Oaktree Capital (OAK-PB) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35500
Entity Registrant Name	Brookfield Oaktree Holdings, 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 Information, Former Legal or Registered Name	Oaktree Capital Group, LLC
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	2024
Document Fiscal Period Focus	Q1
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		116,373,234
Class B Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		43,756,355

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Derivative assets, at fair value	$ 11,214	$ 17,741
Total assets	8,248,669	7,555,933
Liabilities:
Derivative liabilities, at fair value	20,603	30,750
Total liabilities	2,203,854	1,634,479
Commitments and contingencies
Unitholders’ capital:
Paid-in capital	1,527,933	1,529,909
Retained earnings	402,582	334,314
Accumulated other comprehensive loss	(14,115)	(13,096)
Unitholders’ capital attributable to Brookfield Oaktree Holdings, LLC	2,316,984	2,251,711
Non-controlling interests in consolidated subsidiaries	382,879	333,195
Total unitholders’ capital	2,699,863	2,584,906
Total liabilities and unitholders’ capital	8,248,669	7,555,933
Related Party
Assets
Due from affiliates	73,971	232,485
Liabilities:
Due to affiliates	22,068	62,759
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	58,134	28,507
Investments	1,438,991	1,532,208
Due from affiliates	73,971	232,485
Other assets, net	66,737	66,650
Liabilities:
Accrued compensation expense	87,940	138,841
Debt obligations	217,040	219,682
Oaktree Capital Group Excluding Consolidated Funds | U.S. Treasury and other securities
Assets
U.S. Treasury and other securities	250,000	0
Oaktree Capital Group Excluding Consolidated Funds | Nonrelated Party
Liabilities:
Due to affiliates	3,672	3,837
Oaktree Capital Group Excluding Consolidated Funds | Related Party
Liabilities:
Due to affiliates		62,759
Consolidated Funds
Assets
Cash and cash-equivalents	383,831	308,172
Investments	5,771,776	5,143,677
Other assets, net	106,637	78,411
Dividends and interest receivable	45,385	37,839
Receivable for securities sold	43,899	118,851
Derivative assets, at fair value	9,308	9,133
Total assets	6,400,000
Liabilities:
Due to affiliates	30,319	14,701
Debt obligations	381,666	0
Payables for securities purchased	385,318	124,789
Derivative liabilities, at fair value	18,961	22,230
Distributions payable	577	95,690
Debt obligations of the consolidated funds	1,056,293	951,950
Total liabilities	1,900,000
Non-controlling redeemable interests in consolidated funds	$ 3,344,952	$ 3,336,548

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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)	109,198,991	109,198,991
Common units, outstanding (in shares)	109,198,991	109,198,991
Class B Units
Common units, par value (in dollars per share)	$ 0	$ 0
Common units, issued (in shares)	50,930,598	50,915,764
Common units, outstanding (in shares)	50,930,598	50,915,764
Oaktree Capital Group Excluding Consolidated Funds
Investments, at fair value	$ 384,763	$ 402,620

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 115,329	$ 59,401
Expenses:
Compensation and benefits	(199)	(91)
Incentive income compensation	(26,320)	(58,538)
Total compensation and benefits expense	(26,519)	(58,629)
General and administrative	(3,389)	(1,924)
Consolidated fund expenses	(20,575)	(14,136)
Total expenses	(50,483)	(74,689)
Other income (loss):
Interest expense	(22,215)	(16,549)
Interest and dividend income	121,384	66,809
Net realized (loss) gain on consolidated funds’ investments	(51,776)	31,680
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	117,474	(25,182)
Investment income	18,240	51,722
Total other income	183,107	108,480
Income before income taxes	247,953	93,192
Income taxes	0	0
Net income	247,953	93,192
Less:
Net income attributable to Brookfield Oaktree Holdings, LLC	83,615	45,758
Net income attributable to preferred unitholders	(6,829)	(6,829)
Net income attributable to Brookfield Oaktree Holdings, LLC Class A unitholders	$ 76,786	$ 38,929
Distributions declared per Class A unit (in dollars per share)	$ 0.14	$ 0.11
Net income per Class A unit (basic and diluted):
Net income per Class A unit, basic (in dollars per share)	0.70	0.39
Net income per Class A unit, diluted (in dollars per share)	$ 0.70	$ 0.39
Weighted average number of Class A units outstanding, basic (in shares)	109,199	99,238
Weighted average number of Class A units outstanding, diluted (in shares)	109,199	99,238
Consolidated Funds
Less:
Net income attributable to non-controlling interests	$ (111,610)	$ (27,734)
Consolidated Subsidiaries
Less:
Net income attributable to non-controlling interests	$ (52,728)	$ (19,700)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 247,953	$ 93,192
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(1,495)	(36)
Other comprehensive loss, net of tax	(1,495)	(36)
Total comprehensive income	246,458	93,156
Consolidated Funds
Other comprehensive loss, net of tax:
Less: Comprehensive income attributable to non-controlling interest	(111,610)	(27,734)
Consolidated Subsidiaries
Other comprehensive loss, net of tax:
Less: Comprehensive income attributable to non-controlling interest	(52,253)	(19,686)
OCG
Other comprehensive loss, net of tax:
Comprehensive income attributable to BOH	82,595	45,736
Comprehensive income attributable to preferred unitholders	(6,829)	(6,829)
Comprehensive income attributable to BOH Class A unitholders	$ 75,766	$ 38,907

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 247,953	$ 93,192
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Investment income	(18,240)	(51,722)
Net realized and unrealized gain from consolidated funds’ investments	(65,698)	(6,498)
Accretion of original issue and market discount of consolidated funds’ investments, net	(18,589)	(7,819)
Distributions of investment income and settlements of derivative instruments	19,924	(10,687)
Other non-cash items	1,720	(35)
Cash flows due to changes in operating assets and liabilities:
Net cash provided (used) in operating activities	(236,921)	(156,554)
Cash flows from investing activities:
Purchases of U.S. Treasury and other securities	(250,000)	0
Corporate investments in funds and companies	(3,568)	(43,547)
Distributions and proceeds from corporate investments in funds and companies	120,711	71,563
Net cash (used) provided by investing activities	(132,857)	28,016
Cash flows from financing activities:
Net cash provided by financing activities	480,021	409,716
Supplemental Cash Flow Information [Abstract]
Effect of exchange rate changes on cash	(4,187)	5,300
Net (decrease) increase in cash and cash-equivalents	106,056	286,478
Initial consolidation (deconsolidation) of funds	(770)	0
Cash and cash-equivalents, beginning balance	336,679	176,130
Cash and cash-equivalents, ending balance	441,965	462,608
Oaktree Capital Group Excluding Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Increase in other assets	(217)	(975)
Decrease in net due from affiliates	117,790	164,302
Decrease in accrued compensation expense	(50,901)	(9,483)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(165)	(1,252)
Cash flows from financing activities:
Capital (distributions)/ contributions, net	(271)	149,214
Distributions to Class A unitholders	(14,758)	(1,576)
Distributions to OCGH unitholders	(7,658)	(6,274)
Distributions to preferred unitholders	(6,829)	(6,829)
Supplemental Cash Flow Information [Abstract]
Cash and cash-equivalents, ending balance	58,134	163,450
Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(80,463)	(977)
Increase in dividends and interest receivable	(9,944)	(4,696)
Decrease (increase) in due from brokers	0	34,749
Decrease (increase) in receivables for securities sold	74,941	(28,500)
Decrease (increase) in other assets	(28,469)	(9,606)
Increase (decrease) in payables for securities purchased	234,557	(21,333)
Purchases of securities	(1,226,773)	(1,369,074)
Proceeds from maturities and sales of securities	565,653	1,073,860
Cash flows from financing activities:
Contributions from non-controlling interests	89,612	606,515
Distributions to non-controlling interests	(26,149)	(29,533)
Payment of debt issuance costs	(1,687)	0
Borrowings on credit facilities	871,492	50,300
Repayments on credit facilities	(423,731)	(352,101)
Supplemental Cash Flow Information [Abstract]
Cash and cash-equivalents, ending balance	$ 383,831	$ 299,158

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Unitholders' Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	$ 2,584,906	$ 1,906,638
Capital contributions		150,000
Equity reallocation between controlling and non-controlling interests	(271)	(486)
Distributions declared	(19,620)	(14,679)
Net income	136,343	65,458
Foreign currency translation adjustment, net of tax	(1,495)	(36)
Unitholders' capital, end of period	2,699,863	2,106,895
Paid-in Capital
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	1,529,909	908,142
Capital contributions		150,000
Equity reallocation between controlling and non-controlling interests	(1,976)	(2,271)
Unitholders' capital, end of period	1,527,933	1,055,871
Retained Earnings (Accumulated Deficit)
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	334,314	246,353
Distributions declared	(8,518)	(1,576)
Net income	76,786	38,929
Unitholders' capital, end of period	402,582	283,706
Accumulated Other Comprehensive Income (Loss)
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	(13,096)	(9,101)
Foreign currency translation adjustment, net of tax	(1,020)	(22)
Unitholders' capital, end of period	(14,116)	(9,123)
Non-controlling Interests in Consolidated Subsidiaries
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	333,195	360,660
Equity reallocation between controlling and non-controlling interests	1,705	1,785
Distributions declared	(4,273)	(6,274)
Net income	52,728	19,700
Foreign currency translation adjustment, net of tax	(475)	(14)
Unitholders' capital, end of period	$ 382,880	$ 375,857
Class A Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	109,198,991
Unitholders' capital, end of period (in shares)	109,198,991
Class A Units | Common Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	109,199,000	103,081,000
Unitholders' capital, end of period (in shares)	109,199,000	103,081,000
Class B Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	50,915,764
Unitholders' capital, end of period (in shares)	50,930,598
Class B Units | Common Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	50,916,000	56,922,000
Net issuance of units (in shares)	15,000	122,000
Cancellation of units associated with forfeitures (in shares)		(9,000)
Unitholders' capital, end of period (in shares)	50,931,000	57,035,000
Series A Preferred Units | Equities – Preferred Stock
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	$ 173,669	$ 173,669
Distributions declared	(2,981)	(2,981)
Net income	2,981	2,981
Unitholders' capital, end of period	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
Distributions declared	(3,848)	(3,848)
Net income	3,848	3,848
Unitholders' capital, end of period	$ 226,915	$ 226,915

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
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 the Oaktree Operating Group and, where applicable, their respective subsidiaries and affiliates; and the “Company” refers to Brookfield Oaktree Holdings, LLC and, where applicable, its subsidiaries and affiliates. 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. Brookfield Oaktree Holdings, LLC is a Delaware limited liability company that was formed on April 13, 2007 under the name of Oaktree Capital Group, LLC. The Company’s issued and outstanding member interests are divided into certain classes and series of units. The Company’s outstanding units are held by (i) an affiliate of Brookfield Corporation (formerly known as Brookfield Asset Management, Inc.) (“Brookfield”) as the sole holder of the Company’s Class A common units, (ii) preferred unitholders as the holders of Series A and Series B preferred units listed on the NYSE, which represent only the right to receive certain distributions from the Company and such other rights as are specified in the relevant preferred unit designations, and (iii) Oaktree Capital Group Holdings, L.P. (“OCGH”) as the sole holder of the Company’s Class B common units, which units do not represent an economic interest in the Company . OCGH is owned by Oaktree’s senior executives, current and former Oaktree employees, and their respective transferees (collectively, the “OCGH unitholders”). 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 are entitled to one vote per unit and the Class B units are entitled to ten votes per unit, voting together as a single class. The Company’s current ownership and operational structure were the results of certain mergers with affiliates of Brookfield completed on September 30, 2019 (the “Mergers”) and subsequent restructurings completed on October 1, 2019 in connection with the Mergers (the “2019 Restructuring”) and on November 30, 2022 (“Effective Date”) in connection with an internal Oaktree reorganization to facilitate the separation of Brookfield’s capital business and asset management business (the “2022 Restructuring”). See Part I, Item I included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 2, 2020 for more information regarding the Mergers and the 2019 Restructuring. See Item 1.01 of the Company’s Current Report on Form 8-K filed with the SEC on December 6, 2022 for more information about the 2022 Restructuring. The Oaktree business is conducted through a group of six operating entities collectively referred to as the “Oaktree Operating Group.” The Oaktree Operating Group consists of: (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, (ii) Oaktree Capital II, L.P. (“Oaktree Capital II”), a series limited partnership 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., (iii) Oaktree Capital Management, L.P. (“OCM”), the entity that serves as the U.S. registered investment adviser to most of the Oaktree funds, (iv) Oaktree Capital Management (Cayman), L.P. (“OCM Cayman”), which represents Oaktree’s non-U.S. fee business, (v) Oaktree Investment Holdings, L.P. (“Oaktree Investment Holdings”), which holds certain corporate investments in other entities and (vi) Oaktree AIF Investments, L.P. (“Oaktree AIF”), which primarily holds interests in certain Oaktree fund investments for regulatory and structuring purpos es. From the date of the 2019 Restructuring until the date of the 2022 Restructuring, the Company’s operations were conducted through indirect economic interests in only two of these six Oaktree Operating Group entities, specifically Oaktree Capital I and OCM Cayman. As a result of the 2022 Restructuring, however, the Company (i) distributed all of its interests in the economic shares of Oaktree Holdings, Ltd., the parent entity of OCM Cayman, to its sole Class A unitholder and (ii) transferred all of its interests in the voting shares of Oaktree Holdings, Ltd. to Oaktree Capital Holdings, LLC (“OCH”) which is a non-subsidiary affiliate of the Company. Accordingly, subsequent to the 2022 Restructuring, the Company’s operations are now conducted through an indirect economic interest in only one of the Oaktree Operating Group entities, specifically Oaktree Capital I, and because the Company no longer controls or has an economic interest in OCM Cayman, OCM Cayman was deconsolidated as of the Effective Date of the 2022 Restructuring. Additionally, the Company concluded that it is no longer the primary beneficiary for CLOs whose direct ownership interests are held by OCM Cayman . OCM, an affiliate of the Company, has since the 2019 Restructuring provided certain administrative and other services relating to the operations of the Company’s business. These services are provided pursuant to a Services Agreement between the Company and OCM (as amended from time to time, the “Services Agreement”). Prior to the 2022 Restructuring, employees of the Company directly provided investment management and administrative support for its non-U.S. fee-based operations, while providing investment management, marketing and administrative services to OCM. The Company received fees from OCM for providing these services. Subsequent to the 2022 Restructuring, the Company no longer receives such fee-based income from OCM but continues to pay fees to OCM under the Services Agreement for services it provides to the Company. Subsequent to the 2022 Restructuring, the Company’s revenue continues to include the incentive income generated by certain funds that OCM manages for which the Company acts as general partner and the investment income earned from the investments the Company makes in Oaktree funds, third-party funds and other companies. Investment income generally reflects the investment return on a mark-to-market basis and the Company’s equity participation on the amounts that it invests in Oaktree and third-party funds. Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. Certain of the Oaktree funds consolidated by the Company are investment companies that follow a specialized basis of accounting established by GAAP. All intercompany transactions and balances have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 21, 2024. 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	3 Months Ended
	Mar. 31, 2024
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. As a result of the 2022 Restructuring, the Company no longer controls OCM Cayman and therefore OCM Cayman was deconsolidated as of the effective date of the 2022 Restructuring. Additionally, the Company concluded that it was no longer the primary beneficiary for CLOs whose direct ownership interests are held by OCM Cayman. 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 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. 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 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 consolidated statements of financial condition until realized. Gains and losses resulting from foreign-currency transactions are included in general and administrative expense. Subsequent to the 2022 Restructuring, the Company deconsolidated OCM Cayman which included the Company’s foreign subsidiaries with non-U.S. dollar functional currencies. 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. 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. At March 31, 2024 and December 31, 2023, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions. U.S. Treasury and Other Securities U.S. Treasury and other securities include holdings of U.S. Treasury bills, time deposit securities, notes and bonds, commercial paper, and investment grade debt securities 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 with maturities greater than three months from the date of acquisition. 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, equities received as part of our sponsorship of SPACs, 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 - Incentive Income The Company earns 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. 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. 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. Total Compensation and Benefits 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. Other Income (Expense), Net Other income (expense), net represents non-operating income or expense items. 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 analyzes its tax filing positions for all open tax years in all of the U.S. federal, state and local 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. 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. Accounting Policies of Consolidated Funds 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. 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. 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. Cash and Cash-equivalents Cash and cash-equivalents held at the consolidated funds represent cash that, although not legally restricted, is not available to support the general liquidity needs of the Company as the use of such amounts is generally limited to the investment activities of the consolidated funds. Cash-equivalents, a Level I valuation, include highly liquid investments such as money market funds, whose carrying value approximates fair value due to its short-term nature. 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 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 h

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The Company earns incentive income generated by the funds, for which it serves as general partner. 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 incentive income and investors’ ability to redeem. Revenues by fund structure are set forth below. Three months ended March 31, 2024 2023 Incentive Income Closed-end $ 112,497 $ 59,099 Evergreen 2,832 302 Total $ 115,329 $ 59,401 Contract Balances I ncentive income is received generally after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors. Contract assets relate to the Company’s conditional right to receive payment for its performance completed under the contract. Receivables are recorded when the right to consideration becomes unconditional (i.e., only requires the passage of time). Contract liabilities (i.e., deferred revenues) relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenues when the Company provides investment management services. The table below sets forth contract balances for the periods indicated: As of March 31, 2024 December 31, 2023 Receivables $ 476 $ 9,407 Contract assets (1) — 192,645 (1) The changes in the balances primarily relate to accruals, net of payments received.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES The Company consolidates VIEs for which Oaktree is the primary beneficiary. VIEs include funds managed by Oaktree and CLOs for which Oaktree acts as collateral manager. The purpose of these VIEs is to provide investment opportunities for investors in exchange for management fees and, in certain cases, performance-based fees. While the investment strategies of the funds and CLOs differ by product, in general the fundamental risks of the funds and CLOs have similar characteristics, including loss of invested capital and reduction or absence of management and performance-based fees. As general partner or collateral manager, respectively, Oaktree generally considers itself the sponsor of the applicable fund or CLO. The Company does not provide performance guarantees and, other than capital commitments, has no financial obligation to provide funding to VIEs. Consolidated VIEs As of March 31, 2024, the Company consolidated 9 VIEs for which it was the primary beneficiary, including 8 funds managed by Oaktree and 1 CLO for which Oaktree serves as collateral manager. As of December 31, 2023, the Company consolidated 9 VIEs. As of March 31, 2024, the assets and liabilities of the 9 consolidated VIEs representing funds and a CLO amounted to $6.4 billion and $1.9 billion, respectively. The assets of these consolidated VIEs primarily consisted of investments in debt and equity securities, while their liabilities primarily represented debt obligations issued by a CLO. 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. As of March 31, 2024, the Company’s investments in consolidated VIEs had a carrying value of $1.2 billion, which represented its maximum risk of loss as of that date. 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 Oaktree’s fee arrangements are considered at-market and it does not hold interests in those entities that are considered more than insignificant. The carrying value of the Company’s investments in VIEs that were not consolidated are shown below. Carrying Value as of March 31, 2024 December 31, 2023 Corporate investments $ 923,984 $ 999,112 Due from affiliates 539 199,861 Maximum exposure to loss $ 924,523 $ 1,198,973

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
INVESTMENTS	INVESTMENTS Corporate Investments Corporate investments consisted of the following: As of Corporate Investments March 31, 2024 December 31, 2023 Equity-method investments: Funds $ 1,342,340 $ 1,434,988 Companies 11,524 11,901 Other investments, at fair value 85,127 85,319 Total corporate investments $ 1,438,991 $ 1,532,208 The components of investment income (loss) are set forth below: Three months ended March 31, Investment Income (Loss) 2024 2023 Equity-method investments: Funds $ 4,612 $ 26,122 Companies (377) (3) Other investments, at fair value 14,005 25,603 Total investment income $ 18,240 $ 51,722 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. On June 27, 2023, the Company entered into a contribution agreement with Brookfield Corporate Treasury Ltd. and acquired the equity ownership in certain entities which beneficially own shares in Brookfield Real Estate Income Trust. The Company accounted for the acquired interests as equity method investments with fair value election. The fair value option has been elected to simplify the accounting for the investment in OCG NTR Holdings, LLC, a wholly owned subsidiary of the Company (“NTR”). Changes in the fair value and cash dividends received from the investment in NTR are included in investment income. During the three months ended March 31, 2024, the Company recognized an equity investment loss of $17.7 million. Please refer to note 14 for the detailed description of the transaction. Each reporting period, the Company evaluates each of its equity-method investments to determine if any are considered significant, as defined by the SEC. As of March 31, 2024, or for the three months ended March 31, 2024 and 2023, no individual equity-method investment met the significance criteria. Summarized financial information of the Company’s equity-method investments is set forth below. Three months ended March 31, Statements of Operations 2024 2023 Revenues / investment income $ 1,041,837 $ 1,176,631 Interest expense (141,221) (147,966) Other expenses (270,030) (239,798) Net realized and unrealized gain on investments 1,146,042 325,585 Net income $ 1,776,628 $ 1,114,452 Other Investments, at Fair Value Other investments, at fair value primarily consist of (a) investments in certain Oaktree and non-Oaktree funds, (b) non-investment grade debt securities, (c) equities received as part of our sponsorship of SPACs and (d) 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 at fair value: Three months ended March 31, 2024 2023 Realized gain (loss) $ 7,535 $ 1,069 Net change in unrealized gain (loss) 6,470 24,534 Total gain (loss) $ 14,005 $ 25,603 Investments of Consolidated Funds Investments, at Fair Value Investments held and securities sold short by the consolidated funds are summarized below: Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 United States: Debt securities: Communication services $ 148,272 $ 69,509 2.6 % 1.4 % Consumer discretionary 291,691 202,355 5.1 3.9 Consumer staples 54,040 28,149 0.9 0.5 Energy 114,814 110,990 2.0 2.2 Financials 283,612 223,794 4.9 4.4 Health care 310,429 226,554 5.4 4.4 Industrials 462,602 379,538 8.0 7.5 Information technology 125,611 87,355 2.2 1.7 Materials 371,007 333,459 6.4 6.5 Real estate 100,215 97,621 1.7 1.9 Utilities 43,772 19,954 0.8 0.4 Other 514,516 549,164 8.9 10.6 Total debt securities (cost:$2,816,424 and $2,341,421 as of March 31, 2024 and December 31, 2023, respectively) 2,820,581 2,328,442 48.9 45.4 Equity securities: Communication services 84,675 79,522 1.5 1.5 Consumer discretionary 40,063 68,056 0.7 1.3 Energy 430,082 427,034 7.5 8.3 Financials 234,302 171,924 4.1 3.3 Health care 33,294 32,418 0.6 0.6 Industrials 421,733 369,019 7.3 7.2 Information technology 43,997 44,350 0.8 0.9 Utilities 70,118 89,427 1.2 1.7 Total equity securities (cost: $1,086,131 and $1,095,721 as of March 31, 2024 and December 31, 2023, respectively) 1,358,264 1,281,750 23.7 24.8 Real estate: Real estate 13,952 13,780 0.2 0.3 Total real estate securities (cost: $23,160 and $22,716 as of March 31, 2024 and December 31, 2023, respectively) 13,952 13,780 0.2 0.3 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Europe: Debt securities: Communication services $ 103,870 $ 111,898 1.8 % 2.1 % Consumer discretionary 27,120 18,560 0.5 0.4 Consumer staples 8,379 3,107 0.1 0.1 Energy 5,231 1,185 0.1 — Financials 23,151 18,381 0.4 0.4 Health care 11,760 12,136 0.2 0.2 Industrials 18,965 15,993 0.3 0.3 Information technology 6,141 5,402 0.1 0.1 Materials 11,734 13,487 0.2 0.3 Real estate 14,339 13,424 0.2 0.3 Utilities 1,241 5,417 — 0.1 Other 34,989 34,686 0.6 0.6 Total debt securities (cost: $246,604 and $231,315 as of March 31, 2024 and December 31, 2023, respectively) 266,920 253,676 4.5 4.9 Equity securities: Consumer discretionary 53,933 52,468 0.9 1.0 Financials 48,808 49,496 0.8 1.0 Health care 122 19 — — Industrials 101,724 93,662 1.8 1.7 Materials 24,282 24,282 0.4 0.5 Real estate 39,985 44,637 0.7 0.9 Total equity securities (cost: $207,847 and $208,130 as of March 31, 2024 and December 31, 2023, respectively) 268,854 264,564 4.6 5.1 Real estate: Consumer discretionary 60,800 61,357 1.1 1.2 Real estate 111,929 100,216 2.0 1.9 Total real estate securities (cost: $171,035 and $159,423 as of March 31, 2024 and December 31, 2023, respectively) 172,729 161,573 3.1 3.1 Asia and other: Debt securities: Communication services 509 803 — — Consumer discretionary 25,428 17,195 0.4 0.3 Consumer staples 19,999 19,820 0.3 0.4 Energy 2,381 1,307 — — Financials 8,094 8,192 0.1 0.2 Health care 400 402 — — Industrials 5,127 4,181 0.1 0.1 Information technology 46 5 — — Materials 282,392 249,492 5.0 4.9 Real estate 414,490 435,799 7.2 8.5 Utilities 28 3,244 — 0.1 Total debt securities (cost: $773,093 and $761,394 as of March 31, 2024 and December 31, 2023, respectively) 758,894 740,440 13.1 14.5 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Asia and other: Equity securities: Industrials $ 76,960 $ 63,161 1.3 % 1.2 % Real estate 32,916 32,916 0.6 0.6 Utilities 1,706 3,375 — 0.1 Total equity securities (cost: $101,880 and $90,638 as of March 31, 2024 and December 31, 2023, respectively) 111,582 99,452 1.9 1.9 Total debt securities 3,846,395 3,322,558 66.6 64.8 Total equity securities 1,738,700 1,645,766 30.1 31.8 Total real estate 186,681 175,353 3.3 3.4 Total investments, at fair value $ 5,771,776 $ 5,143,677 100.0 % 100.0 % As of March 31, 2024 and December 31, 2023, no single issuer or investment had a fair value that exceeded 5% of the Company’s total consolidated net assets. Net Gains (Losses) From Investment Activities of Consolidated Funds Net gains (losses) from investment activities in the condensed consolidated statements of operations consist primarily of realized and unrealized gains and losses on the consolidated funds’ investments (including foreign exchange gains and losses attributable to foreign-denominated investments and related activities) and other financial instruments. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments. Upon disposition of an investment, unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period. The following table summarizes net gains (losses) from investment activities: Three months ended March 31, 2024 2023 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 $ (55,747) $ 111,713 $ 30,259 $ (35,958) CLO liabilities (1) 35 1,362 — — Foreign-currency forward contracts (2) (351) 5,735 (1,614) (3,984) Total return, interest rate and credit default swaps (2) — 633 (5) (12) Options and futures (2) (206) (388) 432 (398) Commodity swaps (2) 4,493 (1,581) 2,608 15,170 Total $ (51,776) $ 117,474 $ 31,680 $ (25,182) (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	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Fair Value of Financial Assets and Liabilities The short-term nature of cash and cash-equivalents, U.S. Treasury and other securities, 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 and U.S. Treasury and other securities 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 14 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of March 31, 2024 As of December 31, 2023 Level I Level II Level III (1) Total Level I Level II Level III Total Assets Corporate investments $ 67,028 $ 299,886 $ 16,074 $ 382,988 $ 72,085 $ 317,551 $ 20,994 $ 410,630 SPAC common stock and earn-out shares included in other assets 26,959 — — 26,959 25,360 — 1,797 $ 27,157 Foreign-currency forward contracts included in corporate investments — 1,775 — 1,775 — — — — Foreign-currency forward contracts included in other assets — — — — — 8,098 — 8,098 Total assets $ 93,987 $ 301,661 $ 16,074 $ 411,722 $ 97,445 $ 325,649 $ 22,791 $ 445,885 Liabilities Foreign-currency forward contracts included in corporate investments $ — $ — $ — $ — $ — $ (8,010) $ — $ (8,010) Foreign-currency forward contracts included in other liabilities — (1,511) — (1,511) — — — — Total liabilities $ — $ (1,511) $ — $ (1,511) $ — $ (8,010) $ — $ (8,010) (1) The level III financial instrument represents a mezzanine loan purchased during the second quarter of 2023. The loan was valued using recent market information and the significant unobservable input was broker quotations. The primary change of Level III financial instrument during the period was for the conversion of earn-out shares to common shares, which are included in Level I. Fair Value of Financial Instruments Held By Consolidated Funds The short-term nature of cash and cash-equivalents held at the consolidated funds causes their carrying value to approximate fair value. The fair value of cash-equivalents is a Level I valuation. Derivatives may relate to a mix of Level I, II or III investments, and therefore their fair-value hierarchy level may not correspond to the fair-value hierarchy level of the economically hedged investment. The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level: As of March 31, 2024 As of December 31, 2023 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 1,367,064 $ 1,759,502 $ 3,126,566 $ — $ 641,615 $ 1,721,888 $ 2,363,503 Corporate debt – all other — 543,566 176,263 719,829 — 698,763 260,292 959,055 Equities – common stock 183,341 — 946,821 1,130,162 165,649 31,779 846,773 1,044,201 Equities – preferred stock 2,667 — 605,871 608,538 1,929 — 599,636 601,565 Real estate — — 186,681 186,681 — — 175,353 175,353 Total investments 186,008 1,910,630 3,675,138 5,771,776 167,578 1,372,157 3,603,942 5,143,677 Derivatives: Foreign-currency forward contracts — 1,591 — 1,591 — 475 — 475 Swaps 7,711 — — 7,711 8,658 — — 8,658 Options and futures 6 — — 6 — — — — Total derivatives (1) 7,717 1,591 — 9,308 8,658 475 — 9,133 Total assets $ 193,725 $ 1,912,221 $ 3,675,138 $ 5,781,084 $ 176,236 $ 1,372,632 $ 3,603,942 $ 5,152,810 Liabilities CLO debt obligations: Senior secured notes $ — $ (381,666) $ — $ (381,666) $ — $ — $ — $ — Total CLO debt obligations (2) — (381,666) — (381,666) — — — — Derivatives: Foreign-currency forward contracts — (16,218) — (16,218) — (21,659) — (21,659) Swaps — (29) — (29) — — — — Options and futures (2,714) — — (2,714) (571) — — (571) Total derivatives (3) (2,714) (16,247) — (18,961) (571) (21,659) — (22,230) Total liabilities $ (2,714) $ (397,913) $ — $ (400,627) $ (571) $ (21,659) $ — $ (22,230) (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 March 31, 2024 Beginning balance $ 1,721,888 $ 260,292 $ 846,773 $ 599,636 $ 175,353 $ 3,603,942 Initial consolidation of funds 2,962 — — — — 2,962 Transfers into Level III 190,733 15,359 54,678 — 6,135 266,905 Transfers out of Level III (255,229) (65,930) (15,660) — — (336,819) Purchases 169,907 1,408 86,233 16,966 6,948 281,462 Sales (85,491) (37,144) (42,358) (46) — (165,039) Realized gain (losses), net (328) 915 11,149 (94,657) — (82,921) Unrealized appreciation (depreciation), net 15,060 1,363 6,006 83,972 (1,755) 104,646 Ending balance $ 1,759,502 $ 176,263 $ 946,821 $ 605,871 $ 186,681 $ 3,675,138 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 11,488 $ (37) $ 3,784 $ 83,972 $ (1,753) $ 97,454 Three months ended March 31, 2023 Beginning balance $ 702,497 $ 219,503 $ 777,198 $ 616,604 $ 74,471 $ 2,390,273 Transfers into Level III 159 5,421 — — — 5,580 Transfers out of Level III (4,473) (978) — — — (5,451) Purchases 278,808 657 44,992 4,191 7,286 335,934 Sales (2,863) — (25,201) (35,223) — (63,287) Realized gains (losses), net 31 (228) 12,868 8,987 (2) 21,656 Unrealized appreciation (depreciation), net (11,843) 2,789 (48) (11,959) 3,550 (17,511) Ending balance $ 962,316 $ 227,164 $ 809,809 $ 582,600 $ 85,305 $ 2,667,194 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (11,987) $ 2,789 $ (49) $ (11,959) $ 3,552 $ (17,654) Total realized and unrealized gains and losses recorded for Level III investments are included in net realized gain on consolidated funds’ investments or net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Transfers out of Level III are generally attributable to certain investments that experienced a more significant level of market trading activity or completed an initial public offering during the respective period and thus were valued using observable inputs. Transfers into Level III typically reflect either investments that experienced a less significant level of market trading activity during the period or portfolio companies that undertook restructurings or bankruptcy proceedings and thus were valued in the absence of observable inputs. The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of March 31, 2024: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer discretionary: $ 51,724 Discounted cash flow (6) Discount rate 13% - 17% 16% 29,664 Recent market information (5) Quoted prices Not applicable Not applicable 29,434 Recent transaction price (7) Quoted prices Not applicable Not applicable Energy: 67,564 Discounted cash flow (6) Discount rate 18% - 18% 18% 2,282 Recent market informatio n (5) Quoted prices Not applicable Not applicable Financials: 29,467 Discounted cash flow (6) Discount rate 9% - 15% 15% 30,929 Recent market information (5) Quoted prices Not applicable Not applicable 21,252 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.5x - 1.0x 0.9x 197 Expected Recovery (11) Not applicable Not applicable Not applicable Industrials 154,026 Discounted cash flow (6) Discount rate 10% - 15% 13% 7,870 Recent market information (5) Quoted prices Not applicable Not applicable 4,160 Recent transaction price (4) Quoted prices Not applicable Not applicable Materials: 366,923 Discounted cash flow (6) Discount rate 10% - 15% 13% 3,708 Recent market information (5) Quoted prices Not applicable Not applicable 67,056 Recent transaction price (4) Quoted prices Not applicable Not applicable Real estate: 204,909 Discounted cash flow (6) Discount rate 4% - 19% 15% 32,174 Recent transaction price (4) Quoted prices Not applicable Not applicable 186,479 Market approach (comparable companies) (7) Multiple of underlying assets (9) 1.0x - 1.0x 1.0x 36,477 Recent market information (5) Quoted prices Not applicable Not applicable Other: 576,440 Discounted cash flow (6) Discount rate 6% - 19% 17% 24,390 Market approach (comparable companies) (7) Earnings multiple (10) 6.0x - 9.0x 6.5x 7,668 Recent market information (5) Quoted prices Not applicable Not applicable 972 Recent transaction price (4) Quoted prices Not applicable Not applicable Equity investments: 150,186 Recent transaction price (4) Quoted prices Not applicable Not applicable 98,616 Discounted cash flow (6) Discount rate 12% - 18% 15% 22,364 Discounted cash flow (6) / market approach (comparable companies) (7) Discount rate 11% - 11% 11% Earnings multiple (10) 10.0x - 12.0x 11.0x 372,859 Market approach (comparable companies) (7) Earnings multiple (10) 6.0x - 13.0x 9.4x 31,742 Market approach (comparable companies) (7) Revenue multiple (8) 2.0x - 2.0x 2.0x 10,731 Expected Recovery (11) Not applicable Not applicable Not applicable 1,084 Black Scholes (12) Not applicable Not applicable Not applicable 24,831 Recent market information (5) Quoted prices Not applicable Not applicable 840,279 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.5x - 1.0x 1.0x Real estate-oriented investments: Consumer discretionary: 60,800 Discounted cash flow (6) Discount rate 20% - 20% 20% Real estate: 125,881 Discounted cash flow (6) Discount rate 4% - 23% 15% Total Level III $ 3,675,138 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, 2023: Investment Type Fair Value Valuation Technique Significant Unobservable (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer discretionary: $ 11,311 Recent transaction price (4) Quoted prices Not applicable Not applicable 351 Recent market information (5) Quoted prices Not applicable Not applicable 55,326 Discounted cash flow (6) Discount rate 13% – 17% 16% Energy: 15,873 Discounted cash flow (6) Discount rate 14% – 14% 14% 69,871 Recent transaction price (4) Quoted prices Not applicable Not applicable 2,325 Recent market information (5) Quoted prices Not applicable Not applicable Financials: 26,689 Discounted cash flow (6) Discount rate 12% – 15% 15% 3,646 Recent transaction price (4) Quoted prices Not applicable Not applicable 26,102 Recent market information (5) Quoted prices Not applicable Not applicable 20,520 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.5x – 1.0x 0.7x Industrials: 79,824 Discounted cash flow (6) Discount rate 11% – 15% 13% 62,544 Market approach (comparable companies) (7) Earnings multiple (10) 9.8x – 9.8x 9.8x 51,788 Recent transaction price (4) Quoted prices Not applicable Not applicable 452 Recent market information (5) Quoted prices Not applicable Not applicable Materials: 306,319 Discounted cash flow (6) Discount rate 10% – 15% 12% 193,614 Recent transaction price (4) Quoted prices Not applicable Not applicable — Recent market information (5) Quoted prices Not applicable Not applicable Real estate: 35,084 Recent transaction price (4) Quoted prices Not applicable Not applicable 211,211 Discounted cash flow (6) Discount rate 13% – 15% 15% 193,771 Market approach (comparable companies) (7) Multiple of underlying assets (9) 1.0x – 1.0x 1.0x 37,419 Recent market information (5) Quoted prices Not applicable Not applicable Other: 4,316 Recent market information (5) Quoted prices Not applicable Not applicable 19,820 Market approach (comparable companies) (7) Earnings multiple (10) 6.0x – 6.0x 6.0x 1,345 Market approach (comparable companies) (7) Revenue multiple (8) 0.3x – 0.3x 0.3x 1,612 Recent transaction price (4) Quoted prices Not applicable Not applicable 551,047 Discounted cash flow (6) Discount rate 9% – 19% 18% Equity investments: 179,009 Recent transaction price (4) Quoted prices Not applicable Not applicable 670,215 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.9x – 1.0x 1.0x 396,688 Market approach (comparable companies) (7) Earnings multiple (10) 2.0x – 11.0x 8.5x 102,981 Discounted cash flow (6) Discount rate 12% – 20% 15% 60,841 Market approach (comparable companies) (7) Revenue multiple (8) 1.0x – 2.0x 1.5x 22,573 Discounted cash flow (6) / market approach (comparable companies) (7) Discount rate 12% – 12% 12% Earnings multiple (10) 9.0x – 11.0x 10.0x 14,102 Recent market information (5) Quoted prices Not applicable Not applicable Real estate-oriented: Consumer discretionary: 61,357 Discounted cash flow (6) Discount rate 20% – 20% 20% Real estate: 113,996 Discounted cash flow (6) Discount rate 4% – 27% 14% Total Level III $ 3,603,942 (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) 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. (5) Certain investments are valued using vendor prices or broker quotes for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. (6) A 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. (7) A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying. (8) 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. (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. (11) Certain investments are valued based on expected recovery, generally representing the estimated value that can be recovered in the event of liquidation or winding down. (12) The fair value of options/warrants is estimated using the Black-Scholes-Merton valuation model. The company uses the following methods to determine the underlying assumptions: expected volatilities are based on the historical and implied volatilities of comparable companies or the subject company if the subject company is publicly traded; expected term is based on the shorter of the expected hold period for the option or the contractual term; and the risk-free rate is based on the yields on U.S. Treasury bills or bonds issued with similar terms to the expected term of the option. A significant amount of judgment may be required when using unobservable inputs, including assessing the accuracy of source data and the results of pricing models. The Company assesses the accuracy and reliability of the sources it uses to develop unobservable inputs. These sources may include third-party vendors that the Company believes are reliable and commonly utilized by other marketplace participants. As described in note 2, other factors beyond the unobservable inputs described above may have a significant impact on investment valuations. During the three months ended March 31, 2024, the valuation techniques for four credit-oriented investment were changed from market approach (comparable companies) to discounted cash flow, and one equity investment was changed from market approach (comparable companies) to recent market information. During the three months ended March 31, 2023, there were no changes in the valuation techniques for Level III securities.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING	DERIVATIVES AND HEDGING The fair value of freestanding derivatives consisted of the following: Assets Liabilities Notional Fair Value Notional Fair Value As of March 31, 2024 Foreign-currency forward contracts $ 236,682 $ 1,906 $ (226,612) $ (1,642) As of December 31, 2023 Foreign-currency forward contracts $ 221,910 $ 8,608 $ (234,353) $ (8,520) Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the condensed consolidated statements of operations as follows: Three months ended March 31, 2024 2023 Investment income $ 6,067 $ (2,575) General and administrative expense (1) (5,757) — Total gain (loss) $ 310 $ (2,575) (1) To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction in expenses) reflected in consolidated general and administrative expense. There were no derivatives outstanding that were designated as hedging instruments for accounting purposes as of March 31, 2024 and December 31, 2023. 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 March 31, 2024 Foreign-currency forward contracts $ 739,304 $ 1,591 $ (26,973) $ (16,218) Total-return and interest-rate and credit default swaps 34,351 7,711 (43,588) (29) Options and futures 15,797 6 (155,640) (2,714) Total $ 789,452 $ 9,308 $ (226,201) $ (18,961) As of December 31, 2023 Foreign-currency forward contracts $ 508,174 $ 475 $ (118,263) $ (21,659) Total-return and interest-rate and credit default swaps 41,113 8,658 — — Options and futures 6,749 — (163,187) (571) Total $ 556,036 $ 9,133 $ (281,450) $ (22,230) The impact of derivatives held by the consolidated funds in the condensed consolidated statements of operations was as follows: Three months ended March 31, 2024 2023 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 $ (351) $ 5,735 $ (1,614) $ (3,984) Total-return and interest-rate and credit default swaps — 633 (5) (12) Options and futures (206) (388) 432 (398) Commodity swaps 4,493 (1,581) 2,608 15,170 Total $ 3,936 $ 4,399 $ 1,421 $ 10,776 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 March 31, 2024 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 1,906 $ 131 $ — $ 1,775 Derivative assets of consolidated funds: Foreign-currency forward contracts 1,591 — — 1,591 Total-return and interest-rate and credit default swaps 7,711 — — 7,711 Options and futures 6 — — 6 Subtotal 9,308 — — 9,308 Total $ 11,214 $ 131 $ — $ 11,083 Derivative Liabilities: Foreign-currency forward contracts $ (1,642) $ (131) $ — $ (1,511) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (16,218) — — (16,218) Total-return and interest-rate and credit default swaps (29) — — (29) Options and futures (2,714) — — (2,714) Subtotal (18,961) — — (18,961) Total $ (20,603) $ (131) $ — $ (20,472) Gross Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2023 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 8,608 $ 510 $ — $ 8,098 Derivative assets of consolidated funds: Foreign-currency forward contracts 475 — — 475 Total-return and interest-rate and credit default swaps 8,658 — — 8,658 Options and futures — — — — Subtotal 9,133 — — 9,133 Total $ 17,741 $ 510 $ — $ 17,231 Derivative Liabilities: Foreign-currency forward contracts $ (8,520) $ (510) $ — $ (8,010) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (21,659) — — (21,659) Options and futures (571) — — (571) Subtotal (22,230) — — (22,230) Total $ (30,750) $ (510) $ — $ (30,240)

DEBT OBLIGATIONS AND CREDIT FAC

DEBT OBLIGATIONS AND CREDIT FACILITIES	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT OBLIGATIONS AND CREDIT FACILITIES	DEBT OBLIGATIONS AND CREDIT FACILITIES Oaktree Capital I Debt Obligations On March 30, 2022, Oaktree Capital I entered into a note and guaranty agreement with certain accredited investors pursuant to which Oaktree Capital I agreed to issue and sell to such investors €50 million of its 2.20% Senior Notes, Series A, due 2032, €75 million of its 2.40% Senior Notes, Series B, due 2034, and €75 million of its 2.58% Senior Notes, Series C, due 2037. These notes are senior unsecured obligations of Oaktree Capital I, a consolidated subsidiary of the Company, and jointly and severally guaranteed by OCM, Oaktree Capital II and Oaktree AIF. The offering closed on June 8, 2022, and Oaktree Capital I received proceeds of €200 million on the closing date. As of March 31, 2024 December 31, 2023 Senior unsecured notes €50,000, 2.20%, issued in June 2022, payable on June 8, 2032 $ 54,566 $ 55,233 €75,000, 2.40%, issued in June 2022, payable on June 8, 2034 81,847 82,849 €75,000, 2.58%, issued in June 2022, payable on June 8, 2037 81,847 82,849 Total remaining principal 218,260 220,931 Less: Debt issuance costs (1,220) (1,249) Total debt obligations, net $ 217,040 $ 219,682 Oaktree Capital I Guaranty Agreements As of March 31, 2024, OCM, Oaktree Capital I, Oaktree Capital II, Oaktree AIF and OCM Cayman are co-obligors and jointly and severally liable for all debt obligations listed below, while the debt obligations are reflected in the condensed consolidated financial statements based upon the entity that actually made the borrowing and received the related proceeds. Prior to 2022, OCM had 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. The Company’s financial statements after the 2019 Restructuring generally do not reflect debt obligations, interest expense or related liabilities associated with OCM, Oaktree Capital II and Oaktree AIF. Subsequent to the 2022 Restructuring, the Company’s financial statements no longer reflect debt obligations, interest expense or related liabilities associated with OCM, OCM Cayman, Oaktree Capital II and Oaktree AIF. On April 7, 2023, OCM, Oaktree Capital I, Oaktree Capital II, Oaktree AIF and OCM Cayman (collectively, the “Obligors”) entered into amendments to each of the note and guaranty agreements listed below for each series of outstanding senior notes issued by OCM and Oaktree Capital I. Pursuant to these amendments, OCM Cayman became a guarantor of each such series of senior notes. These amendments also amended certain provisions in these note and guaranty agreements, including financial definitions, in order to facilitate the joinder of OCM Cayman as an obligor. Additionally, the amendments for the note purchase agreements executed in 2014 and 2020 amended the assets under management covenants to clarify the treatment of entities that the Obligors account for using equity method accounting. On the same date that the note and guaranty agreement amendments took effect, OCM Cayman became a Borrower under the $650 million revolving credit facility with OCM, Oaktree Capital I, Oaktree Capital II and Oaktree AIF pursuant to a joinder agreement executed by OCM Cayman as part of the Seventh Amendment to the credit facility. On May 20, 2020, OCM entered into a note and guaranty agreement with certain accredited investors pursuant to which OCM agreed to issue and sell to such investors $250 million of senior unsecured notes that bear a blended 3.68% fixed rate of interest and a weighted average maturity of 2031. These notes are guaranteed by Oaktree Capital I, a consolidated subsidiary of the Company, along with Oaktree Capital II, Oaktree AIF and OCM Cayman, as co-obligors. The offering closed on July 22, 2020 and OCM received proceeds of $250 million on the closing date. 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. 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. 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. The Company’s financial statements generally will not reflect debt obligations, interest expense or related liabilities associated with the subordinated credit facility until such time as Oaktree Capital I directly borrows from it. In March 2022, this credit facility was amended to extend the revolving credit maturity date from May 19, 2023 to September 14, 2026. On October 6, 2023, an amendment was signed to further extend the maturity date to October 6, 2028 and change the interest rate to the SOFR plus 1.6% or an alternative base rate plus 0.5%. The amendment also provided that the maturity date will automatically extend annually in one-year increments until the lenders notify the borrowers of their intention to terminate the subordinated credit facility. No amounts were outstanding on the subordinated credit facility as of March 31, 2024. 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 offering closed on January 12, 2022 and OCM received proceeds of $200 million on the closing date. 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. Oaktree’s bank credit facility was 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. Oaktree’s credit facility was further amended on December 15, 2022 to among other things, extend the maturity date from September 14, 2026 to December 15, 2027 with the potential to extend the maturity for up to two . The credit agreement contains customary financial covenants and restrictions, including ones regarding a maximum leverage ratio and a minimum required level of assets under management (as defined in the credit agreement, as amended above). As of March 31, 2024, no amounts were outstanding under the revolving credit facility. The fair value of the Company’s debt obligations, which are carried at amortized cost, is a Level III valuation that is estimated based on a discounted cash-flow calculation using estimated rates that would be offered to Oaktree for debt of similar terms and maturities. The fair value of these debt obligations, gross of debt issuance costs, was $171.9 million and $175.9 million as of March 31, 2024 and December 31, 2023, respectively, utilizing average borrowing rates of 5.0% and 4.9%, respectively. OCM and the Company were in compliance with all financial maintenance covenants associated with its senior notes and bank credit facility as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, 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 $1.1 billion. The Company’s maximum exposure to these debt obligations is set forth below: As of March 31, 2024 December 31, 2023 Senior unsecured notes $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 $250,000, 3.78%, issued in December 2017, payable on December 18, 2032 250,000 250,000 $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 $200,000, 3.06%, issued in January 2022, payable on January 12, 2037 200,000 200,000 Total remaining principal $ 1,050,000 $ 1,050,000 Debt Obligations 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 Key terms as of March 31, 2024 Credit Agreement March 31, 2024 December 31, 2023 Facility Capacity Effective Interest Rate Weighted Average Remaining Maturity (years) Commitment Fee Rate L/C Fee Revolving credit facilities (1) $ 1,056,293 $ 951,950 $ 1,678,970 7.59% 1.2 0.25% 2.20% Total debt obligations $ 1,056,293 $ 951,950 Less: Debt issuance costs (2) (6,925) (6,155) Total debt obligations, net $ 1,049,368 $ 945,795 (1) The credit facility capacity is calculated on a pro rata basis using fund commitments as of March 31, 2024. (2) Debt issuance costs are included in other assets as of March 31, 2024 and December 31, 2023. 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 March 31, 2024 As of December 31, 2023 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 381,666 7.32 12.9 — —% — Total CLO debt obligations $ 381,666 $ — (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. The fair value of the beneficial interests was calculated using a discounted cash flow model specific to each investment structure. Please see note 2 for more information. The following table set forth the significant valuation inputs, including the input range and weighted average rate utilized in determining the fair value of the Company’s CLO beneficial interests held at March 31, 2024: Valuation Input Low High Weighted Average Rate Discount rates 16.0% 37.0% 22.6% Constant default rates 2.0% 2.0% 2.0% Recovery rates 60.0% 65.0% 62.8% The debt obligations of CLOs are nonrecourse to the Company and are backed by the investments held by the respective CLO. Assets of one CLO may not be used to satisfy the liabilities of another. As of March 31, 2024 and December 31, 2023, the fair value of CLO assets was $0.6 billion and zero, respectively, and consisted of cash, corporate loans, corporate bonds and other securities. As of March 31, 2024, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: Remainder of 2024 $ — 2025 — 2026 11,872 2027 — 2028 — Thereafter 370,000 Total $ 381,872

NON-CONTROLLING REDEEMABLE INTE

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS	3 Months Ended
	Mar. 31, 2024
Non-Controlling Redeemable Interests in Consolidated Funds [Abstract]
NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS	NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS The following table sets forth a summary of changes in the non-controlling redeemable interests in the consolidated funds. Dividends reinvested and in-kind contributions or distributions are non-cash in nature and have been presented on a gross basis in the table below. Three months ended March 31, 2024 2023 Beginning balance $ 3,336,548 $ 2,182,414 Deconsolidation of funds (165,897) — Contributions 89,612 606,515 Distributions (26,149) (29,442) Net income 111,610 27,734 Change in distributions payable — (91) Foreign currency translation and other, net (772) 1,069 Ending balance $ 3,344,952 $ 2,788,199

UNITHOLDERS' CAPITAL

UNITHOLDERS' CAPITAL	3 Months Ended
	Mar. 31, 2024
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 Brookfield Oaktree Holdings, LLC and the holding companies through which the Company holds interests in Oaktree Capital I, are solely attributable to the Class A unitholders. As of March 31, 2024 and December 31, 2023, OCGH units represented 50,930,598 of the total 160,129,589 Oaktree Operating Group units and 50,915,764 of the total 160,114,755 Oaktree Operating Group units, respectively. Based on total allocable capital of $1,154,625 and $1,058,126 as of March 31, 2024 and December 31, 2023, respectively, the OCGH non-controlling interest was $382,879 and $333,195. As of March 31, 2024 and December 31, 2023, 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, at any time, in whole or in part, the Series A preferred units or 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. 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 and other non-controlling interests and the Class A common unitholders: Three months ended March 31, 2024 2023 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH and other non-controlling interests 54,706 60,824 Class A unitholders 105,416 99,238 Total weighted average units outstanding 160,122 160,062 Oaktree Operating Group net income (loss): Net income attributable to preferred unitholders (1) $ 6,829 $ 6,829 Net income (loss) attributable to OCGH and other non-controlling interests 52,728 19,700 Net income (loss) attributable to BOH Class A unitholders 69,160 31,389 Oaktree Capital I net income (loss) $ 128,717 $ 57,918 Net income (loss) attributable to BOH Class A unitholders: Oaktree Capital I net income (loss) attributable to BOH Class A unitholders $ 69,160 $ 31,389 Non-Operating Group income (expense) 7,626 7,540 Net income attributable to BOH Class A unitholders $ 76,786 $ 38,929 (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 March 31, 2024 2023 Net income attributable to BOH Class A unitholders $ 76,786 $ 38,929 Equity reallocation between controlling and non-controlling interests (1,976) (2,271) Change from net income attributable to BOH Class A unitholders and transfers from non-controlling interests $ 74,810 $ 36,658 Please see notes 9, 10 and 11 for additional information regarding transactions that impacted unitholders’ capital.

EARNINGS PER UNIT

EARNINGS PER UNIT	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 (in thousands, except per unit amounts) Net income per Class A unit (basic and diluted): Net income attributable to BOH Class A unitholders $ 76,786 $ 38,929 Weighted average number of Class A units outstanding (basic and diluted) 109,199 99,238 Basic and diluted net income (net of tax) per Class A unit $ 0.70 $ 0.39 OCGH units are not 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 months ended March 31, 2024 and 2023.

INCOME TAXES AND RELATED PAYMEN

INCOME TAXES AND RELATED PAYMENTS	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES AND RELATED PAYMENTS	INCOME TAXES AND RELATED PAYMENTS The Company is a publicly traded partnership and as a result of the 2019 Restructuring, held interests in Oaktree Capital I (a non-corporate entity that is not subject to U.S. federal corporate income tax) and OCM Cayman (which holds subsidiaries that are taxable in non-U.S. jurisdictions). S ubsequent to the 2022 Restructuring, however, the Company no longer consolidates OCM Cayman. All tax balances related to OCM Cayman were therefore deconsolidated as of the Effective Date of the 2022 Restructuring and the Company will no longer incur income expense . 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 the relevant tax authorities. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for periods before 2020. 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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, respectively, the aggregate of such amounts recorded at the fund level in excess of incentive income recognized by the Company was $1.9 billion and $1.8 billion, for which related direct incentive income compensation expense was estimated to be $784.8 million and $739.1 million, respectively. Commitments to Funds As of March 31, 2024 and December 31, 2023, the Company, generally in its capacity as general partner, had undrawn capital commitments of $386.5 million and $349.9 million, respectively, including commitments to both unconsolidated and consolidated funds. Additionally, as of March 31, 2024, the Company had undrawn capital commitments of $112.5 million in its capacity as a limited partner in Opps XI and undrawn commitments of $750.0 million in its capacity as a limited partner in Opps XII (Opps XI and Opps XII as defined in note 14). Investment Commitments of the Consolidated Funds Certain of the consolidated funds are parties to credit arrangements that provide for the issuance of letters of credit and/or revolving loans, which may require the particular fund to extend loans to investee companies. The consolidated funds use the same investment criteria in making these commitments as they do for investments that are included in the condensed consolidated statements of financial condition. The unfunded liability associated with these credit arrangements is equal to the amount by which the contractual loan commitment exceeds the sum of funded debt and cash held in escrow, if any. As of March 31, 2024 and December 31, 2023, the consolidated funds had no potential aggregate commitments. A consolidated fund may agree to guarantee the repayment obligations of certain investee companies. As of March 31, 2024 and December 31, 2023, there were no guaranteed amounts under such arrangements. Certain consolidated funds are investment companies that are required to disclose financial support provided or contractually required to be provided to any of their portfolio companies. During the three months ended March 31, 2024 and March 31, 2023, the consolidated funds did not provide any financial support to portfolio companies.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS The Company considers its executive officers, employees, if any, 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 and to 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 March 31, 2024 December 31, 2023 Due from affiliates: Loans to affiliates $ 67,581 $ 25,996 Incentive income due from unconsolidated funds and affiliates 476 202,052 Payments made on behalf of unconsolidated entities 5,914 4,437 Total due from affiliates $ 73,971 $ 232,485 Due to affiliates: Amounts due to unconsolidated entities 22,068 62,759 Total due to affiliates $ 22,068 $ 62,759 Loans To Affiliates Loans primarily consist of interest-bearing loans made to affiliates. On May 7, 2021, the Company, through its consolidated subsidiary Oaktree Capital I, entered into two revolving line of credit notes with OCM, 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. On February 17, 2023, the revolving line of credit notes were replaced with an intercompany loan agreement with a maturity of February 17, 2026. As of March 31, 2024, OCM had borrowed $67.0 million from the Company through Oaktree Capital I, which was included in due from affiliates, and generated $584.0 thousand of interest income for the three months ended March 31, 2024. As of March 31, 2024, there were no loans from affiliates and interest expense of $159.0 thousand was incurred for the three months ended March 31, 2024. As of December 31, 2023, OCM had borrowed $26.0 million from the Company through Oaktree Capital I, which was included in due from affiliates, and generated no interest income for the three months ended March 31, 2023. As of December 31, 2023, the Company through Oaktree Capital I has borrowed $48.0 million from OCM, which was included in due to affiliates, and incurred $169.0 thousand of interest expense for the three months ended March 31, 2023. 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 Incentive income earned from unconsolidated Oaktree funds totaled $115.3 million and $59.4 million for the three months ended March 31, 2024 and 2023, respectively. 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 executive officers of the Company 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 the executive officers remain senior executives of Oaktree, with limited exceptions. Administrative Services 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 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. For the three months ended March 31, 2024 and 2023, the Company incurred administrative services expense of $0.2 million. 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. 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 10. 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. In March 2022, this credit facility was amended to extend the revolving credit maturity date from May 19, 2023 to September 14, 2026. On October 6, 2023, an amendment was signed to further extend the maturity date to October 6, 2028, and change the interest rate to SOFR plus 1.6% or an alternative base rate plus 0.5%. The amendment also provided that the maturity date will automatically extend annually in one-year increments until the lenders notify the borrowers of their intention to terminate the subordinated credit facility. No amounts were outstanding on the subordinated credit facility as of March 31, 2024 . Investment in Oaktree Opportunities Fund XI The Company has subscribed for a limited partner interest in, and made a capital commitment of, $750.0 million to Oaktree Opportunities Fund XI, L.P., a parallel investment vehicle thereof or a feeder fund in respect of one of the foregoing (such limited partner interest, the “Opps XI Investment” and such fund entities collectively, “Opps XI”). In order to make the Opps XI Investment, the Company’s sole Class A unitholder, or one of its affiliates, will contribute cash as a capital contribution (the “Opps XI Investment Cash”) as and to the extent required to satisfy the Company’s obligations to Opps XI. The Company will use the Opps XI Investment Cash solely to fund the Opps XI Investment and satisfy its obligations in respect of Opps XI and distributions from the Opps XI Investment are intended solely for the benefit of the Class A unitholder, subject to applicable law. The Company’s preferred unitholders should not rely on distributions received by the Company in respect of the Company’s Opps XI Investment for payment of dividends or redemption of the preferred units. During the three months ended March 31, 2024, the Company did not fund any of its capital commitment. As of March 31, 2024, the Company has funded in the aggregate $637.5 million of the $750.0 million capital commitment. Investment in Oaktree Opportunities Fund XII On May 22, 2023, the Company subscribed for a limited partner interest in, and made a capital commitment of, $750 million to Oaktree Opportunities Fund XII, L.P., a parallel investment vehicle thereof or a feeder fund in respect of one of the foregoing (such limited partner interest, the “Opps XII Investment” and such fund entities collectively, “Opps XII”). In order to make the Opps XII Investment, the Company’s sole Class A unitholder, or one of its affiliates, will contribute cash as a capital contribution (the “Opps XII Investment Cash”) as and to the extent required to satisfy the Company’s obligations to Opps XII. The Company will use the Opps XII Investment Cash solely to fund the Opps XII Investment and satisfy its obligations in respect of Opps XII and distributions from the Opps XII Investment are intended solely for the benefit of the Class A unitholder, subject to applicable law. The Company’s preferred unitholders should not rely on distributions received by the Company in respect of the Company’s Opps XII Investment for payment of distributions on or redemption of the preferred units. As of March 31, 2024, the Company has not funded any of its capital commitment. Deposit Agreement with Brookfield On May 1, 2023, Brookfield and OCM, Oaktree Capital I, Oaktree Capital II, OCM Cayman, Oaktree AIF and Oaktree Investment Holdings, L.P. (collectively, the “Oaktree Depositors”) entered into a deposit agreement under which each of the Oaktree Depositors has the ability to place up to $750 million in the aggregate at any time on deposit with Brookfield. This deposit arrangement is set up to facilitate a more efficient use of cash across the Brookfield family of companies and provides Oaktree with the option to deposit excess operational cash. Oaktree can deposit cash from time to time, subject to the aggregate limits, and can withdraw deposited funds on two business days’ notice. Each deposit will earn interest on the outstanding principal amount at an agreed rate. There is no set maturity on any deposit balance. As of March 31, 2024, the Company had $250.0 million on deposit with BAM ULC which was included in the U.S. Treasury and other securities. During the three months ended March 31, 2024, the Company generated $115.6 thousand interest income on an average deposit balance of $250.0 million which was included in interest expense, net. N on-Traded REIT On June 27, 2023, the Company entered into a contribution agreement (the “Treasury Contribution Agreement”) with Brookfield Corporate Treasury Ltd. (“Treasury”). Treasury holds all of the outstanding Class A units of the Company. Pursuant to the Treasury Contribution Agreement, Treasury agreed to contribute to the Company an amount (the “Contributed Amount”) equal to the value of BUSI II GP-C LLC, BUSI II-C L.P., BUSI II SLP-GP LLC and Brookfield REIT OP Special Limited Partner L.P. (collectively, and together with any additional entities that may become direct or indirect subsidiaries of NTR (as defined in Note 5) and that beneficially own shares of Brookfield REIT (as defined below), the “REIT Entities”), including their indirect ownership in Brookfield Real Estate Income Trust Inc., a Maryland corporation (“Brookfield REIT”), as of June 30, 2023, and the Company agreed to contribute the Contributed Amount to NTR, in connection with the Company’s indirect acquisition (the “Acquisition”) of 100% of the interests in the REIT Entities. An amount of $307.0 million in respect of the Contributed Amount was contributed to the Company on June 27, 2023 (the “Purchase Price”) and a true-up contribution of $13.9 million was made on July 31, 2023 (the “True-Up Payment”). Also on June 27, 2023, the Company entered into a contribution agreement (the “NTR Contribution Agreement”) with NTR whereby the Company contributed the Purchase Price to NTR and agreed to make a contribution in an amount equal to the True-Up Payment to NTR, and NTR agreed to use the Contributed Amount in connection with the Acquisition. On June 29, 2023, NTR entered into an agreement of purchase and sale (the “Agreement of Purchase and Sale”) to effect the Acquisition, whereby NTR acquired 100% of the interests in the REIT Entities from BUSI II NTR Sub LLC in exchange for cash. The Acquisition was completed on June 30, 2023. As of March 31, 2024, the carrying value of NTR included in corporate investments was $299.6 million. In connection with the Acquisition, on June 29, 2023, the Company entered into a letter agreement (the “Restructuring Letter Agreement”) with Treasury whereby, among other things, the Company agreed that, notwithstanding any provision of the operating agreement of the Company to the contrary, Treasury will have the right, in its sole and absolute discretion, to make up to $200.0 million of additional capital contributions to the Company to be utilized in connection with the Company’s indirect ownership of Brookfield REIT or any other matters with respect to the operations of NTR and the REIT Entities, and no vote, approval or other authorization will be required in connection with such additional capital contributions. Also on June 29, 2023, the Company entered into a letter agreement (the “Indemnification Letter Agreement”) with BP US REIT LLC (“BP US”) whereby, among other things, BP US agrees to defend, indemnify and hold harmless the Company, its members and the Company’s and such members’ respective officers, directors, employees, agents, successors, and assigns from any third-party claims brought against any of them related to the ownership, management or ongoing operating of the REIT Entities, and any subsidiaries thereof. SPV Credit Facility In March 2024, BOH transferred a portion of its indirect interest in Opps XI to newly formed special purpose subsidiary (“SPV”). As of March 31, 2024, the carrying value of the indirect interest is $157 million. BOH then pledged its ownership interest in the SPV as collateral for a non-recourse credit facility of an affiliate. While the outstanding borrowings are the obligations of the affiliate, the co-borrowers, including the SPV, have joint and several liability under the credit facility in the event of default and are required to comply with certain covenants. BOH’s potential exposure under this arrangement is limited to its pledged interest in the SPV.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING 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	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS None.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. Certain of the Oaktree funds consolidated by the Company are investment companies that follow a specialized basis of accounting established by GAAP. All intercompany transactions and balances have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 21, 2024.
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. As a result of the 2022 Restructuring, the Company no longer controls OCM Cayman and therefore OCM Cayman was deconsolidated as of the effective date of the 2022 Restructuring. Additionally, the Company concluded that it was no longer the primary beneficiary for CLOs whose direct ownership interests are held by OCM Cayman. 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.
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.
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 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	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 consolidated statements of financial condition until realized. Gains and losses resulting from foreign-currency transactions are included in general and administrative expense. Subsequent to the 2022 Restructuring, the Company deconsolidated OCM Cayman which included the Company’s foreign subsidiaries with non-U.S. dollar functional currencies. 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.
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. At March 31, 2024 and December 31, 2023, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions. Cash and Cash-equivalents
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, time deposit securities, notes and bonds, commercial paper, and investment grade debt securities 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 with maturities greater than three months from the date of acquisition. 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, equities received as part of our sponsorship of SPACs, 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 - Incentive Income	Revenue Recognition - Incentive Income The Company earns 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. 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. 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.
Total Compensation and Benefits	Total Compensation and Benefits 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.
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 analyzes its tax filing positions for all open tax years in all of the U.S. federal, state and local 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)
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.
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 consolidated statements of operations. When the securities are delivered, any gain or loss is included in net realized gain on consolidated funds’ investments. The funds maintain cash deposits with prime brokers in order to cover their obligations on short sales. These amounts are included in due from brokers in the condensed consolidated statements of financial condition.
Options	Options The purchase price of a call option or a put option is recorded as an investment, which is carried at fair value. If a purchased option expires, a loss in the amount of the cost of the option is realized. When there is a closing sale transaction, a gain or loss is realized if the proceeds are greater or less than, respectively, the cost of the option. When a call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. When a consolidated fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. If a written option expires, a gain is realized in the amount of the premium received. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss. The writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are included in accounts payable, accrued expenses and other liabilities in the 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.
Effects of 2022 Restructuring	Effects of 2022 Restructuring As a result of the 2022 Restructuring, including the deconsolidation of OCM Cayman and reconsideration of the primary beneficiary of CLOs, certain accounts related to OCM Cayman and certain CLOs are no longer included in the Company’s consolidated financial statements for the three months ended March 31, 2024. The effects of the 2022 Restructuring are summarized as follows: • The Company’s management fees consisted primarily of fees earned from funds managed by OCM Cayman and sub-advisory fees for services provided to OCM. Subsequent to the 2022 Restructuring, the Company no longer earns management or sub-advisory fees. • Since the Company’s employees were all employees of OCM Cayman, the Company no longer incurs compensation and benefits expense that is not directly related to incentive income (including salaries, bonuses, compensation based on management fees or a definition of profits, employee benefits, payroll taxes, phantom equity awards, and awards under the long-term incentive plan) or equity-based compensation expense. Compensation and benefits expense subsequent to the 2022 Restructuring represents compensation to our board of directors. • All of the Company’s lease contracts were obligations of OCM Cayman or its subsidiaries. Accordingly, the Company no longer incurs lease-associated costs and no longer reflects right-of-use assets or operating lease liabilities in its statement of financial condition. • The Company’s furniture and equipment, capitalized software and office leasehold improvements were all associated with OCM Cayman and deconsolidated in conjunction with the 2022 Restructuring. Accordingly, the Company no longer recognizes depreciation or amortization expense. • While Oaktree Capital I is a non-corporate entity that is not subject to U.S. federal corporate income tax, OCM Cayman has certain subsidiaries that are taxable in non-U.S. jurisdictions. Subsequent to the 2022 Restructuring, the tax balances related to OCM Cayman were deconsolidated and the Company will no longer incur income tax expense. • Since OCM Cayman included the Company’s foreign subsidiaries with non-U.S. dollar functional currencies, the Company no longer has foreign operations. Prior to the 2022 Restructuring, translation adjustments were included in other comprehensive income (loss) within the condensed consolidated statements of operations. • The Company no longer consolidates the financial assets and liabilities of CLOs whose direct ownership interests are held by OCM Cayman. See Part II, Item 8, Note 2 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 21, 2024 for disclosure of the Company’s accounting policies with respect to (i) revenue recognition for management fees, (ii) compensation and benefits, including equity-based compensation; (iii) leases; (iv) depreciation and amortization; (v) income taxes; (vi) foreign currency translation; and (vii) election of the fair value option and related measurement of the financial assets and liabilities of the CLOs.
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, 2024. The Company has not adopted any of the optional expedients or exceptions through March 31, 2024, but will continue to evaluate the possible adoption (including potential impact) of any such expedients or exceptions during the effective period as circumstances evolve. In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures, which requires, among other things, disclosure of significant segment expense categories and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280, Segment Reporting. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Disaggregated by Fund Structure	Revenues by fund structure are set forth below. Three months ended March 31, 2024 2023 Incentive Income Closed-end $ 112,497 $ 59,099 Evergreen 2,832 302 Total $ 115,329 $ 59,401
Schedule of Contract Balances	The table below sets forth contract balances for the periods indicated: As of March 31, 2024 December 31, 2023 Receivables $ 476 $ 9,407 Contract assets (1) — 192,645 (1) The changes in the balances primarily relate to accruals, net of payments received.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying value of the Company’s investments in VIEs that were not consolidated are shown below. Carrying Value as of March 31, 2024 December 31, 2023 Corporate investments $ 923,984 $ 999,112 Due from affiliates 539 199,861 Maximum exposure to loss $ 924,523 $ 1,198,973

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Schedule of Corporate Investments	Corporate investments consisted of the following: As of Corporate Investments March 31, 2024 December 31, 2023 Equity-method investments: Funds $ 1,342,340 $ 1,434,988 Companies 11,524 11,901 Other investments, at fair value 85,127 85,319 Total corporate investments $ 1,438,991 $ 1,532,208 Summarized financial information of the Company’s equity-method investments is set forth below. Three months ended March 31, Statements of Operations 2024 2023 Revenues / investment income $ 1,041,837 $ 1,176,631 Interest expense (141,221) (147,966) Other expenses (270,030) (239,798) Net realized and unrealized gain on investments 1,146,042 325,585 Net income $ 1,776,628 $ 1,114,452
Schedule of Investment	The components of investment income (loss) are set forth below: Three months ended March 31, Investment Income (Loss) 2024 2023 Equity-method investments: Funds $ 4,612 $ 26,122 Companies (377) (3) Other investments, at fair value 14,005 25,603 Total investment income $ 18,240 $ 51,722
Schedule of Investments, at Fair Value	The following table summarizes net gains (losses) attributable to the Company’s other investments at fair value: Three months ended March 31, 2024 2023 Realized gain (loss) $ 7,535 $ 1,069 Net change in unrealized gain (loss) 6,470 24,534 Total gain (loss) $ 14,005 $ 25,603 Investments held and securities sold short by the consolidated funds are summarized below: Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 United States: Debt securities: Communication services $ 148,272 $ 69,509 2.6 % 1.4 % Consumer discretionary 291,691 202,355 5.1 3.9 Consumer staples 54,040 28,149 0.9 0.5 Energy 114,814 110,990 2.0 2.2 Financials 283,612 223,794 4.9 4.4 Health care 310,429 226,554 5.4 4.4 Industrials 462,602 379,538 8.0 7.5 Information technology 125,611 87,355 2.2 1.7 Materials 371,007 333,459 6.4 6.5 Real estate 100,215 97,621 1.7 1.9 Utilities 43,772 19,954 0.8 0.4 Other 514,516 549,164 8.9 10.6 Total debt securities (cost:$2,816,424 and $2,341,421 as of March 31, 2024 and December 31, 2023, respectively) 2,820,581 2,328,442 48.9 45.4 Equity securities: Communication services 84,675 79,522 1.5 1.5 Consumer discretionary 40,063 68,056 0.7 1.3 Energy 430,082 427,034 7.5 8.3 Financials 234,302 171,924 4.1 3.3 Health care 33,294 32,418 0.6 0.6 Industrials 421,733 369,019 7.3 7.2 Information technology 43,997 44,350 0.8 0.9 Utilities 70,118 89,427 1.2 1.7 Total equity securities (cost: $1,086,131 and $1,095,721 as of March 31, 2024 and December 31, 2023, respectively) 1,358,264 1,281,750 23.7 24.8 Real estate: Real estate 13,952 13,780 0.2 0.3 Total real estate securities (cost: $23,160 and $22,716 as of March 31, 2024 and December 31, 2023, respectively) 13,952 13,780 0.2 0.3 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Europe: Debt securities: Communication services $ 103,870 $ 111,898 1.8 % 2.1 % Consumer discretionary 27,120 18,560 0.5 0.4 Consumer staples 8,379 3,107 0.1 0.1 Energy 5,231 1,185 0.1 — Financials 23,151 18,381 0.4 0.4 Health care 11,760 12,136 0.2 0.2 Industrials 18,965 15,993 0.3 0.3 Information technology 6,141 5,402 0.1 0.1 Materials 11,734 13,487 0.2 0.3 Real estate 14,339 13,424 0.2 0.3 Utilities 1,241 5,417 — 0.1 Other 34,989 34,686 0.6 0.6 Total debt securities (cost: $246,604 and $231,315 as of March 31, 2024 and December 31, 2023, respectively) 266,920 253,676 4.5 4.9 Equity securities: Consumer discretionary 53,933 52,468 0.9 1.0 Financials 48,808 49,496 0.8 1.0 Health care 122 19 — — Industrials 101,724 93,662 1.8 1.7 Materials 24,282 24,282 0.4 0.5 Real estate 39,985 44,637 0.7 0.9 Total equity securities (cost: $207,847 and $208,130 as of March 31, 2024 and December 31, 2023, respectively) 268,854 264,564 4.6 5.1 Real estate: Consumer discretionary 60,800 61,357 1.1 1.2 Real estate 111,929 100,216 2.0 1.9 Total real estate securities (cost: $171,035 and $159,423 as of March 31, 2024 and December 31, 2023, respectively) 172,729 161,573 3.1 3.1 Asia and other: Debt securities: Communication services 509 803 — — Consumer discretionary 25,428 17,195 0.4 0.3 Consumer staples 19,999 19,820 0.3 0.4 Energy 2,381 1,307 — — Financials 8,094 8,192 0.1 0.2 Health care 400 402 — — Industrials 5,127 4,181 0.1 0.1 Information technology 46 5 — — Materials 282,392 249,492 5.0 4.9 Real estate 414,490 435,799 7.2 8.5 Utilities 28 3,244 — 0.1 Total debt securities (cost: $773,093 and $761,394 as of March 31, 2024 and December 31, 2023, respectively) 758,894 740,440 13.1 14.5 Fair Value as of Fair Value as a Percentage of Investments of Consolidated Funds as of Investments March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Asia and other: Equity securities: Industrials $ 76,960 $ 63,161 1.3 % 1.2 % Real estate 32,916 32,916 0.6 0.6 Utilities 1,706 3,375 — 0.1 Total equity securities (cost: $101,880 and $90,638 as of March 31, 2024 and December 31, 2023, respectively) 111,582 99,452 1.9 1.9 Total debt securities 3,846,395 3,322,558 66.6 64.8 Total equity securities 1,738,700 1,645,766 30.1 31.8 Total real estate 186,681 175,353 3.3 3.4 Total investments, at fair value $ 5,771,776 $ 5,143,677 100.0 % 100.0 %
Schedule of Net Gains (Losses) from Investment Activities of Consolidated Funds	The following table summarizes net gains (losses) from investment activities: Three months ended March 31, 2024 2023 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 $ (55,747) $ 111,713 $ 30,259 $ (35,958) CLO liabilities (1) 35 1,362 — — Foreign-currency forward contracts (2) (351) 5,735 (1,614) (3,984) Total return, interest rate and credit default swaps (2) — 633 (5) (12) Options and futures (2) (206) (388) 432 (398) Commodity swaps (2) 4,493 (1,581) 2,608 15,170 Total $ (51,776) $ 117,474 $ 31,680 $ (25,182) (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)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of 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 14 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. As of March 31, 2024 As of December 31, 2023 Level I Level II Level III (1) Total Level I Level II Level III Total Assets Corporate investments $ 67,028 $ 299,886 $ 16,074 $ 382,988 $ 72,085 $ 317,551 $ 20,994 $ 410,630 SPAC common stock and earn-out shares included in other assets 26,959 — — 26,959 25,360 — 1,797 $ 27,157 Foreign-currency forward contracts included in corporate investments — 1,775 — 1,775 — — — — Foreign-currency forward contracts included in other assets — — — — — 8,098 — 8,098 Total assets $ 93,987 $ 301,661 $ 16,074 $ 411,722 $ 97,445 $ 325,649 $ 22,791 $ 445,885 Liabilities Foreign-currency forward contracts included in corporate investments $ — $ — $ — $ — $ — $ (8,010) $ — $ (8,010) Foreign-currency forward contracts included in other liabilities — (1,511) — (1,511) — — — — Total liabilities $ — $ (1,511) $ — $ (1,511) $ — $ (8,010) $ — $ (8,010) (1) The level III financial instrument represents a mezzanine loan purchased during the second quarter of 2023. The loan was valued using recent market information and the significant unobservable input was broker quotations. The primary change of Level III financial instrument during the period was for the conversion of earn-out shares to common shares, which are included in Level I.
Schedule 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 March 31, 2024: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer discretionary: $ 51,724 Discounted cash flow (6) Discount rate 13% - 17% 16% 29,664 Recent market information (5) Quoted prices Not applicable Not applicable 29,434 Recent transaction price (7) Quoted prices Not applicable Not applicable Energy: 67,564 Discounted cash flow (6) Discount rate 18% - 18% 18% 2,282 Recent market informatio n (5) Quoted prices Not applicable Not applicable Financials: 29,467 Discounted cash flow (6) Discount rate 9% - 15% 15% 30,929 Recent market information (5) Quoted prices Not applicable Not applicable 21,252 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.5x - 1.0x 0.9x 197 Expected Recovery (11) Not applicable Not applicable Not applicable Industrials 154,026 Discounted cash flow (6) Discount rate 10% - 15% 13% 7,870 Recent market information (5) Quoted prices Not applicable Not applicable 4,160 Recent transaction price (4) Quoted prices Not applicable Not applicable Materials: 366,923 Discounted cash flow (6) Discount rate 10% - 15% 13% 3,708 Recent market information (5) Quoted prices Not applicable Not applicable 67,056 Recent transaction price (4) Quoted prices Not applicable Not applicable Real estate: 204,909 Discounted cash flow (6) Discount rate 4% - 19% 15% 32,174 Recent transaction price (4) Quoted prices Not applicable Not applicable 186,479 Market approach (comparable companies) (7) Multiple of underlying assets (9) 1.0x - 1.0x 1.0x 36,477 Recent market information (5) Quoted prices Not applicable Not applicable Other: 576,440 Discounted cash flow (6) Discount rate 6% - 19% 17% 24,390 Market approach (comparable companies) (7) Earnings multiple (10) 6.0x - 9.0x 6.5x 7,668 Recent market information (5) Quoted prices Not applicable Not applicable 972 Recent transaction price (4) Quoted prices Not applicable Not applicable Equity investments: 150,186 Recent transaction price (4) Quoted prices Not applicable Not applicable 98,616 Discounted cash flow (6) Discount rate 12% - 18% 15% 22,364 Discounted cash flow (6) / market approach (comparable companies) (7) Discount rate 11% - 11% 11% Earnings multiple (10) 10.0x - 12.0x 11.0x 372,859 Market approach (comparable companies) (7) Earnings multiple (10) 6.0x - 13.0x 9.4x 31,742 Market approach (comparable companies) (7) Revenue multiple (8) 2.0x - 2.0x 2.0x 10,731 Expected Recovery (11) Not applicable Not applicable Not applicable 1,084 Black Scholes (12) Not applicable Not applicable Not applicable 24,831 Recent market information (5) Quoted prices Not applicable Not applicable 840,279 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.5x - 1.0x 1.0x Real estate-oriented investments: Consumer discretionary: 60,800 Discounted cash flow (6) Discount rate 20% - 20% 20% Real estate: 125,881 Discounted cash flow (6) Discount rate 4% - 23% 15% Total Level III $ 3,675,138 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, 2023: Investment Type Fair Value Valuation Technique Significant Unobservable (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer discretionary: $ 11,311 Recent transaction price (4) Quoted prices Not applicable Not applicable 351 Recent market information (5) Quoted prices Not applicable Not applicable 55,326 Discounted cash flow (6) Discount rate 13% – 17% 16% Energy: 15,873 Discounted cash flow (6) Discount rate 14% – 14% 14% 69,871 Recent transaction price (4) Quoted prices Not applicable Not applicable 2,325 Recent market information (5) Quoted prices Not applicable Not applicable Financials: 26,689 Discounted cash flow (6) Discount rate 12% – 15% 15% 3,646 Recent transaction price (4) Quoted prices Not applicable Not applicable 26,102 Recent market information (5) Quoted prices Not applicable Not applicable 20,520 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.5x – 1.0x 0.7x Industrials: 79,824 Discounted cash flow (6) Discount rate 11% – 15% 13% 62,544 Market approach (comparable companies) (7) Earnings multiple (10) 9.8x – 9.8x 9.8x 51,788 Recent transaction price (4) Quoted prices Not applicable Not applicable 452 Recent market information (5) Quoted prices Not applicable Not applicable Materials: 306,319 Discounted cash flow (6) Discount rate 10% – 15% 12% 193,614 Recent transaction price (4) Quoted prices Not applicable Not applicable — Recent market information (5) Quoted prices Not applicable Not applicable Real estate: 35,084 Recent transaction price (4) Quoted prices Not applicable Not applicable 211,211 Discounted cash flow (6) Discount rate 13% – 15% 15% 193,771 Market approach (comparable companies) (7) Multiple of underlying assets (9) 1.0x – 1.0x 1.0x 37,419 Recent market information (5) Quoted prices Not applicable Not applicable Other: 4,316 Recent market information (5) Quoted prices Not applicable Not applicable 19,820 Market approach (comparable companies) (7) Earnings multiple (10) 6.0x – 6.0x 6.0x 1,345 Market approach (comparable companies) (7) Revenue multiple (8) 0.3x – 0.3x 0.3x 1,612 Recent transaction price (4) Quoted prices Not applicable Not applicable 551,047 Discounted cash flow (6) Discount rate 9% – 19% 18% Equity investments: 179,009 Recent transaction price (4) Quoted prices Not applicable Not applicable 670,215 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.9x – 1.0x 1.0x 396,688 Market approach (comparable companies) (7) Earnings multiple (10) 2.0x – 11.0x 8.5x 102,981 Discounted cash flow (6) Discount rate 12% – 20% 15% 60,841 Market approach (comparable companies) (7) Revenue multiple (8) 1.0x – 2.0x 1.5x 22,573 Discounted cash flow (6) / market approach (comparable companies) (7) Discount rate 12% – 12% 12% Earnings multiple (10) 9.0x – 11.0x 10.0x 14,102 Recent market information (5) Quoted prices Not applicable Not applicable Real estate-oriented: Consumer discretionary: 61,357 Discounted cash flow (6) Discount rate 20% – 20% 20% Real estate: 113,996 Discounted cash flow (6) Discount rate 4% – 27% 14% Total Level III $ 3,603,942 (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) 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. (5) Certain investments are valued using vendor prices or broker quotes for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. (6) A 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. (7) A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying. (8) 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. (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. (11) Certain investments are valued based on expected recovery, generally representing the estimated value that can be recovered in the event of liquidation or winding down. (12) The fair value of options/warrants is estimated using the Black-Scholes-Merton valuation model. The company uses the following methods to determine the underlying assumptions: expected volatilities are based on the historical and implied volatilities of comparable companies or the subject company if the subject company is publicly traded; expected term is based on the shorter of the expected hold period for the option or the contractual term; and the risk-free rate is based on the yields on U.S. Treasury bills or bonds issued with similar terms to the expected term of the option. The following table set forth the significant valuation inputs, including the input range and weighted average rate utilized in determining the fair value of the Company’s CLO beneficial interests held at March 31, 2024: Valuation Input Low High Weighted Average Rate Discount rates 16.0% 37.0% 22.6% Constant default rates 2.0% 2.0% 2.0% Recovery rates 60.0% 65.0% 62.8%
Schedule of Valuation of Investments and Other Financial Instruments	The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level: As of March 31, 2024 As of December 31, 2023 Level I Level II Level III Total Level I Level II Level III Total Assets Investments: Corporate debt – bank debt $ — $ 1,367,064 $ 1,759,502 $ 3,126,566 $ — $ 641,615 $ 1,721,888 $ 2,363,503 Corporate debt – all other — 543,566 176,263 719,829 — 698,763 260,292 959,055 Equities – common stock 183,341 — 946,821 1,130,162 165,649 31,779 846,773 1,044,201 Equities – preferred stock 2,667 — 605,871 608,538 1,929 — 599,636 601,565 Real estate — — 186,681 186,681 — — 175,353 175,353 Total investments 186,008 1,910,630 3,675,138 5,771,776 167,578 1,372,157 3,603,942 5,143,677 Derivatives: Foreign-currency forward contracts — 1,591 — 1,591 — 475 — 475 Swaps 7,711 — — 7,711 8,658 — — 8,658 Options and futures 6 — — 6 — — — — Total derivatives (1) 7,717 1,591 — 9,308 8,658 475 — 9,133 Total assets $ 193,725 $ 1,912,221 $ 3,675,138 $ 5,781,084 $ 176,236 $ 1,372,632 $ 3,603,942 $ 5,152,810 Liabilities CLO debt obligations: Senior secured notes $ — $ (381,666) $ — $ (381,666) $ — $ — $ — $ — Total CLO debt obligations (2) — (381,666) — (381,666) — — — — Derivatives: Foreign-currency forward contracts — (16,218) — (16,218) — (21,659) — (21,659) Swaps — (29) — (29) — — — — Options and futures (2,714) — — (2,714) (571) — — (571) Total derivatives (3) (2,714) (16,247) — (18,961) (571) (21,659) — (22,230) Total liabilities $ (2,714) $ (397,913) $ — $ (400,627) $ (571) $ (21,659) $ — $ (22,230) (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.
Schedule of Changes in Fair Value of Level III Investments	The following tables set forth a summary of changes in the fair value of Level III investments: Corporate Debt – Bank Debt Corporate Debt – All Other Equities – Common Stock Equities – Preferred Stock Real Estate Total Three months ended March 31, 2024 Beginning balance $ 1,721,888 $ 260,292 $ 846,773 $ 599,636 $ 175,353 $ 3,603,942 Initial consolidation of funds 2,962 — — — — 2,962 Transfers into Level III 190,733 15,359 54,678 — 6,135 266,905 Transfers out of Level III (255,229) (65,930) (15,660) — — (336,819) Purchases 169,907 1,408 86,233 16,966 6,948 281,462 Sales (85,491) (37,144) (42,358) (46) — (165,039) Realized gain (losses), net (328) 915 11,149 (94,657) — (82,921) Unrealized appreciation (depreciation), net 15,060 1,363 6,006 83,972 (1,755) 104,646 Ending balance $ 1,759,502 $ 176,263 $ 946,821 $ 605,871 $ 186,681 $ 3,675,138 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ 11,488 $ (37) $ 3,784 $ 83,972 $ (1,753) $ 97,454 Three months ended March 31, 2023 Beginning balance $ 702,497 $ 219,503 $ 777,198 $ 616,604 $ 74,471 $ 2,390,273 Transfers into Level III 159 5,421 — — — 5,580 Transfers out of Level III (4,473) (978) — — — (5,451) Purchases 278,808 657 44,992 4,191 7,286 335,934 Sales (2,863) — (25,201) (35,223) — (63,287) Realized gains (losses), net 31 (228) 12,868 8,987 (2) 21,656 Unrealized appreciation (depreciation), net (11,843) 2,789 (48) (11,959) 3,550 (17,511) Ending balance $ 962,316 $ 227,164 $ 809,809 $ 582,600 $ 85,305 $ 2,667,194 Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period $ (11,987) $ 2,789 $ (49) $ (11,959) $ 3,552 $ (17,654)

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Exchange Contracts, Statement of Financial Position	The fair value of freestanding derivatives consisted of the following: Assets Liabilities Notional Fair Value Notional Fair Value As of March 31, 2024 Foreign-currency forward contracts $ 236,682 $ 1,906 $ (226,612) $ (1,642) As of December 31, 2023 Foreign-currency forward contracts $ 221,910 $ 8,608 $ (234,353) $ (8,520)
Schedule of Impact of Derivative Instruments on Condensed Consolidated Statement of Operations	Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the condensed consolidated statements of operations as follows: Three months ended March 31, 2024 2023 Investment income $ 6,067 $ (2,575) General and administrative expense (1) (5,757) — Total gain (loss) $ 310 $ (2,575) (1) To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income 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 condensed consolidated statements of operations was as follows: Three months ended March 31, 2024 2023 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 $ (351) $ 5,735 $ (1,614) $ (3,984) Total-return and interest-rate and credit default swaps — 633 (5) (12) Options and futures (206) (388) 432 (398) Commodity swaps 4,493 (1,581) 2,608 15,170 Total $ 3,936 $ 4,399 $ 1,421 $ 10,776
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 March 31, 2024 Foreign-currency forward contracts $ 739,304 $ 1,591 $ (26,973) $ (16,218) Total-return and interest-rate and credit default swaps 34,351 7,711 (43,588) (29) Options and futures 15,797 6 (155,640) (2,714) Total $ 789,452 $ 9,308 $ (226,201) $ (18,961) As of December 31, 2023 Foreign-currency forward contracts $ 508,174 $ 475 $ (118,263) $ (21,659) Total-return and interest-rate and credit default swaps 41,113 8,658 — — Options and futures 6,749 — (163,187) (571) Total $ 556,036 $ 9,133 $ (281,450) $ (22,230)
Schedule of 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 March 31, 2024 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 1,906 $ 131 $ — $ 1,775 Derivative assets of consolidated funds: Foreign-currency forward contracts 1,591 — — 1,591 Total-return and interest-rate and credit default swaps 7,711 — — 7,711 Options and futures 6 — — 6 Subtotal 9,308 — — 9,308 Total $ 11,214 $ 131 $ — $ 11,083 Derivative Liabilities: Foreign-currency forward contracts $ (1,642) $ (131) $ — $ (1,511) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (16,218) — — (16,218) Total-return and interest-rate and credit default swaps (29) — — (29) Options and futures (2,714) — — (2,714) Subtotal (18,961) — — (18,961) Total $ (20,603) $ (131) $ — $ (20,472) Gross Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2023 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 8,608 $ 510 $ — $ 8,098 Derivative assets of consolidated funds: Foreign-currency forward contracts 475 — — 475 Total-return and interest-rate and credit default swaps 8,658 — — 8,658 Options and futures — — — — Subtotal 9,133 — — 9,133 Total $ 17,741 $ 510 $ — $ 17,231 Derivative Liabilities: Foreign-currency forward contracts $ (8,520) $ (510) $ — $ (8,010) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (21,659) — — (21,659) Options and futures (571) — — (571) Subtotal (22,230) — — (22,230) Total $ (30,750) $ (510) $ — $ (30,240)
Schedule of 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 March 31, 2024 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 1,906 $ 131 $ — $ 1,775 Derivative assets of consolidated funds: Foreign-currency forward contracts 1,591 — — 1,591 Total-return and interest-rate and credit default swaps 7,711 — — 7,711 Options and futures 6 — — 6 Subtotal 9,308 — — 9,308 Total $ 11,214 $ 131 $ — $ 11,083 Derivative Liabilities: Foreign-currency forward contracts $ (1,642) $ (131) $ — $ (1,511) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (16,218) — — (16,218) Total-return and interest-rate and credit default swaps (29) — — (29) Options and futures (2,714) — — (2,714) Subtotal (18,961) — — (18,961) Total $ (20,603) $ (131) $ — $ (20,472) Gross Amounts of Assets (Liabilities) Presented Gross Amounts Not Offset in Statements of Financial Condition Net Amount As of December 31, 2023 Derivative Assets (Liabilities) Cash Collateral Received (Pledged) Derivative Assets: Foreign-currency forward contracts $ 8,608 $ 510 $ — $ 8,098 Derivative assets of consolidated funds: Foreign-currency forward contracts 475 — — 475 Total-return and interest-rate and credit default swaps 8,658 — — 8,658 Options and futures — — — — Subtotal 9,133 — — 9,133 Total $ 17,741 $ 510 $ — $ 17,231 Derivative Liabilities: Foreign-currency forward contracts $ (8,520) $ (510) $ — $ (8,010) Derivative liabilities of consolidated funds: Foreign-currency forward contracts (21,659) — — (21,659) Options and futures (571) — — (571) Subtotal (22,230) — — (22,230) Total $ (30,750) $ (510) $ — $ (30,240)

DEBT OBLIGATIONS AND CREDIT F_2

DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt Obligations	The offering closed on June 8, 2022, and Oaktree Capital I received proceeds of €200 million on the closing date. As of March 31, 2024 December 31, 2023 Senior unsecured notes €50,000, 2.20%, issued in June 2022, payable on June 8, 2032 $ 54,566 $ 55,233 €75,000, 2.40%, issued in June 2022, payable on June 8, 2034 81,847 82,849 €75,000, 2.58%, issued in June 2022, payable on June 8, 2037 81,847 82,849 Total remaining principal 218,260 220,931 Less: Debt issuance costs (1,220) (1,249) Total debt obligations, net $ 217,040 $ 219,682 As of March 31, 2024 December 31, 2023 Senior unsecured notes $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 $250,000, 3.78%, issued in December 2017, payable on December 18, 2032 250,000 250,000 $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 $200,000, 3.06%, issued in January 2022, payable on January 12, 2037 200,000 200,000 Total remaining principal $ 1,050,000 $ 1,050,000
Schedule of Collateralized Loan Obligation	The consolidated funds had the following debt obligations outstanding: Outstanding Amount as of Key terms as of March 31, 2024 Credit Agreement March 31, 2024 December 31, 2023 Facility Capacity Effective Interest Rate Weighted Average Remaining Maturity (years) Commitment Fee Rate L/C Fee Revolving credit facilities (1) $ 1,056,293 $ 951,950 $ 1,678,970 7.59% 1.2 0.25% 2.20% Total debt obligations $ 1,056,293 $ 951,950 Less: Debt issuance costs (2) (6,925) (6,155) Total debt obligations, net $ 1,049,368 $ 945,795 (1) The credit facility capacity is calculated on a pro rata basis using fund commitments as of March 31, 2024. (2) Debt issuance costs are included in other assets as of March 31, 2024 and December 31, 2023. Debt obligations of CLOs represent amounts due to holders of debt securities issued by the CLOs, as well as term loans of CLOs that had not priced as of period end. Outstanding debt obligations of CLOs were as follows: As of March 31, 2024 As of December 31, 2023 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 381,666 7.32 12.9 — —% — Total CLO debt obligations $ 381,666 $ — (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. The fair value of the beneficial interests was calculated using a discounted cash flow model specific to each investment structure. Please see note 2 for more information.
Schedule 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 March 31, 2024: Investment Type Fair Value Valuation Technique Significant Unobservable Inputs (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer discretionary: $ 51,724 Discounted cash flow (6) Discount rate 13% - 17% 16% 29,664 Recent market information (5) Quoted prices Not applicable Not applicable 29,434 Recent transaction price (7) Quoted prices Not applicable Not applicable Energy: 67,564 Discounted cash flow (6) Discount rate 18% - 18% 18% 2,282 Recent market informatio n (5) Quoted prices Not applicable Not applicable Financials: 29,467 Discounted cash flow (6) Discount rate 9% - 15% 15% 30,929 Recent market information (5) Quoted prices Not applicable Not applicable 21,252 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.5x - 1.0x 0.9x 197 Expected Recovery (11) Not applicable Not applicable Not applicable Industrials 154,026 Discounted cash flow (6) Discount rate 10% - 15% 13% 7,870 Recent market information (5) Quoted prices Not applicable Not applicable 4,160 Recent transaction price (4) Quoted prices Not applicable Not applicable Materials: 366,923 Discounted cash flow (6) Discount rate 10% - 15% 13% 3,708 Recent market information (5) Quoted prices Not applicable Not applicable 67,056 Recent transaction price (4) Quoted prices Not applicable Not applicable Real estate: 204,909 Discounted cash flow (6) Discount rate 4% - 19% 15% 32,174 Recent transaction price (4) Quoted prices Not applicable Not applicable 186,479 Market approach (comparable companies) (7) Multiple of underlying assets (9) 1.0x - 1.0x 1.0x 36,477 Recent market information (5) Quoted prices Not applicable Not applicable Other: 576,440 Discounted cash flow (6) Discount rate 6% - 19% 17% 24,390 Market approach (comparable companies) (7) Earnings multiple (10) 6.0x - 9.0x 6.5x 7,668 Recent market information (5) Quoted prices Not applicable Not applicable 972 Recent transaction price (4) Quoted prices Not applicable Not applicable Equity investments: 150,186 Recent transaction price (4) Quoted prices Not applicable Not applicable 98,616 Discounted cash flow (6) Discount rate 12% - 18% 15% 22,364 Discounted cash flow (6) / market approach (comparable companies) (7) Discount rate 11% - 11% 11% Earnings multiple (10) 10.0x - 12.0x 11.0x 372,859 Market approach (comparable companies) (7) Earnings multiple (10) 6.0x - 13.0x 9.4x 31,742 Market approach (comparable companies) (7) Revenue multiple (8) 2.0x - 2.0x 2.0x 10,731 Expected Recovery (11) Not applicable Not applicable Not applicable 1,084 Black Scholes (12) Not applicable Not applicable Not applicable 24,831 Recent market information (5) Quoted prices Not applicable Not applicable 840,279 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.5x - 1.0x 1.0x Real estate-oriented investments: Consumer discretionary: 60,800 Discounted cash flow (6) Discount rate 20% - 20% 20% Real estate: 125,881 Discounted cash flow (6) Discount rate 4% - 23% 15% Total Level III $ 3,675,138 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, 2023: Investment Type Fair Value Valuation Technique Significant Unobservable (1)(2) Range Weighted Average (3) Credit-oriented investments: Consumer discretionary: $ 11,311 Recent transaction price (4) Quoted prices Not applicable Not applicable 351 Recent market information (5) Quoted prices Not applicable Not applicable 55,326 Discounted cash flow (6) Discount rate 13% – 17% 16% Energy: 15,873 Discounted cash flow (6) Discount rate 14% – 14% 14% 69,871 Recent transaction price (4) Quoted prices Not applicable Not applicable 2,325 Recent market information (5) Quoted prices Not applicable Not applicable Financials: 26,689 Discounted cash flow (6) Discount rate 12% – 15% 15% 3,646 Recent transaction price (4) Quoted prices Not applicable Not applicable 26,102 Recent market information (5) Quoted prices Not applicable Not applicable 20,520 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.5x – 1.0x 0.7x Industrials: 79,824 Discounted cash flow (6) Discount rate 11% – 15% 13% 62,544 Market approach (comparable companies) (7) Earnings multiple (10) 9.8x – 9.8x 9.8x 51,788 Recent transaction price (4) Quoted prices Not applicable Not applicable 452 Recent market information (5) Quoted prices Not applicable Not applicable Materials: 306,319 Discounted cash flow (6) Discount rate 10% – 15% 12% 193,614 Recent transaction price (4) Quoted prices Not applicable Not applicable — Recent market information (5) Quoted prices Not applicable Not applicable Real estate: 35,084 Recent transaction price (4) Quoted prices Not applicable Not applicable 211,211 Discounted cash flow (6) Discount rate 13% – 15% 15% 193,771 Market approach (comparable companies) (7) Multiple of underlying assets (9) 1.0x – 1.0x 1.0x 37,419 Recent market information (5) Quoted prices Not applicable Not applicable Other: 4,316 Recent market information (5) Quoted prices Not applicable Not applicable 19,820 Market approach (comparable companies) (7) Earnings multiple (10) 6.0x – 6.0x 6.0x 1,345 Market approach (comparable companies) (7) Revenue multiple (8) 0.3x – 0.3x 0.3x 1,612 Recent transaction price (4) Quoted prices Not applicable Not applicable 551,047 Discounted cash flow (6) Discount rate 9% – 19% 18% Equity investments: 179,009 Recent transaction price (4) Quoted prices Not applicable Not applicable 670,215 Market approach (comparable companies) (7) Multiple of underlying assets (9) 0.9x – 1.0x 1.0x 396,688 Market approach (comparable companies) (7) Earnings multiple (10) 2.0x – 11.0x 8.5x 102,981 Discounted cash flow (6) Discount rate 12% – 20% 15% 60,841 Market approach (comparable companies) (7) Revenue multiple (8) 1.0x – 2.0x 1.5x 22,573 Discounted cash flow (6) / market approach (comparable companies) (7) Discount rate 12% – 12% 12% Earnings multiple (10) 9.0x – 11.0x 10.0x 14,102 Recent market information (5) Quoted prices Not applicable Not applicable Real estate-oriented: Consumer discretionary: 61,357 Discounted cash flow (6) Discount rate 20% – 20% 20% Real estate: 113,996 Discounted cash flow (6) Discount rate 4% – 27% 14% Total Level III $ 3,603,942 (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) 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. (5) Certain investments are valued using vendor prices or broker quotes for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. (6) A 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. (7) A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying. (8) 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. (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. (11) Certain investments are valued based on expected recovery, generally representing the estimated value that can be recovered in the event of liquidation or winding down. (12) The fair value of options/warrants is estimated using the Black-Scholes-Merton valuation model. The company uses the following methods to determine the underlying assumptions: expected volatilities are based on the historical and implied volatilities of comparable companies or the subject company if the subject company is publicly traded; expected term is based on the shorter of the expected hold period for the option or the contractual term; and the risk-free rate is based on the yields on U.S. Treasury bills or bonds issued with similar terms to the expected term of the option. The following table set forth the significant valuation inputs, including the input range and weighted average rate utilized in determining the fair value of the Company’s CLO beneficial interests held at March 31, 2024: Valuation Input Low High Weighted Average Rate Discount rates 16.0% 37.0% 22.6% Constant default rates 2.0% 2.0% 2.0% Recovery rates 60.0% 65.0% 62.8%
Schedule of Principal Value with Debt Obligations	As of March 31, 2024, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows: Remainder of 2024 $ — 2025 — 2026 11,872 2027 — 2028 — Thereafter 370,000 Total $ 381,872

NON-CONTROLLING REDEEMABLE IN_2

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Tables)	3 Months Ended
	Mar. 31, 2024
Non-Controlling Redeemable Interests in Consolidated Funds [Abstract]
Schedule of Changes in Non-controlling Redeemable Interests in Consolidated Funds	The following table sets forth a summary of changes in the non-controlling redeemable interests in the consolidated funds. Dividends reinvested and in-kind contributions or distributions are non-cash in nature and have been presented on a gross basis in the table below. Three months ended March 31, 2024 2023 Beginning balance $ 3,336,548 $ 2,182,414 Deconsolidation of funds (165,897) — Contributions 89,612 606,515 Distributions (26,149) (29,442) Net income 111,610 27,734 Change in distributions payable — (91) Foreign currency translation and other, net (772) 1,069 Ending balance $ 3,344,952 $ 2,788,199

UNITHOLDERS' CAPITAL (Tables)

UNITHOLDERS' CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Net Income (Loss)	The following table sets forth a summary of net income attributable to the preferred unitholders, the OCGH and other non-controlling interests and the Class A common unitholders: Three months ended March 31, 2024 2023 Weighted average Oaktree Operating Group units outstanding (in thousands): OCGH and other non-controlling interests 54,706 60,824 Class A unitholders 105,416 99,238 Total weighted average units outstanding 160,122 160,062 Oaktree Operating Group net income (loss): Net income attributable to preferred unitholders (1) $ 6,829 $ 6,829 Net income (loss) attributable to OCGH and other non-controlling interests 52,728 19,700 Net income (loss) attributable to BOH Class A unitholders 69,160 31,389 Oaktree Capital I net income (loss) $ 128,717 $ 57,918 Net income (loss) attributable to BOH Class A unitholders: Oaktree Capital I net income (loss) attributable to BOH Class A unitholders $ 69,160 $ 31,389 Non-Operating Group income (expense) 7,626 7,540 Net income attributable to BOH Class A unitholders $ 76,786 $ 38,929 (1) Represents distributions declared, if any, on the preferred units.
Schedule of Changes in Company Ownership Interest	The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below: Three months ended March 31, 2024 2023 Net income attributable to BOH Class A unitholders $ 76,786 $ 38,929 Equity reallocation between controlling and non-controlling interests (1,976) (2,271) Change from net income attributable to BOH Class A unitholders and transfers from non-controlling interests $ 74,810 $ 36,658

EARNINGS PER UNIT (Tables)

EARNINGS PER UNIT (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computations of Net Income (Loss) Per Unit	The computation of net income (loss) per Class A unit is set forth below: Three months ended March 31, 2024 2023 (in thousands, except per unit amounts) Net income per Class A unit (basic and diluted): Net income attributable to BOH Class A unitholders $ 76,786 $ 38,929 Weighted average number of Class A units outstanding (basic and diluted) 109,199 99,238 Basic and diluted net income (net of tax) per Class A unit $ 0.70 $ 0.39

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule Of 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 and to 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 March 31, 2024 December 31, 2023 Due from affiliates: Loans to affiliates $ 67,581 $ 25,996 Incentive income due from unconsolidated funds and affiliates 476 202,052 Payments made on behalf of unconsolidated entities 5,914 4,437 Total due from affiliates $ 73,971 $ 232,485 Due to affiliates: Amounts due to unconsolidated entities 22,068 62,759 Total due to affiliates $ 22,068 $ 62,759

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)	38 Months Ended
	Nov. 30, 2022 entity	Mar. 31, 2024 entity vote
Subsidiary, Sale of Stock [Line Items]
Number operating entities | entity		6
Number of operating group entities with operations | entity	2
Class A Units
Subsidiary, Sale of Stock [Line Items]
Number of votes per share | vote		1
Class B Units
Subsidiary, Sale of Stock [Line Items]
Number of votes per share | vote		10

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Incentive income compensation vesting period	5 years
Closed-end Incentive Income
Disaggregation of Revenue [Line Items]
Percentage of fund profits	20%
Percentage of preferred return on funds	8%
Evergreen
Disaggregation of Revenue [Line Items]
Percentage of fund profits	20%
Minimum
Disaggregation of Revenue [Line Items]
Withdrawal period	1 month
Maximum
Disaggregation of Revenue [Line Items]
Withdrawal period	3 years

REVENUES - Revenues Disaggregat

REVENUES - Revenues Disaggregated by Fund Structure (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 115,329	$ 59,401
Incentive Income
Disaggregation of Revenue [Line Items]
Revenues	115,329	59,401
Closed-end
Disaggregation of Revenue [Line Items]
Revenues	112,497	59,099
Evergreen
Disaggregation of Revenue [Line Items]
Revenues	$ 2,832	$ 302

REVENUES - Contract Balances (D

REVENUES - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables	$ 476	$ 9,407
Contract assets	$ 0	$ 192,645

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) entity	Dec. 31, 2023 USD ($) entity
Variable Interest Entity [Line Items]
Assets	$ 8,248,669	$ 7,555,933
Liabilities	$ 2,203,854	$ 1,634,479
Consolidated Funds
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity) | entity	9	9
Assets	$ 6,400,000
Liabilities	1,900,000
Maximum exposure to loss	$ 1,200,000
Consolidated Funds | Number of CLO's for which Oaktree acts as collateral manager
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity) | entity	1
Consolidated Funds | Number of fund managed by Oaktree
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity) | entity	8
Number of remaining variable interest entities | Consolidated Funds
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity) | entity	9

VARIABLE INTEREST ENTITIES - VI

VARIABLE INTEREST ENTITIES - VIEs Not Consolidated (Details) - Unconsolidated VIEs - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 924,523	$ 1,198,973
Corporate investments
Variable Interest Entity [Line Items]
Maximum exposure to loss	923,984	999,112
Due from affiliates
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 539	$ 199,861

INVESTMENTS - Corporate Investm

INVESTMENTS - Corporate Investments (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ 85,127	$ 85,319
Total corporate investments	1,438,991	1,532,208
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	1,342,340	1,434,988
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	$ 11,524	$ 11,901

INVESTMENTS - Investment Income

INVESTMENTS - Investment Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ 14,005	$ 25,603
Total investment income	18,240	51,722
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	4,612	26,122
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	$ (377)	$ (3)

INVESTMENTS - Equity-method Inv

INVESTMENTS - Equity-method Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statements of Operations
Interest expense	$ (22,215)	$ (16,549)
Net realized and unrealized gain on investments	65,698	6,498
Net income	247,953	93,192
Brookfield Corporate Treasury Ltd Treasury
Schedule of Equity Method Investments [Line Items]
Loss from equity method investments	17,700
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Statements of Operations
Revenues / investment income	1,041,837	1,176,631
Interest expense	(141,221)	(147,966)
Other expenses	(270,030)	(239,798)
Net realized and unrealized gain on investments	1,146,042	325,585
Net income	$ 1,776,628	$ 1,114,452
Maximum | Oaktree Funds
Schedule of Equity Method Investments [Line Items]
Ownership percentage	2.50%

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Investments [Line Items]
Realized gain (loss)	$ (51,776)	$ 31,680
Net change in unrealized gain (loss)	117,474	(25,182)
Total gain (loss)	65,698	6,498
Other Investments at Fair Value
Schedule of Investments [Line Items]
Realized gain (loss)	7,535	1,069
Net change in unrealized gain (loss)	6,470	24,534
Total gain (loss)	$ 14,005	$ 25,603

INVESTMENTS - Fair Value (Detai

INVESTMENTS - Fair Value (Details) $ in Thousands	Mar. 31, 2024 USD ($) investment	Dec. 31, 2023 USD ($) investment
Schedule Of Investments In Marketable Securities [Line Items]
Investments, percentage of net assets, threshold percentage	5%	5%
Consolidated Funds
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 3,846,395	$ 3,322,558
Debt securities, fair value as a percentage of investments of consolidated funds	66.60%	64.80%
Equity securities, fair value	$ 1,738,700	$ 1,645,766
Equity securities, fair value as a percentage of investments of consolidated funds	30.10%	31.80%
Real estate investments, at fair value	$ 186,681	$ 175,353
Real estate, fair value as a percentage of investments of consolidated funds	3.30%	3.40%
Investments, at fair value	$ 5,771,776	$ 5,143,677
Total investments, fair value as a percentage of investments of consolidated funds	100%	100%
Consolidated Funds | United States:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 2,820,581	$ 2,328,442
Debt securities, fair value as a percentage of investments of consolidated funds	48.90%	45.40%
Total debt securities, cost	$ 2,816,424	$ 2,341,421
Equity securities, fair value	$ 1,358,264	$ 1,281,750
Equity securities, fair value as a percentage of investments of consolidated funds	23.70%	24.80%
Total equity securities, cost	$ 1,086,131	$ 1,095,721
Real estate investments, at fair value	$ 13,952	$ 13,780
Real estate, fair value as a percentage of investments of consolidated funds	0.20%	0.30%
Real estate securities, cost	$ 23,160	$ 22,716
Investments, fair value that exceeds threshold | investment	0	0
Consolidated Funds | United States: | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 148,272	$ 69,509
Debt securities, fair value as a percentage of investments of consolidated funds	2.60%	1.40%
Equity securities, fair value	$ 84,675	$ 79,522
Equity securities, fair value as a percentage of investments of consolidated funds	1.50%	1.50%
Consolidated Funds | United States: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 291,691	$ 202,355
Debt securities, fair value as a percentage of investments of consolidated funds	5.10%	3.90%
Equity securities, fair value	$ 40,063	$ 68,056
Equity securities, fair value as a percentage of investments of consolidated funds	0.70%	1.30%
Consolidated Funds | United States: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 54,040	$ 28,149
Debt securities, fair value as a percentage of investments of consolidated funds	0.90%	0.50%
Consolidated Funds | United States: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 114,814	$ 110,990
Debt securities, fair value as a percentage of investments of consolidated funds	2%	2.20%
Equity securities, fair value	$ 430,082	$ 427,034
Equity securities, fair value as a percentage of investments of consolidated funds	7.50%	8.30%
Consolidated Funds | United States: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 283,612	$ 223,794
Debt securities, fair value as a percentage of investments of consolidated funds	4.90%	4.40%
Equity securities, fair value	$ 234,302	$ 171,924
Equity securities, fair value as a percentage of investments of consolidated funds	4.10%	3.30%
Consolidated Funds | United States: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 310,429	$ 226,554
Debt securities, fair value as a percentage of investments of consolidated funds	5.40%	4.40%
Equity securities, fair value	$ 33,294	$ 32,418
Equity securities, fair value as a percentage of investments of consolidated funds	0.60%	0.60%
Consolidated Funds | United States: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 462,602	$ 379,538
Debt securities, fair value as a percentage of investments of consolidated funds	8%	7.50%
Equity securities, fair value	$ 421,733	$ 369,019
Equity securities, fair value as a percentage of investments of consolidated funds	7.30%	7.20%
Consolidated Funds | United States: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 125,611	$ 87,355
Debt securities, fair value as a percentage of investments of consolidated funds	2.20%	1.70%
Equity securities, fair value	$ 43,997	$ 44,350
Equity securities, fair value as a percentage of investments of consolidated funds	0.80%	0.90%
Consolidated Funds | United States: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 371,007	$ 333,459
Debt securities, fair value as a percentage of investments of consolidated funds	6.40%	6.50%
Consolidated Funds | United States: | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 100,215	$ 97,621
Debt securities, fair value as a percentage of investments of consolidated funds	1.70%	1.90%
Real estate investments, at fair value	$ 13,952	$ 13,780
Real estate, fair value as a percentage of investments of consolidated funds	0.20%	0.30%
Consolidated Funds | United States: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 43,772	$ 19,954
Debt securities, fair value as a percentage of investments of consolidated funds	0.80%	0.40%
Equity securities, fair value	$ 70,118	$ 89,427
Equity securities, fair value as a percentage of investments of consolidated funds	1.20%	1.70%
Consolidated Funds | United States: | Other
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 514,516	$ 549,164
Debt securities, fair value as a percentage of investments of consolidated funds	8.90%	10.60%
Consolidated Funds | Europe:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 266,920	$ 253,676
Debt securities, fair value as a percentage of investments of consolidated funds	4.50%	4.90%
Total debt securities, cost	$ 246,604	$ 231,315
Equity securities, fair value	$ 268,854	$ 264,564
Equity securities, fair value as a percentage of investments of consolidated funds	4.60%	5.10%
Total equity securities, cost	$ 207,847	$ 208,130
Real estate investments, at fair value	$ 172,729	$ 161,573
Real estate, fair value as a percentage of investments of consolidated funds	3.10%	3.10%
Real estate securities, cost	$ 171,035	$ 159,423
Consolidated Funds | Europe: | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 103,870	$ 111,898
Debt securities, fair value as a percentage of investments of consolidated funds	1.80%	2.10%
Consolidated Funds | Europe: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 27,120	$ 18,560
Debt securities, fair value as a percentage of investments of consolidated funds	0.50%	0.40%
Equity securities, fair value	$ 53,933	$ 52,468
Equity securities, fair value as a percentage of investments of consolidated funds	0.90%	1%
Real estate investments, at fair value	$ 60,800	$ 61,357
Real estate, fair value as a percentage of investments of consolidated funds	1.10%	1.20%
Consolidated Funds | Europe: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 8,379	$ 3,107
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.10%
Consolidated Funds | Europe: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 5,231	$ 1,185
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0%
Consolidated Funds | Europe: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 23,151	$ 18,381
Debt securities, fair value as a percentage of investments of consolidated funds	0.40%	0.40%
Equity securities, fair value	$ 48,808	$ 49,496
Equity securities, fair value as a percentage of investments of consolidated funds	0.80%	1%
Consolidated Funds | Europe: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 11,760	$ 12,136
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	0.20%
Equity securities, fair value	$ 122	$ 19
Equity securities, fair value as a percentage of investments of consolidated funds	0%	0%
Consolidated Funds | Europe: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 18,965	$ 15,993
Debt securities, fair value as a percentage of investments of consolidated funds	0.30%	0.30%
Equity securities, fair value	$ 101,724	$ 93,662
Equity securities, fair value as a percentage of investments of consolidated funds	1.80%	1.70%
Consolidated Funds | Europe: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 6,141	$ 5,402
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.10%
Consolidated Funds | Europe: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 11,734	$ 13,487
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	0.30%
Equity securities, fair value	$ 24,282	$ 24,282
Equity securities, fair value as a percentage of investments of consolidated funds	0.40%	0.50%
Consolidated Funds | Europe: | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 14,339	$ 13,424
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	0.30%
Equity securities, fair value	$ 39,985	$ 44,637
Equity securities, fair value as a percentage of investments of consolidated funds	0.70%	0.90%
Real estate investments, at fair value	$ 111,929	$ 100,216
Real estate, fair value as a percentage of investments of consolidated funds	2%	1.90%
Consolidated Funds | Europe: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 1,241	$ 5,417
Debt securities, fair value as a percentage of investments of consolidated funds	0%	0.10%
Consolidated Funds | Europe: | Other
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 34,989	$ 34,686
Debt securities, fair value as a percentage of investments of consolidated funds	0.60%	0.60%
Consolidated Funds | Asia and other:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 758,894	$ 740,440
Debt securities, fair value as a percentage of investments of consolidated funds	13.10%	14.50%
Total debt securities, cost	$ 773,093	$ 761,394
Equity securities, fair value	$ 111,582	$ 99,452
Equity securities, fair value as a percentage of investments of consolidated funds	1.90%	1.90%
Total equity securities, cost	$ 101,880	$ 90,638
Consolidated Funds | Asia and other: | Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 509	$ 803
Debt securities, fair value as a percentage of investments of consolidated funds	0%	0%
Consolidated Funds | Asia and other: | Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 25,428	$ 17,195
Debt securities, fair value as a percentage of investments of consolidated funds	0.40%	0.30%
Consolidated Funds | Asia and other: | Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 19,999	$ 19,820
Debt securities, fair value as a percentage of investments of consolidated funds	0.30%	0.40%
Consolidated Funds | Asia and other: | Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 2,381	$ 1,307
Debt securities, fair value as a percentage of investments of consolidated funds	0%	0%
Consolidated Funds | Asia and other: | Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 8,094	$ 8,192
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.20%
Consolidated Funds | Asia and other: | Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 400	$ 402
Debt securities, fair value as a percentage of investments of consolidated funds	0%	0%
Consolidated Funds | Asia and other: | Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 5,127	$ 4,181
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.10%
Equity securities, fair value	$ 76,960	$ 63,161
Equity securities, fair value as a percentage of investments of consolidated funds	1.30%	1.20%
Consolidated Funds | Asia and other: | Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 46	$ 5
Debt securities, fair value as a percentage of investments of consolidated funds	0%	0%
Consolidated Funds | Asia and other: | Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 282,392	$ 249,492
Debt securities, fair value as a percentage of investments of consolidated funds	5%	4.90%
Consolidated Funds | Asia and other: | Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 414,490	$ 435,799
Debt securities, fair value as a percentage of investments of consolidated funds	7.20%	8.50%
Equity securities, fair value	$ 32,916	$ 32,916
Equity securities, fair value as a percentage of investments of consolidated funds	0.60%	0.60%
Consolidated Funds | Asia and other: | Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 28	$ 3,244
Debt securities, fair value as a percentage of investments of consolidated funds	0%	0.10%
Equity securities, fair value	$ 1,706	$ 3,375
Equity securities, fair value as a percentage of investments of consolidated funds	0%	0.10%

INVESTMENTS - Net Gains (Losses

INVESTMENTS - Net Gains (Losses) from Investment Activities of Consolidated Funds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	$ (51,776)	$ 31,680
Net Change in Unrealized Appreciation (Depreciation) on Investments	117,474	(25,182)
Consolidated Funds | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(51,776)	31,680
Net Change in Unrealized Appreciation (Depreciation) on Investments	117,474	(25,182)
Consolidated Funds | Investments and other financial instruments | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(55,747)	30,259
Net Change in Unrealized Appreciation (Depreciation) on Investments	111,713	(35,958)
Consolidated Funds | CLO liabilities | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	35	0
Net Change in Unrealized Appreciation (Depreciation) on Investments	1,362	0
Consolidated Funds | Foreign-currency forward contracts | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(351)	(1,614)
Net Change in Unrealized Appreciation (Depreciation) on Investments	5,735	(3,984)
Consolidated Funds | Total-return and interest-rate swaps | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	0	(5)
Net Change in Unrealized Appreciation (Depreciation) on Investments	633	(12)
Consolidated Funds | Options and futures | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(206)	432
Net Change in Unrealized Appreciation (Depreciation) on Investments	(388)	(398)
Consolidated Funds | Commodity swaps | Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	4,493	2,608
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ (1,581)	$ 15,170

FAIR VALUE - Financial Instrume

FAIR VALUE - Financial Instruments by Fair-value Hierarchy Level (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	$ 11,214	$ 17,741
Liabilities	(20,603)	(30,750)
Oaktree Capital Group Excluding Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	384,763	402,620
Oaktree Capital Group Excluding Consolidated Funds | Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	1,906	8,608
Liabilities	(1,642)	(8,520)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	411,722	445,885
Total liabilities	(1,511)	(8,010)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | SPAC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	26,959	27,157
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Foreign-currency forward contracts | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	1,775	0
Liabilities	0	(8,010)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Foreign-currency forward contracts | Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	8,098
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Foreign-currency forward contracts | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	(1,511)	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	382,988	410,630
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	93,987	97,445
Total liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | SPAC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	26,959	25,360
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Foreign-currency forward contracts | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Foreign-currency forward contracts | Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Foreign-currency forward contracts | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	67,028	72,085
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	301,661	325,649
Total liabilities	(1,511)	(8,010)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | SPAC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	1,775	0
Liabilities	0	(8,010)
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts | Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	8,098
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	(1,511)	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	299,886	317,551
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	16,074	22,791
Total liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | SPAC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	1,797
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Foreign-currency forward contracts | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Foreign-currency forward contracts | Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Foreign-currency forward contracts | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	$ 16,074	$ 20,994

FAIR VALUE - Consolidated Funds

FAIR VALUE - Consolidated Funds Valuation of Investments and Other Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	$ 11,214	$ 17,741
Liabilities	(20,603)	(30,750)
Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	5,771,776	5,143,677
Total derivatives	9,308	9,133
Total assets	600,000	0
CLO debt obligations	(381,666)	0
Liabilities	(18,961)	(22,230)
Consolidated Funds | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	6	0
Liabilities	(2,714)	(571)
Consolidated Funds | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	3,675,138	3,603,942
Consolidated Funds | Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	5,771,776	5,143,677
Total derivatives	9,308	9,133
Total assets	5,781,084	5,152,810
Liabilities	(18,961)	(22,230)
Total liabilities	(400,627)	(22,230)
Consolidated Funds | Fair Value, Measurements, Recurring | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
CLO debt obligations	(381,666)	0
Consolidated Funds | Fair Value, Measurements, Recurring | Secured borrowings | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
CLO debt obligations	(381,666)	0
Consolidated Funds | Fair Value, Measurements, Recurring | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	1,591	475
Liabilities	(16,218)	(21,659)
Consolidated Funds | Fair Value, Measurements, Recurring | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	7,711	8,658
Liabilities	(29)	0
Consolidated Funds | Fair Value, Measurements, Recurring | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	6	0
Liabilities	(2,714)	(571)
Consolidated Funds | Fair Value, Measurements, Recurring | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	3,126,566	2,363,503
Consolidated Funds | Fair Value, Measurements, Recurring | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	719,829	959,055
Consolidated Funds | Fair Value, Measurements, Recurring | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,130,162	1,044,201
Consolidated Funds | Fair Value, Measurements, Recurring | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	608,538	601,565
Consolidated Funds | Fair Value, Measurements, Recurring | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	186,681	175,353
Consolidated Funds | Fair Value, Measurements, Recurring | Level I
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	186,008	167,578
Total derivatives	7,717	8,658
Total assets	193,725	176,236
Liabilities	(2,714)	(571)
Total liabilities	(2,714)	(571)
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Secured borrowings | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	7,711	8,658
Liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	6	0
Liabilities	(2,714)	(571)
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	183,341	165,649
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	2,667	1,929
Consolidated Funds | Fair Value, Measurements, Recurring | Level I | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,910,630	1,372,157
Total derivatives	1,591	475
Total assets	1,912,221	1,372,632
Liabilities	(16,247)	(21,659)
Total liabilities	(397,913)	(21,659)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
CLO debt obligations	(381,666)	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Secured borrowings | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
CLO debt obligations	(381,666)	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	1,591	475
Liabilities	(16,218)	(21,659)
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Liabilities	(29)	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,367,064	641,615
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	543,566	698,763
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	31,779
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level II | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	3,675,138	3,603,942
Total derivatives	0	0
Total assets	3,675,138	3,603,942
Liabilities	0	0
Total liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Secured borrowings | CLO debt obligations:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
CLO debt obligations	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Liabilities	0	0
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,759,502	1,721,888
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	176,263	260,292
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	946,821	846,773
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	605,871	599,636
Consolidated Funds | Fair Value, Measurements, Recurring | Level III | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 186,681	$ 175,353

FAIR VALUE - Consolidated Fun_2

FAIR VALUE - Consolidated Funds Summary of Changes in Fair Value of Level III Investments (Details) - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 3,603,942	$ 2,390,273
Initial consolidation of funds	2,962
Transfers into Level III	266,905	5,580
Transfers out of Level III	(336,819)	(5,451)
Purchases	281,462	335,934
Sales	(165,039)	(63,287)
Realized gain (losses), net	(82,921)	21,656
Unrealized appreciation (depreciation), net	104,646	(17,511)
Ending balance	3,675,138	2,667,194
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	97,454	(17,654)
Corporate debt – bank debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,721,888	702,497
Initial consolidation of funds	2,962
Transfers into Level III	190,733	159
Transfers out of Level III	(255,229)	(4,473)
Purchases	169,907	278,808
Sales	(85,491)	(2,863)
Realized gain (losses), net	(328)	31
Unrealized appreciation (depreciation), net	15,060	(11,843)
Ending balance	1,759,502	962,316
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	11,488	(11,987)
Corporate debt – all other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	260,292	219,503
Initial consolidation of funds	0
Transfers into Level III	15,359	5,421
Transfers out of Level III	(65,930)	(978)
Purchases	1,408	657
Sales	(37,144)	0
Realized gain (losses), net	915	(228)
Unrealized appreciation (depreciation), net	1,363	2,789
Ending balance	176,263	227,164
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(37)	2,789
Equities – common stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	846,773	777,198
Initial consolidation of funds	0
Transfers into Level III	54,678	0
Transfers out of Level III	(15,660)	0
Purchases	86,233	44,992
Sales	(42,358)	(25,201)
Realized gain (losses), net	11,149	12,868
Unrealized appreciation (depreciation), net	6,006	(48)
Ending balance	946,821	809,809
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	3,784	(49)
Equities – Preferred Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	599,636	616,604
Initial consolidation of funds	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Purchases	16,966	4,191
Sales	(46)	(35,223)
Realized gain (losses), net	(94,657)	8,987
Unrealized appreciation (depreciation), net	83,972	(11,959)
Ending balance	605,871	582,600
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	83,972	(11,959)
Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	175,353	74,471
Initial consolidation of funds	0
Transfers into Level III	6,135	0
Transfers out of Level III	0	0
Purchases	6,948	7,286
Sales	0	0
Realized gain (losses), net	0	(2)
Unrealized appreciation (depreciation), net	(1,755)	3,550
Ending balance	186,681	85,305
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$ (1,753)	$ 3,552

FAIR VALUE - Consolidated Fun_3

FAIR VALUE - Consolidated Funds Summary of Valuation Techniques and Quantitative Information (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Level III | Discounted cash flow | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		$ 211,211
Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, at fair value	$ 186,681	175,353
Investments, at fair value	5,771,776	5,143,677
Consolidated Funds | Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	3,675,138	3,603,942
Consolidated Funds | Level III | Discounted cash flow | Consumer discretionary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	51,724	55,326
Real estate securities, fair value disclosure		61,357
Real estate investments, at fair value	60,800
Consolidated Funds | Level III | Discounted cash flow | Energy
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	67,564	15,873
Consolidated Funds | Level III | Discounted cash flow | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	29,467	26,689
Consolidated Funds | Level III | Discounted cash flow | Industrials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	154,026	79,824
Consolidated Funds | Level III | Discounted cash flow | Materials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	366,923	306,319
Consolidated Funds | Level III | Discounted cash flow | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	204,909
Consolidated Funds | Level III | Discounted cash flow | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	576,440	551,047
Consolidated Funds | Level III | Discounted cash flow | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	98,616	102,981
Consolidated Funds | Level III | Discounted cash flow | Real estate-oriented investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, at fair value	125,881	113,996
Consolidated Funds | Level III | Recent market information | Consumer discretionary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	29,664	351
Consolidated Funds | Level III | Recent market information | Energy
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	2,282	2,325
Consolidated Funds | Level III | Recent market information | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	30,929	26,102
Consolidated Funds | Level III | Recent market information | Industrials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	7,870	452
Consolidated Funds | Level III | Recent market information | Materials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	3,708	0
Consolidated Funds | Level III | Recent market information | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	36,477	37,419
Consolidated Funds | Level III | Recent market information | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	7,668	4,316
Consolidated Funds | Level III | Recent market information | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	24,831	14,102
Consolidated Funds | Level III | Recent transaction price | Consumer discretionary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	29,434	11,311
Consolidated Funds | Level III | Recent transaction price | Energy
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		69,871
Consolidated Funds | Level III | Recent transaction price | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		3,646
Consolidated Funds | Level III | Recent transaction price | Industrials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	4,160	51,788
Consolidated Funds | Level III | Recent transaction price | Materials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	67,056	193,614
Consolidated Funds | Level III | Recent transaction price | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	32,174	35,084
Consolidated Funds | Level III | Recent transaction price | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	972	1,612
Consolidated Funds | Level III | Recent transaction price | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	150,186	179,009
Consolidated Funds | Level III | Market approach (comparable companies) | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	21,252	20,520
Consolidated Funds | Level III | Market approach (comparable companies) | Industrials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		62,544
Consolidated Funds | Level III | Market approach (comparable companies) | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	186,479	193,771
Consolidated Funds | Level III | Market approach (comparable companies) | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	24,390	1,345
Consolidated Funds | Level III | Market approach (comparable companies) | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	840,279	60,841
Consolidated Funds | Level III | Market approach (comparable companies) | Equity Investment One | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	372,859
Consolidated Funds | Level III | Market approach (comparable companies) | Equity Investment Two | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	31,742
Consolidated Funds | Level III | Expected Recovery | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	197
Consolidated Funds | Level III | Expected Recovery | Equity Investment Two | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	10,731
Consolidated Funds | Level III | Discounted cash flow / market approach (comparable companies) | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	22,364	$ 22,573
Consolidated Funds | Level III | Black Scholes | Equity Investment Two | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	$ 1,084
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.15
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Minimum | Consumer discretionary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.13	0.13
Real estate oriented, measurement input	20%	20%
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Minimum | Energy
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.18	0.14
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Minimum | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.09	0.12
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Minimum | Industrials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.10	0.11
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Minimum | Materials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.10	0.10
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Minimum | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.04	0.13
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Minimum | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.06	0.09
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Minimum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	0.12	0.20
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Minimum | Real estate-oriented investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate oriented, measurement input	4%	4%
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Maximum | Consumer discretionary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.17	0.17
Real estate oriented, measurement input	20%	20%
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Maximum | Energy
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.18	0.14
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Maximum | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.15	0.15
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Maximum | Industrials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.15	0.15
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Maximum | Materials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.15	0.15
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Maximum | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.19	0.15
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Maximum | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.19	0.19
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Maximum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	0.18	0.12
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Maximum | Real estate-oriented investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate oriented, measurement input	23%	27%
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Weighted Average | Consumer discretionary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	16	0.16
Real estate oriented, measurement input	20%	20%
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Weighted Average | Energy
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	18	0.14
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Weighted Average | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	15	0.15
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Weighted Average | Industrials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.13	0.13
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Weighted Average | Materials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	13	0.12
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Weighted Average | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.15
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Weighted Average | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.17	0.18
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Weighted Average | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	0.15	0.15
Discount rate | Consolidated Funds | Level III | Discounted cash flow | Weighted Average | Real estate-oriented investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate oriented, measurement input	15%	14%
Discount rate | Consolidated Funds | Level III | Discounted cash flow / market approach (comparable companies) | Minimum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	0.11	0.12
Discount rate | Consolidated Funds | Level III | Discounted cash flow / market approach (comparable companies) | Maximum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	0.11	0.12
Discount rate | Consolidated Funds | Level III | Discounted cash flow / market approach (comparable companies) | Weighted Average | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	0.11	0.12
Multiple of underlying assets | Consolidated Funds | Level III | Market approach (comparable companies) | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.9
Multiple of underlying assets | Consolidated Funds | Level III | Market approach (comparable companies) | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value		$ 670,215
Multiple of underlying assets | Consolidated Funds | Level III | Market approach (comparable companies) | Minimum | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.5	0.5
Multiple of underlying assets | Consolidated Funds | Level III | Market approach (comparable companies) | Minimum | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1	1
Multiple of underlying assets | Consolidated Funds | Level III | Market approach (comparable companies) | Minimum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	0.5	0.9
Multiple of underlying assets | Consolidated Funds | Level III | Market approach (comparable companies) | Maximum | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1	1
Multiple of underlying assets | Consolidated Funds | Level III | Market approach (comparable companies) | Maximum | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1	1
Multiple of underlying assets | Consolidated Funds | Level III | Market approach (comparable companies) | Maximum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	1	1
Multiple of underlying assets | Consolidated Funds | Level III | Market approach (comparable companies) | Weighted Average | Financials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.7
Multiple of underlying assets | Consolidated Funds | Level III | Market approach (comparable companies) | Weighted Average | Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1	1
Multiple of underlying assets | Consolidated Funds | Level III | Market approach (comparable companies) | Weighted Average | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	1	1
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		$ 19,820
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value		$ 396,688
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Minimum | Industrials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		9.8
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Minimum | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	6	6
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Minimum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	6
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Minimum | Equity Investment One | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input		11
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Maximum | Industrials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		9.8
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Maximum | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	9	6
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Maximum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	13
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Maximum | Equity Investment One | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input		2
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Weighted Average | Industrials
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		9.8
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Weighted Average | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	6.5	6
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Weighted Average | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	9.4
Earning Multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Weighted Average | Equity Investment One | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input		8.5
Earning Multiple | Consolidated Funds | Level III | Discounted cash flow / market approach (comparable companies) | Minimum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	10
Earning Multiple | Consolidated Funds | Level III | Discounted cash flow / market approach (comparable companies) | Maximum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	12
Earning Multiple | Consolidated Funds | Level III | Discounted cash flow / market approach (comparable companies) | Weighted Average | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	11
Revenue multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Minimum | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.3
Revenue multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Minimum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	2
Revenue multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Minimum | Equity Investment Two | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input		2
Revenue multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Maximum | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.3
Revenue multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Maximum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	2
Revenue multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Maximum | Equity Investment Two | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input		1
Revenue multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Weighted Average | Other:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs		0.3
Revenue multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Weighted Average | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input	2
Revenue multiple | Consolidated Funds | Level III | Market approach (comparable companies) | Weighted Average | Equity Investment Two | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input		1.5
Revenue multiple | Consolidated Funds | Level III | Discounted cash flow / market approach (comparable companies) | Minimum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input		9
Revenue multiple | Consolidated Funds | Level III | Discounted cash flow / market approach (comparable companies) | Maximum | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input		11
Revenue multiple | Consolidated Funds | Level III | Discounted cash flow / market approach (comparable companies) | Weighted Average | Equity investments:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, FV-NI, measurement input		10

DERIVATIVES AND HEDGING - Fair

DERIVATIVES AND HEDGING - Fair Value of Freestanding Derivatives (Details) - Not Designated as Hedging Instrument - Oaktree Capital Group Excluding Consolidated Funds - Foreign-currency forward contracts - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Notional	$ 236,682	$ 221,910
Fair Value	1,906	8,608
Liabilities
Notional	(226,612)	(234,353)
Fair Value	$ (1,642)	$ (8,520)

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
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	$ 310	$ (2,575)
Investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	6,067	(2,575)
General and administrative expense
Derivative Instruments, Gain (Loss) [Line Items]
Gains and losses from freestanding derivative instruments	$ (5,757)	$ 0

DERIVATIVES AND HEDGING - Fai_2

DERIVATIVES AND HEDGING - Fair Value of Derivatives of Consolidated Funds (Details) - Not Designated as Hedging Instrument - Consolidated Funds - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Notional	$ 789,452	$ 556,036
Fair Value	9,308	9,133
Liabilities
Notional	(226,201)	(281,450)
Fair Value	(18,961)	(22,230)
Foreign-currency forward contracts
Assets
Notional	739,304	508,174
Fair Value	1,591	475
Liabilities
Notional	(26,973)	(118,263)
Fair Value	(16,218)	(21,659)
Total-return and interest-rate and credit default swaps
Assets
Notional	34,351	41,113
Fair Value	7,711	8,658
Liabilities
Notional	(43,588)	0
Fair Value	(29)	0
Options and futures
Assets
Notional	15,797	6,749
Fair Value	6	0
Liabilities
Notional	(155,640)	(163,187)
Fair Value	$ (2,714)	$ (571)

DERIVATIVES AND HEDGING - Impac

DERIVATIVES AND HEDGING - Impact of Derivatives Held by Consolidated Funds on Income (Details) - Not Designated as Hedging Instrument - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	$ 3,936	$ 1,421
Net Change in Unrealized Appreciation (Depreciation) on Investments	4,399	10,776
Foreign-currency forward contracts
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	(351)	(1,614)
Net Change in Unrealized Appreciation (Depreciation) on Investments	5,735	(3,984)
Total-return and interest-rate and credit default swaps
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	0	(5)
Net Change in Unrealized Appreciation (Depreciation) on Investments	633	(12)
Options and futures
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	(206)	432
Net Change in Unrealized Appreciation (Depreciation) on Investments	(388)	(398)
Commodity swaps
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	4,493	2,608
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ (1,581)	$ 15,170

DERIVATIVES AND HEDGING - Balan

DERIVATIVES AND HEDGING - Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	$ 11,214	$ 17,741
Gross amounts not offset in statements of financial condition, derivative assets	131	510
Gross amounts not offset in statements of financial condition, cash collateral received	0	0
Net Amount	11,083	17,231
Derivative Liabilities:
Fair Value	(20,603)	(30,750)
Gross amounts not offset in statements of financial condition, derivative (liabilities)	(131)	(510)
Gross amounts not offset in statements of financial condition, cash (pledged)	0	0
Net Amount	(20,472)	(30,240)
Oaktree Capital Group Excluding Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	1,906	8,608
Gross amounts not offset in statements of financial condition, derivative assets	131	510
Gross amounts not offset in statements of financial condition, cash collateral received	0	0
Net Amount	1,775	8,098
Derivative Liabilities:
Fair Value	(1,642)	(8,520)
Gross amounts not offset in statements of financial condition, derivative (liabilities)	(131)	(510)
Gross amounts not offset in statements of financial condition, cash (pledged)	0	0
Net Amount	(1,511)	(8,010)
Consolidated Funds
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	9,308	9,133
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	9,308	9,133
Derivative Liabilities:
Fair Value	(18,961)	(22,230)
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	(18,961)	(22,230)
Consolidated Funds | Foreign-currency forward contracts
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	1,591	475
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	1,591	475
Derivative Liabilities:
Fair Value	(16,218)	(21,659)
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	(16,218)	(21,659)
Consolidated Funds | Total-return and interest-rate and credit default swaps
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	7,711	8,658
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	7,711	8,658
Derivative Liabilities:
Fair Value	(29)
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	(29)
Consolidated Funds | Options and futures
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	6	0
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	6	0
Derivative Liabilities:
Fair Value	(2,714)	(571)
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	$ (2,714)	$ (571)

DEBT OBLIGATIONS AND CREDIT F_3

DEBT OBLIGATIONS AND CREDIT FACILITIES - Additional Information (Details)

3 Months Ended

Oct. 06, 2023

Jun. 08, 2022 EUR (€)

Jan. 12, 2022 USD ($)

Jul. 22, 2020 USD ($)

May 19, 2020 USD ($)

Mar. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Apr. 07, 2023 USD ($)

Mar. 30, 2022 EUR (€)

Nov. 04, 2021 USD ($)

Sep. 14, 2021 USD ($)

Sep. 13, 2021 USD ($)

May 20, 2020 USD ($)

Oaktree Capital Group Excluding Consolidated Funds

Debt Instrument [Line Items]

Outstanding amount

$ 1,050,000,000

$ 1,050,000,000

Consolidated VIEs

Debt Instrument [Line Items]

Debt obligations of the consolidated funds

1,056,293,000

951,950,000

Outstanding amount

381,872,000

Fair value of debt obligations

381,666,000

0

Fair value of CLO assets

600,000,000

0

Revolving credit facility

Debt Instrument [Line Items]

Debt obligations of the consolidated funds

0

Subordinated Credit Facility | Revolving credit facility

Debt Instrument [Line Items]

Credit facility

250,000,000

Subordinated Credit Facility | Revolving credit facility | Related Party

Debt Instrument [Line Items]

Debt instrument maturity extension term

1 year

Secured borrowings

Debt Instrument [Line Items]

Proceeds from senior unsecured notes | €

€ 200,000,000

Outstanding amount

218,260,000

220,931,000

Secured borrowings | Consolidated VIEs

Debt Instrument [Line Items]

Fair value of debt obligations

$ 381,666,000

$ 0

Average borrowing rate (percent)

7.32%

0%

Secured borrowings | €50,000, 2.20%, issued in June 2022, payable on June 8, 2032

Debt Instrument [Line Items]

Face amount | €

€ 50,000,000

Stated percentage

2.20%

Outstanding amount

$ 54,566,000

$ 55,233,000

Secured borrowings | €75,000, 2.40%, issued in June 2022, payable on June 8, 2034

Debt Instrument [Line Items]

Face amount | €

€ 75,000,000

Stated percentage

2.40%

Outstanding amount

81,847,000

82,849,000

Secured borrowings | €75,000, 2.58%, issued in June 2022, payable on June 8, 2037

Debt Instrument [Line Items]

Face amount | €

€ 75,000,000

Stated percentage

2.58%

Outstanding amount

81,847,000

82,849,000

Secured borrowings | Senior Unsecured Notes Due 2037

Debt Instrument [Line Items]

Face amount

$ 200,000,000

Senior Unsecured Notes

Debt Instrument [Line Items]

Stated percentage

3.68%

Credit facility

$ 650,000,000

$ 250,000,000

Proceeds from senior unsecured notes

$ 250,000,000

Senior unsecured notes purchase commitment

$ 250,000,000

Senior Unsecured Notes | Senior Unsecured Notes Due 2037

Debt Instrument [Line Items]

Stated percentage

3.06%

Proceeds from senior unsecured notes

$ 200,000,000

Credit Agreement | Consolidated VIEs

Debt Instrument [Line Items]

Outstanding amount

$ 1,056,293,000

951,950,000

Credit Agreement | Consolidated VIEs | 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]

Spread on variable rate

1.10%

L/C Fee

0.10%

Credit Agreement | Revolving credit facility | Consolidated VIEs

Debt Instrument [Line Items]

Credit facility

$ 1,678,970,000

L/C Fee

2.20%

Outstanding amount

$ 1,056,293,000

951,950,000

Credit Agreement | Term Loan | Oaktree Capital Group Excluding Consolidated Funds

Debt Instrument [Line Items]

Debt obligations of the consolidated funds

0

Assets under management, carrying amount

$ 57,500,000,000

$ 65,000,000,000

Leverage ratio, maximum

4

Term of maturity extension

2 years

Fair value of debt obligations

$ 171,900,000

$ 175,900,000

Average borrowing rate (percent)

5%

4.90%

Credit Agreement | Subordinated Credit Facility | Revolving credit facility | Related Party

Debt Instrument [Line Items]

Debt obligations of the consolidated funds

$ 0

Debt instrument maturity extension term

1 year

Credit Agreement | Subordinated Credit Facility | Revolving credit facility | Related Party | Secured Overnight Financing Rate

Debt Instrument [Line Items]

Spread on variable rate

1.60%

Credit Agreement | Subordinated Credit Facility | Revolving credit facility | Related Party | Base Rate

Debt Instrument [Line Items]

Spread on variable rate

0.50%

DEBT OBLIGATIONS AND CREDIT F_4

DEBT OBLIGATIONS AND CREDIT FACILITIES - Oaktree Capital Debt Obligations (Details) - Secured borrowings $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 30, 2022 EUR (€)
Debt Instrument [Line Items]
Outstanding amount	$ 218,260	$ 220,931
Less: Debt issuance costs	(1,220)	(1,249)
Total debt obligations, net	217,040	219,682
€50,000, 2.20%, issued in June 2022, payable on June 8, 2032
Debt Instrument [Line Items]
Face amount | €			€ 50,000,000
Stated percentage			2.20%
Outstanding amount	54,566	55,233
€75,000, 2.40%, issued in June 2022, payable on June 8, 2034
Debt Instrument [Line Items]
Face amount | €			€ 75,000,000
Stated percentage			2.40%
Outstanding amount	81,847	82,849
€75,000, 2.58%, issued in June 2022, payable on June 8, 2037
Debt Instrument [Line Items]
Face amount | €			€ 75,000,000
Stated percentage			2.58%
Outstanding amount	$ 81,847	$ 82,849

DEBT OBLIGATIONS AND CREDIT F_5

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Senior secured notes
Debt Instrument [Line Items]
Total remaining principal	$ 218,260,000	$ 220,931,000
Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Total remaining principal	1,050,000,000	1,050,000,000
Oaktree Capital Group Excluding Consolidated Funds | Senior secured notes | $50,000, 3.91%, issued in September 2014, payable on September 3, 2024
Debt Instrument [Line Items]
Face amount	$ 50,000
Stated percentage	3.91%
Total remaining principal	$ 50,000,000	50,000,000
Oaktree Capital Group Excluding Consolidated Funds | Senior secured notes | $100,000, 4.01%, issued in September 2014, payable on September 3, 2026
Debt Instrument [Line Items]
Face amount	$ 100,000
Stated percentage	4.01%
Total remaining principal	$ 100,000,000	100,000,000
Oaktree Capital Group Excluding Consolidated Funds | Senior secured notes | $100,000, 4.21%, issued in September 2014, payable on September 3, 2029
Debt Instrument [Line Items]
Face amount	$ 100,000
Stated percentage	4.21%
Total remaining principal	$ 100,000,000	100,000,000
Oaktree Capital Group Excluding Consolidated Funds | Senior secured notes | $100,000, 3.69%, issued in July 2016, payable on July 12, 2031
Debt Instrument [Line Items]
Face amount	$ 100,000
Stated percentage	3.69%
Total remaining principal	$ 100,000,000	100,000,000
Oaktree Capital Group Excluding Consolidated Funds | Senior secured notes | $250,000, 3.78%, issued in December 2017, payable on December 18, 2032
Debt Instrument [Line Items]
Face amount	$ 250,000
Stated percentage	3.78%
Total remaining principal	$ 250,000,000	250,000,000
Oaktree Capital Group Excluding Consolidated Funds | 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
Oaktree Capital Group Excluding Consolidated Funds | 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
Oaktree Capital Group Excluding Consolidated Funds | Senior secured notes | $200,000, 3.06%, issued in January 2022, payable on January 12, 2037
Debt Instrument [Line Items]
Face amount	$ 200,000
Stated percentage	3.06%
Total remaining principal	$ 200,000,000	$ 200,000,000

DEBT OBLIGATIONS AND CREDIT F_6

DEBT OBLIGATIONS AND CREDIT FACILITIES - Credit Facilities of Consolidated Funds (Details) - Consolidated Funds - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding amount	$ 381,872,000
Total debt obligations, net	381,666,000	$ 0
Credit Agreement
Debt Instrument [Line Items]
Outstanding amount	1,056,293,000	951,950,000
Less: Debt issuance costs	(6,925,000)	(6,155,000)
Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Outstanding amount	1,056,293,000	951,950,000
Total debt obligations, net	1,049,368,000	$ 945,795,000
Facility Capacity	$ 1,678,970,000
Effective Interest Rate	7.59%
Weighted Average Remaining Maturity (years)	1 year 2 months 12 days
Commitment Fee Rate	0.25%
L/C Fee	2.20%

DEBT OBLIGATIONS AND CREDIT F_7

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations of CLOs (Details) - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Fair Value	$ 381,666	$ 0
Senior secured notes
Debt Instrument [Line Items]
Fair Value	$ 381,666	$ 0
Average borrowing rate (percent)	7.32%	0%
Weighted Average Remaining Maturity (years)	12 years 10 months 24 days	0 years

DEBT OBLIGATIONS AND CREDIT F_8

DEBT OBLIGATIONS AND CREDIT FACILITIES - Significant Valuation Inputs (Details) - Consolidated Funds - Senior secured notes	Mar. 31, 2024
Minimum | Discount rate
Debt Instrument [Line Items]
Debt instrument, measurement input	0.160
Minimum | Constant default rates
Debt Instrument [Line Items]
Debt instrument, measurement input	0.020
Minimum | Recovery rates
Debt Instrument [Line Items]
Debt instrument, measurement input	0.600
Maximum | Discount rate
Debt Instrument [Line Items]
Debt instrument, measurement input	0.370
Maximum | Constant default rates
Debt Instrument [Line Items]
Debt instrument, measurement input	0.020
Maximum | Recovery rates
Debt Instrument [Line Items]
Debt instrument, measurement input	0.650
Weighted Average | Discount rate
Debt Instrument [Line Items]
Debt instrument, measurement input	0.226
Weighted Average | Constant default rates
Debt Instrument [Line Items]
Debt instrument, measurement input	0.020
Weighted Average | Recovery rates
Debt Instrument [Line Items]
Debt instrument, measurement input	0.628

DEBT OBLIGATIONS AND CREDIT F_9

DEBT OBLIGATIONS AND CREDIT FACILITIES - Future Principal Payments with Respect to the CLO Loans Payable (Details) - Consolidated Funds $ in Thousands	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Remainder of 2024	$ 0
2025	0
2026	11,872
2027	0
2028	0
Thereafter	370,000
Total	$ 381,872

NON-CONTROLLING REDEEMABLE IN_3

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Non-Controlling Redeemable Interests in Consolidated Funds [Roll Forward]
Beginning balance	$ 3,336,548	$ 2,182,414
Deconsolidation of funds	(165,897)	0
Contributions	89,612	606,515
Distributions	(26,149)	(29,442)
Net income	111,610	27,734
Change in distributions payable	0	(91)
Foreign currency translation and other, net	(772)	1,069
Ending balance	$ 3,344,952	$ 2,788,199

UNITHOLDERS' CAPITAL - Addition

UNITHOLDERS' CAPITAL - Additional Information (Details) - USD ($)	Aug. 09, 2018	May 17, 2018	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total unitholders’ capital			$ 2,699,863,000	$ 2,584,906,000	$ 2,106,895,000	$ 1,906,638,000
Non-controlling interests in consolidated subsidiaries			$ 382,879,000	$ 333,195,000
Preferred redemption price (in dollars per share)			$ 25
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)			50,930,598	50,915,764
Non-controlling interests in consolidated subsidiaries			$ 382,879,000	$ 333,195,000
Oaktree Operating Group
Class of Stock [Line Items]
Subsidiary units outstanding (in shares)				160,114,755
Total unitholders’ capital			$ 1,154,625,000	$ 1,058,126,000
Oaktree Operating Group | Converted OCGH Units and OCGH Units
Class of Stock [Line Items]
Subsidiary units outstanding (in shares)			160,129,589
Equity Held by Third Parties
Class of Stock [Line Items]
Non-controlling interests in consolidated subsidiaries			$ 0	$ 0

UNITHOLDERS' CAPITAL - Summary

UNITHOLDERS' CAPITAL - Summary of Net Income (Loss) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	109,199	99,238
Total weighted average units outstanding, diluted (in shares)	109,199	99,238
Oaktree Operating Group net income (loss):
Oaktree Capital I net income (loss)	$ 247,953	$ 93,192
Net income (loss) attributable to BOH Class A unitholders:
Oaktree Capital I net income (loss) attributable to BOH Class A unitholders	69,160	31,389
Non-Operating Group income (expense)	7,626	7,540
Net income attributable to Brookfield Oaktree Holdings, LLC Class A unitholders	$ 76,786	$ 38,929
Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	160,122	160,062
Total weighted average units outstanding, diluted (in shares)	160,122	160,062
Oaktree Operating Group net income (loss):
Oaktree Capital I net income (loss)	$ 128,717	$ 57,918
OCGH Units | Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	54,706	60,824
Total weighted average units outstanding, diluted (in shares)	54,706	60,824
Oaktree Operating Group net income (loss):
Oaktree Capital I net income (loss)	$ 52,728	$ 19,700
Series A Preferred Units | Oaktree Operating Group
Oaktree Operating Group net income (loss):
Oaktree Capital I net income (loss)	$ 6,829	$ 6,829
Class A Units
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	109,199	99,238
Total weighted average units outstanding, diluted (in shares)	109,199	99,238
Net income (loss) attributable to BOH Class A unitholders:
Net income attributable to Brookfield Oaktree Holdings, LLC Class A unitholders	$ 76,786	$ 38,929
Class A Units | Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	105,416	99,238
Total weighted average units outstanding, diluted (in shares)	105,416	99,238
Oaktree Operating Group net income (loss):
Oaktree Capital I net income (loss)	$ 69,160	$ 31,389

UNITHOLDERS' CAPITAL - Changes

UNITHOLDERS' CAPITAL - Changes in Company Ownership Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Net income attributable to BOH Class A unitholders	$ 76,786	$ 38,929
Equity reallocation between controlling and non-controlling interests	(1,976)	(2,271)
Change from net income attributable to BOH Class A unitholders and transfers from non-controlling interests	$ 74,810	$ 36,658

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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Line Items]
Net income attributable to BOH Class A unitholders	$ 76,786	$ 38,929
Weighted average number of Class A units outstanding, basic (in shares)	109,199	99,238
Weighted average number of Class A units outstanding, diluted (in shares)	109,199	99,238
Basic net income per Class A unit (in dollars per share)	$ 0.70	$ 0.39
Diluted net income per Class A unit (in dollars per share)	$ 0.70	$ 0.39
Class A Units
Earnings Per Share [Line Items]
Net income attributable to OCG Class A unitholders, diluted	$ 76,786	$ 38,929
Net income attributable to BOH Class A unitholders	$ 76,786	$ 38,929
Weighted average number of Class A units outstanding, basic (in shares)	109,199	99,238
Weighted average number of Class A units outstanding, diluted (in shares)	109,199	99,238
Basic net income per Class A unit (in dollars per share)	$ 0.70	$ 0.39
Diluted net income per Class A unit (in dollars per share)	$ 0.70	$ 0.39

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Contingencies And Commitments [Line Items]
Accrued incentives (fund level)	$ 1,900,000,000	$ 1,800,000,000
Compensation expense related to accrued incentives (fund level)	784,800,000	739,100,000
Capital commitments	386,500,000	349,900,000
Consolidated Funds
Contingencies And Commitments [Line Items]
Aggregate potential credit and investment commitments	0	$ 0
Oaktree Opportunities Fund XI, L.P.
Contingencies And Commitments [Line Items]
Capital commitments	112,500,000
Oaktree Opportunities Fund XII, L.P.
Contingencies And Commitments [Line Items]
Capital commitments	$ 750,000,000

RELATED-PARTY TRANSACTIONS - Am

RELATED-PARTY TRANSACTIONS - Amounts Due from and Due to Affiliates (Details) - Related Party - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Due from affiliates:
Due from affiliates	$ 73,971	$ 232,485
Due to affiliates:
Due to affiliates	22,068	62,759
Loans to affiliates related party
Due from affiliates:
Due from affiliates	67,581	25,996
Management fees and incentive income due from unconsolidated funds and affiliates
Due from affiliates:
Due from affiliates	476	202,052
Payments made on behalf of unconsolidated entities
Due from affiliates:
Due from affiliates	$ 5,914	4,437
Amounts due to unconsolidated entities
Due to affiliates:
Due to affiliates		$ 62,759

RELATED-PARTY TRANSACTIONS - Ad

RELATED-PARTY TRANSACTIONS - Additional Information (Details)

3 Months Ended

12 Months Ended

16 Months Ended

Oct. 06, 2023

Jul. 31, 2023 USD ($)

Jun. 29, 2023 USD ($)

Jun. 27, 2023 USD ($)

May 22, 2023 USD ($)

Oct. 01, 2019 USD ($)

Mar. 31, 2024 USD ($)

Mar. 31, 2023 USD ($)

Dec. 31, 2023 USD ($)

Mar. 31, 2024 USD ($)

May 01, 2023 USD ($)

May 07, 2021 USD ($) instrument

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Revenues

$ 115,329,000

$ 59,401,000

General and Administrative Expense

3,389,000

1,924,000

Interest expense

22,215,000

16,549,000

Oaktree Opportunities Fund XI, L.P.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Capital commitment

750,000,000

Oaktree Capital Group Excluding Consolidated Funds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total corporate investments

1,438,991,000

$ 1,532,208,000

$ 1,438,991,000

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

Revolving Line Of Credit Note With Oaktree Capital Management L.P. | Related Party | Oaktree Opportunities Fund XII, L.P.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Capital commitment

$ 750,000,000

Administrative Service | Affiliates

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

General and Administrative Expense

200,000

200,000

Investment In Oaktree Opportunities Fund XI | Related Party | Oaktree Opportunities Fund XI, L.P.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Capital commitment

750,000,000

Payments to acquire investments

0

637,500,000

Brookfield Deposit Agreement | Related Party

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Deposit agreement, aggregate

$ 750,000,000

U.S. Treasury and other securities

250,000,000

250,000,000

Interest income

115,600

Average balance deposit

250,000,000

250,000,000

Non-Traded REIT Acquisition | Related Party | OCG Non-Traded REIT Holdings, LLC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Voting interest acquired (percent)

100%

Non-Traded REIT Acquisition | Related Party | OCG Non-Traded REIT Holdings, LLC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Payments to acquire investments

$ 13,900,000

$ 307,000,000

Total corporate investments

299,600,000

299,600,000

Brookfield Corporate Treasury Ltd Treasury | Non-Traded REIT Acquisition | Related Party

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Capital commitment

$ 200,000,000

BOH | SPV Credit Facility | Related Party | Opps XI

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total corporate investments

157,000,000

157,000,000

Revolving credit facility

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt obligations of the consolidated funds

0

0

Outstanding balance under the revolving credit facility

0

0

Revolving credit facility | Subordinated Credit Facility

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Credit facility

$ 250,000,000

250,000,000

Revolving credit facility | Related Party | Subordinated Credit Facility

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt instrument maturity extension term

1 year

Revolving credit facility | Credit Agreement | Oaktree Capital Group Excluding Consolidated Funds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Spread on variable rate

1.10%

Revolving credit facility | Credit Agreement | Related Party | Subordinated Credit Facility

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt obligations of the consolidated funds

$ 0

0

Debt instrument maturity extension term

1 year

Outstanding balance under the revolving credit facility

0

$ 0

Revolving credit facility | Credit Agreement | Related Party | Subordinated Credit Facility | Secured Overnight Financing Rate

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Spread on variable rate

1.60%

Revolving credit facility | Credit Agreement | Related Party | Subordinated Credit Facility | Base Rate

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Spread on variable rate

0.50%

Revolving credit facility | Credit Agreement | Oaktree Capital Management, L.P. | Affiliates

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Interest income

584,000

0

Revolving credit facility | Credit Agreement | Oaktree Capital Management, L.P. | Revolving Line Of Credit Note With Oaktree Capital Management L.P. | Affiliates

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Proceeds from borrowing

67,000,000

26,000,000

Oaktree Capital Management, L.P. | Revolving credit facility | Credit Agreement | Revolving Line Of Credit Note With Oaktree Capital Management L.P. | Affiliates

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Proceeds from borrowing

0

$ 48,000,000

Interest expense

159,000

169,000

Oaktree Capital Management, L.P. | Revolving credit facility | Credit Agreement | Oaktree Capital I, 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

Unconsolidated Oaktree Funds | Affiliates

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Revenues

$ 115,300,000

$ 59,400,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of segments	1