Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-35500
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	Oaktree Capital Group, LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0174894
Entity Address, Address Line One	333 South Grand Avenue
Entity Address, Address Line Two	28th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90071
City Area Code	213
Local Phone Number	830-6300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Central Index Key	0001403528
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Class A Units
Entity Information [Line Items]
Title of 12(b) Security	Class A units representing limited liability company interests
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		97,967,255
Class B Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		62,163,389
Series A Preferred Units
Entity Information [Line Items]
Title of 12(b) Security	6.625% Series A preferred units
Trading Symbol	OAK-A
Security Exchange Name	NYSE
Series B Preferred Units
Entity Information [Line Items]
Title of 12(b) Security	6.550% Series B preferred units
Trading Symbol	OAK-B
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Receivable for securities sold	$ 76,106	$ 74,795
Total assets	11,739,195	10,432,178
Liabilities:
Debt obligations	971,854	864,529
Operating lease liabilities	131,282
Total liabilities	8,527,977	6,982,839
Commitments and contingencies (Note 17)
Non-controlling redeemable interests in consolidated funds	1,081,462	961,622
Unitholders’ capital:
Paid-in capital	1,166,609	893,043
Retained earnings	0	100,683
Accumulated other comprehensive income	(1,522)	1,053
Unitholders’ capital attributable to Oaktree Capital Group, LLC	1,565,671	1,395,363
Non-controlling interests in consolidated subsidiaries	564,085	1,092,354
Total unitholders’ capital	2,129,756	2,487,717
Total liabilities and unitholders’ capital	11,739,195	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
Consolidated Funds
Assets
Cash and cash-equivalents	615,567	370,790
Other assets	9,906	3,440
Investments, at fair value	8,266,799	6,531,385
Dividends and interest receivable	29,206	26,792
Due from brokers	123	11,599
Receivable for securities sold	75,928	65,884
Liabilities:
Accounts payable, accrued expenses and other liabilities	76,378	31,643
Debt obligations	5,553,144	4,127,994
Payables for securities purchased	467,389	450,172
Securities sold short, at fair value	0	2,609
Distributions payable	233	4,885
Borrowings under credit facilities	971,854	864,529
Oaktree Capital Group Excluding Consolidated Funds
Assets
Cash and cash-equivalents	356,431	460,937
U.S. Treasury and other securities	24,025	546,531
Corporate investments (includes $50,461 and $74,899 measured at fair value as of September 30, 2019 and December 31, 2018, respectively)	1,141,232	1,209,764
Due from affiliates	152,232	442,912
Deferred tax assets	441,322	229,100
Operating lease assets	102,608	0
Other assets	523,816	533,044
Investments, at fair value	50,461	74,899
Liabilities:
Accrued compensation expense	245,178	437,966
Accounts payable, accrued expenses and other liabilities	156,698	128,729
Due to affiliates	179,478	188,367
Debt obligations	746,343	745,945
Operating lease liabilities	$ 131,282	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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)	97,967,255	71,661,623
Common units, outstanding (in shares)	97,967,255	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)	62,145,608	85,471,937
Common units, outstanding (in shares)	62,145,608	85,471,937
Oaktree Capital Group Excluding Consolidated Funds
Investments, at fair value	$ 50,461	$ 74,899

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Total revenues	$ 205,190	$ 241,227	$ 785,088	$ 791,831
Expenses:
Compensation and benefits	(111,281)	(101,787)	(334,919)	(315,614)
Equity-based compensation	(22,779)	(14,747)	(59,756)	(44,614)
Incentive income compensation	(11,427)	(27,294)	(136,849)	(127,327)
Total compensation and benefits expense	(145,487)	(143,828)	(531,524)	(487,555)
General and administrative	(86,851)	(38,051)	(184,592)	(110,459)
Depreciation and amortization	(6,602)	(6,459)	(19,732)	(19,412)
Consolidated fund expenses	(6,540)	(2,829)	(12,994)	(9,383)
Total expenses	(245,480)	(191,167)	(748,842)	(626,809)
Other income (loss):
Interest expense	(59,883)	(39,456)	(149,643)	(115,504)
Interest and dividend income	101,882	74,490	278,782	205,089
Net realized gain (loss) on consolidated funds’ investments	(3,664)	(9,812)	(9,036)	(12,509)
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(40,964)	10,552	17,967	(34,939)
Investment income	26,819	58,196	121,804	149,682
Other income, net	0	5,629	58	7,240
Total other income	24,190	99,599	259,932	199,059
Income (loss) before income taxes	(16,100)	149,659	296,178	364,081
Income taxes	(4,798)	(6,568)	(11,148)	(17,832)
Net income (loss)	(20,898)	143,091	285,030	346,249
Less:
Net income (loss) attributable to Oaktree Capital Group, LLC	(9,819)	56,659	93,537	140,512
Net income attributable to preferred unitholders	(6,829)	(3,909)	(20,487)	(3,909)
Net income (loss) attributable to OCG Class A unitholders	$ (16,648)	$ 52,750	$ 73,050	$ 136,603
Distributions declared per Class A unit (in dollars per share)	$ 3.13	$ 0.55	$ 4.93	$ 2.27
Net income per Class A unit (basic and diluted):
Net income per Class A unit (in dollars per share)	$ (0.22)	$ 0.74	$ 0.99	$ 1.95
Weighted average Oaktree Operating Group units outstanding (in shares)	75,995	71,369	74,005	70,167
Net (income) loss attributable to non-controlling interests in consolidated subsidiaries
Less:
Net income (loss) attributable to non-controlling interests	$ 6,871	$ (72,005)	$ (109,259)	$ (187,945)
Net (income) loss attributable to non-controlling interests in consolidated funds
Less:
Net income (loss) attributable to non-controlling interests	4,208	(14,427)	(82,234)	(17,792)
Management fees
Revenues:
Total revenues	179,761	175,195	524,798	538,706
Incentive income
Revenues:
Total revenues	$ 25,429	$ 66,032	$ 260,290	$ 253,125

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income	$ (20,898)	$ 143,091	$ 285,030	$ 346,249
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(5,780)	773	(2,411)	683
Other comprehensive loss, net of tax	(5,780)	773	(2,411)	683
Total comprehensive income	(26,678)	143,864	282,619	346,932
Comprehensive income attributable to OCG	(13,745)	57,003	90,962	140,833
Comprehensive income attributable to preferred unitholders	(6,829)	(3,909)	(20,487)	(3,909)
Comprehensive income (loss) attributable to OCG Class A unitholders	(20,574)	53,094	70,475	136,924
Comprehensive (income) loss attributable to non-controlling interests in consolidated subsidiaries
Other comprehensive income (loss), net of tax:
Less: Comprehensive (income) loss attributable to non-controlling interest	8,725	(72,434)	(109,423)	(188,307)
Consolidated Funds
Other comprehensive income (loss), net of tax:
Less: Comprehensive (income) loss attributable to non-controlling interest	$ 4,208	$ (14,427)	$ (82,234)	$ (17,792)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 285,030	$ 346,249
Adjustments to reconcile net income to net cash used in operating activities:
Adoption of revenue recognition standard	0	48,709
Investment income	(121,804)	(149,682)
Depreciation and amortization	19,732	19,412
Equity-based compensation	59,756	44,614
Net realized and unrealized (gain) loss from consolidated funds’ investments	(8,931)	47,448
Amortization (accretion) of original issue and market discount of consolidated funds’ investments, net	(4,305)	(3,488)
Income distributions from corporate investments in funds and companies	123,911	177,864
Other non-cash items	3,295	1,468
Cash flows due to changes in operating assets and liabilities:
Net cash used in operating activities	(2,796,179)	(138,569)
Cash flows from investing activities:
Purchases of U.S. Treasury and other securities	(602,600)	(791,401)
Proceeds from maturities and sales of U.S. Treasury and other securities	1,124,951	498,104
Corporate investments in funds and companies	(254,478)	(212,427)
Distributions and proceeds from corporate investments in funds and companies	373,916	245,801
Purchases of fixed assets	(6,366)	(3,527)
Net cash provided by (used in) investing activities	635,423	(263,450)
Cash flows from financing activities:
Net proceeds from issuance of preferred units	0	400,584
Net cash provided by financing activities	2,415,944	309,433
Effect of exchange rate changes on cash	(12,078)	1,497
Net increase (decrease) in cash and cash-equivalents	243,110	(91,089)
Deconsolidation of funds	(102,839)	(12,315)
Cash and cash-equivalents, beginning balance	831,727	959,465
Cash and cash-equivalents, ending balance	971,998	856,061
Total cash and cash-equivalents	831,727	959,465
Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Increase (decrease) in accounts payable, accrued expenses and other liabilities	26,111	9,619
Increase in dividends and interest receivable	(8,437)	(2,030)
Decrease in due from brokers	11,476	37,010
(Increase) decrease in receivables for securities sold	(27,609)	72,118
Increase in other assets	(7,074)	(724)
Increase (decrease) in payables for securities purchased	123,853	(212,499)
Purchases of securities	(5,571,689)	(3,443,337)
Proceeds from maturities and sales of securities	2,149,132	2,849,135
Cash flows from financing activities:
Distributions to non-controlling interests	(107,071)	(236,929)
Payment of debt issuance costs	(3,070)	(1,771)
Contributions from non-controlling interests	519,684	107,962
Proceeds from debt obligations issued by CLOs	3,892,380	1,170,317
Repayment on debt obligations issued by CLOs	(1,188,452)	(729,458)
Borrowings on credit facilities	505,521	0
Repayments on credit facilities	(372,000)	0
Cash and cash-equivalents, ending balance	615,567	312,832
Total cash and cash-equivalents	615,567	312,832
Oaktree Capital Group Excluding Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
(Increase) decrease in other assets	(3,883)	28,353
Decrease in net due from affiliates	281,791	53,430
Decrease in accrued compensation expense	(191,859)	(47,365)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	65,325	(14,873)
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	(12,191)	(12,195)
Distributions to Class A unitholders	(436,494)	(160,883)
Distributions to preferred unitholders	(20,487)	(3,909)
Distributions to OCGH unitholders	(358,455)	(218,575)
Distributions to non-controlling interests	(3,421)	(3,700)
Payment of debt issuance costs	0	(2,235)
Cash and cash-equivalents, ending balance	356,431	543,229
Total cash and cash-equivalents	$ 356,431	$ 543,229

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Unitholders' Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2018
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	$ 2,423,663	$ 2,150,416	$ 2,487,717	$ 2,020,617
Cumulative-effect adjustment from adoption of accounting guidance					$ 48,709
Issuance of units	0	226,915	0	620,334
Repurchase and cancellation of units	(2,239)	(1,362)	(12,191)	(231,720)
Purchase of non-controlling interests in subsidiary		0		(2,916)
Deferred tax effect resulting from the purchase of units	212,017		212,017	6,051
Equity reallocation between controlling and non-controlling interests	0	0	0	0
Capital increase related to equity-based compensation	26,680	14,651	60,685	43,095
Distributions declared	(507,895)	(97,491)	(818,857)	(409,900)
Net income	(16,690)	128,901	202,796	327,850
Foreign currency translation adjustment, net of tax	(5,780)	773	(2,411)	683
Unitholders' capital, end of period	2,129,756	2,422,803	2,129,756	2,422,803
Paid-in Capital
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	937,880	871,776	893,043	788,413
Issuance of units		0		219,750
Repurchase and cancellation of units	(941)	(962)	(8,378)	(228,469)
Purchase of non-controlling interests in subsidiary				(1,320)
Deferred tax effect resulting from the purchase of units	212,017		212,017	6,051
Equity reallocation between controlling and non-controlling interests	267,715	4,514	304,280	78,269
Capital increase related to equity-based compensation	12,699	6,654	28,408	19,288
Distributions declared	(262,761)		(262,761)
Unitholders' capital, end of period	1,166,609	881,982	1,166,609	881,982
Retained Earnings
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	60,056	62,579	100,683	80,128
Cumulative-effect adjustment from adoption of accounting guidance					20,355
Distributions declared	(43,408)	(39,126)	(173,733)	(160,883)
Net income	(16,648)	52,750	73,050	136,603
Unitholders' capital, end of period	0	76,203	0	76,203
Accumulated Other Comprehensive Income (Loss)
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	2,404	420	1,053	443
Foreign currency translation adjustment, net of tax	(3,926)	344	(2,575)	321
Unitholders' capital, end of period	(1,522)	764	(1,522)	764
Non-controlling Interests in Consolidated Subsidiaries
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	1,022,739	1,035,253	1,092,354	1,121,237
Cumulative-effect adjustment from adoption of accounting guidance					$ 28,354
Repurchase and cancellation of units	(1,298)	(400)	(3,813)	(3,251)
Purchase of non-controlling interests in subsidiary				(1,596)
Equity reallocation between controlling and non-controlling interests	(267,715)	(4,514)	(304,280)	(78,269)
Capital increase related to equity-based compensation	13,981	7,997	32,277	23,807
Distributions declared	(194,897)	(54,456)	(361,876)	(222,275)
Net income	(6,871)	72,005	109,259	187,945
Foreign currency translation adjustment, net of tax	(1,854)	429	164	362
Unitholders' capital, end of period	$ 564,085	1,056,314	$ 564,085	1,056,314
Non-controlling Interests in Consolidated Funds
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period		6,719		30,396
Distributions declared				(22,833)
Net income		237		(607)
Unitholders' capital, end of period		$ 6,956		$ 6,956
Class A Units | Common Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	75,649,000	71,175,000	71,662,000	65,310,000
Issuance of units (in shares)	25,529,000	384,000	29,713,000	6,534,000
Cancellation of units (in shares)	(3,122,000)	(27,000)	(3,149,000)	(112,000)
Repurchase and cancellation of units (in shares)	(89,000)	(21,000)	(259,000)	(221,000)
Unitholders' capital, end of period (in shares)	97,967,000	71,511,000	97,967,000	71,511,000
Class B Units | Common Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	84,001,000	86,007,000	85,472,000	90,976,000
Issuance of units (in shares)	3,675,000	68,000	5,113,000	182,000
Cancellation of units (in shares)	(200,000)	(428,000)	(3,036,000)	(428,000)
Repurchase and cancellation of units (in shares)	(25,330,000)	(21,000)	(25,403,000)	(5,104,000)
Unitholders' capital, end of period (in shares)	62,146,000	85,626,000	62,146,000	85,626,000
Series A Preferred Units | Preferred Stock
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	$ 173,669	$ 173,669	$ 173,669	$ 0
Issuance of units (in shares)				173,669,000
Distributions declared	(2,981)	(3,909)	(8,943)	$ (3,909)
Net income	2,981	3,909	8,943	3,909
Unitholders' capital, end of period	173,669	173,669	173,669	173,669
Series B Preferred Units | Preferred Stock
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	226,915	$ 0	226,915	$ 0
Issuance of units (in shares)		226,915,000		226,915,000
Distributions declared	(3,848)		(11,544)
Net income	3,848		11,544
Unitholders' capital, end of period	$ 226,915	$ 226,915	$ 226,915	$ 226,915

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Oaktree Capital Group, LLC (“OCG”, 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. As of September 30, 2019, 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. Brookfield Merger On March 13, 2019, Oaktree, Brookfield Asset Management Inc., a corporation incorporated under the laws of the Province of Ontario (“Brookfield”), Berlin Merger Sub, LLC, a Delaware limited liability company (“Merger Sub”) and a wholly-owned subsidiary of Brookfield, Oslo Holdings LLC, a Delaware limited liability company (“SellerCo”) and a wholly-owned subsidiary of OCGH, and Oslo Holdings Merger Sub LLC, a Delaware limited liability company and a wholly-owned subsidiary of Oaktree (“Seller MergerCo”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which Brookfield would acquire 61.2% of Oaktree’s business in a stock and cash transaction. Pursuant to the terms and conditions set forth in the Merger Agreement, on September 30, 2019, (i) Merger Sub merged with and into Oaktree (the “Merger”), with Oaktree continuing as the surviving entity, and (ii) immediately following the Merger, SellerCo merged with and into Seller MergerCo (the “Subsequent Merger” and together with the Merger, the “Mergers”), with Seller MergerCo continuing as the surviving entity. Following the closing of the Mergers on September 30, 2019, the remaining 38.8% of the business continues to be owned by OCGH, whose unitholders consist primarily of Oaktree’s founders and certain other members of management and current and former employees. At the effective time of the Merger (the “Effective Time”) on September 30, 2019, each Class A Unit of Oaktree (“Class A Unit”) (other than unvested Class A Units), issued and outstanding immediately prior to the Effective Time, at the election (or deemed election) of the holder, was converted (subject to pro-rations as described below) into the right to receive either $49.00 in cash (the “Cash Consideration”) or 1.0770 Class A Limited Voting Shares of Brookfield (“Brookfield Class A Shares”), together with any dividends or distributions thereon payable in accordance with the Merger Agreement (the “Share Consideration” and together with the Cash Consideration, the “Merger Consideration”), without interest. Oaktree Class A unitholders’ and OCGH unitholders’ elections were made on a per unit basis and subject to pro-ration such that the total consideration paid by Brookfield was 50% cash and 50% Brookfield Class A Shares. At the effective time of the Subsequent Merger (the “Subsequent Effective Time”) on September 30, 2019, each unit of equity interest in SellerCo (a “SellerCo Unit”), at the election (or deemed election) of the holder, was converted into the right to receive either Cash Consideration or Share Consideration. Based on the elections made (or deemed to have been made), the Share Consideration was oversubscribed and former holders of Class A Units and participating OCGH units who elected (or were deemed to have elected) to receive Share Consideration with respect to all or a portion of their units instead received approximately 0.6173 Limited Voting Shares of Brookfield and $20.92 in cash with respect to each such unit. The aggregate amount of cash payable to Oaktree Class A unitholders and OCGH unitholders in the transaction was approximately $2.4 billion and approximately 52.8 million Brookfield Class A shares were issued in the Mergers. In connection with the closing of the Merger, Oaktree Class A units were delisted from the New York Stock Exchange. At the Effective Time, each unvested Class A Unit held by current, or in certain cases former, employees, officers and directors of Oaktree and its subsidiaries was converted into one unvested OCGH Unit (each, a “Converted Class A Unit”) and will thereafter be subject to the terms and conditions of the OCGH limited partnership agreement. The Converted Class A Units will (i) be subject to the same vesting terms that were applicable to such units prior to the Effective Time, (ii) be entitled to receive ongoing distributions in respect of earnings, but not capital distributions and (iii) upon vesting, receive the accumulated value of capital distributions that accrued while such units were unvested. No unvested Class A Units or Converted Class A Units vested in connection with the Mergers. Please see note 15 for more information.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 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. 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 the guidance will continue to be recognized as expense on a straight-line basis. The adoption, however, resulted in a significant gross-up in

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Management Fees Closed-end $ 120,462 $ 112,415 $ 345,091 $ 353,225 Open-end 29,990 34,942 90,480 109,051 Evergreen 29,309 27,838 89,227 76,430 Total $ 179,761 $ 175,195 $ 524,798 $ 538,706 Incentive Income Closed-end $ 25,335 $ 65,661 $ 257,778 $ 249,447 Evergreen 94 371 2,512 3,678 Total $ 25,429 $ 66,032 $ 260,290 $ 253,125 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 September 30, 2019 December 31, 2018 Receivables (1) $ 76,106 $ 74,795 Contract assets (1) — 288,176 Contract liabilities (2) (26,383 ) (26,549 ) (1) The changes in the balances primarily related to accruals, net of payments received. (2) Revenue recognized in the three months and nine months ended September 30, 2019 from amounts included in the contract liability balance were $5.4 million and $17.1 million .

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 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 September 30, 2019, the Company consolidated 23 VIEs for which it was the primary beneficiary, including 10 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 September 30, 2019, the assets and liabilities of the 22 consolidated VIEs representing funds and CLOs amounted to $8.2 billion and $6.9 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 September 30, 2019, the Company’s investments in consolidated VIEs had a carrying value of $606.5 million , which represented its maximum risk of loss as of that date. The Company’s investments in CLOs are generally subordinated to other interests in the CLOs and entitle the Company to receive a pro-rata portion of the residual cash flows, if any, from the CLOs. Please see note 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 September 30, 2019 December 31, 2018 Corporate investments $ 1,077,595 $ 1,093,294 Due from affiliates 89,682 384,225 Maximum exposure to loss $ 1,167,277 $ 1,477,519

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2019 December 31, 2018 Equity-method investments: Funds $ 1,063,668 $ 1,089,068 Companies 27,103 45,797 Other investments, at fair value 50,461 74,899 Total corporate investments $ 1,141,232 $ 1,209,764 The components of investment income are set forth below: Three months ended September 30, Nine months ended September 30, Investment Income (Loss) 2019 2018 2019 2018 Equity-method investments: Funds $ (12,106 ) $ 39,041 $ 45,211 $ 92,105 Companies 20,108 18,870 56,919 54,438 Other investments, at fair value 18,817 285 19,674 3,139 Total investment income $ 26,819 $ 58,196 $ 121,804 $ 149,682 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. For the nine months ended September 30, 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 September 30, Nine months ended September 30, Statements of Operations 2019 2018 2019 2018 Revenues / investment income $ 353,289 $ 489,240 $ 1,584,552 $ 1,423,993 Interest expense (54,329 ) (70,803 ) (185,227 ) (203,418 ) Other expenses (157,878 ) (210,752 ) (639,180 ) (628,109 ) Net realized and unrealized gain (loss) on investments (204,820 ) 832,725 916,097 2,178,524 Net income (loss) $ (63,738 ) $ 1,040,410 $ 1,676,242 $ 2,770,990 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Realized gain (loss) $ 1,345 $ 104 $ 7,656 $ 1,072 Net change in unrealized gain (loss) 17,472 181 12,018 2,067 Total gain (loss) $ 18,817 $ 285 $ 19,674 $ 3,139 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 September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 United States: Debt securities: Communication services $ 753,331 $ 543,948 9.3 % 8.4 % Consumer discretionary 623,147 506,551 7.5 7.8 Consumer staples 100,798 112,197 1.2 1.7 Energy 317,161 204,568 3.8 3.1 Financials 431,216 332,240 5.2 5.1 Health care 672,716 537,592 8.1 8.2 Industrials 735,539 443,406 8.9 6.8 Information technology 610,557 536,000 7.4 8.2 Materials 368,129 289,499 4.5 4.4 Real estate 198,649 217,633 2.4 3.3 Utilities 255,356 137,031 3.1 2.1 Total debt securities (cost: $5,124,603 and $4,019,823 as of September 30, 2019 and December 31, 2018, respectively) 5,066,599 3,860,665 61.4 59.1 Equity securities: Communication services 24 — 0.0 — Consumer discretionary 1,950 1,915 0.0 0.1 Energy 169 131 0.0 0.0 Financials 528 837 0.0 0.0 Health care 1,461 1,348 0.0 0.0 Industrials 93 88 0.0 0.0 Utilities 130,354 1,107 1.6 0.0 Total equity securities (cost: $138,533 and $6,117 as of September 30, 2019 and December 31, 2018, respectively) 134,579 5,426 1.6 0.1 Real estate: Real estate 210,942 — 2.6 — Total real estate securities (cost: $213,228 and $0 as of September 30, 2019 and December 31, 2018, respectively) 210,942 — 2.6 — Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Europe: Debt securities: Communication services $ 503,543 $ 530,337 6.1 % 8.1 % Consumer discretionary 591,975 545,324 7.2 8.3 Consumer staples 165,928 160,406 2.0 2.5 Energy 18,040 15,260 0.2 0.2 Financials 79,423 48,545 1.0 0.7 Health care 514,946 418,516 6.2 6.4 Industrials 267,975 246,640 3.2 3.8 Information technology 168,473 194,988 2.0 3.0 Materials 273,045 221,660 3.3 3.4 Real estate 27,735 30,045 0.3 0.5 Utilities 8,712 1,559 0.1 0.0 Total debt securities (cost: $2,618,439 and $2,477,821 as of September 30, 2019 and December 31, 2018, respectively) 2,619,795 2,413,280 31.6 36.9 Equity securities: Consumer discretionary 38,498 — 0.5 — Consumer staples — 38 — 0.0 Health care 696 948 0.0 0.1 Real estate 25,783 — 0.3 — Total equity securities (cost: $58,869 and $320 as of September 30, 2019 and December 31, 2018, respectively) 64,977 986 0.8 0.1 Asia and other: Debt securities: Communication services 14,653 12,069 0.2 0.2 Consumer discretionary 39,453 36,822 0.5 0.6 Consumer staples 8,663 11,867 0.1 0.2 Energy 14,782 20,594 0.2 0.3 Financials 10,359 13,995 0.1 0.2 Government 1,010 12,155 0.0 0.2 Health care 6,465 9,633 0.1 0.1 Industrials 52,434 40,468 0.6 0.7 Information technology — 1,887 — 0.0 Materials 10,628 15,516 0.1 0.2 Real estate 1,475 38,592 0.0 0.6 Utilities 8,166 14,870 0.1 0.2 Total debt securities (cost: $169,761 and $233,603 as of September 30, 2019 and December 31, 2018, respectively) 168,088 228,468 2.0 3.5 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Asia and other: Equity securities: Consumer discretionary $ — $ 874 — % 0.0 % Consumer staples 1 997 0.0 0.0 Energy 323 382 0.0 0.0 Financials — 2,935 — 0.0 Industrials — 11,265 — 0.2 Information technology — 1,725 — 0.0 Materials 1,495 4,382 0.0 0.1 Total equity securities (cost: $3,880 and $22,977 as of September 30, 2019 and December 31, 2018, respectively) 1,819 22,560 0.0 0.3 Total debt securities 7,854,482 6,502,413 95.0 99.5 Total equity securities 201,375 28,972 2.4 0.5 Total real estate 210,942 — 2.6 — Total investments, at fair value $ 8,266,799 $ 6,531,385 100.0 % 100.0 % Securities Sold Short Equity securities (proceeds: $0 and $2,644 as of September 30, 2019 and December 31, 2018, respectively) $ — $ (2,609 ) As of September 30, 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 September 30, 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 $ 636 $ (14,910 ) $ (11,493 ) $ 51,969 CLO liabilities (1) — (25,778 ) — (42,458 ) Foreign-currency forward contracts (2) (4,300 ) (276 ) 1,496 1,193 Options and futures (2) — — 185 (152 ) Total $ (3,664 ) $ (40,964 ) $ (9,812 ) $ 10,552 Nine Months Ended September 30, 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 $ (7,076 ) $ 137,322 $ (14,027 ) $ (25,119 ) CLO liabilities (1) — (119,767 ) — (9,601 ) Foreign-currency forward contracts (2) (1,960 ) 412 428 17 Total-return and interest-rate swaps (2) — — 858 29 Options and futures (2) — — 232 (265 ) Total $ (9,036 ) $ 17,967 $ (12,509 ) $ (34,939 ) (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)

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 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 September 30, 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) $ 24,025 $ — $ — $ 24,025 $ 546,531 $ — $ — $ 546,531 Corporate investments — 4,663 45,636 50,299 — 29,476 45,426 74,902 Foreign-currency forward contracts (2) — 3,856 — 3,856 — 1,654 — 1,654 Cross-currency swap (2) — 13,074 — 13,074 — 2,384 — 2,384 Total assets $ 24,025 $ 21,593 $ 45,636 $ 91,254 $ 546,531 $ 33,514 $ 45,426 $ 625,471 Liabilities Contingent liability (3) $ — $ — $ (4,518 ) $ (4,518 ) $ — $ — $ (6,657 ) $ (6,657 ) Foreign-currency forward contracts (4) — (2,071 ) — (2,071 ) — (2,318 ) — (2,318 ) Total liabilities $ — $ (2,071 ) $ (4,518 ) $ (6,589 ) $ — $ (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, except for $162 as of September 30, 2019 which is included within corporate investments in the condensed consolidated statements of financial condition. (3) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. (4) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition, except for $3 as of December 31, 2018, which is 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 September 30, 2019 2018 Corporate Investments Contingent Liability Corporate Investments Contingent Liability Beginning balance $ 42,234 $ (6,737 ) $ 31,084 $ (9,129 ) Contributions or additions 883 — 10,258 — Distributions — — (290 ) — Net gain (loss) included in earnings 2,519 2,219 (453 ) 2,538 Ending balance $ 45,636 $ (4,518 ) $ 40,599 $ (6,591 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 2,519 $ 2,219 $ (557 ) $ 2,538 Nine months ended September 30, 2019 2018 Corporate Investments Contingent Liability Corporate Investments Contingent Liability Beginning balance $ 45,426 $ (6,657 ) $ 50,902 $ (18,778 ) Contributions or additions 937 — 16,668 — Distributions (7,181 ) — (31,145 ) — Net gain (loss) included in earnings 6,454 2,139 4,174 12,187 Ending balance $ 45,636 $ (4,518 ) $ 40,599 $ (6,591 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 6,454 $ 2,139 $ 3,102 $ 12,187 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 September 30, 2019 December 31, 2018 Valuation Technique Range Weighted Average Corporate investment – Limited partnership interests $ 45,636 $ 45,426 Market approach Not applicable Not applicable Not applicable Contingent liability (4,518 ) (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 September 30, 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 $ — $ 6,758,814 $ 156,110 $ 6,914,924 $ — $ 5,216,923 $ 136,055 $ 5,352,978 Corporate debt – all other — 896,826 42,732 939,558 634 963,423 185,378 1,149,435 Equities – common stock 3,022 — 196,224 199,246 24,483 — 3,063 27,546 Equities – preferred stock — 2,129 2,129 — — 1,426 1,426 Real estate — 49,098 161,844 210,942 — — — — Total investments 3,022 7,704,738 559,039 8,266,799 25,117 6,180,346 325,922 6,531,385 Derivatives: Foreign-currency forward contracts 116 2,331 — 2,447 — 2,275 — 2,275 Options and futures — — — — 189 — — 189 Total derivatives (1) 116 2,331 — 2,447 189 2,275 — 2,464 Total assets $ 3,138 $ 7,707,069 $ 559,039 $ 8,269,246 $ 25,306 $ 6,182,621 $ 325,922 $ 6,533,849 Liabilities CLO debt obligations: Senior secured notes $ — $ (5,354,638 ) $ — $ (5,354,638 ) $ — $ (3,976,602 ) $ — $ (3,976,602 ) Subordinated notes — (198,506 ) — (198,506 ) — (151,392 ) — (151,392 ) Total CLO debt obligations (2) — (5,553,144 ) — (5,553,144 ) — (4,127,994 ) — (4,127,994 ) Securities sold short: Equity securities — — — — (2,609 ) — — (2,609 ) Derivatives: Foreign-currency forward contracts — (1,536 ) — (1,536 ) — (643 ) — (643 ) Total derivatives (3) — (1,536 ) — (1,536 ) — (643 ) — (643 ) Total liabilities $ — $ (5,554,680 ) $ — $ (5,554,680 ) $ (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 September 30, 2019 Beginning balance $ 101,494 $ 23,209 $ 42,972 $ 1,934 $ 57,080 $ 226,689 Deconsolidation of funds (5,441 ) (11,216 ) — — — (16,657 ) Transfers into Level III 9,853 6,490 29 — — 16,372 Transfers out of Level III — — — — — — Purchases 67,093 25,102 154,446 80 107,046 353,767 Sales (8,763 ) (71 ) (1,146 ) — — (9,980 ) Realized gains (losses), net (443 ) 26 587 — — 170 Unrealized appreciation (depreciation), net (7,683 ) (808 ) (664 ) 115 (2,282 ) (11,322 ) Ending balance $ 156,110 $ 42,732 $ 196,224 $ 2,129 $ 161,844 $ 559,039 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (5,455 ) $ (389 ) $ (525 ) $ 115 $ (2,282 ) $ (8,536 ) Three Months Ended September 30, 2018 Beginning balance $ 83,529 $ 123,936 $ 54,934 $ 1,586 $ — $ 263,985 Transfers into Level III 7,698 — — — — 7,698 Transfers out of Level III (11,549 ) — — — — (11,549 ) Purchases 49,347 41,063 197 — — 90,607 Sales (22,253 ) (17,580 ) (76 ) — — (39,909 ) Realized gains (losses), net 144 65 59 — — 268 Unrealized appreciation (depreciation), net 975 (921 ) (273 ) (171 ) — (390 ) Ending balance $ 107,891 $ 146,563 $ 54,841 $ 1,415 $ — $ 310,710 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 1,140 $ (508 ) $ (273 ) $ (171 ) $ — $ 188 Corporate Debt – Bank Debt Corporate Debt – All Other Equities – Common Stock Equities – Preferred Stock Real Estate Total Nine months Ended September 30, 2019 Beginning balance $ 136,055 $ 185,378 $ 3,063 $ 1,426 $ — $ 325,922 Deconsolidation of funds (54,895 ) (108,121 ) — — — (163,016 ) Transfers into Level III 32,711 89 2,379 — — 35,179 Transfers out of Level III (16,658 ) (51,770 ) — — — (68,428 ) Purchases 94,865 27,489 194,304 322 164,126 481,106 Sales (25,937 ) (10,452 ) (2,072 ) — — (38,461 ) Realized gains (losses), net (319 ) (100 ) 616 — — 197 Unrealized appreciation (depreciation), net (9,712 ) 219 (2,066 ) 381 (2,282 ) (13,460 ) Ending balance $ 156,110 $ 42,732 $ 196,224 $ 2,129 $ 161,844 $ 559,039 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 21,502 $ (25 ) $ (1,528 ) $ 381 $ (2,282 ) $ 18,048 Nine Months Ended September 30, 2018 Beginning balance $ 86,999 $ 75,388 $ 3,427 $ — $ 121,588 $ 287,402 Deconsolidation of funds — — — — (121,087 ) (121,087 ) Transfers into Level III 36,627 899 490 — — 38,016 Transfers out of Level III (25,041 ) (490 ) (658 ) — — (26,189 ) Purchases 58,534 119,328 52,253 1,248 — 231,363 Sales (51,577 ) (47,628 ) (387 ) — (501 ) (100,093 ) Realized gains (losses), net 612 314 59 — — 985 Unrealized appreciation (depreciation), net 1,737 (1,248 ) (343 ) 167 — 313 Ending balance $ 107,891 $ 146,563 $ 54,841 $ 1,415 $ — $ 310,710 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 1,566 $ (1,054 ) $ (343 ) $ 167 $ — $ 336 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 September 30, 2019: Investment Type Fair Value Valuation Technique Significant Unobservable (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer discretionary: $ 26,190 Recent market information (5) Quoted prices Not applicable Not applicable 4,340 Discounted cash flow (4) Discount rate 10% – 18% 13% Financials: 39,099 Recent market information (5) Quoted prices Not applicable Not applicable 4,415 Discounted cash flow (4) Discount rate 8% – 12% 11% Health care: 35,560 Recent market information (5) Quoted prices Not applicable Not applicable 666 Discounted cash flow (4) Discount rate 16% – 18% 17% Real estate: 20,572 Recent market information (5) Quoted prices Not applicable Not applicable 702 Discounted cash flow (4) Discount rate 17% – 19% 18% Other: 53,041 Recent market information (5) Quoted prices Not applicable Not applicable 14,257 Discounted cash flow (4) Discount rate 8% – 18% 13% Equity investments: 26,632 Recent transaction price (8) Quoted prices Not applicable Not applicable 131,778 Discounted cash flow (4) Discount rate 8% – 15% 11% 39,578 Market approach (6) Earnings multiple (7) 4x – 10x 6x 365 Market approach (6) Revenue multiple (9) 2x – 4x 3x Real estate investments: 146,208 Recent transaction price (8) Quoted prices Not applicable Not applicable 15,636 Discounted cash flow (4) Discount rate 5% – 7% 6% Total Level III $ 559,039 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. (9) Revenue multiples are based on comparable public companies and transactions with comparable companies. The Company typically applies the multiple to trailing twelve-months’ revenue. However, in certain cases other revenue measures, such as pro forma revenue, may be utilized if deemed to be more relevant. 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 September 30, 2019 and September 30, 2018, there were no changes in the valuation techniques for Level III securities.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	9 Months Ended
	Sep. 30, 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 September 30, 2019 Foreign-currency forward contracts $ 184,856 $ 3,856 $ (65,140 ) $ (2,071 ) Cross-currency swap 232,827 13,074 — — Total $ 417,683 $ 16,930 $ (65,140 ) $ (2,071 ) 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Investment income $ 16,206 $ 419 $ 11,429 $ (1,898 ) General and administrative expense (1) 5,274 929 5,287 (374 ) Total $ 21,480 $ 1,348 $ 16,716 $ (2,272 ) (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 September 30, 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 September 30, 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 $ (4,300 ) $ (276 ) $ 1,496 $ 1,193 Options and futures — — 185 (152 ) Total $ (4,300 ) $ (276 ) $ 1,681 $ 1,041 Nine Months Ended September 30, 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 $ (1,960 ) $ 412 $ 428 $ 17 Total-return and interest-rate swaps — — 858 29 Options and futures — — 232 (265 ) Total $ (1,960 ) $ 412 $ 1,518 $ (219 ) 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 September 30, 2019 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 3,856 $ 2,071 $ — $ 1,785 Cross-currency swap 13,074 — — 13,074 Subtotal 16,930 2,071 — 14,859 Derivative assets of consolidated funds: Foreign-currency forward contracts 2,447 — — 2,447 Total $ 19,377 $ 2,071 $ — $ 17,306 Derivative Liabilities: Foreign-currency forward contracts (2,071 ) (2,071 ) — — Derivative liabilities of consolidated funds: Foreign-currency forward contracts (1,536 ) — — (1,536 ) Total $ (3,607 ) $ (2,071 ) $ — $ (1,536 ) 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	9 Months Ended
	Sep. 30, 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 September 30, 2019 December 31, 2018 Furniture, equipment and capitalized software $ 28,781 $ 26,345 Leasehold improvements 72,724 70,270 Corporate aircraft 66,120 66,120 Other 5,302 4,859 Fixed assets 172,927 167,594 Accumulated depreciation (68,457 ) (61,879 ) Fixed assets, net $ 104,470 $ 105,715

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	9 Months Ended
	Sep. 30, 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 September 30, 2019, the Company had determined there was no goodwill impairment. The carrying value of goodwill was $69.3 million as of September 30, 2019 and December 31, 2018. The following table summarizes the carrying value of intangible assets: As of September 30, 2019 December 31, 2018 Contractual rights $ 347,452 $ 347,452 Accumulated amortization (45,755 ) (33,173 ) Intangible assets, net $ 301,697 $ 314,279 Amortization expense associated with the Company’s intangible assets was $4.2 million and $12.6 million for both the three and nine months ended September 30, 2019 and 2018, respectively. Future amortization of intangible assets held as of September 30, 2019 is set forth below: Remainder of 2019 $ 4,198 2020 16,780 2021 15,112 2022 12,777 2023 12,777 Thereafter 240,053 Total $ 301,697 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	9 Months Ended
	Sep. 30, 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 September 30, 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 (3,657 ) (4,055 ) Debt obligations $ 746,343 $ 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 September 30, 2019, the Company had no outstanding borrowings under the revolving credit facility. As of September 30, 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 September 30, 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 $806.3 million and $720.3 million as of September 30, 2019 and December 31, 2018, respectively, utilizing an average borrowing rate of 2.8% and 4.4% , respectively. As of September 30, 2019, a 10% increase in the assumed average borrowing rate would lower the estimated fair value to $788.9 million , whereas a 10% decrease would increase the estimated fair value to $824.2 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 September 30, 2019 December 31, 2018 Senior variable rate notes $ 976,470 $ 870,098 $ 976,470 3.39% 8.7 N/A N/A Less: Debt issuance costs (4,616 ) (5,569 ) Total debt obligations, net $ 971,854 $ 864,529 As of September 30, 2019 and December 31, 2018, the consolidated funds had debt obligations with an aggregate outstanding principal balance of $976.5 million . The fair value of the senior variable rate notes is a Level III valuation and aggregated $976.8 million and $871.3 million as of September 30, 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 September 30, 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 $ 5,354,638 2.95% 9.1 $ 3,976,602 2.69% 9.9 Subordinated notes (2) 198,506 N/A 8.6 151,392 N/A 9.7 Total CLO debt obligations $ 5,553,144 $ 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 September 30, 2019 and December 31, 2018, the fair value of CLO assets was $6.3 billion and $4.7 billion , respectively, and consisted of cash, corporate loans, corporate bonds and other securities. As of September 30, 2019, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: Remainder of 2019 $ 600,481 2020 169,372 2021 — 2022 — 2023 — Thereafter 4,822,368 Total $ 5,592,221

LEASES

LEASES	9 Months Ended
	Sep. 30, 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 September 30, 2019, there were no finance leases outstanding and no additional operating leases that have not yet commenced. The components of lease expense included in general and administrative expense were as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 4,739 $ 14,226 Sublease income (278 ) (535 ) Total lease cost $ 4,461 $ 13,691 Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 14,628 Weighted average remaining lease term for operating leases (in years) 9.5 Weighted average discount rate for operating leases 4.4 % As of September 30, 2019, maturities of operating lease liabilities were as follows: Remainder of 2019 $ 4,874 2020 18,717 2021 17,702 2022 17,135 2023 16,554 Thereafter 84,617 Total lease payments 159,599 Less: imputed interest (28,317 ) Total operating lease liabilities $ 131,282

NON-CONTROLLING REDEEMABLE INTE

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS	9 Months Ended
	Sep. 30, 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. Nine Months Ended September 30, 2019 2018 Beginning balance $ 961,622 $ 860,548 Initial consolidation of a fund 54,964 — Deconsolidation of a fund (424,603 ) — Contributions 519,684 107,962 Distributions (107,071 ) (214,096 ) Net income 82,234 18,399 Change in distributions payable 4,652 (75,196 ) Foreign currency translation and other (10,020 ) (1,310 ) Ending balance $ 1,081,462 $ 696,307

UNITHOLDERS' CAPITAL

UNITHOLDERS' CAPITAL	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018, respectively, OCGH units represented 62,145,608 of the total 160,112,863 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 $1,442,907 and $1,997,745 as of September 30, 2019 and December 31, 2018, respectively, the OCGH non-controlling interest was $560,067 and $1,086,693 . As of September 30, 2019 and December 31, 2018, non-controlling interests attributable to third parties was $4,018 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 83,666 85,775 84,796 86,675 Class A unitholders 75,995 71,369 74,005 70,167 Total weighted average units outstanding 159,661 157,144 158,801 156,842 Oaktree Operating Group net income (loss): Net income attributable to preferred unitholders (1) $ 6,829 $ 3,909 $ 20,487 $ 3,909 Net income (loss) attributable to OCGH non-controlling interest (7,389 ) 71,408 107,480 185,959 Net income (loss) attributable to OCG Class A unitholders (6,708 ) 59,417 91,226 149,956 Oaktree Operating Group net income (loss) (2) $ (7,268 ) $ 134,734 $ 219,193 $ 339,824 Net income (loss) attributable to OCG Class A unitholders: Oaktree Operating Group net income (loss) attributable to OCG Class A unitholders $ (6,708 ) $ 59,417 $ 91,226 $ 149,956 Non-Operating Group income (expense) (3,967 ) (321 ) (8,287 ) (629 ) Income tax benefit (expense) of Intermediate Holding Companies (5,973 ) (6,346 ) (9,889 ) (12,724 ) Net income (loss) attributable to OCG Class A unitholders $ (16,648 ) $ 52,750 $ 73,050 $ 136,603 (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 $518 and $1,779 for the three and nine months ended September 30, 2019, respectively and $597 and $1,986 for the three and nine months ended September 30, 2018, respectively. The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) attributable to OCG Class A unitholders $ (16,648 ) $ 52,750 $ 73,050 $ 136,603 Equity reallocation between controlling and non-controlling interests 267,715 4,514 304,280 78,269 Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests $ 251,067 $ 57,264 $ 377,330 $ 214,872 Please see notes 14, 15 and 16 for additional information regarding transactions that impacted unitholders’ capital.

EARNINGS PER UNIT

EARNINGS PER UNIT	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER UNIT	EARNINGS PER UNIT The computation of net income (loss) per Class A unit is set forth below: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) per Class A unit (basic and diluted): (in thousands, except per unit amounts) Net income (loss) attributable to OCG Class A unitholders $ (16,648 ) $ 52,750 $ 73,050 $ 136,603 Weighted average number of Class A units outstanding (basic and diluted) 75,995 71,369 74,005 70,167 Basic and diluted net income (loss) per Class A unit $ (0.22 ) $ 0.74 $ 0.99 $ 1.95

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Restated Exchange Agreement At the closing of the Mergers, Oaktree entered into a Third Amended and Restated Exchange Agreement that will, among other things, allow limited partners of OCGH to exchange (“Exchanges”) certain vested limited partnership units of OCGH (“OCGH Units”) for cash, Brookfield Class A Shares, notes issued by a Brookfield subsidiary or equity interests in a subsidiary of OCGH that will entitle such limited partners to the proceeds from a note, or a combination of the foregoing. Either of such notes will have a three-year maturity and will accrue interest at the then-current 5 -year treasury note rate plus 3% . Only Converted Class A Units, OCGH Units issued and outstanding at the time of the closing of the Mergers, OCGH Units issued after the closing of the Mergers pursuant to agreements in effect on March 13, 2019, OCGH Units issuable upon vesting of certain phantom equity awards (“Phantom Units”) and other OCGH Units consented-to by Brookfield will be, when vested, eligible to participate in an Exchange. The form of the consideration in an Exchange is generally in the discretion of Brookfield, subject to certain limitations. In general, OCGH limited partners will be entitled to provide an election notice to participate in an Exchange with respect to eligible vested OCGH Units during the first 60 calendar days of each year beginning January 1, 2022 (an “Open Period”). However, holders of Converted Class A Units and Phantom Units will be eligible to provide an election notice with respect to their vested units beginning as early as 2020 and each year thereafter subject to certain limitations. Each Exchange will thereafter be consummated within the first 155 days of such calendar year, subject to extension in certain circumstances. Valuation Except as described below, each OCGH Unit will be valued (i) by applying a 13.5 x multiple to the trailing three-year average (or two-year average for Exchanges in 2022) of fee-related earnings less stock-based compensation at grant value and excluding depreciation and amortization and a 6.75 x multiple to the trailing three-year average of net incentives created, and (ii) adding 100% of the value of net cash (defined as cash less the face value of debt and preferred stock, other than certain preferred stock issued in connection with certain Exchanges), 100% of the value of corporate investments and 75% of fund-level net accrued incentives as of December 31 of the prior year, in each case subject to certain adjustments. Amounts received in respect of each OCGH Unit will be reduced by the amount of any non-tax related distributions received in the calendar year in which the Exchange occurs, but increased by an amount accruing daily from January 1 of such year to the date of the closing of the Exchange at a rate per annum equal to the 5 -year treasury note rate as of December 31 of the prior year plus 3% . However, in 2020 and 2021, Converted Class A Units and Phantom Units will be valued at $49.00 per unit, less the amount of any capital distributions received upon vesting. Thereafter any such Converted Class A Units and Phantom Units will be valued using the same methodology applied to all other OCGH Units. Annual Limits Exchanges of OCGH Units, other than Converted Class A Units and Phantom Units, will be subject to certain annual caps and limitations as follows: • Messrs. Howard Marks, Bruce Karsh, Jay Wintrob, John Frank, Sheldon Stone, Richard Masson and Larry Keele can, for the Open Period beginning in 2022, exchange up to 20% of the OCGH Units held by them at the closing of the Mergers (or issued pursuant to agreements in place on March 19, 2019, or as agreed to by Brookfield). For each year thereafter, they will be able to exchange an additional 20% of such OCGH Units (subject to yearly caps and inclusive of any prior exchanges), such that they will be entitled to exchange 100% of their OCGH Units beginning during the Open Period in 2026 (subject to yearly caps and inclusive of any prior exchanges). • Current employees other than those included in the group named in the preceding bullet can, for the Open Period beginning in 2022, sell up to 12.5% of the OCGH Units held by them at the closing (or issued pursuant to agreements in place on March 13, 2019, or as agreed to by Brookfield). For each year thereafter, they will be able to exchange an additional 12.5% of such OCGH Units (subject to yearly caps and inclusive of any prior exchanges) so long as they are employed by Oaktree or its subsidiaries at the time of the exchange. They will be entitled to exchange 100% of their OCGH Units beginning during the Open Period in 2029 (subject to yearly caps). • Brookfield is not obligated to permit Exchanges that, in the aggregate together with Exchanges requested by all other OCGH limited partners, exceed certain maximum amounts per year. These maximum amounts are: 20% of the exchangeable OCGH Units in calendar year 2022, 25% in 2023, 30% in 2024, and 35% in 2025 and each year thereafter. • In the event that OCGH limited partners wish to sell or exchange units in excess of the maximum amount for a given year, OCGH will reallocate the exchangeable units among the OCGH limited partners in its sole discretion so that the amount exchanged does not exceed the maximum amount for such year. With respect to Exchanges of Converted Class A Units and Phantom Units, OCGH limited partners will not be entitled to exchange such units to the extent the aggregate exchange consideration payable in respect thereof, in any given Exchange, would exceed an amount equal to (i) the amount of exchange consideration that would have been payable in respect of Converted Class A Units and Phantom Units that were eligible for participation in the applicable Open Period in accordance with their original vesting schedule as of the date the notice for such Exchange was delivered plus (ii) $20 million ; and in the event that OCGH limited partners deliver election notices that would result in such excess, OCGH will reallocate such units among the OCGH limited partners in its sole discretion. In the event that OCGH limited partners would, following an Exchange, beneficially own less than 1% of the equity of the Oaktree Operating Group (as defined in the operating agreement of Oaktree, as amended from time to time), Brookfield can require that all remaining OCGH Units be exchanged on 36 -months’ notice. In addition, following the 8th anniversary of the Closing Date, Brookfield can discontinue the Exchange rights on 36 -months’ notice. In the event that OCGH limited partners would, following the final Exchange pursuant to a discontinuation notice, beneficially own less than 5% of the equity of the Oaktree Operating Group, Brookfield can require that all remaining OCGH Units be exchanged in such final Exchange. As a result of the foregoing, the earliest the exchange rights can be terminated is the 11th anniversary of the Closing Date. Following the delivery of a discontinuation notice, the caps and limits set forth above will cease to be in effect. Revisions to the terms of the exchange agreement governing post-vesting restrictions and exchange consideration described above and to the terms of the operating agreement of the Company and the partnership agreement of OCGH resulted in a Type I modification of unvested Class A and OCGH units. There was no incremental compensation cost resulting from the modifications. Class A and OCGH Unit Awards During the nine months ended September 30, 2019, the Company granted 1,494,324 Class A units and 1,873,155 restricted OCGH units to its employees and directors, subject to annual vesting over a weighted average period of approximately 5.9 years. The grant date fair value of OCGH units awarded during the nine months ended September 30, 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 September 30, 2019, the Company expected to recognize compensation expense on its unvested OCGH unit awards of $217.1 million over a weighted average period of 4.4 years. A summary of the status of the Company’s unvested OCGH unit awards and changes for the period presented are set forth below (actual dollars per unit): Converted Class A Units (1) OCGH Units 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 1,494,324 49.56 1,873,155 41.34 Vested (975,072 ) 43.06 (434,674 ) 35.11 Forfeited (98,301 ) 44.53 — — Balance as of September 30, 2019 3,121,536 $ 45.87 3,302,530 $ 41.31 (1) At the Effective Time, each unvested Class A Unit held by current, or in certain cases former, employees, officers and directors of Oaktree and its subsidiaries was converted into one unvested OCGH Unit (each, a “Converted Class A Unit”) and will thereafter be subject to the terms and conditions of the OCGH limited partnership agreement. The Converted Class A Units will (i) be subject to the same vesting terms that were applicable to such units prior to the Effective Time, (ii) be entitled to receive ongoing distributions in respect of earnings, but not capital distributions and (iii) upon vesting, receive the accumulated value of capital distributions that accrued while such units were unvested. However, in 2020 and 2021, Converted Class A Units will be valued at $49.00 per unit, less the amount of any capital distributions received upon vesting. No unvested Class A Units or Converted Class A Units vested in connection with the Mergers. 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. As of September 30, 2019, the value created did not exceed the Base Value. 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 September 30, 2019, there were 1,000,000 equity-classified EVUs and 1,000,000 liability-classified EVUs outstanding. As of September 30, 2019, the Company expected to recognize $0.3 million of compensation expense on its unvested EVUs over the next 0.25 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 measured 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 September 30, 2019, there were 807,307 deferred equity units outstanding. As of September 30, 2019, the Company expected to recognize compensation expense of $1.4 million on 39,808 deferred equity units over a weighted average period of 5.5 years . The fair value of the deferred equity units issued in the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 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 $3.0 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. Tax Receivable Agreement Prior to the consummation of the Mergers, subject to certain restrictions and the approval of the Company’s board of directors, each holder of OCGH units had 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 have resulted in an adjustment to the tax basis of the assets owned by the Oaktree Operating Group at the time of any such exchange. These exchanges have resulted 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. previously entered into a tax receivable agreement (the “Original TRA”) with OCGH unitholders that, as amended, provided 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 realized (or were 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 resulted 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. Upon the closing of the Mergers, Oaktree entered into a Third Amended and Restated Tax Receivable Agreement (the “TRA Amendment”), which amended and restated the Original TRA. Pursuant to the TRA Amendment, the Original TRA no longer applies and no Tax Benefit Payments (as defined in the TRA Amendment) will be made with respect to any exchanges of OCGH Units that occur on or after March 13, 2019. With respect to any exchanges of OCGH Units that occurred prior to March 13, 2019, the TRA Amendment provides that Tax Benefit Payments will continue to be made with respect to such exchanges in accordance with the Original TRA (as amended in certain respects, including that such payments will be calculated without taking into account any tax attributes of Brookfield). Upon the closing of the Mergers, the tax basis of the assets owned by the Oaktree Operating Group increased and as a result the Company recorded an increase of $212.0 million to its total deferred tax assets. In accordance with the above, there was no associated tax receivable agreement liability recorded with this exchange and the entire amount resulted in a corresponding increase to additional paid-in capital. On each of the first, second and third anniversaries of the closing date, Brookfield will pay $66 million in the aggregate to the OCGH limited partners in consideration for certain tax benefits delivered upon the exchange of OCGH Units on the closing date and for future exchanges of OCGH Units following the closing date, which will be allocated among OCGH’s limited partners as set forth in the Exchange Agreement. 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 Original TRA, as of September 30, 2019, are set forth below: Transaction Total Future Payments Payments Through Fiscal Year 2007 private offering $ 11,987 2029 Initial public offering 30,525 2034 May 2013 offering 43,235 2035 March 2014 offering 32,919 2036 March 2015 offering 28,093 2037 February 2018 offering 31,281 2040 Total $ 178,040 For the nine months ended September 30, 2019, $10.0 million was paid under the Original TRA.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 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 September 30, 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 $1,344,218 and $1,434,458 , for which related direct incentive income compensation expense was estimated to be $704,178 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 both September 30, 2019 and December 31, 2018, respectively, the fair value of the contingent liability was $4.5 million and $6.7 million . Changes in this liability resulted in income of $2.2 million and $2.1 million for the three and nine months ended September 30, 2019, respectively and income of $2.5 million and $12.2 million for the three and nine months ended September 30, 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 September 30, 2019, the remaining amount of the pledged assets was $32.0 million . Commitments to Funds As of September 30, 2019 and December 31, 2018, the Company, generally in its capacity as general partner, had undrawn capital commitments of $365.1 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 September 30, 2019 and December 31, 2018, the consolidated funds had potential aggregate commitments of $21.4 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 September 30, 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 nine months ended September 30, 2019, the consolidated funds did not provide any financial support to portfolio companies.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 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 $94,043 and $95,953 as of September 30, 2019 and December 31, 2018, respectively, based on a discount rate of 10.0% . As of September 30, 2019 December 31, 2018 Due from affiliates: Loans $ 6,416 $ 3,857 Amounts due from unconsolidated funds 66,490 72,588 Management fees and incentive income due from unconsolidated funds 76,106 362,971 Payments made on behalf of unconsolidated entities 3,220 3,469 Non-interest bearing advances made to certain non-controlling interest holders and employees — 27 Total due from affiliates $ 152,232 $ 442,912 Due to affiliates: Due to OCGH unitholders in connection with the tax receivable agreement (please see note 16) $ 178,040 $ 187,872 Amounts due to senior executives, certain non-controlling interest holders and employees 1,438 495 Total due to affiliates $ 179,478 $ 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 $18 and $66 for the three and nine months ended September 30, 2019, respectively, and $22 and $193 for the three and nine months ended September 30, 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 $184.7 million and $719.3 million for the three and nine months ended September 30, 2019, respectively, and $218.0 million and $719.6 million for the three and nine months ended September 30, 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. Leases The Company leases certain office space from affiliates of Brookfield. Rent expense associated with these leases was $1.1 million and $3.4 million for the three and nine months ended September 30, 2019, respectively, and $1.2 million and $3.6 million for the three and nine months ended September 30, 2018, respectively. Future lease obligations associated with these leases are $63.2 million for the remaining lease commitments through 2030.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 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

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Class A Unit Distribution A distribution of $0.03 per Class A unit will be paid on November 12, 2019 to holders of record at the close of business on October 31, 2019. Preferred Unit Distributions A distribution of $0.414063 per Series A preferred unit will be paid on December 16, 2019 to Series A preferred unitholders of record at the close of business on December 1, 2019. A distribution of $0.409375 per Series B preferred unit will be paid on December 16, 2019 to Series B preferred unitholders of record at the close of business on December 1, 2019. Restructuring Transaction

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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. 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
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
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.
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 (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Disaggregated by Fund Structure	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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Management Fees Closed-end $ 120,462 $ 112,415 $ 345,091 $ 353,225 Open-end 29,990 34,942 90,480 109,051 Evergreen 29,309 27,838 89,227 76,430 Total $ 179,761 $ 175,195 $ 524,798 $ 538,706 Incentive Income Closed-end $ 25,335 $ 65,661 $ 257,778 $ 249,447 Evergreen 94 371 2,512 3,678 Total $ 25,429 $ 66,032 $ 260,290 $ 253,125
Contract Balances	The table below sets forth contract balances for the periods indicated: As of September 30, 2019 December 31, 2018 Receivables (1) $ 76,106 $ 74,795 Contract assets (1) — 288,176 Contract liabilities (2) (26,383 ) (26,549 ) (1) The changes in the balances primarily related to accruals, net of payments received. (2) Revenue recognized in the three months and nine months ended September 30, 2019 from amounts included in the contract liability balance were $5.4 million and $17.1 million .

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Carrying value of the 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 September 30, 2019 December 31, 2018 Corporate investments $ 1,077,595 $ 1,093,294 Due from affiliates 89,682 384,225 Maximum exposure to loss $ 1,167,277 $ 1,477,519

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Corporate Investments	Corporate investments consisted of the following: As of Corporate Investments September 30, 2019 December 31, 2018 Equity-method investments: Funds $ 1,063,668 $ 1,089,068 Companies 27,103 45,797 Other investments, at fair value 50,461 74,899 Total corporate investments $ 1,141,232 $ 1,209,764 Summarized financial information of the Company’s equity-method investments is set forth below. Three months ended September 30, Nine months ended September 30, Statements of Operations 2019 2018 2019 2018 Revenues / investment income $ 353,289 $ 489,240 $ 1,584,552 $ 1,423,993 Interest expense (54,329 ) (70,803 ) (185,227 ) (203,418 ) Other expenses (157,878 ) (210,752 ) (639,180 ) (628,109 ) Net realized and unrealized gain (loss) on investments (204,820 ) 832,725 916,097 2,178,524 Net income (loss) $ (63,738 ) $ 1,040,410 $ 1,676,242 $ 2,770,990
Investment Income	The components of investment income are set forth below: Three months ended September 30, Nine months ended September 30, Investment Income (Loss) 2019 2018 2019 2018 Equity-method investments: Funds $ (12,106 ) $ 39,041 $ 45,211 $ 92,105 Companies 20,108 18,870 56,919 54,438 Other investments, at fair value 18,817 285 19,674 3,139 Total investment income $ 26,819 $ 58,196 $ 121,804 $ 149,682
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 September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 United States: Debt securities: Communication services $ 753,331 $ 543,948 9.3 % 8.4 % Consumer discretionary 623,147 506,551 7.5 7.8 Consumer staples 100,798 112,197 1.2 1.7 Energy 317,161 204,568 3.8 3.1 Financials 431,216 332,240 5.2 5.1 Health care 672,716 537,592 8.1 8.2 Industrials 735,539 443,406 8.9 6.8 Information technology 610,557 536,000 7.4 8.2 Materials 368,129 289,499 4.5 4.4 Real estate 198,649 217,633 2.4 3.3 Utilities 255,356 137,031 3.1 2.1 Total debt securities (cost: $5,124,603 and $4,019,823 as of September 30, 2019 and December 31, 2018, respectively) 5,066,599 3,860,665 61.4 59.1 Equity securities: Communication services 24 — 0.0 — Consumer discretionary 1,950 1,915 0.0 0.1 Energy 169 131 0.0 0.0 Financials 528 837 0.0 0.0 Health care 1,461 1,348 0.0 0.0 Industrials 93 88 0.0 0.0 Utilities 130,354 1,107 1.6 0.0 Total equity securities (cost: $138,533 and $6,117 as of September 30, 2019 and December 31, 2018, respectively) 134,579 5,426 1.6 0.1 Real estate: Real estate 210,942 — 2.6 — Total real estate securities (cost: $213,228 and $0 as of September 30, 2019 and December 31, 2018, respectively) 210,942 — 2.6 — Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Europe: Debt securities: Communication services $ 503,543 $ 530,337 6.1 % 8.1 % Consumer discretionary 591,975 545,324 7.2 8.3 Consumer staples 165,928 160,406 2.0 2.5 Energy 18,040 15,260 0.2 0.2 Financials 79,423 48,545 1.0 0.7 Health care 514,946 418,516 6.2 6.4 Industrials 267,975 246,640 3.2 3.8 Information technology 168,473 194,988 2.0 3.0 Materials 273,045 221,660 3.3 3.4 Real estate 27,735 30,045 0.3 0.5 Utilities 8,712 1,559 0.1 0.0 Total debt securities (cost: $2,618,439 and $2,477,821 as of September 30, 2019 and December 31, 2018, respectively) 2,619,795 2,413,280 31.6 36.9 Equity securities: Consumer discretionary 38,498 — 0.5 — Consumer staples — 38 — 0.0 Health care 696 948 0.0 0.1 Real estate 25,783 — 0.3 — Total equity securities (cost: $58,869 and $320 as of September 30, 2019 and December 31, 2018, respectively) 64,977 986 0.8 0.1 Asia and other: Debt securities: Communication services 14,653 12,069 0.2 0.2 Consumer discretionary 39,453 36,822 0.5 0.6 Consumer staples 8,663 11,867 0.1 0.2 Energy 14,782 20,594 0.2 0.3 Financials 10,359 13,995 0.1 0.2 Government 1,010 12,155 0.0 0.2 Health care 6,465 9,633 0.1 0.1 Industrials 52,434 40,468 0.6 0.7 Information technology — 1,887 — 0.0 Materials 10,628 15,516 0.1 0.2 Real estate 1,475 38,592 0.0 0.6 Utilities 8,166 14,870 0.1 0.2 Total debt securities (cost: $169,761 and $233,603 as of September 30, 2019 and December 31, 2018, respectively) 168,088 228,468 2.0 3.5 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Asia and other: Equity securities: Consumer discretionary $ — $ 874 — % 0.0 % Consumer staples 1 997 0.0 0.0 Energy 323 382 0.0 0.0 Financials — 2,935 — 0.0 Industrials — 11,265 — 0.2 Information technology — 1,725 — 0.0 Materials 1,495 4,382 0.0 0.1 Total equity securities (cost: $3,880 and $22,977 as of September 30, 2019 and December 31, 2018, respectively) 1,819 22,560 0.0 0.3 Total debt securities 7,854,482 6,502,413 95.0 99.5 Total equity securities 201,375 28,972 2.4 0.5 Total real estate 210,942 — 2.6 — Total investments, at fair value $ 8,266,799 $ 6,531,385 100.0 % 100.0 % Securities Sold Short Equity securities (proceeds: $0 and $2,644 as of September 30, 2019 and December 31, 2018, respectively) $ — $ (2,609 ) The following table summarizes net gains (losses) attributable to the Company’s other investments: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Realized gain (loss) $ 1,345 $ 104 $ 7,656 $ 1,072 Net change in unrealized gain (loss) 17,472 181 12,018 2,067 Total gain (loss) $ 18,817 $ 285 $ 19,674 $ 3,139
Net Gains (Losses) from Investment Activities of Consolidated Funds	The following table summarizes net gains (losses) from investment activities: Three months ended September 30, 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 $ 636 $ (14,910 ) $ (11,493 ) $ 51,969 CLO liabilities (1) — (25,778 ) — (42,458 ) Foreign-currency forward contracts (2) (4,300 ) (276 ) 1,496 1,193 Options and futures (2) — — 185 (152 ) Total $ (3,664 ) $ (40,964 ) $ (9,812 ) $ 10,552 Nine Months Ended September 30, 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 $ (7,076 ) $ 137,322 $ (14,027 ) $ (25,119 ) CLO liabilities (1) — (119,767 ) — (9,601 ) Foreign-currency forward contracts (2) (1,960 ) 412 428 17 Total-return and interest-rate swaps (2) — — 858 29 Options and futures (2) — — 232 (265 ) Total $ (9,036 ) $ 17,967 $ (12,509 ) $ (34,939 ) (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)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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) $ 24,025 $ — $ — $ 24,025 $ 546,531 $ — $ — $ 546,531 Corporate investments — 4,663 45,636 50,299 — 29,476 45,426 74,902 Foreign-currency forward contracts (2) — 3,856 — 3,856 — 1,654 — 1,654 Cross-currency swap (2) — 13,074 — 13,074 — 2,384 — 2,384 Total assets $ 24,025 $ 21,593 $ 45,636 $ 91,254 $ 546,531 $ 33,514 $ 45,426 $ 625,471 Liabilities Contingent liability (3) $ — $ — $ (4,518 ) $ (4,518 ) $ — $ — $ (6,657 ) $ (6,657 ) Foreign-currency forward contracts (4) — (2,071 ) — (2,071 ) — (2,318 ) — (2,318 ) Total liabilities $ — $ (2,071 ) $ (4,518 ) $ (6,589 ) $ — $ (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, except for $162 as of September 30, 2019 which is included within corporate investments in the condensed consolidated statements of financial condition. (3) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. (4) Amounts are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition, except for $3 as of December 31, 2018, which is included within corporate investments in the condensed consolidated statements of financial condition.
Summary of Changes in Fair Value of Level III Investments	The table below sets forth a summary of changes in the fair value of Level III financial instruments: Three months ended September 30, 2019 2018 Corporate Investments Contingent Liability Corporate Investments Contingent Liability Beginning balance $ 42,234 $ (6,737 ) $ 31,084 $ (9,129 ) Contributions or additions 883 — 10,258 — Distributions — — (290 ) — Net gain (loss) included in earnings 2,519 2,219 (453 ) 2,538 Ending balance $ 45,636 $ (4,518 ) $ 40,599 $ (6,591 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 2,519 $ 2,219 $ (557 ) $ 2,538 Nine months ended September 30, 2019 2018 Corporate Investments Contingent Liability Corporate Investments Contingent Liability Beginning balance $ 45,426 $ (6,657 ) $ 50,902 $ (18,778 ) Contributions or additions 937 — 16,668 — Distributions (7,181 ) — (31,145 ) — Net gain (loss) included in earnings 6,454 2,139 4,174 12,187 Ending balance $ 45,636 $ (4,518 ) $ 40,599 $ (6,591 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 6,454 $ 2,139 $ 3,102 $ 12,187
Summary of Changes in Fair Value of Level III Investments	The following tables set forth a summary of changes in the fair value of Level III investments: Corporate Debt – Bank Debt Corporate Debt – All Other Equities – Common Stock Equities – Preferred Stock Real Estate Total Three Months Ended September 30, 2019 Beginning balance $ 101,494 $ 23,209 $ 42,972 $ 1,934 $ 57,080 $ 226,689 Deconsolidation of funds (5,441 ) (11,216 ) — — — (16,657 ) Transfers into Level III 9,853 6,490 29 — — 16,372 Transfers out of Level III — — — — — — Purchases 67,093 25,102 154,446 80 107,046 353,767 Sales (8,763 ) (71 ) (1,146 ) — — (9,980 ) Realized gains (losses), net (443 ) 26 587 — — 170 Unrealized appreciation (depreciation), net (7,683 ) (808 ) (664 ) 115 (2,282 ) (11,322 ) Ending balance $ 156,110 $ 42,732 $ 196,224 $ 2,129 $ 161,844 $ 559,039 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (5,455 ) $ (389 ) $ (525 ) $ 115 $ (2,282 ) $ (8,536 ) Three Months Ended September 30, 2018 Beginning balance $ 83,529 $ 123,936 $ 54,934 $ 1,586 $ — $ 263,985 Transfers into Level III 7,698 — — — — 7,698 Transfers out of Level III (11,549 ) — — — — (11,549 ) Purchases 49,347 41,063 197 — — 90,607 Sales (22,253 ) (17,580 ) (76 ) — — (39,909 ) Realized gains (losses), net 144 65 59 — — 268 Unrealized appreciation (depreciation), net 975 (921 ) (273 ) (171 ) — (390 ) Ending balance $ 107,891 $ 146,563 $ 54,841 $ 1,415 $ — $ 310,710 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 1,140 $ (508 ) $ (273 ) $ (171 ) $ — $ 188 Corporate Debt – Bank Debt Corporate Debt – All Other Equities – Common Stock Equities – Preferred Stock Real Estate Total Nine months Ended September 30, 2019 Beginning balance $ 136,055 $ 185,378 $ 3,063 $ 1,426 $ — $ 325,922 Deconsolidation of funds (54,895 ) (108,121 ) — — — (163,016 ) Transfers into Level III 32,711 89 2,379 — — 35,179 Transfers out of Level III (16,658 ) (51,770 ) — — — (68,428 ) Purchases 94,865 27,489 194,304 322 164,126 481,106 Sales (25,937 ) (10,452 ) (2,072 ) — — (38,461 ) Realized gains (losses), net (319 ) (100 ) 616 — — 197 Unrealized appreciation (depreciation), net (9,712 ) 219 (2,066 ) 381 (2,282 ) (13,460 ) Ending balance $ 156,110 $ 42,732 $ 196,224 $ 2,129 $ 161,844 $ 559,039 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 21,502 $ (25 ) $ (1,528 ) $ 381 $ (2,282 ) $ 18,048 Nine Months Ended September 30, 2018 Beginning balance $ 86,999 $ 75,388 $ 3,427 $ — $ 121,588 $ 287,402 Deconsolidation of funds — — — — (121,087 ) (121,087 ) Transfers into Level III 36,627 899 490 — — 38,016 Transfers out of Level III (25,041 ) (490 ) (658 ) — — (26,189 ) Purchases 58,534 119,328 52,253 1,248 — 231,363 Sales (51,577 ) (47,628 ) (387 ) — (501 ) (100,093 ) Realized gains (losses), net 612 314 59 — — 985 Unrealized appreciation (depreciation), net 1,737 (1,248 ) (343 ) 167 — 313 Ending balance $ 107,891 $ 146,563 $ 54,841 $ 1,415 $ — $ 310,710 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 1,566 $ (1,054 ) $ (343 ) $ 167 $ — $ 336 The table below sets forth a summary of changes in the fair value of Level III financial instruments: Three months ended September 30, 2019 2018 Corporate Investments Contingent Liability Corporate Investments Contingent Liability Beginning balance $ 42,234 $ (6,737 ) $ 31,084 $ (9,129 ) Contributions or additions 883 — 10,258 — Distributions — — (290 ) — Net gain (loss) included in earnings 2,519 2,219 (453 ) 2,538 Ending balance $ 45,636 $ (4,518 ) $ 40,599 $ (6,591 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 2,519 $ 2,219 $ (557 ) $ 2,538 Nine months ended September 30, 2019 2018 Corporate Investments Contingent Liability Corporate Investments Contingent Liability Beginning balance $ 45,426 $ (6,657 ) $ 50,902 $ (18,778 ) Contributions or additions 937 — 16,668 — Distributions (7,181 ) — (31,145 ) — Net gain (loss) included in earnings 6,454 2,139 4,174 12,187 Ending balance $ 45,636 $ (4,518 ) $ 40,599 $ (6,591 ) Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ 6,454 $ 2,139 $ 3,102 $ 12,187
Summary of Valuation Techniques and Quantitative Information	The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of September 30, 2019: Investment Type Fair Value Valuation Technique Significant Unobservable (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer discretionary: $ 26,190 Recent market information (5) Quoted prices Not applicable Not applicable 4,340 Discounted cash flow (4) Discount rate 10% – 18% 13% Financials: 39,099 Recent market information (5) Quoted prices Not applicable Not applicable 4,415 Discounted cash flow (4) Discount rate 8% – 12% 11% Health care: 35,560 Recent market information (5) Quoted prices Not applicable Not applicable 666 Discounted cash flow (4) Discount rate 16% – 18% 17% Real estate: 20,572 Recent market information (5) Quoted prices Not applicable Not applicable 702 Discounted cash flow (4) Discount rate 17% – 19% 18% Other: 53,041 Recent market information (5) Quoted prices Not applicable Not applicable 14,257 Discounted cash flow (4) Discount rate 8% – 18% 13% Equity investments: 26,632 Recent transaction price (8) Quoted prices Not applicable Not applicable 131,778 Discounted cash flow (4) Discount rate 8% – 15% 11% 39,578 Market approach (6) Earnings multiple (7) 4x – 10x 6x 365 Market approach (6) Revenue multiple (9) 2x – 4x 3x Real estate investments: 146,208 Recent transaction price (8) Quoted prices Not applicable Not applicable 15,636 Discounted cash flow (4) Discount rate 5% – 7% 6% Total Level III $ 559,039 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. (9) Revenue multiples are based on comparable public companies and transactions with comparable companies. The Company typically applies the multiple to trailing twelve-months’ revenue. However, in certain cases other revenue measures, such as pro forma revenue, may be utilized if deemed to be more relevant. 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 September 30, 2019 December 31, 2018 Valuation Technique Range Weighted Average Corporate investment – Limited partnership interests $ 45,636 $ 45,426 Market approach Not applicable Not applicable Not applicable Contingent liability (4,518 ) (6,657 ) Discounted cash flow Assumed % of total potential contingent payments 0% – 100% 24%
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 September 30, 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 $ — $ 6,758,814 $ 156,110 $ 6,914,924 $ — $ 5,216,923 $ 136,055 $ 5,352,978 Corporate debt – all other — 896,826 42,732 939,558 634 963,423 185,378 1,149,435 Equities – common stock 3,022 — 196,224 199,246 24,483 — 3,063 27,546 Equities – preferred stock — 2,129 2,129 — — 1,426 1,426 Real estate — 49,098 161,844 210,942 — — — — Total investments 3,022 7,704,738 559,039 8,266,799 25,117 6,180,346 325,922 6,531,385 Derivatives: Foreign-currency forward contracts 116 2,331 — 2,447 — 2,275 — 2,275 Options and futures — — — — 189 — — 189 Total derivatives (1) 116 2,331 — 2,447 189 2,275 — 2,464 Total assets $ 3,138 $ 7,707,069 $ 559,039 $ 8,269,246 $ 25,306 $ 6,182,621 $ 325,922 $ 6,533,849 Liabilities CLO debt obligations: Senior secured notes $ — $ (5,354,638 ) $ — $ (5,354,638 ) $ — $ (3,976,602 ) $ — $ (3,976,602 ) Subordinated notes — (198,506 ) — (198,506 ) — (151,392 ) — (151,392 ) Total CLO debt obligations (2) — (5,553,144 ) — (5,553,144 ) — (4,127,994 ) — (4,127,994 ) Securities sold short: Equity securities — — — — (2,609 ) — — (2,609 ) Derivatives: Foreign-currency forward contracts — (1,536 ) — (1,536 ) — (643 ) — (643 ) Total derivatives (3) — (1,536 ) — (1,536 ) — (643 ) — (643 ) Total liabilities $ — $ (5,554,680 ) $ — $ (5,554,680 ) $ (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)	9 Months Ended
	Sep. 30, 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 September 30, 2019 Foreign-currency forward contracts $ 184,856 $ 3,856 $ (65,140 ) $ (2,071 ) Cross-currency swap 232,827 13,074 — — Total $ 417,683 $ 16,930 $ (65,140 ) $ (2,071 ) 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 September 30, 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 $ (4,300 ) $ (276 ) $ 1,496 $ 1,193 Options and futures — — 185 (152 ) Total $ (4,300 ) $ (276 ) $ 1,681 $ 1,041 Nine Months Ended September 30, 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 $ (1,960 ) $ 412 $ 428 $ 17 Total-return and interest-rate swaps — — 858 29 Options and futures — — 232 (265 ) Total $ (1,960 ) $ 412 $ 1,518 $ (219 ) Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the condensed consolidated statements of operations as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Investment income $ 16,206 $ 419 $ 11,429 $ (1,898 ) General and administrative expense (1) 5,274 929 5,287 (374 ) Total $ 21,480 $ 1,348 $ 16,716 $ (2,272 ) (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 September 30, 2019 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 3,856 $ 2,071 $ — $ 1,785 Cross-currency swap 13,074 — — 13,074 Subtotal 16,930 2,071 — 14,859 Derivative assets of consolidated funds: Foreign-currency forward contracts 2,447 — — 2,447 Total $ 19,377 $ 2,071 $ — $ 17,306 Derivative Liabilities: Foreign-currency forward contracts (2,071 ) (2,071 ) — — Derivative liabilities of consolidated funds: Foreign-currency forward contracts (1,536 ) — — (1,536 ) Total $ (3,607 ) $ (2,071 ) $ — $ (1,536 ) 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 September 30, 2019 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 3,856 $ 2,071 $ — $ 1,785 Cross-currency swap 13,074 — — 13,074 Subtotal 16,930 2,071 — 14,859 Derivative assets of consolidated funds: Foreign-currency forward contracts 2,447 — — 2,447 Total $ 19,377 $ 2,071 $ — $ 17,306 Derivative Liabilities: Foreign-currency forward contracts (2,071 ) (2,071 ) — — Derivative liabilities of consolidated funds: Foreign-currency forward contracts (1,536 ) — — (1,536 ) Total $ (3,607 ) $ (2,071 ) $ — $ (1,536 ) 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)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Fixed Assets and Accumulated Depreciation	The following table sets forth the Company’s fixed assets and accumulated depreciation: As of September 30, 2019 December 31, 2018 Furniture, equipment and capitalized software $ 28,781 $ 26,345 Leasehold improvements 72,724 70,270 Corporate aircraft 66,120 66,120 Other 5,302 4,859 Fixed assets 172,927 167,594 Accumulated depreciation (68,457 ) (61,879 ) Fixed assets, net $ 104,470 $ 105,715

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Value of Intangible Assets	The following table summarizes the carrying value of intangible assets: As of September 30, 2019 December 31, 2018 Contractual rights $ 347,452 $ 347,452 Accumulated amortization (45,755 ) (33,173 ) Intangible assets, net $ 301,697 $ 314,279
Expected Future Amortization	Future amortization of intangible assets held as of September 30, 2019 is set forth below: Remainder of 2019 $ 4,198 2020 16,780 2021 15,112 2022 12,777 2023 12,777 Thereafter 240,053 Total $ 301,697

DEBT OBLIGATIONS AND CREDIT F_2

DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt Obligations	The Company’s debt obligations are set forth below: As of September 30, 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 (3,657 ) (4,055 ) Debt obligations $ 746,343 $ 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 September 30, 2019, the Company had no outstanding borrowings under the revolving credit facility.
Future Principal Payments of Debt Obligations	As of September 30, 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 As of September 30, 2019, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: Remainder of 2019 $ 600,481 2020 169,372 2021 — 2022 — 2023 — Thereafter 4,822,368 Total $ 5,592,221
Schedule of Collateralized Loan Obligation	Outstanding debt obligations of CLOs were as follows: As of September 30, 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 $ 5,354,638 2.95% 9.1 $ 3,976,602 2.69% 9.9 Subordinated notes (2) 198,506 N/A 8.6 151,392 N/A 9.7 Total CLO debt obligations $ 5,553,144 $ 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 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 September 30, 2019 December 31, 2018 Senior variable rate notes $ 976,470 $ 870,098 $ 976,470 3.39% 8.7 N/A N/A Less: Debt issuance costs (4,616 ) (5,569 ) Total debt obligations, net $ 971,854 $ 864,529

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense included in general and administrative expense were as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 4,739 $ 14,226 Sublease income (278 ) (535 ) Total lease cost $ 4,461 $ 13,691 Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 14,628 Weighted average remaining lease term for operating leases (in years) 9.5 Weighted average discount rate for operating leases 4.4 %
Maturities of Operating Lease Liabilities	As of September 30, 2019, maturities of operating lease liabilities were as follows: Remainder of 2019 $ 4,874 2020 18,717 2021 17,702 2022 17,135 2023 16,554 Thereafter 84,617 Total lease payments 159,599 Less: imputed interest (28,317 ) Total operating lease liabilities $ 131,282

NON-CONTROLLING REDEEMABLE IN_2

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Tables)	9 Months Ended
	Sep. 30, 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. Nine Months Ended September 30, 2019 2018 Beginning balance $ 961,622 $ 860,548 Initial consolidation of a fund 54,964 — Deconsolidation of a fund (424,603 ) — Contributions 519,684 107,962 Distributions (107,071 ) (214,096 ) Net income 82,234 18,399 Change in distributions payable 4,652 (75,196 ) Foreign currency translation and other (10,020 ) (1,310 ) Ending balance $ 1,081,462 $ 696,307

UNITHOLDERS' CAPITAL (Tables)

UNITHOLDERS' CAPITAL (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 83,666 85,775 84,796 86,675 Class A unitholders 75,995 71,369 74,005 70,167 Total weighted average units outstanding 159,661 157,144 158,801 156,842 Oaktree Operating Group net income (loss): Net income attributable to preferred unitholders (1) $ 6,829 $ 3,909 $ 20,487 $ 3,909 Net income (loss) attributable to OCGH non-controlling interest (7,389 ) 71,408 107,480 185,959 Net income (loss) attributable to OCG Class A unitholders (6,708 ) 59,417 91,226 149,956 Oaktree Operating Group net income (loss) (2) $ (7,268 ) $ 134,734 $ 219,193 $ 339,824 Net income (loss) attributable to OCG Class A unitholders: Oaktree Operating Group net income (loss) attributable to OCG Class A unitholders $ (6,708 ) $ 59,417 $ 91,226 $ 149,956 Non-Operating Group income (expense) (3,967 ) (321 ) (8,287 ) (629 ) Income tax benefit (expense) of Intermediate Holding Companies (5,973 ) (6,346 ) (9,889 ) (12,724 ) Net income (loss) attributable to OCG Class A unitholders $ (16,648 ) $ 52,750 $ 73,050 $ 136,603 (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 $518 and $1,779 for the three and nine months ended September 30, 2019, respectively and $597 and $1,986 for the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) attributable to OCG Class A unitholders $ (16,648 ) $ 52,750 $ 73,050 $ 136,603 Equity reallocation between controlling and non-controlling interests 267,715 4,514 304,280 78,269 Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests $ 251,067 $ 57,264 $ 377,330 $ 214,872

EARNINGS PER UNIT (Tables)

EARNINGS PER UNIT (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Computations of Net Income (Loss) Per Unit	The computation of net income (loss) per Class A unit is set forth below: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) per Class A unit (basic and diluted): (in thousands, except per unit amounts) Net income (loss) attributable to OCG Class A unitholders $ (16,648 ) $ 52,750 $ 73,050 $ 136,603 Weighted average number of Class A units outstanding (basic and diluted) 75,995 71,369 74,005 70,167 Basic and diluted net income (loss) per Class A unit $ (0.22 ) $ 0.74 $ 0.99 $ 1.95

EQUITY-BASED COMPENSATION EQUIT

EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]
Summary of Unvested Equity-Based Awards and Changes	A summary of the status of the Company’s unvested OCGH unit awards and changes for the period presented are set forth below (actual dollars per unit): Converted Class A Units (1) OCGH Units 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 1,494,324 49.56 1,873,155 41.34 Vested (975,072 ) 43.06 (434,674 ) 35.11 Forfeited (98,301 ) 44.53 — — Balance as of September 30, 2019 3,121,536 $ 45.87 3,302,530 $ 41.31 (1) At the Effective Time, each unvested Class A Unit held by current, or in certain cases former, employees, officers and directors of Oaktree and its subsidiaries was converted into one unvested OCGH Unit (each, a “Converted Class A Unit”) and will thereafter be subject to the terms and conditions of the OCGH limited partnership agreement. The Converted Class A Units will (i) be subject to the same vesting terms that were applicable to such units prior to the Effective Time, (ii) be entitled to receive ongoing distributions in respect of earnings, but not capital distributions and (iii) upon vesting, receive the accumulated value of capital distributions that accrued while such units were unvested. However, in 2020 and 2021, Converted Class A Units will be valued at $49.00 per unit, less the amount of any capital distributions received upon vesting. No unvested Class A Units or Converted Class A Units vested in connection with the Mergers.

INCOME TAXES AND RELATED PAYM_2

INCOME TAXES AND RELATED PAYMENTS (Tables)	9 Months Ended
	Sep. 30, 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 Original TRA, as of September 30, 2019, are set forth below: Transaction Total Future Payments Payments Through Fiscal Year 2007 private offering $ 11,987 2029 Initial public offering 30,525 2034 May 2013 offering 43,235 2035 March 2014 offering 32,919 2036 March 2015 offering 28,093 2037 February 2018 offering 31,281 2040 Total $ 178,040

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Amounts Due from and Due to Affiliates	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 $94,043 and $95,953 as of September 30, 2019 and December 31, 2018, respectively, based on a discount rate of 10.0% . As of September 30, 2019 December 31, 2018 Due from affiliates: Loans $ 6,416 $ 3,857 Amounts due from unconsolidated funds 66,490 72,588 Management fees and incentive income due from unconsolidated funds 76,106 362,971 Payments made on behalf of unconsolidated entities 3,220 3,469 Non-interest bearing advances made to certain non-controlling interest holders and employees — 27 Total due from affiliates $ 152,232 $ 442,912 Due to affiliates: Due to OCGH unitholders in connection with the tax receivable agreement (please see note 16) $ 178,040 $ 187,872 Amounts due to senior executives, certain non-controlling interest holders and employees 1,438 495 Total due to affiliates $ 179,478 $ 188,367

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Billions	Sep. 30, 2019USD ($)partnership_interest$ / sharesshares	Mar. 13, 2019	Sep. 30, 2019USD ($)partnership_interestvote$ / sharesshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Limited liability company (LLC) ownership interest			100.00%
Number of limited partnership interests | partnership_interest	1		1
Number of votes per class A unit | vote			1
Number of votes per class B unit | vote			10
Subsidiary, Sale of Stock [Line Items]
OSC class A, cash consideration received (in USD per share) | $ / shares	$ 20.92		$ 20.92
Brookfield Asset Management Inc. Merger Agreement, OCGH Unitholders
Subsidiary, Sale of Stock [Line Items]
OSC class A, cash consideration (in USD per share) | $ / shares	$ 49		$ 49
Shares of Brookfield issued (in shares)	1.0770		1.0770
Cash pro ration	50.00%		50.00%
Shares of Brookfield issued, received (in shares)	0.6173		0.6173
Aggregate amount of cash payable to unitholders | $	$ 2.4		$ 2.4
Brookfield | Brookfield Merger Agreement
Subsidiary, Sale of Stock [Line Items]
Percentage of business acquired by Brookfield		61.20%
OCGH | Brookfield Merger Agreement
Subsidiary, Sale of Stock [Line Items]
Percentage of business owned by OCGH	38.80%
Class A Units | Brookfield Asset Management Inc. Merger Agreement, OCGH Unitholders
Subsidiary, Sale of Stock [Line Items]
Share pro ration	50.00%		50.00%
Number of shares issued during mergers (in shares)	52,800,000
Class A Units and Converted Class A Units | Brookfield Asset Management Inc. Merger Agreement, OCGH Unitholders
Subsidiary, Sale of Stock [Line Items]
Number of unvested shares vested during mergers (in shares)	0

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Sep. 30, 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]
Management fees payment term (years)	10 years
Management fees | Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Management fees payment term (years)	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 205,190	$ 241,227	$ 785,088	$ 791,831
Management Fees
Disaggregation of Revenue [Line Items]
Revenues	179,761	175,195	524,798	538,706
Closed-end
Disaggregation of Revenue [Line Items]
Revenues	120,462	112,415	345,091	353,225
Open-end
Disaggregation of Revenue [Line Items]
Revenues	29,990	34,942	90,480	109,051
Evergreen
Disaggregation of Revenue [Line Items]
Revenues	29,309	27,838	89,227	76,430
Incentive Income
Disaggregation of Revenue [Line Items]
Revenues	25,429	66,032	260,290	253,125
Closed-end
Disaggregation of Revenue [Line Items]
Revenues	25,335	65,661	257,778	249,447
Evergreen
Disaggregation of Revenue [Line Items]
Revenues	$ 94	$ 371	$ 2,512	$ 3,678

REVENUES - Contract Balances (D

REVENUES - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Receivables	$ 76,106	$ 76,106	$ 74,795
Contract assets	0	0	288,176
Contract liabilities	(26,383)	(26,383)	$ (26,549)
Revenue recognized from amounts included in contract liability balance	$ 5,400	$ 17,100

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) - Consolidated VIEs $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)entity	Dec. 31, 2018entity
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	23	23
Consolidated VIEs representing funds and CLOs, assets | $	$ 8,200
Consolidated VIEs representing funds and CLOs, liabilities | $	6,900
Maximum exposure to loss | $	$ 606.5
Number of fund managed by Oaktree
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	10
Number of CLO's for which Oaktree acts as collateral manager
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	12
Number of consolidated funds formed to satisfy risk retention requirements
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	2
Number of remaining variable interest entities
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity)	22

VARIABLE INTEREST ENTITIES - VI

VARIABLE INTEREST ENTITIES - VIEs Not Consolidated (Details) - Unconsolidated VIEs - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 1,167,277	$ 1,477,519
Corporate investments
Variable Interest Entity [Line Items]
Carrying value of company's investments in VIEs, not consolidated	1,077,595	1,093,294
Due from affiliates
Variable Interest Entity [Line Items]
Carrying value of company's investments in VIEs, not consolidated	$ 89,682	$ 384,225

INVESTMENTS - Corporate investm

INVESTMENTS - Corporate investments (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ 50,461	$ 74,899
Total corporate investments	1,141,232	1,209,764
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	1,063,668	1,089,068
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	$ 27,103	$ 45,797

INVESTMENTS - Investment income

INVESTMENTS - Investment income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ 18,817	$ 285	$ 19,674	$ 3,139
Total investment income	26,819	58,196	121,804	149,682
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	(12,106)	39,041	45,211	92,105
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	$ 20,108	$ 18,870	$ 56,919	$ 54,438

INVESTMENTS - Equity-method Inv

INVESTMENTS - Equity-method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Revenues / investment income	$ 353,289	$ 489,240	$ 1,584,552	$ 1,423,993
Interest expense	(54,329)	(70,803)	(185,227)	(203,418)
Other expenses	(157,878)	(210,752)	(639,180)	(628,109)
Net realized and unrealized gain (loss) on investments	(204,820)	832,725	916,097	2,178,524
Net income (loss)	$ (63,738)	$ 1,040,410	$ 1,676,242	$ 2,770,990
Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	2.50%		2.50%
Double Line
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%		20.00%

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Investments [Line Items]
Realized gain (loss)	$ (3,664)	$ (9,812)	$ (9,036)	$ (12,509)
Net change in unrealized gain (loss)	(40,964)	10,552	17,967	(34,939)
Total gain (loss)			8,931	(47,448)
Other Investments at Fair Value
Schedule of Investments [Line Items]
Realized gain (loss)	1,345	104	7,656	1,072
Net change in unrealized gain (loss)	17,472	181	12,018	2,067
Total gain (loss)	$ 18,817	$ 285	$ 19,674	$ 3,139

INVESTMENTS - Fair Value (Detai

INVESTMENTS - Fair Value (Details) - Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 7,854,482	$ 6,502,413
Equity securities	$ 201,375	$ 28,972
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	95.00%	99.50%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	2.40%	0.50%
Real estate securities	$ 210,942	$ 0
Real estate securities, Fair Value as a Percentage of Investments of Consolidated Funds	2.60%	0.00%
Total Level III investments	$ 8,266,799	$ 6,531,385
Total investments, at fair value, percentage	100.00%	100.00%
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Equity securities (proceeds: $0 and $2,644 as of September 30, 2019 and December 31, 2018, respectively)	$ 0	$ (2,609)
United states
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	5,066,599	3,860,665
Equity securities	$ 134,579	$ 5,426
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	61.40%	59.10%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	1.60%	0.10%
Real estate securities	$ 210,942	$ 0
Real estate securities, Fair Value as a Percentage of Investments of Consolidated Funds	2.60%	0.00%
United states | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 753,331	$ 543,948
Equity securities	$ 24	$ 0
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	9.30%	8.40%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
United states | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 623,147	$ 506,551
Equity securities	$ 1,950	$ 1,915
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	7.50%	7.80%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.10%
United states | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 100,798	$ 112,197
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	1.20%	1.70%
United states | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 317,161	$ 204,568
Equity securities	$ 169	$ 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	$ 431,216	$ 332,240
Equity securities	$ 528	$ 837
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	5.20%	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	$ 672,716	$ 537,592
Equity securities	$ 1,461	$ 1,348
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	8.10%	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	$ 735,539	$ 443,406
Equity securities	$ 93	$ 88
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	8.90%	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	$ 610,557	$ 536,000
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	7.40%	8.20%
United states | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 368,129	$ 289,499
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	4.50%	4.40%
United states | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 198,649	$ 217,633
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	2.40%	3.30%
United states | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 255,356	$ 137,031
Equity securities	$ 130,354	$ 1,107
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	3.10%	2.10%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	1.60%	0.00%
Europe
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 2,619,795	$ 2,413,280
Equity securities	$ 64,977	$ 986
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	31.60%	36.90%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.80%	0.10%
Europe | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 503,543	$ 530,337
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	6.10%	8.10%
Europe | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 591,975	$ 545,324
Equity securities	$ 38,498	$ 0
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	7.20%	8.30%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.50%	0.00%
Europe | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 165,928	$ 160,406
Equity securities	$ 0	$ 38
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	2.00%	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	$ 18,040	$ 15,260
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.20%
Europe | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 79,423	$ 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	$ 514,946	$ 418,516
Equity securities	$ 696	$ 948
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	6.20%	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	$ 267,975	$ 246,640
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	3.20%	3.80%
Europe | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 168,473	$ 194,988
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	2.00%	3.00%
Europe | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 273,045	$ 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	$ 27,735	$ 30,045
Equity securities	$ 25,783	$ 0
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.30%	0.50%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.30%	0.00%
Europe | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 8,712	$ 1,559
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.00%
Asia and other
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 168,088	$ 228,468
Equity securities	$ 1,819	$ 22,560
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	2.00%	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	$ 14,653	$ 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	$ 39,453	$ 36,822
Equity securities	$ 0	$ 874
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.50%	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	$ 8,663	$ 11,867
Equity securities	$ 1	$ 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	$ 14,782	$ 20,594
Equity securities	$ 323	$ 382
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.20%	0.30%
Equity securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.00%
Asia and other | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 10,359	$ 13,995
Equity securities	$ 0	$ 2,935
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 | Government
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 1,010	$ 12,155
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.20%
Asia and other | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 6,465	$ 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	$ 52,434	$ 40,468
Equity securities	$ 0	$ 11,265
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.60%	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	$ 0	$ 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	$ 10,628	$ 15,516
Equity securities	$ 1,495	$ 4,382
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%	0.10%
Asia and other | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 1,475	$ 38,592
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.00%	0.60%
Asia and other | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities	$ 8,166	$ 14,870
Debt securities, Fair Value as a Percentage of Investments of Consolidated Funds	0.10%	0.20%

INVESTMENTS - Fair Value, Addit

INVESTMENTS - Fair Value, Additional Information (Details) (Phantom) - Consolidated Funds - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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	5,124,603	4,019,823
Total equity securities, cost	138,533	6,117
Real estate securities, cost	213,228	0
Europe
Schedule Of Investments In Marketable Securities [Line Items]
Total debt securities, cost	2,618,439	2,477,821
Total equity securities, cost	58,869	320
Asia and other
Schedule Of Investments In Marketable Securities [Line Items]
Total debt securities, cost	169,761	233,603
Total equity securities, cost	$ 3,880	$ 22,977

INVESTMENTS - Net Gains (Losses

INVESTMENTS - Net Gains (Losses) from Investment Activities of Consolidated Funds (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	$ (3,664)	$ (9,812)	$ (9,036)	$ (12,509)
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(40,964)	10,552	17,967	(34,939)
Consolidated Funds | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net realized gain (loss) on consolidated funds’ investments	(3,664)	(9,812)	(9,036)	(12,509)
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(40,964)	10,552	17,967	(34,939)
Net Realized Gain (Loss) on Investments	(4,300)	1,681	(1,960)	1,518
Net Change in Unrealized Appreciation (Depreciation) on Investments	(276)	1,041	412	(219)
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	636	(11,493)	(7,076)	(14,027)
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(14,910)	51,969	137,322	(25,119)
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	0	0
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(25,778)	(42,458)	(119,767)	(9,601)
Consolidated Funds | Foreign-currency forward contracts | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(4,300)	1,496	(1,960)	428
Net Change in Unrealized Appreciation (Depreciation) on Investments	(276)	1,193	412	17
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	858
Net Change in Unrealized Appreciation (Depreciation) on Investments			0	29
Consolidated Funds | Options and futures | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	0	185	0	232
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 0	$ (152)	$ 0	$ (265)

FAIR VALUE - Financial Instrume

FAIR VALUE - Financial Instruments by Fair-value Hierarchy Level (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 19,377	$ 6,502
Contingent consideration	(4,500)	(6,700)
Derivative liabilities	(3,607)	(2,961)
Oaktree Capital Group Excluding Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	50,461	74,899
Derivative assets	16,930	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	13,074	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	91,254	625,471
Total liabilities	(6,589)	(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	3,856	1,654
Derivative liabilities	(2,071)	(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	13,074	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	24,025	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	50,299	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	(4,518)	(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	24,025	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	24,025	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	21,593	33,514
Total liabilities	(2,071)	(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	3,856	1,654
Derivative liabilities	(2,071)	(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	(162)	(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	13,074	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	4,663	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	45,636	45,426
Total liabilities	(4,518)	(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	45,636	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	$ (4,518)	$ (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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Corporate Investments
Beginning balance	$ 42,234	$ 31,084	$ 45,426	$ 50,902
Contributions or additions	883	10,258	937	16,668
Distributions	0	(290)	(7,181)	(31,145)
Net gain (loss) included in earnings	2,519	(453)	6,454	4,174
Ending balance	45,636	40,599	45,636	40,599
Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	2,519	(557)	6,454	3,102
Contingent Liability
Beginning balance	(6,737)	(9,129)	(6,657)	(18,778)
Contributions or additions	0	0	0	0
Distributions	0	0	0	0
Net gain (loss) included in earnings	2,219	2,538	2,139	12,187
Ending balance	(4,518)	(6,591)	(4,518)	(6,591)
Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	$ 2,219	$ 2,538	$ 2,139	$ 12,187

FAIR VALUE - Valuation Techniqu

FAIR VALUE - Valuation Techniques (Details) - Oaktree Capital Group Excluding Consolidated Funds $ in Thousands	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 50,461	$ 74,899
Corporate investment – Limited partnership interests | Market approach (value of underlying assets) | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	45,636	45,426
Contingent liability | Discounted cash flow | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent liability	$ (4,518)	$ (6,657)
Minimum | Contingent liability | Discounted cash flow | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent liability, measurement inputs	0
Maximum | Contingent liability | Discounted cash flow | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent liability, measurement inputs	1
Weighted Average | Contingent liability | Discounted cash flow | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent liability, measurement inputs	0.24

FAIR VALUE - Consolidated Funds

FAIR VALUE - Consolidated Funds Valuation of Investments and Other Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	$ 19,377	$ 6,502
Total derivatives	(3,607)	(2,961)
Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	8,266,799	6,531,385
Total derivatives		2,464
Deb obligations	(5,553,144)	(4,127,994)
Equity securities	0	(2,609)
Consolidated Funds | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives		189
Consolidated Funds | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	559,039	325,922
Consolidated Funds | Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	8,266,799	6,531,385
Total derivatives	2,447	2,464
Total assets	8,269,246	6,533,849
Total derivatives	(1,536)	(643)
Total liabilities	(5,554,680)	(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]
Deb obligations	(5,553,144)	(4,127,994)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO Debt Obligations | Senior secured notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	(5,354,638)	(3,976,602)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO Debt Obligations | Subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	(198,506)	(151,392)
Consolidated Funds | Fair Value, Measurements, Recurring | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	2,447	2,275
Total derivatives	(1,536)	(643)
Consolidated Funds | Fair Value, Measurements, Recurring | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	189
Consolidated Funds | Fair Value, Measurements, Recurring | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	6,914,924	5,352,978
Consolidated Funds | Fair Value, Measurements, Recurring | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	939,558	1,149,435
Consolidated Funds | Fair Value, Measurements, Recurring | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	199,246	27,546
Consolidated Funds | Fair Value, Measurements, Recurring | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	2,129	1,426
Consolidated Funds | Fair Value, Measurements, Recurring | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	210,942	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	3,022	25,117
Total derivatives	116	189
Total assets	3,138	25,306
Total derivatives	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]
Deb obligations	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]
Deb obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | CLO Debt Obligations | Subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	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	116	0
Total derivatives	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	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	3,022	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
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	7,704,738	6,180,346
Total derivatives	2,331	2,275
Total assets	7,707,069	6,182,621
Total derivatives	(1,536)	(643)
Total liabilities	(5,554,680)	(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]
Deb obligations	(5,553,144)	(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]
Deb obligations	(5,354,638)	(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]
Deb obligations	(198,506)	(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	2,331	2,275
Total derivatives	(1,536)	(643)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	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	6,758,814	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	896,826	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 II | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	49,098	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	559,039	325,922
Total derivatives	0	0
Total assets	559,039	325,922
Total derivatives	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]
Deb obligations	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]
Deb obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | CLO Debt Obligations | Subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	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	0	0
Total derivatives	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	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	156,110	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	42,732	185,378
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	196,224	3,063
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	2,129	1,426
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 161,844	$ 0

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 226,689	$ 263,985	$ 325,922	$ 287,402
Deconsolidation of funds	(16,657)		(163,016)	(121,087)
Transfers into Level III	16,372	7,698	35,179	38,016
Transfers out of Level III	0	(11,549)	(68,428)	(26,189)
Purchases	353,767	90,607	481,106	231,363
Sales	(9,980)	(39,909)	(38,461)	(100,093)
Realized gains (losses), net	170	268	197	985
Unrealized appreciation (depreciation), net	(11,322)	(390)	(13,460)	313
Ending balance	559,039	310,710	559,039	310,710
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(8,536)	188	18,048	336
Corporate debt – bank debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	101,494	83,529	136,055	86,999
Deconsolidation of funds	(5,441)		(54,895)	0
Transfers into Level III	9,853	7,698	32,711	36,627
Transfers out of Level III		(11,549)	(16,658)	(25,041)
Purchases	67,093	49,347	94,865	58,534
Sales	(8,763)	(22,253)	(25,937)	(51,577)
Realized gains (losses), net	(443)	144	(319)	612
Unrealized appreciation (depreciation), net	(7,683)	975	(9,712)	1,737
Ending balance	156,110	107,891	156,110	107,891
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(5,455)	1,140	21,502	1,566
Corporate debt – all other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	23,209	123,936	185,378	75,388
Deconsolidation of funds	(11,216)		(108,121)	0
Transfers into Level III	6,490	0	89	899
Transfers out of Level III	0	0	(51,770)	(490)
Purchases	25,102	41,063	27,489	119,328
Sales	(71)	(17,580)	(10,452)	(47,628)
Realized gains (losses), net	26	65	(100)	314
Unrealized appreciation (depreciation), net	(808)	(921)	219	(1,248)
Ending balance	42,732	146,563	42,732	146,563
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(389)	(508)	(25)	(1,054)
Equities – common stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	42,972	54,934	3,063	3,427
Deconsolidation of funds	0		0	0
Transfers into Level III	29	0	2,379	490
Transfers out of Level III	0	0	0	(658)
Purchases	154,446	197	194,304	52,253
Sales	(1,146)	(76)	(2,072)	(387)
Realized gains (losses), net	587	59	616	59
Unrealized appreciation (depreciation), net	(664)	(273)	(2,066)	(343)
Ending balance	196,224	54,841	196,224	54,841
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(525)	(273)	(1,528)	(343)
Preferred Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,934	1,586	1,426	0
Deconsolidation of funds	0		0	0
Transfers into Level III	0	0	0	0
Transfers out of Level III	0	0	0	0
Purchases	80	0	322	1,248
Sales		0	0	0
Realized gains (losses), net		0	0	0
Unrealized appreciation (depreciation), net	115	(171)	381	167
Ending balance	2,129	1,415	2,129	1,415
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	115	(171)	381	167
Real Estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	57,080	0	0	121,588
Deconsolidation of funds	0		0	(121,087)
Transfers into Level III	0	0	0	0
Transfers out of Level III	0	0	0	0
Purchases	107,046	0	164,126	0
Sales		0	0	(501)
Realized gains (losses), net		0	0	0
Unrealized appreciation (depreciation), net	(2,282)	0	(2,282)	0
Ending balance	161,844	0	161,844	0
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$ (2,282)	$ 0	$ (2,282)	$ 0

FAIR VALUE - Consolidated Fun_3

FAIR VALUE - Consolidated Funds Summary of Valuation Techniques and Quantitative Information (Details) - Consolidated Funds $ in Thousands	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Real estate investments	$ 210,942	$ 0
Total Level III investments	8,266,799	6,531,385
Level III
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Total Level III investments	559,039	325,922
Level III | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Real estate investments	15,636
Level III | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Real estate investments	146,208
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 | Communication services | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments		2,416
Level III | Consumer discretionary | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	26,190
Level III | Consumer discretionary | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	4,340
Level III | Financials | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	39,099	108,277
Level III | Financials | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	4,415	3,608
Level III | Health care | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	35,560	37,724
Level III | Health care | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	666	2,550
Level III | Real estate | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	20,572	79,562
Level III | Real estate | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	702	4,570
Level III | Other | Recent market information
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	53,041	38,959
Level III | Other | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments	14,257	17,943
Level III | Other | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Credit-oriented investments		5,078
Level III | Equity Investment | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments	131,778	2,099
Level III | Equity Investment | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments		$ 2,390
Level III | Equity Investment | Recent transaction price
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments	$ 26,632
Discount rate | Level III | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Real estate investments, significant unobservable inputs	5.00%
Discount rate | Level III | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Real estate investments, significant unobservable inputs	7.00%
Discount rate | Level III | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Real estate investments, significant unobservable inputs	6.00%
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 | 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 | 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	0.18
Discount rate | 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	0.13
Discount rate | 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	0.08	0.09
Discount rate | 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 | 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 | 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	0.16	0.10
Discount rate | 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	0.18	0.16
Discount rate | 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	0.17	0.14
Discount rate | 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	0.17	0.12
Discount rate | 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	0.19	0.23
Discount rate | 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	0.18	0.14
Discount rate | 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 | 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	0.18	0.15
Discount rate | 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
Discount rate | Level III | Equity Investment | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	0.08	0.10
Discount rate | Level III | Equity Investment | 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 | Level III | Equity Investment | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	0.11	0.12
Earnings multiple | Level III | Equity Investment | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments	$ 39,578
Earnings multiple | Level III | Equity Investment | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	4	4
Earnings multiple | Level III | Equity Investment | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	10	10
Earnings multiple | Level III | Equity Investment | Market approach (comparable companies) | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	6	7
Revenue multiple | Level III | Equity Investment | Market approach (comparable companies)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments	$ 365
Revenue multiple | Level III | Equity Investment | Market approach (comparable companies) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	2
Revenue multiple | Level III | Equity Investment | Market approach (comparable companies) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	4
Revenue multiple | Level III | Equity Investment | Market approach (comparable companies) | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity investments, significant unobservable inputs	3

FAIR VALUE - Consolidated Fun_4

FAIR VALUE - Consolidated Funds Additional Information (Details) - investment	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of investments that changed valuation technique	0	0

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	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Assets, Notional	$ 417,683	$ 300,704
Assets, Fair Value	16,930	4,038
Liabilities, Notional	(65,140)	(77,156)
Liabilities, Fair Value	(2,071)	(2,318)
Foreign-currency forward contracts
Derivative [Line Items]
Assets, Notional	184,856	58,254
Assets, Fair Value	3,856	1,654
Liabilities, Notional	(65,140)	(77,156)
Liabilities, Fair Value	(2,071)	(2,318)
Cross-currency swap
Derivative [Line Items]
Assets, Notional	232,827	242,450
Assets, Fair Value	13,074	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) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	$ 21,480	$ 1,348	$ 16,716	$ (2,272)
Investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	16,206	419	11,429	(1,898)
General and administrative expense
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	$ 5,274	$ 929	$ 5,287	$ (374)

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	$ (4,300)	$ 1,681	$ (1,960)	$ 1,518
Net Change in Unrealized Appreciation (Depreciation) on Investments	(276)	1,041	412	(219)
Foreign-currency forward contracts
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	(4,300)	1,496	(1,960)	428
Net Change in Unrealized Appreciation (Depreciation) on Investments	(276)	1,193	412	17
Total-return and interest-rate swaps
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments			0	858
Net Change in Unrealized Appreciation (Depreciation) on Investments			0	29
Options and futures
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	0	185	0	232
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 0	$ (152)	$ 0	$ (265)

DERIVATIVES AND HEDGING - Balan

DERIVATIVES AND HEDGING - Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivative Assets:
Derivative assets	$ 19,377	$ 6,502
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	2,071	1,497
Cash Collateral Received	0	0
Net Amount	17,306	5,005
Derivative Liabilities:
Derivative liabilities	(3,607)	(2,961)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	(2,071)	(1,497)
Cash Collateral Pledged	0	0
Net Amount	(1,536)	(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
Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Derivative assets	2,447	2,275
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	0	0
Cash Collateral Received	0	0
Net Amount	2,447	2,275
Derivative Liabilities:
Derivative liabilities	(1,536)	(643)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	0	0
Cash Collateral Pledged	0	0
Net Amount	(1,536)	(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	16,930	4,038
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	2,071	1,497
Cash Collateral Received	0	0
Net Amount	14,859	2,541
Oaktree Capital Group Excluding Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Derivative assets	3,856	1,654
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	2,071	1,497
Cash Collateral Received	0	0
Net Amount	1,785	157
Derivative Liabilities:
Derivative liabilities	(2,071)	(2,318)
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Liabilities	(2,071)	(1,497)
Cash Collateral Pledged	0	0
Net Amount	0	(821)
Oaktree Capital Group Excluding Consolidated Funds | Cross-currency swap
Derivative Assets:
Derivative assets	13,074	2,384
Gross Amounts Not Offset in Statements of Financial Condition
Derivative Assets	0	0
Cash Collateral Received	0	0
Net Amount	$ 13,074	$ 2,384

FIXED ASSETS FIXED ASSETS (Deta

FIXED ASSETS FIXED ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment
Fixed assets	$ 172,927	$ 167,594
Accumulated depreciation	(68,457)	(61,879)
Fixed assets, net	104,470	105,715
Furniture, equipment and capitalized software
Property, Plant and Equipment
Fixed assets	28,781	26,345
Leasehold improvements
Property, Plant and Equipment
Fixed assets	72,724	70,270
Corporate aircraft
Property, Plant and Equipment
Fixed assets	66,120	66,120
Other
Property, Plant and Equipment
Fixed assets	$ 5,302	$ 4,859

GOODWILL AND INTANGIBLES GOODWI

GOODWILL AND INTANGIBLES GOODWILL AND INTANGIBLES - Carrying Value of Intangible Assets (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impairment Loss	$ 0
Goodwill	69,300,000	$ 69,300,000
Carrying Value of Intangible Assets
Contractual rights	347,452,000	347,452,000
Accumulated amortization	(45,755,000)	(33,173,000)
Intangible assets, net	$ 301,697,000	$ 314,279,000

GOODWILL AND INTANGIBLES - Expe

GOODWILL AND INTANGIBLES - Expected Future Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization	$ 4,200	$ 4,200	$ 12,600	$ 12,600
Remainder of 2019	4,198		4,198
2020	16,780		16,780
2021	15,112		15,112
2022	12,777		12,777
2023	12,777		12,777
Thereafter	240,053		240,053
Total	$ 301,697		$ 301,697

DEBT OBLIGATIONS AND CREDIT F_3

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Less: Debt issuance costs	$ (4,616,000)	$ (5,569,000)
Total debt obligations, net	971,854,000	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	(3,657,000)	(4,055,000)
Total debt obligations, net	746,343,000	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
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	Sep. 30, 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	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Consolidated Funds
Debt Instrument [Line Items]
Fair value of debt obligations	$ 5,553,144	$ 4,127,994
Total remaining principal	5,592,221
Securities owned and pledged as collateral	6,300,000	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	$ 806,300	$ 720,300
Weighted average interest rate	2.80%	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	$ 788,900
Percentage decrease in average borrowing rate assumption that would increase fair value of debt obligation	10.00%
Fair value of debt obligation increase in value due to decrease in average borrowing rate	$ 824,200
Credit Agreement | Senior secured notes
Debt Instrument [Line Items]
Weighted average interest rate	3.39%
Total remaining principal	$ 976,470	$ 870,098
Credit Agreement | Consolidated Funds
Debt Instrument [Line Items]
Total remaining principal	976,500	976,500
Credit Agreement | Consolidated Funds | Level III
Debt Instrument [Line Items]
Fair value of debt	$ 976,800	$ 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 ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Less: Debt issuance costs	$ (4,616,000)	$ (5,569,000)
Total debt obligations, net	971,854,000	864,529,000
Credit Agreement | Senior variable rate notes
Debt Instrument [Line Items]
Senior variable rate notes	976,470,000	$ 870,098,000
Facility Capacity	$ 976,470,000
Weighted Average Interest Rate	3.39%
Weighted Average Remaining Maturity (years)	8 years 8 months 12 days

DEBT OBLIGATIONS AND CREDIT F_7

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations of CLOs (Details) - Consolidated Funds - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Fair Value	$ 5,553,144	$ 4,127,994
Senior secured notes
Debt Instrument [Line Items]
Fair Value	$ 5,354,638	$ 3,976,602
Weighted Average Interest Rate	2.95%	2.69%
Weighted Average Remaining Maturity (years)	9 years 1 month 6 days	9 years 10 months 24 days
Subordinated note
Debt Instrument [Line Items]
Fair Value	$ 198,506	$ 151,392
Weighted Average Remaining Maturity (years)	8 years 7 months 6 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	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
Remainder of 2019	$ 600,481
2020	169,372
2021	0
2022	0
2023	0
Thereafter	4,822,368
Total	$ 5,592,221

LEASES - Narrative (Details)

LEASES - Narrative (Details)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Remaining lease term	1 year
Extension term	5 years
Termination period	1 year

LEASES - Components of Lease E

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 4,739	$ 14,226
Sublease income	(278)	(535)
Total lease cost	$ 4,461	$ 13,691

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating cash flows used for operating leases	$ 14,628
Weighted average remaining lease term for operating leases (in years)	9 years 6 months
Weighted average discount rate for operating leases	4.40%

LEASES - Maturity of Operating

LEASES - Maturity of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Remainder of 2019	$ 4,874
2020	18,717
2021	17,702
2022	17,135
2023	16,554
Thereafter	84,617
Total lease payments	159,599
Less: imputed interest	(28,317)
Total operating lease liabilities	$ 131,282

NON-CONTROLLING REDEEMABLE IN_3

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Non-Controlling Redeemable Interests in Consolidated Funds [Abstract]
Beginning balance	$ 961,622	$ 860,548
Initial consolidation of a fund	54,964	0
Deconsolidation of a fund	(424,603)	0
Contributions	519,684	107,962
Distributions	(107,071)	(214,096)
Net income	82,234	18,399
Change in distributions payable	4,652	(75,196)
Foreign currency translation and other	(10,020)	(1,310)
Ending balance	$ 1,081,462	$ 696,307

UNITHOLDERS' CAPITAL - Addition

UNITHOLDERS' CAPITAL - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Total unitholders’ capital	$ 2,129,756	$ 2,423,663	$ 2,487,717	$ 2,422,803	$ 2,150,416	$ 2,020,617
OCGH
Class of Stock [Line Items]
Unitholders' capital (in shares)	62,145,608		85,471,937
Total unitholders’ capital	$ 560,067		$ 1,086,693
Total weighted average units outstanding
Class of Stock [Line Items]
Total Oaktree Operating Group units (in shares)	160,112,863		157,133,560
Total unitholders’ capital	$ 1,442,907		$ 1,997,745
Equity Held by Third Parties
Class of Stock [Line Items]
Total unitholders’ capital	$ 4,018		$ 5,661

UNITHOLDERS' CAPITAL - Summary

UNITHOLDERS' CAPITAL - Summary of Net Income (Loss) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Weighted average Oaktree Operating Group units outstanding (in thousands):
Weighted average Oaktree Operating Group units outstanding (in shares)	75,995	71,369	74,005	70,167
Oaktree Operating Group net income (loss):
Oaktree Operating Group net income (loss)	$ (20,898)	$ 143,091	$ 285,030	$ 346,249
Net income (loss) attributable to OCG Class A unitholders:
Oaktree Operating Group net income (loss) attributable to OCG Class A unitholders	(6,708)	59,417	91,226	149,956
Non-Operating Group income (expense)	(3,967)	(321)	(8,287)	(629)
Income tax benefit (expense) of Intermediate Holding Companies	(5,973)	(6,346)	(9,889)	(12,724)
Net income (loss) attributable to OCG Class A unitholders	$ (16,648)	$ 52,750	$ 73,050	$ 136,603
Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Weighted average Oaktree Operating Group units outstanding (in shares)	159,661	157,144	158,801	156,842
Oaktree Operating Group net income (loss):
Oaktree Operating Group net income (loss)	$ (7,268)	$ 134,734	$ 219,193	$ 339,824
Net income (loss) attributable to OCG Class A unitholders:
OCGH non-controlling interest	$ 518	$ 597	$ 1,779	$ 1,986
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)	83,666	85,775	84,796	86,675
Oaktree Operating Group net income (loss):
Oaktree Operating Group net income (loss)	$ (7,389)	$ 71,408	$ 107,480	$ 185,959
Series A Preferred Units | Oaktree Operating Group
Oaktree Operating Group net income (loss):
Oaktree Operating Group net income (loss)	$ 6,829	$ 3,909	$ 20,487	$ 3,909
Class A Units | Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Weighted average Oaktree Operating Group units outstanding (in shares)	75,995	71,369	74,005	70,167
Oaktree Operating Group net income (loss):
Oaktree Operating Group net income (loss)	$ (6,708)	$ 59,417	$ 91,226	$ 149,956

UNITHOLDERS' CAPITAL - Changes

UNITHOLDERS' CAPITAL - Changes in Company Ownership Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Net income (loss) attributable to OCG Class A unitholders	$ (16,648)	$ 52,750	$ 73,050	$ 136,603
Equity reallocation between controlling and non-controlling interests	267,715	4,514	304,280	78,269
Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests	$ 251,067	$ 57,264	$ 377,330	$ 214,872

EARNINGS PER UNIT - Computation

EARNINGS PER UNIT - Computations of Net Income (Loss) Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income (loss) attributable to OCG Class A unitholders	$ (16,648)	$ 52,750	$ 73,050	$ 136,603
Weighted average number of Class A units outstanding (basic and diluted) (in shares)	75,995	71,369	74,005	70,167
Basic and diluted net income (loss) per Class A unit (in dollars per share)	$ (0.22)	$ 0.74	$ 0.99	$ 1.95

EQUITY-BASED COMPENSATION EQU_2

EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION - Restated Exchange Agreement (Details)	Sep. 30, 2019USD ($)$ / shares	Dec. 31, 2029	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2025	Dec. 31, 2028
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maturity of notes issued under exchange agreement	3 years
Exchange election notice period	60 days
Exchange consummation period	155 days
Beneficial ownership percentage following an exchange, minimum threshold	1.00%
Required notice period for remaining units following exchange	36 months
Beneficial ownership percentage following final exchange, minimum threshold	5.00%
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions, multiple applied to fee-related earnings less stock-based compensation excluding depreciation and amortization	13.5
Valuation assumptions, multiple applied to net incentives created	6.75
Valuation assumptions, trailing period for net incentives created	3 years
Valuation assumptions, percentage of net cash value	100.00%
Valuation assumptions, percentage of corporate investments value	100.00%
Valuation assumptions, percentage of fund-level net accrued incentives	75.00%
Converted Class A Units and Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions, price per unit (in usd per share) | $ / shares	$ 49
Maximum exchange consideration amount payable, incremental amount above exchange consideration | $	$ 20,000,000
Treasury rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Notes issued under exchange agreement, basis spread on variable rate	3.00%
Forecast | OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of units to exchange in aggregate, annual limit				35.00%	30.00%	25.00%	20.00%
Forecast | Messrs. Howard Marks, Bruce Karsh, Jay Wintrob, John Frank, Sheldon Stone, Richard Masson And Larry Keele | OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of units to exchange per individual			100.00%				20.00%
Maximum percentage of units to exchange per individual, additional annual limit								20.00%
Forecast | Current employees not separately named | OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of units to exchange per individual		100.00%					12.50%
Maximum percentage of units to exchange per individual, additional annual limit									12.50%
Maximum | OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions, trailing period for fee-related earnings less stock-based compensation excluding depreciation and amortization	3 years
Minimum | OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions, trailing period for fee-related earnings less stock-based compensation excluding depreciation and amortization	2 years

EQUITY-BASED COMPENSATION - Cla

EQUITY-BASED COMPENSATION - Class A and OCGH Unit Awards (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)shares
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	1,494,324
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	1,873,155
Discount from market price	17.50%
Unrecognized compensation expense on non-vested equity-based awards | $	$ 217.1
Weighted average period of recognition non-vested equity-based awards	4 years 4 months 24 days
Class A Units and OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years 10 months 24 days

EQUITY-BASED COMPENSATION - Sum

EQUITY-BASED COMPENSATION - Summary of Unvested Equity-Based Awards and Changes (Details) - $ / shares	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2020
Class A Units
Number of Units
Beginning balance (in shares)	2,700,585
Granted (in shares)	1,494,324
Vested (in shares)	(975,072)
Forfeited (in shares)	(98,301)
Ending balance (in shares)	3,121,536
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 42.76
Granted (in dollars per share)	49.56
Vested (in dollars per share)	43.06
Forfeited (in dollars per share)	44.53
Ending balance (in dollars per share)	$ 45.87
OCGH Units
Number of Units
Beginning balance (in shares)	1,864,049
Granted (in shares)	1,873,155
Vested (in shares)	(434,674)
Forfeited (in shares)	0
Ending balance (in shares)	3,302,530
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 39.83
Granted (in dollars per share)	41.34
Vested (in dollars per share)	35.11
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	$ 41.31
Forecast | Class A Units
Weighted Average Grant Date Fair Value
Shares issued, price per share (in usd per share)		$ 49

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity Value Units (Details) - USD ($) $ in Millions	Apr. 26, 2017	Sep. 30, 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		$ 0.3
Weighted average remaining service term		3 months

EQUITY-BASED COMPENSATION - Def

EQUITY-BASED COMPENSATION - Deferred Equity Units (Details) - OCGH Units $ in Millions	9 Months Ended
	Sep. 30, 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)	807,307,000
Unrecognized compensation cost | $	$ 1.4
Awards expected to vest (in shares)	39,808,000
Weighted average period of recognition non-vested equity-based awards	5 years 6 months
Lack-of-marketability discount	17.50%

INCOME TAXES AND RELATED PAYM_3

INCOME TAXES AND RELATED PAYMENTS (Details) $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2019USD ($)company

Sep. 30, 2019USD ($)company

Sep. 30, 2018USD ($)

Sep. 30, 2020USD ($)

Dec. 31, 2040USD ($)

Dec. 31, 2037USD ($)

Dec. 31, 2036USD ($)

Dec. 31, 2035USD ($)

Dec. 31, 2034USD ($)

Dec. 31, 2029USD ($)

Sep. 30, 2022USD ($)

Sep. 30, 2021USD ($)

Income Tax Disclosure [Abstract]

Number of wholly-owned subsidiaries | company

2

2

Percentage of cash savings

85.00%

Tax Receivable Agreement [Line Items]

Deferred tax effect resulting from the purchase of units

$ 212,017

$ 212,017

$ 6,051

Amount paid to unitholders under tax receivable agreement

$ 10,000

Forecast

Tax Receivable Agreement [Line Items]

Decreases resulting from settlements with taxing authorities

$ 3,000

Expected payments to unitholders under tax receivable agreement

$ 178,040

Brookfield Asset Management Inc. Merger Agreement, OCGH Unitholders | Forecast

Tax Receivable Agreement [Line Items]

Expected payments to unitholders under tax receivable agreement

$ 66,000

$ 66,000

$ 66,000

2007 private offering | Forecast

Tax Receivable Agreement [Line Items]

Expected payments to unitholders under tax receivable agreement

$ 11,987

Initial public offering | Forecast

Tax Receivable Agreement [Line Items]

Expected payments to unitholders under tax receivable agreement

$ 30,525

Offering | Forecast

Tax Receivable Agreement [Line Items]

Expected payments to unitholders under tax receivable agreement

$ 31,281

$ 28,093

$ 32,919

$ 43,235

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Oct. 31, 2017
Contingencies And Commitments [Line Items]
Accrued incentives (fund level)	$ 1,344,218		$ 1,344,218		$ 1,434,458
Compensation expense related to accrued incentives (fund level)	704,178		704,178		754,903
Contingent consideration	36,100		36,100
Contingent consideration, fair value	4,500		4,500		6,700
Contingent consideration income (expense)	2,200	$ 2,500	2,100	$ 12,200
Capital commitments	365,100		365,100		385,800
Consolidated Funds
Contingencies And Commitments [Line Items]
Aggregate potential credit and investment commitments	21,400		21,400		$ 13,800
BDC Acquisition
Contingencies And Commitments [Line Items]
Indemnification asset	$ 32,000		$ 32,000			$ 56,200

RELATED-PARTY TRANSACTIONS - Ad

RELATED-PARTY TRANSACTIONS - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total operating lease liabilities	$ 131,282		$ 131,282
Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rent expense	1,100	$ 1,200	3,400	$ 3,600
Total operating lease liabilities	63,200		63,200
Oaktree Capital Group Excluding Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest income	18	22	66	193
Total operating lease liabilities	131,282		131,282		$ 0
Oaktree Capital Group Excluding Consolidated Funds | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates	94,043		94,043		$ 95,953
Oaktree Capital Group Excluding Consolidated Funds | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Management fees and incentive income	$ 184,700	$ 218,000	$ 719,300	$ 719,600
Oaktree Capital Group Excluding Consolidated Funds | Discounted cash flow | Affiliates | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.100		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	Sep. 30, 2019	Dec. 31, 2018
Due from affiliates:
Loans	$ 6,416	$ 3,857
Amounts due from unconsolidated funds	66,490	72,588
Management fees and incentive income due from unconsolidated funds	76,106	362,971
Payments made on behalf of unconsolidated entities	3,220	3,469
Non-interest bearing advances made to certain non-controlling interest holders and employees	0	27
Total due from affiliates	152,232	442,912
Due to affiliates:
Due to OCGH unitholders in connection with the tax receivable agreement (please see note 16)	178,040	187,872
Amounts due to senior executives, certain non-controlling interest holders and employees	1,438	495
Total due to affiliates	$ 179,478	$ 188,367

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)	9 Months Ended
	Sep. 30, 2019segment
Segment Reporting [Abstract]
Number of segments	1

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event	Nov. 07, 2019$ / shares
Class A Units
Class of Stock [Line Items]
Dividend declared (in dollars per share)	$ 0.03
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)	$ 0.409375