Oaktree Capital (OAK-PB) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 09, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-35500
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 Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001403528
Current Fiscal Year End Date	--12-31
Series A Preferred Units
Entity Information [Line Items]
Title of 12(b) Security	6.625% Series A preferred units
Trading Symbol	OAK-PA
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-PB
Security Exchange Name	NYSE
Class A Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		99,136,620
Class B Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		60,786,377

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Total assets	$ 13,120,081	$ 10,394,115
Liabilities:
Operating lease liabilities	40,272
Total liabilities	9,685,538	7,798,780
Commitments and contingencies
Unitholders’ capital:
Paid-in capital	949,510	819,963
Retained earnings	202,742	119,920
Accumulated other comprehensive loss	(10,867)	(5,414)
Unitholders’ capital attributable to Oaktree Capital Group, LLC	1,541,969	1,335,053
Non-controlling interests in consolidated funds	570,557	544,935
Total unitholders’ capital	2,112,526	1,879,988
Total liabilities and unitholders’ capital	13,120,081	10,394,115
Series A Preferred Units
Unitholders’ capital:
Preferred stock	173,669	173,669
Series B Preferred Units
Unitholders’ capital:
Preferred stock	226,915	226,915
Class A Units
Unitholders’ capital:
Common stock	0	0
Class B Units
Unitholders’ capital:
Common stock	0	0
Oaktree Capital Group Excluding Consolidated Funds
Assets
Cash and cash-equivalents	217,889	329,253
U.S. Treasury and other securities	6,477	9,562
Investments	1,043,367	971,952
Due from affiliates	296,355	129,541
Deferred tax assets	3,829	4,172
Right-of-use assets	34,374	37,942
Other assets, net	42,498	43,204
Liabilities:
Accrued compensation expense	167,210	136,865
Accounts payable, accrued expenses and other liabilities	13,236	13,490
Due to affiliates	445	9,688
Debt obligations	0	0
Operating lease liabilities	40,272	44,068
Consolidated Funds
Assets
Cash and cash-equivalents	951,969	871,088
Investments	10,250,564	7,799,309
Other assets, net	11,225	61,236
Dividends and interest receivable	45,843	29,169
Due from brokers	17,603	0
Receivable for securities sold	189,093	107,179
Derivative assets, at fair value	8,995	508
Total assets	11,500,000
Liabilities:
Accounts payable, accrued expenses and other liabilities	86,490	82,005
Debt obligations	7,208,109	6,536,858
Payables for securities purchased	1,118,849	593,855
Derivative liabilities, at fair value	21,124	933
Distributions payable	95	10,098
Borrowings under credit facilities	1,029,708	370,920
Total liabilities	9,500,000
Non-controlling redeemable interests in consolidated funds	$ 1,322,017	$ 715,347

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
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, issued (in shares)	99,136,620	98,677,040
Common units, outstanding (in shares)	99,136,620	98,677,040
Class B Units
Common units, par value (in dollars per share)	$ 0	$ 0
Common units, issued (in shares)	60,834,146	61,370,607
Common units, outstanding (in shares)	60,834,146	61,370,607
Oaktree Capital Group Excluding Consolidated Funds
Investments, at fair value	$ 103,136	$ 15,429

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Total revenues	$ 226,162	$ 45,582	$ 984,329	$ 181,810
Expenses:
Compensation and benefits	(37,080)	(33,659)	(116,803)	(96,368)
Equity-based compensation	(1,903)	(4,068)	(7,868)	(13,380)
Incentive income compensation	(81,952)	(474)	(396,435)	(15,612)
Total compensation and benefits expense	(120,935)	(38,201)	(521,106)	(125,360)
General and administrative	(5,303)	(6,395)	(18,879)	(18,816)
Depreciation and amortization	(580)	(561)	(1,745)	(1,498)
Consolidated fund expenses	(25,734)	(11,706)	(50,581)	(31,726)
Total expenses	(152,552)	(56,863)	(592,311)	(177,400)
Other income (loss):
Interest expense	(32,990)	(35,420)	(113,093)	(121,753)
Interest and dividend income	90,673	74,128	273,460	238,294
Net realized gain (loss) on consolidated funds’ investments	(10,345)	(19,635)	848	(97,642)
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	60,329	533	185,418	(222,746)
Investment income	16,989	60,296	190,768	18,030
Other income, net	0	43	19	59
Total other income (loss)	124,656	79,945	537,420	(185,758)
Income (loss) before income taxes	198,266	68,664	929,438	(181,348)
Income taxes	(3,811)	(1,170)	(9,246)	(6,499)
Net income (loss)	194,455	67,494	920,192	(187,847)
Less:
Net income (loss) attributable to Oaktree Capital Group, LLC	97,037	52,383	491,497	(297)
Net income attributable to preferred unitholders	(6,829)	(6,829)	(20,487)	(20,487)
Net income (loss) attributable to OCG Class A unitholders	$ 90,208	$ 45,554	$ 471,010	$ (20,784)
Net income (loss) per Class A unit (basic and diluted):
Weighted average number of Class A units outstanding, diluted (in shares)	159,971	160,062	160,008	159,965
Class A Units
Less:
Net income (loss) attributable to OCG Class A unitholders	$ 90,208	$ 45,554	$ 471,010	$ (20,784)
Distributions declared per Class A unit (in dollars per share)	$ 0.51	$ 0.49	$ 3.92	$ 0.71
Net income (loss) per Class A unit (basic and diluted):
Net income (loss) per Class A unit, basic (in dollars per share)	0.91	0.46	4.76	(0.21)
Net income (loss) per Class A unit, diluted (in dollars per share)	$ 0.91	$ 0.46	$ 4.76	$ (0.21)
Weighted average number of Class A units outstanding, basic (in shares)	99,137	98,677	98,995	98,457
Weighted average number of Class A units outstanding, diluted (in shares)	99,137	98,677	98,995	98,457
Consolidated Funds
Less:
Net income (loss) attributable to non-controlling interests	$ (51,214)	$ 13,882	$ (163,105)	$ 174,244
Consolidated Subsidiaries
Less:
Net income (loss) attributable to non-controlling interests	(46,204)	(28,993)	(265,590)	13,306
Management fees
Revenues:
Total revenues	58,628	45,466	172,848	138,278
Incentive income
Revenues:
Total revenues	$ 167,534	$ 116	$ 811,481	$ 43,532

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income (loss)	$ 194,455	$ 67,494	$ 920,192	$ (187,847)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	8,606	(5,919)	(7,733)	(10,816)
Other comprehensive income (loss), net of tax	8,606	(5,919)	(7,733)	(10,816)
Total comprehensive income (loss)	203,061	61,575	912,459	(198,663)
Comprehensive income (loss) attributable to OCG	102,370	48,733	486,044	(6,975)
Comprehensive income attributable to preferred unitholders	(6,829)	(6,829)	(20,487)	(20,487)
Comprehensive income (loss) attributable to OCG Class A unitholders	95,541	41,904	465,557	(27,462)
Consolidated Funds
Other comprehensive income (loss), net of tax:
Less: Comprehensive (income) loss attributable to non-controlling interest	(51,214)	13,882	(163,105)	174,244
Consolidated Subsidiaries
Other comprehensive income (loss), net of tax:
Less: Comprehensive (income) loss attributable to non-controlling interest	$ (49,477)	$ (26,724)	$ (263,310)	$ 17,444

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 920,192	$ (187,847)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Investment income	(190,768)	(18,030)
Depreciation and amortization	1,745	1,498
Equity-based compensation	7,868	13,380
Net realized and unrealized (gain) loss from consolidated funds’ investments	(186,266)	320,388
Accretion of original issue and market discount of consolidated funds’ investments, net	(7,137)	(17,645)
Income distributions from corporate investments in funds and companies	171,106	23,334
SPAC deconsolidation gain and other non-cash items	(72,347)	104
Cash flows due to changes in operating assets and liabilities:
Net cash used in operating activities	(1,619,233)	(775,656)
Cash flows from investing activities:
Purchases of U.S. Treasury and other securities	(16,322)	(35,731)
Proceeds from maturities and sales of U.S. Treasury and other securities	19,499	35,631
Corporate investments in funds and companies	(166,865)	(196,949)
Distributions and proceeds from corporate investments in funds and companies	325,897	229,543
Purchases of fixed assets	(263)	(315)
Net cash provided by investing activities	161,946	32,179
Cash flows from financing activities:
Net cash provided by financing activities	1,652,826	1,062,941
Effect of exchange rate changes on cash	(9,563)	(8,799)
Net increase in cash and cash-equivalents	185,976	310,665
Initial consolidation (deconsolidation) of funds	(216,459)	(101,148)
Cash and cash-equivalents, beginning balance	1,200,341	841,793
Cash and cash-equivalents, ending balance	1,169,858	1,051,310
Total cash and cash-equivalents	1,169,858	1,051,310
Oaktree Capital Group Excluding Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Decrease in deferred tax assets	105	6
Decrease in other assets	3,443	787
(Increase) decrease in net due from affiliates	(160,078)	57,631
Increase (decrease) in accrued compensation expense	30,345	(34,983)
Decrease in accounts payable, accrued expenses and other liabilities	(4,676)	(3,894)
Cash flows from financing activities:
Capital contributions, net	109,393	56,023
Distributions to Class A unitholders	(381,382)	(69,797)
Distributions to OCGH unitholders	(234,966)	(43,678)
Distributions to preferred unitholders	(20,487)	(20,487)
Cash and cash-equivalents, ending balance	217,889	204,522
Total cash and cash-equivalents	217,889	204,522
Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Decrease in accounts payable, accrued expenses and other liabilities	16,386	(14,681)
(Increase) decrease in dividends and interest receivable	(16,068)	23,967
Increase in due from brokers	(17,603)	(8,221)
Increase in receivables for securities sold	(77,192)	(28,354)
(Increase) decrease in other assets	38,620	(6,426)
Increase (decrease) in payables for securities purchased	478,914	(17,003)
Purchases of securities	(6,718,145)	(3,030,232)
Proceeds from maturities and sales of securities	4,162,323	2,150,565
Cash flows from financing activities:
Contributions from non-controlling interests	766,103	863,893
Distributions to non-controlling interests	(126,832)	(217,851)
Proceeds from debt obligations issued by CLOs	3,046,821	1,030,422
Payment of debt issuance costs	(1,827)	(2,780)
Repayment on debt obligations issued by CLOs	(2,162,786)	(559,694)
Borrowings on credit facilities	658,789	75,380
Repayments on credit facilities	0	(48,490)
Cash and cash-equivalents, ending balance	951,969	846,788
Total cash and cash-equivalents	$ 951,969	$ 846,788

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Unitholders' Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2019
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	$ 1,973,452	$ 1,581,018	$ 1,879,988	$ 1,702,169
Capital contributions	75,000	37,500	126,241	57,317
Equity reallocation between controlling and non-controlling interests	(480)	(223)	(3,107)	(1,295)
Capital increase related to equity-based compensation	1,903	4,058	7,868	13,096
Distributions declared	(89,196)	(85,260)	(647,818)	(133,962)
Net income (loss)	143,241	81,376	757,087	(13,603)
Foreign currency translation adjustment, net of tax	8,606	(5,919)	(7,733)	(10,816)
Unitholders' capital, end of period	2,112,526	1,612,550	2,112,526	1,612,550	$ 1,702,169
Accounting standards update					Accounting Standards Update 2016-13
Cumulative effect, period of adoption, adjustment
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period				(356)
Unitholders' capital, end of period					$ (356)
Paid-in Capital
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	871,126	777,686	819,963	750,299
Capital contributions	75,000	37,500	121,015	57,317
Equity reallocation between controlling and non-controlling interests	2,205	(184)	3,667	1,829
Capital increase related to equity-based compensation	1,179	2,502	4,865	8,059
Unitholders' capital, end of period	949,510	817,504	949,510	817,504	750,299
Retained Earnings (Accumulated Deficit)
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	163,579	(36,469)	119,920	51,534
Distributions declared	(51,045)	(48,352)	(388,188)	(69,797)
Net income (loss)	90,208	45,554	471,010	(20,784)
Unitholders' capital, end of period	202,742	(39,267)	202,742	(39,267)	51,534
Retained Earnings (Accumulated Deficit) | Cumulative effect, period of adoption, adjustment
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period				(220)
Unitholders' capital, end of period					(220)
Accumulated Other Comprehensive Income (Loss)
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	(16,200)	(6,529)	(5,414)	(3,501)
Foreign currency translation adjustment, net of tax	5,333	(3,650)	(5,453)	(6,678)
Unitholders' capital, end of period	(10,867)	(10,179)	(10,867)	(10,179)	(3,501)
Non-controlling Interests in Consolidated Subsidiaries
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	554,363	445,746	544,935	503,253
Capital contributions	0		5,226
Equity reallocation between controlling and non-controlling interests	(2,685)	(39)	(6,774)	(3,124)
Capital increase related to equity-based compensation	724	1,556	3,003	5,037
Distributions declared	(31,322)	(30,079)	(239,143)	(43,678)
Net income (loss)	46,204	28,993	265,590	(13,306)
Foreign currency translation adjustment, net of tax	3,273	(2,269)	(2,280)	(4,138)
Unitholders' capital, end of period	$ 570,557	$ 443,908	$ 570,557	443,908	503,253
Non-controlling Interests in Consolidated Subsidiaries | Cumulative effect, period of adoption, adjustment
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period				$ (136)
Unitholders' capital, end of period					$ (136)
Class A Units | Common Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	99,137	98,677	98,677	97,967
Unit exchange (in shares)			460	710
Unitholders' capital, end of period (in shares)	99,137	98,677	99,137	98,677	97,967
Class B Units | Common Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	60,835	61,386	61,371	61,793
Net issuance of units (in shares)			4	319
Unit exchange (in shares)			(460)	(710)
Cancellation of units associated with forfeitures (in shares)	(1)	(2)	(81)	(18)
Unitholders' capital, end of period (in shares)	60,834	61,384	60,834	61,384	61,793
Series A Preferred Units | Equities – Preferred Stock
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	$ 173,669	$ 173,669	$ 173,669	$ 173,669
Distributions declared	(2,981)	(2,981)	(8,943)	(8,943)
Net income (loss)	2,981	2,981	8,943	8,943
Unitholders' capital, end of period	173,669	173,669	173,669	173,669	$ 173,669
Series B Preferred Units | Equities – Preferred Stock
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	226,915	226,915	226,915	226,915
Distributions declared	(3,848)	(3,848)	(11,544)	(11,544)
Net income (loss)	3,848	3,848	11,544	11,544
Unitholders' capital, end of period	$ 226,915	$ 226,915	$ 226,915	$ 226,915	$ 226,915

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION As used in these condensed consolidated financial statements: “Oaktree” refers to (i) Oaktree Capital Group, LLC and, where applicable, its subsidiaries and affiliates prior to October 1, 2019 and (ii) the Oaktree Operating Group and, where applicable, their respective subsidiaries and affiliates after September 30, 2019; and the “Company” refers to Oaktree Capital Group, LLC and, where applicable, its subsidiaries and affiliates, including, as the context requires, affiliated Oaktree Operating Group members after September 30, 2019. Oaktree 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 business development companies (“BDCs”). Commingled funds include open-end and closed-end limited partnerships in which Oaktree makes an investment and for which it serves as the general partner. CLOs are structured finance vehicles in which Oaktree 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. Prior to the Mergers described below, the Company was owned by (i) its public Class A common unitholders, (ii) its public Series A and Series B preferred unitholders and (iii) Oaktree Capital Group Holdings, L.P. (“OCGH”) who held 100% of the Company’s Class B common units which did not represent an economic interest in the Company. OCGH is owned by Oaktree’s senior executives, current and former employees, and certain other investors (collectively, the “OCGH unitholders”). The Class A units held by the public unitholders were entitled to one vote per unit and the Class B units held by OCGH were entitled to ten votes per unit. The number of Class B units held by OCGH increased or decreased 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. Subsequent to the Mergers, (i) all of the Company’s Class A units, which are no longer publicly traded, are held by an affiliate of Brookfield Asset Management, Inc. (“Brookfield”), (ii) the Company’s public preferred unitholders continue to hold the Series A and Series B preferred units listed on the NYSE and (iii) OCGH continues to hold all of the Company’s Class B units. Subject to the operating agreement of the Company, to the extent the approval of any matter requires the vote of the Company’s unitholders, the Class A units continue to be entitled to one vote per unit and the Class B units continue to be entitled to ten votes per unit, voting together as a single class. Additionally, prior to the Restructuring as described below, the Company’s operations were conducted through a group of six operating entities collectively referred to as the “Oaktree Operating Group,” and the Company had an indirect economic interest in each of the members of the Oaktree Operating Group. However, after the Restructuring, the Company has an indirect economic interest in only two of the six Oaktree Operating Group members. OCGH has a direct economic interest in all six of the Oaktree Operating Group members. 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. As of October 1, 2019, Oaktree Capital Management, L.P. (“OCM”), a former indirect subsidiary of the Company, provides certain administrative and other services relating to the operations of the Company’s business pursuant to a Services Agreement between the Company and OCM (as amended from time to time, the “Services Agreement”). Brookfield Merger On March 13, 2019, Oaktree, 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 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. Upon the completion of the Mergers on September 30, 2019, Brookfield acquired 61.2% of Oaktree’s business in a stock and cash transaction. The remaining 38.8% of the business continued to be owned by OCGH, whose unitholders consist primarily of Oaktree’s founders and certain other members of management and current and former employees. As part of the Merger, Brookfield acquired all outstanding vested OCG Class A units for, at the election of OCG Class A unitholders, either $49.00 in cash or 1.0770 Class A shares of Brookfield per OCG Class A unit (subject to pro-ration to ensure that no more than fifty percent (50%) of the aggregate merger consideration is paid in the form of cash or stock), in each case, without interest and subject to any applicable withholding taxes. In addition, as part of the Subsequent Merger the founders, senior management, and current and former employee-unitholders of OCGH sold 20% of their OCGH units to Brookfield for the same consideration as the OCG Class A unitholders received in the merger. The aggregate amount of cash payable to 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. Upon completion of the Merger, 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 OCGH Unit”) and became subject to the terms and conditions of the OCGH limited partnership agreement. The Converted OCGH Units will (i) be subject to the same vesting terms that were applicable to such units prior to the completion of the Merger, (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. Please see note 13 for more information. Restructuring Transaction On the closing date of the Mergers, the Company and certain other entities entered into a Restructuring Agreement (the “Restructuring”) pursuant to which the Company’s direct and indirect ownership of general partner and limited partner interests in certain Oaktree Operating Group entities were transferred to newly-formed, indirect subsidiaries of Brookfield as of October 1, 2019. As a result, on October 1, 2019, four of the six Oaktree Operating Group entities were no longer indirect subsidiaries of the Company. Accordingly, subsequent to that date, the Company’s condensed consolidated financial statements reflect its indirect economic interest in only two of the Oaktree Operating Group entities: (i) Oaktree Capital I, L.P. (“Oaktree Capital I”), which acts as or controls the general partner of certain Oaktree funds and which holds a majority of Oaktree’s investments in its funds and (ii) Oaktree Capital Management (Cayman), L.P. (“OCM Cayman”), which represents Oaktree’s non-U.S. fee business. As of October 1, 2019, the Company’s condensed consolidated financial statements no longer reflect any economic interests in the remaining four Oaktree Operating Group entities: (i) Oaktree Capital II, L.P. (“Oaktree Capital II”), which acts as or controls the general partner of certain Oaktree funds and which includes Oaktree’s investments in certain funds and other businesses, including Oaktree’s investment in DoubleLine Capital, L.P., (ii) OCM, an entity that serves as the U.S. registered investment adviser to most of the Oaktree funds, (iii) Oaktree Investment Holdings, L.P. (“Oaktree Investment Holdings”), which holds certain corporate investments in other entities and (iv) Oaktree AIF Investments, L.P. (“Oaktree AIF”), which primarily holds interests in certain Oaktree fund investments for regulatory and structuring purposes. As a consequence, the assets of Oaktree Capital II, OCM, Oaktree Investment Holdings and Oaktree AIF will no longer directly support the Company’s operations. As a result of the Restructuring of the Company’s business, references to “Oaktree” in these financial statements will generally refer to the collective business of the Oaktree Operating Group, of which the Company is a component. 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. The Restructuring was a transfer of assets among entities under common control, since both the transferring and receiving entities are under control of OCGH. Accordingly, the assets and liabilities were removed at book value and the transfer did not result in a gain or loss to the Company. The deconsolidation of the Oaktree Operating Group entities whose interests were transferred in the Restructuring was accounted for prospectively and did not require a recast of the Company's historical financial information. 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, 2020 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 26, 2021. Use of Estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, as well as the reported amounts of income and expenses during the period then ended. Actual results could differ from these estimates.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
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 in Oaktree-managed funds and the class A ordinary shareholders in Oaktree sponsored SPACs. 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. For Oaktree sponsored SPACs, the class A ordinary shareholders have redemption rights that are considered to be outside of the Company’s control. These shares are presented as non-controlling redeemable interests on the Company’s condensed consolidated statements of financial condition. The allocation of net income or loss to non-controlling redeemable interests in consolidated funds and Oaktree sponsored SPACs is based on the relative ownership interests of the unaffiliated limited partners after the consideration of contractual arrangements that govern allocations of income or loss. At the consolidated level, potential incentives are allocated to non-controlling redeemable interests in consolidated funds until such incentives become allocable to the Company under the substantive contractual terms of the limited partnership agreements of the funds. Non-controlling Interests in Consolidated Funds Non-controlling interests in consolidated funds represent the equity interests held by third-party investors in CLOs that had not yet priced as of the respective period end. All non-controlling interests in those CLOs are attributed a share of income or loss arising from the respective CLO based on the relative ownership interests of third-party investors after consideration of contractual arrangements that govern allocations of income or loss. Investors in those CLOs are generally unable to redeem their interests until the respective CLO liquidates, is called or otherwise terminates. Non-controlling Interests in Consolidated Subsidiaries Non-controlling interests in consolidated subsidiaries reflect the portion of unitholders’ capital attributable to OCGH unitholders (“OCGH non-controlling interest”) and third parties. All non-controlling interests in consolidated subsidiaries are attributed a share of income or loss in the respective consolidated subsidiary based on the relative economic interests of the OCGH unitholders or third parties after consideration of contractual arrangements that govern allocations of income or loss. Please see note 11 for more information. 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 inclusive of the Company’s investments in unconsolidated Oaktree funds 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 8 for more information. Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries with non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. The results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in other comprehensive income (loss) within the condensed consolidated statements of financial condition until realized. Gains and losses resulting from foreign-currency transactions are included in general and administrative expense. Derivatives and Hedging A derivative is a financial instrument whose value is derived from an underlying financial instrument or index, such as interest rates, equity securities, currencies, commodities or credit spreads. Derivatives include futures, forwards, swaps or option contracts, and other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest-rate swaps, foreign-currency forwards or cross-currency swaps). The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. The Company manages its exposure to interest rate and foreign exchange market risks, when deemed appropriate, through the use of derivatives, including foreign currency forward and option contracts, interest-rate and cross currency swaps with financial counterparties. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company’s overall risk management strategy that may result in the use of derivatives to economically hedge or reduce these exposures. From time to time, the Company may enter into (a) foreign-currency option and forward contracts to reduce earnings and cash-flow volatility associated with changes in foreign-currency exchange rates, and (b) interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable-rate borrowings. As a result of the use of these or other derivative contracts, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. The Company attempts to mitigate this counterparty risk by entering into derivative contracts only with major financial institutions that have investment-grade credit ratings. Counterparty credit risk is evaluated in determining the fair value of derivatives. The Company recognizes all derivatives as assets or liabilities in its condensed consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its condensed consolidated statements of financial condition. When the Company enters into a derivative contract, it may or may not elect to designate the derivative as a hedging instrument and apply hedge accounting as part of its overall risk management strategy. In other situations, when a derivative does not qualify for hedge accounting or when the derivative and the hedged item are both recorded in current-period earnings and thus deemed to be economic hedges, hedge accounting is not applied. Freestanding derivatives are financial instruments that we enter into as part of our overall risk management strategy but do not utilize hedge accounting. These financial instruments may include foreign-currency exchange contracts, interest-rate swaps and other derivative contracts. Derivatives that are designated as hedging instruments are classified as either a hedge of (a) a recognized asset or liability (“fair-value hedge”), (b) a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash-flow hedge”), or (c) a net investment in a foreign operation. For a fair-value hedge, the Company records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk in current-period earnings in the same caption in the condensed consolidated statements of operations as the hedged item. Changes in the fair value of a derivative that is highly effective and is designated and qualifies as a cash-flow hedge, to the extent that the hedge is effective, are recorded in other comprehensive income (loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is recorded in current-period earnings. Changes in the fair value of derivatives designated as hedging instruments that are caused by factors other than changes in the risk being hedged are excluded from the assessment of hedge effectiveness and recognized in current-period earnings. For freestanding derivatives, changes in fair value are recorded in current-period earnings. The Company formally documents at inception the hedge relationship, including identification of the hedging instrument and the hedged item, as well as the risk management objectives, the strategy for undertaking the hedge transaction, and the evaluation of effectiveness of the hedged transaction. On a quarterly basis, the Company formally assesses whether the derivative it designated in each hedging relationship has been and is expected to remain highly effective in offsetting changes in the estimated fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the balance remaining in other comprehensive income (loss) is released to earnings. Cash and Cash-equivalents Cash and cash-equivalents include demand deposit accounts, money market funds, and other short-term investments with maturities of three months or less at the date of acquisition. U.S. Treasury and Other Securities U.S. Treasury and other securities include holdings of U.S. Treasury bills, notes, and bonds, time deposit securities, and commercial paper with maturities greater than three months at the date of acquisition. These securities are classified as available-for-sale and are recorded at fair value with changes in fair value included in other comprehensive income (loss). Changes in fair value were not material for all years presented. Other securities include investment grade debt securities with maturities greater than three months from the date of acquisition that are issued or guaranteed by U.S. government-sponsored entities, sovereign debt, domestic and international corporate fixed and floating rate debt, and structured credit. These securities are classified as trading and are recorded at fair value with changes in fair value included in investment income. Corporate Investments Corporate investments may consist of investments in funds, companies in which the Company does not have a controlling financial interest, and non-investment grade debt securities. 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 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. Non-investment grade debt securities include domestic and international corporate fixed and floating rating debt and structured credit investments. These securities are classified as trading and are recorded at fair value with changes in fair value included in investment income. 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, based on certain facts and circumstances specific to each investment fund structure, that either the investment fund or individual investors may be considered the customer 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 closed-end funds, the management fee rate is applied against committed capital, drawn capital or cost basis during the fund’s investment period and the lesser of total funded capital or cost basis of assets in the liquidation period. 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 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 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. Included in this amount is a gross-up for reimbursable costs incurred on behalf of the Oaktree funds in which the Company has determined it is the principal within the principal and agent relationship of the related fund. Such reimbursable costs are presented in compensation and benefits and general and administrative expenses. Subsequent to the Restructuring, our management fees consist primarily of fees earned from funds managed by OCM Cayman and sub-advisory fees for services provided to OCM. Our revenue recognition for sub-advisory fees is substantially similar to revenue recognition for management fees. Incentive Income Incentive income generally represents 20% of each closed-end fund’s profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and up to 20% of certain evergreen fund’s annual profits, subject to high-water marks or hurdle rates. Incentive income is recognized when it is probable that a significant reversal will not occur. Revenue recognition is typically met (a) for closed-end funds, only after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors, and (b) for certain evergreen funds, at the conclusion of each annual measurement period. Potential incentive income is highly susceptible to market volatility, the judgment and actions of third parties, and other factors outside of the Company’s control. The Company’s experience has demonstrated little predictive value in the amount of potential incentive income ultimately earned due to the highly uncertain nature of returns inherent in the markets and contingencies associated with many realization events. As a result, the amount of incentive income recognized in any given period is generally determined after giving consideration to a number of factors, including whether the fund is in its investment or liquidation period, and the nature and level of risk associated with changes in fair value of the remaining assets in the fund. In general, it would be unlikely that any amount of potential incentive income would be recognized until (a) the uncertainty is resolved or (b) the fund is near final liquidation, assets are under contract for sale or are at 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 the Company 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 condensed 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. The Company may earn incentive income upon deconsolidation of a SPAC arising from the completion of a merger with an identified target. Upon deconsolidation, the Company will derecognize the net assets of the entity and record any gain or loss related to the remeasurement of its investments to fair value as incentive income in its condensed consolidated statements of operations. Subsequent fair value changes in the Company’s investments held in the entity will be recorded in investment income in its condensed consolidated statements of operations. For the nine months ended September 30, 2021, the Compan

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES 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. Additionally, for acting as a sub-investment manager, or sub-advisor, to certain Oaktree funds, the Company earns sub-advisory fees. Under certain subsidiary services agreements the Company provides certain investment and marketing related services to Oaktree affiliated entities. 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. Substantially all of our incentive income was generated by closed-end funds for the three and nine months ended September 30, 2021 and 2020. Revenues by fund structure and sub-advisory fees are set forth below. Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Management Fees Closed-end $ 984 $ 765 $ 3,390 $ 1,404 Open-end 1,816 2,553 4,479 6,808 Sub-advisory fees 55,828 42,148 164,979 130,066 Total $ 58,628 $ 45,466 $ 172,848 $ 138,278 Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Incentive Income Closed-end and Evergreen $ 167,534 $ 116 $ 811,481 $ 43,532 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, 2021 December 31, 2020 Receivables $ 64,613 $ 80,390 Contract assets (1) — 64,532 Contract liabilities (559) (100) (1) The changes in the balances primarily relate to accruals, net of payments received.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2021
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, 2021, the Company consolidated 23 VIEs for which it was the primary beneficiary, including 8 funds managed by Oaktree and 15 CLOs for which Oaktree serves as collateral manager. As of December 31, 2020, the Company consolidated 23 VIEs. As of September 30, 2021, the assets and liabilities of the 23 consolidated VIEs representing funds and CLOs amounted to $11.5 billion and $9.5 billion, respectively. The assets of these consolidated VIEs primarily consisted of investments in debt and equity securities, while their liabilities primarily represented debt obligations issued by CLOs. The assets of these VIEs may be used only to settle obligations of the same VIE. In addition, there is no recourse to the Company for the VIEs’ liabilities. In exchange for managing either the funds’ or CLOs’ collateral, the Company typically earns management fees and may earn performance fees, all of which are eliminated in consolidation. As of September 30, 2021, the Company’s investments in consolidated VIEs had a carrying value of $690.6 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 8 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, 2021 December 31, 2020 Corporate investments $ 922,461 $ 812,264 Due from affiliates 7,060 48,587 Maximum exposure to loss $ 929,521 $ 860,851

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2021
Investments [Abstract]
INVESTMENTS	INVESTMENTS Corporate Investments Corporate investments may consist of investments in funds, companies in which the Company does not have a controlling financial interest, and non-investment grade debt securities. Investments for which the Company is deemed to exert significant influence are accounted for under the equity method of accounting and reflect the Company’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. The Company’s general partnership interests are substantially illiquid. While investments in funds reflect each respective fund’s holdings at fair value, equity-method investments in 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, 2021 December 31, 2020 Equity-method investments: Funds $ 935,383 $ 951,660 Companies 4,848 4,863 Other investments, at fair value 103,136 15,429 Total corporate investments $ 1,043,367 $ 971,952 The components of investment income (loss) are set forth below: Three months ended September 30, Nine months ended September 30, Investment Income (Loss) 2021 2020 2021 2020 Equity-method investments: Funds $ 24,663 $ 63,225 $ 194,876 $ 29,114 Companies — (13) (15) 309 Other investments, at fair value (7,674) (2,916) (4,093) (11,393) Total investment income $ 16,989 $ 60,296 $ 190,768 $ 18,030 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. 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, 2021, 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 2021 2020 2021 2020 Revenues / investment income $ 454,038 $ 268,389 $ 1,397,866 $ 1,057,398 Interest expense (49,486) (14,093) (133,490) (108,679) Other expenses (190,067) (97,358) (593,696) (503,361) Net realized and unrealized gain on investments 1,476,912 2,628,272 8,593,086 77,518 Net income $ 1,691,397 $ 2,785,210 $ 9,263,766 $ 522,876 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 (b) non-investment grade debt securities, and (c) 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, 2021 2020 2021 2020 Realized gain (loss) $ 304 $ (1,479) $ 25,451 $ 2,024 Net change in unrealized loss (7,978) (1,437) (29,544) (13,417) Total loss $ (7,674) $ (2,916) $ (4,093) $ (11,393) 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, 2021 December 31, 2020 September 30, 2021 December 31, 2020 United States: Debt securities: Communication services $ 594,210 $ 554,779 5.8 % 7.1 % Consumer discretionary 598,641 568,195 5.8 7.3 Consumer staples 155,381 118,641 1.5 1.5 Energy 259,486 232,309 2.5 3.0 Financials 417,212 287,291 4.1 3.7 Health care 494,968 410,317 4.8 5.3 Industrials 799,558 727,471 7.8 9.3 Information technology 590,539 504,442 5.8 6.5 Materials 376,009 251,978 3.7 3.2 Real estate 201,873 111,622 2.0 1.4 Utilities 284,621 264,758 2.8 3.4 Other 19,119 11,847 0.2 0.2 Total debt securities (cost: $4,772,404 and $4,064,289 as of September 30, 2021 and December 31, 2020, respectively) 4,791,617 4,043,650 46.7 51.9 Equity securities: Communication services 51,023 16,822 0.5 0.2 Consumer discretionary 104,420 604 1.0 0.0 Energy 332,738 21,747 3.2 0.3 Financials 101,981 85,715 1.0 1.1 Industrials 167,167 8,752 1.6 0.1 Utilities 146,086 77,085 1.4 1.0 Total equity securities (cost: $822,459 and $282,682 as of September 30, 2021 and December 31, 2020, respectively) 903,415 210,725 8.7 2.7 Real estate: Real estate — 6,879 — 0.1 Total real estate securities (cost: $— and $6,760 as of September 30, 2021 and December 31, 2020, respectively) — 6,879 — 0.1 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Europe: Debt securities: Communication services $ 619,933 $ 471,595 6.0 % 6.0 % Consumer discretionary 867,166 755,084 8.5 9.7 Consumer staples 231,753 219,934 2.3 2.8 Energy 1,416 8,033 0.0 0.1 Financials 92,214 75,988 0.9 1.0 Health care 707,480 629,210 6.9 8.1 Industrials 568,028 487,243 5.5 6.2 Information technology 338,322 255,662 3.3 3.3 Materials 395,580 303,468 3.9 3.9 Real estate 32,361 26,100 0.3 0.3 Utilities 2,390 9,397 0.0 0.1 Other 14,985 4,628 0.1 0.1 Total debt securities (cost: $3,863,876 and $3,233,125 as of September 30, 2021 and December 31, 2020, respectively) 3,871,628 3,246,342 37.7 41.6 Equity securities: Consumer discretionary 92,034 — 0.9 — Financials 3,924 2,917 0.0 0.0 Industrials 12,848 — 0.1 — Total equity securities (cost: $81,542 and $2,919 as of September 30, 2021 and December 31, 2020, respectively) 108,806 2,917 1.0 0.0 Real estate: Real estate 28,832 — 0.3 — Total real estate securities (cost: $30,033 and $— as of September 30, 2021 and December 31, 2020, respectively) 28,832 — 0.3 — Asia and other: Debt securities: Communication services 4,997 18,741 0.0 0.2 Consumer discretionary 79,024 35,580 0.8 0.5 Consumer staples 13,740 23,755 0.1 0.3 Energy 23,443 9,247 0.2 0.1 Financials 17,807 12,335 0.2 0.2 Health care 2,707 1,084 0.0 0.0 Industrials 6,393 4,759 0.1 0.1 Information technology — 3,631 — 0.0 Materials 122,405 68,791 1.2 0.9 Real estate 140,350 75,187 1.4 1.0 Utilities 955 9,619 0.0 0.1 Other 10,376 26,067 0.1 0.3 Total debt securities (cost: $415,838 and $288,452 as of September 30, 2021 and December 31, 2020, respectively) 422,197 288,796 4.2 3.7 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Asia and other: Equity securities: Consumer discretionary $ 10,868 $ — 0.1 % — % Energy 7,059 — 0.1 — Industrials 68,816 — 0.7 — Real estate 37,326 — 0.4 — Total equity securities (cost: $120,650 and $— as of September 30, 2021 and December 31, 2020, respectively) 124,069 — 1.3 — Total debt securities 9,085,442 7,578,788 88.6 97.2 Total equity securities 1,136,290 213,642 11.1 2.7 Total real estate 28,832 6,879 0.3 0.1 Total investments, at fair value $ 10,250,564 $ 7,799,309 100.0 % 100.0 % As of September 30, 2021 and December 31, 2020, 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, 2021 2020 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 $ 3,424 $ 61,928 $ (19,781) $ 118,110 CLO liabilities (1) (13,865) 4,987 — (117,948) Foreign-currency forward contracts (2) 1,103 2,507 192 417 Total-return and interest-rate swaps (2) (288) (13,404) 68 (6) Options and futures (2) (719) 898 (114) (40) Warrants (2) — 3,413 — — Total $ (10,345) $ 60,329 $ (19,635) $ 533 Nine months ended September 30, 2021 2020 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 $ 10,659 $ 169,760 $ (86,506) $ (325,510) CLO liabilities (1) (9,335) 17,132 — 126,410 Foreign-currency forward contracts (2) 803 7,329 (11,200) (23,483) Total-return and interest-rate swaps (2) (367) (12,420) 68 (6) Options and futures (2) (912) 1,016 (4) (157) Warrants (2) — 2,601 — — Total $ 848 $ 185,418 $ (97,642) $ (222,746) (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, 2021
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 8 and 16 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of September 30, 2021 As of December 31, 2020 Level I Level II Level III Total Level I Level II Level III Total Assets U.S. Treasury and other securities (1) $ 6,477 $ — $ — $ 6,477 $ 9,562 $ — $ — $ 9,562 Corporate investments 63,854 4,529 32,639 101,022 — 4,575 27,045 31,620 Foreign-currency forward contracts (2) — 5,095 — 5,095 — 459 — 459 Total assets $ 70,331 $ 9,624 $ 32,639 $ 112,594 $ 9,562 $ 5,034 $ 27,045 $ 41,641 Liabilities Foreign-currency forward contracts (3) $ — $ (407) $ — $ (407) $ — $ (20,051) $ — $ (20,051) (1) For U.S. Treasury securities the carrying value approximates fair value due to their short-term nature and are classified as Level I investments within the fair value hierarchy detailed above. (2) Amounts are included in other assets, except for $2,345 as of September 30, 2021, which is included within corporate investments in the 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, except for $147 and $16,191 as of September 30, 2021 and December 31, 2020, respectively, which are included within corporate investments in the condensed consolidated statements of financial condition. The table below sets forth a summary of changes in the fair value of Level III financial instruments: Three months ended September 30, 2021 2020 Corporate Investments: Beginning balance $ 32,771 $ 22,022 Contributions or additions 257 772 Distributions (141) (1,996) Net gain (loss) included in earnings (248) 2,536 Ending balance $ 32,639 $ 23,334 Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ (436) $ 2,536 Nine months ended September 30, 2021 2020 Corporate Investments: Beginning balance $ 27,045 $ 30,311 Contributions or additions 10,475 2,562 Distributions (14,165) (6,993) Net gain (loss) included in earnings 9,284 (2,546) Ending balance $ 32,639 $ 23,334 Net change in unrealized losses attributable to financial instruments still held at end of period $ (7,968) $ (989) 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, 2021 December 31, 2020 Valuation Technique Range Weighted Average Corporate investment – Limited partnership interests $ 32,639 $ 27,045 Market approach Not applicable Not applicable Not applicable 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, 2021 As of December 31, 2020 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 7,074,261 $ 548,822 $ 7,623,083 $ — $ 6,363,403 $ 255,282 $ 6,618,685 Corporate debt – all other — 1,251,350 211,009 1,462,359 — 881,018 79,085 960,103 Equities – common stock 186,951 49,057 470,437 706,445 3,052 1 187,370 190,423 Equities – preferred stock 70,803 32,190 326,852 429,845 — — 23,219 23,219 Real estate — — 28,832 28,832 — 6,879 — 6,879 Total investments 257,754 8,406,858 1,585,952 10,250,564 3,052 7,251,301 544,956 7,799,309 Derivatives: Foreign-currency forward contracts — 8,010 — 8,010 — 482 — 482 Swaps — 8 — 8 — — — — Options and futures 977 — — 977 26 — — 26 Total derivatives (1) 977 8,018 — 8,995 26 482 — 508 Total assets $ 258,731 $ 8,414,876 $ 1,585,952 $ 10,259,559 $ 3,078 $ 7,251,783 $ 544,956 $ 7,799,817 Liabilities CLO debt obligations: Senior secured notes $ — $ (6,890,368) $ — $ (6,890,368) $ — $ (6,321,580) $ — $ (6,321,580) Subordinated notes — (317,741) — (317,741) — (215,278) — (215,278) Total CLO debt obligations (2) — (7,208,109) — (7,208,109) — (6,536,858) — (6,536,858) Derivatives: Foreign-currency forward contracts — (1,048) — (1,048) — (933) — (933) Swaps — (14,502) — (14,502) — — — — Options and futures — (193) — (193) — — — — Warrants — (5,381) — (5,381) — — — — Total derivatives (3) — (21,124) — (21,124) — (933) — (933) Total liabilities $ — $ (7,229,233) $ — $ (7,229,233) $ — $ (6,537,791) $ — $ (6,537,791) (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 8 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, 2021 Beginning balance $ 421,031 $ 176,598 $ 350,194 $ 192,185 $ 45,666 $ 1,185,674 Deconsolidation of funds — (12,598) — — — (12,598) Transfers into Level III 18,700 — 204 — — 18,904 Transfers out of Level III (1,858) (560) — (32,190) — (34,608) Purchases 138,682 42,609 99,446 150,394 6,233 437,364 Sales (35,919) (312) (11,828) — (22,233) (70,292) Realized gain (losses), net 737 10 (2,714) 5 (583) (2,545) Unrealized appreciation (depreciation), net 7,449 5,262 35,135 16,458 (251) 64,053 Ending balance $ 548,822 $ 211,009 $ 470,437 $ 326,852 $ 28,832 $ 1,585,952 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 7,705 $ 4,248 $ 32,002 $ 16,458 $ (250) $ 60,163 Three months ended September 30, 2020 Beginning balance $ 148,679 $ 73,473 $ 100,159 $ 214 $ — $ 322,525 Deconsolidation of funds — (47,436) — — — (47,436) Transfers into Level III 27,458 2,334 12,751 — — 42,543 Transfers out of Level III (27,022) (9,705) (43,205) — — (79,932) Purchases 2,422 1,288 — — — 3,710 Sales (55,461) (1,459) — — — (56,920) Realized gains (losses), net (84) 155 — — — 71 Unrealized appreciation (depreciation), net (1,019) 1,239 18,205 (78) — 18,347 Ending balance $ 94,973 $ 19,889 $ 87,910 $ 136 $ — $ 202,908 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (1,989) $ 1,592 $ (12,355) $ (79) $ — $ (12,831) Corporate Debt – Bank Debt Corporate Debt – All Other Equities – Common Stock Equities – Preferred Stock Real Estate Total Nine months ended September 30, 2021 Beginning balance $ 255,283 $ 79,085 $ 187,370 $ 23,219 $ — $ 544,957 Deconsolidation of funds (3,065) (12,598) — — — (15,663) Transfers into Level III 69,983 2,960 209 — — 73,152 Transfers out of Level III (68,258) (15,776) — (32,190) — (116,224) Purchases 395,707 151,573 264,946 311,256 52,850 1,176,332 Sales (115,799) (4,798) (16,622) (1,655) (22,233) (161,107) Realized gain (loss), net 4,158 450 (10,986) 162 (583) (6,799) Unrealized appreciation (depreciation), net 10,813 10,113 45,520 26,060 (1,202) 91,304 Ending balance $ 548,822 $ 211,009 $ 470,437 $ 326,852 $ 28,832 $ 1,585,952 Net change in unrealized appreciation attributable to assets still held at end of period $ 10,670 $ 9,659 $ 34,008 $ 22,845 $ (1,200) $ 75,982 Nine months ended September 30, 2020 Beginning balance $ 77,736 $ 103,172 $ 130,437 $ 657 $ 230,741 $ 542,743 Deconsolidation of funds (78,451) (86,507) (264,513) — (269,404) (698,875) Transfers into Level III 147,449 58,374 13,105 — — 218,928 Transfers out of Level III (71,282) (24,669) (43,205) — — (139,156) Purchases 119,557 17,747 264,909 — 38,663 440,876 Sales (75,663) (38,788) — — — (114,451) Realized gain (loss), net (8,890) 97 — — — (8,793) Unrealized depreciation, net (15,483) (9,537) (12,823) (521) — (38,364) Ending balance $ 94,973 $ 19,889 $ 87,910 $ 136 $ — $ 202,908 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (9,448) $ (3,429) $ (12,657) $ (507) $ — $ (26,041) 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, 2021: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Communication services 55,349 Market approach (comparable companies) (4) Revenue multiple (5) 1x - 3x 2x 40,057 Recent market information (6) Quoted prices Not applicable Not applicable 2,987 Recent transaction price (7) Quoted prices Not applicable Not applicable Consumer discretionary: 12,779 Recent market information (6) Quoted prices Not applicable Not applicable 6,001 Discounted cash flow (8) Discount rate 11% - 13% 12% Energy: 16,437 Recent market information (6) Quoted prices Not applicable Not applicable 1,844 Discounted cash flow (8) Discount rate 12% - 14% 13% Financials: 25,904 Discounted cash flow (8) Discount rate 11% - 13% 12% 17,169 Recent market information (6) Quoted prices Not applicable Not applicable 7,700 Recent transaction price (7) Quoted prices Not applicable Not applicable Health care: 61,055 Recent market information (6) Quoted prices Not applicable Not applicable 7,772 Market approach (comparable companies) (4) Multiple of underlying assets (9) 0.9x - 1.1x 1x Industrials 116,386 Discounted cash flow (8) Discount rate 12% - 13% 13% 10,311 Recent market information (6) Quoted prices Not applicable Not applicable Materials: 139,152 Discounted cash flow (8) Discount rate 10% - 13% 11% 11,224 Recent market information (6) Quoted prices Not applicable Not applicable Real estate: 78,382 Market approach (comparable companies) (4) Multiple of underlying assets (9) 0.9x - 1.1x 1x 71,263 Recent transaction price (7) Quoted prices Not applicable Not applicable 36,248 Recent market information (6) Quoted prices Not applicable Not applicable Utilities 26,049 Recent market information (6) Quoted prices Not applicable Not applicable Other: 15,762 Recent market information (6) Quoted prices Not applicable Not applicable Equity investments: 320,838 Recent transaction price (7) Quoted prices Not applicable Not applicable 181,378 Market approach (comparable companies) (4) Multiple of underlying assets (9) 0.9x - 1.1x 1x 159,811 Discounted cash flow (8) Discount rate 7% - 16% 12% 94,428 Market approach (comparable companies) (4) Earnings multiple (10) 5x - 35x 13x 40,834 Market approach (comparable companies) (4) Revenue multiple (5) 13x - 14x 14x Real estate-oriented investments: 16,098 Recent transaction price (7) Quoted prices Not applicable Not applicable 12,734 Discounted cash flow (8) Discount rate 24% - 26% 25% Total Level III $ 1,585,952 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, 2020: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Energy: $ 14,318 Discounted cash flow (4) Discount rate 7% - 9% 8% 10,431 Recent market information (5) Quoted prices Not applicable Not applicable Financials: 24,301 Recent market information (5) Quoted prices Not applicable Not applicable Health care: 20,447 Recent market information (5) Quoted prices Not applicable Not applicable Industrials: 50,263 Recent market information (5) Quoted prices Not applicable Not applicable 12,298 Recent transaction price (6) Quoted prices Not applicable Not applicable Materials: 59,615 Recent transaction price (6) Quoted prices Not applicable Not applicable Real estate: 78,635 Recent transaction price (6) Quoted prices Not applicable Not applicable 18,177 Recent market information (5) Quoted prices Not applicable Not applicable Other: 38,932 Recent market information (5) Quoted prices Not applicable Not applicable 6,951 Discounted cash flow (4) Discount rate 6% – 8% 7% Equity investments: 133,779 Recent transaction price (6) Quoted prices Not applicable Not applicable 76,809 Discounted cash flow (4) Discount rate 6% - 8% 7% Total Level III $ 544,956 (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 market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying issuer (5) 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 (6) 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. (7) 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. (8) 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. (9) A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets. (10) 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. 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, 2021 and 2020, there were no changes in the valuation techniques for Level III securities.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	9 Months Ended
	Sep. 30, 2021
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, 2021 Foreign-currency forward contracts $ 318,313 $ 5,095 $ (21,500) $ (407) As of December 31, 2020 Foreign-currency forward contracts $ 22,624 $ 459 $ (288,626) $ (20,051) 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, 2021 2020 2021 2020 Investment income $ 4,617 $ (6,503) $ 12,555 $ (4,906) General and administrative expense (1) 2,697 (3,288) 6,315 (5,926) Total gain (loss) $ 7,314 $ (9,791) $ 18,870 $ (10,832) (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, 2021 and December 31, 2020. Additionally, the Company had not designated any derivatives as fair-value hedges or hedges of net investments in foreign operations as of September 30, 2021 and December 31, 2020. Derivatives Held By Consolidated Funds Certain consolidated funds utilize derivatives in their ongoing investment operations. These derivatives primarily consist of foreign-currency forward contracts and options utilized to manage currency risk, interest-rate swaps to hedge interest-rate risk, options and futures used to hedge certain exposures for specific securities, and total-return swaps utilized mainly to obtain exposure to leveraged loans or to participate in foreign markets not readily accessible. The primary risk exposure for options and futures is price, while the primary risk exposure for total-return swaps is credit. None of the derivative instruments are accounted for as a hedging instrument utilizing hedge accounting. The fair value of derivatives held by the consolidated funds consisted of the following: Assets Liabilities Notional Fair Value Notional Fair Value As of September 30, 2021 Foreign-currency forward contracts $ 175,804 $ 8,010 $ (8,969) $ (1,048) Total-return and interest-rate and credit default swaps 137 8 (64,651) (14,502) Options and futures 222,812 977 (1,199) (193) Warrants — — — (5,381) Total $ 398,753 $ 8,995 $ (74,819) $ (21,124) As of December 31, 2020 Foreign-currency forward contracts $ 28,638 $ 482 $ (47,787) $ (933) Options and futures 22,567 26 — — Total $ 51,205 $ 508 $ (47,787) $ (933) The impact of derivatives held by the consolidated funds in the consolidated statements of operations was as follows: Three months ended September 30, 2021 2020 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 $ 1,103 $ 2,507 $ 192 $ 417 Total-return and interest-rate and credit default swaps (288) (13,404) 68 (6) Options and futures (719) 898 (114) (40) Warrants — 3,413 — — Total $ 96 $ (6,586) $ 146 $ 371 Nine months ended September 30, 2021 2020 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 $ 803 $ 7,329 $ (11,200) $ (23,483) Total-return and interest-rate and credit default swaps (367) (12,420) 68 (6) Options and futures (912) 1,016 (4) (157) Warrants — 2,601 — — Total $ (476) $ (1,474) $ (11,136) $ (23,646) 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 condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance. Gross Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of September 30, 2021 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 5,095 $ 407 $ — $ 4,688 Derivative assets of consolidated funds: Foreign-currency forward contracts 8,010 — — 8,010 Total-return and interest-rate and credit default swaps 8 — — 8 Options and futures 977 — — 977 Subtotal 8,995 — — 8,995 Total $ 14,090 $ 407 $ — $ 13,683 Derivative Liabilities: Foreign-currency forward contracts $ (407) $ (407) $ — $ — Derivative liabilities of consolidated funds: Foreign-currency forward contracts (1,048) — — (1,048) Total-return and interest-rate and credit default swaps (14,502) — — (14,502) Options and futures (193) — — (193) Warrants (5,381) — — (5,381) Subtotal (21,124) — — (21,124) Total $ (21,531) $ (407) $ — $ (21,124) Gross Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2020 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 459 $ 459 $ — $ — Derivative assets of consolidated funds: Foreign-currency forward contracts 482 — — 482 Options and futures 26 — — 26 Subtotal 508 — — 508 Total $ 967 $ 459 $ — $ 508 Derivative Liabilities: Foreign-currency forward contracts $ (20,051) $ (459) $ — $ (19,592) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (933) — — (933) Total $ (20,984) $ (459) $ — $ (20,525)

DEBT OBLIGATIONS AND CREDIT FAC

DEBT OBLIGATIONS AND CREDIT FACILITIES	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT OBLIGATIONS AND CREDIT FACILITIES	DEBT OBLIGATIONS AND CREDIT FACILITIES Prior to the Restructuring, the Company’s financial statements reflected debt and debt service of the entire Oaktree Operating Group. OCM, Oaktree Capital I, Oaktree Capital II and Oaktree AIF are co-obligors and jointly and severally liable for all debt obligations listed below, however, debt obligations are reflected in the condensed consolidated financial statements based upon the entity that actually made the borrowing and received the related proceeds. OCM has historically been the only direct borrower or issuer under credit agreements and private placement notes with third parties and made all payments of principal and interest. In connection with the Restructuring, debt obligations with a net carrying amount of $746.3 million related to OCM were transferred as part of the deconsolidation of entities effective October 1, 2019. Accordingly, the Company’s financial statements after the Restructuring generally will not reflect debt obligations, interest expense or related liabilities associated with its operating subsidiaries, until such time as Oaktree Capital I directly borrows or issues notes under such arrangements. On May 1, 2020, OCM received commitments from certain accredited investors to purchase $250 million of senior unsecured notes that bear a blended 3.68% fixed rate of interest and a weighted average maturity of 2031. The notes are guaranteed by Oaktree Capital I, a consolidated subsidiary of the Company, along with Oaktree Capital II and Oaktree AIF, as co-obligors. As OCM is the issuer of such senior notes, the outstanding principal and interest payments guaranteed by Oaktree Capital I will not be included in the Company’s financial statements unless an event of default occurs. The offering closed on July 22, 2020 and OCM received proceeds of $250 million on the closing date. Oaktree Capital I, along with certain other Oaktree Operating Group members as co-borrowers, are parties to a credit agreement with a subsidiary of Brookfield that provides for a subordinated credit facility maturing on May 19, 2023. The subordinated credit facility has a revolving loan commitment of $250 million and borrowings generally bear interest at a spread to either LIBOR or an alternative base rate. Borrowings on the subordinated credit facility are subordinate to the outstanding debt obligations and borrowings on the primary credit facility of Oaktree Capital I and its co-borrowers. Oaktree Capital I is jointly and severally liable, along with its co-obligors for outstanding borrowings on the subordinated credit facility. For reasons set forth in the preceding paragraph, the Company’s financial statements generally will not reflect debt obligations, interest expense or related liabilities associated with its operating subsidiaries until such time as Oaktree Capital I directly borrows from the subordinated credit facility. No amounts were outstanding on the subordinated credit facility as of September 30, 2021. As of September 30, 2021, Oaktree Capital I is jointly and severally liable, along with its co-obligors, for the debt obligations listed below with an aggregate outstanding principal balance of $850 million. The Company’s maximum exposure to these debt obligations is set forth below: As of September 30, 2021 December 31, 2020 $250,000, 3.78%, issued in December 2017, payable on December 18, 2032 $ 250,000 $ 250,000 Credit facility, issued in March 2014, variable rate obligations payable on December 14, 2026 — — $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 $200,000, 3.64%, issued in July 2020, payable on July 22, 2030 200,000 200,000 $50,000, 3.84%, issued in July 2020, payable on July 22, 2035 50,000 50,000 Total remaining principal $ 850,000 $ 850,000 Oaktree’s credit facility was amended on December 13, 2019 to among other things, increase the revolving loan commitment from $500 million to $650 million, provide for the refinancing of the then-outstanding $150 million term loan with revolving loans, extend the maturity date from March 29, 2023 to December 13, 2024, favorably update the commitment fee and interest rate in the corporate ratings-based pricing grid and increase the assets under management covenant threshold from $60 billion to $65 billion. Borrowings generally bear interest at a spread to either LIBOR or an alternative base rate. Based on the current credit ratings of OCM, the interest rate on borrowings is LIBOR plus 0.88% per annum and the commitment fee on the unused portions of the revolving credit facility is 0.08% 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). Oaktree’s credit facility was further amended on September 14, 2021 to among other things, (i) extend the maturity date from December 13, 2024 to September 14, 2026, (ii) modify the assets under management covenant threshold from $65 billion of assets under management to $57.5 billion of management-fee generating assets under management and (iii) increase the maximum leverage ratio to 4.00 to 1.00. As of September 30, 2021, OCM had no outstanding borrowings under the revolving credit facility. OCM and the Company were in compliance with all financial maintenance covenants associated with its senior notes and bank credit facility as of September 30, 2021 and December 31, 2020, respectively. 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 Senior variable rate notes key terms as of September 30, 2021 Credit Agreement September 30, 2021 December 31, 2020 Facility Capacity Effective Interest Rate Weighted Average Remaining Maturity (years) Commitment Fee Rate L/C Fee Revolving credit facility (1) $ 1,029,708 $ 370,920 $ 1,131,880 1.93% 0.9 0.25% N/A Less: Debt issuance costs (3,754) (4,932) Total debt obligations, net (2) $ 1,025,954 $ 365,988 (1) The credit facility capacity is calculated on a pro rata basis using fund commitments as of September 30, 2021. (2) For the revolving credit facilities, amount is shown net of debt issuance costs that are included in other assets, net at September 30, 2021. As of September 30, 2021 and December 31, 2020, the consolidated funds had debt obligations with an aggregate outstanding principal balance of $1.0 billion and $370.9 million, respectively. The carrying value of the revolving credit facilities approximated fair value due to recent issuance. 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, 2021 As of December 31, 2020 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 $ 6,890,368 1.84% 11.1 $ 6,321,580 2.00% 10.2 Subordinated notes (2) 317,741 N/A 11.6 215,278 N/A 10.6 Total CLO debt obligations $ 7,208,109 $ 6,536,858 (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, 2021 and December 31, 2020, the fair value of CLO assets was $8.5 billion and $7.3 billion, respectively, and consisted of cash, corporate loans, corporate bonds and other securities. The fair value of the Company’s CLO beneficial interests held at September 30, 2021 was calculated using a discounted cash flow model specific to each investment structure. The significant valuation inputs, including the input range and weighted average rate, are as follows: Valuation Input Low High Weighted Average Rate Discount rates 8.0% 26.0% 14.3% Constant default rates 2.0% 2.0% 2.0% Recovery rates 65.0% 70.0% 67.5% As of September 30, 2021, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: Remainder of 2021 $ 30,709 2022 — 2023 — 2024 — 2025 — Thereafter 7,259,845 Total $ 7,290,554

LEASES

LEASES	9 Months Ended
	Sep. 30, 2021
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, 2021, 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, Nine months ended September 30, 2021 2020 2021 2020 Operating lease cost $ 1,960 $ 1,784 $ 5,994 $ 5,114 Sublease income (103) (96) (308) (285) Total lease cost $ 1,857 $ 1,688 $ 5,686 $ 4,829 Supplemental cash flow information related to leases was as follows: Nine months ended September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 5,378 Weighted average remaining lease term for operating leases (in years) 9.22 Weighted average discount rate for operating leases 4.3 % As of September 30, 2021, maturities of operating lease liabilities were as follows: Remainder of 2021 $ 1,645 2022 6,565 2023 5,695 2024 4,683 2025 4,601 Thereafter 25,783 Total lease payments 48,972 Less: imputed interest (8,700) Total operating lease liabilities $ 40,272

NON-CONTROLLING REDEEMABLE INTE

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 Beginning balance $ 715,347 $ 866,222 Fund consolidation and deconsolidation, net (192,984) (720,729) Contributions 766,103 864,281 Distributions (126,832) (217,804) Net income (loss) 163,105 (174,244) Change in distributions payable 10,003 (47) Change in contribution receivable — 15,826 Foreign currency translation and other, net (12,725) 11,375 Ending balance $ 1,322,017 $ 644,880

UNITHOLDERS' CAPITAL

UNITHOLDERS' CAPITAL	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020, OCGH units represented 60,834,146 of the total 159,970,766 Oaktree Operating Group units and 61,370,607 of the total 160,047,647 Oaktree Operating Group units, respectively. Based on total allocable capital of $1,495,896 and $1,421,127 as of September 30, 2021 and December 31, 2020, respectively, the OCGH non-controlling interest was $570,557 and $544,935. As of September 30, 2021 and December 31, 2020, there were no non-controlling interests attributable to third parties. Preferred Unit Issuances On May 17, 2018, the Company issued 7,200,000 of its 6.625% Series A preferred units representing limited liability company interests with a liquidation preference of $25.00 per unit. The issuance resulted in $173.7 million in net proceeds to the Company. Distributions on the Series A preferred units, when and if declared by the board of directors of Oaktree, will be paid quarterly on March 15, June 15, September 15 and December 15 of each year. The first distribution was paid on September 17, 2018. Distributions on the Series A preferred units are non-cumulative. On August 9, 2018, the Company issued 9,400,000 of its 6.550% Series B preferred units representing limited liability company interests with a liquidation preference of $25.00 per unit. The issuance resulted in $226.9 million in net proceeds to the Company. Distributions on the Series B preferred units, when and if declared by the board of directors of Oaktree, will be paid quarterly on March 15, June 15, September 15 and December 15 of each year. The first distribution was paid on December 17, 2018. Distributions on the Series B preferred units are non-cumulative. Unless distributions have been declared and paid or declared and set apart for payment on the preferred units for a quarterly distribution period, during the remainder of that distribution period the Company may not repurchase any common units or any other units that are junior in rank, as to the payment of distributions, to the preferred units and the Company may not declare or pay or set apart payment for distributions on any common units or junior units for the remainder of that distribution period, other than certain Permitted Distributions (as defined in the unit designation related to the applicable preferred units (each, the “Preferred Unit Designation”)). The Company may redeem, at its option, out of funds legally available, the preferred units, in whole or in part, at any time on or after June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, at a price of $25.00 per preferred unit plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. Holders of the preferred units have no right to require the redemption of the preferred units. If a Change of Control Event (as defined in the applicable Preferred Unit Designation) occurs prior to June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, the Company may, at its option, out of funds legally available, redeem the applicable preferred units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such Change of Control Event, at a price of $25.25 per preferred unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. If a Tax Redemption Event or Rating Agency Event (each, as defined in the applicable Preferred Unit Designation) occurs prior to June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, the Company may, at its option, out of funds legally available, redeem the applicable preferred units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such Tax Redemption Event or Rating Agency Event, at a price of $25.50 per preferred unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. The preferred units are not convertible into Class A units or any other class or series of the Company’s interests or any other security. Holders of the preferred units do not have any of the voting rights given to holders of our Class A units, except that holders of the preferred units are entitled to certain voting rights under certain conditions. The following table sets forth a summary of net income attributable to the preferred unitholders, the OCGH non-controlling interest and the Class A common unitholders: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 60,834 61,385 61,013 61,508 Class A unitholders 99,137 98,677 98,995 98,457 Total weighted average units outstanding 159,971 160,062 160,008 159,965 Oaktree Operating Group net income (loss): Net income attributable to preferred unitholders (1) $ 6,829 $ 6,829 $ 20,487 $ 20,487 Net income (loss) attributable to OCGH non-controlling interest 46,680 28,993 263,863 (13,306) Net income (loss) attributable to OCG Class A unitholders 76,070 45,902 426,575 (19,878) Oaktree Operating Group net income (loss) $ 129,579 $ 81,724 $ 710,925 $ (12,697) Net income (loss) attributable to OCG Class A unitholders: Oaktree Operating Group net income (loss) attributable to OCG Class A unitholders $ 76,070 $ 45,902 $ 426,575 $ (19,878) Non-Operating Group income and expense 14,138 (348) 44,435 (906) Net income (loss) attributable to OCG Class A unitholders $ 90,208 $ 45,554 $ 471,010 $ (20,784) (1) Represents distributions declared, if any, on the preferred units. 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, 2021 2020 2021 2020 Net income (loss) attributable to OCG Class A unitholders $ 90,208 $ 45,554 $ 471,010 $ (20,784) Equity reallocation between controlling and non-controlling interests 2,205 (184) 3,667 1,829 Change from net income (loss) attributable to OCG Class A unitholders and transfers from non-controlling interests $ 92,413 $ 45,370 $ 474,677 $ (18,955) Please see notes 11, 12 and 13 for additional information regarding transactions that impacted unitholders’ capital.

EARNINGS PER UNIT

EARNINGS PER UNIT	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 (in thousands, except per unit amounts) Net income (loss) per Class A unit (basic and diluted): Net income (loss) attributable to OCG Class A unitholders $ 90,208 $ 45,554 $ 471,010 $ (20,784) Weighted average number of Class A units outstanding (basic and diluted) 99,137 98,677 98,995 98,457 Basic and diluted net income (loss) per Class A unit $ 0.91 $ 0.46 $ 4.76 $ (0.21) Prior to the Mergers, OCGH units could be exchanged on a one-for-one basis into Class A units, subject to certain restrictions. The exchange of these units would have proportionally increased the Company’s interest in the Oaktree Operating Group. Subsequent to the Mergers, OCGH units are no longer exchangeable into Class A units. As the restrictions set forth in the then-current exchange agreement were in place for each applicable reporting period, OCGH units were not included in the computation of diluted earnings per unit for the three and nine months ended September 30, 2021 and 2020. Certain compensation arrangements include performance-based awards that could result in the issuance of OCGH units, which would vest over periods of four

EQUITY-BASED AND OTHER DEFERRED

EQUITY-BASED AND OTHER DEFERRED COMPENSATION	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
EQUITY-BASED AND OTHER DEFERRED COMPENSATION	EQUITY-BASED AND OTHER DEFERRED COMPENSATION Long-Term Incentive Plan Awards In March 2020 the Company adopted the Oaktree Capital Group, LLC Long-Term Incentive Plan (the “LTIP”). The LTIP provides for the granting of cash-based incentive awards to senior executives, directors, officers, partners, employees, consultants and advisors of the Company and its affiliates. Awards may be denominated in U.S. dollars or other currencies determined by the LTIP’s plan administrator. The unvested value of each LTIP award adjusts over its vesting period to track the performance of a fund designated by the plan administrator or by the award recipient from investment options selected by the plan administrator. Investment options may include funds managed by Company affiliates or by third parties. Awards do not represent an actual interest in the funds whose performance they track. Such fund investments are purely nominal and solely for the purpose of calculating the value of an award on each vesting or payment date. Awards under the LTIP represent only a contractual right to receive a cash payment upon vesting from the Company or the affiliate that issued the award. Awards tracking the performance of funds that make periodic distributions to their investors may provide for award recipients to receive corresponding payments from the Company or the affiliate issuing the award, with the remaining unvested value of the award reduced to reflect the amount of each such payment. Each payment under an award is fully vested upon receipt. Awards denominated in currencies other than U.S. dollars which track the performance of U.S. dollar-denominated funds are nominally converted into U.S. dollars for performance tracking purposes, with amounts payable under the awards converted back into the original currency at a market rate at the time of each vesting payment. Certain recipients of awards denominated in currencies other than U.S. dollars which track the performance of U.S. dollar-denominated funds receive the option to hedge the value of their awards to a currency other than U.S. dollars. All such currency hedges are calculated on a purely hypothetical basis and do not represent a right to participate in actual currency hedging contracts. During the nine months ended September 30, 2021, the Company granted LTIP awards valued at $18.0 million to employees, partners and directors of the Company and its subsidiaries, subject to annual vesting over a weighted average period of approximately 4.0 years. No awards were granted during the three months ended September 30, 2021. As of September 30, 2021, the Company expected to recognize compensation expense on its unvested LTIP awards of $49.3 million, subject to adjustment based on future performance, over a weighted average period of 3.2 years. During the three and nine months ended September 30, 2021, the Company recognized $4.7 million and $12.1 million, respectively, of compensation expense related to the LTIP, which was included in compensation and benefits expense in the condensed consolidated statement of operations. Equity-Based Compensation In December 2011, the Company adopted the 2011 Oaktree Capital Group, LLC Equity Incentive Plan (the “2011 Plan”). The 2011 Plan provides for the granting of options, unit appreciation rights, restricted unit awards, unit bonus awards, phantom equity awards or other unit-based awards to senior executives, directors, officers, certain employees, consultants, and advisors of the Company and its affiliates. As of September 30, 2021, a maximum of 24,007,147 units have been authorized to be awarded pursuant to the 2011 Plan, and 15,756,422 units (including 2,000,000 EVUs) have been awarded under the 2011 Plan. Each Class A and OCGH unit, when issued, represents an indirect interest in one Oaktree Operating Group unit. Total vested and unvested Converted OCGH Units, OCGH units and Class A units issued and outstanding were 159,970,766 as of September 30, 2021. 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 OCGH 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 OCGH 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 13.5x 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 6.75x 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 OCGH Units and Phantom Units were and will be valued at $49.00 per unit, less the amount of any capital distributions received upon vesting. Thereafter any such Converted OCGH 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 OCGH 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 collectively 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 collectively 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). 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 OCGH 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 OCGH 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 the Company, 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 of the Mergers, 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 of the Mergers. 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 at September 30, 2019. There was no incremental compensation cost resulting from the modifications. OCGH Unit Awards The Company did not grant any OCGH units during the nine months ended September 30, 2021. As of September 30, 2021, the Company expected to recognize compensation expense on its unvested OCGH unit and Converted OCGH unit awards of $18.7 million over a weighted average period of 2.8 years. With respect to forfeitures, the Company made an accounting policy election to account for forfeitures when they occur. Accordingly, no forfeitures have been assumed in the calculation of compensation expense. The Company utilizes a contemporaneous valuation report in determining fair value at the date of grant for OCGH unit awards. Prior to the Merger, each valuation report was based on the market price of Oaktree’s Class A units. A discount was then applied to the Class A unit market price to reflect the lack of marketability for the OCGH units. The determination of an appropriate discount for lack of marketability was based on a review of discounts on the sale of restricted shares of publicly traded companies and multi-period put-based quantitative methods. Factors that influenced the size of the discount for lack of marketability include (a) the estimated time it would take for an OCGH unitholder to exchange units into Class A units, (b) the volatility of the Company’s business and (c) thin trading of the Class A units. Each of these factors is subject to significant judgment. The estimated time-to-liquidity assumption ranged between 7.0 years in March 2018 to 6.4 years in the most recent valuation in 2019. The estimated time to liquidity was influenced primarily by the need, prior to the Merger, for (a) the general partner of OCGH to elect in its discretion to declare an open period during which an OCGH unitholder could exchange his or her unrestricted vested OCGH units for, at the option of the Company’s board of directors, Class A units on a one-for-one basis, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value or any combination of the foregoing, and (b) the approval of the Company’s board of directors to exchange such OCGH units into any of the foregoing. Board approval was based primarily on the objective of maintaining an orderly market for Oaktree’s units, but may have taken into account any other factors that the board deemed appropriate in its sole discretion. Volatility was estimated from historical and implied volatilities of the Company and five other comparable public alternative asset management companies. In valuing employee OCGH unit grants, the discount percentage applied to the then-prevailing Class A unit trading price was 20% for all OCGH units granted in the first three quarters of 2018 and 17.5% for the fourth quarter of 2018 through September 30, 2019. After the Merger, OCGH unit grants are valued based on a formula as described above under “Restated Exchange Agreement - Valuation” and reflect a discount for lack of marketability due to the post-vesting restrictions described above. Factors that influence the formula-based valuation include the estimated time it would take for an OCGH unitholder to exchange units for value pursuant to the Restated Exchange Agreement and estimates of the Company’s future results, which are inputs to the valuation formula. Each of these factors is subject to significant judgment. Through December 31, 2021, Converted OCGH Units will be valued at $49.00 per unit, less the amount of any capital distributions received upon vesting. Thereafter, any such Converted OCGH Units will be valued using the same methodology applied to all other OCGH units. A summary of the status of the Company’s unvested Converted OCGH units and other OCGH unit awards and changes for the period presented are set forth below (actual dollars per unit): Converted OCGH 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, 2020 (2) 462,742 $ 46.25 556,352 $ 37.87 Granted — — — — Vested (181,852) 45.38 (164,193) 37.66 Forfeited (2,450) 49.52 — — Balance as of September 30, 2021 278,440 $ 46.80 392,159 $ 37.96 (1) Upon completion of the Merger, 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 OCGH Unit”) and thereafter became subject to the terms and conditions of the OCGH limited partnership agreement. The Converted OCGH Units (i) are subject to the same vesting terms that were applicable to such units prior to the completion of the Merger, (ii) are 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 OCGH Units will be valued at $49.00 per unit, less the amount of any capital distributions received upon vesting. (2) Effective with the Restructuring, compensation related to unvested equity awards granted for service provided by employees of OCM is no longer included in these condensed consolidated financial statements. 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 is measured on a per unit basis, based on the appreciation of the OCGH units (before the Merger, 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, 2021, 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 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. All of the outstanding EVUs were granted to an employee of OCM, accordingly, subsequent to the Restructuring, compensation expense related to these awards is no longer included in these condensed consolidated financial statements. Deferred Equity Units A deferred equity unit represents a special unit award that, when vested, will be settled with an unvested OCGH unit on a one-for-one basis. The number of deferred equity units that will vest is based on the achievement of certain performance targets through June 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, 2021, there were 767,499 deferred equity units outstanding, none of which were expected to vest. All of the outstanding deferred equity units were granted to employees of OCM, accordingly, subsequent to the Restructuring, compensation expense related to these awards is no longer included in these condensed consolidated financial statements.

INCOME TAXES AND RELATED PAYMEN

INCOME TAXES AND RELATED PAYMENTS	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES AND RELATED PAYMENTS	INCOME TAXES AND RELATED PAYMENTS The Company is a publicly traded partnership and currently holds interests in Oaktree Capital I, L.P. (a non-corporate entity that is not subject to U.S. federal and state corporate income tax) and Oaktree Capital Management (Cayman), L.P. (which holds subsidiaries that are taxable in non-U.S. jurisdictions). The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax regulators. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for periods before 2017. 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 condensed consolidated financial statements; however, there can be no assurances as to the ultimate outcomes.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
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 condensed 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, 2021 and December 31, 2020, respectively, the aggregate of such amounts recorded at the fund level in excess of incentive income recognized by the Company was $1,949,827 and $1,321,782, for which related direct incentive income compensation expense was estimated to be $1,044,223 and $710,774, respectively. Commitments to Funds As of September 30, 2021 and December 31, 2020, the Company, generally in its capacity as general partner, had undrawn capital commitments of $315.3 million and $350.6 million, respectively, including commitments to both unconsolidated and consolidated funds. Additionally, as of September 30, 2021, the Company had undrawn capital commitments of $600.0 million in its capacity as a limited partner in Opps XI (as defined in note 16). 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, 2021 and December 31, 2020, the consolidated funds had potential aggregate commitments of $6.0 million and $1.1 million, respectively. These commitments are expected to be funded by the funds’ cash balances, proceeds from asset sales or drawdowns against existing capital commitments. A consolidated fund may agree to guarantee the repayment obligations of certain investee companies. As of September 30, 2021 and December 31, 2020, 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, 2021, the consolidated funds did not provide any financial support to portfolio companies.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS The Company considers its senior executives, employees and unconsolidated Oaktree funds to be affiliates (as defined in the FASB ASC Master Glossary). Amounts due from and to affiliates are set forth below. The fair value of amounts due from and to affiliates is a Level III valuation and was valued based on a discounted cash-flow analysis. The carrying value of amounts due from affiliates approximated fair value due to their short-term nature or because their weighted average interest rate approximated the Company’s cost of debt. As of September 30, 2021 December 31, 2020 Due from affiliates: Loans to affiliates and employees $ 190,026 $ 2,372 Amounts due from unconsolidated funds 5,818 6,429 Management fees and incentive income due from unconsolidated funds and affiliates 64,613 119,600 Payments made on behalf of unconsolidated entities 35,712 905 Non-interest bearing advances made to certain non-controlling interest holders and employees 186 235 Total due from affiliates $ 296,355 $ 129,541 Due to affiliates: Amounts due to unconsolidated entities $ 223 $ 9,688 Amounts due to senior executives, certain non-controlling interest holders and employees 222 — Total due to affiliates $ 445 $ 9,688 Loans To Affiliates and Employees Loans primarily consist of interest-bearing loans made to affiliates and interest-bearing loans made to certain Oaktree employees to meet tax obligations related to vesting of equity awards. On May 7, 2021 the Company, through its consolidated subsidiary Oaktree Capital I, L.P, entered into two revolving line of credit notes with Oaktree Capital Management, L.P., one as a borrower and the other as a lender. Both revolving line of credit notes allow for outstanding principal amounts not to exceed $250.0 million and mature on May 7, 2024. As of September 30, 2021, Oaktree Capital Management, L.P. has borrowed $190.0 million from the Company through Oaktree Capital I, L.P, and generated interest income of $26 and $52 for the three and nine months ended September 30, 2021, respectively. The employee 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. As of September 30, 2021, there were no Company loans to employees, and as of December 31, 2020, the Company’s loans to employees totaled $2.4 million. The Company’s loans generated no interest income and interest income of $3 for the three and nine months ended September 30, 2021, respectively, and $2 and $7 for the three and nine months ended September 30, 2020, respectively. Due From Oaktree Funds 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. In addition, the Company recognizes distributions and proceeds from corporate investments in Oaktree funds for which it serves as general partner, and other third-party managed funds and companies as receivables when certain criteria is met. Revenues Earned From Oaktree Funds In aggregate, management fees and incentive income earned from unconsolidated Oaktree funds totaled $169.4 million and $816.6 million for the three and nine months ended September 30, 2021, respectively, and $1.5 million and $46.8 million for the three and nine months ended September 30, 2020, 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 typically pay the particular fund’s 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 OCM owns an aircraft for business purposes. Howard Marks, the Company’s Co-Chairman, may use this aircraft for personal travel and will reimburse OCM to the extent his use of the aircraft for personal travel exceeds a certain threshold pursuant to an Oaktree policy. Oaktree also provides certain senior executives a personal travel allowance for private aircraft usage up to a certain threshold pursuant to the same Oaktree policy. Additionally, Oaktree occasionally makes use of an aircraft owned by one of its senior executives for business purposes at a price to Oaktree 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. Administrative Services Effective October 1, 2019, the Company is party to the Services Agreement with OCM. Pursuant to the Services Agreement, OCM provides administrative services to the Company necessary for the operations of the Company, which include providing office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as OCM, subject to review by the Company’s Board of Directors, shall from time to time deem to be necessary or useful to perform its obligations under the Services Agreement. OCM may, on behalf of the Company, conduct relations and negotiate agreements with custodians, trustees, depositories, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. OCM makes reports to the Company’s Board of Directors of its performance of obligations under the Services Agreement and furnishes advice and recommendations with respect to such other aspects of the Company’s business and affairs, in each case, as it shall determine to be desirable or as reasonably required by the Company’s Board of Directors. OCM is responsible for the financial and other records that the Company is required to maintain and prepares, prints and disseminates reports to the Company’s unitholders and all other materials filed with the SEC. In addition, OCM assists the Company in overseeing the preparation and filing of the Company’s tax returns, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. On an annual basis the Company will reimburse OCM $750,000 of the costs incurred for providing these administrative services. This reimbursement is payable quarterly, in equal installments, and relates to the Company’s allocable portion of overhead and other expenses (facilities and personnel) incurred by OCM in performing its obligations under the Services Agreement. This amount includes the Company’s allocable portion of (i) the rent of the Company’s principal executive offices (which are located in a building owned by a Brookfield affiliate) at market rates and (ii) the costs of compensation and related expenses of various personnel at Oaktree that perform duties for the Company. The Services Agreement may be terminated by either party without penalty upon 90 days’ written notice to the other. The Company incurred administrative services expense of $0.2 million and $0.6 million for the three and nine months ended September 30, 2021, respectively, and $0.2 million and $0.6 million for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021 and December 31, 2020, no amounts and $0.8 million, respectively were included in “Due to affiliates” in the condensed consolidated statements of financial condition. Leases OCM leases certain office space from affiliates of Brookfield. Effective with the Restructuring, OCM’s lease expense and obligations are no longer included in these condensed consolidated financial statements. Subordinated Credit Facility Oaktree Capital I, along with certain other Oaktree Operating Group members as co-borrowers, are parties to a credit agreement with a subsidiary of Brookfield that provides for a subordinated credit facility maturing on May 19, 2023. The subordinated credit facility has a revolving loan commitment of $250 million and borrowings generally bear interest at a spread to either LIBOR or an alternative base rate. Borrowings on the subordinated credit facility are subordinate to the outstanding debt obligations and borrowings on the primary credit facility of Oaktree Capital I and its co-borrowers as detailed in note 8. Oaktree Capital I is jointly and severally liable, along with its co-obligors for outstanding borrowings on the subordinated credit facility. As set forth in note 8, the Company’s financial statements generally will not reflect debt obligations, interest expense or related liabilities associated with its operating subsidiaries until such time as Oaktree Capital I directly borrows from the subordinated credit facility. No amounts were outstanding on the subordinated credit facility as of September 30, 2021. Investment in Oaktree Opportunities Fund XI On August 3, 2020, the Company subscribed for a limited partner interest in, and made a capital commitment of, $750 million to Oaktree Opportunities Fund XI, L.P., a parallel investment vehicle thereof or a feeder

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTINGAs a global investment manager, the Company provides investment management services through funds, separate accounts and subsidiary services agreements. The Company earns revenues from the management fees and incentive income generated by the funds that it manages or serves as the general partner. Additionally, for acting as a sub-investment manager, or sub-advisor, to certain Oaktree funds, the Company earns sub-advisory fees. Under the subsidiary services agreements, the Company provides certain investment and marketing related services to Oaktree affiliated entities. Management uses a consolidated approach to assess performance and allocate resources. As such, the Company’s business is comprised of one segment, the investment management business.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Class A Unit Distributions A distribution of $0.83 per Class A unit was paid on November 10, 2021 to holders of record at the close of business on October 31, 2021. Preferred Unit Distributions A distribution of $0.414063 per Series A preferred unit will be paid on December 15, 2021 to Series A preferred unitholders of record at the close of business on December 1, 2021. A distribution of $0.409375 per Series B preferred unit will be paid on December 15, 2021 to Series B preferred unitholders of record at the close of business on December 1, 2021. Private Placement Notes On November 4, 2021, OCM entered into a note and guaranty agreement with certain accredited investors pursuant to which OCM agreed to issue and sell to such investors $200 million aggregate principal amount of its 3.06% Senior Notes due January 12, 2037. These notes are guaranteed by Oaktree Capital I, a consolidated subsidiary of the Company, along with Oaktree Capital II and Oaktree AIF, as co-obligors. The issuance and funding of these notes are subject to customary closing conditions and are expected to occur on or before January 12, 2022. As OCM is the issuer of such notes, the outstanding principal and interest payments guaranteed by Oaktree Capital I will not be included in the Company’s financial statements unless an event of default occurs.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, as well as the reported amounts of income and expenses during the period then ended. Actual results could differ from these estimates.
Consolidation	Consolidation 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	Non-controlling Redeemable Interests in Consolidated Funds The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners in Oaktree-managed funds and the class A ordinary shareholders in Oaktree sponsored SPACs. 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. For Oaktree sponsored SPACs, the class A ordinary shareholders have redemption rights that are considered to be outside of the Company’s control. These shares are presented as non-controlling redeemable interests on the Company’s condensed consolidated statements of financial condition. The allocation of net income or loss to non-controlling redeemable interests in consolidated funds and Oaktree sponsored SPACs 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 Non-controlling interests in consolidated funds represent the equity interests held by third-party investors in CLOs that had not yet priced as of the respective period end. All non-controlling interests in those CLOs are attributed a share of income or loss arising from the respective CLO based on the relative ownership interests of third-party investors after consideration of contractual arrangements that govern allocations of income or loss. Investors in those CLOs are generally unable to redeem their interests until the respective CLO liquidates, is called or otherwise terminates.
Non-controlling Interests in Consolidated Subsidiaries	Non-controlling Interests in Consolidated Subsidiaries Non-controlling interests in consolidated subsidiaries reflect the portion of unitholders’ capital attributable to OCGH unitholders (“OCGH non-controlling interest”) and third parties. All non-controlling interests in consolidated subsidiaries are attributed a share of income or loss in the respective consolidated subsidiary based on the relative economic interests of the OCGH unitholders or third parties after consideration of contractual arrangements that govern allocations of income or loss. Please see note 11 for more information.
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 inclusive of the Company’s investments in unconsolidated Oaktree funds 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.
Foreign Currency	Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries with non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. The results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in other comprehensive income (loss) within the condensed consolidated statements of financial condition until realized. Gains and losses resulting from foreign-currency transactions are included in general and administrative expense. Foreign Currency Investments denominated in non-U.S. currencies are recorded in the condensed consolidated financial statements after translation into U.S. dollars utilizing rates of exchange on the last business day of the period. Interest and dividend income is recorded net of foreign withholding taxes and calculated using the exchange rate in effect when the income is recognized. The effect of changes in exchange rates on assets and liabilities, income, and realized gains or losses is included as part of net realized gain (loss) on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations.
Derivatives and Hedging	Derivatives and Hedging A derivative is a financial instrument whose value is derived from an underlying financial instrument or index, such as interest rates, equity securities, currencies, commodities or credit spreads. Derivatives include futures, forwards, swaps or option contracts, and other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest-rate swaps, foreign-currency forwards or cross-currency swaps). The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. The Company manages its exposure to interest rate and foreign exchange market risks, when deemed appropriate, through the use of derivatives, including foreign currency forward and option contracts, interest-rate and cross currency swaps with financial counterparties. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company’s overall risk management strategy that may result in the use of derivatives to economically hedge or reduce these exposures. From time to time, the Company may enter into (a) foreign-currency option and forward contracts to reduce earnings and cash-flow volatility associated with changes in foreign-currency exchange rates, and (b) interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable-rate borrowings. As a result of the use of these or other derivative contracts, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. The Company attempts to mitigate this counterparty risk by entering into derivative contracts only with major financial institutions that have investment-grade credit ratings. Counterparty credit risk is evaluated in determining the fair value of derivatives. The Company recognizes all derivatives as assets or liabilities in its condensed consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its condensed consolidated statements of financial condition. When the Company enters into a derivative contract, it may or may not elect to designate the derivative as a hedging instrument and apply hedge accounting as part of its overall risk management strategy. In other situations, when a derivative does not qualify for hedge accounting or when the derivative and the hedged item are both recorded in current-period earnings and thus deemed to be economic hedges, hedge accounting is not applied. Freestanding derivatives are financial instruments that we enter into as part of our overall risk management strategy but do not utilize hedge accounting. These financial instruments may include foreign-currency exchange contracts, interest-rate swaps and other derivative contracts. Derivatives that are designated as hedging instruments are classified as either a hedge of (a) a recognized asset or liability (“fair-value hedge”), (b) a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash-flow hedge”), or (c) a net investment in a foreign operation. For a fair-value hedge, the Company records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk in current-period earnings in the same caption in the condensed consolidated statements of operations as the hedged item. Changes in the fair value of a derivative that is highly effective and is designated and qualifies as a cash-flow hedge, to the extent that the hedge is effective, are recorded in other comprehensive income (loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is recorded in current-period earnings. Changes in the fair value of derivatives designated as hedging instruments that are caused by factors other than changes in the risk being hedged are excluded from the assessment of hedge effectiveness and recognized in current-period earnings. For freestanding derivatives, changes in fair value are recorded in current-period earnings. The Company formally documents at inception the hedge relationship, including identification of the hedging instrument and the hedged item, as well as the risk management objectives, the strategy for undertaking the hedge transaction, and the evaluation of effectiveness of the hedged transaction. On a quarterly basis, the Company formally assesses whether the derivative it designated in each hedging relationship has been and is expected to remain highly effective in offsetting changes in the estimated fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the balance remaining in other comprehensive income (loss) is released to earnings.
Cash and Cash-equivalents	Cash and Cash-equivalents Cash and cash-equivalents include demand deposit accounts, money market funds, and other short-term investments with maturities of three months or less at the date of acquisition.
U.S. Treasury and Other Securities	U.S. Treasury and Other Securities U.S. Treasury and other securities include holdings of U.S. Treasury bills, notes, and bonds, time deposit securities, and commercial paper with maturities greater than three months at the date of acquisition. These securities are classified as available-for-sale and are recorded at fair value with changes in fair value included in other comprehensive income (loss). Changes in fair value were not material for all years presented. Other securities include investment grade debt securities with maturities greater than three months from the date of acquisition that are issued or guaranteed by U.S. government-sponsored entities, sovereign debt, domestic and international corporate fixed and floating rate debt, and structured credit. These securities are classified as trading and are recorded at fair value with changes in fair value included in investment income.
Corporate Investments	Corporate Investments Corporate investments may consist of investments in funds, companies in which the Company does not have a controlling financial interest, and non-investment grade debt securities. 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 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. Non-investment grade debt securities include domestic and international corporate fixed and floating rating debt and structured credit investments. These securities are classified as trading and are recorded at fair value with changes in fair value included in investment income.
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, based on certain facts and circumstances specific to each investment fund structure, that either the investment fund or individual investors may be considered the customer 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 closed-end funds, the management fee rate is applied against committed capital, drawn capital or cost basis during the fund’s investment period and the lesser of total funded capital or cost basis of assets in the liquidation period. 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 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 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. Included in this amount is a gross-up for reimbursable costs incurred on behalf of the Oaktree funds in which the Company has determined it is the principal within the principal and agent relationship of the related fund. Such reimbursable costs are presented in compensation and benefits and general and administrative expenses. Subsequent to the Restructuring, our management fees consist primarily of fees earned from funds managed by OCM Cayman and sub-advisory fees for services provided to OCM. Our revenue recognition for sub-advisory fees is substantially similar to revenue recognition for management fees. Incentive Income Incentive income generally represents 20% of each closed-end fund’s profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and up to 20% of certain evergreen fund’s annual profits, subject to high-water marks or hurdle rates. Incentive income is recognized when it is probable that a significant reversal will not occur. Revenue recognition is typically met (a) for closed-end funds, only after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors, and (b) for certain evergreen funds, at the conclusion of each annual measurement period. Potential incentive income is highly susceptible to market volatility, the judgment and actions of third parties, and other factors outside of the Company’s control. The Company’s experience has demonstrated little predictive value in the amount of potential incentive income ultimately earned due to the highly uncertain nature of returns inherent in the markets and contingencies associated with many realization events. As a result, the amount of incentive income recognized in any given period is generally determined after giving consideration to a number of factors, including whether the fund is in its investment or liquidation period, and the nature and level of risk associated with changes in fair value of the remaining assets in the fund. In general, it would be unlikely that any amount of potential incentive income would be recognized until (a) the uncertainty is resolved or (b) the fund is near final liquidation, assets are under contract for sale or are at 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 the Company 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 condensed consolidated statements of financial condition. The Company may receive tax distributions related to taxable income allocated by funds, which are treated as an advance of incentive income and subject to the same recognition criteria. Tax distributions are contractually not subject to clawback.
Total Compensation and Benefits	Total Compensation and Benefits Compensation and Benefits Compensation and benefits expense reflects all compensation-related items not directly related to incentive income, investment income or equity-based compensation, and includes salaries, bonuses, compensation based on management fees or a definition of profits, employee benefits, payroll taxes and phantom equity awards. Bonuses are generally accrued over the related service period. Phantom equity awards represent liability-classified awards subject to vesting and remeasurement at the end of each reporting period. Prior to the Merger, the remeasurement was based on changes in the Company’s Class A unit trading price. After the Merger, the remeasurement is based on changes in the value of Converted OCGH Units or other OCGH units, as applicable. Subsequent to the Restructuring, our consolidated operating results include compensation and benefits expense primarily related to employees of OCM Cayman. Equity-based Compensation Equity-based compensation expense reflects the non-cash charge associated with grants of OCGH units, deferred equity units and other performance-based units, and is calculated based on the grant-date fair value of the unit award. A contemporaneous valuation report is utilized in determining fair value at the date of grant for OCGH unit awards. OCGH unit grants are valued based on a formula as described in note 13 under “Restated Exchange Agreement—Valuation” and reflect a discount for lack of marketability due to the post-vesting restrictions described in note 13. Factors that influence the formula-based valuation include the estimated time it would take for an OCGH unitholder to exchange units for value pursuant to the Restated Exchange Agreement and estimates of the Company’s future results, which are inputs to the valuation formula. Each of these factors is subject to significant judgment. Equity-based awards that do not require future service (i.e., awards vested at grant) are expensed immediately. Equity-based awards that require future service are expensed on a straight-line basis over the requisite service period. Cash-settled equity-based awards are classified as liabilities and are remeasured at the end of each reporting period. With respect to forfeitures, the Company made an accounting policy election to account for forfeitures when they occur. Accordingly, no forfeitures have been assumed in the calculation of compensation expense. Incentive Income Compensation Incentive income compensation expense primarily reflects compensation directly related to incentive income, which generally consists of percentage interests (sometimes referred to as “points” or an allocation of shares received upon the completion of a successful SPAC merger) that the Company grants to its investment professionals associated with the particular fund or SPAC that generated the incentive income, and secondarily, compensation directly related to investment income. The Company has an obligation to pay a fixed percentage of the incentive income earned from a particular fund or SPAC, including income from consolidated funds that is eliminated in consolidation, to specified investment professionals responsible for the management of the fund or SPAC. Amounts payable pursuant to these arrangements are recorded as compensation expense when they have become probable and reasonably estimable. The Company’s determination of the point at which it becomes probable and reasonably estimable that incentive income compensation expense should be recorded is based on its assessment of numerous factors, particularly those related to the profitability, realizations, distribution status, investment profile and commitments or contingencies of the individual funds that may give rise to incentive income or the completion of a merger by an Oaktree sponsored SPAC. Incentive income compensation is generally expensed in the period in which the underlying income is recognized. Payment of incentive income compensation generally occurs in the same period the related income is received or in the next period. Participation in incentive income generated by the funds or SPACs is subject to forfeiture upon departure and to vesting provisions (generally over a period of five years), in each case, under certain circumstances set forth in the applicable governing documents. These provisions are generally only applicable to incentive income compensation that has not yet been recognized as an expense by the Company or paid to the participant.
Depreciation and Amortization	Depreciation and Amortization Depreciation and amortization expense includes costs associated with the purchase of furniture and equipment and office leasehold improvements. Furniture and equipment are depreciated using the straight-line method over the estimated useful life of the asset, generally three
Other Income (Expense), Net	Other Income (Expense), Net Other income (expense), net represents non-operating income or expense items.
Income Taxes	Income Taxes The Company is a publicly traded partnership. Because it satisfies the qualifying income test, it is not required to be treated as a corporation for U.S. federal and state income tax purposes; rather it is taxed as a partnership. The Company currently holds interests in Oaktree Capital I, L.P. (a non-corporate entity that is not subject to U.S. federal corporate income tax) and Oaktree Capital Management (Cayman), L.P. (which holds subsidiaries that are taxable in non-U.S. jurisdictions). Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases, using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets would be reduced by a valuation allowance if it becomes more likely than not that some portion or all of the deferred tax assets will not be realized. The Company analyzes its tax filing positions for all open tax years in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns. If the Company determines that uncertainties in tax positions exist, a reserve is established. The Company recognizes accrued interest and penalties related to uncertain tax positions within income tax expense in the condensed consolidated statements of operations. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available. The Oaktree funds are generally not subject to U.S. federal and state income taxes and, consequently, no income tax provision has been made in the accompanying condensed consolidated financial statements because individual partners are responsible for their proportionate share of the taxable income. Income Taxes The consolidated funds may invest in operating entities that are treated as partnerships for U.S. federal income tax purposes which may give rise to unrelated business taxable income or income effectively connected with a U.S. trade or business. In such situations, the consolidated funds permit certain investors to elect to participate in these investments through a “blocker structure” using entities that are treated as corporations for U.S. federal income tax purposes and are generally subject to U.S. federal, state and local taxes. The consolidated funds withhold blocker expenses and tax payments from electing limited partners, which are treated as deemed distributions to such limited partners pursuant to the terms of the respective limited partnership agreement.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting unitholders’ capital that are excluded from net income (loss). Other gains and losses result from foreign-currency translation adjustments, net of tax, and unrealized gains and losses on cash-flow hedges.
Investment Transactions and Income Recognition	Investment Transactions and Income Recognition The consolidated funds record investment transactions at cost on trade date for publicly-traded securities or when they have an enforceable right to acquire the security, which is generally on the closing date if not publicly traded. Realized gains and losses on investments are recorded on a specific-identification basis. The consolidated funds record dividend income on the ex-dividend date and interest income on an accrual basis, unless the related investment is in default or if collection of the income is otherwise considered doubtful. The consolidated funds may hold investments that provide for interest payable in-kind rather than in cash, in which case the related income is recorded at its estimated net realizable amount.
Receivable for Investments Sold	Receivable for Investments Sold Receivables for investments sold by the consolidated funds are recorded at net realizable value. Changes in net realizable value are reflected within net change in unrealized appreciation (depreciation) on consolidated funds’ investments and realizations are reflected within net realized gain on consolidated funds’ investments in the condensed consolidated statements of operations.
Investments, at Fair Value	Investments, at Fair Value The consolidated funds include investment limited partnerships and CLOs that reflect their investments, including majority-owned and controlled investments, at fair value. The Company has retained the specialized investment company accounting guidance 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.
Securities Sold Short	Securities Sold Short Securities sold short represent obligations of the consolidated funds to make a future delivery of a specific security and, correspondingly, create an obligation to purchase the security at prevailing market prices (or deliver the security, if owned by the consolidated funds) as of the delivery date. As a result, these short sales create the risk that the funds’ obligations to satisfy the delivery requirement may exceed the amount recorded in the accompanying condensed consolidated statements of financial condition. Securities sold short are recorded at fair value, with the resulting change in value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed
Options	Options The purchase price of a call option or a put option is recorded as an investment, which is carried at fair value. If a purchased option expires, a loss in the amount of the cost of the option is realized. When there is a closing sale transaction, a gain or loss is realized if the proceeds are greater or less than, respectively, the cost of the option. When a call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. When a consolidated fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. If a written option expires, a gain is realized in the amount of the premium received. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss. The writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition.
Total-return Swaps	Total-return Swaps A total-return swap is an agreement to exchange cash flows based on an underlying asset. Pursuant to these agreements, a fund may deposit collateral with the counterparty and may pay a swap fee equal to a fixed percentage of the value of the underlying security (notional amount). A fund earns interest on cash collateral held on account with the counterparty and may be required to deposit additional collateral equal to the unrealized appreciation or depreciation on the underlying asset. Changes in the value of the swaps, which are recorded as unrealized gains or losses, are based on changes in the underlying value of the security. All amounts exchanged with the swap counterparty representing capital appreciation or depreciation, dividend income and expense, items of interest income on short proceeds, borrowing costs on short sales, and commissions are recorded as realized gains or losses. Dividend income and expense on the underlying assets are accrued as unrealized gains or losses on the ex-date.
Due From Brokers	Due From Brokers Due from brokers represents cash owned by the consolidated funds and cash collateral on deposit with brokers and counterparties that are used as collateral for the consolidated funds’ securities and swaps.
Risks and Uncertainties	Risks and Uncertainties Certain consolidated funds invest primarily in the securities of entities that are undergoing, or are considered likely to undergo, reorganization, debt restructuring, liquidation or other extraordinary transactions. Investments in such entities are considered speculative and involve substantial risk of principal loss. Certain of the consolidated funds’ investments may also consist of securities that are thinly traded, securities and other assets for which no market exists, and securities which are restricted as to their transferability. Additionally, investments are subject to concentration and industry risks, reflecting numerous factors, including political, regulatory or economic issues that could cause the investments and their markets to be relatively illiquid and their prices relatively volatile. Investments denominated in non-U.S. currencies or involving non-U.S. domiciled entities are subject to risks and special considerations not typically associated with U.S. investments. Such risks may include, but are not limited to, investment and repatriation restrictions; currency exchange-rate fluctuations; adverse political, social and economic developments; less liquidity; smaller capital markets; and certain local tax law considerations. Credit risk is the potential loss that may be incurred from the failure of a counterparty or an issuer to make payments according to the terms of a contract. Some consolidated funds are subject to additional credit risk due to strategies of investing in debt of financially distressed issuers or derivatives, as well as involvement in privately-negotiated structured notes and structured-credit transactions. Counterparties include custodian banks, major brokerage houses and their affiliates. The Company monitors the creditworthiness of the financial institutions with which it conducts business. Bank debt has exposure to certain types of risk, including interest rate, market, and the potential non-payment of principal and interest as a result of default or bankruptcy of the issuer. Loans are generally subject to prepayment risk, which will affect the maturity of such loans. The consolidated funds may enter into bank debt participation agreements through contractual relationships with a third-party intermediary, causing the consolidated funds to assume the credit risk of both the borrower and the intermediary. Certain consolidated funds may invest in real property and real estate-related investments, including commercial mortgage-backed securities (“CMBS”) and real estate loans, that entail substantial inherent risks. There can be no assurance that such investments will increase in value or that significant losses will not be incurred. CMBS are subject to a number of risks, including credit, interest rate, prepayment and market. These risks can be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged properties are located, the level of the borrowers’ equity in the mortgaged properties, and the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. Real estate loans include residential or commercial loans that are non-performing at the time of their acquisition or that become non-performing following their acquisition. Non-performing real estate loans may require a substantial amount of workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate and/or write-down of the principal balance. Moreover, foreclosure on collateral securing one or more real estate loans held by the consolidated funds may be necessary, which may be lengthy and expensive. Residential loans are typically subject to risks associated with the value of the underlying properties, which may be affected by a number of factors including general economic conditions, mortgage qualification standards, local market conditions such as employment levels, the supply of homes, and the safety, convenience and attractiveness of the properties and neighborhoods. Commercial loans are typically subject to risks associated with the ability of the borrower to repay, which may be impacted by general economic conditions, as well as borrower-specific factors including the quality of management, the ability to generate sufficient income to make scheduled principal and interest payments, or the ability to obtain alternative financing to repay the loan. Certain consolidated funds hold over-the-counter derivatives that may allow counterparties to terminate derivative contracts prior to maturity under certain circumstances, thereby resulting in an accelerated payment of any net liability owed to the counterparty.
Recent Accounting Developments	Recent Accounting Developments In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally may be elected over time through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through September 30, 2021, but will continue to evaluate the possible adoption (including potential impact) of any such expedients or exceptions during the effective period as circumstances evolve.

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue Disaggregated by Fund Structure	Revenues by fund structure and sub-advisory fees are set forth below. Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Management Fees Closed-end $ 984 $ 765 $ 3,390 $ 1,404 Open-end 1,816 2,553 4,479 6,808 Sub-advisory fees 55,828 42,148 164,979 130,066 Total $ 58,628 $ 45,466 $ 172,848 $ 138,278 Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Incentive Income Closed-end and Evergreen $ 167,534 $ 116 $ 811,481 $ 43,532
Contract Balances	The table below sets forth contract balances for the periods indicated: As of September 30, 2021 December 31, 2020 Receivables $ 64,613 $ 80,390 Contract assets (1) — 64,532 Contract liabilities (559) (100) (1) The changes in the balances primarily relate to accruals, net of payments received.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 Corporate investments $ 922,461 $ 812,264 Due from affiliates 7,060 48,587 Maximum exposure to loss $ 929,521 $ 860,851

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Investments [Abstract]
Corporate Investments	Corporate investments consisted of the following: As of Corporate Investments September 30, 2021 December 31, 2020 Equity-method investments: Funds $ 935,383 $ 951,660 Companies 4,848 4,863 Other investments, at fair value 103,136 15,429 Total corporate investments $ 1,043,367 $ 971,952 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 2021 2020 2021 2020 Revenues / investment income $ 454,038 $ 268,389 $ 1,397,866 $ 1,057,398 Interest expense (49,486) (14,093) (133,490) (108,679) Other expenses (190,067) (97,358) (593,696) (503,361) Net realized and unrealized gain on investments 1,476,912 2,628,272 8,593,086 77,518 Net income $ 1,691,397 $ 2,785,210 $ 9,263,766 $ 522,876
Investment Income (Loss)	The components of investment income (loss) are set forth below: Three months ended September 30, Nine months ended September 30, Investment Income (Loss) 2021 2020 2021 2020 Equity-method investments: Funds $ 24,663 $ 63,225 $ 194,876 $ 29,114 Companies — (13) (15) 309 Other investments, at fair value (7,674) (2,916) (4,093) (11,393) Total investment income $ 16,989 $ 60,296 $ 190,768 $ 18,030
Investments, at Fair Value	The following table summarizes net gains (losses) attributable to the Company’s other investments: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Realized gain (loss) $ 304 $ (1,479) $ 25,451 $ 2,024 Net change in unrealized loss (7,978) (1,437) (29,544) (13,417) Total loss $ (7,674) $ (2,916) $ (4,093) $ (11,393) 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, 2021 December 31, 2020 September 30, 2021 December 31, 2020 United States: Debt securities: Communication services $ 594,210 $ 554,779 5.8 % 7.1 % Consumer discretionary 598,641 568,195 5.8 7.3 Consumer staples 155,381 118,641 1.5 1.5 Energy 259,486 232,309 2.5 3.0 Financials 417,212 287,291 4.1 3.7 Health care 494,968 410,317 4.8 5.3 Industrials 799,558 727,471 7.8 9.3 Information technology 590,539 504,442 5.8 6.5 Materials 376,009 251,978 3.7 3.2 Real estate 201,873 111,622 2.0 1.4 Utilities 284,621 264,758 2.8 3.4 Other 19,119 11,847 0.2 0.2 Total debt securities (cost: $4,772,404 and $4,064,289 as of September 30, 2021 and December 31, 2020, respectively) 4,791,617 4,043,650 46.7 51.9 Equity securities: Communication services 51,023 16,822 0.5 0.2 Consumer discretionary 104,420 604 1.0 0.0 Energy 332,738 21,747 3.2 0.3 Financials 101,981 85,715 1.0 1.1 Industrials 167,167 8,752 1.6 0.1 Utilities 146,086 77,085 1.4 1.0 Total equity securities (cost: $822,459 and $282,682 as of September 30, 2021 and December 31, 2020, respectively) 903,415 210,725 8.7 2.7 Real estate: Real estate — 6,879 — 0.1 Total real estate securities (cost: $— and $6,760 as of September 30, 2021 and December 31, 2020, respectively) — 6,879 — 0.1 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Europe: Debt securities: Communication services $ 619,933 $ 471,595 6.0 % 6.0 % Consumer discretionary 867,166 755,084 8.5 9.7 Consumer staples 231,753 219,934 2.3 2.8 Energy 1,416 8,033 0.0 0.1 Financials 92,214 75,988 0.9 1.0 Health care 707,480 629,210 6.9 8.1 Industrials 568,028 487,243 5.5 6.2 Information technology 338,322 255,662 3.3 3.3 Materials 395,580 303,468 3.9 3.9 Real estate 32,361 26,100 0.3 0.3 Utilities 2,390 9,397 0.0 0.1 Other 14,985 4,628 0.1 0.1 Total debt securities (cost: $3,863,876 and $3,233,125 as of September 30, 2021 and December 31, 2020, respectively) 3,871,628 3,246,342 37.7 41.6 Equity securities: Consumer discretionary 92,034 — 0.9 — Financials 3,924 2,917 0.0 0.0 Industrials 12,848 — 0.1 — Total equity securities (cost: $81,542 and $2,919 as of September 30, 2021 and December 31, 2020, respectively) 108,806 2,917 1.0 0.0 Real estate: Real estate 28,832 — 0.3 — Total real estate securities (cost: $30,033 and $— as of September 30, 2021 and December 31, 2020, respectively) 28,832 — 0.3 — Asia and other: Debt securities: Communication services 4,997 18,741 0.0 0.2 Consumer discretionary 79,024 35,580 0.8 0.5 Consumer staples 13,740 23,755 0.1 0.3 Energy 23,443 9,247 0.2 0.1 Financials 17,807 12,335 0.2 0.2 Health care 2,707 1,084 0.0 0.0 Industrials 6,393 4,759 0.1 0.1 Information technology — 3,631 — 0.0 Materials 122,405 68,791 1.2 0.9 Real estate 140,350 75,187 1.4 1.0 Utilities 955 9,619 0.0 0.1 Other 10,376 26,067 0.1 0.3 Total debt securities (cost: $415,838 and $288,452 as of September 30, 2021 and December 31, 2020, respectively) 422,197 288,796 4.2 3.7 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Asia and other: Equity securities: Consumer discretionary $ 10,868 $ — 0.1 % — % Energy 7,059 — 0.1 — Industrials 68,816 — 0.7 — Real estate 37,326 — 0.4 — Total equity securities (cost: $120,650 and $— as of September 30, 2021 and December 31, 2020, respectively) 124,069 — 1.3 — Total debt securities 9,085,442 7,578,788 88.6 97.2 Total equity securities 1,136,290 213,642 11.1 2.7 Total real estate 28,832 6,879 0.3 0.1 Total investments, at fair value $ 10,250,564 $ 7,799,309 100.0 % 100.0 %
Net Gains (Losses) from Investment Activities of Consolidated Funds	The following table summarizes net gains (losses) from investment activities: Three months ended September 30, 2021 2020 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 $ 3,424 $ 61,928 $ (19,781) $ 118,110 CLO liabilities (1) (13,865) 4,987 — (117,948) Foreign-currency forward contracts (2) 1,103 2,507 192 417 Total-return and interest-rate swaps (2) (288) (13,404) 68 (6) Options and futures (2) (719) 898 (114) (40) Warrants (2) — 3,413 — — Total $ (10,345) $ 60,329 $ (19,635) $ 533 Nine months ended September 30, 2021 2020 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 $ 10,659 $ 169,760 $ (86,506) $ (325,510) CLO liabilities (1) (9,335) 17,132 — 126,410 Foreign-currency forward contracts (2) 803 7,329 (11,200) (23,483) Total-return and interest-rate swaps (2) (367) (12,420) 68 (6) Options and futures (2) (912) 1,016 (4) (157) Warrants (2) — 2,601 — — Total $ 848 $ 185,418 $ (97,642) $ (222,746) (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, 2021
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 8 and 16 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of September 30, 2021 As of December 31, 2020 Level I Level II Level III Total Level I Level II Level III Total Assets U.S. Treasury and other securities (1) $ 6,477 $ — $ — $ 6,477 $ 9,562 $ — $ — $ 9,562 Corporate investments 63,854 4,529 32,639 101,022 — 4,575 27,045 31,620 Foreign-currency forward contracts (2) — 5,095 — 5,095 — 459 — 459 Total assets $ 70,331 $ 9,624 $ 32,639 $ 112,594 $ 9,562 $ 5,034 $ 27,045 $ 41,641 Liabilities Foreign-currency forward contracts (3) $ — $ (407) $ — $ (407) $ — $ (20,051) $ — $ (20,051) (1) For U.S. Treasury securities the carrying value approximates fair value due to their short-term nature and are classified as Level I investments within the fair value hierarchy detailed above. (2) Amounts are included in other assets, except for $2,345 as of September 30, 2021, which is included within corporate investments in the 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, except for $147 and $16,191 as of September 30, 2021 and December 31, 2020, respectively, which are included within corporate investments in the condensed consolidated statements of financial condition.
Summary of Changes in Fair Value of Level III Investments	The table below sets forth a summary of changes in the fair value of Level III financial instruments: Three months ended September 30, 2021 2020 Corporate Investments: Beginning balance $ 32,771 $ 22,022 Contributions or additions 257 772 Distributions (141) (1,996) Net gain (loss) included in earnings (248) 2,536 Ending balance $ 32,639 $ 23,334 Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ (436) $ 2,536 Nine months ended September 30, 2021 2020 Corporate Investments: Beginning balance $ 27,045 $ 30,311 Contributions or additions 10,475 2,562 Distributions (14,165) (6,993) Net gain (loss) included in earnings 9,284 (2,546) Ending balance $ 32,639 $ 23,334 Net change in unrealized losses attributable to financial instruments still held at end of period $ (7,968) $ (989) 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, 2021 December 31, 2020 Valuation Technique Range Weighted Average Corporate investment – Limited partnership interests $ 32,639 $ 27,045 Market approach Not applicable Not applicable Not applicable
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, 2021 2020 Corporate Investments: Beginning balance $ 32,771 $ 22,022 Contributions or additions 257 772 Distributions (141) (1,996) Net gain (loss) included in earnings (248) 2,536 Ending balance $ 32,639 $ 23,334 Net change in unrealized gains (losses) attributable to financial instruments still held at end of period $ (436) $ 2,536 Nine months ended September 30, 2021 2020 Corporate Investments: Beginning balance $ 27,045 $ 30,311 Contributions or additions 10,475 2,562 Distributions (14,165) (6,993) Net gain (loss) included in earnings 9,284 (2,546) Ending balance $ 32,639 $ 23,334 Net change in unrealized losses attributable to financial instruments still held at end of period $ (7,968) $ (989) 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, 2021 December 31, 2020 Valuation Technique Range Weighted Average Corporate investment – Limited partnership interests $ 32,639 $ 27,045 Market approach Not applicable Not applicable Not applicable 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, 2021 Beginning balance $ 421,031 $ 176,598 $ 350,194 $ 192,185 $ 45,666 $ 1,185,674 Deconsolidation of funds — (12,598) — — — (12,598) Transfers into Level III 18,700 — 204 — — 18,904 Transfers out of Level III (1,858) (560) — (32,190) — (34,608) Purchases 138,682 42,609 99,446 150,394 6,233 437,364 Sales (35,919) (312) (11,828) — (22,233) (70,292) Realized gain (losses), net 737 10 (2,714) 5 (583) (2,545) Unrealized appreciation (depreciation), net 7,449 5,262 35,135 16,458 (251) 64,053 Ending balance $ 548,822 $ 211,009 $ 470,437 $ 326,852 $ 28,832 $ 1,585,952 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 7,705 $ 4,248 $ 32,002 $ 16,458 $ (250) $ 60,163 Three months ended September 30, 2020 Beginning balance $ 148,679 $ 73,473 $ 100,159 $ 214 $ — $ 322,525 Deconsolidation of funds — (47,436) — — — (47,436) Transfers into Level III 27,458 2,334 12,751 — — 42,543 Transfers out of Level III (27,022) (9,705) (43,205) — — (79,932) Purchases 2,422 1,288 — — — 3,710 Sales (55,461) (1,459) — — — (56,920) Realized gains (losses), net (84) 155 — — — 71 Unrealized appreciation (depreciation), net (1,019) 1,239 18,205 (78) — 18,347 Ending balance $ 94,973 $ 19,889 $ 87,910 $ 136 $ — $ 202,908 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (1,989) $ 1,592 $ (12,355) $ (79) $ — $ (12,831) Corporate Debt – Bank Debt Corporate Debt – All Other Equities – Common Stock Equities – Preferred Stock Real Estate Total Nine months ended September 30, 2021 Beginning balance $ 255,283 $ 79,085 $ 187,370 $ 23,219 $ — $ 544,957 Deconsolidation of funds (3,065) (12,598) — — — (15,663) Transfers into Level III 69,983 2,960 209 — — 73,152 Transfers out of Level III (68,258) (15,776) — (32,190) — (116,224) Purchases 395,707 151,573 264,946 311,256 52,850 1,176,332 Sales (115,799) (4,798) (16,622) (1,655) (22,233) (161,107) Realized gain (loss), net 4,158 450 (10,986) 162 (583) (6,799) Unrealized appreciation (depreciation), net 10,813 10,113 45,520 26,060 (1,202) 91,304 Ending balance $ 548,822 $ 211,009 $ 470,437 $ 326,852 $ 28,832 $ 1,585,952 Net change in unrealized appreciation attributable to assets still held at end of period $ 10,670 $ 9,659 $ 34,008 $ 22,845 $ (1,200) $ 75,982 Nine months ended September 30, 2020 Beginning balance $ 77,736 $ 103,172 $ 130,437 $ 657 $ 230,741 $ 542,743 Deconsolidation of funds (78,451) (86,507) (264,513) — (269,404) (698,875) Transfers into Level III 147,449 58,374 13,105 — — 218,928 Transfers out of Level III (71,282) (24,669) (43,205) — — (139,156) Purchases 119,557 17,747 264,909 — 38,663 440,876 Sales (75,663) (38,788) — — — (114,451) Realized gain (loss), net (8,890) 97 — — — (8,793) Unrealized depreciation, net (15,483) (9,537) (12,823) (521) — (38,364) Ending balance $ 94,973 $ 19,889 $ 87,910 $ 136 $ — $ 202,908 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (9,448) $ (3,429) $ (12,657) $ (507) $ — $ (26,041)
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, 2021 As of December 31, 2020 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 7,074,261 $ 548,822 $ 7,623,083 $ — $ 6,363,403 $ 255,282 $ 6,618,685 Corporate debt – all other — 1,251,350 211,009 1,462,359 — 881,018 79,085 960,103 Equities – common stock 186,951 49,057 470,437 706,445 3,052 1 187,370 190,423 Equities – preferred stock 70,803 32,190 326,852 429,845 — — 23,219 23,219 Real estate — — 28,832 28,832 — 6,879 — 6,879 Total investments 257,754 8,406,858 1,585,952 10,250,564 3,052 7,251,301 544,956 7,799,309 Derivatives: Foreign-currency forward contracts — 8,010 — 8,010 — 482 — 482 Swaps — 8 — 8 — — — — Options and futures 977 — — 977 26 — — 26 Total derivatives (1) 977 8,018 — 8,995 26 482 — 508 Total assets $ 258,731 $ 8,414,876 $ 1,585,952 $ 10,259,559 $ 3,078 $ 7,251,783 $ 544,956 $ 7,799,817 Liabilities CLO debt obligations: Senior secured notes $ — $ (6,890,368) $ — $ (6,890,368) $ — $ (6,321,580) $ — $ (6,321,580) Subordinated notes — (317,741) — (317,741) — (215,278) — (215,278) Total CLO debt obligations (2) — (7,208,109) — (7,208,109) — (6,536,858) — (6,536,858) Derivatives: Foreign-currency forward contracts — (1,048) — (1,048) — (933) — (933) Swaps — (14,502) — (14,502) — — — — Options and futures — (193) — (193) — — — — Warrants — (5,381) — (5,381) — — — — Total derivatives (3) — (21,124) — (21,124) — (933) — (933) Total liabilities $ — $ (7,229,233) $ — $ (7,229,233) $ — $ (6,537,791) $ — $ (6,537,791) (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 8 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
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, 2021: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Communication services 55,349 Market approach (comparable companies) (4) Revenue multiple (5) 1x - 3x 2x 40,057 Recent market information (6) Quoted prices Not applicable Not applicable 2,987 Recent transaction price (7) Quoted prices Not applicable Not applicable Consumer discretionary: 12,779 Recent market information (6) Quoted prices Not applicable Not applicable 6,001 Discounted cash flow (8) Discount rate 11% - 13% 12% Energy: 16,437 Recent market information (6) Quoted prices Not applicable Not applicable 1,844 Discounted cash flow (8) Discount rate 12% - 14% 13% Financials: 25,904 Discounted cash flow (8) Discount rate 11% - 13% 12% 17,169 Recent market information (6) Quoted prices Not applicable Not applicable 7,700 Recent transaction price (7) Quoted prices Not applicable Not applicable Health care: 61,055 Recent market information (6) Quoted prices Not applicable Not applicable 7,772 Market approach (comparable companies) (4) Multiple of underlying assets (9) 0.9x - 1.1x 1x Industrials 116,386 Discounted cash flow (8) Discount rate 12% - 13% 13% 10,311 Recent market information (6) Quoted prices Not applicable Not applicable Materials: 139,152 Discounted cash flow (8) Discount rate 10% - 13% 11% 11,224 Recent market information (6) Quoted prices Not applicable Not applicable Real estate: 78,382 Market approach (comparable companies) (4) Multiple of underlying assets (9) 0.9x - 1.1x 1x 71,263 Recent transaction price (7) Quoted prices Not applicable Not applicable 36,248 Recent market information (6) Quoted prices Not applicable Not applicable Utilities 26,049 Recent market information (6) Quoted prices Not applicable Not applicable Other: 15,762 Recent market information (6) Quoted prices Not applicable Not applicable Equity investments: 320,838 Recent transaction price (7) Quoted prices Not applicable Not applicable 181,378 Market approach (comparable companies) (4) Multiple of underlying assets (9) 0.9x - 1.1x 1x 159,811 Discounted cash flow (8) Discount rate 7% - 16% 12% 94,428 Market approach (comparable companies) (4) Earnings multiple (10) 5x - 35x 13x 40,834 Market approach (comparable companies) (4) Revenue multiple (5) 13x - 14x 14x Real estate-oriented investments: 16,098 Recent transaction price (7) Quoted prices Not applicable Not applicable 12,734 Discounted cash flow (8) Discount rate 24% - 26% 25% Total Level III $ 1,585,952 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, 2020: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Energy: $ 14,318 Discounted cash flow (4) Discount rate 7% - 9% 8% 10,431 Recent market information (5) Quoted prices Not applicable Not applicable Financials: 24,301 Recent market information (5) Quoted prices Not applicable Not applicable Health care: 20,447 Recent market information (5) Quoted prices Not applicable Not applicable Industrials: 50,263 Recent market information (5) Quoted prices Not applicable Not applicable 12,298 Recent transaction price (6) Quoted prices Not applicable Not applicable Materials: 59,615 Recent transaction price (6) Quoted prices Not applicable Not applicable Real estate: 78,635 Recent transaction price (6) Quoted prices Not applicable Not applicable 18,177 Recent market information (5) Quoted prices Not applicable Not applicable Other: 38,932 Recent market information (5) Quoted prices Not applicable Not applicable 6,951 Discounted cash flow (4) Discount rate 6% – 8% 7% Equity investments: 133,779 Recent transaction price (6) Quoted prices Not applicable Not applicable 76,809 Discounted cash flow (4) Discount rate 6% - 8% 7% Total Level III $ 544,956 (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 market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying issuer (5) 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 (6) 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. (7) 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. (8) 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. (9) A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets. (10) 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. Valuation Input Low High Weighted Average Rate Discount rates 8.0% 26.0% 14.3% Constant default rates 2.0% 2.0% 2.0% Recovery rates 65.0% 70.0% 67.5%

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 Foreign-currency forward contracts $ 318,313 $ 5,095 $ (21,500) $ (407) As of December 31, 2020 Foreign-currency forward contracts $ 22,624 $ 459 $ (288,626) $ (20,051)
Summary of Impact of Freestanding Derivative Instruments on Condensed Consolidated Statement of Operations	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, 2021 2020 2021 2020 Investment income $ 4,617 $ (6,503) $ 12,555 $ (4,906) General and administrative expense (1) 2,697 (3,288) 6,315 (5,926) Total gain (loss) $ 7,314 $ (9,791) $ 18,870 $ (10,832) (1) To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income and management fees earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction in expenses) reflected in consolidated general and administrative expense. The impact of derivatives held by the consolidated funds in the consolidated statements of operations was as follows: Three months ended September 30, 2021 2020 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 $ 1,103 $ 2,507 $ 192 $ 417 Total-return and interest-rate and credit default swaps (288) (13,404) 68 (6) Options and futures (719) 898 (114) (40) Warrants — 3,413 — — Total $ 96 $ (6,586) $ 146 $ 371 Nine months ended September 30, 2021 2020 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 $ 803 $ 7,329 $ (11,200) $ (23,483) Total-return and interest-rate and credit default swaps (367) (12,420) 68 (6) Options and futures (912) 1,016 (4) (157) Warrants — 2,601 — — Total $ (476) $ (1,474) $ (11,136) $ (23,646)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair value of derivatives held by the consolidated funds consisted of the following: Assets Liabilities Notional Fair Value Notional Fair Value As of September 30, 2021 Foreign-currency forward contracts $ 175,804 $ 8,010 $ (8,969) $ (1,048) Total-return and interest-rate and credit default swaps 137 8 (64,651) (14,502) Options and futures 222,812 977 (1,199) (193) Warrants — — — (5,381) Total $ 398,753 $ 8,995 $ (74,819) $ (21,124) As of December 31, 2020 Foreign-currency forward contracts $ 28,638 $ 482 $ (47,787) $ (933) Options and futures 22,567 26 — — Total $ 51,205 $ 508 $ (47,787) $ (933)
Balance Sheet Offsetting Assets	The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance. Gross Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of September 30, 2021 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 5,095 $ 407 $ — $ 4,688 Derivative assets of consolidated funds: Foreign-currency forward contracts 8,010 — — 8,010 Total-return and interest-rate and credit default swaps 8 — — 8 Options and futures 977 — — 977 Subtotal 8,995 — — 8,995 Total $ 14,090 $ 407 $ — $ 13,683 Derivative Liabilities: Foreign-currency forward contracts $ (407) $ (407) $ — $ — Derivative liabilities of consolidated funds: Foreign-currency forward contracts (1,048) — — (1,048) Total-return and interest-rate and credit default swaps (14,502) — — (14,502) Options and futures (193) — — (193) Warrants (5,381) — — (5,381) Subtotal (21,124) — — (21,124) Total $ (21,531) $ (407) $ — $ (21,124) Gross Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2020 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 459 $ 459 $ — $ — Derivative assets of consolidated funds: Foreign-currency forward contracts 482 — — 482 Options and futures 26 — — 26 Subtotal 508 — — 508 Total $ 967 $ 459 $ — $ 508 Derivative Liabilities: Foreign-currency forward contracts $ (20,051) $ (459) $ — $ (19,592) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (933) — — (933) Total $ (20,984) $ (459) $ — $ (20,525)
Balance Sheet Offsetting Liabilities	The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance. Gross Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of September 30, 2021 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 5,095 $ 407 $ — $ 4,688 Derivative assets of consolidated funds: Foreign-currency forward contracts 8,010 — — 8,010 Total-return and interest-rate and credit default swaps 8 — — 8 Options and futures 977 — — 977 Subtotal 8,995 — — 8,995 Total $ 14,090 $ 407 $ — $ 13,683 Derivative Liabilities: Foreign-currency forward contracts $ (407) $ (407) $ — $ — Derivative liabilities of consolidated funds: Foreign-currency forward contracts (1,048) — — (1,048) Total-return and interest-rate and credit default swaps (14,502) — — (14,502) Options and futures (193) — — (193) Warrants (5,381) — — (5,381) Subtotal (21,124) — — (21,124) Total $ (21,531) $ (407) $ — $ (21,124) Gross Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2020 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 459 $ 459 $ — $ — Derivative assets of consolidated funds: Foreign-currency forward contracts 482 — — 482 Options and futures 26 — — 26 Subtotal 508 — — 508 Total $ 967 $ 459 $ — $ 508 Derivative Liabilities: Foreign-currency forward contracts $ (20,051) $ (459) $ — $ (19,592) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (933) — — (933) Total $ (20,984) $ (459) $ — $ (20,525)

DEBT OBLIGATIONS AND CREDIT F_2

DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt Obligations	The Company’s maximum exposure to these debt obligations is set forth below: As of September 30, 2021 December 31, 2020 $250,000, 3.78%, issued in December 2017, payable on December 18, 2032 $ 250,000 $ 250,000 Credit facility, issued in March 2014, variable rate obligations payable on December 14, 2026 — — $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 $200,000, 3.64%, issued in July 2020, payable on July 22, 2030 200,000 200,000 $50,000, 3.84%, issued in July 2020, payable on July 22, 2035 50,000 50,000 Total remaining principal $ 850,000 $ 850,000
Schedule of Collateralized Loan Obligation	The consolidated funds had the following debt obligations outstanding: Outstanding Amount as of Senior variable rate notes key terms as of September 30, 2021 Credit Agreement September 30, 2021 December 31, 2020 Facility Capacity Effective Interest Rate Weighted Average Remaining Maturity (years) Commitment Fee Rate L/C Fee Revolving credit facility (1) $ 1,029,708 $ 370,920 $ 1,131,880 1.93% 0.9 0.25% N/A Less: Debt issuance costs (3,754) (4,932) Total debt obligations, net (2) $ 1,025,954 $ 365,988 (1) The credit facility capacity is calculated on a pro rata basis using fund commitments as of September 30, 2021. (2) For the revolving credit facilities, amount is shown net of debt issuance costs that are included in other assets, net at September 30, 2021. As of September 30, 2021 As of December 31, 2020 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 $ 6,890,368 1.84% 11.1 $ 6,321,580 2.00% 10.2 Subordinated notes (2) 317,741 N/A 11.6 215,278 N/A 10.6 Total CLO debt obligations $ 7,208,109 $ 6,536,858 (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.
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, 2021: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Communication services 55,349 Market approach (comparable companies) (4) Revenue multiple (5) 1x - 3x 2x 40,057 Recent market information (6) Quoted prices Not applicable Not applicable 2,987 Recent transaction price (7) Quoted prices Not applicable Not applicable Consumer discretionary: 12,779 Recent market information (6) Quoted prices Not applicable Not applicable 6,001 Discounted cash flow (8) Discount rate 11% - 13% 12% Energy: 16,437 Recent market information (6) Quoted prices Not applicable Not applicable 1,844 Discounted cash flow (8) Discount rate 12% - 14% 13% Financials: 25,904 Discounted cash flow (8) Discount rate 11% - 13% 12% 17,169 Recent market information (6) Quoted prices Not applicable Not applicable 7,700 Recent transaction price (7) Quoted prices Not applicable Not applicable Health care: 61,055 Recent market information (6) Quoted prices Not applicable Not applicable 7,772 Market approach (comparable companies) (4) Multiple of underlying assets (9) 0.9x - 1.1x 1x Industrials 116,386 Discounted cash flow (8) Discount rate 12% - 13% 13% 10,311 Recent market information (6) Quoted prices Not applicable Not applicable Materials: 139,152 Discounted cash flow (8) Discount rate 10% - 13% 11% 11,224 Recent market information (6) Quoted prices Not applicable Not applicable Real estate: 78,382 Market approach (comparable companies) (4) Multiple of underlying assets (9) 0.9x - 1.1x 1x 71,263 Recent transaction price (7) Quoted prices Not applicable Not applicable 36,248 Recent market information (6) Quoted prices Not applicable Not applicable Utilities 26,049 Recent market information (6) Quoted prices Not applicable Not applicable Other: 15,762 Recent market information (6) Quoted prices Not applicable Not applicable Equity investments: 320,838 Recent transaction price (7) Quoted prices Not applicable Not applicable 181,378 Market approach (comparable companies) (4) Multiple of underlying assets (9) 0.9x - 1.1x 1x 159,811 Discounted cash flow (8) Discount rate 7% - 16% 12% 94,428 Market approach (comparable companies) (4) Earnings multiple (10) 5x - 35x 13x 40,834 Market approach (comparable companies) (4) Revenue multiple (5) 13x - 14x 14x Real estate-oriented investments: 16,098 Recent transaction price (7) Quoted prices Not applicable Not applicable 12,734 Discounted cash flow (8) Discount rate 24% - 26% 25% Total Level III $ 1,585,952 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, 2020: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Energy: $ 14,318 Discounted cash flow (4) Discount rate 7% - 9% 8% 10,431 Recent market information (5) Quoted prices Not applicable Not applicable Financials: 24,301 Recent market information (5) Quoted prices Not applicable Not applicable Health care: 20,447 Recent market information (5) Quoted prices Not applicable Not applicable Industrials: 50,263 Recent market information (5) Quoted prices Not applicable Not applicable 12,298 Recent transaction price (6) Quoted prices Not applicable Not applicable Materials: 59,615 Recent transaction price (6) Quoted prices Not applicable Not applicable Real estate: 78,635 Recent transaction price (6) Quoted prices Not applicable Not applicable 18,177 Recent market information (5) Quoted prices Not applicable Not applicable Other: 38,932 Recent market information (5) Quoted prices Not applicable Not applicable 6,951 Discounted cash flow (4) Discount rate 6% – 8% 7% Equity investments: 133,779 Recent transaction price (6) Quoted prices Not applicable Not applicable 76,809 Discounted cash flow (4) Discount rate 6% - 8% 7% Total Level III $ 544,956 (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 market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying issuer (5) 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 (6) 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. (7) 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. (8) 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. (9) A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets. (10) 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. Valuation Input Low High Weighted Average Rate Discount rates 8.0% 26.0% 14.3% Constant default rates 2.0% 2.0% 2.0% Recovery rates 65.0% 70.0% 67.5%
Future Principal Payments of Debt Obligations	As of September 30, 2021, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: Remainder of 2021 $ 30,709 2022 — 2023 — 2024 — 2025 — Thereafter 7,259,845 Total $ 7,290,554

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
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, Nine months ended September 30, 2021 2020 2021 2020 Operating lease cost $ 1,960 $ 1,784 $ 5,994 $ 5,114 Sublease income (103) (96) (308) (285) Total lease cost $ 1,857 $ 1,688 $ 5,686 $ 4,829 Supplemental cash flow information related to leases was as follows: Nine months ended September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 5,378 Weighted average remaining lease term for operating leases (in years) 9.22 Weighted average discount rate for operating leases 4.3 %
Maturities of Operating Lease Liabilities	As of September 30, 2021, maturities of operating lease liabilities were as follows: Remainder of 2021 $ 1,645 2022 6,565 2023 5,695 2024 4,683 2025 4,601 Thereafter 25,783 Total lease payments 48,972 Less: imputed interest (8,700) Total operating lease liabilities $ 40,272

NON-CONTROLLING REDEEMABLE IN_2

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 Beginning balance $ 715,347 $ 866,222 Fund consolidation and deconsolidation, net (192,984) (720,729) Contributions 766,103 864,281 Distributions (126,832) (217,804) Net income (loss) 163,105 (174,244) Change in distributions payable 10,003 (47) Change in contribution receivable — 15,826 Foreign currency translation and other, net (12,725) 11,375 Ending balance $ 1,322,017 $ 644,880

UNITHOLDERS' CAPITAL (Tables)

UNITHOLDERS' CAPITAL (Tables)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Summary of Net Income	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, 2021 2020 2021 2020 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH non-controlling interest 60,834 61,385 61,013 61,508 Class A unitholders 99,137 98,677 98,995 98,457 Total weighted average units outstanding 159,971 160,062 160,008 159,965 Oaktree Operating Group net income (loss): Net income attributable to preferred unitholders (1) $ 6,829 $ 6,829 $ 20,487 $ 20,487 Net income (loss) attributable to OCGH non-controlling interest 46,680 28,993 263,863 (13,306) Net income (loss) attributable to OCG Class A unitholders 76,070 45,902 426,575 (19,878) Oaktree Operating Group net income (loss) $ 129,579 $ 81,724 $ 710,925 $ (12,697) Net income (loss) attributable to OCG Class A unitholders: Oaktree Operating Group net income (loss) attributable to OCG Class A unitholders $ 76,070 $ 45,902 $ 426,575 $ (19,878) Non-Operating Group income and expense 14,138 (348) 44,435 (906) Net income (loss) attributable to OCG Class A unitholders $ 90,208 $ 45,554 $ 471,010 $ (20,784) (1) Represents distributions declared, if any, on the preferred units.
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, 2021 2020 2021 2020 Net income (loss) attributable to OCG Class A unitholders $ 90,208 $ 45,554 $ 471,010 $ (20,784) Equity reallocation between controlling and non-controlling interests 2,205 (184) 3,667 1,829 Change from net income (loss) attributable to OCG Class A unitholders and transfers from non-controlling interests $ 92,413 $ 45,370 $ 474,677 $ (18,955)

EARNINGS PER UNIT (Tables)

EARNINGS PER UNIT (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 (in thousands, except per unit amounts) Net income (loss) per Class A unit (basic and diluted): Net income (loss) attributable to OCG Class A unitholders $ 90,208 $ 45,554 $ 471,010 $ (20,784) Weighted average number of Class A units outstanding (basic and diluted) 99,137 98,677 98,995 98,457 Basic and diluted net income (loss) per Class A unit $ 0.91 $ 0.46 $ 4.76 $ (0.21)

EQUITY-BASED AND OTHER DEFERR_2

EQUITY-BASED AND OTHER DEFERRED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
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 Converted OCGH units and other OCGH unit awards and changes for the period presented are set forth below (actual dollars per unit): Converted OCGH 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, 2020 (2) 462,742 $ 46.25 556,352 $ 37.87 Granted — — — — Vested (181,852) 45.38 (164,193) 37.66 Forfeited (2,450) 49.52 — — Balance as of September 30, 2021 278,440 $ 46.80 392,159 $ 37.96 (1) Upon completion of the Merger, 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 OCGH Unit”) and thereafter became subject to the terms and conditions of the OCGH limited partnership agreement. The Converted OCGH Units (i) are subject to the same vesting terms that were applicable to such units prior to the completion of the Merger, (ii) are 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 OCGH Units will be valued at $49.00 per unit, less the amount of any capital distributions received upon vesting. (2) Effective with the Restructuring, compensation related to unvested equity awards granted for service provided by employees of OCM is no longer included in these condensed consolidated financial statements.

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2021
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 weighted average interest rate approximated the Company’s cost of debt. As of September 30, 2021 December 31, 2020 Due from affiliates: Loans to affiliates and employees $ 190,026 $ 2,372 Amounts due from unconsolidated funds 5,818 6,429 Management fees and incentive income due from unconsolidated funds and affiliates 64,613 119,600 Payments made on behalf of unconsolidated entities 35,712 905 Non-interest bearing advances made to certain non-controlling interest holders and employees 186 235 Total due from affiliates $ 296,355 $ 129,541 Due to affiliates: Amounts due to unconsolidated entities $ 223 $ 9,688 Amounts due to senior executives, certain non-controlling interest holders and employees 222 — Total due to affiliates $ 445 $ 9,688

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Billions	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2021votepartnership_interestentity	Oct. 01, 2019entity
Subsidiary, Sale of Stock [Line Items]
Number of votes per class A unit | vote		1
Number of votes per class B unit | vote		10
Number operating entities | entity		6	6
Number of indirect subsidiaries | entity		2	2
Number of limited partnership interests | partnership_interest		1
Number of former indirect subsidiaries | entity			4
Brookfield Asset Management Inc. Merger Agreement, OCGH Unitholders
Subsidiary, Sale of Stock [Line Items]
OSC class A, cash consideration (in dollars per share) | $ / shares	$ 49
Shares of Brookfield issued (in shares) | shares	1.0770
Cash pro ration	50.00%
Aggregate amount of cash payable to unitholders | $	$ 2.4
Brookfield Asset Management Inc. Merger Agreement, OCGH Unitholders | Class A Units
Subsidiary, Sale of Stock [Line Items]
Share pro ration	20.00%
Number of shares issued during mergers (in shares) | shares	52,800,000
Brookfield Asset Management Inc. Merger Agreement, OCGH Unitholders | Converted OCGH Units
Subsidiary, Sale of Stock [Line Items]
Number of unvested shares converted during mergers (in shares) | shares	1
OCGH
Subsidiary, Sale of Stock [Line Items]
Ownership interest percentage		100.00%
OCGH | Brookfield Merger Agreement
Subsidiary, Sale of Stock [Line Items]
Percentage of business owned by OCGH	38.80%
Brookfield | Brookfield Merger Agreement
Subsidiary, Sale of Stock [Line Items]
Percentage of business acquired by Brookfield	61.20%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Incentive income related to deconsolidation of SPAC	$ 72,300
Incentive income compensation vesting period	5 years
Cumulative effect adjustment	$ (2,112,526)	$ (1,973,452)	$ (1,879,988)	$ (1,612,550)	$ (1,581,018)		$ (1,702,169)
Cumulative effect, period of adoption, adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect adjustment							356
Retained Earnings (Accumulated Deficit)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect adjustment	$ (202,742)	$ (163,579)	$ (119,920)	$ 39,267	$ 36,469		(51,534)
Retained Earnings (Accumulated Deficit) | Cumulative effect, period of adoption, adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect adjustment							$ 220
Retained Earnings (Accumulated Deficit) | Accounting Standards Update 2016-13 | Cumulative effect, period of adoption, adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect adjustment						$ 400
Closed-end Incentive Income
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of fund profits	20.00%
Percentage of preferred return on funds	8.00%
Evergreen Incentive Income
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of fund profits	20.00%
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Withdrawal period	1 month
Minimum | Furniture and Equipment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Estimated useful life (in years)	3 years
Minimum | Management fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Management fees payment term	10 years
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Withdrawal period	3 years
Maximum | Furniture and Equipment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Estimated useful life (in years)	5 years
Maximum | Management fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Management fees payment term	11 years

REVENUES - Revenues Disaggregat

REVENUES - Revenues Disaggregated by Fund Structure (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 226,162	$ 45,582	$ 984,329	$ 181,810
Management Fees
Disaggregation of Revenue [Line Items]
Revenues	58,628	45,466	172,848	138,278
Closed-end
Disaggregation of Revenue [Line Items]
Revenues	984	765	3,390	1,404
Open-end
Disaggregation of Revenue [Line Items]
Revenues	1,816	2,553	4,479	6,808
Sub-advisory fees
Disaggregation of Revenue [Line Items]
Revenues	55,828	42,148	164,979	130,066
Closed-end and Evergreen
Disaggregation of Revenue [Line Items]
Revenues	$ 167,534	$ 116	$ 811,481	$ 43,532

REVENUES - Contract Balances (D

REVENUES - Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Receivables	$ 64,613	$ 80,390
Contract assets	0	64,532
Contract liabilities	$ (559)	$ (100)

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)entity	Dec. 31, 2020USD ($)entity
Variable Interest Entity [Line Items]
Assets	$ 13,120,081	$ 10,394,115
Liabilities	$ 9,685,538	$ 7,798,780
Consolidated VIEs
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity) | entity	23	23
Assets	$ 11,500,000
Liabilities	9,500,000
Maximum exposure to loss	$ 690,600
Number of fund managed by Oaktree | Consolidated VIEs
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity) | entity	8
Number of CLO's for which Oaktree acts as collateral manager | Consolidated VIEs
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity) | entity	15
Number of remaining variable interest entities | Consolidated VIEs
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity) | entity	23

VARIABLE INTEREST ENTITIES - VI

VARIABLE INTEREST ENTITIES - VIEs Not Consolidated (Details) - Unconsolidated VIEs - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 929,521	$ 860,851
Corporate investments
Variable Interest Entity [Line Items]
Maximum exposure to loss	922,461	812,264
Due from affiliates
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 7,060	$ 48,587

INVESTMENTS - Corporate Investm

INVESTMENTS - Corporate Investments (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ 103,136	$ 15,429
Total corporate investments	1,043,367	971,952
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	935,383	951,660
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	$ 4,848	$ 4,863

INVESTMENTS - Investment Income

INVESTMENTS - Investment Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ (7,674)	$ (2,916)	$ (4,093)	$ (11,393)
Total investment income	16,989	60,296	190,768	18,030
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	24,663	63,225	194,876	29,114
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	$ 0	$ (13)	$ (15)	$ 309

INVESTMENTS - Equity-method Inv

INVESTMENTS - Equity-method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statements of Operations
Interest expense	$ (32,990)	$ (35,420)	$ (113,093)	$ (121,753)
Net realized and unrealized gain on investments			186,266	(320,388)
Net income (loss)	194,455	67,494	920,192	(187,847)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Statements of Operations
Revenues / investment income	454,038	268,389	1,397,866	1,057,398
Interest expense	(49,486)	(14,093)	(133,490)	(108,679)
Other expenses	(190,067)	(97,358)	(593,696)	(503,361)
Net realized and unrealized gain on investments	1,476,912	2,628,272	8,593,086	77,518
Net income (loss)	$ 1,691,397	$ 2,785,210	$ 9,263,766	$ 522,876
Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	2.50%		2.50%

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Investments [Line Items]
Realized gain (loss)	$ (10,345)	$ (19,635)	$ 848	$ (97,642)
Net change in unrealized loss	60,329	533	185,418	(222,746)
Total loss			186,266	(320,388)
Other Investments at Fair Value
Schedule of Investments [Line Items]
Realized gain (loss)	304	(1,479)	25,451	2,024
Net change in unrealized loss	(7,978)	(1,437)	(29,544)	(13,417)
Total loss	$ (7,674)	$ (2,916)	$ (4,093)	$ (11,393)

INVESTMENTS - Fair Value (Detai

INVESTMENTS - Fair Value (Details) $ in Thousands	Sep. 30, 2021USD ($)investment	Dec. 31, 2020USD ($)investment
Schedule Of Investments In Marketable Securities [Line Items]
Investments, fair value that exceeds threshold | investment	0	0
Investments, percentage of net assets, threshold percentage	5.00%	5.00%
Consolidated Funds
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 9,085,442	$ 7,578,788
Debt securities, fair value as a percentage of investments of consolidated funds	88.60%	97.20%
Equity securities, fair value	$ 1,136,290	$ 213,642
Equity securities, fair value as a percentage of investments of consolidated funds	11.10%	2.70%
Real estate investments, at fair value	$ 28,832	$ 6,879
Real estate, fair value as a percentage of investments of consolidated funds	0.30%	0.10%
Investments, at fair value	$ 10,250,564	$ 7,799,309
Total investments, fair value as a percentage of investments of consolidated funds	100.00%	100.00%
Consolidated Funds | United States:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 4,791,617	$ 4,043,650
Debt securities, fair value as a percentage of investments of consolidated funds	46.70%	51.90%
Total debt securities, cost	$ 4,772,404	$ 4,064,289
Equity securities, fair value	$ 903,415	$ 210,725
Equity securities, fair value as a percentage of investments of consolidated funds	8.70%	2.70%
Total equity securities, cost	$ 822,459	$ 282,682
Real estate investments, at fair value	$ 0	$ 6,879
Real estate, fair value as a percentage of investments of consolidated funds	0.00%	0.10%
Real estate securities, cost	$ 0	$ 6,760
Consolidated Funds | United States: | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 594,210	$ 554,779
Debt securities, fair value as a percentage of investments of consolidated funds	5.80%	7.10%
Equity securities, fair value	$ 51,023	$ 16,822
Equity securities, fair value as a percentage of investments of consolidated funds	0.50%	0.20%
Consolidated Funds | United States: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 598,641	$ 568,195
Debt securities, fair value as a percentage of investments of consolidated funds	5.80%	7.30%
Equity securities, fair value	$ 104,420	$ 604
Equity securities, fair value as a percentage of investments of consolidated funds	1.00%	0.00%
Consolidated Funds | United States: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 155,381	$ 118,641
Debt securities, fair value as a percentage of investments of consolidated funds	1.50%	1.50%
Consolidated Funds | United States: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 259,486	$ 232,309
Debt securities, fair value as a percentage of investments of consolidated funds	2.50%	3.00%
Equity securities, fair value	$ 332,738	$ 21,747
Equity securities, fair value as a percentage of investments of consolidated funds	3.20%	0.30%
Consolidated Funds | United States: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 417,212	$ 287,291
Debt securities, fair value as a percentage of investments of consolidated funds	4.10%	3.70%
Equity securities, fair value	$ 101,981	$ 85,715
Equity securities, fair value as a percentage of investments of consolidated funds	1.00%	1.10%
Consolidated Funds | United States: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 494,968	$ 410,317
Debt securities, fair value as a percentage of investments of consolidated funds	4.80%	5.30%
Consolidated Funds | United States: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 799,558	$ 727,471
Debt securities, fair value as a percentage of investments of consolidated funds	7.80%	9.30%
Equity securities, fair value	$ 167,167	$ 8,752
Equity securities, fair value as a percentage of investments of consolidated funds	1.60%	0.10%
Consolidated Funds | United States: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 590,539	$ 504,442
Debt securities, fair value as a percentage of investments of consolidated funds	5.80%	6.50%
Consolidated Funds | United States: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 376,009	$ 251,978
Debt securities, fair value as a percentage of investments of consolidated funds	3.70%	3.20%
Consolidated Funds | United States: | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 201,873	$ 111,622
Debt securities, fair value as a percentage of investments of consolidated funds	2.00%	1.40%
Real estate investments, at fair value	$ 0	$ 6,879
Real estate, fair value as a percentage of investments of consolidated funds	0.00%	0.10%
Consolidated Funds | United States: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 284,621	$ 264,758
Debt securities, fair value as a percentage of investments of consolidated funds	2.80%	3.40%
Equity securities, fair value	$ 146,086	$ 77,085
Equity securities, fair value as a percentage of investments of consolidated funds	1.40%	1.00%
Consolidated Funds | United States: | Other
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 19,119	$ 11,847
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	0.20%
Consolidated Funds | Europe:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 3,871,628	$ 3,246,342
Debt securities, fair value as a percentage of investments of consolidated funds	37.70%	41.60%
Total debt securities, cost	$ 3,863,876	$ 3,233,125
Equity securities, fair value	$ 108,806	$ 2,917
Equity securities, fair value as a percentage of investments of consolidated funds	1.00%	0.00%
Total equity securities, cost	$ 81,542	$ 2,919
Real estate investments, at fair value	$ 28,832	$ 0
Real estate, fair value as a percentage of investments of consolidated funds	0.30%	0.00%
Real estate securities, cost	$ 30,033	$ 0
Consolidated Funds | Europe: | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 619,933	$ 471,595
Debt securities, fair value as a percentage of investments of consolidated funds	6.00%	6.00%
Consolidated Funds | Europe: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 867,166	$ 755,084
Debt securities, fair value as a percentage of investments of consolidated funds	8.50%	9.70%
Equity securities, fair value	$ 92,034	$ 0
Equity securities, fair value as a percentage of investments of consolidated funds	0.90%	0.00%
Consolidated Funds | Europe: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 231,753	$ 219,934
Debt securities, fair value as a percentage of investments of consolidated funds	2.30%	2.80%
Consolidated Funds | Europe: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 1,416	$ 8,033
Debt securities, fair value as a percentage of investments of consolidated funds	0.00%	0.10%
Consolidated Funds | Europe: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 92,214	$ 75,988
Debt securities, fair value as a percentage of investments of consolidated funds	0.90%	1.00%
Equity securities, fair value	$ 3,924	$ 2,917
Equity securities, fair value as a percentage of investments of consolidated funds	0.00%	0.00%
Consolidated Funds | Europe: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 707,480	$ 629,210
Debt securities, fair value as a percentage of investments of consolidated funds	6.90%	8.10%
Consolidated Funds | Europe: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 568,028	$ 487,243
Debt securities, fair value as a percentage of investments of consolidated funds	5.50%	6.20%
Equity securities, fair value	$ 12,848	$ 0
Equity securities, fair value as a percentage of investments of consolidated funds	0.10%	0.00%
Consolidated Funds | Europe: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 338,322	$ 255,662
Debt securities, fair value as a percentage of investments of consolidated funds	3.30%	3.30%
Consolidated Funds | Europe: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 395,580	$ 303,468
Debt securities, fair value as a percentage of investments of consolidated funds	3.90%	3.90%
Consolidated Funds | Europe: | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 32,361	$ 26,100
Debt securities, fair value as a percentage of investments of consolidated funds	0.30%	0.30%
Real estate investments, at fair value	$ 28,832	$ 0
Real estate, fair value as a percentage of investments of consolidated funds	0.30%	0.00%
Consolidated Funds | Europe: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 2,390	$ 9,397
Debt securities, fair value as a percentage of investments of consolidated funds	0.00%	0.10%
Consolidated Funds | Europe: | Other
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 14,985	$ 4,628
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.10%
Consolidated Funds | Asia and other:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 422,197	$ 288,796
Debt securities, fair value as a percentage of investments of consolidated funds	4.20%	3.70%
Total debt securities, cost	$ 415,838	$ 288,452
Equity securities, fair value	$ 124,069	$ 0
Equity securities, fair value as a percentage of investments of consolidated funds	1.30%	0.00%
Total equity securities, cost	$ 120,650	$ 0
Consolidated Funds | Asia and other: | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 4,997	$ 18,741
Debt securities, fair value as a percentage of investments of consolidated funds	0.00%	0.20%
Consolidated Funds | Asia and other: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 79,024	$ 35,580
Debt securities, fair value as a percentage of investments of consolidated funds	0.80%	0.50%
Equity securities, fair value	$ 10,868	$ 0
Equity securities, fair value as a percentage of investments of consolidated funds	0.10%	0.00%
Consolidated Funds | Asia and other: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 13,740	$ 23,755
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.30%
Consolidated Funds | Asia and other: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 23,443	$ 9,247
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	0.10%
Equity securities, fair value	$ 7,059	$ 0
Equity securities, fair value as a percentage of investments of consolidated funds	0.10%	0.00%
Consolidated Funds | Asia and other: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 17,807	$ 12,335
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	0.20%
Consolidated Funds | Asia and other: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 2,707	$ 1,084
Debt securities, fair value as a percentage of investments of consolidated funds	0.00%	0.00%
Consolidated Funds | Asia and other: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 6,393	$ 4,759
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.10%
Equity securities, fair value	$ 68,816	$ 0
Equity securities, fair value as a percentage of investments of consolidated funds	0.70%	0.00%
Consolidated Funds | Asia and other: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 0	$ 3,631
Debt securities, fair value as a percentage of investments of consolidated funds	0.00%	0.00%
Consolidated Funds | Asia and other: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 122,405	$ 68,791
Debt securities, fair value as a percentage of investments of consolidated funds	1.20%	0.90%
Consolidated Funds | Asia and other: | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 140,350	$ 75,187
Debt securities, fair value as a percentage of investments of consolidated funds	1.40%	1.00%
Equity securities, fair value	$ 37,326	$ 0
Equity securities, fair value as a percentage of investments of consolidated funds	0.40%	0.00%
Consolidated Funds | Asia and other: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 955	$ 9,619
Debt securities, fair value as a percentage of investments of consolidated funds	0.00%	0.10%
Consolidated Funds | Asia and other: | Other
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 10,376	$ 26,067
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.30%

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	$ (10,345)	$ (19,635)	$ 848	$ (97,642)
Net Change in Unrealized Appreciation (Depreciation) on Investments	60,329	533	185,418	(222,746)
Consolidated Funds | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(10,345)	(19,635)	848	(97,642)
Net Change in Unrealized Appreciation (Depreciation) on Investments	60,329	533	185,418	(222,746)
Consolidated Funds | Investments and other financial instruments | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	3,424	(19,781)	10,659	(86,506)
Net Change in Unrealized Appreciation (Depreciation) on Investments	61,928	118,110	169,760	(325,510)
Consolidated Funds | CLO liabilities | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(13,865)	0	(9,335)	0
Net Change in Unrealized Appreciation (Depreciation) on Investments	4,987	(117,948)	17,132	126,410
Consolidated Funds | Foreign-currency forward contracts | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	1,103	192	803	(11,200)
Net Change in Unrealized Appreciation (Depreciation) on Investments	2,507	417	7,329	(23,483)
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	(288)	68	(367)	68
Net Change in Unrealized Appreciation (Depreciation) on Investments	(13,404)	(6)	(12,420)	(6)
Consolidated Funds | Options and futures | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(719)	(114)	(912)	(4)
Net Change in Unrealized Appreciation (Depreciation) on Investments	898	(40)	1,016	(157)
Consolidated Funds | Warrants | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	0	0	0	0
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 3,413	$ 0	$ 2,601	$ 0

FAIR VALUE - Financial Instrume

FAIR VALUE - Financial Instruments by Fair-value Hierarchy Level (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	$ 103,136	$ 15,429
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	112,594	41,641
Fair Value, Measurements, Recurring | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amounts of Assets (Liabilities) Presented	5,095	459
Derivative liabilities	(407)	(20,051)
Fair Value, Measurements, Recurring | Foreign-currency forward contracts | Corporate Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amounts of Assets (Liabilities) Presented	2,345
Derivative liabilities	(147)	(16,191)
Fair Value, Measurements, Recurring | U.S. Treasury and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	6,477	9,562
Fair Value, Measurements, Recurring | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	101,022	31,620
Fair Value, Measurements, Recurring | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	70,331	9,562
Fair Value, Measurements, Recurring | Level I | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amounts of Assets (Liabilities) Presented	0	0
Derivative liabilities	0	0
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]
Investments, at fair value	6,477	9,562
Fair Value, Measurements, Recurring | Level I | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	63,854	0
Fair Value, Measurements, Recurring | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	9,624	5,034
Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amounts of Assets (Liabilities) Presented	5,095	459
Derivative liabilities	(407)	(20,051)
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]
Investments, at fair value	0	0
Fair Value, Measurements, Recurring | Level II | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	4,529	4,575
Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	32,639	27,045
Fair Value, Measurements, Recurring | Level III | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amounts of Assets (Liabilities) Presented	0	0
Derivative liabilities	0	0
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]
Investments, at fair value	0	0
Fair Value, Measurements, Recurring | Level III | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	$ 32,639	$ 27,045

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Corporate Investments
Beginning balance	$ 32,771	$ 22,022	$ 27,045	$ 30,311
Contributions or additions	257	772	10,475	2,562
Distributions	(141)	(1,996)	(14,165)	(6,993)
Net gain (loss) included in earnings	(248)	2,536	9,284	(2,546)
Ending balance	32,639	23,334	32,639	23,334
Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	$ (436)	$ 2,536	$ (7,968)	$ (989)

FAIR VALUE - Valuation Techniqu

FAIR VALUE - Valuation Techniques (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 103,136	$ 15,429
Level III | Corporate investment – Limited partnership interests | Market approach (value of underlying assets)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 32,639	$ 27,045

FAIR VALUE - Consolidated Funds

FAIR VALUE - Consolidated Funds Valuation of Investments and Other Financial Instruments (Details) - Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 10,250,564	$ 7,799,309
Total derivatives	8,995	508
Deb obligations	(7,208,109)	(6,536,858)
Derivative liabilities	(21,124)	(933)
Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,585,952	544,956
Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	10,250,564	7,799,309
Total derivatives	8,995	508
Total assets	10,259,559	7,799,817
Derivative liabilities	(21,124)	(933)
Total liabilities	(7,229,233)	(6,537,791)
Fair Value, Measurements, Recurring | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	(7,208,109)	(6,536,858)
Fair Value, Measurements, Recurring | CLO debt obligations: | Senior secured notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	(6,890,368)	(6,321,580)
Fair Value, Measurements, Recurring | CLO debt obligations: | Subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	(317,741)	(215,278)
Fair Value, Measurements, Recurring | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	8,010	482
Derivative liabilities	(1,048)	(933)
Fair Value, Measurements, Recurring | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	8	0
Derivative liabilities	(14,502)	0
Fair Value, Measurements, Recurring | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	977	26
Derivative liabilities	(193)	0
Fair Value, Measurements, Recurring | Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	(5,381)	0
Fair Value, Measurements, Recurring | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	7,623,083	6,618,685
Fair Value, Measurements, Recurring | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,462,359	960,103
Fair Value, Measurements, Recurring | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	706,445	190,423
Fair Value, Measurements, Recurring | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	429,845	23,219
Fair Value, Measurements, Recurring | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	28,832	6,879
Fair Value, Measurements, Recurring | Level I
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	257,754	3,052
Total derivatives	977	26
Total assets	258,731	3,078
Derivative liabilities	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring | Level I | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	0
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
Fair Value, Measurements, Recurring | Level I | CLO debt obligations: | Subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	0
Fair Value, Measurements, Recurring | Level I | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level I | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level I | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	977	26
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level I | Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level I | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Fair Value, Measurements, Recurring | Level I | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Fair Value, Measurements, Recurring | Level I | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	186,951	3,052
Fair Value, Measurements, Recurring | Level I | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	70,803	0
Fair Value, Measurements, Recurring | Level I | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Fair Value, Measurements, Recurring | Level II
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	8,406,858	7,251,301
Total derivatives	8,018	482
Total assets	8,414,876	7,251,783
Derivative liabilities	(21,124)	(933)
Total liabilities	(7,229,233)	(6,537,791)
Fair Value, Measurements, Recurring | Level II | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	(7,208,109)	(6,536,858)
Fair Value, Measurements, Recurring | Level II | CLO debt obligations: | Senior secured notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	(6,890,368)	(6,321,580)
Fair Value, Measurements, Recurring | Level II | CLO debt obligations: | Subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	(317,741)	(215,278)
Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	8,010	482
Derivative liabilities	(1,048)	(933)
Fair Value, Measurements, Recurring | Level II | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	8	0
Derivative liabilities	(14,502)	0
Fair Value, Measurements, Recurring | Level II | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Derivative liabilities	(193)	0
Fair Value, Measurements, Recurring | Level II | Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	(5,381)	0
Fair Value, Measurements, Recurring | Level II | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	7,074,261	6,363,403
Fair Value, Measurements, Recurring | Level II | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,251,350	881,018
Fair Value, Measurements, Recurring | Level II | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	49,057	1
Fair Value, Measurements, Recurring | Level II | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	32,190	0
Fair Value, Measurements, Recurring | Level II | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	6,879
Fair Value, Measurements, Recurring | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,585,952	544,956
Total derivatives	0	0
Total assets	1,585,952	544,956
Derivative liabilities	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring | Level III | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	0
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
Fair Value, Measurements, Recurring | Level III | CLO debt obligations: | Subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	0
Fair Value, Measurements, Recurring | Level III | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level III | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level III | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level III | Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level III | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	548,822	255,282
Fair Value, Measurements, Recurring | Level III | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	211,009	79,085
Fair Value, Measurements, Recurring | Level III | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	470,437	187,370
Fair Value, Measurements, Recurring | Level III | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	326,852	23,219
Fair Value, Measurements, Recurring | Level III | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 28,832	$ 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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,185,674	$ 322,525	$ 544,957	$ 542,743
Deconsolidation of funds	(12,598)	(47,436)	(15,663)	(698,875)
Transfers into Level III	18,904	42,543	73,152	218,928
Transfers out of Level III	(34,608)	(79,932)	(116,224)	(139,156)
Purchases	437,364	3,710	1,176,332	440,876
Sales	(70,292)	(56,920)	(161,107)	(114,451)
Realized gain (losses), net	(2,545)	71	(6,799)	(8,793)
Unrealized appreciation (depreciation), net	64,053	18,347	91,304	(38,364)
Ending balance	1,585,952	202,908	1,585,952	202,908
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	60,163	(12,831)	75,982	(26,041)
Corporate debt – bank debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	421,031	148,679	255,283	77,736
Deconsolidation of funds	0	0	(3,065)	(78,451)
Transfers into Level III	18,700	27,458	69,983	147,449
Transfers out of Level III	(1,858)	(27,022)	(68,258)	(71,282)
Purchases	138,682	2,422	395,707	119,557
Sales	(35,919)	(55,461)	(115,799)	(75,663)
Realized gain (losses), net	737	(84)	4,158	(8,890)
Unrealized appreciation (depreciation), net	7,449	(1,019)	10,813	(15,483)
Ending balance	548,822	94,973	548,822	94,973
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	7,705	(1,989)	10,670	(9,448)
Corporate debt – all other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	176,598	73,473	79,085	103,172
Deconsolidation of funds	(12,598)	(47,436)	(12,598)	(86,507)
Transfers into Level III	0	2,334	2,960	58,374
Transfers out of Level III	(560)	(9,705)	(15,776)	(24,669)
Purchases	42,609	1,288	151,573	17,747
Sales	(312)	(1,459)	(4,798)	(38,788)
Realized gain (losses), net	10	155	450	97
Unrealized appreciation (depreciation), net	5,262	1,239	10,113	(9,537)
Ending balance	211,009	19,889	211,009	19,889
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	4,248	1,592	9,659	(3,429)
Equities – common stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	350,194	100,159	187,370	130,437
Deconsolidation of funds	0	0	0	(264,513)
Transfers into Level III	204	12,751	209	13,105
Transfers out of Level III	0	(43,205)	0	(43,205)
Purchases	99,446	0	264,946	264,909
Sales	(11,828)	0	(16,622)	0
Realized gain (losses), net	(2,714)	0	(10,986)	0
Unrealized appreciation (depreciation), net	35,135	18,205	45,520	(12,823)
Ending balance	470,437	87,910	470,437	87,910
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	32,002	(12,355)	34,008	(12,657)
Equities – Preferred Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	192,185	214	23,219	657
Deconsolidation of funds	0	0	0	0
Transfers into Level III	0	0	0	0
Transfers out of Level III	(32,190)	0	(32,190)	0
Purchases	150,394	0	311,256	0
Sales	0	0	(1,655)	0
Realized gain (losses), net	5	0	162	0
Unrealized appreciation (depreciation), net	16,458	(78)	26,060	(521)
Ending balance	326,852	136	326,852	136
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	16,458	(79)	22,845	(507)
Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	45,666	0	0	230,741
Deconsolidation of funds	0	0	0	(269,404)
Transfers into Level III	0	0	0	0
Transfers out of Level III	0	0	0	0
Purchases	6,233	0	52,850	38,663
Sales	(22,233)	0	(22,233)	0
Realized gain (losses), net	(583)	0	(583)	0
Unrealized appreciation (depreciation), net	(251)	0	(1,202)	0
Ending balance	28,832	0	28,832	0
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$ (250)	$ 0	$ (1,200)	$ 0

FAIR VALUE - Consolidated Fun_3

FAIR VALUE - Consolidated Funds Summary of Valuation Techniques and Quantitative Information (Details) - Consolidated Funds $ in Thousands	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, at fair value	$ 28,832	$ 6,879
Investments, at fair value	10,250,564	7,799,309
Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	1,585,952	544,956
Level III | Communication services | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	2,987
Level III | Communication services | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	40,057
Level III | Communication services | Market approach (comparable companies)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	55,349
Level III | Consumer discretionary | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	6,001
Level III | Consumer discretionary | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	12,779
Level III | Energy | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	1,844	14,318
Level III | Energy | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	16,437	10,431
Level III | Financials | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	25,904
Level III | Financials | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	17,169	24,301
Level III | Financials | Recent transaction price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	7,700
Level III | Health care | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	61,055	20,447
Level III | Health care | Market approach (comparable companies)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	7,772
Level III | Industrials | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	116,386
Level III | Industrials | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	10,311	50,263
Level III | Industrials | Recent transaction price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		12,298
Level III | Materials | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	139,152
Level III | Materials | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	11,224
Level III | Materials | Recent transaction price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		59,615
Level III | Real estate | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	36,248	18,177
Level III | Real estate | Recent transaction price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	71,263	78,635
Level III | Real estate | Market approach (comparable companies)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	78,382
Level III | Utilities | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	26,049
Level III | Other: | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		6,951
Level III | Other: | Recent market information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	15,762	38,932
Level III | Equity investments: | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	159,811	76,809
Level III | Equity investments: | Recent transaction price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	320,838	$ 133,779
Level III | Equity investments: | Market approach (comparable companies)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	181,378
Level III | Real estate-oriented investments | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, at fair value	12,734
Level III | Real estate-oriented investments | Recent transaction price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, at fair value	$ 16,098
Revenue multiple | Level III | Communication services | Market approach (comparable companies) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1
Revenue multiple | Level III | Communication services | Market approach (comparable companies) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	3
Revenue multiple | Level III | Communication services | Market approach (comparable companies) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	2
Revenue multiple | Level III | Equity investments: | Market approach (comparable companies)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	$ 40,834
Revenue multiple | Level III | Equity investments: | Market approach (comparable companies) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	13
Revenue multiple | Level III | Equity investments: | Market approach (comparable companies) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	14
Revenue multiple | Level III | Equity investments: | Market approach (comparable companies) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	14
Discount rates | Level III | Consumer discretionary | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.11
Discount rates | Level III | Consumer discretionary | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.13
Discount rates | Level III | Consumer discretionary | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.12
Discount rates | Level III | Energy | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.12	0.07
Discount rates | Level III | Energy | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.14	0.09
Discount rates | Level III | Energy | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.13	0.08
Discount rates | Level III | Financials | Market approach (comparable companies) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.11
Discount rates | Level III | Financials | Market approach (comparable companies) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.13
Discount rates | Level III | Financials | Market approach (comparable companies) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.12
Discount rates | Level III | Industrials | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.12
Discount rates | Level III | Industrials | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.13
Discount rates | Level III | Industrials | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.13
Discount rates | Level III | Materials | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.10
Discount rates | Level III | Materials | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.13
Discount rates | Level III | Materials | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.11
Discount rates | Level III | Other: | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.06
Discount rates | Level III | Other: | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.08
Discount rates | Level III | Other: | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.07
Discount rates | Level III | Equity investments: | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.07	0.06
Discount rates | Level III | Equity investments: | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.16	0.08
Discount rates | Level III | Equity investments: | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.12	0.07
Discount rates | Level III | Real estate-oriented investments | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.24
Discount rates | Level III | Real estate-oriented investments | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.26
Discount rates | Level III | Real estate-oriented investments | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.25
Multiple of underlying assets | Level III | Health care | Market approach (comparable companies) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.9
Multiple of underlying assets | Level III | Health care | Market approach (comparable companies) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1.1
Multiple of underlying assets | Level III | Health care | Market approach (comparable companies) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1
Multiple of underlying assets | Level III | Real estate | Market approach (comparable companies) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.9
Multiple of underlying assets | Level III | Real estate | Market approach (comparable companies) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1.1
Multiple of underlying assets | Level III | Real estate | Market approach (comparable companies) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1
Multiple of underlying assets | Level III | Equity investments: | Market approach (comparable companies) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.9
Multiple of underlying assets | Level III | Equity investments: | Market approach (comparable companies) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	1.1
Multiple of underlying assets | Level III | Equity investments: | Market approach (comparable companies) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	1
Earning Multiple | Level III | Equity investments: | Market approach (comparable companies)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	$ 94,428
Earning Multiple | Level III | Equity investments: | Market approach (comparable companies) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	5
Earning Multiple | Level III | Equity investments: | Market approach (comparable companies) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	35
Earning Multiple | Level III | Equity investments: | Market approach (comparable companies) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	13

DERIVATIVES AND HEDGING - Fair

DERIVATIVES AND HEDGING - Fair Value of Freestanding Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Fair Value	$ 14,090	$ 967
Liabilities
Fair Value	(21,531)	(20,984)
Oaktree Capital Group Excluding Consolidated Funds | Foreign-currency forward contracts
Assets
Fair Value	5,095	459
Liabilities
Fair Value	(407)	(20,051)
Not Designated as Hedging Instrument | Oaktree Capital Group Excluding Consolidated Funds | Foreign-currency forward contracts
Assets
Notional	318,313	22,624
Fair Value	5,095	459
Liabilities
Notional	(21,500)	(288,626)
Fair Value	$ (407)	$ (20,051)

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	$ 7,314	$ (9,791)	$ 18,870	$ (10,832)
Investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	4,617	(6,503)	12,555	(4,906)
General and administrative expense
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	$ 2,697	$ (3,288)	$ 6,315	$ (5,926)

DERIVATIVES AND HEDGING - Fai_2

DERIVATIVES AND HEDGING - Fair Value of Derivatives of Consolidated Funds (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Fair Value	$ 14,090	$ 967
Liabilities
Fair Value	(21,531)	(20,984)
Consolidated Funds
Assets
Fair Value	8,995	508
Liabilities
Fair Value	(21,124)
Foreign-currency forward contracts | Consolidated Funds
Assets
Fair Value	8,010	482
Liabilities
Fair Value	(1,048)	(933)
Total-return and interest-rate and credit default swaps | Consolidated Funds
Assets
Fair Value	8
Liabilities
Fair Value	(14,502)
Options and futures | Consolidated Funds
Assets
Fair Value	977	26
Liabilities
Fair Value	(193)
Warrants | Consolidated Funds
Liabilities
Fair Value	(5,381)
Not Designated as Hedging Instrument | Consolidated Funds
Assets
Notional	398,753	51,205
Fair Value	8,995	508
Liabilities
Notional	(74,819)	(47,787)
Fair Value	(21,124)	(933)
Not Designated as Hedging Instrument | Foreign-currency forward contracts | Consolidated Funds
Assets
Notional	175,804	28,638
Fair Value	8,010	482
Liabilities
Notional	(8,969)	(47,787)
Fair Value	(1,048)	(933)
Not Designated as Hedging Instrument | Total-return and interest-rate and credit default swaps | Consolidated Funds
Assets
Notional	137
Fair Value	8
Liabilities
Notional	(64,651)
Fair Value	(14,502)
Not Designated as Hedging Instrument | Options and futures | Consolidated Funds
Assets
Notional	222,812	22,567
Fair Value	977	26
Liabilities
Notional	(1,199)	0
Fair Value	(193)	$ 0
Not Designated as Hedging Instrument | Warrants | Consolidated Funds
Assets
Notional	0
Fair Value	0
Liabilities
Notional	0
Fair Value	$ (5,381)

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	$ 96	$ 146	$ (476)	$ (11,136)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(6,586)	371	(1,474)	(23,646)
Foreign-currency forward contracts
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	1,103	192	803	(11,200)
Net Change in Unrealized Appreciation (Depreciation) on Investments	2,507	417	7,329	(23,483)
Total-return and interest-rate and credit default swaps
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	(288)	68	(367)	68
Net Change in Unrealized Appreciation (Depreciation) on Investments	(13,404)	(6)	(12,420)	(6)
Options and futures
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	(719)	(114)	(912)	(4)
Net Change in Unrealized Appreciation (Depreciation) on Investments	898	(40)	1,016	(157)
Warrants
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	0	0	0	0
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 3,413	$ 0	$ 2,601	$ 0

DERIVATIVES AND HEDGING - Balan

DERIVATIVES AND HEDGING - Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative Assets:
Gross Amounts of Assets Presented	$ 14,090	$ 967
Gross amounts not offset in statements of financial condition, derivative assets	407	459
Gross amounts not offset in statements of financial condition, cash collateral received	0	0
Net Amount	13,683	508
Derivative Liabilities:
Fair Value	(21,531)	(20,984)
Gross amounts not offset in statements of financial condition, derivative (liabilities)	(407)	(459)
Gross amounts not offset in statements of financial condition, cash (pledged)	0	0
Net Amount	(21,124)	(20,525)
Oaktree Capital Group Excluding Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Gross Amounts of Assets Presented	5,095	459
Gross amounts not offset in statements of financial condition, derivative assets	407	459
Gross amounts not offset in statements of financial condition, cash collateral received	0	0
Net Amount	4,688	0
Derivative Liabilities:
Fair Value	(407)	(20,051)
Gross amounts not offset in statements of financial condition, derivative (liabilities)	(407)	(459)
Gross amounts not offset in statements of financial condition, cash (pledged)	0	0
Net Amount	0	(19,592)
Consolidated Funds
Derivative Assets:
Gross Amounts of Assets Presented	8,995	508
Gross amounts not offset in statements of financial condition, derivative assets	0	0
Gross amounts not offset in statements of financial condition, cash collateral received	0	0
Net Amount	8,995	508
Derivative Liabilities:
Fair Value	(21,124)
Gross amounts not offset in statements of financial condition, derivative (liabilities)	0
Gross amounts not offset in statements of financial condition, cash (pledged)	0
Net Amount	(21,124)
Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Gross Amounts of Assets Presented	8,010	482
Gross amounts not offset in statements of financial condition, derivative assets	0	0
Gross amounts not offset in statements of financial condition, cash collateral received	0	0
Net Amount	8,010	482
Derivative Liabilities:
Fair Value	(1,048)	(933)
Gross amounts not offset in statements of financial condition, derivative (liabilities)	0	0
Gross amounts not offset in statements of financial condition, cash (pledged)	0	0
Net Amount	(1,048)	(933)
Consolidated Funds | Total-return and interest-rate and credit default swaps
Derivative Assets:
Gross Amounts of Assets Presented	8
Gross amounts not offset in statements of financial condition, derivative assets	0
Gross amounts not offset in statements of financial condition, cash collateral received	0
Net Amount	8
Derivative Liabilities:
Fair Value	(14,502)
Gross amounts not offset in statements of financial condition, derivative (liabilities)	0
Gross amounts not offset in statements of financial condition, cash (pledged)	0
Net Amount	(14,502)
Consolidated Funds | Options and futures
Derivative Assets:
Gross Amounts of Assets Presented	977	26
Gross amounts not offset in statements of financial condition, derivative assets	0	0
Gross amounts not offset in statements of financial condition, cash collateral received	0	0
Net Amount	977	$ 26
Derivative Liabilities:
Fair Value	(193)
Gross amounts not offset in statements of financial condition, derivative (liabilities)	0
Gross amounts not offset in statements of financial condition, cash (pledged)	0
Net Amount	(193)
Consolidated Funds | Warrants
Derivative Liabilities:
Fair Value	(5,381)
Gross amounts not offset in statements of financial condition, derivative (liabilities)	0
Gross amounts not offset in statements of financial condition, cash (pledged)	0
Net Amount	$ (5,381)

DEBT OBLIGATIONS AND CREDIT F_3

DEBT OBLIGATIONS AND CREDIT FACILITIES - Additional Information (Details)	Jul. 22, 2020USD ($)	May 19, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 23, 2021USD ($)	Sep. 14, 2021USD ($)	Dec. 31, 2020USD ($)	May 01, 2020USD ($)	Dec. 13, 2019USD ($)	Dec. 12, 2019USD ($)	Oct. 01, 2019USD ($)
Debt Instrument [Line Items]
Proceeds from senior unsecured notes	$ 250,000,000
Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Debt obligations			$ 0			$ 0
Total remaining principal			850,000,000			850,000,000
Consolidated Funds
Debt Instrument [Line Items]
Debt obligations			7,208,109,000			6,536,858,000
Borrowings under credit facilities			1,029,708,000			370,920,000
Total remaining principal			7,290,554,000
Securities owned and pledged as collateral			8,500,000,000			7,300,000,000
Revolving credit facility
Debt Instrument [Line Items]
Credit facility		$ 250,000,000
Borrowings under credit facilities			$ 0
Senior Unsecured Notes
Debt Instrument [Line Items]
Credit facility							$ 250,000,000
Stated percentage							3.68%
Senior unsecured notes purchase commitment		$ 250,000,000
Credit Agreement | Oaktree Capital Group Excluding Consolidated Funds | LIBOR
Debt Instrument [Line Items]
Spread on variable rate			0.88%
Credit Agreement | Consolidated Funds
Debt Instrument [Line Items]
Total remaining principal			$ 1,000,000,000			370,900,000
Credit Agreement | Consolidated Funds | Maximum
Debt Instrument [Line Items]
Term (up to)			10 years
Credit Agreement | Revolving credit facility | Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Credit facility								$ 650,000,000	$ 500,000,000
Borrowings under credit facilities			$ 0
Unused capacity, commitment fee percentage			0.08%
Credit Agreement | Revolving credit facility | Consolidated Funds
Debt Instrument [Line Items]
Debt obligations			$ 1,025,954,000			365,988,000
Credit facility			1,131,880,000
Total remaining principal			1,029,708,000			370,920,000
Credit Agreement | Term Loan | Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Total remaining principal			$ 0			$ 0		150,000,000
Assets under management, carrying amount				$ 65,000,000,000	$ 57,500,000,000			$ 65,000,000,000	$ 60,000,000,000
Leverage ratio, maximum					4
Indirect Subsidiaries Of Brookfield Asset Management, Inc.
Debt Instrument [Line Items]
Debt obligations										$ 746,300,000

DEBT OBLIGATIONS AND CREDIT F_4

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Dec. 13, 2019
Debt Instrument [Line Items]
Total remaining principal	$ 850,000,000	$ 850,000,000
Senior secured notes | $250,000, 3.78%, issued in December 2017, payable on December 18, 2032
Debt Instrument [Line Items]
Face amount	$ 250,000
Stated percentage	3.78%
Total remaining principal	$ 250,000,000	250,000,000
Senior secured notes | $50,000, 3.91%, issued in September 2014, payable on September 3, 2024
Debt Instrument [Line Items]
Face amount	$ 50,000
Stated percentage	3.91%
Total remaining principal	$ 50,000,000	50,000,000
Senior secured notes | $100,000, 4.01%, issued in September 2014, payable on September 3, 2026
Debt Instrument [Line Items]
Face amount	$ 100,000
Stated percentage	4.01%
Total remaining principal	$ 100,000,000	100,000,000
Senior secured notes | $100,000, 4.21%, issued in September 2014, payable on September 3, 2029
Debt Instrument [Line Items]
Face amount	$ 100,000
Stated percentage	4.21%
Total remaining principal	$ 100,000,000	100,000,000
Senior secured notes | $100,000, 3.69%, issued in July 2016, payable on July 12, 2031
Debt Instrument [Line Items]
Face amount	$ 100,000
Stated percentage	3.69%
Total remaining principal	$ 100,000,000	100,000,000
Senior secured notes | $200,000, 3.64%, issued in July 2020, payable on July 22, 2030
Debt Instrument [Line Items]
Face amount	$ 200,000
Stated percentage	3.64%
Total remaining principal	$ 200,000,000	200,000,000
Senior secured notes | $50,000, 3.84%, issued in July 2020, payable on July 22, 2035
Debt Instrument [Line Items]
Face amount	$ 50,000
Stated percentage	3.84%
Total remaining principal	$ 50,000,000	50,000,000
Credit Agreement | Term Loan
Debt Instrument [Line Items]
Total remaining principal	$ 0	$ 0	$ 150,000,000

DEBT OBLIGATIONS AND CREDIT F_5

DEBT OBLIGATIONS AND CREDIT FACILITIES - Credit Facilities of Consolidated Funds (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	May 19, 2020
Revolving credit facility
Debt Instrument [Line Items]
Facility Capacity			$ 250,000,000
Consolidated VIEs
Debt Instrument [Line Items]
Outstanding amount	$ 7,290,554,000
Total debt obligations, net	7,208,109,000	$ 6,536,858,000
Credit Agreement | Consolidated VIEs
Debt Instrument [Line Items]
Outstanding amount	1,000,000,000	370,900,000
Credit Agreement | Consolidated VIEs | Revolving credit facility
Debt Instrument [Line Items]
Outstanding amount	1,029,708,000	370,920,000
Less: Debt issuance costs	(3,754,000)	(4,932,000)
Total debt obligations, net	1,025,954,000	$ 365,988,000
Facility Capacity	$ 1,131,880,000
Effective Interest Rate	1.93%
Weighted Average Remaining Maturity (years)	10 months 24 days
Commitment Fee Rate	0.25%

DEBT OBLIGATIONS AND CREDIT F_6

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations of CLOs (Details) - Consolidated Funds - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Fair Value	$ 7,208,109	$ 6,536,858
Senior secured notes
Debt Instrument [Line Items]
Fair Value	$ 6,890,368	$ 6,321,580
Weighted Average Interest Rate	1.84%	2.00%
Weighted Average Remaining Maturity (years)	11 years 1 month 6 days	10 years 2 months 12 days
Subordinated note
Debt Instrument [Line Items]
Fair Value	$ 317,741	$ 215,278
Weighted Average Remaining Maturity (years)	11 years 7 months 6 days	10 years 7 months 6 days

DEBT OBLIGATIONS AND CREDIT F_7

DEBT OBLIGATIONS AND CREDIT FACILITIES - Significant Valuation Inputs (Details)	Sep. 30, 2021
Discount rates | Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.080
Discount rates | High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.260
Discount rates | Weighted Average Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.143
Constant default rates | Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.020
Constant default rates | High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.020
Constant default rates | Weighted Average Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.020
Recovery rates | Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.650
Recovery rates | High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.700
Recovery rates | Weighted Average Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.675

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, 2021USD ($)
Debt Instrument [Line Items]
Remainder of 2021	$ 30,709
2022	0
2023	0
2024	0
2025	0
Thereafter	7,259,845
Total	$ 7,290,554

LEASES - Additional Information

LEASES - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Remaining lease term	1 year
Lease extension option term	5 years
Termination period	1 year

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 1,960	$ 1,784	$ 5,994	$ 5,114
Sublease income	(103)	(96)	(308)	(285)
Total lease cost	$ 1,857	$ 1,688	$ 5,686	$ 4,829

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$ 5,378
Weighted average remaining lease term for operating leases (in years)	9 years 2 months 19 days
Weighted average discount rate for operating leases	4.30%

LEASES - Maturity of Operating

LEASES - Maturity of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
Remainder of 2021	$ 1,645
2022	6,565
2023	5,695
2024	4,683
2025	4,601
Thereafter	25,783
Total lease payments	48,972
Less: imputed interest	(8,700)
Total operating lease liabilities	$ 40,272

NON-CONTROLLING REDEEMABLE IN_3

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Non-Controlling Redeemable Interests in Consolidated Funds [Roll Forward]
Beginning balance	$ 715,347	$ 866,222
Fund consolidation and deconsolidation, net	(192,984)	(720,729)
Contributions	766,103	864,281
Distributions	(126,832)	(217,804)
Net income (loss)	163,105	(174,244)
Change in distributions payable	10,003	(47)
Change in contribution receivable	0	15,826
Foreign currency translation and other, net	(12,725)	11,375
Ending balance	$ 1,322,017	$ 644,880

UNITHOLDERS' CAPITAL - Addition

UNITHOLDERS' CAPITAL - Additional Information (Details) - USD ($)	Aug. 09, 2018	May 17, 2018	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Total unitholders’ capital			$ 2,112,526,000	$ 1,973,452,000	$ 1,879,988,000	$ 1,612,550,000	$ 1,581,018,000	$ 1,702,169,000
Non-controlling interests in consolidated funds			$ 570,557,000		$ 544,935,000
Preferred redemption price (in dollars per share)			$ 25
Preferred redemption notice period			30 days
Preferred redemption period, change in control event			60 days
Preferred redemption price, change in control event (in dollars per share)			$ 25.25
Redemption period after tax redemption event			60 days
Preferred redemption price, tax redemption event (in dollars per share)			$ 25.50
Series A Preferred Units
Class of Stock [Line Items]
Preferred dividend rate		6.625%
Preferred redemption price (in dollars per share)		$ 25
Sale of stock, consideration received		$ 173,700,000
Series A Preferred Units | Preferred Stock Issuance
Class of Stock [Line Items]
Number of shares issued during mergers (in shares)		7,200,000
Series B Preferred Units
Class of Stock [Line Items]
Preferred dividend rate	6.55%
Preferred redemption price (in dollars per share)	$ 25
Sale of stock, consideration received	$ 226,900,000
Series B Preferred Units | Preferred Stock Issuance
Class of Stock [Line Items]
Number of shares issued during mergers (in shares)	9,400,000
OCGH
Class of Stock [Line Items]
Unitholders' capital (in shares)			60,834,146		61,370,607
Non-controlling interests in consolidated subsidiaries			$ 570,557,000		$ 544,935,000
Total weighted average units outstanding
Class of Stock [Line Items]
Subsidiary units outstanding (in shares)					160,047,647
Total unitholders’ capital			$ 1,495,896,000		$ 1,421,127,000
Total weighted average units outstanding | Converted OCGH Units and OCGH Units
Class of Stock [Line Items]
Subsidiary units outstanding (in shares)			159,970,766
Equity Held by Third Parties
Class of Stock [Line Items]
Non-controlling interests in consolidated funds			$ 0		$ 0

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, diluted (in shares)	159,971	160,062	160,008	159,965
Oaktree Operating Group net income (loss):
Oaktree Operating Group net income (loss)	$ 194,455	$ 67,494	$ 920,192	$ (187,847)
Net income (loss) attributable to OCG Class A unitholders:
Oaktree Operating Group net income (loss) attributable to OCG Class A unitholders	76,070	45,902	426,575	(19,878)
Non-Operating Group income and expense	14,138	(348)	44,435	(906)
Net income (loss) attributable to OCG Class A unitholders	$ 90,208	$ 45,554	$ 471,010	$ (20,784)
Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	159,971	160,062	160,008	159,965
Oaktree Operating Group net income (loss):
Oaktree Operating Group net income (loss)	$ 129,579	$ 81,724	$ 710,925	$ (12,697)
Series A Preferred Units | Oaktree Operating Group
Oaktree Operating Group net income (loss):
Oaktree Operating Group net income (loss)	$ 6,829	$ 6,829	$ 20,487	$ 20,487
OCGH Units | Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	60,834	61,385	61,013	61,508
Total weighted average units outstanding, diluted (in shares)	60,834	61,385	61,013	61,508
Oaktree Operating Group net income (loss):
Oaktree Operating Group net income (loss)	$ 46,680	$ 28,993	$ 263,863	$ (13,306)
Class A Units
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	99,137	98,677	98,995	98,457
Total weighted average units outstanding, diluted (in shares)	99,137	98,677	98,995	98,457
Net income (loss) attributable to OCG Class A unitholders:
Net income (loss) attributable to OCG Class A unitholders	$ 90,208	$ 45,554	$ 471,010	$ (20,784)
Class A Units | Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	99,137	98,677	98,995	98,457
Total weighted average units outstanding, diluted (in shares)	99,137	98,677	98,995	98,457
Oaktree Operating Group net income (loss):
Oaktree Operating Group net income (loss)	$ 76,070	$ 45,902	$ 426,575	$ (19,878)

UNITHOLDERS' CAPITAL - Changes

UNITHOLDERS' CAPITAL - Changes in Company Ownership Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Net income (loss) attributable to OCG Class A unitholders	$ 90,208	$ 45,554	$ 471,010	$ (20,784)
Equity reallocation between controlling and non-controlling interests	2,205	(184)	3,667	1,829
Change from net income (loss) attributable to OCG Class A unitholders and transfers from non-controlling interests	$ 92,413	$ 45,370	$ 474,677	$ (18,955)

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Line Items]
Net income (loss) attributable to OCG Class A unitholders	$ 90,208	$ 45,554	$ 471,010	$ (20,784)
Weighted average number of Class A units outstanding, diluted (in shares)	159,971	160,062	160,008	159,965
Class A Units
Earnings Per Share [Line Items]
Net income (loss) attributable to OCG Class A unitholders, diluted	$ 90,208	$ 45,554	$ 471,010	$ (20,784)
Net income (loss) attributable to OCG Class A unitholders	$ 90,208	$ 45,554	$ 471,010	$ (20,784)
Weighted average number of Class A units outstanding, basic (in shares)	99,137	98,677	98,995	98,457
Weighted average number of Class A units outstanding, diluted (in shares)	99,137	98,677	98,995	98,457
Basic net income (loss) per Class A unit (in dollars per share)	$ 0.91	$ 0.46	$ 4.76	$ (0.21)
Diluted net income (loss) per Class A unit (in dollars per share)	$ 0.91	$ 0.46	$ 4.76	$ (0.21)

EARNINGS PER UNIT - Computati_2

EARNINGS PER UNIT - Computations of Net Income (Loss) Per Unit (Additional Information) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021shares	Sep. 30, 2020shares	Sep. 30, 2021shares	Sep. 30, 2020shares
Performance Share Awards
Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share computation (in shares)	0	0	0	0
Performance Share Awards
Earnings Per Share [Line Items]
Exchange ratio			1
Vesting period			10 years
OCGH Units
Earnings Per Share [Line Items]
Exchange ratio			1
OCGH issued (in shares)	0	0	0	0
OCGH Units | Performance Share Awards | Minimum
Earnings Per Share [Line Items]
Vesting period			4 years
OCGH Units | Performance Share Awards | Maximum
Earnings Per Share [Line Items]
Vesting period			10 years
Class A Units
Earnings Per Share [Line Items]
Exchange ratio			1

EQUITY-BASED AND OTHER DEFERR_3

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - Long Term Incentive Plan Awards (Details) - Employees and Directors - LTIP Awards - Long-Term Incentive Plan	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted	$ 0	$ 18,000,000
Vesting period		4 years
Compensation expense, expected	49,300,000	$ 49,300,000
Weighted average period of recognition non-vested equity-based awards		3 years 2 months 12 days
Compensation expense, recognized	$ 4,700,000	$ 12,100,000

EQUITY-BASED AND OTHER DEFERR_4

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - Equity-Based Compensation (Details) - shares	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Oaktree Operating Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Subsidiary units outstanding (in shares)		160,047,647
Converted OCGH Units and OCGH Units | Oaktree Operating Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Subsidiary units outstanding (in shares)	159,970,766
Two Thousand Eleven Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of unit authorized (in shares)	24,007,147
Number of units awarded (in shares)	15,756,422
Two Thousand Eleven Plan | Equity Value Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units issued as of balance sheet date (in shares)	2,000,000

EQUITY-BASED AND OTHER DEFERR_5

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - Restated Exchange Agreement (Details)	9 Months Ended	12 Months Ended						36 Months Ended	72 Months Ended
	Sep. 30, 2021USD ($)$ / 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%
Plan modification, incremental cost	$ 0
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%
OCGH Units | Forecast
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%
OCGH Units | Messrs. Howard Marks, Bruce Karsh, Jay Wintrob, John Frank, Sheldon Stone, Richard Masson And Larry Keele | Forecast
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%
OCGH Units | Current employees not separately named | Forecast
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%
OCGH Units | Maximum
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
OCGH Units | Minimum
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
Converted Class A Units and Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions, price per unit (in dollars 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%

EQUITY-BASED AND OTHER DEFERR_6

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - OCGH Unit Awards (Details) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended		21 Months Ended
	Mar. 31, 2018	Sep. 30, 2021USD ($)company$ / sharesshares	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2018
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		0
Unrecognized compensation expense on non-vested equity-based awards | $		$ 18.7
Weighted average period of recognition non-vested equity-based awards		2 years 9 months 18 days
Estimated liquidity period (in years)	7 years		6 years 4 months 24 days
Share exchange rate		1
Number of comparable companies used in volatility calculation | company		5
Discount percentage				17.50%	20.00%
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share exchange rate		1
Converted Class A Units and Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions, price per unit (in dollars per share) | $ / shares		$ 49

EQUITY-BASED AND OTHER DEFERR_7

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - Summary of Unvested Equity-Based Awards and Changes (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares	Sep. 30, 2020
Converted OCGH Units
Number of Units
Beginning balance (in shares) | shares	462,742
Granted (in shares) | shares	0
Vested (in shares) | shares	(181,852)
Forfeited (in shares) | shares	(2,450)
Ending balance (in shares) | shares	278,440
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 46.25
Granted (in dollars per share)	0
Vested (in dollars per share)	45.38
Forfeited (in dollars per share)	49.52
Ending balance (in dollars per share)	$ 46.80
Stock conversion ratio				1
Shares issued, price per share (in dollars per share)			$ 49
OCGH Units
Number of Units
Beginning balance (in shares) | shares	556,352
Granted (in shares) | shares	0
Vested (in shares) | shares	(164,193)
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	392,159
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 37.87
Granted (in dollars per share)	0
Vested (in dollars per share)	37.66
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	$ 37.96
Forecast | Converted OCGH Units
Weighted Average Grant Date Fair Value
Shares issued, price per share (in dollars per share)		$ 49

EQUITY-BASED AND OTHER DEFERR_8

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - Equity Value Units (Details) - Equity Value Units - shares	Apr. 26, 2017	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recapitalization percentage		33.33%
Number of units granted (in shares)	225,000

EQUITY-BASED AND OTHER DEFERR_9

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - Deferred Equity Units (Details)	9 Months Ended
	Sep. 30, 2021shares
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchange ratio	1
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchange ratio	1
Vesting period	10 years
Nonvested units outstanding (in shares)	767,499,000
Awards expected to vest (in shares)	0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Contingencies And Commitments [Line Items]
Accrued incentives (fund level)	$ 1,949,827	$ 1,321,782
Compensation expense related to accrued incentives (fund level)	1,044,223	710,774
Capital commitments	315,300	350,600
Consolidated Funds
Contingencies And Commitments [Line Items]
Aggregate potential credit and investment commitments	6,000	$ 1,100
Oaktree Opportunities Fund XI, L.P.
Contingencies And Commitments [Line Items]
Capital commitments	$ 600,000

RELATED-PARTY TRANSACTIONS - Am

RELATED-PARTY TRANSACTIONS - Amounts Due from and Due to Affiliates (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Employee
Due from affiliates:
Loans to affiliates and employees	$ 0		$ 2,400,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans to affiliates and employees	0		$ 2,400,000
Oaktree Capital Group Excluding Consolidated Funds
Due from affiliates:
Loans to affiliates and employees	190,026,000	$ 2,372,000
Amounts due from unconsolidated funds	5,818,000	6,429,000
Management fees and incentive income due from unconsolidated funds and affiliates	64,613,000	119,600,000
Payments made on behalf of unconsolidated entities	35,712,000	905,000
Non-interest bearing advances made to certain non-controlling interest holders and employees	186,000	235,000
Total due from affiliates	296,355,000	129,541,000
Due to affiliates:
Amounts due to unconsolidated entities	223,000	9,688,000
Amounts due to senior executives, certain non-controlling interest holders and employees	222,000	0
Total due to affiliates	445,000	9,688,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans to affiliates and employees	$ 190,026,000	$ 2,372,000

RELATED-PARTY TRANSACTIONS - Ad

RELATED-PARTY TRANSACTIONS - Additional Information (Details)	Sep. 30, 2021USD ($)	Aug. 03, 2020USD ($)	Oct. 01, 2019USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	May 07, 2021USD ($)instrument	Dec. 31, 2020USD ($)	May 19, 2020USD ($)	Dec. 13, 2019USD ($)	Dec. 12, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capital commitment						$ 112,500,000
Oaktree Opportunities Fund XI, L.P.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capital commitment		$ 750,000,000				750,000,000
Contributions of committed capital						150,000,000
Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit facility										$ 250,000,000
Borrowings under credit facilities	$ 0			$ 0		0
Revolving credit facility | Credit Agreement | Oaktree Capital I, L.P | Oaktree Capital Management, L.P.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of debt instruments | instrument								2
Credit facility								$ 250,000,000
Oaktree Capital Group Excluding Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans to affiliates and employees	190,026,000			190,026,000		190,026,000			$ 2,372,000
Due from affiliates	296,355,000			296,355,000		296,355,000			129,541,000
Oaktree Capital Group Excluding Consolidated Funds | Revolving credit facility | Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit facility											$ 650,000,000	$ 500,000,000
Borrowings under credit facilities	0			0		0
Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Reimbursable expenses payable			$ 750,000
Termination period (in days)			90 days
Administrative expenses				200,000	$ 200,000	600,000	$ 600,000
Administrative services reimbursement payable	0			0		0			$ 800,000
Affiliates | Revolving credit facility | Credit Agreement | Oaktree Capital I, L.P | Oaktree Capital Management, L.P.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest income				26,000		52,000
Affiliates | Revolving credit facility | Revolving Line Of Credit Note With Oaktree Capital Management L.P. | Credit Agreement | Oaktree Capital Management, L.P.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from borrowing	190,000,000
Affiliates | Oaktree Capital Group Excluding Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Management fees and incentive income				169,400,000	1,500,000	816,600,000	46,800,000
Employee
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest income				0	2,000	3,000	7,000
Loans to affiliates and employees	$ 0			$ 0	$ 2,400,000	$ 0	$ 2,400,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)	9 Months Ended
	Sep. 30, 2021segment
Segment Reporting [Abstract]
Number of segments	1

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Dec. 15, 2021	Nov. 10, 2021	Nov. 04, 2021
Senior secured notes | Subsequent Event | Senior Unsecured Notes Due 2037
Class of Stock [Line Items]
Face amount			$ 200,000,000
Stated percentage			3.06%
Series A Preferred Units | Forecast
Class of Stock [Line Items]
Distributions declared per preferred unit (in dollars per share)	$ 0.414063	$ 0.83
Series B Preferred Units | Forecast
Class of Stock [Line Items]
Distributions declared per preferred unit (in dollars per share)	$ 0.409375