I Level II Level III Total Level I Level II Level III Total Assets U.S. Treasury and other securities (1) $ 546,531 $ — $ — $ 546,531 $ 176,602 $ — $ — $ 176,602 Corporate investments — 29,476 45,426 74,902 — 1,833 50,902 52,735 Foreign-currency forward contracts (2) — 1,654 — 1,654 — 5,020 — 5,020 Cross-currency swap (2) — 2,384 — 2,384 — — — — Total assets $ 546,531 $ 33,514 $ 45,426 $ 625,471 $ 176,602 $ 6,853 $ 50,902 $ 234,357 Liabilities Contingent consideration (3) $ — $ — $ (6,657 ) $ (6,657 ) $ — $ — $ (18,778 ) $ (18,778 ) Foreign-currency forward contracts (4) — (2,318 ) — (2,318 ) — (13,154 ) — (13,154 ) Cross-currency swap (3) — — — — — (7,479 ) — (7,479 ) Total liabilities $ — $ (2,318 ) $ (6,657 ) $ (8,975 ) $ — $ (20,633 ) $ (18,778 ) $ (39,411 ) (1) Carrying value approximates fair value due to the short-term nature. (2) Amounts are included in other assets in the consolidated statements of financial condition. (3) Amounts are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. (4) Amounts are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition, except for $3 and $1,957 as of December 31, 2018 and 2017, respectively, which are included within corporate investments in the consolidated statements of financial condition. The table below sets forth a summary of changes in the fair value of Level III financial instruments: Year Ended December 31, 2018 2017 Corporate Investments Contingent Consideration Liability Corporate Investments Contingent Consideration Liability Beginning balance $ 50,902 $ (18,778 ) $ 74,663 $ (23,567 ) Contributions or additions 19,382 — 1,871 — Distributions (31,614 ) — (36,283 ) — Net gain (loss) included in earnings 6,756 12,121 10,651 4,789 Ending balance $ 45,426 $ (6,657 ) $ 50,902 $ (18,778 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 4,796 $ 12,121 $ 3,758 $ 4,789 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 December 31, Significant Unobservable Input Weighted Average Financial Instrument 2018 2017 Valuation Technique Range Corporate investment – Limited partnership interests $ 45,426 $ 50,902 Market approach Not applicable Not applicable Not applicable Contingent liability (6,657 ) (18,778 ) Discounted cash flow Assumed % of total potential contingent payments 0% – 100% 23% Fair Value of Financial Instruments Held By Consolidated Funds The short-term nature of cash and cash-equivalents held at the consolidated funds causes their carrying value to approximate fair value. The fair value of cash-equivalents is a Level I valuation. Derivatives may relate to a mix of Level I, II or III investments, and therefore their fair-value hierarchy level may not correspond to the fair-value hierarchy level of the economically hedged investment. The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level: As of December 31, 2018 As of December 31, 2017 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 5,216,923 $ 136,055 $ 5,352,978 $ — $ 4,340,860 $ 86,999 $ 4,427,859 Corporate debt – all other 634 963,423 185,378 1,149,435 736 805,659 75,388 881,783 Equities – common stock 24,483 — 3,063 27,546 222,439 65 3,427 225,931 Equities – preferred stock — — 1,426 1,426 3,041 338 — 3,379 Real estate — — — — — — 121,588 121,588 Total investments 25,117 6,180,346 325,922 6,531,385 226,216 5,146,922 287,402 5,660,540 Derivatives: Foreign-currency forward contracts — 2,275 — 2,275 — 590 — 590 Swaps — — — — — 49 — 49 Options and futures 189 — — 189 92 — — 92 Total derivatives 189 2,275 — 2,464 92 639 — 731 Total assets $ 25,306 $ 6,182,621 $ 325,922 $ 6,533,849 $ 226,308 $ 5,147,561 $ 287,402 $ 5,661,271 Liabilities CLO debt obligations: Senior secured notes (1) $ — $ (3,976,602 ) $ — $ (3,976,602 ) $ — $ (3,107,955 ) $ — $ (3,107,955 ) Subordinated notes (1) — (151,392 ) — (151,392 ) — (111,637 ) — (111,637 ) Total CLO debt obligations — (4,127,994 ) — (4,127,994 ) — (3,219,592 ) — (3,219,592 ) Securities sold short: Equity securities (2,609 ) — — (2,609 ) (86,467 ) — — (86,467 ) Derivatives: Foreign-currency forward contracts — (643 ) — (643 ) — (817 ) — (817 ) Swaps — — — — — (136 ) — (136 ) Total derivatives — (643 ) — (643 ) — (953 ) — (953 ) Total liabilities $ (2,609 ) $ (4,128,637 ) $ — $ (4,131,246 ) $ (86,467 ) $ (3,220,545 ) $ — $ (3,307,012 ) (1) The fair value of CLO liabilities is classified based on the more observable fair value of CLO assets. Please see notes 2 and 11 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 Equities – Preferred Stock Real Estate Total 2018 Beginning balance $ 86,999 $ 75,388 $ 3,427 $ — $ 121,588 $ 287,402 Deconsolidation of funds — — (52,000 ) (172 ) (121,087 ) (173,259 ) Transfers into Level III 48,312 2,034 490 — — 50,836 Transfers out of Level III (26,845 ) (10,984 ) (658 ) — — (38,487 ) Purchases 83,199 186,210 52,533 1,248 — 323,190 Sales (54,649 ) (57,414 ) (387 ) — (501 ) (112,951 ) Realized gains (losses), net 659 351 59 — 1,069 Unrealized appreciation (depreciation), net (1,620 ) (10,207 ) (401 ) 350 — (11,878 ) Ending balance $ 136,055 $ 185,378 $ 3,063 $ 1,426 $ — $ 325,922 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (1,729 ) $ (7,619 ) $ (401 ) $ 350 $ — $ (9,399 ) 2017 Beginning balance $ 208,868 $ 28,793 $ 6,693 $ — $ — $ 244,354 Transfers into Level III 19,270 1,978 — — — 21,248 Transfers out of Level III (48,371 ) (1,978 ) (3,280 ) — — (53,629 ) Purchases 62,977 83,272 163 — 123,582 269,994 Sales (161,511 ) (37,942 ) (2,056 ) — (2,005 ) (203,514 ) Realized gains (losses), net 3,990 569 216 — 5 4,780 Unrealized appreciation (depreciation), net 1,776 696 1,691 — 6 4,169 Ending balance $ 86,999 $ 75,388 $ 3,427 $ — $ 121,588 $ 287,402 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 1,828 $ 806 $ 1,691 $ — $ 6 $ 4,331 Total realized and unrealized gains and losses recorded for Level III investments are included in net realized gain on consolidated funds’ investments or net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. Transfers between Level I and Level II positions for the year ended December 31, 2018 included $0.7 million from Level I to Level II due to a decline in trading activity for one credit-oriented security, which was valued using vendor prices. Transfers between Level I and Level II positions for the year ended December 31, 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 broker quotes. 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 December 31, 2018: Investment Type Fair Value Valuation Technique Significant Unobservable (1)(2) Range Weighted Average (3) Credit-oriented investments: Communication services: $ 20,746 Recent market information (5) Quoted prices Not applicable Not applicable 2,416 Discounted cash flow (4) Discount rate 12% – 14% 13% Financials: 108,277 Recent market information (5) Quoted prices Not applicable Not applicable 3,608 Discounted cash flow (4) Discount rate 9% – 15% 14% Health care: 37,724 Recent market information (5) Quoted prices Not applicable Not applicable 2,550 Discounted cash flow (4) Discount rate 10% – 16% 14% Real estate: 79,562 Recent market information (5) Quoted prices Not applicable Not applicable 4,570 Discounted cash flow (4) Discount rate 12% – 23% 14% Other: 38,959 Recent market information (5) Quoted prices Not applicable Not applicable 17,943 Discounted cash flow (4) Discount rate 8% – 15% 13% 5,078 Recent transaction price (8) Not applicable Not applicable Not applicable Equity investments: 2,099 Discounted cash flow (4) Discount rate 10% – 30% 12% 2,390 Market approach (6) Earnings multiple (7) 4x – 10x 7x Total Level III $ 325,922 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, 2017: Investment Type Fair Value Valuation Technique Significant Unobservable (1)(2) Range Weighted Average (3) Credit-oriented investments: Financials: $ 53,732 Recent market information (5) Quoted prices Not applicable Not applicable Industrials: 14,563 Discounted cash flow (4) Discount rate 6% – 11% 7% 3,782 Recent market information (5) Quoted prices Not applicable Not applicable Information 5,331 Discounted cash flow (4) Discount rate 11% – 13% 12% 13,965 Recent market information (5) Quoted prices Not applicable Not applicable Real estate: 2,897 Discounted cash flow (4) Discount rate 11% – 13% 12% 22,297 Recent market information (5) Quoted prices Not applicable Not applicable 327 Recent transaction price (8) Not applicable Not applicable Not applicable Other: 15,881 Discounted cash flow (4) Discount rate 8% – 20% 12% 660 Market approach (6) Earnings multiple (7) 8x – 10x 9x 29,452 Recent market information (5) Quoted prices Not applicable Not applicable Equity investments: 378 Market approach (6) Earnings multiple (7) 9x – 11x 10x 1,343 Discounted cash flow (4) Discount rate 11% – 30% 13% 1,707 Recent market information (5) Quoted prices Not applicable Not applicable Real estate investments: Real estate: 121,087 Recent transaction price (8) Not applicable Not applicable Not applicable Total Level III $ 287,402 (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 vendor prices or broker quotes 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 year ended December 31, 2018, 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. There were no changes in the valuation techniques for Level III securities for the year ended December 31, 2017.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING	DERIVATIVES AND HEDGING The fair value of freestanding derivatives consisted of the following: Assets Liabilities Notional Fair Value Notional Fair Value As of December 31, 2018 Foreign-currency forward contracts $ 58,254 $ 1,654 $ (77,156 ) $ (2,318 ) Cross-currency swap 242,450 2,384 — — $ 300,704 $ 4,038 $ (77,156 ) $ (2,318 ) As of December 31, 2017 Foreign-currency forward contracts $ 288,451 $ 5,020 $ (242,972 ) $ (13,154 ) Cross-currency swap — — (255,210 ) (7,479 ) $ 288,451 $ 5,020 $ (498,182 ) $ (20,633 ) Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the consolidated statements of operations as follows: Year Ended December 31, 2018 2017 2016 Investment income $ 9,191 $ (16,707 ) $ 4,630 General and administrative expense (1) (1,322 ) (14,199 ) (8,846 ) Total gain (loss) $ 7,869 $ (30,906 ) $ (4,216 ) (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. There were no derivatives outstanding that were designated as hedging instruments for accounting purposes as of December 31, 2018 and 2017. Additionally, the Company had not designated any derivatives as fair-value hedges or hedges of net investments in foreign operations as of December 31, 2018 and 2017. 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 are accounted for as a hedging instrument utilizing hedge accounting. The fair value of derivatives held by the consolidated funds consisted of the following: Assets Liabilities Notional Fair Value Notional Fair Value As of December 31, 2018 Foreign-currency forward contracts $ 95,980 $ 2,275 $ (48,081 ) $ (643 ) Options and futures 11,126 189 — — $ 107,106 $ 2,464 $ (48,081 ) $ (643 ) As of December 31, 2017 Foreign-currency forward contracts $ 64,068 $ 590 $ (41,606 ) $ (817 ) Total-return and interest-rate swaps 837 49 (4,794 ) (136 ) Options and futures 15,022 92 — — $ 79,927 $ 731 $ (46,400 ) $ (953 ) The impact of derivatives held by the consolidated funds in the consolidated statements of operations was as follows: Year Ended December 31, 2018 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 Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Foreign-currency forward contracts $ 513 $ 2,327 $ (2,917 ) $ 1,909 $ 521 $ 264 Total-return and interest-rate swaps 858 29 232 378 (2,353 ) (1,416 ) Options and futures 1,210 76 (4,825 ) 574 (1,293 ) 3 Total $ 2,581 $ 2,432 $ (7,510 ) $ 2,861 $ (3,125 ) $ (1,149 ) Balance Sheet Offsetting The Company recognizes all derivatives as assets or liabilities at fair value in its consolidated statements of financial condition. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition. The table below sets forth the setoff rights and related arrangements associated with derivatives held by the Company. The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance. Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2018 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 1,654 $ 1,497 $ — $ 157 Cross-currency swap 2,384 — — 2,384 Subtotal 4,038 1,497 — 2,541 Derivative assets of consolidated funds: Foreign-currency forward contracts 2,275 — — 2,275 Options and futures 189 — — 189 Subtotal 2,464 — — 2,464 Total $ 6,502 $ 1,497 $ — $ 5,005 Derivative Liabilities: Foreign-currency forward contracts $ (2,318 ) $ (1,497 ) $ — $ (821 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (643 ) — — (643 ) Total $ (2,961 ) $ (1,497 ) $ — $ (1,464 ) Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2017 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 5,020 $ 5,020 $ — $ — Derivative assets of consolidated funds: Foreign-currency forward contracts 590 115 — 475 Total-return and interest-rate swaps 49 49 — — Options and futures 92 — — 92 Subtotal 731 164 — 567 Total $ 5,751 $ 5,184 $ — $ 567 Derivative Liabilities: Foreign-currency forward contracts $ (13,154 ) $ (5,020 ) $ — $ (8,134 ) Cross-currency swap (7,479 ) — — (7,479 ) Subtotal (20,633 ) (5,020 ) — (15,613 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (817 ) (115 ) — (702 ) Total-return and interest-rate swaps (136 ) (49 ) (87 ) — Subtotal (953 ) (164 ) (87 ) (702 ) Total $ (21,586 ) $ (5,184 ) $ (87 ) $ (16,315 )

FIXED ASSETS

FIXED ASSETS	12 Months Ended
	Dec. 31, 2018
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 consolidated statements of financial position. The following table sets forth the Company’s fixed assets and accumulated depreciation: As of December 31, 2018 2017 Furniture, equipment and capitalized software $ 26,345 $ 25,618 Leasehold improvements 70,270 66,940 Corporate aircraft 66,120 66,120 Other 4,859 5,229 Fixed assets 167,594 163,907 Accumulated depreciation (61,879 ) (53,744 ) Fixed assets, net $ 105,715 $ 110,163

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	12 Months Ended
	Dec. 31, 2018
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 December 31, 2018, the Company determined there was no goodwill impairment. The carrying value of goodwill was $69.3 million as of December 31, 2018 and 2017. The following table summarizes the carrying value of intangible assets: As of December 31, 2018 2017 Contractual rights $ 347,452 $ 347,452 Accumulated amortization (33,173 ) (16,301 ) Intangible assets, net $ 314,279 $ 331,151 Amortization expense associated with the Company’s intangible assets was $16.9 million , $6.6 million and $4.0 million for the years ended December 31, 2018, 2017 and 2016, respectively. Amortization of intangible assets held as of December 31, 2018 is estimated to be as follows: 2019 $ 16,780 2020 16,780 2021 15,112 2022 12,777 2023 12,777 Thereafter 240,053 Total $ 314,279 Goodwill and intangible assets are included in other assets in the consolidated statements of financial position.

DEBT OBLIGATIONS AND CREDIT FAC

DEBT OBLIGATIONS AND CREDIT FACILITIES	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
DEBT OBLIGATIONS AND CREDIT FACILITIES	DEBT OBLIGATIONS AND CREDIT FACILITIES The Company’s debt obligations are set forth below: As of December 31, 2018 2017 $250,000, 3.78%, issued in December 2017, payable on December 18, 2032 $ 250,000 $ 250,000 $250,000, variable-rate term loan, issued in March 2014, payable on March 29, 2023 (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 (4,055 ) (3,726 ) Debt obligations $ 745,945 $ 746,274 (1) On March 29, 2018, the credit facility was amended to among other things, extend the maturity date from March 31, 2021 to March 29, 2023, favorably update the commitment fee in the corporate ratings-based pricing grid and increase the permitted combined leverage ratio to a ratio of 3:50 to 1:00. The credit facility consists of a $150 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 0.10% 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 amended above). As of December 31, 2018, the Company had no outstanding borrowings under the revolving credit facility. As of December 31, 2018, future scheduled principal payments of debt obligations were as follows: 2019 $ — 2020 — 2021 — 2022 — 2023 150,000 Thereafter 600,000 Total $ 750,000 The Company was in compliance with all financial maintenance covenants associated with its senior notes and bank credit facility as of December 31, 2018 and 2017. 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 $720.3 million and $762.7 million as of December 31, 2018 and 2017, respectively, utilizing an average borrowing rate of 4.4% and 3.6% , respectively. As of December 31, 2018, a 10% increase in the assumed average borrowing rate would lower the estimated fair value to $696.0 million , whereas a 10% decrease would increase the estimated fair value to $745.7 million . In July 2017, the Company agreed to guarantee a $ 17.5 million standby letter of credit extended to one of the investment funds that it manages, which expired in January 2018. 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 December 31, Facility Capacity Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Commitment Fee Rate L/C Fee Credit Agreement 2018 2017 Senior variable rate notes $ 870,098 $ 870,098 $ 870,100 3.78% 9.7 N/A N/A Less: Debt issuance costs (5,569 ) (7,697 ) Total debt obligations, net $ 864,529 $ 862,401 As of both December 31, 2018 and 2017, the consolidated funds had debt obligations with an aggregate outstanding principal balance of $870.1 million . The fair value of the senior variable rate notes is a Level III valuation and aggregated $871.3 million and $872.1 million as of December 31, 2018 and 2017, respectively, using prices obtained from pricing vendors. 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. Set forth below are the outstanding debt obligations of CLOs: As of December 31, 2018 As of December 31, 2017 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 $ 3,976,602 2.69% 9.9 $ 3,107,955 2.18% 10.7 Subordinated notes (2) 151,392 N/A 9.7 111,637 N/A 10.8 Total CLO debt obligations $ 4,127,994 $ 3,219,592 (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 7 for more information. (2) 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 December 31, 2018 and 2017, the fair value of CLO assets was $4.7 billion and $3.9 billion , respectively, and consisted of cash, corporate loans, corporate bonds and other securities. As of December 31, 2018, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: 2019 $ 228,396 2020 — 2021 — 2022 — 2023 — Thereafter 3,982,146 Total $ 4,210,542

NON-CONTROLLING REDEEMABLE INTE

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS	12 Months Ended
	Dec. 31, 2018
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. Year Ended December 31, 2018 2017 2016 Beginning balance $ 860,548 $ 344,047 $ 38,173,125 Cumulative-effect adjustment from adoption of accounting guidance — — (37,969,042 ) Initial consolidation of a fund — 296,971 34,095 Contributions 447,260 331,764 144,060 Distributions (305,406 ) (146,393 ) (56,557 ) Net income (loss) (40,930 ) 29,532 20,988 Change in distributions payable 2,469 1,853 (4,227 ) Foreign-currency translation and other (2,319 ) 2,774 1,605 Ending balance $ 961,622 $ 860,548 $ 344,047

UNITHOLDERS' CAPITAL

UNITHOLDERS' CAPITAL	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
UNITHOLDERS' CAPITAL	UNITHOLDERS’ CAPITAL Unitholders’ capital reflects the economic interests attributable to Class A unitholders, preferred 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, after giving effect to distributions, if any, attributable to the preferred unitholders, based on the proportionate share of Oaktree Operating Group units held by the OCGH unitholders. Certain expenses, such as income taxes and related administrative expenses of Oaktree Capital Group, LLC and its Intermediate Holding Companies, are solely attributable to the Class A unitholders. As of December 31, 2018 and 2017, respectively, OCGH units represented 85,471,937 of the total 157,133,560 Oaktree Operating Group units and 90,975,687 of the total 156,285,913 Oaktree Operating Group units. Based on total allocable Oaktree Operating Group capital of $1,997,745 and $1,912,517 as of December 31, 2018 and 2017, respectively, the OCGH non-controlling interest was $1,086,693 and $1,113,314 . As of December 31, 2018 and 2017, non-controlling interests attributable to third parties was $5,661 and $7,923 , respectively. Distributions per Class A unit are set forth below: Payment Date Record Date Applicable to Quarterly Period Ended Distribution Per Unit November 13, 2018 November 5, 2018 September 30, 2018 $ 0.70 August 10, 2018 August 6, 2018 June 30, 2018 0.55 May 11, 2018 May 7, 2018 March 31, 2018 0.96 February 23, 2018 February 16, 2018 December 31, 2017 0.76 Total 2018 $ 2.97 November 10, 2017 November 6, 2017 September 30, 2017 $ 0.56 August 11, 2017 August 7, 2017 June 30, 2017 1.31 May 12, 2017 May 8, 2017 March 31, 2017 0.71 February 24, 2017 February 17, 2017 December 31, 2016 0.63 Total 2017 $ 3.21 November 14, 2016 November 7, 2016 September 30, 2016 $ 0.65 August 12, 2016 August 8, 2016 June 30, 2016 0.58 May 13, 2016 May 9, 2016 March 31, 2016 0.55 February 26, 2016 February 19, 2016 December 31, 2015 0.47 Total 2016 $ 2.25 Class A Unit Issuance On February 12, 2018, the Company issued and sold 5,000,000 Class A units in a public offering, resulting in $219.5 million in net proceeds to the Company. The Company did not retain any proceeds from the sale of Class A units in this offering. The proceeds were used to acquire interests in the Company’s business from certain of the Company’s directors, employees and other investors, including certain senior executives and other members of the Company’s senior management. Preferred Unit Issuances On May 17, 2018, the Company issued 7,200,000 of its 6.625% Series A preferred units representing limited liability company interests with a liquidation preference of $25.00 per unit. The issuance resulted in $173.7 million in net proceeds to the Company. Distributions on the Series A preferred units, when and if declared by the board of directors of Oaktree, will be paid quarterly on March 15, June 15, September 15 and December 15 of each year. The first distribution was paid on September 17, 2018. Distributions on the Series A preferred units are non-cumulative. On August 9, 2018, the Company issued 9,400,000 of its 6.550% Series B preferred units representing limited liability company interests with a liquidation preference of $25.00 per unit. The issuance resulted in $226.9 million in net proceeds to the Company. Distributions on the Series B preferred units, when and if declared by the board of directors of Oaktree, will be paid quarterly on March 15, June 15, September 15 and December 15 of each year. The first distribution was paid on December 17, 2018. Distributions on the Series B preferred units are non-cumulative. Unless distributions have been declared and paid or declared and set apart for payment on the preferred units for a quarterly distribution period, during the remainder of that distribution period the Company may not repurchase any common units or any other units that are junior in rank, as to the payment of distributions, to the preferred units and the Company may not declare or pay or set apart payment for distributions on any common units or junior units for the remainder of that distribution period, other than certain Permitted Distributions (as defined in the unit designation related to the applicable preferred units (each, the “Preferred Unit Designation”)). These restrictions are not applicable during the initial distribution period, which is the period from the original issue date to, but excluding, September 15, 2018 and December 15, 2018 in regards to the Series A and Series B preferred units, respectively. The Company may redeem, at its option, out of funds legally available, the preferred units, in whole or in part, at any time on or after June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, at a price of $25.00 per preferred unit plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. Holders of the preferred units have no right to require the redemption of the preferred units. If a Change of Control Event (as defined in the applicable Preferred Unit Designation) occurs prior to June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, the Company may, at its option, out of funds legally available, redeem the applicable preferred units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such Change of Control Event, at a price of $25.25 per preferred unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. If a Tax Redemption Event or Rating Agency Event (each, as defined in the applicable Preferred Unit Designation) occurs prior to June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, the Company may, at its option, out of funds legally available, redeem the applicable preferred units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such Tax Redemption Event or Rating Agency Event, at a price of $25.50 per preferred unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. The preferred units are not convertible into Class A units or any other class or series of the Company’s interests or any other security. Holders of the preferred units do not have any of the voting rights given to holders of our Class A units, except that holders of the preferred units are entitled to certain voting rights under certain conditions. The following table sets forth a summary of net income attributable to the preferred unitholders, the OCGH non-controlling interest and the Class A common unitholders: Year Ended December 31, 2018 2017 2016 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 86,390 91,643 92,122 Class A unitholders 70,526 64,148 62,565 Total weighted average units outstanding 156,916 155,791 154,687 Oaktree Operating Group net income: Net income attributable to preferred unitholders (1) $ 12,277 $ — $ — Net income attributable to OCGH non-controlling interest 280,159 422,122 343,781 Net income attributable to OCG Class A unitholders 228,791 295,161 233,765 Oaktree Operating Group net income (2) $ 521,227 $ 717,283 $ 577,546 Net income attributable to OCG Class A unitholders: Oaktree Operating Group net income attributable to OCG Class A unitholders $ 228,791 $ 295,161 $ 233,765 Non-Operating Group income (expense) (632 ) 144,143 (1,176 ) Income tax expense of Intermediate Holding Companies (17,018 ) (207,810 ) (37,884 ) Net income attributable to OCG Class A unitholders $ 211,141 $ 231,494 $ 194,705 (1) Represents distributions declared, if any, on the preferred units. (2) Oaktree Operating Group net income does not include amounts attributable to other non-controlling interests, which amounted to $2,659 , $2,662 and $4,696 for the years ended December 31, 2018, 2017 and 2016, respectively. The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below: Year Ended December 31, 2018 2017 2016 Net income attributable to OCG Class A unitholders $ 211,141 $ 231,494 $ 194,705 Equity reallocation between controlling and non-controlling interests 80,106 23,151 14,388 Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests $ 291,247 $ 254,645 $ 209,093 Please see notes 14, 15 and 16 for additional information regarding transactions that impacted unitholders’ capital.

EARNINGS PER UNIT

EARNINGS PER UNIT	12 Months Ended
	Dec. 31, 2018
Earnings Per Unit [Abstract]
EARNINGS PER UNIT	EARNINGS PER UNIT The computation of net income per Class A unit is set forth below: Year Ended December 31, 2018 2017 2016 Net income per Class A unit (basic and diluted): (in thousands, except per unit amounts) Net income attributable to OCG Class A unitholders $ 211,141 $ 231,494 $ 194,705 Weighted average number of Class A units outstanding (basic and diluted) 70,526 64,148 62,565 Basic and diluted net income per Class A unit $ 2.99 $ 3.61 $ 3.11 OCGH units may be exchanged on a one -for- one basis into Class A units, subject to certain restrictions. As of December 31, 2018, there were 85,471,937 OCGH units outstanding, which are vested or will vest through February 15, 2028, that ultimately may be exchanged into 85,471,937 Class A units. The exchange of these units would proportionally increase the Company’s interest in the Oaktree Operating Group. However, as the restrictions set forth in the exchange agreement were in place at the end of each respective reporting period, those units were not included in the computation of diluted earnings per unit for the years ended December 31, 2018, 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 or for the years ended December 31, 2018 and 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 those periods. Please see note 15 for more information. Certain compensation arrangements include performance-based awards that could result in the issuance of up to 340,000 OCGH units in total, which would vest over periods of four to ten years from date of issuance. As of and for the years ended December 31, 2018 and 2017, no OCGH units were considered issuable under the terms of these arrangements; consequently, no contingently issuable units were included in the computation of diluted earnings per unit for those periods. The Company had a contingent consideration liability that was payable in cash and fully-vested OCGH units. In May 2018, the contingent consideration arrangement was modified in respect of certain performance targets and payment terms. The new arrangement provides for contingent consideration payable in cash and Class A units. No Class A units or OCGH units were considered issuable under the terms of the arrangement as of or for the years ended December 31, 2018 and 2017; consequently, no contingently issuable units were included in the computation of diluted earnings per unit for those periods. Please see note 17 for more information.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION In December 2011, the Company adopted the 2011 Oaktree Capital Group, LLC Equity Incentive Plan (the “2011 Plan”). The 2011 Plan provides for the granting of options, unit appreciation rights, restricted unit awards, unit bonus awards, phantom equity awards or other unit-based awards to senior executives, directors, officers, certain employees, consultants, and advisors of the Company and its affiliates. As of December 31, 2018, a maximum of 23,442,887 units have been authorized to be awarded pursuant to the 2011 Plan, and 12,635,682 units (including 2,000,000 EVUs and 97,829 phantom units) have been awarded under the 2011 Plan. Each Class A and OCGH unit, when issued, represents an indirect interest in one Oaktree Operating Group unit. Total vested and unvested Class A and OCGH units issued and outstanding were 157,133,560 as of December 31, 2018. Pursuant to the terms of the OCGH limited partnership agreement, the general partner of OCGH may elect at its discretion to declare an open period during which an OCGH unitholder may exchange its OCGH units for, at the option of the Company’s board of directors, Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value, or any combination of the foregoing under the terms of the Company’s exchange agreement, as amended. The general partner determines the number of units eligible for exchange within a given open period and, if the OCGH unitholders request to exchange a number of units in excess of the amount eligible for exchange, the general partner determines which units to exchange taking into account appropriate factors. In addition, the general partner of OCGH may at its sole discretion cause a mandatory sale or exchange of OCGH units owned by any OCGH unitholder. Upon approval by the Company’s board of directors, OCGH units selected for exchange in accordance with the foregoing will be exchanged, at the option of the board of directors, into Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value, or any combination of the foregoing pursuant to the terms of the exchange agreement. The exchange agreement generally provides that (a) such OCGH units will be acquired by the Intermediate Holding Companies in exchange for, at the option of the Company’s board of directors, Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value, or any combination of the foregoing, (b) the OCGH units acquired by the Intermediate Holding Companies may then be redeemed by OCGH in exchange for Oaktree Operating Group units, (c) the Intermediate Holding Companies may exchange Oaktree Operating Group units with each other such that, immediately after such exchange, each Intermediate Holding Company holds Oaktree Operating Group units only in the Oaktree Operating Group entity for which such Intermediate Holding Company serves as the general partner and (d) the Company will cancel a corresponding number of Class B units. Class A and OCGH Unit Awards In 2018, the Company granted 1,164,601 Class A units and 124,051 restricted OCGH units to its employees and directors, subject to annual vesting over a weighted average period of approximately 4.4 years. As of December 31, 2018, the Company expected to recognize compensation expense on its unvested Class A and OCGH unit awards of $132.3 million over a weighted average period of 3.5 years . The Company utilizes a contemporaneous valuation report in determining fair value at the date of grant for OCGH unit awards. Each valuation report is based on the market price of Oaktree’s Class A units. A discount is then applied to the Class A unit market price to reflect the lack of marketability for the OCGH units. The determination of an appropriate discount for lack of marketability is based on a review of discounts on the sale of restricted shares of publicly traded companies and multi-period put-based quantitative methods. Factors that influence the size of the discount for lack of marketability include (a) the estimated time it would take for an OCGH unitholder to exchange units into Class A units, (b) the volatility of the Company’s business and (c) thin trading of the Class A units. Each of these factors is subject to significant judgment. The estimated time-to-liquidity assumption ranged between 5.6 years in 2016 to 7.0 years in March 2018 and 6.4 years in the most recent valuation in 2018. The estimated time to liquidity is influenced primarily by the need for (a) the general partner of OCGH to elect in its discretion to declare an open period during which an OCGH unitholder may exchange his or her unrestricted vested OCGH units for, at the option of the Company’s board of directors, Class A units on a one -for- one basis, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value or any combination of the foregoing, and (b) the approval of the Company’s board of directors to exchange such OCGH units into any of the foregoing. Board approval is based primarily on the objective of maintaining an orderly market for Oaktree’s units, but may take into account any other factors that the board may deem appropriate in its sole discretion. Volatility is estimated from historical and implied volatilities of the Company and five other comparable public alternative asset management companies. In valuing employee OCGH unit grants, the discount percentage applied to the then-prevailing Class A unit trading price was 20% for all OCGH units granted in 2016 through the first three quarters of 2018 and 17.5% for the fourth quarter of 2018. With respect to forfeitures, the Company made an accounting policy election to account for forfeitures when they occur in connection with accounting guidance adopted in the first quarter of 2017 on a modified retrospective basis as discussed in note 2. Accordingly, no forfeitures have been assumed in the calculation of compensation expense effective January 1, 2017. Prior to adoption of the guidance, the calculation of compensation expense assumed a forfeiture rate of up to 3.0% annually, based on expected employee turnover, and was revised annually or more frequently, as necessary, to adjust for actual forfeitures and to reflect expense only for those units that ultimately vest. A summary of the status of the Company’s unvested Class A and OCGH unit awards and a summary of changes for the periods presented are set forth below (actual dollars per unit): Class A Units OCGH Units (1) Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Balance, December 31, 2015 2,376,340 $ 38.18 2,265,967 $ 40.70 Granted 830,949 46.79 879,667 35.96 Vested (997,039 ) 37.71 (601,249 ) 39.18 Forfeited (81,850 ) 35.63 (206,432 ) 34.60 Balance, December 31, 2016 2,128,400 41.86 2,337,953 39.85 Granted 1,285,548 45.42 274,018 37.15 Vested (837,254 ) 40.57 (453,136 ) 38.50 Forfeited (20,378 ) 45.59 — — Balance, December 31, 2017 2,556,316 44.05 2,158,835 39.79 Granted 1,164,601 39.61 124,051 31.80 Vested (920,439 ) 42.57 (418,837 ) 37.23 Forfeited (99,893 ) 40.59 — — Balance, December 31, 2018 2,700,585 $ 42.76 1,864,049 $ 39.83 (1) Excludes certain performance-based awards that could result in the issuance of up to 340,000 OCGH units, which would vest over periods of four to ten years from date of issuance. Though no units have been issued to date under these arrangements, as of December 31, 2018 the Company expected to recognize compensation expense on 260,165 unvested OCGH performance awards of $6.8 million over a weighted average period of 4.4 years under applicable accounting rules. 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. 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. 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 December 31, 2018, there were 1,000,000 equity-classified EVUs and 1,000,000 liability-classified EVUs outstanding. As of December 31, 2018, the Company expected to recognize $1.4 million of compensation expense on its unvested EVUs over the next year. Equity-classified EVUs that require future service are expensed on a straight-line basis over the requisite service period. Liability-classified EVUs are remeasured at the end of each quarter. The fair value of EVUs was determined using a Monte Carlo simulation model. 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 settled by the issuance of an OCGH unit. As of December 31, 2018, there were 250,000 deferred equity units outstanding, none of which were expected to vest. 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	12 Months Ended
	Dec. 31, 2018
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. Tax Legislation On December 22, 2017, the Tax Act was enacted. The Tax Act reduced the corporate income tax rate from 35% to 21%, and included significant changes to other domestic and international corporate income tax provisions. The rate change resulted in a net reduction to net income attributable to Oaktree Capital Group, LLC of $33.2 million in the fourth quarter of 2017, comprised of $178.2 million in additional tax expense due to a reduction in the Company’s deferred tax assets and a $145.1 million benefit to other income due to a reduction in the Company’s tax receivable agreement liability. The SEC Staff issued Staff Accounting Bulletin No. 118 in December 2017, which allows a financial statement issuer that does not have all necessary information to fully account for the income tax effect of the Tax Act to record a provisional amount in its financial statements that may be subject to adjustment during a subsequent measurement period. As of December 31, 2018, the Company has completed its accounting for all of the enactment-date income tax effects of the Tax Act and no adjustments were made to the above provisional amounts. Income tax expense from operations consisted of the following: Year Ended December 31, 2018 2017 2016 Current: U.S. federal income tax $ 4,645 $ 4,085 $ 10,268 State and local income tax 2,934 2,687 6,154 Foreign income tax 7,402 5,907 1,436 $ 14,981 $ 12,679 $ 17,858 Deferred: U.S. federal income tax $ 8,934 $ 191,488 $ 23,835 State and local income tax 844 10,928 2,110 Foreign income tax 20 347 (1,284 ) $ 9,798 $ 202,763 $ 24,661 Total: U.S. federal income tax $ 13,579 $ 195,573 $ 34,103 State and local income tax 3,778 13,615 8,264 Foreign income tax 7,422 6,254 152 Income tax expense $ 24,779 $ 215,442 $ 42,519 The Company’s income (loss) before income taxes consisted of the following: Year Ended December 31, 2018 2017 2016 Domestic income (loss) before income taxes $ 467,264 $ 894,911 $ 623,712 Foreign income (loss) before income taxes 22,060 10,013 (15,090 ) Total income (loss) before income taxes $ 489,324 $ 904,924 $ 608,622 The Company’s effective tax rate differed from the federal statutory rate for the following reasons: Year Ended December 31, 2018 2017 2016 Income tax expense at federal statutory rate 21.00 % 35.00 % 35.00 % Income passed through (17.78 ) (31.61 ) (30.31 ) State and local taxes, net of federal benefit 0.55 0.38 1.28 Foreign taxes 0.57 0.23 0.89 Deferred tax adjustment — 19.76 — Other, net 0.72 0.05 0.13 Total effective rate 5.06 % 23.81 % 6.99 % The components of the Company’s deferred tax assets and liabilities were as follows: As of December 31, 2018 2017 2016 Deferred tax assets: Investment in partnerships $ 210,678 $ 191,713 $ 386,796 Equity-based compensation expense 5,535 3,537 4,449 Net operating losses 7,393 — — Other 9,191 9,311 14,329 Total deferred tax assets 232,797 204,561 405,574 Total deferred tax liabilities 3,697 2,101 960 Net deferred tax assets before valuation allowance 229,100 202,460 404,614 Valuation allowance — — — Net deferred tax assets $ 229,100 $ 202,460 $ 404,614 As of December 31, 2018, the Company had approximately $31.6 million of net operating losses available to offset future taxable income indefinitely. When assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred tax assets are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. The deferred tax asset recognized by the Company, as it relates to the higher tax basis in the carrying value of certain assets compared to the book basis of those assets, will be recognized in future years by these taxable entities. Deferred tax assets are based on the amount of the tax benefit that the Company’s management has determined is more likely than not to be realized in future periods. In determining the realizability of this tax benefit, management considered numerous factors that will give rise to pre-tax income in future periods. Among these are the historical and expected future book and tax basis pre-tax income of the Company and unrealized gains in the Company’s assets at the determination date. Based on these and other factors, the Company determined that, as of December 31, 2018, all deferred tax assets were more likely than not to be realized in future periods. The Company recognizes tax benefits related to its tax positions only where the position is “more likely than not” to be sustained in the event of examination by tax authorities. As part of its assessment, the Company analyzes its tax filing positions in all of the federal, state and foreign tax jurisdictions where it is required to file income tax returns, and for all open tax years in these jurisdictions. As of December 31, 2018, the total reserve balance, including interest and penalties, was $4.6 million . The following is a reconciliation of unrecognized tax benefits (excluding interest and penalties thereon): Year Ended December 31, 2018 2017 2016 Unrecognized tax benefits, January 1 $ 4,366 $ 5,768 $ 4,956 Additions for tax positions related to the current year — 350 350 Additions for tax positions related to prior years — — 2,121 Reductions for tax positions related to prior years (18 ) (412 ) (79 ) Settlements (1,423 ) — — Lapse in statute of limitations (226 ) (1,340 ) (1,580 ) Unrecognized tax benefits, December 31 $ 2,699 $ 4,366 $ 5,768 If the above tax benefits as of December 31, 2018 were to be recognized in 2018, the $2.7 million would impact the annual effective tax rate. The Company recognizes interest and penalties related to unrecognized tax positions in the provision for income taxes in the consolidated statements of operations. As of December 31, 2018 and 2017, respectively, the aggregate amount of interest and penalties accrued was $1.9 million and $3.2 million . The Company recognized a net expense of $1.2 million , $0.1 million and $1.6 million in 2018, 2017 and 2016, respectively. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax regulators. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for periods before 2015. Tax authorities currently are examining certain income tax returns of Oaktree, with certain of these examinations at an advanced stage. Over the next twelve months ending December 31, 2019, the Company believes that it is reasonably possible that one outcome of these current examinations and expiring statutes of limitation on other items may be the release of up to approximately $2.8 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 further material changes in the relevant tax law and that the Company earns sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments to OCGH unitholders under the tax receivable agreement, as of December 31, 2018, are set forth below: Transaction Total Future Payments Payments Through Fiscal Year 2007 private offering $ 13,396 2029 Initial public offering 32,411 2034 May 2013 Offering 45,649 2035 March 2014 Offering 34,640 2036 March 2015 Offering 29,446 2037 February 2018 Offering 32,330 2040 Total $ 187,872 For the years ended December 31, 2018, 2017 and 2016, respectively, amounts paid under the tax receivable agreement totaled $20.7 million , $20.0 million and $18.8 million .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
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 as revenue until it is probable that a significant reversal will not occur. As of December 31, 2018 and 2017, respectively, the aggregate of such amounts recorded at the fund level in excess of incentive income recognized by the Company was $1,434,458 and $1,918,952 , for which related direct incentive income compensation expense was estimated to be $754,903 and $1,000,232 . Contingent Liabilities The Company had a contingent consideration obligation of up to $60.0 million related to the Highstar acquisition that was payable in cash and fully-vested OCGH units. The amount of contingent consideration was based on the achievement of certain performance targets over a period of up to seven years from the acquisition date of August 2014. In May 2018, the contingent consideration arrangement was modified in respect of certain performance targets and payment terms. The new arrangement provides for contingent consideration of up to $36.1 million , payable in cash and Class A units. The modification resulted in a $7.1 million reduction in the contingent consideration liability. As of December 31, 2018 and 2017, respectively, the fair value of the contingent consideration liability was $6.7 million and $18.8 million , respectively. Changes in this liability resulted in income of $12.1 million , $4.8 million and $4.9 million in 2018, 2017 and 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 consolidated statements of financial condition. Changes in the liability are recorded in general and administrative expense in the consolidated statements of operations. In connection with the October 2017 BDC acquisition, FSM pledged assets with an estimated fair value of $56.2 million to indemnify the Company or the BDCs against any claims or assessments arising from the period during which it managed the BDCs. As of December 31, 2018, the remaining amount of the pledged assets was $32.0 million . Please see note 3 for more information. Commitments to Funds As of December 31, 2018 and 2017, the Company, generally in its capacity as general partner, had undrawn capital commitments of $385.8 million and $429.1 million , respectively, including commitments to both unconsolidated and consolidated funds. Operating Leases Oaktree leases its main headquarters office in Los Angeles and offices in 17 other cities in the U.S., Europe, Asia and Australia, pursuant to current lease terms expiring through 2031. Occupancy costs, including non-lease expenses, were $22,369 , $20,477 and $22,637 for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, aggregate estimated minimum commitments under Oaktree’s operating leases were as follows: 2019 $ 19,377 2020 18,873 2021 17,856 2022 17,279 2023 16,699 Thereafter 85,745 Total $ 175,829 Investment Commitments of the 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 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 December 31, 2018 and 2017, the consolidated funds had potential aggregate commitments of $13.8 million and $6.0 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 December 31, 2018 and 2017, 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 year ended December 31, 2018, the consolidated funds did not provide any financial support to portfolio companies.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
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 weighted average interest rate approximated the Company’s cost of debt. The fair value of amounts due to affiliates approximated $95,953 and $93,772 as of December 31, 2018 and 2017, respectively, based on a discount rate of 10.0% . As of December 31, 2018 2017 Due from affiliates: Loans $ 3,857 $ 9,239 Amounts due from unconsolidated funds 72,588 57,155 Management fees and incentive income due from unconsolidated funds 362,971 152,959 Payments made on behalf of unconsolidated entities 3,469 3,784 Non-interest bearing advances made to certain non-controlling interest holders and employees 27 87 Total due from affiliates $ 442,912 $ 223,224 Due to affiliates: Due to OCGH unitholders in connection with the tax receivable agreement (please see note 16) $ 187,872 $ 176,283 Amounts due to senior executives, certain non-controlling interest holders and employees 495 1,590 Total due to affiliates $ 188,367 $ 177,873 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 $211 , $451 and $906 for the years ended December 31, 2018, 2017 and 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 $1.3 billion , $1.4 billion and $1.0 billion for the years ended December 31, 2018, 2017 and 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 within “non-interest bearing advances made to certain non-controlling interest holders and employees” in the table above. 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. The Company also provides certain senior executives a personal travel allowance for private aircraft usage up to a certain threshold pursuant to the same Company policy. 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.

CAPITAL REQUIREMENTS OF REGULAT

CAPITAL REQUIREMENTS OF REGULATED ENTITIES	12 Months Ended
	Dec. 31, 2018
Regulatory Capital Requirements [Abstract]
CAPITAL REQUIREMENTS OF REGULATED ENTITIES	CAPITAL REQUIREMENTS OF REGULATED ENTITIES One of the Company’s indirect subsidiaries is a registered U.S. broker-dealer that is subject to the minimum net capital requirements of the SEC and the U.S. Financial Industry Regulatory Authority. Additionally, two of the Company’s indirect subsidiaries based in London is subject to the capital requirements of the U.K. Financial Conduct Authority, and another based in Hong Kong is subject to the capital requirements of the Hong Kong Securities and Futures Ordinance. These entities operate in excess of their respective regulatory capital requirements. The regulatory capital requirements referred to above may restrict the Company’s ability to withdraw capital from its entities for purposes such as paying cash distributions or advances to the Company. As of December 31, 2018 and 2017, respectively, there was approximately $183.7 million and $115.5 million of such potentially restricted amounts.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2018
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	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Class A Unit Distribution On February 5, 2019, the Company announced a distribution attributable to the fourth quarter of 2018 of $0.75 per Class A unit, bringing aggregate distributions relating to fiscal year 2018 to $2.96 . The distribution of $0.75 was paid on February 22, 2019 to Class A unitholders of record at the close of business on February 15, 2019. Series A Preferred Unit Distribution On February 5, 2019, the Company announced a distribution of $0.414063 per Series A preferred unit, which will be paid on March 15, 2019 to Series A preferred unitholders of record at the close of business on March 1, 2019. Series B Preferred Unit Distribution On February 5, 2019, the Company announced a distribution of $0.409375 per Series B preferred unit, which will be paid on March 15, 2019 to Series B preferred unitholders of record at the close of business on March 1, 2019.

QUARTERLY FINANCIAL DATA (UNAU

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Data [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	QUARTERLY FINANCIAL DATA (UNAUDITED) Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 337,321 $ 213,283 $ 241,227 $ 594,248 Expenses (251,036 ) (184,606 ) (191,167 ) (373,762 ) Other income 57,513 41,947 99,599 (95,243 ) Income before income taxes $ 143,798 $ 70,624 $ 149,659 $ 125,243 Net income $ 137,401 $ 65,757 $ 143,091 $ 118,296 Net income attributable to OCG Class A unitholders $ 52,732 $ 31,121 $ 52,750 $ 74,538 Net income per unit (basic and diluted): Net income per Class A unit $ 0.78 $ 0.44 $ 0.74 $ 1.04 Distributions declared per Class A unit $ 0.76 $ 0.96 $ 0.55 $ 0.70 Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 289,585 $ 634,055 $ 235,032 $ 311,095 Expenses (192,562 ) (423,426 ) (169,773 ) (239,582 ) Other income 77,110 90,355 82,975 210,060 Income before income taxes $ 174,133 $ 300,984 $ 148,234 $ 281,573 Net income $ 161,831 $ 295,443 $ 134,377 $ 97,831 Net income attributable to OCG Class A unitholders $ 54,915 $ 117,324 $ 45,841 $ 13,414 Net income per unit (basic and diluted): Net income per Class A unit $ 0.87 $ 1.83 $ 0.71 $ 0.21 Distributions declared per Class A unit $ 0.63 $ 0.71 $ 1.31 $ 0.56

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
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 (a) 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 (b) 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 of those funds due to the fact that its fee arrangements are considered at-market and thus 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 5 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 the Company 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 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 and Non-controlling Interests in Consolidated Funds	Non-controlling Redeemable Interests in Consolidated Funds The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners. These interests are presented as non-controlling redeemable interests in consolidated funds within the consolidated statements of financial condition, outside of the permanent capital section. Limited partners in open-end and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective limited partnership agreements, over periods ranging from one month to three years . While limited partners in consolidated closed-end funds generally have not been granted redemption rights, these limited partners do have withdrawal or redemption rights in certain limited circumstances that are beyond the control of the Company, such as instances in which retaining the limited partnership interest could cause the limited partner to violate a law, regulation or rule. The allocation of net income or loss to non-controlling redeemable interests in consolidated funds is based on the relative ownership interests of the unaffiliated limited partners after the consideration of contractual arrangements that govern allocations of income or loss. At the consolidated level, potential incentives are allocated to non-controlling redeemable interests in consolidated funds until such incentives become allocable to the Company under the substantive contractual terms of the limited partnership agreements of the funds. Non-controlling Interests in Consolidated Funds Non-controlling interests in consolidated funds represent the equity interests held by third-party investors in CLOs that had not yet priced as of the respective period end. All non-controlling interests in those CLOs are attributed a share of income or loss arising from the respective CLO based on the relative ownership interests of third-party investors after consideration of contractual arrangements that govern allocations of income or loss. Investors in those CLOs are generally unable to redeem their interests until the respective CLO liquidates, is called or otherwise terminates.
Non-controlling Interests in Consolidated Subsidiaries	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 13 for more information.
Acquisitions	Acquisitions The Company accounts for business combinations using the acquisition method of accounting, which requires the use of estimates and judgment to measure the fair value of identifiable tangible and intangible assets acquired, liabilities assumed, and non-controlling interests in the acquiree as of the acquisition date. Contingent consideration that is determined to be part of the business combination is recognized at fair value as of the acquisition date and is included in the purchase price. Transaction costs are expensed as incurred. Transactions that do not meet the definition of a business are accounted for as asset acquisitions. The cost of an asset acquisition is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Transaction costs are included in the cost of the acquisition and no goodwill is recognized.
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 acquired identifiable intangible assets 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 seven to 25 years, and are reviewed for impairment whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable.
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, such as the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I – Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. The types of investments in Level I include exchange-traded equities, debt and derivatives with quoted prices. • Level II – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are directly or indirectly observable. Level II inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. The types of investments in Level II generally include corporate bonds and loans, government and agency securities, less liquid and restricted equity investments, over-the-counter traded derivatives, 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 pricing vendors or brokers. The Company seeks to obtain prices from at least two pricing vendors for the subject or similar securities. In cases where vendor pricing is not reflective of fair value, a secondary vendor is unavailable, or no vendor pricing is available, a comparison value made up of quotes for the subject or similar securities received from broker dealers may be used. 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 pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Company performs due diligence procedures surrounding pricing vendors to understand their methodology and controls to support their use in the valuation process. Fair Value Option The Company has elected the fair value option for certain corporate investments that otherwise would not have reflected unrealized gains and losses in current-period earnings. Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition. Unrealized gains and losses resulting from changes in fair value are reflected as a component of investment income in the consolidated statements of operations. The Company’s accounting for 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 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 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 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 consolidated statements of operations. Please see notes 7 and 11 for more information.
Foreign Currency	Foreign Currency The assets and liabilities of Oaktree’s foreign subsidiaries with non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. The results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in other comprehensive income (loss) within the consolidated statements of financial condition until realized. Gains and losses resulting from foreign-currency transactions are included in general and administrative expense. Foreign Currency Investments denominated in non-U.S. currencies are recorded in the consolidated financial statements after translation into U.S. dollars utilizing rates of exchange on the last business day of the period. Interest and dividend income is recorded net of foreign withholding taxes and calculated using the exchange rate in effect when the income is recognized. The effect of changes in exchange rates on assets and liabilities, income, and realized gains or losses is included as part of net realized gain (loss) on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations.
Derivatives and Hedging	Derivatives and Hedging A derivative is a financial instrument whose value is derived from an underlying financial instrument or index, such as interest rates, equity securities, currencies, commodities or credit spreads. Derivatives include futures, forwards, swaps or option contracts, and other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest-rate swaps, foreign-currency forwards or cross-currency swaps). The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company’s overall risk management strategy that may result in the use of derivatives to economically hedge or reduce these exposures. 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. The Company recognizes all derivatives as assets or liabilities in its consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition. When the Company enters into a derivative contract, it 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 we enter into as part of our overall risk management strategy but do not utilize hedge accounting. These financial instruments may include foreign-currency exchange contracts, interest-rate swaps and other derivative contracts. Derivatives that are designated as hedging instruments are classified as either a hedge of (a) a recognized asset or liability (“fair-value hedge”), (b) a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash-flow hedge”), or (c) a net investment in a foreign operation. For a fair-value hedge, the Company records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk in current-period earnings in the same caption in the consolidated statements of operations as the hedged item. Changes in the fair value of a derivative that is highly effective and is designated and qualifies as a cash-flow hedge, to the extent that the hedge is effective, are recorded in other comprehensive income (loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is recorded in current-period earnings. Changes in the fair value of derivatives designated as hedging instruments that are caused by factors other than changes in the risk being hedged are excluded from the assessment of hedge effectiveness and recognized in current-period earnings. For freestanding derivatives, changes in fair value are recorded in current-period earnings. The Company formally documents at inception the hedge relationship, including identification of the hedging instrument and the hedged item, as well as the risk management objectives, the strategy for undertaking the hedge transaction, and the evaluation of effectiveness of the hedged transaction. On a quarterly basis, the Company formally assesses whether the derivative it designated in each hedging relationship has been and is expected to remain highly effective in offsetting changes in the estimated fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the balance remaining in other comprehensive income (loss) is released to earnings.
Cash and Cash-equivalents	Cash and Cash-equivalents Cash and cash-equivalents include demand deposit accounts, money market funds and short-term investments with maturities of three months or less at the date of acquisition. Cash and Cash-equivalents Cash and cash-equivalents held at the consolidated funds represent cash that, although not legally restricted, is not available to support the general liquidity needs of Oaktree as the use of such amounts is generally limited to the investment activities of the consolidated funds. Cash-equivalents, a Level I valuation, include highly liquid investments such as money market funds, whose carrying value approximates fair value due to its short-term nature.
U.S. Treasury and Time Deposit Securities	U.S. Treasury and Other Securities U.S. Treasury and other securities include holdings of U.S. Treasury bills, time deposit securities and commercial paper with maturities greater than three months at the date of acquisition. These securities are classified as available-for-sale and recorded at fair value with changes in fair value included in other comprehensive income (loss). Changes in fair value were not material for all years presented.
Corporate Investments	Corporate Investments 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.
Revenue	Revenue Recognition On January 1, 2018, the Company adopted the new revenue recognition standard on a modified retrospective basis. As a result, prior period amounts continue to be reported under historic GAAP. Upon adoption, the Company recorded a cumulative-effect increase to unitholders’ capital as of January 1, 2018 of $48.7 million , net of tax. This adjustment relates to incentive income that would have met the “probable that significant reversal will not occur” criteria as of January 1, 2018 under the new revenue standard. The Company earns management fees and incentive income from the investment advisory services it provides to its customers. Revenue is recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company typically enters into contracts with investment funds to provide investment management and administrative services. These services are generally capable of being distinct and each is accounted for as separate performance obligations comprised of distinct service periods because the services are performed over time. The Company determined that for accounting purposes the investment funds are generally considered to be the customers with respect to commingled funds, while the individual investors are the customers with respect to separate account and fund-of-one vehicles. The Company receives management fees and/or incentive income with respect to its investment management services, and it is reimbursed by the funds for expenses incurred or paid on behalf of the funds with respect to its investment advisory services and its administrative services. The Company evaluates whether it is the principal (i.e., report as management fees on a gross basis) or agent (i.e., report as management fees on a net basis) with respect to each performance obligation and associated reimbursement arrangements. The Company has elected to apply the variable consideration exemption for its fee arrangements with its customers. Please see note 4 for more information on revenues. Management Fees Management fees are recognized over the period in which the investment management services are performed because customers simultaneously consume and receive benefits that are satisfied over time. The contractual terms of management fees generally vary by fund structure. For most closed-end funds, the management fee rate is applied against committed capital during the fund’s investment period and the lesser of total funded capital or cost basis of assets in the liquidation period. Certain closed-end funds pay management fees during the investment period based on drawn capital or cost basis. Additionally, for closed-end funds that pay management fees based on committed capital, the Company may elect to delay the start of the fund’s investment period and thus its full management fees, in which case it earns management fees based on drawn capital, and in certain cases outstanding borrowings under a fund-level credit facility made in lieu of drawing capital, until the Company elects to start the fund’s investment period. The Company’s right to receive management fees typically ends after 10 or 11 years from either the initial closing date or the start of the investment period, even if assets remain in the fund. In the case of CLOs, the management fee is based on the aggregate par value of collateral assets and principal cash, as defined in the applicable CLO indentures, and a portion of the management fees is dependent on the sufficiency of the particular vehicle’s cash flow. For open-end and evergreen funds, the management fee is generally based on the NAV of the fund. For the publicly-traded BDCs, the management fee is based on gross assets (including assets acquired with leverage), net of cash. In the case of certain open-end fund accounts, the Company has the potential to earn performance-based fees, typically in reference to a relevant benchmark index or hurdle rate, which are classified as management fees. The Company also earns quarterly incentive fees on the investment income from certain evergreen funds, such as the publicly-traded BDCs and other fund accounts, which are generally recurring in nature and reflected as management fees. The ultimate amount of management fees that will be earned over the life of the contract is subject to a large number and broad range of possible outcomes due to market volatility and other factors outside of the Company’s control. As a result, the amount of revenue earned in any given period is generally determined at the end of each reporting period and relates to services performed during that period. The impact on management fees as a result of applying the new revenue standard for the year ended December 31, 2018 was an increase of $13.3 million . This amount relates to the gross-up of reimbursable costs incurred on behalf of Oaktree funds in which the Company has determined it is the principal. Such costs are presented in compensation and benefits and general and administrative expenses. Incentive Income Incentive income generally represents 20% of each closed-end fund’s profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and up to 20% of certain evergreen fund’s annual profits, subject to high-water marks or hurdle rates. Incentive income is recognized when it is probable that a significant reversal will not occur. Revenue recognition is typically met (a) for closed-end funds, only after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors, and (b) for certain evergreen funds, at the conclusion of each annual measurement period. Potential incentive income is highly susceptible to market volatility, the judgment and actions of third parties, and other factors outside of the Company’s control. The Company’s experience has demonstrated little predictive value in the amount of potential incentive income ultimately earned due to the highly uncertain nature of returns inherent in the markets and contingencies associated with many realization events. As a result, the amount of incentive income recognized in any given period is generally determined after giving consideration to a number of factors, including whether the fund is in its investment or liquidation period, and the nature and level of risk associated with changes in fair value of the remaining assets in the fund. In general, it would be unlikely that any amount of potential incentive income would be recognized until (a) the uncertainty is resolved or (b) the fund is near final liquidation, assets are under contract for sale or are of low risk of significant fluctuation in fair value, and the assets are significantly in excess of the threshold at which incentive income would be earned. The impact on incentive income as a result of applying the new revenue standard for the year ended December 31, 2018 was a net increase of $80.0 million . Incentives received by Oaktree before the revenue recognition criteria have been met are deferred and recorded as a deferred incentive income liability within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company may receive tax distributions related to taxable income allocated by funds, which are treated as an advance of incentive income and subject to the same recognition criteria. Tax distributions are contractually not subject to clawback.
Total Compensation and Benefits	Compensation and Benefits Compensation and benefits expense reflects all compensation-related items not directly related to incentive income, investment income or equity-based compensation, and includes salaries, bonuses, compensation based on management fees or a definition of profits, employee benefits, payroll taxes and phantom equity awards. Bonuses are generally accrued over the related service period. Phantom equity awards represent liability-classified awards subject to vesting and remeasurement at the end of each reporting period based on changes in Oaktree’s Class A unit trading price. Equity-based Compensation Equity-based compensation expense reflects the non-cash charge associated with grants of Class A units, OCGH units, OCGH equity value units (“EVUs”), deferred equity units and other performance-based units, and is calculated based on the grant-date fair value of the unit award. A contemporaneous valuation report is utilized in determining fair value at the date of grant for OCGH unit awards. Each valuation report is based on the market price of the Class A units as well as other pertinent factors. A discount is then applied to the Class A unit market price to reflect the lack of marketability for equity-classified awards, if applicable. The determination of an appropriate discount for lack of marketability is based on a review of discounts on the sale of restricted shares of publicly-traded companies and multi-period put-based quantitative methods. Factors that influence the size of the discount for lack of marketability applicable to OCGH units include (a) the estimated time it would take for an OCGH unitholder to exchange units into Class A units, (b) the volatility of the Company’s business and (c) thin trading of the Class A units. Each of these factors is subject to significant judgment. Equity-based awards that do not require future service (i.e., awards vested at grant) are expensed immediately. Equity-based awards that require future service are expensed on a straight-line basis over the requisite service period. Cash-settled equity-based awards are classified as liabilities and are remeasured at the end of each reporting period. With respect to forfeitures, the Company made an accounting policy election to account for forfeitures when they occur in connection with accounting guidance adopted in the first quarter of 2017 on a modified retrospective basis. Accordingly, no forfeitures have been assumed in the calculation of compensation expense effective January 1, 2017. Prior to adoption of the guidance, the calculation of compensation expense assumed a forfeiture rate of up to 3.0% annually, based on expected employee turnover, and was revised annually or more frequently, as necessary, to adjust for actual forfeitures and to reflect expense only for those units that ultimately vest. Incentive Income Compensation Incentive income compensation expense primarily reflects compensation directly related to incentive income, which generally consists of percentage interests (sometimes referred to as “points”) that the Company grants to its investment professionals associated with the particular fund that generated the incentive income, and secondarily, compensation directly related to investment income. The Company has an obligation to pay a fixed percentage of the incentive income earned from a particular fund, including income from consolidated funds that is eliminated in consolidation, to specified investment professionals responsible for the management of the fund. Amounts payable pursuant to these arrangements are recorded as compensation expense when they have become probable and reasonably estimable. The Company’s determination of the point at which it becomes probable and reasonably estimable that incentive income compensation expense should be recorded is based on its assessment of numerous factors, particularly those related to the profitability, realizations, distribution status, investment profile and commitments or contingencies of the individual funds that may give rise to incentive income. Incentive income compensation is generally expensed in the period in which the underlying income is recognized. Payment of incentive income compensation generally occurs in the same period the related income is received or in the next period. Participation in incentive income generated by the funds is subject to forfeiture upon departure and to vesting provisions (generally over a period of five years), in each case, under certain circumstances set forth in the applicable governing documents. These provisions are generally only applicable to incentive income compensation that has not yet been recognized as an expense by the Company or paid to the participant.
Depreciation and Amortization	Depreciation and Amortization Depreciation and amortization expense includes costs associated with the purchase of furniture and equipment, capitalized software, office leasehold improvements, corporate aircraft and acquired intangibles. Furniture and equipment and capitalized software costs are depreciated using the straight-line method over the estimated useful life of the asset, generally three to five years beginning in the first full month after the asset is placed in service. Leasehold improvements are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term. Corporate aircraft are depreciated using the straight-line method over their estimated useful life. Acquired intangibles primarily relate to contractual rights and are amortized over their estimated useful lives on a straight-line basis, which range from seven to 25 years.
Other Income (Expense), Net	Other Income (Expense), Net Other income (expense), net represents non-operating income or expense, including income related to amounts received from a legacy Highstar fund for contractually reimbursable costs in connection with the 2014 acquisition of the Highstar Capital team and certain Highstar entities (collectively “Highstar”). The legacy Highstar fund stopped paying management fees in the fourth quarter of 2017. As a result, the Company no longer receives such income.
Income Taxes	Income Taxes The consolidated funds may invest in operating entities that are treated as partnerships for U.S. federal income tax purposes which may give rise to unrelated business taxable income or income effectively connected with a U.S. trade or business. In such situations, the consolidated funds permit certain investors to elect to participate in these investments through a “blocker structure” using entities that are treated as corporations for U.S. federal income tax purposes and are generally subject to U.S. federal, state and local taxes. The consolidated funds withhold blocker expenses and tax payments from electing limited partners, which are treated as deemed distributions to such limited partners pursuant to the terms of the respective limited partnership agreement. Income Taxes Oaktree is a publicly traded partnership. Because it satisfies the qualifying income test, it is not required to be treated as a corporation for U.S. federal and state income tax purposes; rather it is taxed as a partnership. Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc., two of the Company’s Intermediate Holding Companies and wholly-owned corporate subsidiaries, are subject to U.S. federal and state income taxes. The remainder of Oaktree’s income is generally not subject to U.S. corporate-level taxation. The Company’s effective tax rate is dependent on many factors, including the estimated nature of many amounts and the mix of revenues and expenses between the two corporate subsidiaries that are subject to income tax and the three other subsidiaries that are not; consequently, the effective tax rate is subject to significant variation from period to period. The Company’s non-U.S. income or loss before taxes is generally not significant in relation to total pre-tax income or loss and is generally more predictable because, unlike U.S. pre-tax income, it is not significantly impacted by unrealized gains or losses. Non-U.S. tax expense typically represents a disproportionately large percentage of total income tax expense because nearly all of the Company’s non-U.S. income or loss is subject to corporate-level income tax, whereas a substantial portion of the Company’s U.S.-based income or loss is not subject to corporate-level taxes. In addition, changes in the proportion of non-U.S. pre-tax income to total pre-tax income impact the Company’s effective tax rate to the extent non-U.S. rates differ from the combined U.S. federal and state tax rate. Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases, using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets would be reduced by a valuation allowance if it becomes more likely than not that some portion or all of the deferred tax assets will not be realized. Oaktree analyzes its tax filing positions for all open tax years in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns. If the Company determines that uncertainties in tax positions exist, a reserve is established. Oaktree recognizes accrued interest and penalties related to uncertain tax positions within income tax expense in the consolidated statements of operations. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. Oaktree reviews its tax positions quarterly and adjusts its tax balances as new information becomes available. The Oaktree funds are generally not subject to U.S. federal and state income taxes and, consequently, no income tax provision has been made in the accompanying consolidated financial statements because individual partners are responsible for their proportionate share of the taxable income.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting unitholders’ capital that, under GAAP, are excluded from net income (loss). Other gains and losses result from foreign-currency translation adjustments, net of tax, and unrealized gains and losses on cash-flow hedges.
Investment Transactions and Income Recognition	Investment Transactions and Income Recognition The consolidated funds record investment transactions at cost on trade date for publicly-traded securities or when they have an enforceable right to acquire the security, which is generally on the closing date if not publicly traded. Realized gains and losses on investments are recorded on a specific-identification basis. The consolidated funds record dividend income on the ex-dividend date and interest income on an accrual basis, unless the related investment is in default or if collection of the income is otherwise considered doubtful. The consolidated funds may hold investments that provide for interest payable in-kind rather than in cash, in which case the related income is recorded at its estimated net realizable amount.
Receivable for Investments Sold	Receivable for Investments Sold Receivables for investments sold by the consolidated funds are recorded at net realizable value. Changes in net realizable value are reflected within net change in unrealized appreciation (depreciation) on consolidated funds’ investments and realizations are reflected within net realized gain on consolidated funds’ investments in the consolidated statements of operations.
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 consolidated statements of financial condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Non-publicly traded debt and equity securities and other securities or instruments for which reliable market quotations are not available are valued by management using valuation methodologies applied on a consistent basis. These securities may initially be valued at the acquisition price as the best indicator of fair value. The Company reviews the significant unobservable inputs, valuations of comparable investments and other similar transactions for investments valued at acquisition price to determine whether another valuation methodology should be utilized. Subsequent valuations will depend on the facts and circumstances known as of the valuation date and the application of valuation methodologies as further described below under “—Non-publicly Traded Equity and Real Estate Investments.” The fair value may also be based on a pending transaction expected to close after the valuation date. Exchange-traded Investments Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. Securities that are not readily marketable due to legal restrictions that may limit or restrict transferability are generally valued at a discount from quoted market prices. The discount would reflect the amount market participants would require due to the risk relating to the inability to access a public market for the security for the specified period and would vary depending on the nature and duration of the restriction and the perceived risk and volatility of the underlying securities. Securities with longer duration restrictions or higher volatility are generally valued at a higher discount. Such discounts are generally estimated based on put option models or an analysis of market studies. Instances where the Company has applied discounts to quoted prices of restricted listed securities have been infrequent. The impact of such discounts is not material to the Company’s consolidated statements of financial condition and results of operations for all periods presented. Credit-oriented Investments (including Real Estate Loan Portfolios) Investments in corporate and government debt which are not listed or admitted to trading on any securities exchange are valued at the mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker-dealers. The market-yield approach is considered in the valuation of non-publicly traded debt securities, utilizing expected future cash flows and discounted using estimated current market rates. Discounted cash-flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of the borrower. Consideration is also given to a borrower’s ability to meet principal and interest obligations; this may include an evaluation of collateral and/or the underlying value of the borrower utilizing techniques described below under “—Non-publicly Traded Equity and Real Estate Investments.” Non-publicly Traded Equity and Real Estate Investments The fair value of equity and real estate investments is determined using a cost, market or income approach. The cost approach is based on the current cost of reproducing a real estate investment less deterioration and functional and economic obsolescence. The market approach utilizes valuations of comparable public companies and transactions, and generally seeks to establish the enterprise value of the portfolio company or investment property using a market-multiple methodology. This approach takes into account the financial measure (such as EBITDA, adjusted EBITDA, free cash flow, net operating income, net income, book value or net asset value) believed to be most relevant for the given company or investment property. Consideration also may be given to factors such as acquisition price of the security or investment property, historical and projected operational and financial results for the portfolio company, the strengths and weaknesses of the portfolio company or investment property relative to its comparable companies or properties, industry trends, general economic and market conditions, and others deemed relevant. The income approach is typically a discounted cash-flow method that incorporates expected timing and level of cash flows. It incorporates assumptions in determining growth rates, income and expense projections, discount and capitalization rates, capital structure, terminal values, and other factors. The applicability and weight assigned to market and income approaches are determined based on the availability of reliable projections and comparable companies and transactions. The valuation of securities may be impacted by expectations of investors’ receptiveness to a public offering of the securities, the size of the holding of the securities and any associated control, information with respect to transactions or offers for the securities (including the transaction pursuant to which the investment was made and the elapsed time from the date of the investment to the valuation date), and applicable restrictions on the transferability of the securities. These valuation methodologies involve a significant degree of management judgment. Accordingly, valuations by the Company do not necessarily represent the amounts that eventually may be realized from sales or other dispositions of investments. Fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the consolidated financial statements.
Securities Sold Short	Securities Sold Short Securities sold short represent obligations of the consolidated funds to make a future delivery of a specific security and, correspondingly, create an obligation to purchase the security at prevailing market prices (or deliver the security, if owned by the consolidated funds) as of the delivery date. As a result, these short sales create the risk that the funds’ obligations to satisfy the delivery requirement may exceed the amount recorded in the accompanying consolidated statements of financial condition. Securities sold short are recorded at fair value, with the resulting change in value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. When the securities are delivered, any gain or loss is included in net realized gain on consolidated funds’ investments. The funds maintain cash deposits with prime brokers in order to cover their obligations on short sales. These amounts are included in due from brokers in the consolidated statements of financial condition.
Options	Options The purchase price of a call option or a put option is recorded as an investment, which is carried at fair value. If a purchased option expires, a loss in the amount of the cost of the option is realized. When there is a closing sale transaction, a gain or loss is realized if the proceeds are greater or less than, respectively, the cost of the option. When a call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. When a consolidated fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. If a written option expires, a gain is realized in the amount of the premium received. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss. The writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition.
Total-return Swaps	Total-return Swaps A total-return swap is an agreement to exchange cash flows based on an underlying asset. Pursuant to these agreements, a fund may deposit collateral with the counterparty and may pay a swap fee equal to a fixed percentage of the value of the underlying security (notional amount). A fund earns interest on cash collateral held on account with the counterparty and may be required to deposit additional collateral equal to the unrealized appreciation or depreciation on the underlying asset. Changes in the value of the swaps, which are recorded as unrealized gains or losses, are based on changes in the underlying value of the security. All amounts exchanged with the swap counterparty representing capital appreciation or depreciation, dividend income and expense, items of interest income on short proceeds, borrowing costs on short sales, and commissions are recorded as realized gains or losses. Dividend income and expense on the underlying assets are accrued as unrealized gains or losses on the ex-date.
Due From Brokers	Due From Brokers Due from brokers represents cash owned by the consolidated funds and cash collateral on deposit with brokers and counterparties that are used as collateral for the consolidated funds’ securities and swaps.
Risks and Uncertainties	Risks and Uncertainties Certain consolidated funds invest primarily in the securities of entities that are undergoing, or are considered likely to undergo, reorganization, debt restructuring, liquidation or other extraordinary transactions. Investments in such entities are considered speculative and involve substantial risk of principal loss. Certain of the consolidated funds’ investments may also consist of securities that are thinly traded, securities and other assets for which no market exists, and securities which are restricted as to their transferability. Additionally, investments are subject to concentration and industry risks, reflecting numerous factors, including political, regulatory or economic issues that could cause the investments and their markets to be relatively illiquid and their prices relatively volatile. Investments denominated in non-U.S. currencies or involving non-U.S. domiciled entities are subject to risks and special considerations not typically associated with U.S. investments. Such risks may include, but are not limited to, investment and repatriation restrictions; currency exchange-rate fluctuations; adverse political, social and economic developments; less liquidity; smaller capital markets; and certain local tax law considerations. Credit risk is the potential loss that may be incurred from the failure of a counterparty or an issuer to make payments according to the terms of a contract. Some consolidated funds are subject to additional credit risk due to strategies of investing in debt of financially distressed issuers or derivatives, as well as involvement in privately-negotiated structured notes and structured-credit transactions. Counterparties include custodian banks, major brokerage houses and their affiliates. The Company monitors the creditworthiness of the financial institutions with which it conducts business. Bank debt has exposure to certain types of risk, including interest rate, market, and the potential non-payment of principal and interest as a result of default or bankruptcy of the issuer. Loans are generally subject to prepayment risk, which will affect the maturity of such loans. The consolidated funds may enter into bank debt participation agreements through contractual relationships with a third-party intermediary, causing the consolidated funds to assume the credit risk of both the borrower and the intermediary. Certain consolidated funds may invest in real property and real estate-related investments, including commercial mortgage-backed securities (“CMBS”) and real estate loans, that entail substantial inherent risks. There can be no assurance that such investments will increase in value or that significant losses will not be incurred. CMBS are subject to a number of risks, including credit, interest rate, prepayment and market. These risks can be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged properties are located, the level of the borrowers’ equity in the mortgaged properties, and the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. Real estate loans include residential or commercial loans that are non-performing at the time of their acquisition or that become non-performing following their acquisition. Non-performing real estate loans may require a substantial amount of workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate and/or write-down of the principal balance. Moreover, foreclosure on collateral securing one or more real estate loans held by the consolidated funds may be necessary, which may be lengthy and expensive. Residential loans are typically subject to risks associated with the value of the underlying properties, which may be affected by a number of factors including general economic conditions, mortgage qualification standards, local market conditions such as employment levels, the supply of homes, and the safety, convenience and attractiveness of the properties and neighborhoods. Commercial loans are typically subject to risks associated with the ability of the borrower to repay, which may be impacted by general economic conditions, as well as borrower-specific factors including the quality of management, the ability to generate sufficient income to make scheduled principal and interest payments, or the ability to obtain alternative financing to repay the loan. Certain consolidated funds hold over-the-counter derivatives that may allow counterparties to terminate derivative contracts prior to maturity under certain circumstances, thereby resulting in an accelerated payment of any net liability owed to the counterparty.
Recent Accounting Developments	Recent Accounting Developments In August 2018, the Financial Accounting Standards Board (“FASB”) issued guidance that changes the fair value measurement disclosure requirements. The amendments remove or modify certain disclosures, while adding others. The guidance is effective for the Company in the first quarter of 2020, with early adoption permitted. The Company expects that adoption of this guidance will not have a material impact on the consolidated financial statements. In January 2017, the 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 the 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 Company adopted this guidance in the first quarter of 2018 on a retrospective basis. The impact of adoption was not material to the Company’s 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 will adopt the guidance in the first quarter of 2019 under the simplified transition method. The simplified transition method allows companies to forgo the comparative reporting requirements initially required under the modified retrospective transition approach and apply the new guidance prospectively. The Company does not expect that adoption will have a material impact on the consolidated statements of operations because all of the Company’s 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 consolidated statements of financial position. As of December 31, 2018, the gross-up impact on total assets and total liabilities is estimated to be approximately $111.2 million and $141.2 million , respectively. The amount of the liability represents the aggregate discounted amount of the Company’s minimum lease obligations as of that date. The difference between the asset and liability amounts represents deferred rent liabilities and lease incentives as of December 31, 2018 that are netted against the asset amount. In May 2014, the FASB issued guidance on revenue recognition that superseded most existing revenue recognition guidance, including industry-specific guidance. The 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 guidance, revenue is 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. The guidance also requires qualitative and quantitative disclosures about revenue that has been recognized and revenue that is expected to be recognized in the future from existing contracts, significant judgments and changes in those judgments made by management in recognizing revenue, disaggregation of revenue, and information about contract balances. The Company adopted this guidance in the first quarter of 2018 on a modified retrospective basis. The most significant effect of the guidance for the Company relates to the recognition of incentive income. The guidance requires 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 legacy GAAP, the amount of incentive income recognized by the Company was generally limited to the amount not contingent on a future event. Upon adoption, the Company recorded a cumulative-effect increase to unitholders’ capital of $ 48.7 million , net of tax, as of January 1, 2018. This adjustment relates to incentive income that would have met the “probable that significant reversal will not occur” criteria as of that date. In addition, effective January 1, 2018, certain reimbursements received by the Company from the investment funds it manages are reported as revenues on a gross basis with an equal offset to expenses in the consolidated statements of operations.

REVENUES REVENUES (Tables)

REVENUES REVENUES (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue Disaggregated by Fund Structure	Revenues are affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the management fees and investors’ ability to redeem: Year Ended December 31, 2018 2017 2016 Management Fees Closed-end $ 466,319 $ 504,727 $ 566,425 Open-end 142,013 160,961 156,106 Evergreen 103,688 60,726 52,056 Total $ 712,020 $ 726,414 $ 774,587 Incentive Income Closed-end $ 651,021 $ 701,065 $ 318,239 Evergreen 23,038 42,288 32,920 Total $ 674,059 $ 743,353 $ 351,159
Contract Balances	The table below sets forth contract balances for the periods indicated: As of December 31, 2018 2017 Receivables (1) $ 74,795 $ 98,738 Contract assets (1) 288,176 54,221 Contract liabilities (2) (26,549 ) (25,297 ) (1) The changes in the balances primarily relate to accruals, net of payments received. (2) Revenue recognized in the year ended December 31, 2018 from amounts included in the contract liability balance was $36.3 million .

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	The carrying value of the Company’s investments in VIEs that were not consolidated are shown below. As of December 31, 2018 2017 Corporate investments $ 1,093,294 $ 930,699 Due from affiliates 384,225 160,257 Maximum exposure to loss $ 1,477,519 $ 1,090,956

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Investments [Abstract]
Corporate Investments	Corporate investments consisted of the following: As of December 31, Corporate Investments 2018 2017 Equity-method investments: Funds $ 1,089,068 $ 916,559 Companies 45,797 42,294 Other investments, at fair value 74,899 50,778 Total corporate investments $ 1,209,764 $ 1,009,631 Summarized financial information of the Company’s equity-method investments is set forth below: As of December 31, Statements of Financial Condition 2018 2017 Assets: Cash and cash-equivalents $ 3,875,072 $ 2,654,311 Investments, at fair value 39,711,382 41,754,054 Other assets 2,832,960 2,116,751 Total assets $ 46,419,414 $ 46,525,116 Liabilities and Capital: Debt obligations $ 7,234,596 $ 8,393,314 Other liabilities 2,662,850 2,264,579 Total liabilities 9,897,446 10,657,893 Total capital 36,521,968 35,867,223 Total liabilities and capital $ 46,419,414 $ 46,525,116 Year Ended December 31, 2018 2017 2016 Statements of Operations Revenues / investment income $ 1,861,551 $ 1,982,828 $ 2,188,044 Interest expense (276,779 ) (235,266 ) (176,009 ) Other expenses (876,627 ) (821,083 ) (899,288 ) Net realized and unrealized gain on investments 1,087,345 3,795,102 4,065,939 Net income $ 1,795,490 $ 4,721,581 $ 5,178,686
Investment Income	The components of investment income are set forth below: Year Ended December 31, Investment Income 2018 2017 2016 Equity-method investments: Funds $ 66,922 $ 138,465 $ 123,511 Companies 73,868 71,311 66,427 Other investments, at fair value 16,320 (8,487 ) 9,188 Total investment income $ 157,110 $ 201,289 $ 199,126 The following table summarizes net gains (losses) attributable to the Company’s other investments: Year Ended December 31, 2018 2017 2016 Realized gain (loss) $ 18,208 $ 8,439 $ 1,808 Net change in unrealized gain (loss) (1,888 ) (16,926 ) 7,380 Total gain (loss) $ 16,320 $ (8,487 ) $ 9,188
Investments, at Fair Value	Investments held and securities sold short by the consolidated funds are summarized below: Fair Value as of December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments 2018 2017 2018 2017 United States: Debt securities: Communication services $ 543,948 $ 178,984 8.4 % 3.2 % Consumer discretionary 506,551 796,681 7.8 14.0 Consumer staples 112,197 100,863 1.7 1.8 Energy 204,568 106,414 3.1 1.9 Financials 332,240 161,807 5.1 2.9 Government — 3,033 — 0.1 Health care 537,592 416,779 8.2 7.4 Industrials 443,406 441,440 6.8 7.8 Information technology 536,000 431,010 8.2 7.6 Materials 289,499 384,310 4.4 6.8 Real estate 217,633 146,836 3.3 2.6 Utilities 137,031 117,805 2.1 2.1 Total debt securities (cost: $4,019,823 and $3,284,346 as of December 31, 2018 and 2017, respectively) 3,860,665 3,285,962 59.1 58.2 Equity securities: Communication services — 305 — 0.0 Consumer discretionary 1,915 1,778 0.1 0.0 Energy 131 649 0.0 0.0 Financials 837 3,061 0.0 0.1 Health care 1,348 527 0.0 0.0 Industrials 88 316 0.0 0.0 Utilities 1,107 1,192 0.0 0.0 Total equity securities (cost: $6,117 and $8,102 as of December 31, 2018 and 2017, respectively) 5,426 7,828 0.1 0.1 Real estate: Real estate — 121,588 — 2.1 Total real estate securities (cost: $0 and $121,582 as of December 31, 2018 and 2017, respectively) — 121,588 — 2.1 Fair Value as of December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments 2018 2017 2018 2017 Europe: Debt securities: Communication services $ 530,337 $ 278,358 8.1 % 4.9 % Consumer discretionary 545,324 573,270 8.3 10.1 Consumer staples 160,406 121,636 2.5 2.1 Energy 15,260 5,929 0.2 0.1 Financials 48,545 40,130 0.7 0.7 Health care 418,516 333,693 6.4 5.9 Industrials 246,640 163,972 3.8 2.9 Information technology 194,988 95,409 3.0 1.7 Materials 221,660 267,252 3.4 4.7 Real estate 30,045 12,528 0.5 0.2 Utilities 1,559 8,949 0.0 0.2 Total debt securities (cost: $2,477,821 and $1,894,727 as of December 31, 2018 and 2017, respectively) 2,413,280 1,901,126 36.9 33.5 Equity securities: Consumer staples 38 1,449 0.0 0.0 Energy — 3,827 — 0.1 Financials — 7,410 — 0.1 Health care 948 601 0.1 0.0 Materials — 1,622 — 0.0 Total equity securities (cost: $320 and $12,787 as of December 31, 2018 and 2017, respectively) 986 14,909 0.1 0.2 Asia and other: Debt securities: Communication services 12,069 8,104 0.2 0.1 Consumer discretionary 36,822 30,332 0.6 0.5 Consumer staples 11,867 748 0.2 0.0 Energy 20,594 10,175 0.3 0.2 Financials 13,995 20,362 0.2 0.4 Government 12,155 — 0.2 — Health care 9,633 13,806 0.1 0.2 Industrials 40,468 22,935 0.7 0.4 Information technology 1,887 536 0.0 0.0 Materials 15,516 8,515 0.2 0.2 Real estate 38,592 6,272 0.6 0.1 Utilities 14,870 769 0.2 0.0 Total debt securities (cost: $233,603 and $124,723 as of December 31, 2018 and 2017, respectively) 228,468 122,554 3.5 2.1 Fair Value as of December 31, Fair Value as a Percentage of Investments of Consolidated Funds as of December 31, Investments 2018 2017 2018 2017 Asia and other: Equity securities: Communication services $ — $ 1,735 — % 0.0 % Consumer discretionary 874 29,026 0.0 0.5 Consumer staples 997 7,279 0.0 0.1 Energy 382 5,551 0.0 0.1 Financials 2,935 58,632 0.0 1.2 Industrials 11,265 34,019 0.2 0.7 Information technology 1,725 23,900 0.0 0.4 Materials 4,382 28,590 0.1 0.5 Real estate — 15,339 — 0.3 Utilities — 2,502 — 0.0 Total equity securities (cost: $22,977 and $185,164 as of December 31, 2018 and 2017, respectively) 22,560 206,573 0.3 3.8 Total debt securities 6,502,413 5,309,642 99.5 93.8 Total equity securities 28,972 229,310 0.5 4.1 Total real estate securities — 121,588 — 2.1 Total investments, at fair value $ 6,531,385 $ 5,660,540 100.0 % 100.0 % Securities Sold Short Equity securities (proceeds: $2,644 and $82,502 as of December 31, 2018 and 2017, respectively) $ (2,609 ) $ (86,467 )
Net Gains (Losses) from Investment Activities of Consolidated Funds	The following table summarizes net gains (losses) from investment activities: Year Ended December 31, 2018 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 Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Investments and other financial instruments $ (26,109 ) $ (252,038 ) $ 27,910 $ (1,151 ) $ 30,718 $ 109,398 CLO liabilities (1) — 85,014 — 53,351 — (120,702 ) Foreign-currency forward contracts (2) 513 2,327 (2,917 ) 1,909 521 264 Total-return and interest-rate swaps (2) 858 29 232 378 (2,353 ) (1,416 ) Options and futures (2) 1,210 76 (4,825 ) 574 (1,293 ) 3 Total $ (23,528 ) $ (164,592 ) $ 20,400 $ 55,061 $ 27,593 $ (12,453 ) (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 8 for additional information.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2018
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. There were no transfers between Level I and Level II positions for the years ended December 31, 2018 and 2017. Please see notes 11 and 18 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of December 31, 2018 As of December 31, 2017 Level I Level II Level III Total Level I Level II Level III Total Assets U.S. Treasury and other securities (1) $ 546,531 $ — $ — $ 546,531 $ 176,602 $ — $ — $ 176,602 Corporate investments — 29,476 45,426 74,902 — 1,833 50,902 52,735 Foreign-currency forward contracts (2) — 1,654 — 1,654 — 5,020 — 5,020 Cross-currency swap (2) — 2,384 — 2,384 — — — — Total assets $ 546,531 $ 33,514 $ 45,426 $ 625,471 $ 176,602 $ 6,853 $ 50,902 $ 234,357 Liabilities Contingent consideration (3) $ — $ — $ (6,657 ) $ (6,657 ) $ — $ — $ (18,778 ) $ (18,778 ) Foreign-currency forward contracts (4) — (2,318 ) — (2,318 ) — (13,154 ) — (13,154 ) Cross-currency swap (3) — — — — — (7,479 ) — (7,479 ) Total liabilities $ — $ (2,318 ) $ (6,657 ) $ (8,975 ) $ — $ (20,633 ) $ (18,778 ) $ (39,411 ) (1) Carrying value approximates fair value due to the short-term nature. (2) Amounts are included in other assets in the consolidated statements of financial condition. (3) Amounts are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. (4) Amounts are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition, except for $3 and $1,957 as of December 31, 2018 and 2017, respectively, which are included within corporate investments in the 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: Year Ended December 31, 2018 2017 Corporate Investments Contingent Consideration Liability Corporate Investments Contingent Consideration Liability Beginning balance $ 50,902 $ (18,778 ) $ 74,663 $ (23,567 ) Contributions or additions 19,382 — 1,871 — Distributions (31,614 ) — (36,283 ) — Net gain (loss) included in earnings 6,756 12,121 10,651 4,789 Ending balance $ 45,426 $ (6,657 ) $ 50,902 $ (18,778 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 4,796 $ 12,121 $ 3,758 $ 4,789 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 December 31, Significant Unobservable Input Weighted Average Financial Instrument 2018 2017 Valuation Technique Range Corporate investment – Limited partnership interests $ 45,426 $ 50,902 Market approach Not applicable Not applicable Not applicable Contingent liability (6,657 ) (18,778 ) Discounted cash flow Assumed % of total potential contingent payments 0% – 100% 23%
Summary of Changes in Fair Value of Level III Investments	The following tables set forth a summary of changes in the fair value of Level III investments: Corporate Debt – Bank Debt Corporate Debt – All Other Equities – Common Stock Equities – Preferred Stock Real Estate Total 2018 Beginning balance $ 86,999 $ 75,388 $ 3,427 $ — $ 121,588 $ 287,402 Deconsolidation of funds — — (52,000 ) (172 ) (121,087 ) (173,259 ) Transfers into Level III 48,312 2,034 490 — — 50,836 Transfers out of Level III (26,845 ) (10,984 ) (658 ) — — (38,487 ) Purchases 83,199 186,210 52,533 1,248 — 323,190 Sales (54,649 ) (57,414 ) (387 ) — (501 ) (112,951 ) Realized gains (losses), net 659 351 59 — 1,069 Unrealized appreciation (depreciation), net (1,620 ) (10,207 ) (401 ) 350 — (11,878 ) Ending balance $ 136,055 $ 185,378 $ 3,063 $ 1,426 $ — $ 325,922 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (1,729 ) $ (7,619 ) $ (401 ) $ 350 $ — $ (9,399 ) 2017 Beginning balance $ 208,868 $ 28,793 $ 6,693 $ — $ — $ 244,354 Transfers into Level III 19,270 1,978 — — — 21,248 Transfers out of Level III (48,371 ) (1,978 ) (3,280 ) — — (53,629 ) Purchases 62,977 83,272 163 — 123,582 269,994 Sales (161,511 ) (37,942 ) (2,056 ) — (2,005 ) (203,514 ) Realized gains (losses), net 3,990 569 216 — 5 4,780 Unrealized appreciation (depreciation), net 1,776 696 1,691 — 6 4,169 Ending balance $ 86,999 $ 75,388 $ 3,427 $ — $ 121,588 $ 287,402 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 1,828 $ 806 $ 1,691 $ — $ 6 $ 4,331 The table below sets forth a summary of changes in the fair value of Level III financial instruments: Year Ended December 31, 2018 2017 Corporate Investments Contingent Consideration Liability Corporate Investments Contingent Consideration Liability Beginning balance $ 50,902 $ (18,778 ) $ 74,663 $ (23,567 ) Contributions or additions 19,382 — 1,871 — Distributions (31,614 ) — (36,283 ) — Net gain (loss) included in earnings 6,756 12,121 10,651 4,789 Ending balance $ 45,426 $ (6,657 ) $ 50,902 $ (18,778 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 4,796 $ 12,121 $ 3,758 $ 4,789 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 December 31, Significant Unobservable Input Weighted Average Financial Instrument 2018 2017 Valuation Technique Range Corporate investment – Limited partnership interests $ 45,426 $ 50,902 Market approach Not applicable Not applicable Not applicable Contingent liability (6,657 ) (18,778 ) Discounted cash flow Assumed % of total potential contingent payments 0% – 100% 23%
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 December 31, 2018 As of December 31, 2017 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 5,216,923 $ 136,055 $ 5,352,978 $ — $ 4,340,860 $ 86,999 $ 4,427,859 Corporate debt – all other 634 963,423 185,378 1,149,435 736 805,659 75,388 881,783 Equities – common stock 24,483 — 3,063 27,546 222,439 65 3,427 225,931 Equities – preferred stock — — 1,426 1,426 3,041 338 — 3,379 Real estate — — — — — — 121,588 121,588 Total investments 25,117 6,180,346 325,922 6,531,385 226,216 5,146,922 287,402 5,660,540 Derivatives: Foreign-currency forward contracts — 2,275 — 2,275 — 590 — 590 Swaps — — — — — 49 — 49 Options and futures 189 — — 189 92 — — 92 Total derivatives 189 2,275 — 2,464 92 639 — 731 Total assets $ 25,306 $ 6,182,621 $ 325,922 $ 6,533,849 $ 226,308 $ 5,147,561 $ 287,402 $ 5,661,271 Liabilities CLO debt obligations: Senior secured notes (1) $ — $ (3,976,602 ) $ — $ (3,976,602 ) $ — $ (3,107,955 ) $ — $ (3,107,955 ) Subordinated notes (1) — (151,392 ) — (151,392 ) — (111,637 ) — (111,637 ) Total CLO debt obligations — (4,127,994 ) — (4,127,994 ) — (3,219,592 ) — (3,219,592 ) Securities sold short: Equity securities (2,609 ) — — (2,609 ) (86,467 ) — — (86,467 ) Derivatives: Foreign-currency forward contracts — (643 ) — (643 ) — (817 ) — (817 ) Swaps — — — — — (136 ) — (136 ) Total derivatives — (643 ) — (643 ) — (953 ) — (953 ) Total liabilities $ (2,609 ) $ (4,128,637 ) $ — $ (4,131,246 ) $ (86,467 ) $ (3,220,545 ) $ — $ (3,307,012 ) (1) The fair value of CLO liabilities is classified based on the more observable fair value of CLO assets. Please see notes 2 and 11 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 December 31, 2018: Investment Type Fair Value Valuation Technique Significant Unobservable (1)(2) Range Weighted Average (3) Credit-oriented investments: Communication services: $ 20,746 Recent market information (5) Quoted prices Not applicable Not applicable 2,416 Discounted cash flow (4) Discount rate 12% – 14% 13% Financials: 108,277 Recent market information (5) Quoted prices Not applicable Not applicable 3,608 Discounted cash flow (4) Discount rate 9% – 15% 14% Health care: 37,724 Recent market information (5) Quoted prices Not applicable Not applicable 2,550 Discounted cash flow (4) Discount rate 10% – 16% 14% Real estate: 79,562 Recent market information (5) Quoted prices Not applicable Not applicable 4,570 Discounted cash flow (4) Discount rate 12% – 23% 14% Other: 38,959 Recent market information (5) Quoted prices Not applicable Not applicable 17,943 Discounted cash flow (4) Discount rate 8% – 15% 13% 5,078 Recent transaction price (8) Not applicable Not applicable Not applicable Equity investments: 2,099 Discounted cash flow (4) Discount rate 10% – 30% 12% 2,390 Market approach (6) Earnings multiple (7) 4x – 10x 7x Total Level III $ 325,922 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, 2017: Investment Type Fair Value Valuation Technique Significant Unobservable (1)(2) Range Weighted Average (3) Credit-oriented investments: Financials: $ 53,732 Recent market information (5) Quoted prices Not applicable Not applicable Industrials: 14,563 Discounted cash flow (4) Discount rate 6% – 11% 7% 3,782 Recent market information (5) Quoted prices Not applicable Not applicable Information 5,331 Discounted cash flow (4) Discount rate 11% – 13% 12% 13,965 Recent market information (5) Quoted prices Not applicable Not applicable Real estate: 2,897 Discounted cash flow (4) Discount rate 11% – 13% 12% 22,297 Recent market information (5) Quoted prices Not applicable Not applicable 327 Recent transaction price (8) Not applicable Not applicable Not applicable Other: 15,881 Discounted cash flow (4) Discount rate 8% – 20% 12% 660 Market approach (6) Earnings multiple (7) 8x – 10x 9x 29,452 Recent market information (5) Quoted prices Not applicable Not applicable Equity investments: 378 Market approach (6) Earnings multiple (7) 9x – 11x 10x 1,343 Discounted cash flow (4) Discount rate 11% – 30% 13% 1,707 Recent market information (5) Quoted prices Not applicable Not applicable Real estate investments: Real estate: 121,087 Recent transaction price (8) Not applicable Not applicable Not applicable Total Level III $ 287,402 (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 vendor prices or broker quotes 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.

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	Assets Liabilities Notional Fair Value Notional Fair Value As of December 31, 2018 Foreign-currency forward contracts $ 95,980 $ 2,275 $ (48,081 ) $ (643 ) Options and futures 11,126 189 — — $ 107,106 $ 2,464 $ (48,081 ) $ (643 ) As of December 31, 2017 Foreign-currency forward contracts $ 64,068 $ 590 $ (41,606 ) $ (817 ) Total-return and interest-rate swaps 837 49 (4,794 ) (136 ) Options and futures 15,022 92 — — $ 79,927 $ 731 $ (46,400 ) $ (953 ) The fair value of freestanding derivatives consisted of the following: Assets Liabilities Notional Fair Value Notional Fair Value As of December 31, 2018 Foreign-currency forward contracts $ 58,254 $ 1,654 $ (77,156 ) $ (2,318 ) Cross-currency swap 242,450 2,384 — — $ 300,704 $ 4,038 $ (77,156 ) $ (2,318 ) As of December 31, 2017 Foreign-currency forward contracts $ 288,451 $ 5,020 $ (242,972 ) $ (13,154 ) Cross-currency swap — — (255,210 ) (7,479 ) $ 288,451 $ 5,020 $ (498,182 ) $ (20,633 ) The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance. Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2018 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 1,654 $ 1,497 $ — $ 157 Cross-currency swap 2,384 — — 2,384 Subtotal 4,038 1,497 — 2,541 Derivative assets of consolidated funds: Foreign-currency forward contracts 2,275 — — 2,275 Options and futures 189 — — 189 Subtotal 2,464 — — 2,464 Total $ 6,502 $ 1,497 $ — $ 5,005 Derivative Liabilities: Foreign-currency forward contracts $ (2,318 ) $ (1,497 ) $ — $ (821 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (643 ) — — (643 ) Total $ (2,961 ) $ (1,497 ) $ — $ (1,464 ) Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2017 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 5,020 $ 5,020 $ — $ — Derivative assets of consolidated funds: Foreign-currency forward contracts 590 115 — 475 Total-return and interest-rate swaps 49 49 — — Options and futures 92 — — 92 Subtotal 731 164 — 567 Total $ 5,751 $ 5,184 $ — $ 567 Derivative Liabilities: Foreign-currency forward contracts $ (13,154 ) $ (5,020 ) $ — $ (8,134 ) Cross-currency swap (7,479 ) — — (7,479 ) Subtotal (20,633 ) (5,020 ) — (15,613 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (817 ) (115 ) — (702 ) Total-return and interest-rate swaps (136 ) (49 ) (87 ) — Subtotal (953 ) (164 ) (87 ) (702 ) Total $ (21,586 ) $ (5,184 ) $ (87 ) $ (16,315 )
Summary of Impact of Derivative Instruments on Condensed Consolidated Statement of Operations	Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the consolidated statements of operations as follows: Year Ended December 31, 2018 2017 2016 Investment income $ 9,191 $ (16,707 ) $ 4,630 General and administrative expense (1) (1,322 ) (14,199 ) (8,846 ) Total gain (loss) $ 7,869 $ (30,906 ) $ (4,216 ) (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. The impact of derivatives held by the consolidated funds in the consolidated statements of operations was as follows: Year Ended December 31, 2018 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 Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Foreign-currency forward contracts $ 513 $ 2,327 $ (2,917 ) $ 1,909 $ 521 $ 264 Total-return and interest-rate swaps 858 29 232 378 (2,353 ) (1,416 ) Options and futures 1,210 76 (4,825 ) 574 (1,293 ) 3 Total $ 2,581 $ 2,432 $ (7,510 ) $ 2,861 $ (3,125 ) $ (1,149 )

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
FIXED ASSETS	The following table sets forth the Company’s fixed assets and accumulated depreciation: As of December 31, 2018 2017 Furniture, equipment and capitalized software $ 26,345 $ 25,618 Leasehold improvements 70,270 66,940 Corporate aircraft 66,120 66,120 Other 4,859 5,229 Fixed assets 167,594 163,907 Accumulated depreciation (61,879 ) (53,744 ) Fixed assets, net $ 105,715 $ 110,163

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Value of Intangible Assets	The following table summarizes the carrying value of intangible assets: As of December 31, 2018 2017 Contractual rights $ 347,452 $ 347,452 Accumulated amortization (33,173 ) (16,301 ) Intangible assets, net $ 314,279 $ 331,151
Expected Future Amortization	Amortization of intangible assets held as of December 31, 2018 is estimated to be as follows: 2019 $ 16,780 2020 16,780 2021 15,112 2022 12,777 2023 12,777 Thereafter 240,053 Total $ 314,279

DEBT OBLIGATIONS AND CREDIT F_2

DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt Obligations	Set forth below are the outstanding debt obligations of CLOs: As of December 31, 2018 As of December 31, 2017 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 $ 3,976,602 2.69% 9.9 $ 3,107,955 2.18% 10.7 Subordinated notes (2) 151,392 N/A 9.7 111,637 N/A 10.8 Total CLO debt obligations $ 4,127,994 $ 3,219,592 (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 7 for more information. (2) 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 December 31, Facility Capacity Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Commitment Fee Rate L/C Fee Credit Agreement 2018 2017 Senior variable rate notes $ 870,098 $ 870,098 $ 870,100 3.78% 9.7 N/A N/A Less: Debt issuance costs (5,569 ) (7,697 ) Total debt obligations, net $ 864,529 $ 862,401 The Company’s debt obligations are set forth below: As of December 31, 2018 2017 $250,000, 3.78%, issued in December 2017, payable on December 18, 2032 $ 250,000 $ 250,000 $250,000, variable-rate term loan, issued in March 2014, payable on March 29, 2023 (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 (4,055 ) (3,726 ) Debt obligations $ 745,945 $ 746,274 (1) On March 29, 2018, the credit facility was amended to among other things, extend the maturity date from March 31, 2021 to March 29, 2023, favorably update the commitment fee in the corporate ratings-based pricing grid and increase the permitted combined leverage ratio to a ratio of 3:50 to 1:00. The credit facility consists of a $150 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 0.10% 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 amended above). As of December 31, 2018, the Company had no outstanding borrowings under the revolving credit facility.
Future Principal Payments of Debt Obligations	As of December 31, 2018, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: 2019 $ 228,396 2020 — 2021 — 2022 — 2023 — Thereafter 3,982,146 Total $ 4,210,542 As of December 31, 2018, future scheduled principal payments of debt obligations were as follows: 2019 $ — 2020 — 2021 — 2022 — 2023 150,000 Thereafter 600,000 Total $ 750,000

NON-CONTROLLING REDEEMABLE IN_2

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Tables)	12 Months Ended
	Dec. 31, 2018
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. Year Ended December 31, 2018 2017 2016 Beginning balance $ 860,548 $ 344,047 $ 38,173,125 Cumulative-effect adjustment from adoption of accounting guidance — — (37,969,042 ) Initial consolidation of a fund — 296,971 34,095 Contributions 447,260 331,764 144,060 Distributions (305,406 ) (146,393 ) (56,557 ) Net income (loss) (40,930 ) 29,532 20,988 Change in distributions payable 2,469 1,853 (4,227 ) Foreign-currency translation and other (2,319 ) 2,774 1,605 Ending balance $ 961,622 $ 860,548 $ 344,047

UNITHOLDERS' CAPITAL (Tables)

UNITHOLDERS' CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Distributions Made	Distributions per Class A unit are set forth below: Payment Date Record Date Applicable to Quarterly Period Ended Distribution Per Unit November 13, 2018 November 5, 2018 September 30, 2018 $ 0.70 August 10, 2018 August 6, 2018 June 30, 2018 0.55 May 11, 2018 May 7, 2018 March 31, 2018 0.96 February 23, 2018 February 16, 2018 December 31, 2017 0.76 Total 2018 $ 2.97 November 10, 2017 November 6, 2017 September 30, 2017 $ 0.56 August 11, 2017 August 7, 2017 June 30, 2017 1.31 May 12, 2017 May 8, 2017 March 31, 2017 0.71 February 24, 2017 February 17, 2017 December 31, 2016 0.63 Total 2017 $ 3.21 November 14, 2016 November 7, 2016 September 30, 2016 $ 0.65 August 12, 2016 August 8, 2016 June 30, 2016 0.58 May 13, 2016 May 9, 2016 March 31, 2016 0.55 February 26, 2016 February 19, 2016 December 31, 2015 0.47 Total 2016 $ 2.25
Summary of Net Income (Loss)	The following table sets forth a summary of net income attributable to the preferred unitholders, the OCGH non-controlling interest and the Class A common unitholders: Year Ended December 31, 2018 2017 2016 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 86,390 91,643 92,122 Class A unitholders 70,526 64,148 62,565 Total weighted average units outstanding 156,916 155,791 154,687 Oaktree Operating Group net income: Net income attributable to preferred unitholders (1) $ 12,277 $ — $ — Net income attributable to OCGH non-controlling interest 280,159 422,122 343,781 Net income attributable to OCG Class A unitholders 228,791 295,161 233,765 Oaktree Operating Group net income (2) $ 521,227 $ 717,283 $ 577,546 Net income attributable to OCG Class A unitholders: Oaktree Operating Group net income attributable to OCG Class A unitholders $ 228,791 $ 295,161 $ 233,765 Non-Operating Group income (expense) (632 ) 144,143 (1,176 ) Income tax expense of Intermediate Holding Companies (17,018 ) (207,810 ) (37,884 ) Net income attributable to OCG Class A unitholders $ 211,141 $ 231,494 $ 194,705 (1) Represents distributions declared, if any, on the preferred units. (2) Oaktree Operating Group net income does not include amounts attributable to other non-controlling interests, which amounted to $2,659 , $2,662 and $4,696 for the years ended December 31, 2018, 2017 and 2016, respectively.
Changes in Company Ownership Interest	The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below: Year Ended December 31, 2018 2017 2016 Net income attributable to OCG Class A unitholders $ 211,141 $ 231,494 $ 194,705 Equity reallocation between controlling and non-controlling interests 80,106 23,151 14,388 Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests $ 291,247 $ 254,645 $ 209,093

EARNINGS PER UNIT (Tables)

EARNINGS PER UNIT (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Unit [Abstract]
Computations of Net Income Per Unit	The computation of net income per Class A unit is set forth below: Year Ended December 31, 2018 2017 2016 Net income per Class A unit (basic and diluted): (in thousands, except per unit amounts) Net income attributable to OCG Class A unitholders $ 211,141 $ 231,494 $ 194,705 Weighted average number of Class A units outstanding (basic and diluted) 70,526 64,148 62,565 Basic and diluted net income per Class A unit $ 2.99 $ 3.61 $ 3.11

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Unvested Equity-Based Awards and Changes	A summary of the status of the Company’s unvested Class A and OCGH unit awards and a summary of changes for the periods presented are set forth below (actual dollars per unit): Class A Units OCGH Units (1) Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Balance, December 31, 2015 2,376,340 $ 38.18 2,265,967 $ 40.70 Granted 830,949 46.79 879,667 35.96 Vested (997,039 ) 37.71 (601,249 ) 39.18 Forfeited (81,850 ) 35.63 (206,432 ) 34.60 Balance, December 31, 2016 2,128,400 41.86 2,337,953 39.85 Granted 1,285,548 45.42 274,018 37.15 Vested (837,254 ) 40.57 (453,136 ) 38.50 Forfeited (20,378 ) 45.59 — — Balance, December 31, 2017 2,556,316 44.05 2,158,835 39.79 Granted 1,164,601 39.61 124,051 31.80 Vested (920,439 ) 42.57 (418,837 ) 37.23 Forfeited (99,893 ) 40.59 — — Balance, December 31, 2018 2,700,585 $ 42.76 1,864,049 $ 39.83 (1) Excludes certain performance-based awards that could result in the issuance of up to 340,000 OCGH units, which would vest over periods of four to ten years from date of issuance. Though no units have been issued to date under these arrangements, as of December 31, 2018 the Company expected to recognize compensation expense on 260,165 unvested OCGH performance awards of $6.8 million over a weighted average period of 4.4 years under applicable accounting rules.

INCOME TAXES AND RELATED PAYM_2

INCOME TAXES AND RELATED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Income tax expense from operations consisted of the following: Year Ended December 31, 2018 2017 2016 Current: U.S. federal income tax $ 4,645 $ 4,085 $ 10,268 State and local income tax 2,934 2,687 6,154 Foreign income tax 7,402 5,907 1,436 $ 14,981 $ 12,679 $ 17,858 Deferred: U.S. federal income tax $ 8,934 $ 191,488 $ 23,835 State and local income tax 844 10,928 2,110 Foreign income tax 20 347 (1,284 ) $ 9,798 $ 202,763 $ 24,661 Total: U.S. federal income tax $ 13,579 $ 195,573 $ 34,103 State and local income tax 3,778 13,615 8,264 Foreign income tax 7,422 6,254 152 Income tax expense $ 24,779 $ 215,442 $ 42,519
Schedule of Income before Income Tax, Domestic and Foreign	The Company’s income (loss) before income taxes consisted of the following: Year Ended December 31, 2018 2017 2016 Domestic income (loss) before income taxes $ 467,264 $ 894,911 $ 623,712 Foreign income (loss) before income taxes 22,060 10,013 (15,090 ) Total income (loss) before income taxes $ 489,324 $ 904,924 $ 608,622
Schedule of Effective Income Tax Rate Reconciliation	The Company’s effective tax rate differed from the federal statutory rate for the following reasons: Year Ended December 31, 2018 2017 2016 Income tax expense at federal statutory rate 21.00 % 35.00 % 35.00 % Income passed through (17.78 ) (31.61 ) (30.31 ) State and local taxes, net of federal benefit 0.55 0.38 1.28 Foreign taxes 0.57 0.23 0.89 Deferred tax adjustment — 19.76 — Other, net 0.72 0.05 0.13 Total effective rate 5.06 % 23.81 % 6.99 %
Schedule of Deferred Tax Assets and Liabilities	The components of the Company’s deferred tax assets and liabilities were as follows: As of December 31, 2018 2017 2016 Deferred tax assets: Investment in partnerships $ 210,678 $ 191,713 $ 386,796 Equity-based compensation expense 5,535 3,537 4,449 Net operating losses 7,393 — — Other 9,191 9,311 14,329 Total deferred tax assets 232,797 204,561 405,574 Total deferred tax liabilities 3,697 2,101 960 Net deferred tax assets before valuation allowance 229,100 202,460 404,614 Valuation allowance — — — Net deferred tax assets $ 229,100 $ 202,460 $ 404,614 Assuming no further material changes in the relevant tax law and that the Company earns sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments to OCGH unitholders under the tax receivable agreement, as of December 31, 2018, are set forth below: Transaction Total Future Payments Payments Through Fiscal Year 2007 private offering $ 13,396 2029 Initial public offering 32,411 2034 May 2013 Offering 45,649 2035 March 2014 Offering 34,640 2036 March 2015 Offering 29,446 2037 February 2018 Offering 32,330 2040 Total $ 187,872
Schedule of Unrecognized Tax Benefits Roll Forward	The following is a reconciliation of unrecognized tax benefits (excluding interest and penalties thereon): Year Ended December 31, 2018 2017 2016 Unrecognized tax benefits, January 1 $ 4,366 $ 5,768 $ 4,956 Additions for tax positions related to the current year — 350 350 Additions for tax positions related to prior years — — 2,121 Reductions for tax positions related to prior years (18 ) (412 ) (79 ) Settlements (1,423 ) — — Lapse in statute of limitations (226 ) (1,340 ) (1,580 ) Unrecognized tax benefits, December 31 $ 2,699 $ 4,366 $ 5,768

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	As of December 31, 2018, aggregate estimated minimum commitments under Oaktree’s operating leases were as follows: 2019 $ 19,377 2020 18,873 2021 17,856 2022 17,279 2023 16,699 Thereafter 85,745 Total $ 175,829

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Amounts Due from and Due to Affiliates	As of December 31, 2018 2017 Due from affiliates: Loans $ 3,857 $ 9,239 Amounts due from unconsolidated funds 72,588 57,155 Management fees and incentive income due from unconsolidated funds 362,971 152,959 Payments made on behalf of unconsolidated entities 3,469 3,784 Non-interest bearing advances made to certain non-controlling interest holders and employees 27 87 Total due from affiliates $ 442,912 $ 223,224 Due to affiliates: Due to OCGH unitholders in connection with the tax receivable agreement (please see note 16) $ 187,872 $ 176,283 Amounts due to senior executives, certain non-controlling interest holders and employees 495 1,590 Total due to affiliates $ 188,367 $ 177,873

QUARTERLY FINANCIAL DATA (Table

QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	QUARTERLY FINANCIAL DATA (UNAUDITED) Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 337,321 $ 213,283 $ 241,227 $ 594,248 Expenses (251,036 ) (184,606 ) (191,167 ) (373,762 ) Other income 57,513 41,947 99,599 (95,243 ) Income before income taxes $ 143,798 $ 70,624 $ 149,659 $ 125,243 Net income $ 137,401 $ 65,757 $ 143,091 $ 118,296 Net income attributable to OCG Class A unitholders $ 52,732 $ 31,121 $ 52,750 $ 74,538 Net income per unit (basic and diluted): Net income per Class A unit $ 0.78 $ 0.44 $ 0.74 $ 1.04 Distributions declared per Class A unit $ 0.76 $ 0.96 $ 0.55 $ 0.70 Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 289,585 $ 634,055 $ 235,032 $ 311,095 Expenses (192,562 ) (423,426 ) (169,773 ) (239,582 ) Other income 77,110 90,355 82,975 210,060 Income before income taxes $ 174,133 $ 300,984 $ 148,234 $ 281,573 Net income $ 161,831 $ 295,443 $ 134,377 $ 97,831 Net income attributable to OCG Class A unitholders $ 54,915 $ 117,324 $ 45,841 $ 13,414 Net income per unit (basic and diluted): Net income per Class A unit $ 0.87 $ 1.83 $ 0.71 $ 0.21 Distributions declared per Class A unit $ 0.63 $ 0.71 $ 1.31 $ 0.56

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018partnership_interestvote
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership interest (as a percent)	100.00%
Number of partnership interests | partnership_interest	1
Number of votes per Class A unit	1
Number of votes per Class B unit	10

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Non-controlling Redeemable Interests in Consolidated Funds) (Details)	12 Months Ended
	Dec. 31, 2018
Minimum
Variable Interest Entity [Line Items]
Withdrawal period	1 month
Maximum
Variable Interest Entity [Line Items]
Withdrawal period	3 years

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Goodwill and Intangible Assets) (Details) - Contractual Rights to Earn Future Fee Income	12 Months Ended
	Dec. 31, 2018
Minimum
Finite-Lived Intangible Assets [Line Items]
Useful lives (in years)	7 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Useful lives (in years)	25 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2018
Disaggregation of Revenue [Line Items]
Retained earnings	$ 100,683	$ 80,128
Revenues	$ 1,386,079	1,469,767	$ 1,125,746
Management Fees
Disaggregation of Revenue [Line Items]
Period to receive payment	The Company’s right to receive management fees typically ends after 10 or 11 years from either the initial closing date or the start of the investment period, even if assets remain in the fund.
Revenues	$ 712,020	726,414	774,587
Incentive Income, Closed-end
Disaggregation of Revenue [Line Items]
Revenues	$ 651,021	701,065	318,239
Preferred return on funds	20.00%
Percentage of fund profits	8.00%
Incentive Income, Evergreen
Disaggregation of Revenue [Line Items]
Revenues	$ 23,038	42,288	32,920
Preferred return on funds	20.00%
Investment Income
Disaggregation of Revenue [Line Items]
Revenues	$ 674,059	$ 743,353	$ 351,159
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Retained earnings				$ 48,700
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | Management Fees
Disaggregation of Revenue [Line Items]
Revenues	13,300
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | Investment Income
Disaggregation of Revenue [Line Items]
Revenues	$ 80,000

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Total Compensation and Benefits) (Details)	12 Months Ended
	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive income compensation vesting period	5 years
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeiture rate (up to)	3.00%

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation and Amortization) (Details)	12 Months Ended
	Dec. 31, 2018
Acquired Intangibles | Minimum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	7 years
Acquired Intangibles | Maximum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	25 years
Furniture, equipment and capitalized software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Furniture, equipment and capitalized software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Income (Expense), Net) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Income tax benefit related to Tax Act, tax receivable liability	$ 145.1	$ 145.1
Oaktree Capital Group Excluding Consolidated Funds | $250,000, 6.75%, issued in November 2009, payable on December 2, 2019
Debt Instrument [Line Items]
Make-whole premium expense related to early repayment of debt		22
Debt redeemed		$ 250
Stated rate		6.75%

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Recent Accounting Developments) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets		$ 10,432,178		$ 9,014,796
Liabilities		6,982,839		6,133,631
Retained earnings		$ 100,683		$ 80,128
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings			$ 48,700
Scenario, Forecast | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets	$ 111,200
Liabilities	$ 141,200

ACQUISITIONS (Details)

ACQUISITIONS (Details) - Fifth Street Management LLC $ in Millions	Oct. 17, 2017USD ($)company
Asset Acquisitions [Line Items]
Number of companies acquired | company	2
Cash purchase price	$ 320
Net purchase price	319.4
Finite-lived contractual rights	$ 56.2

REVENUES - Revenues Disaggregat

REVENUES - Revenues Disaggregated by Fund Structure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,386,079	$ 1,469,767	$ 1,125,746
Management Fees, Closed-end
Disaggregation of Revenue [Line Items]
Total revenues	466,319	504,727	566,425
Management Fees, Open-end
Disaggregation of Revenue [Line Items]
Total revenues	142,013	160,961	156,106
Management Fees, Evergreen
Disaggregation of Revenue [Line Items]
Total revenues	103,688	60,726	52,056
Management Fees
Disaggregation of Revenue [Line Items]
Total revenues	712,020	726,414	774,587
Incentive Income, Closed-end
Disaggregation of Revenue [Line Items]
Total revenues	651,021	701,065	318,239
Incentive Income, Evergreen
Disaggregation of Revenue [Line Items]
Total revenues	23,038	42,288	32,920
Incentive Income
Disaggregation of Revenue [Line Items]
Total revenues	$ 674,059	$ 743,353	$ 351,159

REVENUES - Contract Balances (D

REVENUES - Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Receivables		$ 74,795	$ 98,738
Contract assets		288,176	54,221
Contract liabilities		$ (26,549)	$ (25,297)
Revenue recognized from amounts included in contract liability balance	$ 36,300

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - Consolidated VIEs $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)entity	Dec. 31, 2017entity
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	23	21
VIE consolidated assets | $	$ 6,900
VIE consolidated liabilities | $	5,500
Maximum loss exposure | $	$ 485.5
Funds Managed By Oaktree
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	11
CLO's For Which Oaktree Acts As Collateral Manager
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	11
Remaining Variable Interest Entities
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	22

VARIABLE INTEREST ENTITIES - VI

VARIABLE INTEREST ENTITIES - VIEs Not Consolidated (Details) - Unconsolidated VIEs - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 1,477,519	$ 1,090,956
Corporate investments
Variable Interest Entity [Line Items]
Maximum exposure to loss	1,093,294	930,699
Due from affiliates
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 384,225	$ 160,257

INVESTMENTS - Corporate Investm

INVESTMENTS - Corporate Investments (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investment [Line Items]
Other investments, at fair value	$ 74,899	$ 50,778
Total corporate investments	1,209,764	1,009,631
Funds
Investment [Line Items]
Equity-method investments	1,089,068	916,559
Companies
Investment [Line Items]
Equity-method investments	$ 45,797	$ 42,294

INVESTMENTS - Investment Income

INVESTMENTS - Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ 16,320	$ (8,487)	$ 9,188
Total investment income	157,110	201,289	199,126
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments	66,922	138,465	123,511
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments	$ 73,868	$ 71,311	$ 66,427

INVESTMENTS - Additional Inform

INVESTMENTS - Additional Information (Detail)	Dec. 31, 2018
DoubleLine
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%
Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	2.50%

INVESTMENTS - Equity-method Inv

INVESTMENTS - Equity-method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets:
Cash and cash-equivalents	$ 3,875,072	$ 2,654,311
Investments, at fair value	39,711,382	41,754,054
Other assets	2,832,960	2,116,751
Total assets	46,419,414	46,525,116
Liabilities and Capital:
Debt obligations	7,234,596	8,393,314
Other liabilities	2,662,850	2,264,579
Total liabilities	9,897,446	10,657,893
Total capital	36,521,968	35,867,223
Total liabilities and capital	46,419,414	46,525,116
Statements of Operations
Revenues / investment income	1,861,551	1,982,828	$ 2,188,044
Interest expense	(276,779)	(235,266)	(176,009)
Other expenses	(876,627)	(821,083)	(899,288)
Net realized and unrealized gain on investments	1,087,345	3,795,102	4,065,939
Net income	$ 1,795,490	$ 4,721,581	$ 5,178,686

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment [Line Items]
Realized gain (loss)	$ (23,528)	$ 20,400	$ 27,593
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(164,592)	55,061	(12,453)
Total gain (loss)	(188,120)	75,461	15,140
Other Investments, at Fair Value
Investment [Line Items]
Realized gain (loss)	18,208	8,439	1,808
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(1,888)	(16,926)	7,380
Total gain (loss)	$ 16,320	$ (8,487)	$ 9,188

INVESTMENTS - Investments, at F

INVESTMENTS - Investments, at Fair Value (Detail) - Consolidated Funds - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Investments In Marketable Securities [Line Items]
Real estate investments, at fair value	$ 0	$ 121,588
Real Estate, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	2.10%
Investments, at fair value	$ 6,531,385	$ 5,660,540
Total investments, Fair Value as a Percentage of Consolidated Funds	100.00%	100.00%
Securities Sold Short	$ (2,609)	$ (86,467)
Proceeds from securities sold short	2,644	82,502
Debt securities
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 6,502,413	$ 5,309,642
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	99.50%	93.80%
Equity securities
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 28,972	$ 229,310
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.50%	4.10%
Securities Sold Short	$ (2,609)	$ (86,467)
United States
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, cost	4,019,823	3,284,346
Equity securities, cost	6,117	8,102
Real estate investments, at fair value	$ 0	$ 121,588
Real Estate, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	2.10%
Real Estate, Cost	$ 0	$ 121,582
United States | Debt securities
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 3,860,665	$ 3,285,962
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	59.10%	58.20%
United States | Debt securities | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 543,948	$ 178,984
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	8.40%	3.20%
United States | Debt securities | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 506,551	$ 796,681
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	7.80%	14.00%
United States | Debt securities | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 112,197	$ 100,863
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	1.70%	1.80%
United States | Debt securities | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 204,568	$ 106,414
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	3.10%	1.90%
United States | Debt securities | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 332,240	$ 161,807
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	5.10%	2.90%
United States | Debt securities | Government
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 0	$ 3,033
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.10%
United States | Debt securities | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 537,592	$ 416,779
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	8.20%	7.40%
United States | Debt securities | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 443,406	$ 441,440
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	6.80%	7.80%
United States | Debt securities | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 536,000	$ 431,010
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	8.20%	7.60%
United States | Debt securities | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 289,499	$ 384,310
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	4.40%	6.80%
United States | Debt securities | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 217,633	$ 146,836
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	3.30%	2.60%
United States | Debt securities | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 137,031	$ 117,805
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	2.10%	2.10%
United States | Equity securities
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 5,426	$ 7,828
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.10%
United States | Equity securities | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 0	$ 305
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States | Equity securities | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 1,915	$ 1,778
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.00%
United States | Equity securities | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 131	$ 649
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States | Equity securities | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 837	$ 3,061
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.10%
United States | Equity securities | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 1,348	$ 527
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States | Equity securities | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 88	$ 316
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States | Equity securities | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 1,107	$ 1,192
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Europe
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, cost	$ 2,477,821	$ 1,894,727
Equity securities, cost	320	12,787
Europe | Debt securities
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 2,413,280	$ 1,901,126
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	36.90%	33.50%
Europe | Debt securities | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 530,337	$ 278,358
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	8.10%	4.90%
Europe | Debt securities | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 545,324	$ 573,270
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	8.30%	10.10%
Europe | Debt securities | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 160,406	$ 121,636
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	2.50%	2.10%
Europe | Debt securities | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 15,260	$ 5,929
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.10%
Europe | Debt securities | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 48,545	$ 40,130
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.70%	0.70%
Europe | Debt securities | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 418,516	$ 333,693
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	6.40%	5.90%
Europe | Debt securities | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 246,640	$ 163,972
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	3.80%	2.90%
Europe | Debt securities | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 194,988	$ 95,409
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	3.00%	1.70%
Europe | Debt securities | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 221,660	$ 267,252
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	3.40%	4.70%
Europe | Debt securities | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 30,045	$ 12,528
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.50%	0.20%
Europe | Debt securities | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 1,559	$ 8,949
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.20%
Europe | Equity securities
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 986	$ 14,909
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.20%
Europe | Equity securities | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 38	$ 1,449
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Europe | Equity securities | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 0	$ 3,827
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.10%
Europe | Equity securities | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 0	$ 7,410
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.10%
Europe | Equity securities | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 948	$ 601
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.00%
Europe | Equity securities | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 0	$ 1,622
Equity 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, cost	$ 233,603	$ 124,723
Equity securities, cost	22,977	185,164
Asia and other | Debt securities
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 228,468	$ 122,554
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	3.50%	2.10%
Asia and other | Debt securities | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 12,069	$ 8,104
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.10%
Asia and other | Debt securities | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 36,822	$ 30,332
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.60%	0.50%
Asia and other | Debt securities | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 11,867	$ 748
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.00%
Asia and other | Debt securities | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 20,594	$ 10,175
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.30%	0.20%
Asia and other | Debt securities | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 13,995	$ 20,362
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.40%
Asia and other | Debt securities | Government
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 12,155	$ 0
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.00%
Asia and other | Debt securities | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 9,633	$ 13,806
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.20%
Asia and other | Debt securities | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 40,468	$ 22,935
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.70%	0.40%
Asia and other | Debt securities | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 1,887	$ 536
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other | Debt securities | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 15,516	$ 8,515
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.20%
Asia and other | Debt securities | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 38,592	$ 6,272
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.60%	0.10%
Asia and other | Debt securities | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt, Fair Value	$ 14,870	$ 769
Debt, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.00%
Asia and other | Equity securities
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 22,560	$ 206,573
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.30%	3.80%
Asia and other | Equity securities | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 0	$ 1,735
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other | Equity securities | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 874	$ 29,026
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.50%
Asia and other | Equity securities | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 997	$ 7,279
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.10%
Asia and other | Equity securities | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 382	$ 5,551
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.10%
Asia and other | Equity securities | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 2,935	$ 58,632
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	1.20%
Asia and other | Equity securities | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 11,265	$ 34,019
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.70%
Asia and other | Equity securities | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 1,725	$ 23,900
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.40%
Asia and other | Equity securities | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 4,382	$ 28,590
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.50%
Asia and other | Equity securities | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 0	$ 15,339
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.30%
Asia and other | Equity securities | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Equity Securities, Fair Value	$ 0	$ 2,502
Equity Securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%

INVESTMENTS - Net Gains (Losses

INVESTMENTS - Net Gains (Losses) from Investment Activities of Consolidated Funds (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	$ (23,528)	$ 20,400	$ 27,593
Net Change in Unrealized Appreciation (Depreciation) on Investments	(164,592)	55,061	(12,453)
Consolidated Funds | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	(23,528)	20,400	27,593
Net Change in Unrealized Appreciation (Depreciation) on Investments	(164,592)	55,061	(12,453)
Consolidated Funds | Not Designated as Hedging Instrument | Investments and other financial instruments
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	(26,109)	27,910	30,718
Net Change in Unrealized Appreciation (Depreciation) on Investments	(252,038)	(1,151)	109,398
Consolidated Funds | Not Designated as Hedging Instrument | CLO liabilities
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	0	0	0
Net Change in Unrealized Appreciation (Depreciation) on Investments	85,014	53,351	(120,702)
Consolidated Funds | Not Designated as Hedging Instrument | Foreign-currency forward contracts
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	513	(2,917)	521
Net Change in Unrealized Appreciation (Depreciation) on Investments	2,327	1,909	264
Consolidated Funds | Not Designated as Hedging Instrument | Total-return and interest-rate swaps
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	858	232	(2,353)
Net Change in Unrealized Appreciation (Depreciation) on Investments	29	378	(1,416)
Consolidated Funds | Not Designated as Hedging Instrument | Options and futures
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	1,210	(4,825)	(1,293)
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 76	$ 574	$ 3

FAIR VALUE - Financial Instrume

FAIR VALUE - Financial Instruments by Fair-value Hierarchy Level (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	$ 6,502	$ 5,751
Derivative liabilities	(2,961)	(21,586)
Oaktree Capital Group Excluding Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	74,899	50,778
Derivative assets, at fair value	4,038
Derivative liabilities		(20,633)
Oaktree Capital Group Excluding Consolidated Funds | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	1,654	5,020
Derivative liabilities	(2,318)	(13,154)
Oaktree Capital Group Excluding Consolidated Funds | Cross-currency swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	2,384
Derivative liabilities		(7,479)
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	625,471	234,357
Contingent consideration	(6,657)	(18,778)
Total liabilities	(8,975)	(39,411)
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 assets, at fair value	1,654	5,020
Derivative liabilities	(2,318)	(13,154)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Foreign-currency forward contracts | Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(3)	(1,957)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Cross-currency swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	2,384	0
Derivative liabilities	0	(7,479)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | U.S. Treasury securities and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	546,531	176,602
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]
Total investments	74,902	52,735
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	546,531	176,602
Contingent consideration	0	0
Total liabilities	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 assets, at fair value	0	0
Derivative liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Cross-currency swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | U.S. Treasury securities and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	546,531	176,602
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]
Total 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	33,514	6,853
Contingent consideration	0	0
Total liabilities	(2,318)	(20,633)
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 assets, at fair value	1,654	5,020
Derivative liabilities	(2,318)	(13,154)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Cross-currency swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	2,384	0
Derivative liabilities	0	(7,479)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | U.S. Treasury securities and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	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]
Total investments	29,476	1,833
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	45,426	50,902
Contingent consideration	(6,657)	(18,778)
Total liabilities	(6,657)	(18,778)
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 assets, at fair value	0	0
Derivative liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Cross-currency swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | U.S. Treasury securities and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	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]
Total investments	$ 45,426	$ 50,902

FAIR VALUE FAIR VALUE - Changes

FAIR VALUE FAIR VALUE - Changes in Fair Value (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 50,902	$ 74,663
Contributions or additions	19,382	1,871
Distributions	(31,614)	(36,283)
Net gain (loss) included in earnings	6,756	10,651
Ending balance	45,426	50,902
Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	4,796	3,758
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(18,778)	(23,567)
Contributions or additions	0	0
Distributions	0	0
Net gain (loss) included in earnings	12,121	4,789
Ending balance	(6,657)	(18,778)
Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	$ 12,121	$ 4,789

FAIR VALUE FAIR VALUE - Valuati

FAIR VALUE FAIR VALUE - Valuation Technique (Details) - Oaktree Capital Group Excluding Consolidated Funds $ in Thousands	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 74,899	$ 50,778
Corporate investment – Limited partnership interests | Market approach (value of underlying assets) | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	45,426	50,902
Contingent liability | Discounted cash flow | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent liability	$ (6,657)	$ (18,778)
Discount rate | Contingent liability | Discounted cash flow | Level III | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability, measurement input	0
Discount rate | Contingent liability | Discounted cash flow | Level III | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability, measurement input	1
Discount rate | Contingent liability | Discounted cash flow | Level III | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability, measurement input	0.23

FAIR VALUE - Valuation of Inves

FAIR VALUE - Valuation of Investments and Other Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	$ 6,502	$ 5,751
Total CLO debt obligations		(3,219,592)
Derivative liabilities	(2,961)	(21,586)
Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	6,531,385	5,660,540
Derivative assets, at fair value	2,464	731
Total CLO debt obligations	(4,127,994)
Securities sold short	(2,609)	(86,467)
Derivative liabilities	(643)	(953)
Consolidated Funds | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities sold short	(2,609)	(86,467)
Consolidated Funds | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	189	92
Consolidated Funds | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	325,922	287,402
Consolidated Funds | Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	6,531,385	5,660,540
Derivative assets, at fair value	2,464	731
Total assets	6,533,849	5,661,271
Derivative liabilities	(643)	(953)
Total liabilities	(4,131,246)	(3,307,012)
Consolidated Funds | Fair Value, Measurements, Recurring | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities sold short	(2,609)	(86,467)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO Debt Obligations
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations	(4,127,994)	(3,219,592)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO Debt Obligations | Senior notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations	(3,976,602)	(3,107,955)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO Debt Obligations | Subordinated Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations	(151,392)	(111,637)
Consolidated Funds | Fair Value, Measurements, Recurring | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	2,275	590
Derivative liabilities	(643)	(817)
Consolidated Funds | Fair Value, Measurements, Recurring | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	0	49
Derivative liabilities	0	(136)
Consolidated Funds | Fair Value, Measurements, Recurring | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	189	92
Consolidated Funds | Fair Value, Measurements, Recurring | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	5,352,978	4,427,859
Consolidated Funds | Fair Value, Measurements, Recurring | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,149,435	881,783
Consolidated Funds | Fair Value, Measurements, Recurring | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	27,546	225,931
Consolidated Funds | Fair Value, Measurements, Recurring | Equities – Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,426	3,379
Consolidated Funds | Fair Value, Measurements, Recurring | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	121,588
Consolidated Funds | Fair Value, Measurements, Recurring | Level I
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	25,117	226,216
Derivative assets, at fair value	189	92
Total assets	25,306	226,308
Derivative liabilities	0	0
Total liabilities	(2,609)	(86,467)
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities sold short	(2,609)	(86,467)
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | CLO Debt Obligations
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | CLO Debt Obligations | Senior notes
Fair Value Measurement Inputs and 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 Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	189	92
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	634	736
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	24,483	222,439
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Equities – Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	3,041
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	6,180,346	5,146,922
Derivative assets, at fair value	2,275	639
Total assets	6,182,621	5,147,561
Derivative liabilities	(643)	(953)
Total liabilities	(4,128,637)	(3,220,545)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities sold short	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | CLO Debt Obligations
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations	(4,127,994)	(3,219,592)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | CLO Debt Obligations | Senior notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations	(3,976,602)	(3,107,955)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | CLO Debt Obligations | Subordinated Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations	(151,392)	(111,637)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	2,275	590
Derivative liabilities	(643)	(817)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	0	49
Derivative liabilities	0	(136)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	5,216,923	4,340,860
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	963,423	805,659
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	65
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Equities – Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	338
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	325,922	287,402
Derivative assets, at fair value	0	0
Total assets	325,922	287,402
Derivative liabilities	0	0
Total liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities sold short	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | CLO Debt Obligations
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | CLO Debt Obligations | Senior notes
Fair Value Measurement Inputs and 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 Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, at fair value	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	136,055	86,999
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	185,378	75,388
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	3,063	3,427
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equities – Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,426	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 0	$ 121,588

FAIR VALUE - Summary of Changes

FAIR VALUE - Summary of Changes in Fair Value of Level III Investments (Detail) - Consolidated Funds - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 287,402	$ 244,354
Deconsolidation of funds	(173,259)
Transfers into Level III	50,836	21,248
Transfers out of Level III	(38,487)	(53,629)
Purchases	323,190	269,994
Sales	(112,951)	(203,514)
Realized gains (losses), net	1,069	4,780
Unrealized appreciation (depreciation), net	(11,878)	4,169
Ending balance	325,922	287,402
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(9,399)	4,331
Corporate Debt – Bank Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	86,999	208,868
Deconsolidation of funds	0
Transfers into Level III	48,312	19,270
Transfers out of Level III	(26,845)	(48,371)
Purchases	83,199	62,977
Sales	(54,649)	(161,511)
Realized gains (losses), net	659	3,990
Unrealized appreciation (depreciation), net	(1,620)	1,776
Ending balance	136,055	86,999
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(1,729)	1,828
Corporate Debt – All Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	75,388	28,793
Deconsolidation of funds	0
Transfers into Level III	2,034	1,978
Transfers out of Level III	(10,984)	(1,978)
Purchases	186,210	83,272
Sales	(57,414)	(37,942)
Realized gains (losses), net	351	569
Unrealized appreciation (depreciation), net	(10,207)	696
Ending balance	185,378	75,388
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(7,619)	806
Equities – common stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,427	6,693
Deconsolidation of funds	(52,000)
Transfers into Level III	490	0
Transfers out of Level III	(658)	(3,280)
Purchases	52,533	163
Sales	(387)	(2,056)
Realized gains (losses), net	59	216
Unrealized appreciation (depreciation), net	(401)	1,691
Ending balance	3,063	3,427
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(401)	1,691
Equities – Preferred Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0
Deconsolidation of funds	(172)
Transfers into Level III	0	0
Transfers out of Level III		0
Purchases	1,248	0
Sales		0
Realized gains (losses), net		0
Unrealized appreciation (depreciation), net	350	0
Ending balance	1,426	0
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	350	0
Real Estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	121,588	0
Deconsolidation of funds	(121,087)
Transfers into Level III	0	0
Transfers out of Level III		0
Purchases		123,582
Sales	(501)	(2,005)
Realized gains (losses), net		5
Unrealized appreciation (depreciation), net		6
Ending balance	0	121,588
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$ 0	$ 6

FAIR VALUE - Additional Informa

FAIR VALUE - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Consolidated Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers from Level I to Level II	$ 0.7	$ 0.4

FAIR VALUE - Summary of Valuati

FAIR VALUE - Summary of Valuation Techniques and Quantitative Information (Detail) - Consolidated Funds $ in Thousands	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, at fair value	$ 0	$ 121,588
Investments, at fair value	6,531,385	5,660,540
Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	325,922	287,402
Level III | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value		1,707
Level III | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	2,099	1,343
Level III | Recent transaction price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, at fair value		121,087
Level III | Market approach (comparable companies)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	2,390	378
Level III | Communication services | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	20,746
Level III | Communication services | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	2,416
Level III | Financials | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	108,277	53,732
Level III | Financials | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	3,608
Level III | Health care | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	37,724
Level III | Health care | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	2,550
Level III | Industrials | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		3,782
Level III | Industrials | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		14,563
Level III | Information technology | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		13,965
Level III | Information technology | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		5,331
Level III | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		327
Level III | Real estate | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	79,562	22,297
Level III | Real estate | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	4,570	2,897
Level III | Other | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	38,959	29,452
Level III | Other | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	17,943	15,881
Level III | Other | Recent transaction price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	$ 5,078
Level III | Other | Market approach (comparable companies)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		$ 660
Discount rate | Level III | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.10	0.11
Discount rate | Level III | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.30	0.30
Discount rate | Level III | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.12	0.13
Discount rate | Level III | Communication services | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.12
Discount rate | Level III | Communication services | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.14
Discount rate | Level III | Communication services | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.13
Discount rate | Level III | Financials | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.09
Discount rate | Level III | Financials | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.15
Discount rate | Level III | Financials | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.14
Discount rate | Level III | Health care | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.10
Discount rate | Level III | Health care | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.16
Discount rate | Level III | Health care | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.14
Discount rate | Level III | Industrials | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.06
Discount rate | Level III | Industrials | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.11
Discount rate | Level III | Industrials | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.07
Discount rate | Level III | Information technology | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.11
Discount rate | Level III | Information technology | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.13
Discount rate | Level III | Information technology | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.12
Discount rate | Level III | Real estate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.12
Discount rate | Level III | Real estate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.23
Discount rate | Level III | Real estate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.14
Discount rate | Level III | Real estate | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.11
Discount rate | Level III | Real estate | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.13
Discount rate | Level III | Real estate | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.12
Discount rate | Level III | Other | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.08	0.08
Discount rate | Level III | Other | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.15	0.20
Discount rate | Level III | Other | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.13	0.12
Earnings multiple | Level III | Market approach (comparable companies) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	4	9
Earnings multiple | Level III | Market approach (comparable companies) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	10	11
Earnings multiple | Level III | Market approach (comparable companies) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	7	10
Earnings multiple | Level III | Other | Market approach (comparable companies) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		8
Earnings multiple | Level III | Other | Market approach (comparable companies) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		10
Earnings multiple | Level III | Other | Market approach (comparable companies) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		9

DERIVATIVES AND HEDGING DERIVAT

DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING - Fair Value of Derivatives (Details) - Not Designated as Hedging Instrument - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Notional	$ 300,704	$ 288,451
Fair Value	4,038	5,020
Liabilities
Notional	(77,156)	(498,182)
Fair Value	(2,318)	(20,633)
Foreign-currency forward contracts
Assets
Notional	58,254	288,451
Fair Value	1,654	5,020
Liabilities
Notional	(77,156)	(242,972)
Fair Value	(2,318)	(13,154)
Cross-currency swap
Assets
Notional	242,450	0
Fair Value	2,384	0
Liabilities
Notional	0	(255,210)
Fair Value	$ 0	$ (7,479)

DERIVATIVES AND HEDGING - Summa

DERIVATIVES AND HEDGING - Summary of Impact of Derivative Instruments on Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	$ 7,869	$ (30,906)	$ (4,216)
Investment income | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	9,191	(16,707)	4,630
General and Administrative Expense | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	$ (1,322)	$ (14,199)	$ (8,846)

DERIVATIVES AND HEDGING DERIV_2

DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING - Fair Value of Derivatives of Consolidated Funds (Details) - Consolidated Funds - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Notional	$ 107,106	$ 79,927
Fair Value	2,464	731
Liabilities
Notional	(48,081)	(46,400)
Fair Value	(643)	(953)
Foreign-currency forward contracts
Assets
Notional	95,980	64,068
Fair Value	2,275	590
Liabilities
Notional	(48,081)	(41,606)
Fair Value	(643)	(817)
Total-return and interest-rate swaps
Assets
Notional		837
Fair Value		49
Liabilities
Notional		(4,794)
Fair Value		(136)
Options and futures
Assets
Notional	11,126	15,022
Fair Value	189	92
Liabilities
Notional	0	0
Fair Value	$ 0	$ 0

DERIVATIVES AND HEDGING - Impac

DERIVATIVES AND HEDGING - Impact of Derivatives Held by the Consolidated Fund on the Consolidated Statements of Operations (Details) - Consolidated Funds - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	$ 2,581	$ (7,510)	$ (3,125)
Net Change in Unrealized Appreciation (Depreciation) on Investments	2,432	2,861	(1,149)
Foreign-currency forward contracts
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	513	(2,917)	521
Net Change in Unrealized Appreciation (Depreciation) on Investments	2,327	1,909	264
Total-return and interest-rate swaps
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	858	232	(2,353)
Net Change in Unrealized Appreciation (Depreciation) on Investments	29	378	(1,416)
Options and futures
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	1,210	(4,825)	(1,293)
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 76	$ 574	$ 3

DERIVATIVES AND HEDGING - Balan

DERIVATIVES AND HEDGING - Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative Assets:
Gross and Net Amounts of Assets Presented	$ 6,502	$ 5,751
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	1,497	5,184
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	5,005	567
Derivative Liabilities:
Gross and Net Amounts of Liabilities	(2,961)	(21,586)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	(1,497)	(5,184)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)	0	(87)
Net Amount	(1,464)	(16,315)
Oaktree Capital Group Excluding Consolidated Funds
Derivative Assets:
Gross and Net Amounts of Assets Presented	4,038
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	1,497
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0
Net Amount	2,541
Derivative Liabilities:
Gross and Net Amounts of Liabilities		(20,633)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)		(5,020)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)		0
Net Amount		(15,613)
Oaktree Capital Group Excluding Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Gross and Net Amounts of Assets Presented	1,654	5,020
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	1,497	5,020
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	157	0
Derivative Liabilities:
Gross and Net Amounts of Liabilities	(2,318)	(13,154)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	(1,497)	(5,020)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)	0	0
Net Amount	(821)	(8,134)
Oaktree Capital Group Excluding Consolidated Funds | Cross-currency swap
Derivative Assets:
Gross and Net Amounts of Assets Presented	2,384
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0
Net Amount	2,384
Derivative Liabilities:
Gross and Net Amounts of Liabilities		(7,479)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)		0
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)		0
Net Amount		(7,479)
Consolidated Funds
Derivative Assets:
Gross and Net Amounts of Assets Presented	2,464	731
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	0	164
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	2,464	567
Derivative Liabilities:
Gross and Net Amounts of Liabilities	(643)	(953)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)		(164)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)		(87)
Net Amount		(702)
Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Gross and Net Amounts of Assets Presented	2,275	590
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	0	115
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	2,275	475
Derivative Liabilities:
Gross and Net Amounts of Liabilities	(643)	(817)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	0	(115)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)	0	0
Net Amount	(643)	(702)
Consolidated Funds | Options and futures
Derivative Assets:
Gross and Net Amounts of Assets Presented	189	92
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	$ 189	92
Consolidated Funds | Total-return and interest-rate swaps
Derivative Assets:
Gross and Net Amounts of Assets Presented		49
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets		49
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received		0
Net Amount		0
Derivative Liabilities:
Gross and Net Amounts of Liabilities		(136)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)		(49)
Gross Amounts Not Offset in Statements of Financial Condition, Cash (Pledged)		(87)
Net Amount		$ 0

FIXED ASSETS (Details)

FIXED ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Fixed assets	$ 167,594	$ 163,907
Accumulated depreciation	(61,879)	(53,744)
Fixed assets, net	105,715	110,163
Furniture, equipment and capitalized software
Property, Plant and Equipment [Line Items]
Fixed assets	26,345	25,618
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets	70,270	66,940
Corporate aircraft
Property, Plant and Equipment [Line Items]
Fixed assets	66,120	66,120
Other
Property, Plant and Equipment [Line Items]
Fixed assets	$ 4,859	$ 5,229

GOODWILL AND INTANGIBLES (Detai

GOODWILL AND INTANGIBLES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 69,300
Amortization expense	16,900	$ 6,600	$ 4,000
Contractual rights
Finite-Lived Intangible Assets [Line Items]
Contractual rights	347,452	347,452
Accumulated amortization	(33,173)	(16,301)
Intangible assets, net	$ 314,279	$ 331,151

GOODWILL AND INTANGIBLES - Futu

GOODWILL AND INTANGIBLES - Future Amortization of Intangible Assets (Details) $ in Thousands	Dec. 31, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,019	$ 16,780
2,020	16,780
2,021	15,112
2,022	12,777
2,023	12,777
Thereafter	240,053
Total	$ 314,279

DEBT OBLIGATIONS AND CREDIT F_3

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations (Detail) - Oaktree Capital Group Excluding Consolidated Funds	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Total remaining principal	$ 750,000,000	$ 750,000,000
Less: Debt issuance costs	(4,055,000)	(3,726,000)
Debt obligations	$ 745,945,000	746,274,000
Credit Facility
Debt Instrument [Line Items]
Leverage ratio	3.50
Credit Facility | $250,000, variable-rate term loan, issued in March 2014, payable on March 29, 2023
Debt Instrument [Line Items]
Total remaining principal	$ 150,000,000	150,000,000
Face amount	250,000,000
Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt obligations	0
Facility capacity	$ 500,000,000
Commitment fee payable on unused funds	0.10%
LIBOR | Credit Facility
Debt Instrument [Line Items]
Spread on variable rate	1.00%
$250,000, 3.78%, issued in December 2017, payable on December 18, 2032 | Senior notes
Debt Instrument [Line Items]
Total remaining principal	$ 250,000,000	250,000,000
Face amount	$ 250,000,000
Stated rate	3.78%
$50,000, 3.91%, issued in September 2014, payable on September 3, 2024 | Senior notes
Debt Instrument [Line Items]
Total remaining principal	$ 50,000,000	50,000,000
Face amount	$ 50,000,000
Stated rate	3.91%
$100,000, 4.01%, issued in September 2014, payable on September 3, 2026 | Senior notes
Debt Instrument [Line Items]
Total remaining principal	$ 100,000,000	100,000,000
Face amount	$ 100,000,000
Stated rate	4.01%
$100,000, 4.21%, issued in September 2014, payable on September 3, 2029 | Senior notes
Debt Instrument [Line Items]
Total remaining principal	$ 100,000,000	100,000,000
Face amount	$ 100,000,000
Stated rate	4.21%
$100,000, 3.69%, issued in July 2016, payable on July 12, 2031 | Senior notes
Debt Instrument [Line Items]
Total remaining principal	$ 100,000,000	$ 100,000,000
Face amount	$ 100,000,000
Stated rate	3.69%

DEBT OBLIGATIONS AND CREDIT F_4

DEBT OBLIGATIONS AND CREDIT FACILITIES - Future Principal Payments of Debt Obligations (Detail) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
2,019	$ 0
2,020	0
2,021	0
2,022	0
2,022	150,000
Thereafter	600,000
Total	$ 750,000	$ 750,000

DEBT OBLIGATIONS AND CREDIT F_5

DEBT OBLIGATIONS AND CREDIT FACILITIES - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jul. 31, 2017
Debt Instrument [Line Items]
Fair value		$ 3,219,592,000
Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Total remaining principal	$ 750,000,000	750,000,000
Oaktree Capital Group Excluding Consolidated Funds | Letter of Credit | Credit Facility
Debt Instrument [Line Items]
Guarantee			$ 17,500,000
Oaktree Capital Group Excluding Consolidated Funds | Level III
Debt Instrument [Line Items]
Fair value	$ 720,300,000	$ 762,700,000
Average borrowing rate	4.40%	3.60%
Increase in assumed borrowing rate	10.00%
Decrease in estimated fair value	$ 696,000,000
Decrease in assumed borrowing rate	10.00%
Increase in estimated fair value	$ 745,700,000
Consolidated Funds
Debt Instrument [Line Items]
Fair value	4,127,994,000
Total remaining principal	4,210,542,000
VIE consolidated assets	4,700,000,000	$ 3,900,000,000
Consolidated Funds | Senior notes
Debt Instrument [Line Items]
Fair value	$ 3,976,602,000	$ 3,107,955,000
Average borrowing rate	2.69%	2.18%
Consolidated Funds | Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Debt agreement term	10 years
Consolidated Funds | Senior notes | Credit Facility
Debt Instrument [Line Items]
Average borrowing rate	3.78%
Total remaining principal	$ 870,098,000	$ 870,098,000
Consolidated Funds | Level III | Credit Facility
Debt Instrument [Line Items]
Fair value	$ 871,300,000	$ 872,100,000

DEBT OBLIGATIONS AND CREDIT F_6

DEBT OBLIGATIONS AND CREDIT FACILITIES - Credit Facilities of Consolidated Funds (Details) - Consolidated Funds - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Principal	$ 4,210,542,000
Debt obligations	4,127,994,000	$ 3,219,592,000
Credit Facility | Senior variable rate notes
Debt Instrument [Line Items]
Principal	870,098,000	870,098,000
Less: Debt issuance costs	(5,569,000)	(7,697,000)
Debt obligations	864,529,000	$ 862,401,000
Facility Capacity	$ 870,100,000
Weighted Average Interest Rate	3.78%
Weighted Average Remaining Maturity (years)	9 years 8 months 12 days

DEBT OBLIGATIONS AND CREDIT F_7

DEBT OBLIGATIONS AND CREDIT FACILITIES - Collateralized Loan Obligation Loans Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Fair value		$ 3,219,592
Consolidated Funds
Debt Instrument [Line Items]
Fair value	$ 4,127,994
Consolidated Funds | Senior notes
Debt Instrument [Line Items]
Fair value	$ 3,976,602	$ 3,107,955
Weighted Average Interest Rate	2.69%	2.18%
Weighted Average Remaining Maturity (years)	9 years 10 months 24 days	10 years 8 months 12 days
Consolidated Funds | Subordinated Notes
Debt Instrument [Line Items]
Fair value	$ 151,392	$ 111,637
Weighted Average Remaining Maturity (years)	9 years 8 months 12 days	10 years 9 months 18 days

DEBT OBLIGATIONS AND CREDIT F_8

DEBT OBLIGATIONS AND CREDIT FACILITIES - CLO Future principal payments (Details) - Consolidated Funds $ in Thousands	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
2,019	$ 228,396
2,020	0
2,021	0
2,022	0
2,022	0
Thereafter	3,982,146
Total	$ 4,210,542

NON-CONTROLLING REDEEMABLE IN_3

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS - Summary of Changes in Non-controlling Redeemable Interests in Consolidated Funds (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non-Controlling Redeemable Interests in Consolidated Funds [Roll Forward]
Beginning balance	$ 860,548	$ 344,047	$ 38,173,125
Cumulative-effect adjustment from adoption of accounting guidance	0	0	(37,969,042)
Initial consolidation of a fund	0	296,971	34,095
Contributions	447,260	331,764	144,060
Distributions	(305,406)	(146,393)	(56,557)
Net income (loss)	(40,930)	29,532	20,988
Change in distributions payable	2,469	1,853	(4,227)
Foreign-currency translation and other	(2,319)	2,774	1,605
Ending balance	$ 961,622	$ 860,548	$ 344,047

UNITHOLDERS' CAPITAL - Addition

UNITHOLDERS' CAPITAL - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Aug. 09, 2018	May 17, 2018	Feb. 12, 2018	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Total unitholders’ capital				$ 2,487,717		$ 2,020,617	$ 1,885,171	$ 1,808,094
Preferred redemption price (in dollars per share)				$ 25
Preferred redemption price, change of control event (in dollars per share)				$ 25.25
Redemption notice period				30 days
Redemption notice period after change in control event				60 days
Redemption period after tax redemption				60 days
Preferred redemption price, tax redemption event (in dollars per share)				$ 25.50
OCGH
Class of Stock [Line Items]
Unitholders' capital (in shares)				85,471,937		90,975,687
Total unitholders’ capital				$ 1,086,693		$ 1,113,314
Oaktree Operating Group
Class of Stock [Line Items]
Subsidiary units outstanding (in shares)				157,133,560		156,285,913
Total unitholders’ capital				$ 1,997,745		$ 1,912,517
Equity Held by Third Parties
Class of Stock [Line Items]
Non-controlling interests in consolidated funds				$ 5,661		$ 7,923
Public Offering
Class of Stock [Line Items]
Number of units issued and sold (in shares)			5,000,000
Net proceeds from units sold			$ 219,500
Series A Preferred Units
Class of Stock [Line Items]
Net proceeds from units sold		$ 173,700
Preferred dividend rate		6.625%
Preferred redemption price (in dollars per share)		$ 25
Series A Preferred Units | Preferred Unit Issuance
Class of Stock [Line Items]
Number of units issued and sold (in shares)		7,200,000
Series B Preferred Units
Class of Stock [Line Items]
Net proceeds from units sold	$ 226,900
Preferred dividend rate	6.55%
Preferred redemption price (in dollars per share)					$ 25
Series B Preferred Units | Preferred Unit Issuance
Class of Stock [Line Items]
Number of units issued and sold (in shares)	9,400,000

UNITHOLDERS' CAPITAL - Summary

UNITHOLDERS' CAPITAL - Summary of Distributions Made (Details) - $ / shares	Nov. 13, 2018	Aug. 10, 2018	May 11, 2018	Feb. 23, 2018	Nov. 10, 2017	Aug. 11, 2017	May 12, 2017	Feb. 24, 2017	Nov. 14, 2016	Aug. 12, 2016	May 13, 2016	Feb. 26, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class A Units
Class of Stock [Line Items]
Distribution Per Unit (in dollars per unit)	$ 0.70	$ 0.55	$ 0.96	$ 0.76	$ 0.56	$ 1.31	$ 0.71	$ 0.63	$ 0.65	$ 0.58	$ 0.55	$ 0.47	$ 2.97	$ 3.21	$ 2.25

UNITHOLDERS' CAPITAL - Summar_2

UNITHOLDERS' CAPITAL - Summary of Net Income (Loss) (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Weighted average Oaktree Operating Group units outstanding (in thousands):
Units outstanding (in shares)									70,526	64,148	62,565
Oaktree Operating Group net income:
Net income	$ 118,296	$ 143,091	$ 65,757	$ 137,401	$ 97,831	$ 134,377	$ 295,443	$ 161,831	$ 464,545	$ 689,482	$ 566,103
Net income attributable to OCG Class A unitholders:
Oaktree Operating Group net income attributable to OCG Class A unitholders									228,791	295,161	233,765
Non-Operating Group income (expense)									(632)	144,143	(1,176)
Income tax expense of Intermediate Holding Companies									(17,018)	(207,810)	(37,884)
Net income attributable to Oaktree Capital Group, LLC Class A unitholders									$ 211,141	$ 231,494	$ 194,705
Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Units outstanding (in shares)									156,916	155,791	154,687
Oaktree Operating Group net income:
Net income									$ 521,227	$ 717,283	$ 577,546
Net income attributable to OCG Class A unitholders:
OCGH non-controlling interest									2,659	2,662	4,696
Series A Preferred Units | Oaktree Operating Group
Oaktree Operating Group net income:
Net income									$ 12,277	$ 0	$ 0
OCGH Units | Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Units outstanding (in shares)									86,390	91,643	92,122
Oaktree Operating Group net income:
Net income									$ 280,159	$ 422,122	$ 343,781
Class A Units | Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Units outstanding (in shares)									70,526	64,148	62,565
Oaktree Operating Group net income:
Net income									$ 228,791	$ 295,161	$ 233,765

UNITHOLDERS' CAPITAL - Changes

UNITHOLDERS' CAPITAL - Changes in Company Ownership Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Net income attributable to OCG Class A unitholders	$ 211,141	$ 231,494	$ 194,705
Equity reallocation between controlling and non-controlling interests	80,106	23,151	14,388
Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests	$ 291,247	$ 254,645	$ 209,093

EARNINGS PER UNIT - Computation

EARNINGS PER UNIT - Computations of Net Income Per Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income per Class A unit (basic and diluted):
Net income attributable to OCG Class A unitholders									$ 211,141	$ 231,494	$ 194,705
Weighted average number of Class A units outstanding (basic and diluted) (in shares)									70,526	64,148	62,565
Basic and diluted net income per Class A unit (in dollars per share)	$ 1.04	$ 0.74	$ 0.44	$ 0.78	$ 0.21	$ 0.71	$ 1.83	$ 0.87	$ 2.99	$ 3.61	$ 3.11

EARNINGS PER UNIT - Computati_2

EARNINGS PER UNIT - Computations of Net Income Per Unit Additional information (Detail)	12 Months Ended
	Dec. 31, 2018shares	Dec. 31, 2017shares	Dec. 31, 2016shares
OCGH Units
Earnings Per Share [Line Items]
Potential exchangeable units ratio	1
Common stock, shares outstanding (in shares)	85,471,937
Class A Units
Earnings Per Share [Line Items]
Potential exchangeable units ratio	1
Issuable shares (in shares)	85,471,937
Deferred equity unit
Earnings Per Share [Line Items]
Potential exchangeable units ratio	1
Units vesting periods	4 years
Deferred equity unit | OCGH Units
Earnings Per Share [Line Items]
Maximum number of awards issuable (in shares)	340,000
Deferred equity unit
Earnings Per Share [Line Items]
Issuable shares (in shares)	0	0	0
Minimum | Deferred equity unit | OCGH Units
Earnings Per Share [Line Items]
Units vesting periods	4 years
Maximum | Deferred equity unit | OCGH Units
Earnings Per Share [Line Items]
Units vesting periods	10 years

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2018shares
Class A Units and OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested and unvested Class A and OCGH units issued and outstanding units (in shares)	157,133,560
2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized units (in shares)	23,442,887
Units authorized (in shares)	12,635,682
2011 Plan | Equity Value Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued as of balance sheet date (in shares)	2,000,000
2011 Plan | Phantom Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued as of balance sheet date (in shares)	97,829

EQUITY-BASED COMPENSATION - Cla

EQUITY-BASED COMPENSATION - Class A and OCGH Unit Awards (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended			33 Months Ended
	Mar. 31, 2018	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)companyshares	Dec. 31, 2017shares	Dec. 31, 2016shares	Sep. 30, 2018
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			1,164,601
Share exchange rate			1
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			124,051	274,018	879,667
Units vesting periods			4 years 4 months 24 days
Recognition period			4 years 4 months 24 days
Estimated time-to-liquidity assumption	7 years		6 years 4 months 24 days		5 years 7 months 6 days
Share exchange rate			1
Number of comparable publicly-owned alternative asset managers | company			5
Discount rate		17.50%				20.00%
Forfeiture rate (up to)			3.00%
Class A Units and OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested equity-based awards | $		$ 132.3	$ 132.3
Recognition period			3 years 6 months

EQUITY-BASED COMPENSATION - Sum

EQUITY-BASED COMPENSATION - Summary of Unvested Equity-Based Awards and Changes (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class A Units
Number of Units
Beginning balance (in shares)	2,556,316	2,128,400	2,376,340
Granted (in shares)	1,164,601	1,285,548	830,949
Vested (in shares)	(920,439)	(837,254)	(997,039)
Forfeited (in shares)	(99,893)	(20,378)	(81,850)
Ending balance (in shares)	2,700,585	2,556,316	2,128,400
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 44.05	$ 41.86	$ 38.18
Granted (in dollars per share)	39.61	45.42	46.79
Vested (in dollars per share)	42.57	40.57	37.71
Forfeited (in dollars per share)	40.59	45.59	35.63
Ending balance (in dollars per share)	$ 42.76	$ 44.05	$ 41.86
OCGH Units
Number of Units
Beginning balance (in shares)	2,158,835	2,337,953	2,265,967
Granted (in shares)	124,051	274,018	879,667
Vested (in shares)	(418,837)	(453,136)	(601,249)
Forfeited (in shares)	0	0	(206,432)
Ending balance (in shares)	1,864,049	2,158,835	2,337,953
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 39.79	$ 39.85	$ 40.70
Granted (in dollars per share)	31.80	37.15	35.96
Vested (in dollars per share)	37.23	38.50	39.18
Forfeited (in dollars per share)	0	0	34.60
Ending balance (in dollars per share)	$ 39.83	$ 39.79	$ 39.85
Units vesting periods	4 years 4 months 24 days
Number of awards expected to vest (in shares)	260,165
Unrecognized share expense	$ 6.8
Recognition period	4 years 4 months 24 days
Minimum | OCGH Units
Weighted Average Grant Date Fair Value
Units vesting periods	4 years
Maximum | OCGH Units
Weighted Average Grant Date Fair Value
Units vesting periods	10 years

EQUITY-BASED COMPENSATION - E_2

EQUITY-BASED COMPENSATION - Equity Value Units (Details) - USD ($) $ in Millions	Apr. 26, 2017	Dec. 31, 2018
Equity Value Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recapitalizing percentage		33.33%
Units granted (in shares)	225,000
Unrecognized share expense		$ 1.4
Equity Value Units, Equity Settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)		1,000,000
Equity Value Units, Cash Settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)		1,000,000

EQUITY-BASED COMPENSATION EQUIT

EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION - Deferred Equity Units (Details)	12 Months Ended
	Dec. 31, 2018shares
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential exchangeable units ratio	1
Deferred equity unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential exchangeable units ratio	1
Units vesting periods	4 years
Units outstanding (in shares)	250,000
Lack of marketability discount	20.00%

INCOME TAXES AND RELATED PAYM_3

INCOME TAXES AND RELATED PAYMENTS - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)company	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Income Tax Disclosure [Abstract]
Number of wholly-owned subsidiaries (in company) | company		2
Income tax expense related to Tax Act		$ 33.2
Income tax expense related to Tax Act, deferred tax assets		178.2
Income tax benefit related to Tax Act, tax receivable liability		145.1	$ 145.1
Operating loss carryforwards		31.6
Total reserve		4.6
Unrecognized tax benefits that would impact tax rate		2.7
Income tax penalties and interest accrued		1.9	3.2
Income tax penalties and interest expenses		$ 1.2	0.1	$ 1.6
Income Tax Contingency [Line Items]
Percentage of cash savings (as a percent)		85.00%
Payments to unitholders under tax receivable agreement		$ 20.7	$ 20	$ 18.8
Scenario, Forecast
Income Tax Contingency [Line Items]
Decrease resulting from settlements with taxing authorities	$ 2.8

INCOME TAXES AND RELATED PAYM_4

INCOME TAXES AND RELATED PAYMENTS - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
U.S. federal income tax	$ 4,645	$ 4,085	$ 10,268
State and local income tax	2,934	2,687	6,154
Foreign income tax	7,402	5,907	1,436
Current	14,981	12,679	17,858
Deferred:
U.S. federal income tax	8,934	191,488	23,835
State and local income tax	844	10,928	2,110
Foreign income tax	20	347	(1,284)
Deferred	9,798	202,763	24,661
Total:
U.S. federal income tax	13,579	195,573	34,103
State and local income tax	3,778	13,615	8,264
Foreign income tax	7,422	6,254	152
Income tax expense	$ 24,779	$ 215,442	$ 42,519

INCOME TAXES AND RELATED PAYM_5

INCOME TAXES AND RELATED PAYMENTS - Income Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Domestic income (loss) before income taxes									$ 467,264	$ 894,911	$ 623,712
Foreign income (loss) before income taxes									22,060	10,013	(15,090)
Income before income taxes	$ 125,243	$ 149,659	$ 70,624	$ 143,798	$ 281,573	$ 148,234	$ 300,984	$ 174,133	$ 489,324	$ 904,924	$ 608,622

INCOME TAXES AND RELATED PAYM_6

INCOME TAXES AND RELATED PAYMENTS - Effective Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	21.00%	35.00%	35.00%
Income passed through	(17.78%)	(31.61%)	(30.31%)
State and local taxes, net of federal benefit	0.55%	0.38%	1.28%
Foreign taxes	0.57%	0.23%	0.89%
Deferred tax adjustment	0.00%	19.76%	0.00%
Other, net	0.72%	0.05%	0.13%
Total effective rate	5.06%	23.81%	6.99%

INCOME TAXES AND RELATED PAYM_7

INCOME TAXES AND RELATED PAYMENTS - Income Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Investment in partnerships	$ 210,678	$ 191,713	$ 386,796
Equity-based compensation expense	5,535	3,537	4,449
Net operating losses	7,393	0	0
Other	9,191	9,311	14,329
Total deferred tax assets	232,797	204,561	405,574
Total deferred tax liabilities	3,697	2,101	960
Net deferred tax assets before valuation allowance	229,100	202,460	404,614
Valuation allowance	0	0	0
Net deferred tax assets	$ 229,100	$ 202,460	$ 404,614

INCOME TAXES AND RELATED PAYM_8

INCOME TAXES AND RELATED PAYMENTS - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 4,366	$ 5,768	$ 4,956
Additions for tax positions related to the current year	0	350	350
Additions for tax positions related to prior years	0	0	2,121
Reductions for tax positions related to prior years	(18)	(412)	(79)
Settlements	(1,423)	0	0
Lapse of statute of limitations	(226)	(1,340)	(1,580)
Balance at end of period	$ 2,699	$ 4,366	$ 5,768

INCOME TAXES AND RELATED PAYM_9

INCOME TAXES AND RELATED PAYMENTS INCOME TAXES AND RELATED PAYMENTS - Expected Future Payments Under Tax Receivable Agreements (Details) - Scenario, Forecast - USD ($) $ in Thousands	Dec. 31, 2040	Dec. 31, 2037	Dec. 31, 2036	Dec. 31, 2035	Dec. 31, 2034	Dec. 31, 2029
Tax Receivable Agreement [Line Items]
Payments to unitholders under TRA	$ 187,872
Private Offering
Tax Receivable Agreement [Line Items]
Payments to unitholders under TRA						$ 13,396
Initial Public Offering
Tax Receivable Agreement [Line Items]
Payments to unitholders under TRA					$ 32,411
Public Offering
Tax Receivable Agreement [Line Items]
Payments to unitholders under TRA	$ 32,330	$ 29,446	$ 34,640	$ 45,649

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)	1 Months Ended	12 Months Ended
	May 31, 2018USD ($)	Dec. 31, 2018USD ($)city	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Oct. 17, 2017USD ($)	Aug. 31, 2014USD ($)
Loss Contingencies [Line Items]
Accrued incentives (fund level)		$ 1,434,458,000	$ 1,918,952,000
Compensation expense related to accrued incentives (fund level)		754,903,000	1,000,232,000
Capital commitments		$ 385,800,000	429,100,000
Number of offices (in office) | city		17
Occupancy costs, including non-lease expenses		$ 22,369,000	20,477,000	$ 22,637,000
Consolidated Funds
Loss Contingencies [Line Items]
Commitments		$ 13,800,000	6,000,000
Highstar Capital
Loss Contingencies [Line Items]
Contingent consideration (up to)	$ 36,100,000					$ 60,000,000
Period of performance		7 years
Reduction in contingent consideration liability	$ 7,100,000
Contingent consideration		$ 6,700,000	18,800,000
Contingent consideration expense		12,100,000	$ 4,800,000	$ 4,900,000
Fifth Street Management LLC
Loss Contingencies [Line Items]
Indemnification asset		$ 32,000,000			$ 56,200,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Operating Leases) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,019	$ 19,377
2,020	18,873
2,021	17,856
2,022	17,279
2,023	16,699
Thereafter	85,745
Total	$ 175,829

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Detail) - Oaktree Capital Group Excluding Consolidated Funds $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Interest income	$ 211	$ 451	$ 906
Level III
Related Party Transaction [Line Items]
Due to affiliates	95,953	93,772
Affiliated Entity
Related Party Transaction [Line Items]
Management fees and incentive income	$ 1,300,000	$ 1,400,000	$ 1,000,000
Discount rate | Discounted cash flow | Affiliated Entity | Level III
Related Party Transaction [Line Items]
Measurement input	0.100

RELATED PARTY TRANSACTIONS - Am

RELATED PARTY TRANSACTIONS - Amounts Due from and Due to Affiliates (Detail) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Due from affiliates:
Loans	$ 3,857	$ 9,239
Amounts due from unconsolidated funds	72,588	57,155
Management fees and incentive income due from unconsolidated funds	362,971	152,959
Payments made on behalf of unconsolidated entities	3,469	3,784
Non-interest bearing advances made to certain non-controlling interest holders and employees	27	87
Total due from affiliates	442,912	223,224
Due to affiliates:
Due to OCGH unitholders in connection with the tax receivable agreement (please see note 16)	187,872	176,283
Amounts due to senior executives, certain non-controlling interest holders and employees	495	1,590
Total due to affiliates	$ 188,367	$ 177,873

CAPITAL REQUIREMENTS OF REGUL_2

CAPITAL REQUIREMENTS OF REGULATED ENTITIES (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Regulatory Capital Requirements [Abstract]
Potential restricted amounts	$ 183.7	$ 115.5

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018segment
Segment Reporting [Abstract]
Number of segments	1

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Details) - $ / shares

Feb. 05, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Feb. 05, 2019

Subsequent Event [Line Items]

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

$ 0.7

$ 0.55

$ 0.96

$ 0.76

$ 0.56

$ 1.31

$ 0.71

$ 0.63

$ 2.97000

$ 3.21

$ 2.25

Class A Units | Subsequent Event

Subsequent Event [Line Items]

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

$ 0.75

$ 2.96

Series A Preferred Units | Subsequent Event

Subsequent Event [Line Items]

Distributions declared per preferred unit (in dollars per share)

0.414063

Series B Preferred Units | Subsequent Event

Subsequent Event [Line Items]

Distributions declared per preferred unit (in dollars per share)

$ 0.409375

QUARTERLY FINANCIAL DATA (Detai

QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Revenues	$ 594,248	$ 241,227	$ 213,283	$ 337,321	$ 311,095	$ 235,032	$ 634,055	$ 289,585
Expenses	(373,762)	(191,167)	(184,606)	(251,036)	(239,582)	(169,773)	(423,426)	(192,562)	$ (1,000,571)	$ (1,025,343)	$ (789,336)
Other income	(95,243)	99,599	41,947	57,513	210,060	82,975	90,355	77,110	103,816	460,500	272,212
Income before income taxes	125,243	149,659	70,624	143,798	281,573	148,234	300,984	174,133	489,324	904,924	608,622
Net income	118,296	143,091	65,757	137,401	97,831	134,377	295,443	161,831	464,545	689,482	566,103
Net income attributable to Oaktree Capital Group, LLC	$ 74,538	$ 52,750	$ 31,121	$ 52,732	$ 13,414	$ 45,841	$ 117,324	$ 54,915	$ 223,418	$ 231,494	$ 194,705
Basic and diluted net income (loss) per Class A unit (in dollars per share)	$ 1.04	$ 0.74	$ 0.44	$ 0.78	$ 0.21	$ 0.71	$ 1.83	$ 0.87	$ 2.99	$ 3.61	$ 3.11
Distributions declared per Class A unit (in dollars per share)	$ 0.7	$ 0.55	$ 0.96	$ 0.76	$ 0.56	$ 1.31	$ 0.71	$ 0.63	$ 2.97000	$ 3.21	$ 2.25