Oaktree Capital (OAK-PB) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 29, 2019
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	OAK
Entity Registrant Name	Oaktree Capital Group, LLC
Entity Central Index Key	0001403528
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	false
Entity Small Business	false
Class A Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		72,940,047
Class B Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		86,718,684

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Receivable for securities sold	$ 225,465	$ 74,795
Total assets	10,555,196	10,432,178
Liabilities:
Debt obligations	865,061	864,529
Operating lease liabilities	139,210
Total liabilities	7,029,424	6,982,839
Commitments and contingencies (Note 17)
Non-controlling redeemable interests in consolidated funds	1,040,984	961,622
Unitholders’ capital:
Paid-in capital	897,782	893,043
Retained earnings	94,199	100,683
Accumulated other comprehensive income	2,764	1,053
Unitholders’ capital attributable to Oaktree Capital Group, LLC	1,395,329	1,395,363
Non-controlling interests in consolidated subsidiaries	1,089,459	1,092,354
Total unitholders’ capital	2,484,788	2,487,717
Total liabilities and unitholders’ capital	10,555,196	10,432,178
Series A Preferred Units
Unitholders’ capital:
Preferred stock	173,669	173,669
Series B Preferred Units
Unitholders’ capital:
Preferred stock	226,915	226,915
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	500,208	460,937
U.S. Treasury and other securities	457,703	546,531
Corporate investments (includes $79,378 and $74,899 measured at fair value as of March 31, 2019 and December 31, 2018, respectively)	1,157,209	1,209,764
Due from affiliates	361,728	442,912
Deferred tax assets	229,264	229,100
Operating lease assets	109,281	0
Other assets	534,205	533,044
Investments, at fair value	79,378	74,899
Liabilities:
Accrued compensation expense	246,599	437,966
Accounts payable, accrued expenses and other liabilities	122,714	128,729
Due to affiliates	189,634	188,367
Debt obligations	746,078	745,945
Operating lease liabilities	139,210	0
Consolidated Funds
Assets
Cash and cash-equivalents	313,324	370,790
Other assets	6,976	3,440
Investments, at fair value	6,770,470	6,531,385
Dividends and interest receivable	28,640	26,792
Due from brokers	863	11,599
Receivable for securities sold	85,325	65,884
Liabilities:
Accounts payable, accrued expenses and other liabilities	35,039	31,643
Debt obligations	4,159,429	4,127,994
Payables for securities purchased	523,534	450,172
Securities sold short, at fair value	0	2,609
Distributions payable	2,126	4,885
Borrowings under credit facilities	$ 865,061	$ 864,529

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Series A Preferred Units
Preferred units, issued (in shares)	7,200,000	7,200,000
Preferred units, outstanding (in shares)	7,200,000	7,200,000
Series B Preferred Units
Preferred units, issued (in shares)	9,400,000	9,400,000
Preferred units, outstanding (in shares)	9,400,000	9,400,000
Class A Units
Common units, par value (in dollars per share)	$ 0	$ 0
Common units, authorized (in shares)	Unlimited	Unlimited
Common units, issued (in shares)	72,928,249	71,661,623
Common units, outstanding (in shares)	72,928,249	71,661,623
Class B Units
Common units, par value (in dollars per share)	$ 0	$ 0
Common units, authorized (in shares)	Unlimited	Unlimited
Common units, issued (in shares)	86,418,685	85,471,937
Common units, outstanding (in shares)	86,418,685	85,471,937
Oaktree Capital Group Excluding Consolidated Funds
Investments, at fair value	$ 79,378	$ 74,899

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 266,415	$ 337,321
Expenses:
Compensation and benefits	(114,523)	(108,754)
Equity-based compensation	(14,329)	(14,621)
Incentive income compensation	(52,300)	(84,815)
Total compensation and benefits expense	(181,152)	(208,190)
General and administrative	(47,603)	(32,964)
Depreciation and amortization	(6,564)	(6,402)
Consolidated fund expenses	(2,155)	(3,480)
Total expenses	(237,474)	(251,036)
Other income (loss):
Interest expense	(45,765)	(40,579)
Interest and dividend income	92,252	62,619
Net realized gain (loss) on consolidated funds’ investments	(5,819)	14,599
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	57,117	(14,386)
Investment income	62,150	34,563
Other income, net	22	697
Total other income	159,957	57,513
Income before income taxes	188,898	143,798
Income taxes	(4,498)	(6,397)
Net income	184,400	137,401
Less:
Net income attributable to Oaktree Capital Group, LLC	54,083	52,732
Net income attributable to preferred unitholders	(6,829)	0
Net income attributable to OCG Class A unitholders	$ 47,254	$ 52,732
Distributions declared per Class A unit (in dollars per share)	$ 0.75000	$ 0.76000
Net income per Class A unit (basic and diluted):
Net income per Class A unit (in dollars per share)	$ 0.66	$ 0.78
Weighted average number of Class A units outstanding (in shares)	71,632,000	67,918,000
Net income attributable to non-controlling interests in consolidated subsidiaries
Less:
Net income attributable to non-controlling interests	$ (66,115)	$ (73,944)
Net income attributable to non-controlling interests in consolidated funds
Less:
Net income attributable to non-controlling interests	(64,202)	(10,725)
Management fees
Revenues:
Total revenues	169,934	185,415
Incentive income
Revenues:
Total revenues	$ 96,481	$ 151,906

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 184,400	$ 137,401
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	3,708	(219)
Other comprehensive loss, net of tax	3,708	(219)
Total comprehensive income	188,108	137,182
Comprehensive income attributable to OCG	55,794	52,646
Comprehensive income attributable to preferred unitholders	(6,829)	0
Comprehensive income attributable to OCG Class A unitholders	48,965	52,646
Comprehensive income attributable to non-controlling interests in consolidated subsidiaries
Other comprehensive income (loss), net of tax:
Less: Comprehensive income attributable to non-controlling interests	(68,112)	(73,811)
Consolidated Funds
Other comprehensive income (loss), net of tax:
Less: Comprehensive income attributable to non-controlling interests	$ (64,202)	$ (10,725)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 184,400	$ 137,401
Adjustments to reconcile net income to net cash used in operating activities:
Adoption of revenue recognition standard	0	48,709
Investment income	(62,150)	(34,563)
Depreciation and amortization	6,564	6,402
Equity-based compensation	14,329	14,621
Net realized and unrealized (gain) loss from consolidated funds’ investments	(51,298)	(213)
Amortization (accretion) of original issue and market discount of consolidated funds’ investments, net	(1,841)	(838)
Income distributions from corporate investments in funds and companies	45,392	60,794
Other non-cash items	1,420	139
Cash flows due to changes in operating assets and liabilities:
Net cash provided by (used in) operating activities	(56,511)	147,730
Cash flows from investing activities:
Purchases of U.S. Treasury and other securities	(342,672)	(142,163)
Proceeds from maturities and sales of U.S. Treasury and other securities	431,573	89,654
Corporate investments in funds and companies	(8,593)	(76,149)
Distributions and proceeds from corporate investments in funds and companies	74,540	209,006
Purchases of fixed assets	(3,094)	(205)
Net cash provided by investing activities	151,754	80,143
Cash flows from financing activities:
Net cash used in financing activities	(112,054)	(125,750)
Effect of exchange rate changes on cash	(1,384)	58
Net increase (decrease) in cash and cash-equivalents	(18,195)	102,181
Deconsolidation of funds	0	(12,315)
Cash and cash-equivalents, beginning balance	831,727	959,465
Cash and cash-equivalents, ending balance	813,532	1,049,331
Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Increase in accounts payable, accrued expenses and other liabilities	3,979	1,985
Increase in dividends and interest receivable	(2,060)	(826)
(Increase) decrease in due from brokers	10,736	(8,622)
(Increase) decrease in receivables for securities sold	(22,573)	65,327
(Increase) decrease in other assets	266	(809)
Increase in payables for securities purchased	51,123	833
Purchases of securities	(694,115)	(1,147,150)
Proceeds from maturities and sales of securities	546,571	1,015,016
Cash flows from financing activities:
Distributions to non-controlling interests	(62,641)	(93,323)
Payment of debt issuance costs	(768)	(899)
Contributions from non-controlling interests	80,653	59,745
Proceeds from debt obligations issued by CLOs	75,947	505,480
Repayment on debt obligations issued by CLOs	(65,198)	(455,691)
Borrowings on credit facilities	372,000	0
Repayments on credit facilities	(372,000)	0
Cash and cash-equivalents, ending balance	313,324	414,640
Oaktree Capital Group Excluding Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Increase in other assets	(1,453)	(6,298)
Decrease in net due from affiliates	82,452	69,374
Decrease in accrued compensation expense	(192,471)	(73,603)
Increase in accounts payable, accrued expenses and other liabilities	24,218	51
Cash flows from financing activities:
Net proceeds from issuance of Class A units	0	219,750
Purchase of OCGH units	0	(219,525)
Repurchase and cancellation of units	(9,925)	(10,453)
Distributions to Class A unitholders	(53,738)	(53,426)
Distributions to preferred unitholders	(6,829)	0
Distributions to OCGH unitholders	(68,366)	(73,933)
Distributions to non-controlling interests	(1,189)	(1,240)
Payment of debt issuance costs	0	(2,235)
Cash and cash-equivalents, ending balance	$ 500,208	$ 634,691

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Unitholders' Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2018
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	$ 2,487,717	$ 2,020,617
Cumulative-effect adjustment from adoption of accounting guidance			$ 48,709
Issuance of units	0	219,750
Repurchase and cancellation of units	(9,925)	(229,978)
Deferred tax effect resulting from the purchase of OCGH units		6,051
Equity reallocation between controlling and non-controlling interests	(6,125)	(73,830)
Capital increase related to equity-based compensation	13,212	13,697
Distributions declared	(130,122)	(148,399)
Net income	120,198	126,848
Foreign currency translation adjustment, net of tax	3,708	(219)
Unitholders' capital, end of period	2,484,788	2,057,076
Paid-in Capital
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	893,043	788,413
Issuance of units	0	219,750
Repurchase and cancellation of units	(7,410)	(227,424)
Deferred tax effect resulting from the purchase of OCGH units		6,051
Equity reallocation between controlling and non-controlling interests	6,125	73,830
Capital increase related to equity-based compensation	6,024	5,956
Unitholders' capital, end of period	897,782	866,576
Retained Earnings
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	100,683	80,128
Cumulative-effect adjustment from adoption of accounting guidance			20,355
Distributions declared	(53,738)	(53,426)
Net income	47,254	52,732
Unitholders' capital, end of period	94,199	99,789
Accumulated Other Comprehensive Income (Loss)
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	1,053	443
Foreign currency translation adjustment, net of tax	1,711	(86)
Unitholders' capital, end of period	2,764	357
Non-controlling Interests in Consolidated Subsidiaries
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	1,092,354	1,121,237
Cumulative-effect adjustment from adoption of accounting guidance			$ 28,354
Repurchase and cancellation of units	(2,515)	(2,554)
Equity reallocation between controlling and non-controlling interests	(6,125)	(73,830)
Capital increase related to equity-based compensation	7,188	7,741
Distributions declared	(69,555)	(75,173)
Net income	66,115	73,944
Foreign currency translation adjustment, net of tax	1,997	(133)
Unitholders' capital, end of period	1,089,459	1,079,586
Non-controlling Interests in Consolidated Funds
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	0	30,396
Distributions declared	0	(19,800)
Net income	0	172
Unitholders' capital, end of period	$ 0	$ 10,768
Class A Units | Common Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	71,662	65,310
Issuance of units (in shares)	1,455	6,143
Cancellation of units associated with forfeitures (in shares)	(20)	(81)
Repurchase and cancellation of units (in shares)	(169)	(200)
Unitholders' capital,end of period (in shares)	72,928	71,172
Class B Units | Common Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	85,472	90,976
Issuance of units (in shares)	1,020	114
Repurchase and cancellation of units (in shares)	(73)	(5,083)
Unitholders' capital,end of period (in shares)	86,419	86,007
Series A Preferred Units | Preferred Stock
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	$ 173,669	$ 0
Distributions declared	(2,981)
Net income	2,981
Unitholders' capital, end of period	173,669	0
Series B Preferred Units | Preferred Stock
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	226,915	0
Distributions declared	(3,848)
Net income	3,848
Unitholders' capital, end of period	$ 226,915	$ 0

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2019
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 condensed consolidated financial statements. Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. Certain of the Oaktree funds consolidated by the Company are investment companies that follow a specialized basis of accounting established by GAAP. All intercompany transactions and balances have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 22, 2019. Agreement and Plan of Merger On March 13, 2019, Oaktree and Brookfield Asset Management Inc. (“Brookfield”) entered into a definitive merger agreement pursuant to which Brookfield will acquire approximately 62% of Oaktree’s business in a stock and cash transaction. Following the transaction, the remaining 38% of the business will continue to be owned by OCGH, whose unitholders consist primarily of Oaktree’s founders and certain other members of management and employees. As part of the transaction, Brookfield will acquire all outstanding OCG Class A units for, at the election of OCG Class A unitholders, either $49.00 in cash or 1.0770 Class A shares of Brookfield per unit (subject to pro-ration to ensure that no more than fifty percent ( 50% ) of the aggregate merger consideration is paid in the form of cash or stock), in each case, without interest and subject to any applicable withholding taxes. In addition, the founders, senior management, and current and former employee-unitholders of OCGH will sell to Brookfield 20% of their OCGH units for the same consideration as the Oaktree Class A unitholders. The OCG board of directors, acting on the recommendation of a special committee composed of non-executive, independent directors, has unanimously recommended that OCG unitholders approve the transaction. The transaction is anticipated to close during the third quarter of 2019, subject to the approval of OCG Class A and Class B unitholders representing a majority of the voting interests of such units, voting together as a single class, and other customary closing conditions including certain regulatory approvals.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
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 4 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 condensed consolidated financial statements. All of the revenues earned by the Company as investment manager of the consolidated funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the consolidation of a fund does not impact net income or loss attributable to the Company. Certain entities in which the Company has the ability to exert significant influence, including unconsolidated Oaktree funds for which the Company acts as general partner, are accounted for under the equity method of accounting. Non-controlling Redeemable Interests in Consolidated Funds The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners. These interests are presented as non-controlling redeemable interests in consolidated funds within the condensed consolidated statements of financial condition, outside of the permanent capital section. Limited partners in open-end and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective limited partnership agreements, over periods ranging from one month to three years . While limited partners in consolidated closed-end funds generally have not been granted redemption rights, these limited partners do have withdrawal or redemption rights in certain limited circumstances that are beyond the control of the Company, such as instances in which retaining the limited partnership interest could cause the limited partner to violate a law, regulation or rule. The allocation of net income or loss to non-controlling redeemable interests in consolidated funds is based on the relative ownership interests of the unaffiliated limited partners after the consideration of contractual arrangements that govern allocations of income or loss. At the consolidated level, potential incentives are allocated to non-controlling redeemable interests in consolidated funds until such incentives become allocable to the Company under the substantive contractual terms of the limited partnership agreements of the funds. Non-controlling Interests in Consolidated Funds Non-controlling interests in consolidated funds represent the equity interests held by third-party investors in CLOs that had not yet priced as of the respective period end. All non-controlling interests in those CLOs are attributed a share of income or loss arising from the respective CLO based on the relative ownership interests of third-party investors after consideration of contractual arrangements that govern allocations of income or loss. Investors in those CLOs are generally unable to redeem their interests until the respective CLO liquidates, is called or otherwise terminates. Non-controlling Interests in Consolidated Subsidiaries Non-controlling interests in consolidated subsidiaries reflect the portion of unitholders’ capital attributable to OCGH unitholders (“OCGH non-controlling interest”) and third parties. All non-controlling interests in consolidated subsidiaries are attributed a share of income or loss in the respective consolidated subsidiary based on the relative economic interests of the OCGH unitholders or third parties after consideration of contractual arrangements that govern allocations of income or loss. Please see note 13 for more information. Leases The Company determines whether an arrangement contains a lease at inception. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines whether it should be classified as an operating or finance lease. Operating leases are recorded in the statements of financial condition as separate line items: operating lease right-of-use assets (“ROU assets”) and operating lease liabilities. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the commencement date of the lease and measured based on the present value of lease payments over the lease term. The ROU asset also includes deferred rent liabilities and lease incentives. The Company’s lease arrangements generally do not provide an implicit rate. As a result, in such situations the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company may also include options to extend or terminate the lease when it is reasonably certain that it will exercise that option in the measurement of its ROU assets and liabilities. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. Please see note 11 for more information. Revenue Recognition 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 3 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. 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, 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. 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. 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 condensed consolidated statements of operations. The Company’s accounting for these investments is similar to its accounting for investments held by the consolidated funds at fair value and the valuation methods are consistent with those used to determine the fair value of the consolidated funds’ investments. The Company has elected the fair value option for the financial assets and financial liabilities of its consolidated CLOs. The assets and liabilities of CLOs are primarily reflected within the investments, at fair value and within the debt obligations of CLOs line items in the condensed consolidated statements of financial condition. The Company’s accounting for CLO assets is similar to its accounting for its funds with respect to both carrying investments held by CLOs at fair value and the valuation methods used to determine the fair value of those investments. The fair value of CLO liabilities are measured as the fair value of CLO assets less the sum of (a) the fair value of any beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. Realized gains or losses and changes in the fair value of CLO assets, respectively, are included in net realized gain on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Interest income of CLOs is included in interest and dividend income, and interest expense and other expenses, respectively, are included in interest expense and consolidated fund expenses in the condensed consolidated statements of operations. Changes in the fair value of a CLO’s financial liabilities in accordance with the CLO measurement guidance are included in net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Please see notes 6 and 10 for more information. Accounting Policies of Consolidated Funds Investments, at Fair Value The consolidated funds include investment limited partnerships and CLOs that reflect their investments, including majority-owned and controlled investments, at fair value. The Company has retained the specialized investment company accounting guidance under GAAP for investment limited partnerships with respect to consolidated investments and has elected the fair value option for the financial assets of CLOs. Thus, the consolidated investments are reflected in the condensed consolidated statements of financial condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Non-publicly traded debt and equity securities and other securities or instruments for which reliable market quotations are not available are valued by management using valuation methodologies applied on a consistent basis. These securities may initially be valued at the acquisition price as the best indicator of fair value. The Company reviews the significant unobservable inputs, valuations of comparable investments and other similar transactions for investments valued at acquisition price to determine whether another valuation methodology should be utilized. Subsequent valuations will depend on the facts and circumstances known as of the valuation date and the application of valuation methodologies as further described below under “—Non-publicly Traded Equity and Real Estate Investments.” The fair value may also be based on a pending transaction expected to close after the valuation date. Exchange-traded Investments Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. Securities that are not readily marketable due to legal restrictions that may limit or restrict transferability are generally valued at a discount from quoted market prices. The discount would reflect the amount market participants would require due to the risk relating to the inability to access a public market for the security for the specified period and would vary depending on the nature and duration of the restriction and the perceived risk and volatility of the underlying securities. Securities with longer duration restrictions or higher volatility are generally valued at a higher discount. Such discounts are generally estimated based on put option models or an analysis of market studies. Instances where the Company has applied discounts to quoted prices of restricted listed securities have been infrequent. The impact of such discounts is not material to the Company’s condensed consolidated statements of financial condition and results of operations for all periods presented. Credit-oriented Investments (including Real Estate Loan Portfolios) Investments in corporate and government debt which are not listed or admitted to trading on any securities exchange are valued at the mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker-dealers. The market-yield approach is considered in the valuation of non-publicly traded debt securities, utilizing expected future cash flows and discounted using estimated current market rates. Discounted cash-flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of the borrower. Consideration is also given to a borrower’s ability to meet principal and interest obligations; this may include an evaluation of collateral and/or the underlying value of the borrower utilizing techniques described below under “—Non-publicly Traded Equity and Real Estate Investments.” Non-publicly Traded Equity and Real Estate Investments The fair value of equity and real estate investments is determined using a cost, market or income approach. The cost approach is based on the current cost of reproducing a real estate investment less deterioration and functional and economic obsolescence. The market approach utilizes valuations of comparable public companies and transactions, and generally seeks to establish the enterprise value of the portfolio company or investment property using a market-multiple methodology. This approach takes into account the financial measure (such as EBITDA, adjusted EBITDA, free cash flow, net operating income, net income, book value or net asset value) believed to be most relevant for the given company or investment property. Consideration also may be given to factors such as acquisition price of the security or investment property, historical and projected operational and financial results for the portfolio company, the strengths and weaknesses of the portfolio company or investment property relative to its comparable companies or properties, industry trends, general economic and market conditions, and others deemed relevant. The income approach is typically a discounted cash-flow method that incorporates expected timing and level of cash flows. It incorporates assumptions in determining growth rates, income and expense projections, discount and capitalization rates, capital structure, terminal values, and other factors. The applicability and weight assigned to market and income approaches are determined based on the availability of reliable projections and comparable companies and transactions. The valuation of securities may be impacted by expectations of investors’ receptiveness to a public offering of the securities, the size of the holding of the securities and any associated control, information with respect to transactions or offers for the securities (including the transaction pursuant to which the investment was made and the elapsed time from the date of the investment to the valuation date), and applicable restrictions on the transferability of the securities. These valuation methodologies involve a significant degree of management judgment. Accordingly, valuations by the Company do not necessarily represent the amounts that eventually may be realized from sales or other dispositions of investments. Fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the condensed consolidated financial statements. Recent Accounting Developments In 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 Company adopted the guidance in the first quarter of 2019. The adoption did 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 February 2016, the FASB issued guidance that requires a lessee to recognize a lease asset and a lease liability for most of its operating leases. Under legacy GAAP, operating leases were not recognized by a lessee in its statements of financial position. In general, the asset and liability 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 adopted the guidance in the first quarter of 2019 under the simplified transition method, which allows companies to forgo the comparative reporting requirements initially required under the modified retrospective transition approach and apply the new guidance prospectively. The adoption did not have an impact on the consolidated statements of operations because all of the Company’s leases are currently classified as operating leases, which under

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2019
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. Three Months Ended March 31, 2019 2018 Management Fees Closed-end $ 109,375 $ 123,387 Open-end 31,541 37,552 Evergreen 29,018 24,476 Total $ 169,934 $ 185,415 Incentive Income Closed-end $ 96,481 $ 151,906 Evergreen — — Total $ 96,481 $ 151,906 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 March 31, 2019 December 31, 2018 Receivables (1) $ 225,465 $ 74,795 Contract assets (1) 66,800 288,176 Contract liabilities (2) (28,413 ) (26,549 ) (1) The changes in the balances primarily related to accruals, net of payments received. (2) Revenue recognized in the three months ended March 31, 2019 from amounts included in the contract liability balance was $6.5 million .

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019, the Company consolidated 22 VIEs for which it was the primary beneficiary, including 9 funds managed by Oaktree, 12 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, 2018, the Company consolidated 23 VIEs. As of March 31, 2019, the assets and liabilities of the 21 consolidated VIEs representing funds and CLOs amounted to $7.1 billion and $5.6 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 March 31, 2019, the Company’s investments in consolidated VIEs had a carrying value of $496.7 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 10 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. Carrying Value as of March 31, 2019 December 31, 2018 Corporate investments $ 1,047,742 $ 1,093,294 Due from affiliates 305,051 384,225 Maximum exposure to loss $ 1,352,793 $ 1,477,519

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2019
Investments [Abstract]
INVESTMENTS	INVESTMENTS Corporate Investments Corporate investments consist of investments in funds and companies in which the Company does not have a controlling financial interest. Investments for which the Company is deemed to exert significant influence are accounted for under the equity method of accounting and reflect Oaktree’s ownership interest in each fund or company. In the case of investments for which the Company is not deemed to exert significant influence or control, the fair value option of accounting has been elected. Investment income represents the Company’s pro-rata share of income or loss from these funds or companies, or the change in fair value of the investment, as applicable. Oaktree’s general partnership interests are substantially illiquid. While investments in funds reflect each respective fund’s holdings at fair value, equity-method investments in DoubleLine Capital LP and its affiliates (collectively, “DoubleLine”) and other companies are not adjusted to reflect the fair value of the underlying company. The fair value of the underlying investments in Oaktree funds is based on the Company’s assessment, which takes into account expected cash flows, earnings multiples and/or comparisons to similar market transactions, among other factors. Valuation adjustments reflecting consideration of credit quality, concentration risk, sales restrictions and other liquidity factors are integral to valuing these instruments. Corporate investments consisted of the following: As of Corporate Investments March 31, 2019 December 31, 2018 Equity-method investments: Funds $ 1,041,570 $ 1,089,068 Companies 36,261 45,797 Other investments, at fair value 79,378 74,899 Total corporate investments $ 1,157,209 $ 1,209,764 The components of investment income are set forth below: Three Months Ended March 31, Investment Income 2019 2018 Equity-method investments: Funds $ 39,320 $ 27,266 Companies 17,111 18,138 Other investments, at fair value 5,719 (10,841 ) Total investment income $ 62,150 $ 34,563 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 condensed consolidated statements of operations. The Company’s equity-method investments in Oaktree funds principally reflect the Company’s general partner interests in those funds, which typically does not exceed 2.5% in each fund. The Oaktree funds are investment companies that follow a specialized basis of accounting established by GAAP. Equity-method investments in companies include the Company’s one-fifth equity stake in DoubleLine. Each reporting period, the Company evaluates each of its equity-method investments to determine if any are considered significant, as defined by the SEC. As of or for the three months ended March 31, 2019, no individual equity-method investment met the significance criteria. Summarized financial information of the Company’s equity-method investments is set forth below. Three Months Ended March 31, Statements of Operations 2019 2018 Revenues / investment income $ 891,961 $ 477,491 Interest expense (70,857 ) (67,230 ) Other expenses (361,900 ) (201,436 ) Net realized and unrealized gain on investments 1,005,147 530,361 Net income $ 1,464,351 $ 739,186 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: Three Months Ended March 31, 2019 2018 Realized gain (loss) $ — $ 796 Net change in unrealized gain (loss) 5,719 (11,637 ) Total gain (loss) $ 5,719 $ (10,841 ) Investments of Consolidated Funds Investments, at Fair Value Investments held and securities sold short by the consolidated funds are summarized below: Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 United States: Debt securities: Communication services $ 551,441 $ 543,948 8.1 % 8.4 % Consumer discretionary 533,508 506,551 7.9 7.8 Consumer staples 116,240 112,197 1.7 1.7 Energy 257,233 204,568 3.8 3.1 Financials 371,148 332,240 5.5 5.1 Health care 539,344 537,592 8.0 8.2 Industrials 464,178 443,406 6.9 6.8 Information technology 537,699 536,000 7.9 8.2 Materials 281,666 289,499 4.2 4.4 Real estate 265,229 217,633 3.9 3.3 Utilities 163,545 137,031 2.4 2.1 Total debt securities (cost: $4,143,772 and $4,019,823 as of March 31, 2019 and December 31, 2018, respectively) 4,081,231 3,860,665 60.3 59.1 Equity securities: Consumer discretionary 6,007 1,915 0.1 0.1 Energy 340 131 0.0 0.0 Financials 668 837 0.0 0.0 Health care 1,609 1,348 0.0 0.0 Industrials 91 88 0.0 0.0 Utilities 1,010 1,107 0.0 0.0 Total equity securities (cost: $14,428 and $6,117 as of March 31, 2019 and December 31, 2018, respectively) 9,725 5,426 0.1 0.1 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Europe: Debt securities: Communication services $ 527,091 $ 530,337 7.8 % 8.1 % Consumer discretionary 551,756 545,324 8.1 8.3 Consumer staples 163,695 160,406 2.4 2.5 Energy 9,336 15,260 0.1 0.2 Financials 67,029 48,545 1.0 0.7 Health care 452,800 418,516 6.8 6.4 Industrials 260,324 246,640 3.8 3.8 Information technology 184,620 194,988 2.7 3.0 Materials 220,334 221,660 3.3 3.4 Real estate 19,737 30,045 0.3 0.5 Utilities 1,679 1,559 0.0 0.0 Total debt securities (cost: $2,489,971 and $2,477,821 as of March 31, 2019 and December 31, 2018, respectively) 2,458,401 2,413,280 36.3 36.9 Equity securities: Consumer staples — 38 — 0.0 Health care 978 948 0.0 0.1 Total equity securities (cost: $163 and $320 as of March 31, 2019 and December 31, 2018, respectively) 978 986 0.0 0.1 Asia and other: Debt securities: Communication services 13,395 12,069 0.2 0.2 Consumer discretionary 43,701 36,822 0.7 0.6 Consumer staples 8,976 11,867 0.1 0.2 Energy 27,075 20,594 0.4 0.3 Financials 13,434 13,995 0.2 0.2 Government 14,037 12,155 0.2 0.2 Health care 9,396 9,633 0.1 0.1 Industrials 46,702 40,468 0.8 0.7 Information technology 678 1,887 0.0 0.0 Materials 16,594 15,516 0.2 0.2 Real estate 7,115 38,592 0.1 0.6 Utilities 17,263 14,870 0.3 0.2 Total debt securities (cost: $222,469 and $233,603 as of March 31, 2019 and December 31, 2018, respectively) 218,366 228,468 3.3 3.5 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Asia and other: Equity securities: Consumer discretionary $ — $ 874 — % 0.0 % Consumer staples 26 997 0.0 0.0 Energy 100 382 0.0 0.0 Financials — 2,935 — 0.0 Industrials — 11,265 — 0.2 Information technology — 1,725 — 0.0 Materials 1,643 4,382 0.0 0.1 Total equity securities (cost: $1,961 and $22,977 as of March 31, 2019 and December 31, 2018, respectively) 1,769 22,560 0.0 0.3 Total debt securities 6,757,998 6,502,413 99.9 99.5 Total equity securities 12,472 28,972 0.1 0.5 Total investments, at fair value $ 6,770,470 $ 6,531,385 100.0 % 100.0 % Securities Sold Short Equity securities (proceeds: $0 and $2,644 as of March 31, 2019 and December 31, 2018, respectively) $ — $ (2,609 ) As of March 31, 2019 and December 31, 2018, no single issuer or investment had a fair value that exceeded 5% of Oaktree’s total consolidated net assets. Net Gains (Losses) From Investment Activities of Consolidated Funds Net gains (losses) from investment activities in the condensed consolidated statements of operations consist primarily of realized and unrealized gains and losses on the consolidated funds’ investments (including foreign-exchange gains and losses attributable to foreign-denominated investments and related activities) and other financial instruments. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments. Upon disposition of an investment, unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period. The following table summarizes net gains (losses) from investment activities: Three Months Ended March 31, 2019 2018 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 $ (7,945 ) $ 129,670 $ 11,322 $ (30,588 ) CLO liabilities (1) — (72,083 ) — 18,072 Foreign-currency forward contracts (2) 2,126 (470 ) 1,439 (711 ) Total-return and interest-rate swaps (2) — — 20 (86 ) Options and futures (2) — — 1,818 (1,073 ) Total $ (5,819 ) $ 57,117 $ 14,599 $ (14,386 ) (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 7 for additional information.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Fair Value of Financial Assets and Liabilities The short-term nature of cash and cash-equivalents, receivables and accounts payable causes each of their carrying values to approximate fair value. The fair value of short-term investments included in cash and cash-equivalents is a Level I valuation. The Company’s other financial assets and financial liabilities by fair-value hierarchy level are set forth below. Please see notes 10 and 18 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of March 31, 2019 As of December 31, 2018 Level I Level II Level III Total Level I Level II Level III Total Assets U.S. Treasury and other securities (1) $ 457,703 $ — $ — $ 457,703 $ 546,531 $ — $ — $ 546,531 Corporate investments — 30,990 48,423 79,413 — 29,476 45,426 74,902 Foreign-currency forward contracts (2) — 2,065 — 2,065 — 1,654 — 1,654 Cross-currency swap (2) — 4,464 — 4,464 — 2,384 — 2,384 Total assets $ 457,703 $ 37,519 $ 48,423 $ 543,645 $ 546,531 $ 33,514 $ 45,426 $ 625,471 Liabilities Contingent liability (3) $ — $ — $ (6,576 ) $ (6,576 ) $ — $ — $ (6,657 ) $ (6,657 ) Foreign-currency forward contracts (4) — (1,600 ) — (1,600 ) — (2,318 ) — (2,318 ) Total liabilities $ — $ (1,600 ) $ (6,576 ) $ (8,176 ) $ — $ (2,318 ) $ (6,657 ) $ (8,975 ) (1) Carrying value approximates fair value due to the short-term nature. (2) Amounts are included in other assets in the condensed consolidated statements of financial condition. (3) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. (4) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition, except for $35 and $3 as of March 31, 2019 and December 31, 2018, respectively, which are included within corporate investments in the condensed consolidated statements of financial condition. The table below sets forth a summary of changes in the fair value of Level III financial instruments: Three Months Ended March 31, 2019 2018 Corporate Investments Contingent Liability Corporate Investments Contingent Liability Beginning balance $ 45,426 $ (6,657 ) $ 50,902 $ (18,778 ) Contributions or additions — — 1,293 — Distributions — — (815 ) — Net gain (loss) included in earnings 2,997 81 1,715 2,575 Ending balance $ 48,423 $ (6,576 ) $ 53,095 $ (16,203 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 2,997 $ 81 $ 919 $ 2,575 The table below sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the Company’s Level III financial instruments: Fair Value as of Significant Unobservable Input Financial Instrument March 31, 2019 December 31, 2018 Valuation Technique Range Weighted Average Corporate investment – Limited partnership interests $ 48,423 $ 45,426 Market approach Not applicable Not applicable Not applicable Contingent liability (6,576 ) (6,657 ) Discounted cash flow Assumed % of total potential contingent payments 0% – 100% 24% 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 March 31, 2019 As of December 31, 2018 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 5,343,997 $ 114,945 $ 5,458,942 $ — $ 5,216,923 $ 136,055 $ 5,352,978 Corporate debt – all other — 1,097,855 201,201 1,299,056 634 963,423 185,378 1,149,435 Equities – common stock 3,566 — 7,424 10,990 24,483 — 3,063 27,546 Equities – preferred stock — — 1,482 1,482 — — 1,426 1,426 Total investments 3,566 6,441,852 325,052 6,770,470 25,117 6,180,346 325,922 6,531,385 Derivatives: Foreign-currency forward contracts — 3,343 — 3,343 — 2,275 — 2,275 Options and futures — — — — 189 — — 189 Total derivatives (1) — 3,343 — 3,343 189 2,275 — 2,464 Total assets $ 3,566 $ 6,445,195 $ 325,052 $ 6,773,813 $ 25,306 $ 6,182,621 $ 325,922 $ 6,533,849 Liabilities CLO debt obligations: Senior secured notes $ — $ (3,998,371 ) $ — $ (3,998,371 ) $ — $ (3,976,602 ) $ — $ (3,976,602 ) Subordinated notes — (161,058 ) — (161,058 ) — (151,392 ) — (151,392 ) Total CLO debt obligations (2) — (4,159,429 ) — (4,159,429 ) — (4,127,994 ) — (4,127,994 ) Securities sold short: Equity securities — — — — (2,609 ) — — (2,609 ) Derivatives: Foreign-currency forward contracts — (2,181 ) — (2,181 ) — (643 ) — (643 ) Total derivatives (3) — (2,181 ) — (2,181 ) — (643 ) — (643 ) Total liabilities $ — $ (4,161,610 ) $ — $ (4,161,610 ) $ (2,609 ) $ (4,128,637 ) $ — $ (4,131,246 ) (1) Amounts are included in other assets under “assets of consolidated funds” in the condensed consolidated statements of financial condition. (2) The fair value of CLO liabilities is classified based on the more observable fair value of CLO assets. Please see notes 2 and 10 for more information. (3) Amounts are included in accounts payable, accrued expenses and other liabilities under “liabilities of consolidated funds” in the condensed consolidated statements of financial condition 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 Three Months Ended March 31, 2019 Beginning balance $ 136,055 $ 185,378 $ 3,063 $ 1,426 $ — $ 325,922 Transfers into Level III 17,510 8,754 5,410 — — 31,674 Transfers out of Level III (33,820 ) (6,280 ) — — — (40,100 ) Purchases 7,097 17,158 — — — 24,255 Sales (10,017 ) (6,801 ) (127 ) — — (16,945 ) Realized gains (losses), net (9 ) (361 ) 26 — — (344 ) Unrealized appreciation (depreciation), net (1,871 ) 3,353 (948 ) 56 — 590 Ending balance $ 114,945 $ 201,201 $ 7,424 $ 1,482 $ — $ 325,052 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (3,758 ) $ 2,761 $ (948 ) $ 56 $ — $ (1,889 ) Three Months Ended March 31, 2018 Beginning balance $ 86,999 $ 75,388 $ 3,427 $ — $ 121,588 $ 287,402 Deconsolidation of funds — — — — (121,087 ) (121,087 ) Transfers into Level III 25,164 607 490 — — 26,261 Transfers out of Level III (7,289 ) (490 ) (57 ) — — (7,836 ) Purchases 4,816 31,123 56 236 — 36,231 Sales (17,472 ) (19,110 ) (311 ) — (501 ) (37,394 ) Realized gains (losses), net 328 86 — — — 414 Unrealized appreciation (depreciation), net 1,949 (203 ) 98 375 — 2,219 Ending balance $ 94,495 $ 87,401 $ 3,703 $ 611 $ — $ 186,210 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 1,965 $ (185 ) $ 96 $ 375 $ — $ 2,251 Total realized and unrealized gains and losses recorded for Level III investments are included in net realized gain on consolidated funds’ investments or net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Transfers 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 March 31, 2019: Investment Type Fair Value Valuation Technique Significant Unobservable (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer discretionary: $ 13,263 Discounted cash flow (4) Discount rate 10% – 14% 11% 9,846 Recent market information (5) Quoted prices Not applicable Not applicable Financials: 106,723 Recent market information (5) Quoted prices Not applicable Not applicable 3,770 Discounted cash flow (4) Discount rate 9% – 12% 11% Health care: 35,377 Recent market information (5) Quoted prices Not applicable Not applicable 3,191 Discounted cash flow (4) Discount rate 10% – 17% 13% Real estate: 95,083 Recent market information (5) Quoted prices Not applicable Not applicable 5,202 Discounted cash flow (4) Discount rate 11% – 23% 15% Other: 27,047 Recent market information (5) Quoted prices Not applicable Not applicable 16,644 Discounted cash flow (4) Discount rate 8% – 15% 13% Equity investments: 2,022 Discounted cash flow (4) Discount rate 10% – 15% 12% 3,818 Market approach (6) Earnings multiple (7) 4x – 11x 6x 3,066 Recent market information (5) Quoted prices Not applicable Not applicable Total Level III $ 325,052 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 (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 three months ended March 31, 2019 and March 31, 2018, there were no changes in the valuation techniques for Level III securities.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 Foreign-currency forward contracts $ 66,215 $ 2,065 $ (91,264 ) $ (1,600 ) Cross-currency swap 238,803 4,464 — — Total $ 305,018 $ 6,529 $ (91,264 ) $ (1,600 ) As of December 31, 2018 Foreign-currency forward contracts $ 58,254 $ 1,654 $ (77,156 ) $ (2,318 ) Cross-currency swap 242,450 2,384 — — Total $ 300,704 $ 4,038 $ (77,156 ) $ (2,318 ) Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the condensed consolidated statements of operations as follows: Three Months Ended March 31, 2019 2018 Investment income $ 1,729 $ (12,373 ) General and administrative expense (1) 2,104 (3,072 ) Total $ 3,833 $ (15,445 ) (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 March 31, 2019 and December 31, 2018. 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 following tables summarize net gains (losses) from derivatives held by the consolidated funds: Three Months Ended March 31, 2019 2018 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 $ 2,126 $ (470 ) $ 1,439 $ (711 ) Total-return and interest-rate swaps — — 20 (86 ) Options and futures — — 1,818 (1,073 ) Total $ 2,126 $ (470 ) $ 3,277 $ (1,870 ) Balance Sheet Offsetting The Company recognizes all derivatives as assets or liabilities at fair value in its condensed consolidated statements of financial condition. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its condensed consolidated statements of financial condition. The table below sets forth the setoff rights and related arrangements associated with derivatives held by the Company. The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance. Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of March 31, 2019 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 2,065 $ 1,323 $ — $ 742 Cross-currency swap 4,464 — — 4,464 Subtotal 6,529 1,323 — 5,206 Derivative assets of consolidated funds: Foreign-currency forward contracts 3,343 1,563 — 1,780 Total $ 9,872 $ 2,886 $ — $ 6,986 Derivative Liabilities: Foreign-currency forward contracts $ (1,600 ) $ (1,323 ) $ — $ (277 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (2,181 ) (1,563 ) (740 ) 122 Subtotal (2,181 ) (1,563 ) (740 ) 122 Total $ (3,781 ) $ (2,886 ) $ (740 ) $ (155 ) 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 )

FIXED ASSETS

FIXED ASSETS	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
FIXED ASSETS	FIXED ASSETS Fixed assets, which consist of furniture and equipment, capitalized software, office leasehold improvements, and company-owned aircraft, are included in other assets in the condensed consolidated statements of financial position. The following table sets forth the Company’s fixed assets and accumulated depreciation: As of March 31, 2019 December 31, 2018 Furniture, equipment and capitalized software $ 27,287 $ 26,345 Leasehold improvements 72,851 70,270 Corporate aircraft 66,120 66,120 Other 5,031 4,859 Fixed assets 171,289 167,594 Accumulated depreciation (64,523 ) (61,879 ) Fixed assets, net $ 106,766 $ 105,715

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019, the Company had determined there was no goodwill impairment. The carrying value of goodwill was $69.3 million as of March 31, 2019 and December 31, 2018. The following table summarizes the carrying value of intangible assets: As of March 31, 2019 December 31, 2018 Contractual rights $ 347,452 $ 347,452 Accumulated amortization (37,365 ) (33,173 ) Intangible assets, net $ 310,087 $ 314,279 Amortization expense associated with the Company’s intangible assets was $4.2 million for both the three months ended March 31, 2019 and 2018, respectively. Future amortization of intangible assets held as of March 31, 2019 is set forth below: Remainder of 2019 $ 12,588 2020 16,780 2021 15,112 2022 12,777 2023 12,777 Thereafter 240,053 Total $ 310,087 Goodwill and intangible assets are included in other assets in the condensed consolidated statements of financial position.

DEBT OBLIGATIONS AND CREDIT FAC

DEBT OBLIGATIONS AND CREDIT FACILITIES	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
DEBT OBLIGATIONS AND CREDIT FACILITIES	DEBT OBLIGATIONS AND CREDIT FACILITIES The Company’s debt obligations are set forth below: As of March 31, 2019 December 31, 2018 $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 (3,922 ) (4,055 ) Debt obligations $ 746,078 $ 745,945 (1) 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 March 31, 2019, the Company had no outstanding borrowings under the revolving credit facility. As of March 31, 2019, future scheduled principal payments of debt obligations were as follows: Remainder of 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 March 31, 2019 and December 31, 2018. 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 $764.1 million and $720.3 million as of March 31, 2019 and December 31, 2018, respectively, utilizing an average borrowing rate of 3.6% and 4.4% , respectively. As of March 31, 2018, a 10% increase in the assumed average borrowing rate would lower the estimated fair value to $742.8 million , whereas a 10% decrease would increase the estimated fair value to $786.4 million . Credit Facilities of the Consolidated Funds Certain consolidated funds may maintain revolving credit facilities that are secured by the assets of the fund or may issue senior variable rate notes to fund investments on a longer term basis, generally up to ten years. The obligations of the consolidated funds are nonrecourse to the Company. The consolidated funds had the following debt obligations outstanding: Outstanding Amount as of Facility Capacity Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Commitment Fee Rate L/C Fee Credit Agreement March 31, 2019 December 31, 2018 Senior variable rate notes $ 870,098 $ 870,098 $ 870,100 3.77% 9.5 N/A N/A Less: Debt issuance costs (5,037 ) (5,569 ) Total debt obligations, net $ 865,061 $ 864,529 As of March 31, 2019 and December 31, 2018, 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 $870.0 million and $871.3 million as of March 31, 2019 and December 31, 2018, 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. Outstanding debt obligations of CLOs were as follows: As of March 31, 2019 As of December 31, 2018 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 $ 3,998,371 2.80% 9.5 $ 3,976,602 2.69% 9.9 Subordinated notes (2) 161,058 N/A 8.8 151,392 N/A 9.7 Total CLO debt obligations $ 4,159,429 $ 4,127,994 (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 6 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 March 31, 2019 and December 31, 2018, the fair value of CLO assets was $4.8 billion and $4.7 billion , respectively, and consisted of cash, corporate loans, corporate bonds and other securities. As of March 31, 2019, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: Remainder of 2019 $ 299,164 2020 — 2021 — 2022 — 2023 — Thereafter 3,889,093 Total $ 4,188,257

LEASES

LEASES	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
LEASES	LEASES The Company has operating leases related to office space and certain equipment with remaining lease terms expiring within one year through 2031 , some of which include options to extend the leases for up to five years and some of which include options to terminate the leases within one year. As of March 31, 2019, there were no finance leases outstanding and no additional operating leases that have not yet commenced. The components of lease expense were as follows: Three Months Ended March 31, 2019 Operating lease cost $ 4,814 Sublease income — Total lease cost $ 4,814 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 4,751 Weighted average remaining lease term for operating leases (in years) 9.9 Weighted average discount rate for operating leases 4.4 % As of March 31, 2019, maturities of operating lease liabilities were as follows: Remainder of 2019 $ 14,780 2020 18,929 2021 17,911 2022 17,350 2023 16,785 Thereafter 86,424 Total lease payments 172,179 Less: imputed interest (32,969 ) Total operating lease liabilities $ 139,210

NON-CONTROLLING REDEEMABLE INTE

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS	3 Months Ended
	Mar. 31, 2019
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. Three Months Ended March 31, 2019 2018 Beginning balance $ 961,622 $ 860,548 Contributions 80,653 59,745 Distributions (62,641 ) (73,523 ) Net income 64,202 10,553 Change in distributions payable 2,759 729 Foreign currency translation and other (5,611 ) 3,812 Ending balance $ 1,040,984 $ 861,864

UNITHOLDERS' CAPITAL

UNITHOLDERS' CAPITAL	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [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 March 31, 2019 and December 31, 2018, respectively, OCGH units represented 86,418,685 of the total 159,346,934 Oaktree Operating Group units and 85,471,937 of the total 157,133,560 Oaktree Operating Group units. Based on total allocable Oaktree Operating Group capital of $1,999,392 and $1,997,745 as of March 31, 2019 and December 31, 2018, respectively, the OCGH non-controlling interest was $1,084,345 and $1,086,693 . As of March 31, 2019 and December 31, 2018, non-controlling interests attributable to third parties was $5,114 and $5,661 , respectively. 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: Three Months Ended March 31, 2019 2018 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 85,474 88,270 Class A unitholders 71,632 67,918 Total weighted average units outstanding 157,106 156,188 Oaktree Operating Group net income: Net income attributable to preferred unitholders (1) $ 6,829 $ — Net income attributable to OCGH non-controlling interest 65,472 73,255 Net income attributable to OCG Class A unitholders 54,866 56,362 Oaktree Operating Group net income (2) $ 127,167 $ 129,617 Net income attributable to OCG Class A unitholders: Oaktree Operating Group net income attributable to OCG Class A unitholders $ 54,866 $ 56,362 Non-Operating Group income (expense) (3,644 ) 20 Income tax expense of Intermediate Holding Companies (3,968 ) (3,650 ) Net income attributable to OCG Class A unitholders $ 47,254 $ 52,732 (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 $642 and $692 for the three months ended March 31, 2019 and 2018, respectively. The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below: Three Months Ended March 31, 2019 2018 Net income attributable to OCG Class A unitholders $ 47,254 $ 52,732 Equity reallocation between controlling and non-controlling interests 6,125 73,830 Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests $ 53,379 $ 126,562 Please see notes 14, 15 and 16 for additional information regarding transactions that impacted unitholders’ capital.

EARNINGS PER UNIT

EARNINGS PER UNIT	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
EARNINGS PER UNIT	EARNINGS PER UNIT The computation of net income per Class A unit is set forth below: Three Months Ended March 31, 2019 2018 Net income per Class A unit (basic and diluted): (in thousands, except per unit amounts) Net income attributable to OCG Class A unitholders $ 47,254 $ 52,732 Weighted average number of Class A units outstanding (basic and diluted) 71,632 67,918 Basic and diluted net income per Class A unit $ 0.66 $ 0.78 OCGH units may be exchanged on a one -for- one basis into Class A units, subject to certain restrictions. As of March 31, 2019, there were 86,418,685 OCGH units outstanding, which are vested or will vest through February 15, 2029, that ultimately may be exchanged into 86,418,685 Class A units. The exchange of these units would proportionally increase the Company’s interest in the Oaktree Operating Group. However, as the restrictions set forth in the exchange agreement were in place at the end of each respective reporting period, those units were not included in the computation of diluted earnings per unit for the three months ended March 31, 2019 and 2018. 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 2024. Once a performance target has been met, the applicable number of OCGH units will be issued and begin to vest over periods up to 10.0 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 three months ended March 31, 2019 and 2018, 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 or for the three months ended March 31, 2019 and 2018, 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 has a contingent consideration liability that is payable in cash and Class A units. No Class A units were considered issuable under the terms of the arrangement as of or for the three months ended March 31, 2019 and 2018. 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	3 Months Ended
	Mar. 31, 2019
Share-based Compensation [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Class A and OCGH Unit Awards During the three months ended March 31, 2019, the Company granted 1,452,503 Class A units and 1,020,225 restricted OCGH units to its employees and directors, subject to annual vesting over a weighted average period of approximately 6.5 years . The grant date fair value of OCGH units awarded during the three months ended March 31, 2019 was determined by applying a 17.5% discount to the Class A unit trading price on the New York Stock Exchange as of the grant date. With respect to forfeitures, the Company has made an accounting policy election to account for forfeitures when they occur. Accordingly, no forfeitures have been assumed in the calculation of compensation expense. As of March 31, 2019, the Company expected to recognize compensation expense on its unvested Class A and OCGH unit awards of $241.5 million over a weighted average period of 4.9 years . A summary of the status of the Company’s unvested Class A and OCGH unit awards and changes for the period 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 as of December 31, 2018 2,700,585 $ 42.76 1,864,049 $ 39.83 Granted 1,452,503 49.52 1,020,225 40.85 Vested (896,481 ) 42.85 (366,338 ) 35.30 Forfeited (19,511 ) 43.02 — — Balance as of March 31, 2019 3,237,096 $ 45.77 2,517,936 $ 40.90 (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 March 31, 2019 the Company expected to recognize compensation expense on 320,000 unvested OCGH performance awards of $7.8 million over a weighted average period of 4.2 years. 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 March 31, 2019, there were 1,000,000 equity-classified EVUs and 1,000,000 liability-classified EVUs outstanding. As of March 31, 2019, the Company expected to recognize $1.0 million of compensation expense on its unvested EVUs over the next 0.8 years . Equity-classified EVUs that require future service are expensed on a straight-line basis over the requisite service period. Liability-classified EVUs are remeasured at the end of each quarter. The fair value of EVUs was determined using a Monte Carlo simulation model. 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 2024. Once a performance target has been met, the applicable number of OCGH units will be issued and begin to vest over periods of up to 10.0 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 March 31, 2019, there were 847,115 deferred equity units outstanding. As of March 31, 2019, the Company expected to recognize compensation expense on 557,308 deferred equity units of $20.6 million over a weighted average period of 7.9 years . The fair value of the deferred equity units issued in the three months ended March 31, 2019 was determined at the grant date based on the then-prevailing Class A unit trading price and reflected a 17.5% lack-of-marketability discount for the OCGH units that will be issued upon vesting.

INCOME TAXES AND RELATED PAYMEN

INCOME TAXES AND RELATED PAYMENTS	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES AND RELATED PAYMENTS	INCOME TAXES AND RELATED PAYMENTS Oaktree is a publicly traded partnership and Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc., two of its Intermediate Holding Companies, are wholly-owned corporate subsidiaries. Income earned by these corporate subsidiaries is subject to U.S. federal and state income taxation and taxed at prevailing rates. Income earned by non-corporate subsidiaries is not subject to U.S. federal corporate income tax and is allocated to the Oaktree Operating Group’s unitholders. The Company’s effective tax rate is dependent on many factors, including the estimated nature of many amounts and the mix of revenues and expenses between the subsidiaries that are or are not subject to income tax; consequently, from period to period the effective tax rate is subject to significant variation. The Company’s effective tax rate used for interim periods is based on the estimated full-year income tax rate. Certain future items that cannot be reliably estimated, such as incentive income, are excluded from the estimated annual effective tax rate. The tax expense or benefit stemming from these items is recognized in the same period as the underlying income or expense. Tax authorities currently are examining certain income tax returns of Oaktree, with certain of these examinations at an advanced stage. Over the next four quarters ending March 31, 2020, the Company believes that it is reasonably possible that one outcome of these examinations and expiring statutes of limitation on other items may be the release of up to approximately $2.9 million of previously accrued Operating Group income taxes. The Company believes that it has adequately provided for any reasonably foreseeable outcomes related to its tax examinations and that any settlements related thereto will not have a material adverse effect on the Company’s consolidated financial statements; however, there can be no assurances as to the ultimate outcomes. Exchange Agreement and Tax Receivable Agreement Subject to certain restrictions and the approval of the Company’s board of directors, each holder of OCGH units has the right to exchange his or her vested units for, at the option of the Company’s board of directors, Class A units, an equivalent amount of cash based on then-prevailing market prices and/or other consideration of equal value. Certain of the Oaktree Operating Group entities made an election under Section 754 of the U.S. Internal Revenue Code, as amended, which may result in an adjustment to the tax basis of the assets owned by the Oaktree Operating Group at the time of an exchange. These exchanges may result in increases in tax deductions and tax basis that would reduce the amount of tax that Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc. would otherwise be required to pay in the future. Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc. have entered into a tax receivable agreement with OCGH unitholders that, as amended, provides for the payment to an exchanging or selling OCGH unitholder of 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income taxes that they actually realize (or are deemed to realize in the case of an early termination payment by Oaktree Holdings, Inc. or Oaktree AIF Holdings, Inc., or a change of control) as a result of an increase in the tax basis of the assets owned by the Oaktree Operating Group. When an exchange of OCGH units results in an increase to the tax basis of the assets owned by the Oaktree Operating Group, a deferred tax asset and an associated liability for payments to OCGH unitholders under the tax receivable agreement are recorded, subject to realizability considerations. The establishment of a deferred tax asset increases additional paid-in capital because the transactions are between Oaktree and its unitholders. Assuming no 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 estimated future payments to OCGH unitholders under the tax receivable agreement, as of March 31, 2019, 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 Future estimated payments to OCGH unitholders under the tax receivable agreement are subject to increase in the event of additional exchanges of OCGH units. The Company did not make any payments under the tax receivable agreement during the three months ended March 31, 2019.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018, respectively, the aggregate of such amounts recorded at the fund level in excess of incentive income recognized by the Company was $1,425,969 and $1,434,458 , for which related direct incentive income compensation expense was estimated to be $746,367 and $754,903 . Contingent Liabilities The Company has a contingent consideration obligation of up to $36.1 million , payable in cash and Class A units. The amount of contingent consideration is based on the achievement of certain performance targets. As of March 31, 2019 and December 31, 2018, respectively, the fair value of the contingent liability was $6.6 million and $6.7 million . Changes in this liability resulted in income of $0.1 million and $2.6 million for the three months ended March 31, 2019 and 2018, respectively. The fair value of the contingent consideration liability is a Level III valuation, which uses a discounted cash-flow analysis based on a probability-weighted average estimate of certain performance targets, including fundraising and revenue levels. The assumptions used in the analysis are inherently subjective, and thus the ultimate amount of the contingent consideration liability may differ materially from the most recent estimate. The contingent consideration liability is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. Changes in the liability are recorded in general and administrative expense in the condensed consolidated statements of operations. In connection with the BDC acquisition in October 2017, Fifth Street Management LLC 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 March 31, 2019, the remaining amount of the pledged assets was $32.0 million . Commitments to Funds As of March 31, 2019 and December 31, 2018, the Company, generally in its capacity as general partner, had undrawn capital commitments of $524.3 million and $385.8 million , respectively, including commitments to both unconsolidated and consolidated funds. 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 condensed consolidated statements of financial condition. The unfunded liability associated with these credit arrangements is equal to the amount by which the contractual loan commitment exceeds the sum of funded debt and cash held in escrow, if any. As of March 31, 2019 and December 31, 2018, the consolidated funds had potential aggregate commitments of $12.6 million and $13.8 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 March 31, 2019 and December 31, 2018, 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 three months ended March 31, 2019, the consolidated funds did not provide any financial support to portfolio companies.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS The Company considers its senior executives, employees and unconsolidated Oaktree funds to be affiliates (as defined in the FASB ASC Master Glossary). Amounts due from and to affiliates are set forth below. The fair value of amounts due from and to affiliates is a Level III valuation and was valued based on a discounted cash-flow analysis. The carrying value of amounts due from affiliates approximated fair value due to their short-term nature or because their average interest rate approximated the Company’s cost of debt. The fair value of amounts due to affiliates approximated $99,490 and $95,953 as of March 31, 2019 and December 31, 2018, respectively, based on a discount rate of 10.0% . As of March 31, 2019 December 31, 2018 Due from affiliates: Loans $ 2,256 $ 3,857 Amounts due from unconsolidated funds 64,036 72,588 Management fees and incentive income due from unconsolidated funds 292,265 362,971 Payments made on behalf of unconsolidated entities 3,171 3,469 Non-interest bearing advances made to certain non-controlling interest holders and employees — 27 Total due from affiliates $ 361,728 $ 442,912 Due to affiliates: Due to OCGH unitholders in connection with the tax receivable agreement (please see note 16) $ 187,872 $ 187,872 Amounts due to senior executives, certain non-controlling interest holders and employees 1,762 495 Total due to affiliates $ 189,634 $ 188,367 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 $23 and $109 for the three months ended March 31, 2019 and 2018, 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 $242.8 million and $312.0 million for the three months ended March 31, 2019 and 2018, 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. 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.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2019
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	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Class A Unit Distribution On April 25, 2019, the Company announced a distribution of $1.05 per Class A unit. This distribution, which is related to the first quarter of 2019, will be paid on May 10, 2019 to Class A unitholders of record at the close of business on May 6, 2019. Preferred Unit Distributions On April 25, 2019, the Company announced a distribution of $0.414063 per Series A preferred unit, which will be paid on June 15, 2019 to Series A preferred unitholders of record at the close of business on June 1, 2019. On April 25, 2019, the Company announced a distribution of $0.409375 per Series B preferred unit, which will be paid on June 15, 2019 to Series B preferred unitholders of record at the close of business on June 1, 2019.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
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 4 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 condensed consolidated financial statements. All of the revenues earned by the Company as investment manager of the consolidated funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the consolidation of a fund does not impact net income or loss attributable to the Company. Certain entities in which the Company has the ability to exert significant influence, including unconsolidated Oaktree funds for which the Company acts as general partner, are accounted for under the equity method of accounting.
Non-controlling Interests in Consolidated Funds and Subsidiaries	Non-controlling Redeemable Interests in Consolidated Funds The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners. These interests are presented as non-controlling redeemable interests in consolidated funds within the condensed consolidated statements of financial condition, outside of the permanent capital section. Limited partners in open-end and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective limited partnership agreements, over periods ranging from one month to three years . While limited partners in consolidated closed-end funds generally have not been granted redemption rights, these limited partners do have withdrawal or redemption rights in certain limited circumstances that are beyond the control of the Company, such as instances in which retaining the limited partnership interest could cause the limited partner to violate a law, regulation or rule. The allocation of net income or loss to non-controlling redeemable interests in consolidated funds is based on the relative ownership interests of the unaffiliated limited partners after the consideration of contractual arrangements that govern allocations of income or loss. At the consolidated level, potential incentives are allocated to non-controlling redeemable interests in consolidated funds until such incentives become allocable to the Company under the substantive contractual terms of the limited partnership agreements of the funds. Non-controlling Interests in Consolidated Funds Non-controlling interests in consolidated funds represent the equity interests held by third-party investors in CLOs that had not yet priced as of the respective period end. All non-controlling interests in those CLOs are attributed a share of income or loss arising from the respective CLO based on the relative ownership interests of third-party investors after consideration of contractual arrangements that govern allocations of income or loss. Investors in those CLOs are generally unable to redeem their interests until the respective CLO liquidates, is called or otherwise terminates. Non-controlling Interests in Consolidated Subsidiaries Non-controlling interests in consolidated subsidiaries reflect the portion of unitholders’ capital attributable to OCGH unitholders (“OCGH non-controlling interest”) and third parties. All non-controlling interests in consolidated subsidiaries are attributed a share of income or loss in the respective consolidated subsidiary based on the relative economic interests of the OCGH unitholders or third parties after consideration of contractual arrangements that govern allocations of income or loss. Please see note 13 for more information.
Leases	Leases The Company determines whether an arrangement contains a lease at inception. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines whether it should be classified as an operating or finance lease. Operating leases are recorded in the statements of financial condition as separate line items: operating lease right-of-use assets (“ROU assets”) and operating lease liabilities. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the commencement date of the lease and measured based on the present value of lease payments over the lease term. The ROU asset also includes deferred rent liabilities and lease incentives. The Company’s lease arrangements generally do not provide an implicit rate. As a result, in such situations the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company may also include options to extend or terminate the lease when it is reasonably certain that it will exercise that option in the measurement of its ROU assets and liabilities. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately
Revenue Recognition	Revenue Recognition 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 3 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. 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, 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. 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.
Fair Value of Financial Instruments and Fair Value Option	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, such as the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I – Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. The types of investments in Level I include exchange-traded equities, debt and derivatives with quoted prices. • Level II – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are directly or indirectly observable. Level II inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. The types of investments in Level II generally include corporate bonds and loans, government and agency securities, less liquid and restricted equity investments, over-the-counter traded derivatives, debt obligations of consolidated CLOs, and other investments where the fair value is based on observable inputs. • Level III – Valuations for which one or more significant inputs are unobservable. These inputs reflect the Company’s assessment of the assumptions that market participants use to value the investment based on the best available information. Level III inputs include prices of quoted securities in markets for which there are few transactions, less public information exists or prices vary among brokered market makers. The types of investments in Level III include non-publicly traded equity, debt, real estate and derivatives. In some instances, the inputs used to value an instrument may fall into multiple levels of the fair-value hierarchy. In such instances, the instrument’s level within the fair-value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair-value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. Transfers of assets into or out of each fair value hierarchy level as a result of changes in the observability of the inputs used in measuring fair value are accounted for as of the beginning of the reporting period. Transfers resulting from a specific event, such as a reorganization or restructuring, are accounted for as of the date of the event that caused the transfer. In the absence of observable market prices, the Company values Level III investments using valuation methodologies applied on a consistent basis. The quarterly valuation process for Level III investments begins with each portfolio company, property or security being valued by the investment and/or valuation teams. With the exception of open-end funds, all unquoted Level III investment values are reviewed and approved by (i) the Company’s valuation officer, who is independent of the investment teams, (ii) a designated investment professional of each strategy and (iii) for a substantial majority of unquoted Level III holdings as measured by market value, a valuation committee of the respective strategy. For open-end funds, unquoted Level III investment values are reviewed and approved by the Company’s valuation officer. For certain investments, the valuation process also includes a review by independent valuation parties, at least annually, to determine whether the fair values determined by management are reasonable. Results of the valuation process are evaluated each quarter, including an assessment of whether the underlying calculations should be adjusted or recalibrated. In connection with this process, the Company periodically evaluates changes in fair-value measurements for reasonableness, considering items such as industry trends, general economic and market conditions, and factors specific to the investment. Certain assets are valued using prices obtained from 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 condensed consolidated statements of operations. The Company’s accounting for these investments is similar to its accounting for investments held by the consolidated funds at fair value and the valuation methods are consistent with those used to determine the fair value of the consolidated funds’ investments. The Company has elected the fair value option for the financial assets and financial liabilities of its consolidated CLOs. The assets and liabilities of CLOs are primarily reflected within the investments, at fair value and within the debt obligations of CLOs line items in the condensed consolidated statements of financial condition. The Company’s accounting for CLO assets is similar to its accounting for its funds with respect to both carrying investments held by CLOs at fair value and the valuation methods used to determine the fair value of those investments. The fair value of CLO liabilities are measured as the fair value of CLO assets less the sum of (a) the fair value of any beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. Realized gains or losses and changes in the fair value of CLO assets, respectively, are included in net realized gain on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Interest income of CLOs is included in interest and dividend income, and interest expense and other expenses, respectively, are included in interest expense and consolidated fund expenses in the condensed consolidated statements of operations. Changes in the fair value of a CLO’s financial liabilities in accordance with the CLO measurement guidance are included in net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Please see notes 6 and 10 for more information.
Investments, at Fair Value	Investments, at Fair Value The consolidated funds include investment limited partnerships and CLOs that reflect their investments, including majority-owned and controlled investments, at fair value. The Company has retained the specialized investment company accounting guidance under GAAP for investment limited partnerships with respect to consolidated investments and has elected the fair value option for the financial assets of CLOs. Thus, the consolidated investments are reflected in the condensed consolidated statements of financial condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Non-publicly traded debt and equity securities and other securities or instruments for which reliable market quotations are not available are valued by management using valuation methodologies applied on a consistent basis. These securities may initially be valued at the acquisition price as the best indicator of fair value. The Company reviews the significant unobservable inputs, valuations of comparable investments and other similar transactions for investments valued at acquisition price to determine whether another valuation methodology should be utilized. Subsequent valuations will depend on the facts and circumstances known as of the valuation date and the application of valuation methodologies as further described below under “—Non-publicly Traded Equity and Real Estate Investments.” The fair value may also be based on a pending transaction expected to close after the valuation date. Exchange-traded Investments Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. Securities that are not readily marketable due to legal restrictions that may limit or restrict transferability are generally valued at a discount from quoted market prices. The discount would reflect the amount market participants would require due to the risk relating to the inability to access a public market for the security for the specified period and would vary depending on the nature and duration of the restriction and the perceived risk and volatility of the underlying securities. Securities with longer duration restrictions or higher volatility are generally valued at a higher discount. Such discounts are generally estimated based on put option models or an analysis of market studies. Instances where the Company has applied discounts to quoted prices of restricted listed securities have been infrequent. The impact of such discounts is not material to the Company’s condensed consolidated statements of financial condition and results of operations for all periods presented. Credit-oriented Investments (including Real Estate Loan Portfolios) Investments in corporate and government debt which are not listed or admitted to trading on any securities exchange are valued at the mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker-dealers. The market-yield approach is considered in the valuation of non-publicly traded debt securities, utilizing expected future cash flows and discounted using estimated current market rates. Discounted cash-flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of the borrower. Consideration is also given to a borrower’s ability to meet principal and interest obligations; this may include an evaluation of collateral and/or the underlying value of the borrower utilizing techniques described below under “—Non-publicly Traded Equity and Real Estate Investments.” Non-publicly Traded Equity and Real Estate Investments The fair value of equity and real estate investments is determined using a cost, market or income approach. The cost approach is based on the current cost of reproducing a real estate investment less deterioration and functional and economic obsolescence. The market approach utilizes valuations of comparable public companies and transactions, and generally seeks to establish the enterprise value of the portfolio company or investment property using a market-multiple methodology. This approach takes into account the financial measure (such as EBITDA, adjusted EBITDA, free cash flow, net operating income, net income, book value or net asset value) believed to be most relevant for the given company or investment property. Consideration also may be given to factors such as acquisition price of the security or investment property, historical and projected operational and financial results for the portfolio company, the strengths and weaknesses of the portfolio company or investment property relative to its comparable companies or properties, industry trends, general economic and market conditions, and others deemed relevant. The income approach is typically a discounted cash-flow method that incorporates expected timing and level of cash flows. It incorporates assumptions in determining growth rates, income and expense projections, discount and capitalization rates, capital structure, terminal values, and other factors. The applicability and weight assigned to market and income approaches are determined based on the availability of reliable projections and comparable companies and transactions. The valuation of securities may be impacted by expectations of investors’ receptiveness to a public offering of the securities, the size of the holding of the securities and any associated control, information with respect to transactions or offers for the securities (including the transaction pursuant to which the investment was made and the elapsed time from the date of the investment to the valuation date), and applicable restrictions on the transferability of the securities. These valuation methodologies involve a significant degree of management judgment. Accordingly, valuations by the Company do not necessarily represent the amounts that eventually may be realized from sales or other dispositions of investments. Fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the condensed consolidated financial statements.
Recent Accounting Developments	Recent Accounting Developments In 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 Company adopted the guidance in the first quarter of 2019. The adoption did 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 February 2016, the FASB issued guidance that requires a lessee to recognize a lease asset and a lease liability for most of its operating leases. Under legacy GAAP, operating leases were not recognized by a lessee in its statements of financial position. In general, the asset and liability 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 adopted the guidance in the first quarter of 2019 under the simplified transition method, which allows companies to forgo the comparative reporting requirements initially required under the modified retrospective transition approach and apply the new guidance prospectively. The adoption did not have an 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, resulted in a significant gross-up in total assets and total liabilities on the consolidated statements of financial position. The amount of the liability represents the aggregate discounted amount of the Company’s minimum lease obligations as of the reporting date. The difference between the asset and liability amounts represents deferred rent liabilities and lease incentives as of the reporting date that are netted against the asset amount.

REVENUES REVENUES (Tables)

REVENUES REVENUES (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Disaggregated by Fund Structure	Three Months Ended March 31, 2019 2018 Management Fees Closed-end $ 109,375 $ 123,387 Open-end 31,541 37,552 Evergreen 29,018 24,476 Total $ 169,934 $ 185,415 Incentive Income Closed-end $ 96,481 $ 151,906 Evergreen — — Total $ 96,481 $ 151,906
Contract Balances	The table below sets forth contract balances for the periods indicated: As of March 31, 2019 December 31, 2018 Receivables (1) $ 225,465 $ 74,795 Contract assets (1) 66,800 288,176 Contract liabilities (2) (28,413 ) (26,549 ) (1) The changes in the balances primarily related to accruals, net of payments received. (2) Revenue recognized in the three months ended March 31, 2019 from amounts included in the contract liability balance was $6.5 million .

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Carrying value of ithe Company's investments in VIEs	The carrying value of the Company’s investments in VIEs that were not consolidated are shown below. Carrying Value as of March 31, 2019 December 31, 2018 Corporate investments $ 1,047,742 $ 1,093,294 Due from affiliates 305,051 384,225 Maximum exposure to loss $ 1,352,793 $ 1,477,519

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Investments [Abstract]
Corporate Investments	Corporate investments consisted of the following: As of Corporate Investments March 31, 2019 December 31, 2018 Equity-method investments: Funds $ 1,041,570 $ 1,089,068 Companies 36,261 45,797 Other investments, at fair value 79,378 74,899 Total corporate investments $ 1,157,209 $ 1,209,764 Summarized financial information of the Company’s equity-method investments is set forth below. Three Months Ended March 31, Statements of Operations 2019 2018 Revenues / investment income $ 891,961 $ 477,491 Interest expense (70,857 ) (67,230 ) Other expenses (361,900 ) (201,436 ) Net realized and unrealized gain on investments 1,005,147 530,361 Net income $ 1,464,351 $ 739,186
Investment Income	The components of investment income are set forth below: Three Months Ended March 31, Investment Income 2019 2018 Equity-method investments: Funds $ 39,320 $ 27,266 Companies 17,111 18,138 Other investments, at fair value 5,719 (10,841 ) Total investment income $ 62,150 $ 34,563
Investments, at Fair Value	The following table summarizes net gains (losses) attributable to the Company’s other investments: Three Months Ended March 31, 2019 2018 Realized gain (loss) $ — $ 796 Net change in unrealized gain (loss) 5,719 (11,637 ) Total gain (loss) $ 5,719 $ (10,841 ) Investments held and securities sold short by the consolidated funds are summarized below: Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 United States: Debt securities: Communication services $ 551,441 $ 543,948 8.1 % 8.4 % Consumer discretionary 533,508 506,551 7.9 7.8 Consumer staples 116,240 112,197 1.7 1.7 Energy 257,233 204,568 3.8 3.1 Financials 371,148 332,240 5.5 5.1 Health care 539,344 537,592 8.0 8.2 Industrials 464,178 443,406 6.9 6.8 Information technology 537,699 536,000 7.9 8.2 Materials 281,666 289,499 4.2 4.4 Real estate 265,229 217,633 3.9 3.3 Utilities 163,545 137,031 2.4 2.1 Total debt securities (cost: $4,143,772 and $4,019,823 as of March 31, 2019 and December 31, 2018, respectively) 4,081,231 3,860,665 60.3 59.1 Equity securities: Consumer discretionary 6,007 1,915 0.1 0.1 Energy 340 131 0.0 0.0 Financials 668 837 0.0 0.0 Health care 1,609 1,348 0.0 0.0 Industrials 91 88 0.0 0.0 Utilities 1,010 1,107 0.0 0.0 Total equity securities (cost: $14,428 and $6,117 as of March 31, 2019 and December 31, 2018, respectively) 9,725 5,426 0.1 0.1 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Europe: Debt securities: Communication services $ 527,091 $ 530,337 7.8 % 8.1 % Consumer discretionary 551,756 545,324 8.1 8.3 Consumer staples 163,695 160,406 2.4 2.5 Energy 9,336 15,260 0.1 0.2 Financials 67,029 48,545 1.0 0.7 Health care 452,800 418,516 6.8 6.4 Industrials 260,324 246,640 3.8 3.8 Information technology 184,620 194,988 2.7 3.0 Materials 220,334 221,660 3.3 3.4 Real estate 19,737 30,045 0.3 0.5 Utilities 1,679 1,559 0.0 0.0 Total debt securities (cost: $2,489,971 and $2,477,821 as of March 31, 2019 and December 31, 2018, respectively) 2,458,401 2,413,280 36.3 36.9 Equity securities: Consumer staples — 38 — 0.0 Health care 978 948 0.0 0.1 Total equity securities (cost: $163 and $320 as of March 31, 2019 and December 31, 2018, respectively) 978 986 0.0 0.1 Asia and other: Debt securities: Communication services 13,395 12,069 0.2 0.2 Consumer discretionary 43,701 36,822 0.7 0.6 Consumer staples 8,976 11,867 0.1 0.2 Energy 27,075 20,594 0.4 0.3 Financials 13,434 13,995 0.2 0.2 Government 14,037 12,155 0.2 0.2 Health care 9,396 9,633 0.1 0.1 Industrials 46,702 40,468 0.8 0.7 Information technology 678 1,887 0.0 0.0 Materials 16,594 15,516 0.2 0.2 Real estate 7,115 38,592 0.1 0.6 Utilities 17,263 14,870 0.3 0.2 Total debt securities (cost: $222,469 and $233,603 as of March 31, 2019 and December 31, 2018, respectively) 218,366 228,468 3.3 3.5 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Asia and other: Equity securities: Consumer discretionary $ — $ 874 — % 0.0 % Consumer staples 26 997 0.0 0.0 Energy 100 382 0.0 0.0 Financials — 2,935 — 0.0 Industrials — 11,265 — 0.2 Information technology — 1,725 — 0.0 Materials 1,643 4,382 0.0 0.1 Total equity securities (cost: $1,961 and $22,977 as of March 31, 2019 and December 31, 2018, respectively) 1,769 22,560 0.0 0.3 Total debt securities 6,757,998 6,502,413 99.9 99.5 Total equity securities 12,472 28,972 0.1 0.5 Total investments, at fair value $ 6,770,470 $ 6,531,385 100.0 % 100.0 % Securities Sold Short Equity securities (proceeds: $0 and $2,644 as of March 31, 2019 and December 31, 2018, respectively) $ — $ (2,609 )
Net Gains (Losses) from Investment Activities of Consolidated Funds	The following table summarizes net gains (losses) from investment activities: Three Months Ended March 31, 2019 2018 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 $ (7,945 ) $ 129,670 $ 11,322 $ (30,588 ) CLO liabilities (1) — (72,083 ) — 18,072 Foreign-currency forward contracts (2) 2,126 (470 ) 1,439 (711 ) Total-return and interest-rate swaps (2) — — 20 (86 ) Options and futures (2) — — 1,818 (1,073 ) Total $ (5,819 ) $ 57,117 $ 14,599 $ (14,386 ) (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 7 for additional information.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The Company’s other financial assets and financial liabilities by fair-value hierarchy level are set forth below. Please see notes 10 and 18 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of March 31, 2019 As of December 31, 2018 Level I Level II Level III Total Level I Level II Level III Total Assets U.S. Treasury and other securities (1) $ 457,703 $ — $ — $ 457,703 $ 546,531 $ — $ — $ 546,531 Corporate investments — 30,990 48,423 79,413 — 29,476 45,426 74,902 Foreign-currency forward contracts (2) — 2,065 — 2,065 — 1,654 — 1,654 Cross-currency swap (2) — 4,464 — 4,464 — 2,384 — 2,384 Total assets $ 457,703 $ 37,519 $ 48,423 $ 543,645 $ 546,531 $ 33,514 $ 45,426 $ 625,471 Liabilities Contingent liability (3) $ — $ — $ (6,576 ) $ (6,576 ) $ — $ — $ (6,657 ) $ (6,657 ) Foreign-currency forward contracts (4) — (1,600 ) — (1,600 ) — (2,318 ) — (2,318 ) Total liabilities $ — $ (1,600 ) $ (6,576 ) $ (8,176 ) $ — $ (2,318 ) $ (6,657 ) $ (8,975 ) (1) Carrying value approximates fair value due to the short-term nature. (2) Amounts are included in other assets in the condensed consolidated statements of financial condition. (3) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. (4) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition, except for $35 and $3 as of March 31, 2019 and December 31, 2018, respectively, which are included within corporate investments in the condensed consolidated statements of financial condition.
Summary of Changes in Fair Value of Level III Investments	The table below sets forth a summary of changes in the fair value of Level III financial instruments: Three Months Ended March 31, 2019 2018 Corporate Investments Contingent Liability Corporate Investments Contingent Liability Beginning balance $ 45,426 $ (6,657 ) $ 50,902 $ (18,778 ) Contributions or additions — — 1,293 — Distributions — — (815 ) — Net gain (loss) included in earnings 2,997 81 1,715 2,575 Ending balance $ 48,423 $ (6,576 ) $ 53,095 $ (16,203 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 2,997 $ 81 $ 919 $ 2,575
Summary of Changes in Fair Value of Level III Investments	The table below sets forth a summary of changes in the fair value of Level III financial instruments: Three Months Ended March 31, 2019 2018 Corporate Investments Contingent Liability Corporate Investments Contingent Liability Beginning balance $ 45,426 $ (6,657 ) $ 50,902 $ (18,778 ) Contributions or additions — — 1,293 — Distributions — — (815 ) — Net gain (loss) included in earnings 2,997 81 1,715 2,575 Ending balance $ 48,423 $ (6,576 ) $ 53,095 $ (16,203 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 2,997 $ 81 $ 919 $ 2,575 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 Three Months Ended March 31, 2019 Beginning balance $ 136,055 $ 185,378 $ 3,063 $ 1,426 $ — $ 325,922 Transfers into Level III 17,510 8,754 5,410 — — 31,674 Transfers out of Level III (33,820 ) (6,280 ) — — — (40,100 ) Purchases 7,097 17,158 — — — 24,255 Sales (10,017 ) (6,801 ) (127 ) — — (16,945 ) Realized gains (losses), net (9 ) (361 ) 26 — — (344 ) Unrealized appreciation (depreciation), net (1,871 ) 3,353 (948 ) 56 — 590 Ending balance $ 114,945 $ 201,201 $ 7,424 $ 1,482 $ — $ 325,052 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (3,758 ) $ 2,761 $ (948 ) $ 56 $ — $ (1,889 ) Three Months Ended March 31, 2018 Beginning balance $ 86,999 $ 75,388 $ 3,427 $ — $ 121,588 $ 287,402 Deconsolidation of funds — — — — (121,087 ) (121,087 ) Transfers into Level III 25,164 607 490 — — 26,261 Transfers out of Level III (7,289 ) (490 ) (57 ) — — (7,836 ) Purchases 4,816 31,123 56 236 — 36,231 Sales (17,472 ) (19,110 ) (311 ) — (501 ) (37,394 ) Realized gains (losses), net 328 86 — — — 414 Unrealized appreciation (depreciation), net 1,949 (203 ) 98 375 — 2,219 Ending balance $ 94,495 $ 87,401 $ 3,703 $ 611 $ — $ 186,210 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 1,965 $ (185 ) $ 96 $ 375 $ — $ 2,251
Summary of Valuation Techniques and Quantitative Information	The table below sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the Company’s Level III financial instruments: Fair Value as of Significant Unobservable Input Financial Instrument March 31, 2019 December 31, 2018 Valuation Technique Range Weighted Average Corporate investment – Limited partnership interests $ 48,423 $ 45,426 Market approach Not applicable Not applicable Not applicable Contingent liability (6,576 ) (6,657 ) Discounted cash flow Assumed % of total potential contingent payments 0% – 100% 24% 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 March 31, 2019: Investment Type Fair Value Valuation Technique Significant Unobservable (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer discretionary: $ 13,263 Discounted cash flow (4) Discount rate 10% – 14% 11% 9,846 Recent market information (5) Quoted prices Not applicable Not applicable Financials: 106,723 Recent market information (5) Quoted prices Not applicable Not applicable 3,770 Discounted cash flow (4) Discount rate 9% – 12% 11% Health care: 35,377 Recent market information (5) Quoted prices Not applicable Not applicable 3,191 Discounted cash flow (4) Discount rate 10% – 17% 13% Real estate: 95,083 Recent market information (5) Quoted prices Not applicable Not applicable 5,202 Discounted cash flow (4) Discount rate 11% – 23% 15% Other: 27,047 Recent market information (5) Quoted prices Not applicable Not applicable 16,644 Discounted cash flow (4) Discount rate 8% – 15% 13% Equity investments: 2,022 Discounted cash flow (4) Discount rate 10% – 15% 12% 3,818 Market approach (6) Earnings multiple (7) 4x – 11x 6x 3,066 Recent market information (5) Quoted prices Not applicable Not applicable Total Level III $ 325,052 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 (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.
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 March 31, 2019 As of December 31, 2018 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 5,343,997 $ 114,945 $ 5,458,942 $ — $ 5,216,923 $ 136,055 $ 5,352,978 Corporate debt – all other — 1,097,855 201,201 1,299,056 634 963,423 185,378 1,149,435 Equities – common stock 3,566 — 7,424 10,990 24,483 — 3,063 27,546 Equities – preferred stock — — 1,482 1,482 — — 1,426 1,426 Total investments 3,566 6,441,852 325,052 6,770,470 25,117 6,180,346 325,922 6,531,385 Derivatives: Foreign-currency forward contracts — 3,343 — 3,343 — 2,275 — 2,275 Options and futures — — — — 189 — — 189 Total derivatives (1) — 3,343 — 3,343 189 2,275 — 2,464 Total assets $ 3,566 $ 6,445,195 $ 325,052 $ 6,773,813 $ 25,306 $ 6,182,621 $ 325,922 $ 6,533,849 Liabilities CLO debt obligations: Senior secured notes $ — $ (3,998,371 ) $ — $ (3,998,371 ) $ — $ (3,976,602 ) $ — $ (3,976,602 ) Subordinated notes — (161,058 ) — (161,058 ) — (151,392 ) — (151,392 ) Total CLO debt obligations (2) — (4,159,429 ) — (4,159,429 ) — (4,127,994 ) — (4,127,994 ) Securities sold short: Equity securities — — — — (2,609 ) — — (2,609 ) Derivatives: Foreign-currency forward contracts — (2,181 ) — (2,181 ) — (643 ) — (643 ) Total derivatives (3) — (2,181 ) — (2,181 ) — (643 ) — (643 ) Total liabilities $ — $ (4,161,610 ) $ — $ (4,161,610 ) $ (2,609 ) $ (4,128,637 ) $ — $ (4,131,246 ) (1) Amounts are included in other assets under “assets of consolidated funds” in the condensed consolidated statements of financial condition. (2) The fair value of CLO liabilities is classified based on the more observable fair value of CLO assets. Please see notes 2 and 10 for more information. (3) Amounts are included in accounts payable, accrued expenses and other liabilities under “liabilities of consolidated funds” in the condensed consolidated statements of financial condition

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Net Forward Currency Sell Contracts Under Freestanding Derivatives	The fair value of freestanding derivatives consisted of the following: Assets Liabilities Notional Fair Value Notional Fair Value As of March 31, 2019 Foreign-currency forward contracts $ 66,215 $ 2,065 $ (91,264 ) $ (1,600 ) Cross-currency swap 238,803 4,464 — — Total $ 305,018 $ 6,529 $ (91,264 ) $ (1,600 ) As of December 31, 2018 Foreign-currency forward contracts $ 58,254 $ 1,654 $ (77,156 ) $ (2,318 ) Cross-currency swap 242,450 2,384 — — Total $ 300,704 $ 4,038 $ (77,156 ) $ (2,318 )
Summary of Impact of Freestanding Derivative Instruments on Condensed Consolidated Statement of Operations	The following tables summarize net gains (losses) from derivatives held by the consolidated funds: Three Months Ended March 31, 2019 2018 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 $ 2,126 $ (470 ) $ 1,439 $ (711 ) Total-return and interest-rate swaps — — 20 (86 ) Options and futures — — 1,818 (1,073 ) Total $ 2,126 $ (470 ) $ 3,277 $ (1,870 ) Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the condensed consolidated statements of operations as follows: Three Months Ended March 31, 2019 2018 Investment income $ 1,729 $ (12,373 ) General and administrative expense (1) 2,104 (3,072 ) Total $ 3,833 $ (15,445 ) (1) To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income and management fees earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction in expenses) reflected in consolidated general and administrative expense.
Balance Sheet Offsetting Assets	The table below sets forth the setoff rights and related arrangements associated with derivatives held by the Company. The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance. Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of March 31, 2019 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 2,065 $ 1,323 $ — $ 742 Cross-currency swap 4,464 — — 4,464 Subtotal 6,529 1,323 — 5,206 Derivative assets of consolidated funds: Foreign-currency forward contracts 3,343 1,563 — 1,780 Total $ 9,872 $ 2,886 $ — $ 6,986 Derivative Liabilities: Foreign-currency forward contracts $ (1,600 ) $ (1,323 ) $ — $ (277 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (2,181 ) (1,563 ) (740 ) 122 Subtotal (2,181 ) (1,563 ) (740 ) 122 Total $ (3,781 ) $ (2,886 ) $ (740 ) $ (155 ) 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 )
Balance Sheet Offsetting Liabilities	The table below sets forth the setoff rights and related arrangements associated with derivatives held by the Company. The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance. Gross and Net Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of March 31, 2019 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 2,065 $ 1,323 $ — $ 742 Cross-currency swap 4,464 — — 4,464 Subtotal 6,529 1,323 — 5,206 Derivative assets of consolidated funds: Foreign-currency forward contracts 3,343 1,563 — 1,780 Total $ 9,872 $ 2,886 $ — $ 6,986 Derivative Liabilities: Foreign-currency forward contracts $ (1,600 ) $ (1,323 ) $ — $ (277 ) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (2,181 ) (1,563 ) (740 ) 122 Subtotal (2,181 ) (1,563 ) (740 ) 122 Total $ (3,781 ) $ (2,886 ) $ (740 ) $ (155 ) 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 )

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
FIXED ASSETS	The following table sets forth the Company’s fixed assets and accumulated depreciation: As of March 31, 2019 December 31, 2018 Furniture, equipment and capitalized software $ 27,287 $ 26,345 Leasehold improvements 72,851 70,270 Corporate aircraft 66,120 66,120 Other 5,031 4,859 Fixed assets 171,289 167,594 Accumulated depreciation (64,523 ) (61,879 ) Fixed assets, net $ 106,766 $ 105,715

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Value of Intangible Assets	The following table summarizes the carrying value of intangible assets: As of March 31, 2019 December 31, 2018 Contractual rights $ 347,452 $ 347,452 Accumulated amortization (37,365 ) (33,173 ) Intangible assets, net $ 310,087 $ 314,279
Expected Future Amortization	Future amortization of intangible assets held as of March 31, 2019 is set forth below: Remainder of 2019 $ 12,588 2020 16,780 2021 15,112 2022 12,777 2023 12,777 Thereafter 240,053 Total $ 310,087

DEBT OBLIGATIONS AND CREDIT F_2

DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt Obligations	The Company’s debt obligations are set forth below: As of March 31, 2019 December 31, 2018 $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 (3,922 ) (4,055 ) Debt obligations $ 746,078 $ 745,945 (1) 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 March 31, 2019, the Company had no outstanding borrowings under the revolving credit facility.
Future Principal Payments of Debt Obligations	As of March 31, 2019, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: Remainder of 2019 $ 299,164 2020 — 2021 — 2022 — 2023 — Thereafter 3,889,093 Total $ 4,188,257 As of March 31, 2019, future scheduled principal payments of debt obligations were as follows: Remainder of 2019 $ — 2020 — 2021 — 2022 — 2023 150,000 Thereafter 600,000 Total $ 750,000
Schedule of Collateralized Loan Obligation	The consolidated funds had the following debt obligations outstanding: Outstanding Amount as of Facility Capacity Weighted Average Interest Rate Weighted Average Remaining Maturity (years) Commitment Fee Rate L/C Fee Credit Agreement March 31, 2019 December 31, 2018 Senior variable rate notes $ 870,098 $ 870,098 $ 870,100 3.77% 9.5 N/A N/A Less: Debt issuance costs (5,037 ) (5,569 ) Total debt obligations, net $ 865,061 $ 864,529 Outstanding debt obligations of CLOs were as follows: As of March 31, 2019 As of December 31, 2018 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 $ 3,998,371 2.80% 9.5 $ 3,976,602 2.69% 9.9 Subordinated notes (2) 161,058 N/A 8.8 151,392 N/A 9.7 Total CLO debt obligations $ 4,159,429 $ 4,127,994 (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 6 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.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended March 31, 2019 Operating lease cost $ 4,814 Sublease income — Total lease cost $ 4,814 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 4,751 Weighted average remaining lease term for operating leases (in years) 9.9 Weighted average discount rate for operating leases 4.4 %
Maturities of Operating Lease Liabilities	aturities of operating lease liabilities were as follows: Remainder of 2019 $ 14,780 2020 18,929 2021 17,911 2022 17,350 2023 16,785 Thereafter 86,424 Total lease payments 172,179 Less: imputed interest (32,969 ) Total operating lease liabilities $ 139,210

NON-CONTROLLING REDEEMABLE IN_2

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Tables)	3 Months Ended
	Mar. 31, 2019
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. Three Months Ended March 31, 2019 2018 Beginning balance $ 961,622 $ 860,548 Contributions 80,653 59,745 Distributions (62,641 ) (73,523 ) Net income 64,202 10,553 Change in distributions payable 2,759 729 Foreign currency translation and other (5,611 ) 3,812 Ending balance $ 1,040,984 $ 861,864

UNITHOLDERS' CAPITAL (Tables)

UNITHOLDERS' CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
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: Three Months Ended March 31, 2019 2018 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 85,474 88,270 Class A unitholders 71,632 67,918 Total weighted average units outstanding 157,106 156,188 Oaktree Operating Group net income: Net income attributable to preferred unitholders (1) $ 6,829 $ — Net income attributable to OCGH non-controlling interest 65,472 73,255 Net income attributable to OCG Class A unitholders 54,866 56,362 Oaktree Operating Group net income (2) $ 127,167 $ 129,617 Net income attributable to OCG Class A unitholders: Oaktree Operating Group net income attributable to OCG Class A unitholders $ 54,866 $ 56,362 Non-Operating Group income (expense) (3,644 ) 20 Income tax expense of Intermediate Holding Companies (3,968 ) (3,650 ) Net income attributable to OCG Class A unitholders $ 47,254 $ 52,732 (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 $642 and $692 for the three months ended March 31, 2019 and 2018, respectively.
Changes in Company Ownership Interest	The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below: Three Months Ended March 31, 2019 2018 Net income attributable to OCG Class A unitholders $ 47,254 $ 52,732 Equity reallocation between controlling and non-controlling interests 6,125 73,830 Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests $ 53,379 $ 126,562

EARNINGS PER UNIT (Tables)

EARNINGS PER UNIT (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Computations of Net Income (Loss) Per Unit	The computation of net income per Class A unit is set forth below: Three Months Ended March 31, 2019 2018 Net income per Class A unit (basic and diluted): (in thousands, except per unit amounts) Net income attributable to OCG Class A unitholders $ 47,254 $ 52,732 Weighted average number of Class A units outstanding (basic and diluted) 71,632 67,918 Basic and diluted net income per Class A unit $ 0.66 $ 0.78

EQUITY-BASED COMPENSATION EQUIT

EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2019
Share-based Compensation [Abstract]
Summary of Unvested Equity-Based Awards and Changes	A summary of the status of the Company’s unvested Class A and OCGH unit awards and changes for the period 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 as of December 31, 2018 2,700,585 $ 42.76 1,864,049 $ 39.83 Granted 1,452,503 49.52 1,020,225 40.85 Vested (896,481 ) 42.85 (366,338 ) 35.30 Forfeited (19,511 ) 43.02 — — Balance as of March 31, 2019 3,237,096 $ 45.77 2,517,936 $ 40.90 (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 March 31, 2019 the Company expected to recognize compensation expense on 320,000 unvested OCGH performance awards of $7.8 million over a weighted average period of 4.2 years.

INCOME TAXES AND RELATED PAYM_2

INCOME TAXES AND RELATED PAYMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Expected Estimated Future Payments to OCGH Agreements	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 estimated future payments to OCGH unitholders under the tax receivable agreement, as of March 31, 2019, 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

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Amounts Due from and Due to Affiliates	The fair value of amounts due to affiliates approximated $99,490 and $95,953 as of March 31, 2019 and December 31, 2018, respectively, based on a discount rate of 10.0% . As of March 31, 2019 December 31, 2018 Due from affiliates: Loans $ 2,256 $ 3,857 Amounts due from unconsolidated funds 64,036 72,588 Management fees and incentive income due from unconsolidated funds 292,265 362,971 Payments made on behalf of unconsolidated entities 3,171 3,469 Non-interest bearing advances made to certain non-controlling interest holders and employees — 27 Total due from affiliates $ 361,728 $ 442,912 Due to affiliates: Due to OCGH unitholders in connection with the tax receivable agreement (please see note 16) $ 187,872 $ 187,872 Amounts due to senior executives, certain non-controlling interest holders and employees 1,762 495 Total due to affiliates $ 189,634 $ 188,367

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Sep. 30, 2019$ / sharesshares	Mar. 31, 2019partnership_interestvote
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Limited liability company (LLC) ownership interest		100.00%
Number of partnership interests | partnership_interest		1
Number of votes per class A unit		1
Number of votes per class B unit		10
Forecast | Brookfield Merger Agreement
Subsidiary, Sale of Stock [Line Items]
Cash consideration (in USD per share) | $ / shares	$ 49
Shares of Brookfield issued (in shares) | shares	1.0770
Share and cash pro ration	50.00%
Forecast | Brookfield | Brookfield Merger Agreement
Subsidiary, Sale of Stock [Line Items]
Percentage of business sold	62.00%
Forecast | Brookfield | Brookfield Asset Management Inc. Merger Agreement, OCGH Unitholders
Subsidiary, Sale of Stock [Line Items]
Percentage of business sold	20.00%
Forecast | OCGH | Brookfield Merger Agreement
Subsidiary, Sale of Stock [Line Items]
Percentage of business owned by OCGH	38.00%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2019
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Withdrawal period	1 month
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Withdrawal period	3 years
Management fees | Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Payment terms	10 years
Management fees | Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Payment terms	11 years
Closed-end
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of fund profits	20.00%
Preferred return on funds	8.00%
Evergreen
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of fund profits	20.00%

REVENUES - Revenues Disaggregat

REVENUES - Revenues Disaggregated by Fund Structure (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 266,415	$ 337,321
Management Fees
Disaggregation of Revenue [Line Items]
Revenues	169,934	185,415
Closed-end
Disaggregation of Revenue [Line Items]
Revenues	109,375	123,387
Open-end
Disaggregation of Revenue [Line Items]
Revenues	31,541	37,552
Evergreen
Disaggregation of Revenue [Line Items]
Revenues	29,018	24,476
Incentive Income
Disaggregation of Revenue [Line Items]
Revenues	96,481	151,906
Closed-end
Disaggregation of Revenue [Line Items]
Revenues	96,481	151,906
Evergreen
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0

REVENUES REVENUES - Contract Ba

REVENUES REVENUES - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Receivables	$ 225,465	$ 74,795
Contract assets	66,800	288,176
Contract liabilities	(28,413)	$ (26,549)
Revenue recognized from amounts included in contract liability balance	$ 6,500

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) - Consolidated VIEs $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)entity	Dec. 31, 2018entity
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	22	23
VIE consolidated assets | $	$ 7,100
VIE consolidated liabilities | $	5,600
Maximum exposure to loss | $	$ 496.7
Funds Managed by Oaktree
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	9
CLO's for Which Oaktree Acts as Collateral Manager
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	12
Consolidated Funds Formed to Satisfy Risk Retention Requirements
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	2
Remaining Variable Interest Entities
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	21

VARIABLE INTEREST ENTITIES - VI

VARIABLE INTEREST ENTITIES - VIEs Not Consolidated (Details) - Unconsolidated VIEs - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 1,352,793	$ 1,477,519
Corporate investments
Variable Interest Entity [Line Items]
Assets and liabilities, net	1,047,742	1,093,294
Due from affiliates
Variable Interest Entity [Line Items]
Assets and liabilities, net	$ 305,051	$ 384,225

INVESTMENTS - Corporate investm

INVESTMENTS - Corporate investments (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investment [Line Items]
Other investments, at fair value	$ 79,378	$ 74,899
Total corporate investments	1,157,209	1,209,764
Funds
Investment [Line Items]
Equity-method investments	1,041,570	1,089,068
Companies
Investment [Line Items]
Equity-method investments	$ 36,261	$ 45,797

INVESTMENTS - Investment income

INVESTMENTS - Investment income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ 5,719	$ (10,841)
Total investment income	62,150	34,563
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments	39,320	27,266
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments	$ 17,111	$ 18,138

INVESTMENTS - Equity-method Inv

INVESTMENTS - Equity-method Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Equity Method Investments [Line Items]
Revenues / investment income	$ 891,961	$ 477,491
Interest expense	(70,857)	(67,230)
Other expenses	(361,900)	(201,436)
Net realized and unrealized gain on investments	1,005,147	530,361
Net income	$ 1,464,351	$ 739,186
Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	2.50%
Double Line
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investment [Line Items]
Realized gain (loss)	$ (5,819)	$ 14,599
Net change in unrealized gain (loss)	57,117	(14,386)
Total gain (loss)	51,298	213
Other Investments at Fair Value
Investment [Line Items]
Realized gain (loss)	0	796
Net change in unrealized gain (loss)	5,719	(11,637)
Total gain (loss)	$ 5,719	$ (10,841)

INVESTMENTS - Fair Value (Detai

INVESTMENTS - Fair Value (Details) - Consolidated Funds - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 6,757,998	$ 6,502,413
Equity securities	$ 12,472	$ 28,972
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	99.90%	99.50%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.50%
Total Level III investments	$ 6,770,470	$ 6,531,385
Investments, at fair value, Fair Value as a Percentage of Investments of Consolidated Funds	100.00%	100.00%
Total securities sold short, at fair value	$ 0	$ (2,609)
United States
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	4,081,231	3,860,665
Equity securities	$ 9,725	$ 5,426
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	60.30%	59.10%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.10%
United States | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 551,441	$ 543,948
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	8.10%	8.40%
United States | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 533,508	$ 506,551
Equity securities	$ 6,007	$ 1,915
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	7.90%	7.80%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.10%
United States | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 116,240	$ 112,197
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	1.70%	1.70%
United States | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 257,233	$ 204,568
Equity securities	$ 340	$ 131
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	3.80%	3.10%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 371,148	$ 332,240
Equity securities	$ 668	$ 837
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	5.50%	5.10%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 539,344	$ 537,592
Equity securities	$ 1,609	$ 1,348
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	8.00%	8.20%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 464,178	$ 443,406
Equity securities	$ 91	$ 88
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	6.90%	6.80%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United States | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 537,699	$ 536,000
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	7.90%	8.20%
United States | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 281,666	$ 289,499
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	4.20%	4.40%
United States | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 265,229	$ 217,633
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	3.90%	3.30%
United States | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 163,545	$ 137,031
Equity securities	$ 1,010	$ 1,107
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	2.40%	2.10%
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	$ 2,458,401	$ 2,413,280
Equity securities	$ 978	$ 986
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	36.30%	36.90%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.10%
Europe | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 527,091	$ 530,337
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	7.80%	8.10%
Europe | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 551,756	$ 545,324
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	8.10%	8.30%
Europe | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 163,695	$ 160,406
Equity securities	$ 0	$ 38
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	2.40%	2.50%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Europe | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 9,336	$ 15,260
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.20%
Europe | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 67,029	$ 48,545
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	1.00%	0.70%
Europe | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 452,800	$ 418,516
Equity securities	$ 978	$ 948
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	6.80%	6.40%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.10%
Europe | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 260,324	$ 246,640
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	3.80%	3.80%
Europe | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 184,620	$ 194,988
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	2.70%	3.00%
Europe | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 220,334	$ 221,660
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	3.30%	3.40%
Europe | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 19,737	$ 30,045
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.30%	0.50%
Europe | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 1,679	$ 1,559
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 218,366	$ 228,468
Equity securities	$ 1,769	$ 22,560
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	3.30%	3.50%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.30%
Asia and other | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 13,395	$ 12,069
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.20%
Asia and other | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 43,701	$ 36,822
Equity securities	$ 0	$ 874
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.70%	0.60%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 8,976	$ 11,867
Equity securities	$ 26	$ 997
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.20%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 27,075	$ 20,594
Equity securities	$ 100	$ 382
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.40%	0.30%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 13,434	$ 13,995
Equity securities	$ 0	$ 2,935
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.20%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other | Government
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 14,037	$ 12,155
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.20%
Asia and other | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 9,396	$ 9,633
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.10%
Asia and other | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 46,702	$ 40,468
Equity securities	$ 0	$ 11,265
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.80%	0.70%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.20%
Asia and other | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 678	$ 1,887
Equity securities	$ 0	$ 1,725
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 16,594	$ 15,516
Equity securities	$ 1,643	$ 4,382
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.20%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.10%
Asia and other | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 7,115	$ 38,592
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.60%
Asia and other | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 17,263	$ 14,870
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.30%	0.20%

INVESTMENTS - Fair Value, Addit

INVESTMENTS - Fair Value, Additional Information (Details) (Phantom) - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Investments In Marketable Securities [Line Items]
Securities sold short, proceeds	$ 0	$ 2,644
United States
Schedule Of Investments In Marketable Securities [Line Items]
Total debt securities, cost	4,143,772	4,019,823
Total equity securities, cost	14,128	6,117
Europe
Schedule Of Investments In Marketable Securities [Line Items]
Total debt securities, cost	2,489,971	2,477,821
Total equity securities, cost	163	320
Asia and other
Schedule Of Investments In Marketable Securities [Line Items]
Total debt securities, cost	222,469	233,603
Total equity securities, cost	$ 1,961	$ 22,977

INVESTMENTS - Net Gains (Losses

INVESTMENTS - Net Gains (Losses) from Investment Activities of Consolidated Funds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	$ (5,819)	$ 14,599
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	57,117	(14,386)
Consolidated Funds | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	(5,819)	14,599
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	57,117	(14,386)
Net Realized Gain (Loss) on Investments	2,126	3,277
Net Change in Unrealized Appreciation (Depreciation) on Investments	(470)	(1,870)
Consolidated Funds | Investments and other financial instruments | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	(7,945)	11,322
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	129,670	(30,588)
Consolidated Funds | CLO Liabilities | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	0	0
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(72,083)	18,072
Consolidated Funds | Foreign-currency forward contracts | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	2,126	1,439
Net Change in Unrealized Appreciation (Depreciation) on Investments	(470)	(711)
Consolidated Funds | Total-return and interest-rate swaps | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	0	20
Net Change in Unrealized Appreciation (Depreciation) on Investments	0	(86)
Consolidated Funds | Options and futures | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	0	1,818
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 0	$ (1,073)

FAIR VALUE - Financial Instrume

FAIR VALUE - Financial Instruments by Fair-value Hierarchy Level (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 9,872		$ 6,502
Contingent consideration	(6,600)	$ (6,700)
Derivative liabilities	(3,781)		(2,961)
Oaktree Capital Group Excluding Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	79,378	74,899
Derivative assets	6,529		4,038
Oaktree Capital Group Excluding Consolidated Funds | Cross-currency swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	4,464		$ 2,384
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	543,645	625,471
Total liabilities	(8,176)	(8,975)
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	2,065	1,654
Derivative liabilities	(1,600)	(2,318)
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	4,464	2,384
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | U.S. Treasury and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	457,703	546,531
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	79,413	74,902
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Contingent liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(6,576)	(6,657)
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	457,703	546,531
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	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	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | U.S. Treasury and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	457,703	546,531
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 I | Contingent liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	37,519	33,514
Total liabilities	(1,600)	(2,318)
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	2,065	1,654
Derivative liabilities	(1,600)	(2,318)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(35)	(3)
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	4,464	2,384
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | U.S. Treasury 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	30,990	29,476
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Contingent liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	48,423	45,426
Total liabilities	(6,576)	(6,657)
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	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	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | U.S. Treasury 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	48,423	45,426
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Contingent liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ (6,576)	$ (6,657)

FAIR VALUE - Changes in Fair Va

FAIR VALUE - Changes in Fair Value (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Corporate Investments
Beginning balance	$ 45,426	$ 50,902
Contributions or additions	0	1,293
Distributions	0	(815)
Net gain (loss) included in earnings	2,997	1,715
Ending balance	48,423	53,095
Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	2,997	919
Contingent Liability
Beginning balance	(6,657)	(18,778)
Contributions or additions	0	0
Distributions	0	0
Net gain (loss) included in earnings	81	2,575
Ending balance	(6,576)	(16,203)
Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	$ 81	$ 2,575

FAIR VALUE - Valuation Techniqu

FAIR VALUE - Valuation Techniques (Details) - Oaktree Capital Group Excluding Consolidated Funds $ in Thousands	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 79,378	$ 74,899
Corporate investment – Limited partnership interests | Market approach (value of underlying assets) | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	48,423	45,426
Contingent liability | Discounted cash flow | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent liability	$ (6,576)	$ (6,657)
Minimum | Contingent liability | Discounted cash flow | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0
Maximum | Contingent liability | Discounted cash flow | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	1
Weighted Average | Contingent liability | Discounted cash flow | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.24

FAIR VALUE - Consolidated Funds

FAIR VALUE - Consolidated Funds Valuation of Investments and Other Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives (1)	$ 9,872		$ 6,502
Total CLO debt obligations (2)		$ (4,127,994)
Total derivatives (3)	(3,781)		(2,961)
Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	6,770,470	6,531,385
Total derivatives (1)			2,464
Total CLO debt obligations (2)	(4,159,429)
Equity securities	0	(2,609)
Total derivatives (3)	(2,181)
Consolidated Funds | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives (1)			$ 189
Consolidated Funds | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	325,052	325,922
Consolidated Funds | Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	6,770,470	6,531,385
Total derivatives (1)	3,343	2,464
Total assets	6,773,813	6,533,849
Total derivatives (3)	(2,181)	(643)
Total liabilities	(4,161,610)	(4,131,246)
Consolidated Funds | Fair Value, Measurements, Recurring | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities	0	(2,609)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO Debt Obligations
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations (2)	(4,159,429)	(4,127,994)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO Debt Obligations | Senior secured notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations (2)	(3,998,371)	(3,976,602)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO Debt Obligations | Subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations (2)	(161,058)	(151,392)
Consolidated Funds | Fair Value, Measurements, Recurring | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives (1)	3,343	2,275
Total derivatives (3)	(2,181)	(643)
Consolidated Funds | Fair Value, Measurements, Recurring | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives (1)	0	189
Consolidated Funds | Fair Value, Measurements, Recurring | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	5,458,942	5,352,978
Consolidated Funds | Fair Value, Measurements, Recurring | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,299,056	1,149,435
Consolidated Funds | Fair Value, Measurements, Recurring | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	10,990	27,546
Consolidated Funds | Fair Value, Measurements, Recurring | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,482	1,426
Consolidated Funds | Fair Value, Measurements, Recurring | Level I
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	3,566	25,117
Total derivatives (1)	0	189
Total assets	3,566	25,306
Total derivatives (3)	0	0
Total liabilities	0	(2,609)
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities	0	(2,609)
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | CLO Debt Obligations
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations (2)	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | CLO Debt Obligations | Senior secured notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations (2)	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 (2)	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives (1)	0	0
Total derivatives (3)	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives (1)	0	189
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	0	634
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	3,566	24,483
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Equities – preferred stock
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	6,441,852	6,180,346
Total derivatives (1)	3,343	2,275
Total assets	6,445,195	6,182,621
Total derivatives (3)	(2,181)	(643)
Total liabilities	(4,161,610)	(4,128,637)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities	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 (2)	(4,159,429)	(4,127,994)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | CLO Debt Obligations | Senior secured notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations (2)	(3,998,371)	(3,976,602)
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 (2)	(161,058)	(151,392)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives (1)	3,343	2,275
Total derivatives (3)	(2,181)	(643)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives (1)	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	5,343,997	5,216,923
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,097,855	963,423
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Equities – preferred stock
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	325,052	325,922
Total derivatives (1)	0	0
Total assets	325,052	325,922
Total derivatives (3)	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]
Equity securities	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 (2)	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | CLO Debt Obligations | Senior secured notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total CLO debt obligations (2)	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 (2)	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives (1)	0	0
Total derivatives (3)	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives (1)	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	114,945	136,055
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	201,201	185,378
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	7,424	3,063
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 1,482	$ 1,426

FAIR VALUE - Consolidated Fun_2

FAIR VALUE - Consolidated Funds Summary of Changes in Fair Value of Level III Investments (Details) - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 325,922	$ 287,402
Deconsolidation of funds		(121,087)
Transfers into Level III	31,674	26,261
Transfers out of Level III	(40,100)	(7,836)
Purchases	24,255	36,231
Sales	(16,945)	(37,394)
Realized gains (losses), net	(344)	414
Unrealized appreciation (depreciation), net	590	2,219
Ending balance	325,052	186,210
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(1,889)	2,251
Corporate Debt – Bank Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	136,055	86,999
Deconsolidation of funds		0
Transfers into Level III	17,510	25,164
Transfers out of Level III	(33,820)	(7,289)
Purchases	7,097	4,816
Sales	(10,017)	(17,472)
Realized gains (losses), net	(9)	328
Unrealized appreciation (depreciation), net	(1,871)	1,949
Ending balance	114,945	94,495
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(3,758)	1,965
Corporate Debt – All Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	185,378	75,388
Deconsolidation of funds		0
Transfers into Level III	8,754	607
Transfers out of Level III	(6,280)	(490)
Purchases	17,158	31,123
Sales	(6,801)	(19,110)
Realized gains (losses), net	(361)	86
Unrealized appreciation (depreciation), net	3,353	(203)
Ending balance	201,201	87,401
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	2,761	(185)
Equities – common stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,063	3,427
Deconsolidation of funds		0
Transfers into Level III	5,410	490
Transfers out of Level III	0	(57)
Purchases	0	56
Sales	(127)	(311)
Realized gains (losses), net	26	0
Unrealized appreciation (depreciation), net	(948)	98
Ending balance	7,424	3,703
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(948)	96
Equities – preferred stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,426	0
Deconsolidation of funds		0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Purchases	0	236
Sales		0
Realized gains (losses), net		0
Unrealized appreciation (depreciation), net	56	375
Ending balance	1,482	611
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	56	375
Real Estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	121,588
Deconsolidation of funds		(121,087)
Transfers into Level III	0	0
Transfers out of Level III	0	0
Purchases	0	0
Sales		(501)
Realized gains (losses), net		0
Unrealized appreciation (depreciation), net		0
Ending balance	0	0
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$ 0	$ 0

FAIR VALUE - Consolidated Fun_3

FAIR VALUE - Consolidated Funds Additional Information (Details)	3 Months Ended
	Mar. 31, 2019investment
Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of investments that changed valuation technique	0

FAIR VALUE - Consolidated Fun_4

FAIR VALUE - Consolidated Funds Summary of Valuation Techniques and Quantitative Information (Details) $ in Thousands	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Level III | Communication services | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments		$ 2,416
Level III | Communication services | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments		20,746
Level III | Health care | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments		37,724
Level III | Real estate | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments		79,562
Level III | Other | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments		5,078
Consolidated Funds
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Total Level III investments	$ 6,770,470	6,531,385
Consolidated Funds | Level III
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Total Level III investments	325,052	325,922
Consolidated Funds | Level III | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments	2,022	2,099
Consolidated Funds | Level III | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments	3,818	2,390
Consolidated Funds | Level III | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments	3,066
Consolidated Funds | Level III | Consumer discretionary | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	9,846
Consolidated Funds | Level III | Consumer discretionary | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	13,263
Consolidated Funds | Level III | Financials | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	3,770	3,608
Consolidated Funds | Level III | Financials | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	106,723	108,277
Consolidated Funds | Level III | Health care | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	3,191	2,550
Consolidated Funds | Level III | Health care | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	35,377
Consolidated Funds | Level III | Real estate | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	5,202	4,570
Consolidated Funds | Level III | Real estate | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	95,083
Consolidated Funds | Level III | Other | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	16,644	17,943
Consolidated Funds | Level III | Other | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	$ 27,047	$ 38,959
Discount rate | Level III | Communication services | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs		0.12
Discount rate | Level III | Communication services | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs		0.14
Discount rate | Level III | Communication services | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs		0.13
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	0.10	0.10
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	0.15	0.30
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	0.12	0.12
Discount rate | Consolidated Funds | Level III | Consumer discretionary | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.10
Discount rate | Consolidated Funds | Level III | Consumer discretionary | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.14
Discount rate | Consolidated Funds | Level III | Consumer discretionary | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.11
Discount rate | Consolidated Funds | Level III | Financials | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.09	0.09
Discount rate | Consolidated Funds | Level III | Financials | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.12	0.15
Discount rate | Consolidated Funds | Level III | Financials | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.11	0.14
Discount rate | Consolidated Funds | Level III | Health care | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.10	0.10
Discount rate | Consolidated Funds | Level III | Health care | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.17	0.16
Discount rate | Consolidated Funds | Level III | Health care | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.13	0.14
Discount rate | Consolidated Funds | Level III | Real estate | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.11	0.12
Discount rate | Consolidated Funds | Level III | Real estate | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.23	0.23
Discount rate | Consolidated Funds | Level III | Real estate | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.15	0.14
Discount rate | Consolidated Funds | Level III | Other | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.08	0.08
Discount rate | Consolidated Funds | Level III | Other | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.15	0.15
Discount rate | Consolidated Funds | Level III | Other | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments, significant unobservable inputs	0.13	0.13
Earnings multiple | Consolidated Funds | Level III | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs		4
Earnings multiple | Consolidated Funds | Level III | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs		10
Earnings multiple | Consolidated Funds | Level III | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs		7
Earnings multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	4
Earnings multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	11
Earnings multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	7

DERIVATIVES AND HEDGING - Fair

DERIVATIVES AND HEDGING - Fair Value of Freestanding Derivatives (Details) - Not Designated as Hedging Instrument - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Assets, Notional	$ 305,018	$ 300,704
Assets, Fair Value	6,529	4,038
Liabilities, Notional	(91,264)	(77,156)
Liabilities, Fair Value	(1,600)	(2,318)
Foreign-currency forward contracts
Derivative [Line Items]
Assets, Notional	66,215	58,254
Assets, Fair Value	2,065	1,654
Liabilities, Notional	(91,264)	(77,156)
Liabilities, Fair Value	(1,600)	(2,318)
Cross-currency swap
Derivative [Line Items]
Assets, Notional	238,803	242,450
Assets, Fair Value	4,464	2,384
Liabilities, Notional	0	0
Liabilities, Fair Value	$ 0	$ 0

DERIVATIVES AND HEDGING - Summa

DERIVATIVES AND HEDGING - Summary of Freestanding Derivative Instruments on Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	$ 3,833	$ (15,445)
Investment income | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	1,729	(12,373)
General and administrative expense | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	$ 2,104	$ (3,072)

DERIVATIVES AND HEDGING - Impac

DERIVATIVES AND HEDGING - Impact of Derivatives Held by Consolidated Funds on Income (Details) - Not Designated as Hedging Instrument - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	$ 2,126	$ 3,277
Net Change in Unrealized Appreciation (Depreciation) on Investments	(470)	(1,870)
Foreign-currency forward contracts
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	2,126	1,439
Net Change in Unrealized Appreciation (Depreciation) on Investments	(470)	(711)
Total-return and interest-rate swaps
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	0	20
Net Change in Unrealized Appreciation (Depreciation) on Investments	0	(86)
Options and futures
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	0	1,818
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 0	$ (1,073)

DERIVATIVES AND HEDGING - Balan

DERIVATIVES AND HEDGING - Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2017
Derivative Assets:
Derivative assets	$ 9,872	$ 6,502
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	2,886	1,497
Cash Collateral Received	0	0
Net Amount	6,986	5,005
Derivative Liabilities:
Derivative liabilities	(3,781)	(2,961)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	(2,886)	(1,497)
Cash Collateral Pledged	(740)	0
Net Amount	(155)	(1,464)
Consolidated Funds
Derivative Assets:
Derivative assets		2,464
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets		0
Cash Collateral Received		0
Net Amount		2,464
Derivative Liabilities:
Derivative liabilities	(2,181)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	(1,563)
Cash Collateral Pledged	(740)
Net Amount	122
Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Derivative assets	3,343	2,275
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	1,563	0
Cash Collateral Received	0	0
Net Amount	1,780	2,275
Derivative Liabilities:
Derivative liabilities	(2,181)	(643)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	(1,563)	0
Cash Collateral Pledged	(740)	0
Net Amount	122	(643)
Consolidated Funds | Options and futures
Derivative Assets:
Derivative assets		189
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets		0
Cash Collateral Received		0
Net Amount		189
Oaktree Capital Group Excluding Consolidated Funds
Derivative Assets:
Derivative assets	6,529	4,038
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	1,323	1,497
Cash Collateral Received	0	0
Net Amount	5,206	2,541
Oaktree Capital Group Excluding Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Derivative assets	2,065	1,654
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	1,323	1,497
Cash Collateral Received	0	0
Net Amount	742	157
Derivative Liabilities:
Derivative liabilities	(1,600)	(2,318)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	(1,323)	(1,497)
Cash Collateral Pledged	0	0
Net Amount	(277)	(821)
Oaktree Capital Group Excluding Consolidated Funds | Cross-currency swap
Derivative Assets:
Derivative assets	4,464	2,384
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	0	0
Cash Collateral Received	0	0
Net Amount	$ 4,464	$ 2,384

FIXED ASSETS FIXED ASSETS (Deta

FIXED ASSETS FIXED ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment
Fixed assets	$ 171,289	$ 167,594
Accumulated depreciation	(64,523)	(61,879)
Fixed assets, net	106,766	105,715
Furniture, equipment and capitalized software
Property, Plant and Equipment
Fixed assets	27,287	26,345
Leasehold improvements
Property, Plant and Equipment
Fixed assets	72,851	70,270
Corporate aircraft
Property, Plant and Equipment
Fixed assets	66,120	66,120
Other
Property, Plant and Equipment
Fixed assets	$ 5,031	$ 4,859

GOODWILL AND INTANGIBLES GOODWI

GOODWILL AND INTANGIBLES GOODWILL AND INTANGIBLES - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 69,300	$ 69,300
Carrying Value of Intangible Assets
Contractual rights	347,452	347,452
Accumulated amortization	(37,365)	(33,173)
Intangible assets, net	$ 310,087	$ 314,279

GOODWILL AND INTANGIBLES - Expe

GOODWILL AND INTANGIBLES - Expected Future Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization	$ 4,200
Remainder of 2019		$ 12,588
2020		16,780
2021		15,112
2022		12,777
2023		12,777
Thereafter		240,053
Total		$ 310,087

DEBT OBLIGATIONS AND CREDIT F_3

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations (Details)	3 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Less: Debt issuance costs	$ (5,037,000)	$ (5,569,000)
Debt obligations	865,061,000	864,529,000
Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Total remaining principal	750,000,000	750,000,000
Less: Debt issuance costs	(3,922,000)	(4,055,000)
Debt obligations	746,078,000	745,945,000
Oaktree Capital Group Excluding Consolidated Funds | Senior secured notes | $250,000, 3.78%, issued in December 2017, payable on December 18, 2032
Debt Instrument [Line Items]
Total remaining principal	250,000,000	250,000,000
Face amount	$ 250,000,000
Stated percentage	3.78%
Oaktree Capital Group Excluding Consolidated Funds | Senior secured notes | $50,000, 3.91%, issued in September 2014, payable on September 3, 2024
Debt Instrument [Line Items]
Total remaining principal	$ 50,000,000	50,000,000
Face amount	$ 50,000,000
Stated percentage	3.91%
Oaktree Capital Group Excluding Consolidated Funds | Senior secured notes | $100,000, 4.01%, issued in September 2014, payable on September 3, 2026
Debt Instrument [Line Items]
Total remaining principal	$ 100,000,000	100,000,000
Face amount	$ 100,000,000
Stated percentage	4.01%
Oaktree Capital Group Excluding Consolidated Funds | Senior secured notes | $100,000, 4.21%, issued in September 2014, payable on September 3, 2029
Debt Instrument [Line Items]
Total remaining principal	$ 100,000,000	100,000,000
Face amount	$ 100,000,000
Stated percentage	4.21%
Oaktree Capital Group Excluding Consolidated Funds | Senior secured notes | $100,000, 3.69%, issued in July 2016, payable on July 12, 2031
Debt Instrument [Line Items]
Total remaining principal	$ 100,000,000	100,000,000
Face amount	$ 100,000,000
Stated percentage	3.69%
Oaktree Capital Group Excluding Consolidated Funds | Credit Agreement | $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
Leverage ratio	3.50
Unused commitment fee	1.00%
Oaktree Capital Group Excluding Consolidated Funds | Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Credit facility	$ 500,000,000
Unused commitment fee	0.10%
Borrowings under credit facilities	$ 0

DEBT OBLIGATIONS AND CREDIT F_4

DEBT OBLIGATIONS AND CREDIT FACILITIES - Future Principal Payments of Debt Obligations (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Remainder of 2019	$ 0
2020	0
2021	0
2022	0
2023	150,000
Thereafter	600,000
Total	$ 750,000	$ 750,000

DEBT OBLIGATIONS AND CREDIT F_5

DEBT OBLIGATIONS AND CREDIT FACILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Fair value of debt obligations		$ 4,127,994
Consolidated Funds
Debt Instrument [Line Items]
Fair value of debt obligations	$ 4,159,429
Total remaining principal	4,188,257
Securities owned and pledged as collateral	4,800,000	4,700,000
Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Total remaining principal	750,000	750,000
Oaktree Capital Group Excluding Consolidated Funds | Level III
Debt Instrument [Line Items]
Fair value of debt obligations	$ 764,100	$ 720,300
Weighted average interest rate	3.60%	4.40%
Percentage increase in average borrowing rate assumption that would decrease fair value of debt obligation	10.00%
Fair value of debt obligation decrease in value due to increase in average borrowing rate	$ 742,800
Percentage decrease in average borrowing rate assumption that would increase fair value of debt obligation	10.00%
Fair value of debt obligation increase in value due to decrease in average borrowing rate	$ 786,400
Credit Agreement | Senior secured notes
Debt Instrument [Line Items]
Weighted average interest rate	3.77%
Total remaining principal	$ 870,098	$ 870,098
Credit Agreement | Consolidated Funds
Debt Instrument [Line Items]
Total remaining principal	870,100	870,100
Credit Agreement | Consolidated Funds | Level III
Debt Instrument [Line Items]
Fair value of debt	$ 870,000	$ 871,300
Credit Agreement | Maximum | Consolidated Funds | Senior secured notes
Debt Instrument [Line Items]
Term (in years)	10 years

DEBT OBLIGATIONS AND CREDIT F_6

DEBT OBLIGATIONS AND CREDIT FACILITIES - Credit Facilities of Consolidated Funds (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Less: Debt issuance costs	$ (5,037,000)	$ (5,569,000)
Debt obligations	865,061,000	864,529,000
Credit Agreement | Senior variable rate notes
Debt Instrument [Line Items]
Senior variable rate notes	870,098,000	$ 870,098,000
Facility Capacity	$ 870,100,000
Weighted Average Interest Rate	3.77%
Weighted Average Remaining Maturity (years)	9 years 6 months 4 days

DEBT OBLIGATIONS AND CREDIT F_7

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations of CLOs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Fair Value		$ 4,127,994
Consolidated Funds
Debt Instrument [Line Items]
Fair Value	$ 4,159,429
Consolidated Funds | Senior secured notes
Debt Instrument [Line Items]
Fair Value	$ 3,998,371	$ 3,976,602
Weighted Average Interest Rate	2.80%	2.69%
Weighted Average Remaining Maturity (years)	9 years 6 months	9 years 10 months 24 days
Consolidated Funds | Subordinated note
Debt Instrument [Line Items]
Fair Value	$ 161,058	$ 151,392
Weighted Average Remaining Maturity (years)	8 years 9 months 18 days	9 years 8 months 12 days

DEBT OBLIGATIONS AND CREDIT F_8

DEBT OBLIGATIONS AND CREDIT FACILITIES - Future Principal Payments with Respect to the CLO Loans Payable (Details) - Consolidated Funds $ in Thousands	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Remainder of 2019	$ 299,164
2020	0
2021	0
2022	0
2023	0
Thereafter	3,889,093
Total	$ 4,188,257

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Mar. 31, 2019
Leases [Abstract]
Extension term	5 years

LEASES - Components of Lease E

LEASES - Components of Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 4,814
Sublease income	0
Total lease cost	$ 4,814

LEASES - Supplemental Cash Flo

LEASES - Supplemental Cash Flow Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating cash flows used for operating leases	$ 4,751
Weighted average remaining lease term for operating leases (in years)	9 years 10 months 24 days
Weighted average discount rate for operating leases	4.40%

LEASES - Maturity of Operating

LEASES - Maturity of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
Remainder of 2019	$ 14,780
2020	18,929
2021	17,911
2022	17,350
2023	16,785
Thereafter	86,424
Total lease payments	172,179
Less: imputed interest	(32,969)
Total operating lease liabilities	$ 139,210

NON-CONTROLLING REDEEMABLE IN_3

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Non-Controlling Redeemable Interests in Consolidated Funds
Beginning balance	$ 961,622	$ 860,548
Contributions	80,653	59,745
Distributions	(62,641)	(73,523)
Net income	64,202	10,553
Change in distributions payable	2,759	729
Foreign currency translation and other	(5,611)	3,812
Ending balance	$ 1,040,984	$ 861,864

UNITHOLDERS' CAPITAL - Addition

UNITHOLDERS' CAPITAL - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Total unitholders’ capital	$ 2,484,788	$ 2,487,717	$ 2,057,076	$ 2,020,617
OCGH
Class of Stock [Line Items]
Unitholders' capital (in shares)	86,418,685	85,471,937
Total unitholders’ capital	$ 1,084,345	$ 1,086,693
Total weighted average units outstanding
Class of Stock [Line Items]
Total Oaktree Operating Group units (in shares)	159,346,934	157,133,560
Total unitholders’ capital	$ 1,999,392	$ 1,997,745
Equity Held by Third Parties
Class of Stock [Line Items]
Total unitholders’ capital	$ 5,114	$ 5,661

UNITHOLDERS' CAPITAL - Summary

UNITHOLDERS' CAPITAL - Summary of Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Weighted average Oaktree Operating Group units outstanding (in thousands):
Weighted average Oaktree Operating Group units outstanding (in shares)	71,632,000	67,918,000
Oaktree Operating Group net income:
Oaktree Operating Group net income	$ 184,400	$ 137,401
Net income attributable to OCG Class A unitholders:
Oaktree Operating Group net income attributable to OCG Class A unitholders	54,866	56,362
Non-Operating Group income (expense)	(3,644)	20
Income tax expense of Intermediate Holding Companies	(3,968)	(3,650)
Net income attributable to OCG Class A unitholders	$ 47,254	$ 52,732
Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Weighted average Oaktree Operating Group units outstanding (in shares)	157,106,000	156,188,000
Oaktree Operating Group net income:
Oaktree Operating Group net income	$ 127,167	$ 129,617
Net income attributable to OCG Class A unitholders:
OCGH non-controlling interest	$ 642	$ 692
Weighted average Oaktree Operating Group units outstanding (in shares) | Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Weighted average Oaktree Operating Group units outstanding (in shares)	85,474,000	88,270,000
Oaktree Operating Group net income:
Oaktree Operating Group net income	$ 65,472	$ 73,255
Series A Preferred Units | Oaktree Operating Group
Oaktree Operating Group net income:
Oaktree Operating Group net income	$ 6,829	$ 0
Class A Units | Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Weighted average Oaktree Operating Group units outstanding (in shares)	71,632,000	67,918,000
Oaktree Operating Group net income:
Oaktree Operating Group net income	$ 54,866	$ 56,362

UNITHOLDERS' CAPITAL - Changes

UNITHOLDERS' CAPITAL - Changes in Company Ownership Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Net income attributable to OCG Class A unitholders	$ 47,254	$ 52,732
Equity reallocation between controlling and non-controlling interests	6,125	73,830
Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests	$ 53,379	$ 126,562

EARNINGS PER UNIT - Computation

EARNINGS PER UNIT - Computations of Net Income (Loss) Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income attributable to OCG Class A unitholders	$ 47,254	$ 52,732
Weighted average number of Class A units outstanding (in shares)	71,632,000	67,918,000
Basic and diluted net income per Class A unit (in dollars per share)	$ 0.66	$ 0.78

EARNINGS PER UNIT - Computati_2

EARNINGS PER UNIT - Computations of Net Income (Loss) Per Unit (Additional Information) (Details)	3 Months Ended
	Mar. 31, 2019shares
OCGH Units
Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share computation (in shares)	0
OCGH Units
Earnings Per Share [Line Items]
Exchange ratio	1
Vesting period	10 years
OCGH Units
Earnings Per Share [Line Items]
Exchange ratio	1
OCGH Issued (in shares)	86,418,685
OCGH Units | OCGH Units
Earnings Per Share [Line Items]
Maximum number of awards issuable (in shares)	340,000
Class A Units
Earnings Per Share [Line Items]
Exchange ratio	1
Antidilutive securities excluded from earnings per share computation (in shares)	86,418,685

EQUITY-BASED COMPENSATION - Cla

EQUITY-BASED COMPENSATION - Class A and OCGH Unit Awards (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)shares
Class A Units and OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense on non-vested equity-based awards | $	$ 241.5
Weighted average period of recognition non-vested equity-based awards	4 years 10 months 24 days
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	1,452,503
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	1,020,225
Vesting period	6 years 6 months
Discount from market price	17.50%
Weighted average period of recognition non-vested equity-based awards	4 years 1 month 28 days

EQUITY-BASED COMPENSATION - Sum

EQUITY-BASED COMPENSATION - Summary of Unvested Equity-Based Awards and Changes (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Class A Units
Number of Units
Beginning balance (in shares)	2,700,585
Granted (in shares)	1,452,503
Vested (in shares)	(896,481)
Forfeited (in shares)	(19,511)
Ending balance (in shares)	3,237,096
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 42.76
Granted (in dollars per share) | $ / shares	49.52
Vested (in dollars per share) | $ / shares	42.85
Forfeited (in dollars per share) | $ / shares	43.02
Ending balance (in dollars per share) | $ / shares	$ 45.77
OCGH Units
Number of Units
Beginning balance (in shares)	1,864,049
Granted (in shares)	1,020,225
Vested (in shares)	(366,338)
Forfeited (in shares)	0
Ending balance (in shares)	2,517,936
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 39.83
Granted (in dollars per share) | $ / shares	40.85
Vested (in dollars per share) | $ / shares	35.30
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 40.90
Vesting period	6 years 6 months
Awards where compensation expense is expected to be recognized (in shares)	320,000
Unrecognized compensation cost | $	$ 7.8
Weighted average period of recognition non-vested equity-based awards	4 years 1 month 28 days
OCGH Units | Minimum
Weighted Average Grant Date Fair Value
Vesting period	4 years
OCGH Units | Maximum
Weighted Average Grant Date Fair Value
Vesting period	10 years
Performance Share Awards
Weighted Average Grant Date Fair Value
Vesting period	10 years
Unrecognized compensation cost | $	$ 20.6
Weighted average period of recognition non-vested equity-based awards	7 years 10 months 24 days
Performance Share Awards | OCGH Units
Weighted Average Grant Date Fair Value
Maximum number of awards issuable (in shares)	340,000

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity Value Units (Details) - USD ($) $ in Millions	Apr. 26, 2017	Mar. 31, 2019
Equity Value Units, Equity Settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)		1,000,000
Equity Value Units, Cash Settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)		1,000,000
Equity Value Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recapitalization percentage		33.33%
Number of units granted (in shares)	225,000
Unrecognized compensation cost		$ 1
Weighted average remaining service term		9 months

EQUITY-BASED COMPENSATION - Def

EQUITY-BASED COMPENSATION - Deferred Equity Units (Details) - OCGH Units $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchange ratio	1
Vesting period	10 years
Nonvested units outstanding (in shares)	847,115,000
Awards expected to vest (in shares)	557,308,000
Unrecognized compensation cost | $	$ 20.6
Weighted average period of recognition non-vested equity-based awards	7 years 10 months 24 days
Lack-of-marketability discount	17.50%

INCOME TAXES AND RELATED PAYM_3

INCOME TAXES AND RELATED PAYMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)company	Dec. 31, 2040USD ($)	Dec. 31, 2037USD ($)	Dec. 31, 2036USD ($)	Dec. 31, 2035USD ($)	Dec. 31, 2034USD ($)	Dec. 31, 2029USD ($)
Income Tax Disclosure [Abstract]
Number of wholly-owned subsidiaries | company	2
Decreases resulting from settlements with taxing authorities	$ 2,900
Percentage of cash savings	85.00%
Forecast
Tax Receivable Agreement [Line Items]
Expected payments to unitholders under tax receivable agreement		$ 187,872
2007 private offering | Forecast
Tax Receivable Agreement [Line Items]
Expected payments to unitholders under tax receivable agreement							$ 13,396
Initial public offering | Forecast
Tax Receivable Agreement [Line Items]
Expected payments to unitholders under tax receivable agreement						$ 32,411
Offering | Forecast
Tax Receivable Agreement [Line Items]
Expected payments to unitholders under tax receivable agreement		$ 32,330	$ 29,446	$ 34,640	$ 45,649

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Oct. 31, 2017
Contingencies And Commitments [Line Items]
Accrued incentives (fund level)	$ 1,425,969		$ 1,434,458
Compensation expense related to accrued incentives (fund level)	746,367		754,903
Contingent consideration	36,100
Contingent consideration, fair value	6,600		6,700
Contingent consideration income (expense)	100	$ 2,600
Capital commitments	524,300		385,800
Consolidated Funds
Contingencies And Commitments [Line Items]
Aggregate potential credit and investment commitments	12,600		$ 13,800
BDC Acquisition
Contingencies And Commitments [Line Items]
Indemnification asset	$ 32,000			$ 56,200

RELATED-PARTY TRANSACTIONS - Ad

RELATED-PARTY TRANSACTIONS - Additional Information (Details) - Oaktree Capital Group Excluding Consolidated Funds $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest income	$ 23	$ 109
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates	99,490		$ 95,953
Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Management fees and incentive income	$ 242,800	$ 312,000
Discounted cash flow | Affiliates | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.100

RELATED-PARTY TRANSACTIONS - Am

RELATED-PARTY TRANSACTIONS - Amounts Due from and Due to Affiliates (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Due from affiliates:
Loans	$ 2,256	$ 3,857
Amounts due from unconsolidated funds	64,036	72,588
Management fees and incentive income due from unconsolidated funds	292,265	362,971
Payments made on behalf of unconsolidated entities	3,171	3,469
Non-interest bearing advances made to certain non-controlling interest holders and employees	0	27
Total due from affiliates	361,728	442,912
Due to affiliates:
Due to OCGH unitholders in connection with the tax receivable agreement (please see note 16)	187,872	187,872
Amounts due to senior executives, certain non-controlling interest holders and employees	1,762	495
Total due to affiliates	$ 189,634	$ 188,367

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)	3 Months Ended
	Mar. 31, 2019segment
Segment Reporting [Abstract]
Number of segments	1

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event	Apr. 25, 2019$ / shares
Class A Units
Class of Stock [Line Items]
Dividend declared (in dollars per share)	$ 1.05
Series A Preferred Units
Class of Stock [Line Items]
Dividend declared (in dollars per share)	0.414063
Series B Preferred Units
Class of Stock [Line Items]
Dividend declared (in dollars per share)	$ 0.409375000