false--12-31Q320190001403528true40198230002336030002477821000512460300016976100026184390000.140.150.160.150.230.120.090.100.080.120.180.120.180.180.190.100.080.160.080.176600000066000000611700022977000320000138533000388000058869000P3Y02644000002132280000.070.050.3333P3YP2YP3Y4200000126000001.000.000000UnlimitedUnlimitedUnlimitedUnlimited7166162385471937979672556214560871661623854719379796725562145608976500000250000000100000000100000000100000000500000002500000000.03690.04210.04010.03910.03780.20100.3040.107100.15440.0826369300000748990005046100072000009400000720000094000007200000940000072000009400000 0001403528 2019-01-01 2019-09-30 0001403528 us-gaap:CommonClassAMember 2019-11-01 0001403528 us-gaap:CommonClassBMember 2019-11-01 0001403528 us-gaap:PreferredClassAMember 2019-01-01 2019-09-30 0001403528 us-gaap:PreferredClassBMember 2019-01-01 2019-09-30 0001403528 us-gaap:CommonClassAMember 2019-01-01 2019-09-30 0001403528 us-gaap:CommonClassAMember 2019-09-30 0001403528 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2019-09-30 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2018-12-31 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 2018-12-31 0001403528 us-gaap:CommonClassBMember 2019-09-30 0001403528 us-gaap:PreferredClassAMember 2019-09-30 0001403528 us-gaap:CommonClassAMember 2018-12-31 0001403528 us-gaap:CommonClassBMember 2018-12-31 0001403528 us-gaap:PreferredClassBMember 2018-12-31 0001403528 us-gaap:PreferredClassAMember 2018-12-31 0001403528 us-gaap:PreferredClassBMember 2019-09-30 0001403528 us-gaap:CommonClassAMember 2018-01-01 2018-12-31 0001403528 us-gaap:CommonClassBMember 2019-01-01 2019-09-30 0001403528 us-gaap:CommonClassBMember 2018-01-01 2018-12-31 0001403528 2019-07-01 2019-09-30 0001403528 us-gaap:InvestmentAdviceMember 2018-07-01 2018-09-30 0001403528 2018-07-01 2018-09-30 0001403528 2018-01-01 2018-09-30 0001403528 srt:SubsidiariesMember 2019-01-01 2019-09-30 0001403528 us-gaap:InvestmentPerformanceMember 2019-01-01 2019-09-30 0001403528 srt:SubsidiariesMember 2019-07-01 2019-09-30 0001403528 us-gaap:InvestmentAdviceMember 2018-01-01 2018-09-30 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-07-01 2019-09-30 0001403528 srt:SubsidiariesMember 2018-01-01 2018-09-30 0001403528 us-gaap:InvestmentAdviceMember 2019-01-01 2019-09-30 0001403528 us-gaap:InvestmentPerformanceMember 2018-01-01 2018-09-30 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 us-gaap:InvestmentPerformanceMember 2019-07-01 2019-09-30 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-07-01 2018-09-30 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 us-gaap:InvestmentAdviceMember 2019-07-01 2019-09-30 0001403528 us-gaap:InvestmentPerformanceMember 2018-07-01 2018-09-30 0001403528 srt:SubsidiariesMember 2018-07-01 2018-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2018-01-01 2018-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2019-01-01 2019-09-30 0001403528 2018-09-30 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2018-09-30 0001403528 2017-12-31 0001403528 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-06-30 0001403528 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001403528 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-07-01 2018-09-30 0001403528 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-09-30 0001403528 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-01-01 2018-09-30 0001403528 us-gaap:PreferredClassBMember us-gaap:PreferredStockMember 2018-01-01 2018-09-30 0001403528 us-gaap:PreferredClassAMember us-gaap:PreferredStockMember 2018-09-30 0001403528 us-gaap:RetainedEarningsMember 2018-09-30 0001403528 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0001403528 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0001403528 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2017-12-31 0001403528 us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0001403528 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-09-30 0001403528 us-gaap:PreferredClassAMember us-gaap:PreferredStockMember 2018-07-01 2018-09-30 0001403528 us-gaap:PreferredClassBMember us-gaap:PreferredStockMember 2018-07-01 2018-09-30 0001403528 us-gaap:NoncontrollingInterestMember 2018-09-30 0001403528 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-07-01 2018-09-30 0001403528 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2018-06-30 0001403528 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2017-12-31 0001403528 us-gaap:PreferredClassAMember us-gaap:PreferredStockMember 2017-12-31 0001403528 us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0001403528 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-06-30 0001403528 us-gaap:PreferredClassAMember us-gaap:PreferredStockMember 2018-01-01 2018-09-30 0001403528 us-gaap:NoncontrollingInterestMember 2018-01-01 0001403528 us-gaap:NoncontrollingInterestMember 2018-06-30 0001403528 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2018-09-30 0001403528 oak:NoncontrollingInterestsinConsolidatedFundsMember 2018-07-01 2018-09-30 0001403528 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001403528 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0001403528 us-gaap:PreferredClassBMember us-gaap:PreferredStockMember 2017-12-31 0001403528 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-01-01 2018-09-30 0001403528 us-gaap:RetainedEarningsMember 2017-12-31 0001403528 us-gaap:NoncontrollingInterestMember 2017-12-31 0001403528 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001403528 oak:NoncontrollingInterestsinConsolidatedFundsMember 2018-09-30 0001403528 us-gaap:RetainedEarningsMember 2018-06-30 0001403528 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-09-30 0001403528 us-gaap:PreferredClassBMember us-gaap:PreferredStockMember 2018-06-30 0001403528 2018-06-30 0001403528 us-gaap:PreferredClassBMember us-gaap:PreferredStockMember 2018-09-30 0001403528 2018-01-01 0001403528 us-gaap:PreferredClassAMember us-gaap:PreferredStockMember 2018-06-30 0001403528 us-gaap:RetainedEarningsMember 2018-01-01 0001403528 oak:NoncontrollingInterestsinConsolidatedFundsMember 2017-12-31 0001403528 oak:NoncontrollingInterestsinConsolidatedFundsMember 2018-06-30 0001403528 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0001403528 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2017-12-31 0001403528 oak:NoncontrollingInterestsinConsolidatedFundsMember 2018-01-01 2018-09-30 0001403528 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0001403528 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-09-30 0001403528 us-gaap:PreferredClassAMember us-gaap:PreferredStockMember 2019-07-01 2019-09-30 0001403528 us-gaap:PreferredClassAMember us-gaap:PreferredStockMember 2018-12-31 0001403528 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2019-09-30 0001403528 us-gaap:RetainedEarningsMember 2019-06-30 0001403528 us-gaap:PreferredClassAMember us-gaap:PreferredStockMember 2019-09-30 0001403528 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0001403528 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0001403528 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001403528 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2019-01-01 2019-09-30 0001403528 us-gaap:PreferredClassBMember us-gaap:PreferredStockMember 2019-07-01 2019-09-30 0001403528 us-gaap:RetainedEarningsMember 2019-09-30 0001403528 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001403528 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-12-31 0001403528 us-gaap:NoncontrollingInterestMember 2019-09-30 0001403528 us-gaap:PreferredClassBMember us-gaap:PreferredStockMember 2019-09-30 0001403528 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001403528 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2019-06-30 0001403528 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2019-09-30 0001403528 us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0001403528 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001403528 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001403528 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001403528 us-gaap:PreferredClassAMember us-gaap:PreferredStockMember 2019-06-30 0001403528 us-gaap:PreferredClassBMember us-gaap:PreferredStockMember 2019-01-01 2019-09-30 0001403528 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001403528 us-gaap:PreferredClassAMember us-gaap:PreferredStockMember 2019-01-01 2019-09-30 0001403528 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-09-30 0001403528 us-gaap:PreferredClassBMember us-gaap:PreferredStockMember 2018-12-31 0001403528 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-01-01 2019-09-30 0001403528 us-gaap:PreferredClassBMember us-gaap:PreferredStockMember 2019-06-30 0001403528 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-12-31 0001403528 us-gaap:RetainedEarningsMember 2018-12-31 0001403528 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001403528 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2019-06-30 0001403528 2019-06-30 0001403528 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2018-12-31 0001403528 us-gaap:NoncontrollingInterestMember 2018-12-31 0001403528 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-06-30 0001403528 us-gaap:NoncontrollingInterestMember 2019-06-30 0001403528 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001403528 oak:BrookfieldAssetManagementInc.MergerAgreementOCGHUnitholdersMember 2019-09-30 0001403528 oak:ClassAUnitsAndConvertedClassAUnitsMember oak:BrookfieldAssetManagementInc.MergerAgreementOCGHUnitholdersMember 2019-09-30 2019-09-30 0001403528 oak:OaktreeCapitalGroupHoldingsL.P.Member oak:BrookfieldAssetManagementInc.MergerAgreementMember 2019-09-30 2019-09-30 0001403528 oak:ClassAUnitsMember oak:BrookfieldAssetManagementInc.MergerAgreementOCGHUnitholdersMember 2019-09-30 0001403528 oak:ClassAUnitsMember oak:BrookfieldAssetManagementInc.MergerAgreementOCGHUnitholdersMember 2019-09-30 2019-09-30 0001403528 oak:BrookfieldAssetManagementInc.Member oak:BrookfieldAssetManagementInc.MergerAgreementMember 2019-03-13 2019-03-13 0001403528 srt:MaximumMember 2019-01-01 2019-09-30 0001403528 us-gaap:InvestmentAdviceMember srt:MaximumMember 2019-01-01 2019-09-30 0001403528 oak:ClosedendIncentiveIncomeMember 2019-01-01 2019-09-30 0001403528 oak:EvergreenIncentiveIncomeMember 2019-01-01 2019-09-30 0001403528 us-gaap:InvestmentAdviceMember srt:MinimumMember 2019-01-01 2019-09-30 0001403528 srt:MinimumMember 2019-01-01 2019-09-30 0001403528 oak:OpenendManagementFeesMember 2019-07-01 2019-09-30 0001403528 oak:ClosedendManagementFeesMember 2018-07-01 2018-09-30 0001403528 oak:EvergreenIncentiveIncomeMember 2018-07-01 2018-09-30 0001403528 oak:ManagementFeesMember 2018-07-01 2018-09-30 0001403528 oak:IncentiveIncomeMember 2018-07-01 2018-09-30 0001403528 oak:ClosedendManagementFeesMember 2018-01-01 2018-09-30 0001403528 oak:EvergreenManagementFeesMember 2018-01-01 2018-09-30 0001403528 oak:EvergreenManagementFeesMember 2019-07-01 2019-09-30 0001403528 oak:EvergreenManagementFeesMember 2019-01-01 2019-09-30 0001403528 oak:OpenendManagementFeesMember 2018-01-01 2018-09-30 0001403528 oak:ClosedendIncentiveIncomeMember 2019-07-01 2019-09-30 0001403528 oak:OpenendManagementFeesMember 2018-07-01 2018-09-30 0001403528 oak:ClosedendManagementFeesMember 2019-01-01 2019-09-30 0001403528 oak:ManagementFeesMember 2019-07-01 2019-09-30 0001403528 oak:ManagementFeesMember 2018-01-01 2018-09-30 0001403528 oak:EvergreenIncentiveIncomeMember 2018-01-01 2018-09-30 0001403528 oak:EvergreenManagementFeesMember 2018-07-01 2018-09-30 0001403528 oak:ClosedendManagementFeesMember 2019-07-01 2019-09-30 0001403528 oak:OpenendManagementFeesMember 2019-01-01 2019-09-30 0001403528 oak:ClosedendIncentiveIncomeMember 2018-01-01 2018-09-30 0001403528 oak:IncentiveIncomeMember 2019-07-01 2019-09-30 0001403528 oak:IncentiveIncomeMember 2018-01-01 2018-09-30 0001403528 oak:ClosedendIncentiveIncomeMember 2018-07-01 2018-09-30 0001403528 oak:EvergreenIncentiveIncomeMember 2019-07-01 2019-09-30 0001403528 oak:IncentiveIncomeMember 2019-01-01 2019-09-30 0001403528 oak:ManagementFeesMember 2019-01-01 2019-09-30 0001403528 oak:DueFromAffiliatesMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-09-30 0001403528 oak:CorporateInvestmentsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-09-30 0001403528 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-09-30 0001403528 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0001403528 oak:DueFromAffiliatesMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0001403528 oak:CorporateInvestmentsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0001403528 oak:CLOsForWhichOaktreeActsAsCollateralManagerMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-09-30 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-09-30 0001403528 oak:RemainingVariableInterestEntitiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-09-30 0001403528 oak:ConsolidatedFundsFormedToSatisfyRiskRetentionRequirementsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-09-30 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-01-01 2018-12-31 0001403528 oak:FundsManagedByOaktreeMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-09-30 0001403528 oak:OtherInvestmentsatFairValueMember 2018-07-01 2018-09-30 0001403528 oak:OtherInvestmentsatFairValueMember 2019-07-01 2019-09-30 0001403528 oak:OtherInvestmentsatFairValueMember 2018-01-01 2018-09-30 0001403528 oak:OtherInvestmentsatFairValueMember 2019-01-01 2019-09-30 0001403528 srt:EuropeMember us-gaap:HealthCareMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember oak:UtilitiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember oak:ConsumerDiscretionaryMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:MaterialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember oak:IndustrialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:UtilitiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:IndustrialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember us-gaap:GovernmentMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember oak:ConsumerDiscretionaryMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:EuropeMember oak:ConsumerStaplesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:EnergyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:EuropeMember oak:CommunicationServicesInvestmentMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember us-gaap:HealthCareMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember oak:InformationTechnologyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember oak:CommunicationServicesInvestmentMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:EuropeMember oak:EnergyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:RealEstateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:FinancialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember oak:RealEstateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember us-gaap:GovernmentMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:EuropeMember oak:ConsumerDiscretionaryMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:IndustrialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:MaterialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:EuropeMember us-gaap:HealthCareMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:CommunicationServicesInvestmentMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember oak:MaterialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:EuropeMember oak:FinancialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember oak:ConsumerDiscretionaryMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember oak:ConsumerStaplesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:EuropeMember oak:UtilitiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember oak:FinancialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember us-gaap:HealthCareMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:EuropeMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember oak:IndustrialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember oak:FinancialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:EuropeMember oak:ConsumerStaplesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:InformationTechnologyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember oak:EnergyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember oak:CommunicationServicesInvestmentMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:EuropeMember oak:MaterialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:AsiaandOtherMember oak:InformationTechnologyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:EuropeMember oak:UtilitiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:RealEstateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember oak:EnergyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember oak:RealEstateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:EuropeMember oak:InformationTechnologyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:AsiaandOtherMember oak:ConsumerStaplesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MaximumMember 2019-09-30 0001403528 oak:MeasurementAlternativeGuidanceForCLOsMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-07-01 2019-09-30 0001403528 oak:MeasurementAlternativeGuidanceForCLOsMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-07-01 2018-09-30 0001403528 oak:OptionsAndFuturesMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-07-01 2018-09-30 0001403528 oak:InvestmentsAndOtherFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-07-01 2018-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-07-01 2018-09-30 0001403528 oak:OptionsAndFuturesMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-07-01 2019-09-30 0001403528 oak:ForeignCurrencyForwardContractMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-07-01 2018-09-30 0001403528 oak:ForeignCurrencyForwardContractMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-07-01 2019-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-07-01 2019-09-30 0001403528 oak:InvestmentsAndOtherFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-07-01 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:EquityMethodInvestmentsInFundsMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:EquitymethodInvestmentsInCompaniesMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:EquityMethodInvestmentsInFundsMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:EquitymethodInvestmentsInCompaniesMember 2019-09-30 0001403528 oak:EquityMethodInvestmentsInFundsMember 2018-07-01 2018-09-30 0001403528 oak:EquityMethodInvestmentsInFundsMember 2019-01-01 2019-09-30 0001403528 oak:EquitymethodInvestmentsInCompaniesMember 2018-07-01 2018-09-30 0001403528 oak:EquitymethodInvestmentsInCompaniesMember 2019-07-01 2019-09-30 0001403528 oak:EquitymethodInvestmentsInCompaniesMember 2018-01-01 2018-09-30 0001403528 oak:EquityMethodInvestmentsInFundsMember 2019-07-01 2019-09-30 0001403528 oak:EquitymethodInvestmentsInCompaniesMember 2019-01-01 2019-09-30 0001403528 oak:EquityMethodInvestmentsInFundsMember 2018-01-01 2018-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 oak:MeasurementAlternativeGuidanceForCLOsMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 oak:TotalReturnCreditDefaultAndInterestRateSwapsMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 oak:InvestmentsAndOtherFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 oak:MeasurementAlternativeGuidanceForCLOsMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 oak:OptionsAndFuturesMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 oak:ForeignCurrencyForwardContractMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 oak:ForeignCurrencyForwardContractMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 oak:InvestmentsAndOtherFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 oak:TotalReturnCreditDefaultAndInterestRateSwapsMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 oak:OptionsAndFuturesMember us-gaap:NondesignatedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 country:US us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 country:US us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:ConsumerStaplesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:RealEstateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:FinancialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:ConsumerDiscretionaryMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 country:US us-gaap:HealthCareMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:ConsumerDiscretionaryMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:EnergyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:InformationTechnologyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:MaterialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:MaterialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 country:US oak:CommunicationServicesInvestmentMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:UtilitiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 country:US us-gaap:HealthCareMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 country:US oak:UtilitiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:IndustrialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 country:US oak:IndustrialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 country:US oak:EnergyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 country:US oak:InformationTechnologyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 country:US oak:CommunicationServicesInvestmentMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 country:US oak:RealEstateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 country:US oak:ConsumerStaplesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 country:US oak:FinancialsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-12-31 0001403528 oak:DoubleLineMember 2019-09-30 0001403528 us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-09-30 0001403528 us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-07-01 2019-09-30 0001403528 oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-07-01 2019-09-30 0001403528 us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-07-01 2018-09-30 0001403528 us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-07-01 2018-09-30 0001403528 oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-07-01 2019-09-30 0001403528 us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-06-30 0001403528 us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-07-01 2018-09-30 0001403528 us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-07-01 2018-09-30 0001403528 oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-06-30 0001403528 us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-09-30 0001403528 us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-07-01 2019-09-30 0001403528 oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-09-30 0001403528 us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-07-01 2019-09-30 0001403528 us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-07-01 2018-09-30 0001403528 oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-09-30 0001403528 oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-06-30 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-06-30 0001403528 us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-06-30 0001403528 oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-06-30 0001403528 us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-06-30 0001403528 us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-06-30 0001403528 us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-06-30 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-06-30 0001403528 oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-06-30 0001403528 oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-06-30 0001403528 us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-09-30 0001403528 us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2017-12-31 0001403528 us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2017-12-31 0001403528 oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2017-12-31 0001403528 oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2017-12-31 0001403528 oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-09-30 0001403528 us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2017-12-31 0001403528 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2017-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueMeasurementsRecurringMember oak:ContingentConsiderationMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForwardContractsMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueMeasurementsRecurringMember oak:ContingentConsiderationMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:ContingentConsiderationMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateInvestmentsMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateInvestmentsMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForwardContractsMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateInvestmentsMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateInvestmentsMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:ContingentConsiderationMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:ContingentConsiderationMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateInvestmentsMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:ContingentConsiderationMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:ContingentConsiderationMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueMeasurementsRecurringMember oak:CorporateInvestmentsMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueMeasurementsRecurringMember oak:CorporateInvestmentsMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:ContingentConsiderationMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateInvestmentsMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:ConsumerDiscretionaryMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:ConsumerDiscretionaryMember oak:RecentMarketInformationMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:FinancialsMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateInvestmentMember oak:RecentMarketInformationMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateInvestmentMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember us-gaap:MeasurementInputRevenueMultipleMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:HealthcareInvestmentMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:OtherInvestmentSecuritiesMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember oak:RecentTransactionPriceValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:RecentTransactionPriceValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:HealthcareInvestmentMember oak:RecentMarketInformationMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember oak:MeasurementInputEarningsMultipleMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:OtherInvestmentSecuritiesMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:FinancialsMember oak:RecentMarketInformationMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:HealthcareInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:OtherInvestmentSecuritiesMember oak:RecentMarketInformationMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member oak:FinancialsMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:ConsumerDiscretionaryMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:CommunicationServicesInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:HealthcareInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateInvestmentMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member oak:HealthcareInvestmentMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member oak:FinancialsMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member oak:FinancialsMember oak:RecentMarketInformationMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member oak:OtherInvestmentSecuritiesMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member oak:OtherInvestmentSecuritiesMember oak:RecentTransactionPriceValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member oak:CommunicationServicesInvestmentMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member oak:HealthcareInvestmentMember oak:RecentMarketInformationMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:FinancialsMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member oak:CommunicationServicesInvestmentMember oak:RecentMarketInformationMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:OtherInvestmentSecuritiesMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member oak:OtherInvestmentSecuritiesMember oak:RecentMarketInformationMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateInvestmentMember oak:RecentMarketInformationMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:SeniorNotesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:OptionsAndFuturesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:OptionsAndFuturesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:OptionsAndFuturesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 oak:OptionsAndFuturesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SubordinatedDebtMember us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SubordinatedDebtMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:SubordinatedDebtMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:ForwardContractsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:ForwardContractsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SubordinatedDebtMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:SeniorNotesMember us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SeniorNotesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SubordinatedDebtMember us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SeniorNotesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SeniorNotesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SeniorNotesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SeniorNotesMember us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SubordinatedDebtMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SubordinatedDebtMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:OptionsAndFuturesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:SubordinatedDebtMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:OptionsAndFuturesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:SeniorNotesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:OptionsAndFuturesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueMeasurementsRecurringMember oak:CLODebtObligationsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:OptionsAndFuturesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtAllOtherMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember oak:CorporateDebtBankDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member oak:CorporateInvestmentLimitedPartnershipInterestsMember oak:MarketApproachValueOfUnderlyingAssetsValuationTechniqueMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member oak:ContingentConsiderationMember oak:DiscountedCashFlowValuationTechniqueMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member oak:ContingentConsiderationMember oak:DiscountedCashFlowValuationTechniqueMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member oak:CorporateInvestmentLimitedPartnershipInterestsMember oak:MarketApproachValueOfUnderlyingAssetsValuationTechniqueMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:ContingentConsiderationMember oak:DiscountedCashFlowValuationTechniqueMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2019-07-01 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2019-06-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2018-07-01 2018-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2018-06-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2017-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentsMember us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentsMember us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:OtherInvestmentSecuritiesMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:FinancialsMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:FinancialsMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember oak:MeasurementInputEarningsMultipleMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:OtherInvestmentSecuritiesMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:HealthcareInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:CommunicationServicesInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:HealthcareInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember oak:MeasurementInputEarningsMultipleMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:CommunicationServicesInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember oak:MeasurementInputEarningsMultipleMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:OtherInvestmentSecuritiesMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:FinancialsMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:HealthcareInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:FinancialsMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:OtherInvestmentSecuritiesMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:ConsumerDiscretionaryMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember oak:MeasurementInputEarningsMultipleMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember oak:MeasurementInputEarningsMultipleMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember oak:MeasurementInputEarningsMultipleMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:HealthcareInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember us-gaap:MeasurementInputRevenueMultipleMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember us-gaap:MeasurementInputRevenueMultipleMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:ConsumerDiscretionaryMember us-gaap:MeasurementInputDiscountRateMember oak:DiscountedCashFlowValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:EquityInvestmentMember us-gaap:MeasurementInputRevenueMultipleMember oak:MarketApproachComparableCompaniesValuationTechniqueMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member oak:ContingentConsiderationMember oak:DiscountedCashFlowValuationTechniqueMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MinimumMember us-gaap:FairValueInputsLevel3Member oak:ContingentConsiderationMember oak:DiscountedCashFlowValuationTechniqueMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForeignExchangeForwardMember 2018-12-31 0001403528 us-gaap:ForeignExchangeForwardMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember 2018-12-31 0001403528 oak:OptionsAndFuturesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForeignExchangeForwardMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember 2019-09-30 0001403528 us-gaap:ForeignExchangeForwardMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:NondesignatedMember 2019-07-01 2019-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2019-07-01 2019-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2018-07-01 2018-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:GeneralAndAdministrativeExpenseMember 2018-01-01 2018-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2019-01-01 2019-09-30 0001403528 us-gaap:NondesignatedMember 2018-01-01 2018-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:GeneralAndAdministrativeExpenseMember 2018-07-01 2018-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-09-30 0001403528 us-gaap:NondesignatedMember us-gaap:GeneralAndAdministrativeExpenseMember 2019-07-01 2019-09-30 0001403528 us-gaap:NondesignatedMember 2018-07-01 2018-09-30 0001403528 us-gaap:NondesignatedMember 2019-01-01 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:NondesignatedMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:NondesignatedMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2018-12-31 0001403528 us-gaap:LeaseholdImprovementsMember 2018-12-31 0001403528 oak:FurnitureandEquipmentandCapitalizedSoftwareMember 2019-09-30 0001403528 us-gaap:PropertyPlantAndEquipmentOtherTypesMember 2019-09-30 0001403528 oak:FurnitureandEquipmentandCapitalizedSoftwareMember 2018-12-31 0001403528 us-gaap:LeaseholdImprovementsMember 2019-09-30 0001403528 us-gaap:PropertyPlantAndEquipmentOtherTypesMember 2018-12-31 0001403528 oak:CorporateAirplaneMember 2019-09-30 0001403528 oak:CorporateAirplaneMember 2018-12-31 0001403528 us-gaap:SeniorNotesMember us-gaap:LineOfCreditMember 2019-09-30 0001403528 us-gaap:SeniorNotesMember us-gaap:LineOfCreditMember 2019-01-01 2019-09-30 0001403528 us-gaap:SeniorNotesMember us-gaap:LineOfCreditMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:FourPointTwoOnePercentDebtMember us-gaap:SeniorNotesMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:ThreePointSevenEightPercentDebtMember us-gaap:SeniorNotesMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:A3.69SeniorNotesMember us-gaap:SeniorNotesMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:ThreePointNineOnePercentDebtMember us-gaap:SeniorNotesMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:FourPointTwoOnePercentDebtMember us-gaap:SeniorNotesMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:FourPointZeroOnePercentDebtMember us-gaap:SeniorNotesMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:FourPointZeroOnePercentDebtMember us-gaap:SeniorNotesMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:TermLoanMember us-gaap:LineOfCreditMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:A3.69SeniorNotesMember us-gaap:SeniorNotesMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:TermLoanMember us-gaap:LineOfCreditMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:ThreePointNineOnePercentDebtMember us-gaap:SeniorNotesMember 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:ThreePointSevenEightPercentDebtMember us-gaap:SeniorNotesMember 2018-12-31 0001403528 us-gaap:SeniorNotesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SubordinatedDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 us-gaap:SeniorNotesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:SubordinatedDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 us-gaap:SubordinatedDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-12-31 0001403528 us-gaap:SeniorNotesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-01-01 2018-12-31 0001403528 us-gaap:SubordinatedDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:SeniorNotesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 us-gaap:LineOfCreditMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member 2018-12-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2019-09-30 0001403528 srt:MaximumMember us-gaap:SeniorNotesMember us-gaap:LineOfCreditMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-01-01 2019-09-30 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:LineOfCreditMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 us-gaap:FairValueInputsLevel3Member us-gaap:LineOfCreditMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2019-01-01 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember oak:TermLoanMember us-gaap:LineOfCreditMember 2019-01-01 2019-09-30 0001403528 us-gaap:LineOfCreditMember us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2018-12-31 0001403528 oak:OaktreeOperatingGroupMember us-gaap:PreferredClassAMember 2018-01-01 2018-09-30 0001403528 oak:OaktreeOperatingGroupMember 2018-01-01 2018-09-30 0001403528 oak:OaktreeOperatingGroupMember us-gaap:CommonClassBMember 2018-07-01 2018-09-30 0001403528 oak:OaktreeOperatingGroupMember 2019-07-01 2019-09-30 0001403528 oak:OaktreeOperatingGroupMember us-gaap:PreferredClassAMember 2019-01-01 2019-09-30 0001403528 oak:OaktreeOperatingGroupMember us-gaap:CommonClassAMember 2019-01-01 2019-09-30 0001403528 oak:OaktreeOperatingGroupMember 2019-01-01 2019-09-30 0001403528 oak:OaktreeOperatingGroupMember us-gaap:CommonClassAMember 2018-07-01 2018-09-30 0001403528 oak:OaktreeOperatingGroupMember us-gaap:CommonClassAMember 2019-07-01 2019-09-30 0001403528 oak:OaktreeOperatingGroupMember us-gaap:CommonClassBMember 2018-01-01 2018-09-30 0001403528 oak:OaktreeOperatingGroupMember 2018-07-01 2018-09-30 0001403528 oak:OaktreeOperatingGroupMember us-gaap:CommonClassBMember 2019-07-01 2019-09-30 0001403528 oak:OaktreeOperatingGroupMember us-gaap:CommonClassAMember 2018-01-01 2018-09-30 0001403528 oak:OaktreeOperatingGroupMember us-gaap:PreferredClassAMember 2019-07-01 2019-09-30 0001403528 oak:OaktreeOperatingGroupMember us-gaap:CommonClassBMember 2019-01-01 2019-09-30 0001403528 oak:OaktreeOperatingGroupMember us-gaap:PreferredClassAMember 2018-07-01 2018-09-30 0001403528 oak:EquityHeldbyThirdPartiesMember 2019-09-30 0001403528 oak:OcghMember 2018-12-31 0001403528 oak:EquityHeldbyThirdPartiesMember 2018-12-31 0001403528 oak:OcghMember 2019-09-30 0001403528 oak:OaktreeOperatingGroupMember 2019-09-30 0001403528 oak:OaktreeOperatingGroupMember 2018-12-31 0001403528 oak:OcghUnitsMember 2019-09-30 0001403528 oak:ConvertedClassAUnitsAndPhantomUnitsMember 2019-09-30 0001403528 srt:ScenarioForecastMember oak:CurrentEmployeesNotSeparatelyNamedMember oak:OcghUnitsMember 2023-01-01 2028-12-31 0001403528 2019-09-30 2019-09-30 0001403528 oak:EquityValueUnitsCashSettledMember 2019-09-30 0001403528 oak:EquityValueUnitsEquitySettledMember 2019-09-30 0001403528 us-gaap:PerformanceSharesMember 2019-01-01 2019-09-30 0001403528 us-gaap:PerformanceSharesMember 2019-09-30 0001403528 srt:ScenarioForecastMember oak:Messrs.HowardMarksBruceKarshJayWintrobJohnFrankSheldonStoneRichardMassonAndLarryKeeleMember oak:OcghUnitsMember 2026-01-01 2026-12-31 0001403528 srt:ScenarioForecastMember oak:OcghUnitsMember 2023-01-01 2023-12-31 0001403528 oak:EquityValueUnitsMember 2017-04-26 2017-04-26 0001403528 srt:ScenarioForecastMember oak:CurrentEmployeesNotSeparatelyNamedMember oak:OcghUnitsMember 2029-01-01 2029-12-31 0001403528 oak:ClassAUnitsandOCGHUnitsMember 2019-01-01 2019-09-30 0001403528 srt:ScenarioForecastMember oak:Messrs.HowardMarksBruceKarshJayWintrobJohnFrankSheldonStoneRichardMassonAndLarryKeeleMember oak:OcghUnitsMember 2022-01-01 2022-12-31 0001403528 us-gaap:UsTreasuryUstInterestRateMember 2019-09-30 2019-09-30 0001403528 srt:ScenarioForecastMember oak:OcghUnitsMember 2025-01-01 2025-12-31 0001403528 oak:EquityValueUnitsMember 2019-01-01 2019-09-30 0001403528 srt:ScenarioForecastMember oak:OcghUnitsMember 2022-01-01 2022-12-31 0001403528 oak:EquityValueUnitsMember 2019-09-30 0001403528 oak:OcghUnitsMember 2019-01-01 2019-09-30 0001403528 srt:ScenarioForecastMember us-gaap:CommonClassAMember 2020-01-01 0001403528 srt:ScenarioForecastMember oak:Messrs.HowardMarksBruceKarshJayWintrobJohnFrankSheldonStoneRichardMassonAndLarryKeeleMember oak:OcghUnitsMember 2023-01-01 2025-12-31 0001403528 srt:ScenarioForecastMember oak:OcghUnitsMember 2024-01-01 2024-12-31 0001403528 oak:ClassAUnitsMember 2019-01-01 2019-09-30 0001403528 srt:ScenarioForecastMember oak:CurrentEmployeesNotSeparatelyNamedMember oak:OcghUnitsMember 2022-01-01 2022-12-31 0001403528 us-gaap:CommonClassAMember 2019-09-30 0001403528 us-gaap:CommonClassAMember 2019-01-01 2019-09-30 0001403528 oak:OcghUnitsMember 2018-12-31 0001403528 us-gaap:CommonClassAMember 2018-12-31 0001403528 oak:OcghUnitsMember 2019-09-30 2019-09-30 0001403528 srt:MaximumMember oak:OcghUnitsMember 2019-09-30 2019-09-30 0001403528 srt:MinimumMember oak:OcghUnitsMember 2019-09-30 2019-09-30 0001403528 srt:ScenarioForecastMember 2019-10-01 2020-09-30 0001403528 srt:ScenarioForecastMember oak:BrookfieldAssetManagementInc.MergerAgreementOCGHUnitholdersMember 2020-09-30 0001403528 srt:ScenarioForecastMember oak:PublicStockOfferingMember 2037-12-31 0001403528 srt:ScenarioForecastMember oak:PublicStockOfferingMember 2035-12-31 0001403528 srt:ScenarioForecastMember us-gaap:IPOMember 2034-12-31 0001403528 srt:ScenarioForecastMember us-gaap:PrivatePlacementMember 2029-12-31 0001403528 srt:ScenarioForecastMember 2040-12-31 0001403528 srt:ScenarioForecastMember oak:PublicStockOfferingMember 2036-12-31 0001403528 srt:ScenarioForecastMember oak:PublicStockOfferingMember 2040-12-31 0001403528 srt:ScenarioForecastMember oak:BrookfieldAssetManagementInc.MergerAgreementOCGHUnitholdersMember 2022-09-30 0001403528 srt:ScenarioForecastMember oak:BrookfieldAssetManagementInc.MergerAgreementOCGHUnitholdersMember 2021-09-30 0001403528 oak:FifthStreetManagementLLCMember 2019-09-30 0001403528 oak:FifthStreetManagementLLCMember 2017-10-31 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:AffiliatedEntityMember 2018-01-01 2018-09-30 0001403528 srt:AffiliatedEntityMember 2018-01-01 2018-09-30 0001403528 srt:AffiliatedEntityMember 2019-07-01 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:AffiliatedEntityMember 2019-01-01 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:FairValueInputsLevel3Member srt:AffiliatedEntityMember oak:DiscountedCashFlowValuationTechniqueMember 2019-09-30 0001403528 srt:AffiliatedEntityMember 2019-01-01 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:AffiliatedEntityMember 2019-07-01 2019-09-30 0001403528 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:AffiliatedEntityMember 2018-07-01 2018-09-30 0001403528 srt:AffiliatedEntityMember 2019-09-30 0001403528 srt:AffiliatedEntityMember 2018-07-01 2018-09-30 0001403528 us-gaap:PreferredClassAMember us-gaap:SubsequentEventMember 2019-11-07 0001403528 us-gaap:PreferredClassBMember us-gaap:SubsequentEventMember 2019-11-07 0001403528 oak:ClassAUnitsMember us-gaap:SubsequentEventMember 2019-11-07 xbrli:pure oak:entity oak:partnership_interest oak:vote iso4217:USD xbrli:shares iso4217:USD xbrli:shares oak:company oak:segment oak:investment
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
FORM 10-Q
________________  
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from                      to                     .
Commission File Number 001-35500
________________
Oaktree Capital Group, LLC
(Exact name of registrant as specified in its charter)
_______________________________
Delaware
 
26-0174894
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
333 South Grand Avenue, 28th Floor
Los Angeles, CA 90071
Telephone: (213830-6300
(Address, zip code, and telephone number, including
area code, of registrant’s principal executive offices)
_______________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A units representing limited liability company interests
N/A
New York Stock Exchange
6.625% Series A preferred units
OAK-A
New York Stock Exchange
6.550% Series B preferred units
OAK-B
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
 
 
Large accelerated filer
x
 
Accelerated filer
 
Non-accelerated filer
o
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  
As of November 1, 2019, there were 97,967,255 Class A units and 62,163,389 Class B units of the registrant outstanding.



TABLE OF CONTENTS
 
 
Page
PART I – FINANCIAL INFORMATION
 
1
 
1
 
2
 
3
 
4
 
6
 
8
51
92
94
 
 
 
 
95
95
95
95
95
95
101
 
 

1


FORWARD-LOOKING STATEMENTS
This quarterly report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the Securities Act), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act), which reflect our current views with respect to, among other things, our future results of operations and financial performance. In some cases, you can identify forward-looking statements by words such as anticipate, approximately, believe, continue, could, estimate, expect, intend, may, outlook, plan, potential, predict, seek, should, will and would or the negative version of these words or other comparable or similar words. These statements identify prospective information. Important factors could cause actual results to differ, possibly materially, from those indicated in these statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity.
In addition to factors previously disclosed in Oaktree Capital Group, LLC’s (“OCG”) reports filed with securities regulators in the United States and those identified elsewhere in this quarterly report, the following factors, among others, could cause actual results to differ materially from forward-looking statements and information or historical performance: the outcome of any legal proceedings that may be instituted against OCG or its unitholders or directors in connection with the merger between an affiliate of Brookfield Asset Management Inc. and OCG that closed on September 30, 2019; business disruptions resulting from the completion of the merger that will harm OCG’s business, including current plans and operations; potential adverse reactions or changes to business relationships resulting from the completion of the merger; certain legal or regulatory restrictions resulting from the completion of the merger that may impact OCG’s ability to pursue certain business opportunities or strategic transactions; the ability of OCG to retain and hire key personnel; the continued availability of capital and financing following the merger; the business, economic and political conditions in the markets in which OCG operates; changes in OCG’s anticipated revenue and income, which are inherently volatile; changes in the value of OCG’s investments; the pace of OCG’s raising of new funds; changes in assets under management; the timing and receipt of, and impact of taxes on, carried interest; distributions from and liquidation of OCG’s existing funds; the amount and timing of distributions on OCG’s preferred units; changes in OCG’s operating or other expenses; the degree to which OCG encounters competition; and general political, economic and market conditions.
Any forward-looking statements and information speak only as of the date of this quarterly report or as of the date they were made, and except as required by law, OCG does not undertake any obligation to update forward-looking statements and information. For a more detailed discussion of these factors, also see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in OCG’s most recent report on Form 10-K for the year ended December 31, 2018, and in each case any material updates to these factors contained in any of OCG’s future filings.
As for the forward-looking statements and information that relate to future financial results and other projections, actual results will be different due to the inherent uncertainties of estimates, forecasts and projections and may be better or worse than projected and such differences could be material. Given these uncertainties, you should not place any reliance on these forward-looking statements and information.
This quarterly report and its contents do not constitute and should not be construed as (a) a recommendation to buy, (b) an offer to buy or solicitation of an offer to buy, (c) an offer to sell or (d) advice in relation to, any securities of OCG or securities of any Oaktree investment fund.





In this quarterly report, unless the context otherwise requires:
“Oaktree,” “OCG,” “we,” “us,” “our” or “our company” refers to Oaktree Capital Group, LLC and, where applicable, its subsidiaries and affiliates.
“Oaktree Operating Group,” or “Operating Group,” refers collectively to the entities in which we have a minority economic interest and indirect control that either (i) act as or control the general partners and investment advisers of our funds or (ii) hold interests in other entities or investments generating income for us.
“OCGH” refers to Oaktree Capital Group Holdings, L.P., a Delaware limited partnership, which holds an interest in the Oaktree Operating Group and all of our Class B units.
“OCGH unitholders” refers collectively to our senior executives, current and former employees and certain other investors who hold interests in the Oaktree Operating Group through OCGH.
“assets under management,” or “AUM,” generally refers to the assets we manage and equals the NAV (as defined below) of the assets we manage, the leverage on which management fees are charged, the undrawn capital that we are entitled to call from investors in our funds pursuant to their capital commitments, investment proceeds held in trust for use in investment activities and our pro-rata portion of AUM managed by DoubleLine (as defined below) in which we hold a minority ownership interest. For our collateralized loan obligation vehicles (“CLOs”), AUM represents the aggregate par value of collateral assets and principal cash, for our publicly-traded BDCs, gross assets (including assets acquired with leverage), net of cash, for our special purpose acquisition companies, the proceeds of any initial public offering held in trust for use in a business combination, and for DoubleLine funds, NAV. Our AUM amounts include AUM for which we charge no management fees. Our definition of AUM is not based on any definition contained in our operating agreement or the agreements governing the funds, accounts or companies that we manage or sponsor. Our calculation of AUM and the two AUM-related metrics described below may not be directly comparable to the AUM metrics of other investment managers.
“management fee-generating assets under management,” or “management fee-generating AUM,” is a forward-looking metric and generally reflects the beginning AUM on which we will earn management fees in the following quarter, as more fully described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures—Assets Under Management—Management Fee-generating Assets Under Management.”
“incentive-creating assets under management,” or “incentive-creating AUM,” refers to the AUM that may eventually produce incentive income, as more fully described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures—Assets Under Management—Incentive-creating Assets Under Management.”
“Class A units” refer to the common units of OCG designated as Class A units.
“common units” or “common unitholders” refer to the Class A common units of OCG or Class A common unitholders, respectively, unless otherwise specified.
“consolidated funds” refers to the funds and CLOs that Oaktree is required to consolidate as of the applicable reporting date.
“DoubleLine” refers to DoubleLine Capital LP and its affiliates.
“funds” refers to investment funds and, where applicable, CLOs and separate accounts that are managed by us or our subsidiaries.
“initial public offering” refers to the listing of our Class A units on the New York Stock Exchange on April 12, 2012 whereby Oaktree sold 7,888,864 Class A units and selling unitholders sold 954,159 Class A units.
“Intermediate Holding Companies” collectively refers to the subsidiaries wholly owned by us.
“net asset value,” or “NAV,” refers to the value of all the assets of a fund (including cash and accrued interest and dividends) less all liabilities of the fund (including accrued expenses and any reserves established by us, in our discretion, for contingent liabilities) without reduction for accrued incentives (fund level) because they are reflected in the partners capital of the fund.  



“preferred units” or “preferred unitholders” refer to the Series A and Series B preferred units of OCG or Series A and Series B preferred unitholders, respectively, unless otherwise specified.
“Relevant Benchmark” refers, with respect to:
our U.S. High Yield Bond strategy, to the FTSE US High-Yield Cash-Pay Capped Index;
our Global High Yield Bond strategy, to an Oaktree custom global high yield index that represents 60% ICE BofAML High Yield Master II Constrained Index and 40% ICE BofAML Global Non-Financial High Yield European Issuers 3% Constrained, ex-Russia Index – USD Hedged from inception through December 31, 2012, and the ICE BofAML Non-Financial Developed Markets High Yield Constrained Index – USD Hedged thereafter;
our European High Yield Bond strategy, to the ICE BofAML Global Non-Financial High Yield European Issuers excluding Russia 3% Constrained Index (USD Hedged);
our U.S. Senior Loan strategy (with the exception of the closed-end funds), to the Credit Suisse Leveraged Loan Index;
our European Senior Loan strategy, to the Credit Suisse Western European Leveraged Loan Index (EUR Hedged);
our U.S. Convertible Securities strategy, to an Oaktree custom convertible index that represents the Credit Suisse Convertible Securities Index from inception through December 31, 1999, the Goldman Sachs/Bloomberg Convertible 100 Index from January 1, 2000 through June 30, 2004, and the ICE BofAML All U.S. Convertibles Index thereafter;
our non-U.S. Convertible Securities strategy, to an Oaktree custom non-U.S. convertible index that represents the JACI Global ex-U.S. (Local) Index from inception through December 31, 2014 and the Thomson Reuters Global Focus ex-U.S. (USD hedged) Index thereafter;
our High Income Convertible Securities strategy, to the FTSE US High-Yield Market Index; and
our Emerging Markets Equities strategy, to the Morgan Stanley Capital International Emerging Markets Index (Net).
“senior executives” refers collectively to Howard S. Marks, Bruce A. Karsh, Jay S. Wintrob, John B. Frank and Sheldon M. Stone.
“Sharpe Ratio” refers to a metric used to calculate risk-adjusted return. The Sharpe Ratio is the ratio of excess return to volatility, with excess return defined as the return above that of a riskless asset (based on the three-month U.S. Treasury bill, or for our European Senior Loan strategy, the Euro Overnight Index Average) divided by the standard deviation of such return. A higher Sharpe Ratio indicates a return that is higher than would be expected for the level of risk compared to the risk-free rate.
This quarterly report and its contents do not constitute and should not be construed as an offer of securities of any Oaktree funds.




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

1


Oaktree Capital Group, LLC
Condensed Consolidated Statements of Financial Condition (Unaudited)
($ in thousands)
 
 
As of

September 30, 2019
 
December 31, 2018
Assets
 
 
 
Cash and cash-equivalents
$
356,431

 
$
460,937

U.S. Treasury and other securities
24,025

 
546,531

Corporate investments (includes $50,461 and $74,899 measured at fair value as of September 30, 2019
and December 31, 2018, respectively)
1,141,232

 
1,209,764

Due from affiliates
152,232

 
442,912

Deferred tax assets
441,322

 
229,100

Operating lease assets
102,608

 

Other assets
523,816

 
533,044

Assets of consolidated funds:
 
 
 
Cash and cash-equivalents
615,567

 
370,790

Investments, at fair value
8,266,799

 
6,531,385

Dividends and interest receivable
29,206

 
26,792

Due from brokers
123

 
11,599

Receivable for securities sold
75,928

 
65,884

Other assets
9,906

 
3,440

Total assets
$
11,739,195

 
$
10,432,178

Liabilities and Unitholders’ Capital
 
 
 
Liabilities:
 
 
 
Accrued compensation expense
$
245,178

 
$
437,966

Accounts payable, accrued expenses and other liabilities
156,698

 
128,729

Due to affiliates
179,478

 
188,367

Debt obligations
746,343

 
745,945

Operating lease liabilities
131,282

 

Liabilities of consolidated funds:
 
 
 
Accounts payable, accrued expenses and other liabilities
76,378

 
31,643

Payables for securities purchased
467,389

 
450,172

Securities sold short, at fair value

 
2,609

Distributions payable
233

 
4,885

Borrowings under credit facilities
971,854

 
864,529

Debt obligations of CLOs
5,553,144

 
4,127,994

Total liabilities
8,527,977

 
6,982,839

Commitments and contingencies (Note 17)

 


Non-controlling redeemable interests in consolidated funds
1,081,462

 
961,622

Unitholders’ capital:
 
 
 
Series A preferred units, 7,200,000 units issued and outstanding as of September 30, 2019 and December 31, 2018
173,669

 
173,669

Series B preferred units, 9,400,000 units issued and outstanding as of September 30, 2019 and December 31, 2018
226,915

 
226,915

Class A units, no par value, unlimited units authorized, 97,967,255 and 71,661,623 units issued and outstanding as of September 30, 2019 and December 31, 2018, respectively

 

Class B units, no par value, unlimited units authorized, 62,145,608 and 85,471,937 units issued and outstanding as of September 30, 2019 and December 31, 2018, respectively

 

Paid-in capital
1,166,609

 
893,043

Retained earnings

 
100,683

Accumulated other comprehensive income
(1,522
)
 
1,053

Unitholders’ capital attributable to Oaktree Capital Group, LLC
1,565,671

 
1,395,363

Non-controlling interests in consolidated subsidiaries
564,085

 
1,092,354

Total unitholders’ capital
2,129,756

 
2,487,717

Total liabilities and unitholders’ capital
$
11,739,195

 
$
10,432,178

Please see accompanying notes to condensed consolidated financial statements.

1


Oaktree Capital Group, LLC
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per unit amounts)
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 

 
 
 
 
Management fees
$
179,761

 
$
175,195

 
$
524,798

 
$
538,706

Incentive income
25,429

 
66,032

 
260,290

 
253,125

Total revenues
205,190

 
241,227

 
785,088

 
791,831

Expenses:
 
 
 
 
 
 
 
Compensation and benefits
(111,281
)
 
(101,787
)
 
(334,919
)
 
(315,614
)
Equity-based compensation
(22,779
)
 
(14,747
)
 
(59,756
)
 
(44,614
)
Incentive income compensation
(11,427
)
 
(27,294
)
 
(136,849
)
 
(127,327
)
Total compensation and benefits expense
(145,487
)
 
(143,828
)
 
(531,524
)
 
(487,555
)
General and administrative
(86,851
)
 
(38,051
)
 
(184,592
)
 
(110,459
)
Depreciation and amortization
(6,602
)
 
(6,459
)
 
(19,732
)
 
(19,412
)
Consolidated fund expenses
(6,540
)
 
(2,829
)
 
(12,994
)
 
(9,383
)
Total expenses
(245,480
)
 
(191,167
)
 
(748,842
)
 
(626,809
)
Other income (loss):
 
 
 
 
 
 
 
Interest expense
(59,883
)
 
(39,456
)
 
(149,643
)
 
(115,504
)
Interest and dividend income
101,882

 
74,490

 
278,782

 
205,089

Net realized gain (loss) on consolidated funds’ investments
(3,664
)
 
(9,812
)
 
(9,036
)
 
(12,509
)
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments
(40,964
)
 
10,552

 
17,967

 
(34,939
)
Investment income
26,819

 
58,196

 
121,804

 
149,682

Other income, net

 
5,629

 
58

 
7,240

Total other income
24,190

 
99,599

 
259,932

 
199,059

Income (loss) before income taxes
(16,100
)
 
149,659

 
296,178

 
364,081

Income taxes
(4,798
)
 
(6,568
)
 
(11,148
)
 
(17,832
)
Net income (loss)
(20,898
)
 
143,091

 
285,030

 
346,249

Less:
 
 
 
 
 
 
 
Net (income) loss attributable to non-controlling interests in consolidated funds
4,208

 
(14,427
)
 
(82,234
)
 
(17,792
)
Net (income) loss attributable to non-controlling interests in consolidated subsidiaries
6,871

 
(72,005
)
 
(109,259
)
 
(187,945
)
Net income (loss) attributable to Oaktree Capital Group, LLC
(9,819
)
 
56,659

 
93,537

 
140,512

Net income attributable to preferred unitholders
(6,829
)
 
(3,909
)
 
(20,487
)
 
(3,909
)
Net income (loss) attributable to Oaktree Capital Group, LLC Class A unitholders
$
(16,648
)
 
$
52,750

 
$
73,050

 
$
136,603

 
 
 
 
 
 
 
 
Distributions declared per Class A unit
$
3.13

 
$
0.55

 
$
4.93

 
$
2.27

Net income per Class A unit (basic and diluted):
 
 
 
 
 
 
 
Net income per Class A unit
$
(0.22
)
 
$
0.74

 
$
0.99

 
$
1.95

Weighted average number of Class A units outstanding
75,995

 
71,369

 
74,005

 
70,167







Please see accompanying notes to condensed consolidated financial statements.

2


Oaktree Capital Group, LLC
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands)


 
Three months ended September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income (loss)
$
(20,898
)
 
$
143,091

 
$
285,030

 
$
346,249

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
(5,780
)
 
773

 
(2,411
)
 
683

Other comprehensive income (loss), net of tax
(5,780
)
 
773

 
(2,411
)
 
683

Total comprehensive income
(26,678
)
 
143,864

 
282,619

 
346,932

Less:
 
 
 
 
 
 
 
Comprehensive (income) loss attributable to non-controlling interests in consolidated funds
4,208

 
(14,427
)
 
(82,234
)
 
(17,792
)
Comprehensive (income) loss attributable to non-controlling interests in consolidated subsidiaries
8,725

 
(72,434
)
 
(109,423
)
 
(188,307
)
Comprehensive income attributable to OCG
(13,745
)
 
57,003

 
90,962

 
140,833

Comprehensive income attributable to preferred unitholders
(6,829
)
 
(3,909
)
 
(20,487
)
 
(3,909
)
Comprehensive income (loss) attributable to OCG Class A unitholders
$
(20,574
)
 
$
53,094

 
$
70,475

 
$
136,924


































Please see accompanying notes to condensed consolidated financial statements.

3


Oaktree Capital Group, LLC
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

 
Nine months ended September 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
285,030

 
$
346,249

Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
Adoption of revenue recognition standard

 
48,709

Investment income
(121,804
)
 
(149,682
)
Depreciation and amortization
19,732

 
19,412

Equity-based compensation
59,756

 
44,614

Net realized and unrealized (gain) loss from consolidated funds’ investments
(8,931
)
 
47,448

Amortization (accretion) of original issue and market discount of consolidated funds’ investments, net
(4,305
)
 
(3,488
)
Income distributions from corporate investments in funds and companies
123,911

 
177,864

Other non-cash items
3,295

 
1,468

Cash flows due to changes in operating assets and liabilities:
 
 
 
(Increase) decrease in other assets
(3,883
)
 
28,353

Decrease in net due from affiliates
281,791

 
53,430

Decrease in accrued compensation expense
(191,859
)
 
(47,365
)
Increase (decrease) in accounts payable, accrued expenses and other liabilities
65,325

 
(14,873
)
Cash flows due to changes in operating assets and liabilities of consolidated funds:
 
 
 
Increase in dividends and interest receivable
(8,437
)
 
(2,030
)
Decrease in due from brokers
11,476

 
37,010

(Increase) decrease in receivables for securities sold
(27,609
)
 
72,118

Increase in other assets
(7,074
)
 
(724
)
Increase in accounts payable, accrued expenses and other liabilities
26,111

 
9,619

Increase (decrease) in payables for securities purchased
123,853

 
(212,499
)
Purchases of securities
(5,571,689
)
 
(3,443,337
)
Proceeds from maturities and sales of securities
2,149,132

 
2,849,135

Net cash used in operating activities
(2,796,179
)
 
(138,569
)
Cash flows from investing activities:
 
 
 
Purchases of U.S. Treasury and other securities
(602,600
)
 
(791,401
)
Proceeds from maturities and sales of U.S. Treasury and other securities
1,124,951

 
498,104

Corporate investments in funds and companies
(254,478
)
 
(212,427
)
Distributions and proceeds from corporate investments in funds and companies
373,916

 
245,801

Purchases of fixed assets
(6,366
)
 
(3,527
)
Net cash provided by (used in) investing activities
635,423

 
(263,450
)

(continued)









 
Please see accompanying notes to condensed consolidated financial statements.

4


Oaktree Capital Group, LLC
Condensed Consolidated Statements of Cash Flows (Unaudited) — (Continued)
(in thousands)
 

 
Nine months ended September 30,
 
2019
 
2018
Cash flows from financing activities:
 
 
 
Net proceeds from issuance of Class A units
$

 
$
219,750

Purchase of OCGH units

 
(219,525
)
Repurchase and cancellation of units
(12,191
)
 
(12,195
)
Distributions to Class A unitholders
(436,494
)
 
(160,883
)
Distributions to preferred unitholders
(20,487
)
 
(3,909
)
Distributions to OCGH unitholders
(358,455
)
 
(218,575
)
Distributions to non-controlling interests
(3,421
)
 
(3,700
)
Net proceeds from issuance of preferred units

 
400,584

Payment of debt issuance costs

 
(2,235
)
Cash flows from financing activities of consolidated funds:
 
 
 
Contributions from non-controlling interests
519,684

 
107,962

Distributions to non-controlling interests
(107,071
)
 
(236,929
)
Proceeds from debt obligations issued by CLOs
3,892,380

 
1,170,317

Payment of debt issuance costs
(3,070
)
 
(1,771
)
Repayment on debt obligations issued by CLOs
(1,188,452
)
 
(729,458
)
Borrowings on credit facilities
505,521

 

Repayments on credit facilities
(372,000
)
 

Net cash provided by financing activities
2,415,944

 
309,433

Effect of exchange rate changes on cash
(12,078
)
 
1,497

Net increase (decrease) in cash and cash-equivalents
243,110

 
(91,089
)
Deconsolidation of funds
(102,839
)
 
(12,315
)
Cash and cash-equivalents, beginning balance
831,727

 
959,465

Cash and cash-equivalents, ending balance
$
971,998

 
$
856,061

 
 
 
 
 
 
 
 
Reconciliation of cash and cash-equivalents
 
 
 
Cash and cash-equivalents – Oaktree
$
356,431

 
$
543,229

Cash and cash-equivalents – Consolidated Funds
615,567

 
312,832

Total cash and cash-equivalents
$
971,998

 
$
856,061

 
 
 
 
 
 
 
 
 
 
 
 











Please see accompanying notes to condensed consolidated financial statements.

5


Oaktree Capital Group, LLC
Condensed Consolidated Statements of Changes in Unitholders’ Capital (Unaudited)
(in thousands)

 
Oaktree Capital Group, LLC  
 
Non-controlling Interests in Consolidated Subsidiaries
 
Total Unitholders’ Capital
 
Class A Units
 
Class B Units
 
Series A Preferred Units
 
Series B Preferred Units
 
Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unitholders’ capital as of June 30, 2019
75,649

 
84,001

 
$
173,669

 
$
226,915

 
$
937,880

 
$
60,056

 
$
2,404

 
$
1,022,739

 
$
2,423,663

Activity for the three months ended:


 


 


 


 


 


 


 


 
 
Issuance of units
25,529

 
3,675

 

 

 

 

 

 

 

Cancellation of units
(3,122
)
 
(200
)
 

 

 

 

 

 

 

Repurchase and cancellation of units
(89
)
 
(25,330
)
 

 

 
(941
)
 

 

 
(1,298
)
 
(2,239
)
Deferred tax effect resulting from the purchase of units in connection with the Merger

 

 

 

 
212,017

 

 

 

 
212,017

Equity reallocation between controlling and non-controlling interests

 

 

 

 
267,715

 

 

 
(267,715
)
 

Capital increase related to equity-based compensation

 

 

 

 
12,699

 

 

 
13,981

 
26,680

Distributions declared

 

 
(2,981
)
 
(3,848
)
 
(262,761
)
 
(43,408
)
 

 
(194,897
)
 
(507,895
)
Net income

 

 
2,981

 
3,848

 

 
(16,648
)
 

 
(6,871
)
 
(16,690
)
Foreign currency translation adjustment, net of tax

 

 

 

 

 

 
(3,926
)
 
(1,854
)
 
(5,780
)
Unitholders’ capital as of September 30, 2019
97,967

 
62,146

 
$
173,669

 
$
226,915

 
$
1,166,609

 
$

 
$
(1,522
)
 
$
564,085

 
$
2,129,756

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oaktree Capital Group, LLC  
 
Non-controlling Interests in Consolidated Subsidiaries
 
Total Unitholders’ Capital
 
Class A Units
 
Class B Units
 
Series A Preferred Units
 
Series B Preferred Units
 
Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Unitholders’ capital as of December 31, 2018
71,662

 
85,472

 
$
173,669

 
$
226,915

 
$
893,043

 
$
100,683

 
$
1,053

 
$
1,092,354

 
$
2,487,717

Activity for the nine months ended:


 


 


 


 


 


 


 


 


Issuance of units
29,713

 
5,113

 

 

 

 

 

 

 

Cancellation of units
(3,149
)
 
(3,036
)
 

 

 

 

 

 

 

Repurchase and cancellation of units
(259
)
 
(25,403
)
 

 

 
(8,378
)
 

 

 
(3,813
)
 
(12,191
)
Deferred tax effect resulting from the purchase of units in connection with the Merger

 

 

 

 
212,017

 

 

 

 
212,017

Equity reallocation between controlling and non-controlling interests

 

 

 

 
304,280

 

 

 
(304,280
)
 

Capital increase related to equity-based compensation

 

 

 

 
28,408

 

 

 
32,277

 
60,685

Distributions declared

 

 
(8,943
)
 
(11,544
)
 
(262,761
)
 
(173,733
)
 

 
(361,876
)
 
(818,857
)
Net income

 

 
8,943

 
11,544

 

 
73,050

 

 
109,259

 
202,796

Foreign currency translation adjustment, net of tax

 

 

 

 

 

 
(2,575
)
 
164

 
(2,411
)
Unitholders’ capital as of September 30, 2019
97,967

 
62,146

 
$
173,669

 
$
226,915

 
$
1,166,609

 
$

 
$
(1,522
)
 
$
564,085

 
$
2,129,756

Please see accompanying notes to condensed consolidated financial statements.

6


Oaktree Capital Group, LLC
Condensed Consolidated Statements of Changes in Unitholders’ Capital (Unaudited)
(in thousands)

 
Oaktree Capital Group, LLC  
 
Non-controlling Interests in Consolidated Subsidiaries
 
Non-controlling Interests in Consolidated Funds
 
Total Unitholders’ Capital
 
Class A Units
 
Class B Units
 
Series A Preferred Units
 
Series B Preferred Units
 
Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unitholders’ capital as of June 30, 2018
71,175

 
86,007

 
$
173,669

 
$

 
$
871,776

 
$
62,579

 
$
420

 
$
1,035,253

 
$
6,719

 
$
2,150,416

Activity for the three months ended:


 


 


 


 


 


 


 
 
 


 
 
Issuance of units
384

 
68

 

 
226,915

 

 

 

 

 

 
226,915

Cancellation of units
(27
)
 
(428
)
 

 

 

 

 

 

 

 

Repurchase and cancellation of units
(21
)
 
(21
)
 

 

 
(962
)
 

 

 
(400
)
 

 
(1,362
)
Purchase of non-controlling interests in subsidiary

 

 

 

 

 

 

 

 

 

Equity reallocation between controlling and non-controlling interests

 

 

 

 
4,514

 

 

 
(4,514
)
 

 

Capital increase related to equity-based compensation

 

 

 

 
6,654

 

 

 
7,997

 

 
14,651

Distributions declared

 

 
(3,909
)
 

 

 
(39,126
)
 

 
(54,456
)
 


 
(97,491
)
Net income

 

 
3,909

 

 

 
52,750

 

 
72,005

 
237

 
128,901

Foreign currency translation adjustment, net of tax

 

 

 

 

 

 
344

 
429

 

 
773

Unitholders’ capital as of September 30, 2018
71,511

 
85,626

 
$
173,669

 
$
226,915

 
$
881,982

 
$
76,203

 
$
764

 
$
1,056,314

 
$
6,956

 
$
2,422,803

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oaktree Capital Group, LLC  
 
Non-controlling Interests in Consolidated Subsidiaries
 
Non-controlling Interests in Consolidated Funds
 
Total Unitholders’ Capital
 
Class A Units
 
Class B Units
 
Series A Preferred Units
 
Series B Preferred Units
 
Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Unitholders’ capital as of December 31, 2017
65,310

 
90,976

 
$

 
$

 
$
788,413

 
$
80,128

 
$
443

 
$
1,121,237

 
$
30,396

 
$
2,020,617

Activity for the nine months ended:


 


 


 


 


 


 


 


 


 
 
Cumulative-effect adjustment from adoption of accounting guidance

 

 

 

 

 
20,355

 

 
28,354

 

 
48,709

Issuance of units
6,534

 
182

 
173,669

 
226,915

 
219,750

 

 

 

 

 
620,334

Cancellation of units
(112
)
 
(428
)
 

 

 

 

 

 

 

 

Repurchase and cancellation of units
(221
)
 
(5,104
)
 

 

 
(228,469
)
 

 

 
(3,251
)
 

 
(231,720
)
Purchase of non-controlling interests in subsidiary

 

 

 

 
(1,320
)
 

 

 
(1,596
)
 

 
(2,916
)
Deferred tax effect resulting from the purchase of OCGH units

 

 

 

 
6,051

 

 

 

 

 
6,051

Equity reallocation between controlling and non-controlling interests

 

 

 

 
78,269

 

 

 
(78,269
)
 

 

Capital increase related to equity-based compensation

 

 

 

 
19,288

 

 

 
23,807

 

 
43,095

Distributions declared

 

 
(3,909
)
 

 

 
(160,883
)
 

 
(222,275
)
 
(22,833
)
 
(409,900
)
Net income

 

 
3,909

 

 

 
136,603

 

 
187,945

 
(607
)
 
327,850

Foreign currency translation adjustment, net of tax

 

 

 

 

 

 
321

 
362

 

 
683

Unitholders’ capital as of September 30, 2018
71,511

 
85,626

 
$
173,669

 
$
226,915

 
$
881,982

 
$
76,203

 
$
764

 
$
1,056,314

 
$
6,956

 
$
2,422,803

Please see accompanying notes to condensed consolidated financial statements.

7


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited)
September 30, 2019
($ in thousands, except where noted)



1. ORGANIZATION AND BASIS OF PRESENTATION
Oaktree Capital Group, LLC (“OCG”, together with its subsidiaries, “Oaktree” or the “Company”) is a leader among global investment managers specializing in alternative investments. Oaktree emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. Funds managed by Oaktree (the “Oaktree funds”) include commingled funds, separate accounts, collateralized loan obligation vehicles (“CLOs”) and publicly-traded business development companies (“BDCs”). Commingled funds include open-end and closed-end limited partnerships in which the Company makes an investment and for which it serves as the general partner. CLOs are structured finance vehicles in which the Company typically makes an investment and for which it serves as collateral manager.
Oaktree Capital Group, LLC is a Delaware limited liability company that was formed on April 13, 2007. The Company is owned by its Class A and Class B unitholders and its preferred unitholders. As of September 30, 2019, Oaktree Capital Group Holdings GP, LLC acts as the Company’s manager and is the general partner of Oaktree Capital Group Holdings, L.P. (“OCGH”), which owns 100% of the Company’s outstanding Class B units. OCGH is owned by the Company’s senior executives, current and former employees and certain other investors (collectively, the “OCGH unitholders”). The Company’s operations are conducted through a group of operating entities collectively referred to as the “Oaktree Operating Group.” OCGH has a direct economic interest in the Oaktree Operating Group and the Company has an indirect economic interest in the Oaktree Operating Group. The interests in the Oaktree Operating Group are referred to as the “Oaktree Operating Group units.” An Oaktree Operating Group unit is not a separate legal interest but represents one limited partnership interest in each of the Oaktree Operating Group entities. Class A units are entitled to one vote per unit. Class B units are entitled to ten votes per unit and do not represent an economic interest in the Company. The number of Class B units held by OCGH increases or decreases in response to corresponding changes in OCGH’s economic interest in the Oaktree Operating Group; consequently, the OCGH unitholders’ economic interest in the Oaktree Operating Group is reflected within non-controlling interests in consolidated subsidiaries in the accompanying condensed consolidated financial statements.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. Certain of the Oaktree funds consolidated by the Company are investment companies that follow a specialized basis of accounting established by GAAP. All intercompany transactions and balances have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 22, 2019.

8


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2019
($ in thousands, except where noted)

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






9


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2019
($ in thousands, except where noted)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies of the Company
Consolidation
The Company consolidates entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. A limited partnership or similar entity is a variable interest entity (“VIE”) if the unaffiliated limited partners do not have substantive kick-out or participating rights. Most of the Oaktree funds are VIEs because they have not granted unaffiliated limited partners substantive kick-out or participating rights. The Company consolidates those VIEs in which it is the primary beneficiary. An entity is deemed to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance-based fees), would give it a controlling financial interest. A decision maker’s fee arrangement is not considered a variable interest if (a) it is compensation for services provided, commensurate with the level of effort required to provide those services, and part of a compensation arrangement that includes only terms, conditions or amounts that are customarily present in arrangements for similar services negotiated at arm’s length (“at-market”), and (b) the decision maker does not hold any other variable interests that absorb more than an insignificant amount of the potential VIE’s expected residual returns.
The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective Oaktree funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. The Company does not consolidate most of the Oaktree funds because it is not the primary beneficiary of those funds due to the fact that its fee arrangements are considered at-market and thus not deemed to be variable interests, and it does not hold any other interests in those funds that are considered to be more than insignificant. Please see note 4 for more information regarding both consolidated and unconsolidated VIEs. For entities that are not VIEs, consolidation is evaluated through a majority voting interest model.
“Consolidated funds” refers to Oaktree-managed funds and CLOs that the Company is required to consolidate. When funds or CLOs are consolidated, the Company reflects the assets, liabilities, revenues, expenses and cash flows of the funds or CLOs on a gross basis, and the majority of the economic interests in those funds or CLOs, which are held by third-party investors, are reflected as non-controlling interests in consolidated funds or debt obligations of CLOs in the condensed consolidated financial statements. All of the revenues earned by the Company as investment manager of the consolidated funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the consolidation of a fund does not impact net income or loss attributable to the Company.
Certain entities in which the Company has the ability to exert significant influence, including unconsolidated Oaktree funds for which the Company acts as general partner, are accounted for under the equity method of accounting.
Non-controlling Redeemable Interests in Consolidated Funds
The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners. These interests are presented as non-controlling redeemable interests in consolidated funds within the condensed consolidated statements of financial condition, outside of the permanent capital section. Limited

10


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2019
($ in thousands, except where noted)

partners in open-end and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective limited partnership agreements, over periods ranging from one month to three years. While limited partners in consolidated closed-end funds generally have not been granted redemption rights, these limited partners do have withdrawal or redemption rights in certain limited circumstances that are beyond the control of the Company, such as instances in which retaining the limited partnership interest could cause the limited partner to violate a law, regulation or rule.
The allocation of net income or loss to non-controlling redeemable interests in consolidated funds is based on the relative ownership interests of the unaffiliated limited partners after the consideration of contractual arrangements that govern allocations of income or loss. At the consolidated level, potential incentives are allocated to non-controlling redeemable interests in consolidated funds until such incentives become allocable to the Company under the substantive contractual terms of the limited partnership agreements of the funds.
Non-controlling Interests in Consolidated Funds
Non-controlling interests in consolidated funds represent the equity interests held by third-party investors in CLOs that had not yet priced as of the respective period end. All non-controlling interests in those CLOs are attributed a share of income or loss arising from the respective CLO based on the relative ownership interests of third-party investors after consideration of contractual arrangements that govern allocations of income or loss.
Non-controlling Interests in Consolidated Subsidiaries
Non-controlling interests in consolidated subsidiaries reflect the portion of unitholders’ capital attributable to OCGH unitholders (“OCGH non-controlling interest”) and third parties. All non-controlling interests in consolidated subsidiaries are attributed a share of income or loss in the respective consolidated subsidiary based on the relative economic interests of the OCGH unitholders or third parties after consideration of contractual arrangements that govern allocations of income or loss. Please see note 13 for more information.
Leases
The Company determines whether an arrangement contains a lease at inception. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines whether it should be classified as an operating or finance lease. Operating leases are recorded in the statements of financial condition as separate line items: operating lease right-of-use assets (“ROU assets”) and operating lease liabilities. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the commencement date of the lease and measured based on the present value of lease payments over the lease term. The ROU asset also includes deferred rent liabilities and lease incentives. The Company’s lease arrangements generally do not provide an implicit rate. As a result, in such situations the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company may also include options to extend or terminate the lease when it is reasonably certain that it will exercise that option in the measurement of its ROU assets and liabilities. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. Please see note 11 for more information.
Revenue Recognition
The Company earns management fees and incentive income from the investment advisory services it provides to its customers. Revenue is recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company typically enters into contracts with investment funds to provide investment management and administrative services. These services are generally capable of being distinct and each is accounted for as separate performance obligations comprised of distinct service periods because the services are performed over time. The Company determined that for accounting purposes the investment funds are generally considered to be the customers with respect to commingled funds, while the individual investors are the customers with respect to separate account and fund-of-one vehicles. The Company receives management fees and/or incentive income with

11


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2019
($ in thousands, except where noted)

respect to its investment management services, and it is reimbursed by the funds for expenses incurred or paid on behalf of the funds with respect to its investment advisory services and its administrative services. The Company evaluates whether it is the principal (i.e., report as management fees on a gross basis) or agent (i.e., report as management fees on a net basis) with respect to each performance obligation and associated reimbursement arrangements. The Company has elected to apply the variable consideration exemption for its fee arrangements with its customers. Please see note 3 for more information on revenues.
Management Fees
Management fees are recognized over the period in which the investment management services are performed because customers simultaneously consume and receive benefits that are satisfied over time. The contractual terms of management fees generally vary by fund structure. For most closed-end funds, the management fee rate is applied against committed capital during the fund’s investment period and the lesser of total funded capital or cost basis of assets in the liquidation period. Certain closed-end funds pay management fees during the investment period based on drawn capital or cost basis. Additionally, for closed-end funds that pay management fees based on committed capital, the Company may elect to delay the start of the fund’s investment period and thus its full management fees, in which case it earns management fees based on drawn capital, and in certain cases outstanding borrowings under a fund-level credit facility made in lieu of drawing capital, until the Company elects to start the fund’s investment period. The Company’s right to receive management fees typically ends after 10 or 11 years from either the initial closing date or the start of the investment period, even if assets remain in the fund. In the case of CLOs, the management fee is based on the aggregate par value of collateral assets and principal cash, as defined in the applicable CLO indentures, and a portion of the management fees is dependent on the sufficiency of the particular vehicle’s cash flow. For open-end and evergreen funds, the management fee is generally based on the NAV of the fund. For the publicly-traded BDCs, the management fee is based on gross assets (including assets acquired with leverage), net of cash. In the case of certain open-end fund accounts, the Company has the potential to earn performance-based fees, typically in reference to a relevant benchmark index or hurdle rate, which are classified as management fees. The Company also earns quarterly incentive fees on the investment income from certain evergreen funds, such as the publicly-traded BDCs and other fund accounts, which are generally recurring in nature and reflected as management fees.
The ultimate amount of management fees that will be earned over the life of the contract is subject to a large number and broad range of possible outcomes due to market volatility and other factors outside of the Company’s control. As a result, the amount of revenue earned in any given period is generally determined at the end of each reporting period and relates to services performed during that period.
Incentive Income
Incentive income generally represents 20% of each closed-end fund’s profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and up to 20% of certain evergreen fund’s annual profits, subject to high-water marks or hurdle rates. Incentive income is recognized when it is probable that a significant reversal will not occur. Revenue recognition is typically met (a) for closed-end funds, after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors, and (b) for certain evergreen funds, at the conclusion of each annual measurement period. Potential incentive income is highly susceptible to market volatility, the judgment and actions of third parties, and other factors outside of the Company’s control. The Company’s experience has demonstrated little predictive value in the amount of potential incentive income ultimately earned due to the highly uncertain nature of returns inherent in the markets and contingencies associated with many realization events. As a result, the amount of incentive income recognized in any given period is generally determined after giving consideration to a number of factors, including whether the fund is in its investment or liquidation period, and the nature and level of risk associated with changes in fair value of the remaining assets in the fund. In general, it would be unlikely that any amount of potential incentive income would be recognized until (a) the uncertainty is resolved or (b) the fund is near final liquidation, assets are under contract for sale or are of low risk of significant fluctuation in fair value, and the assets are significantly in excess of the threshold at which incentive income would be earned.
Incentives received by Oaktree before the revenue recognition criteria have been met are deferred and recorded as a deferred incentive income liability within accounts payable, accrued expenses and other liabilities in

12


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2019
($ in thousands, except where noted)

the consolidated statements of financial condition. The Company may receive tax distributions related to taxable income allocated by funds, which are treated as an advance of incentive income and subject to the same recognition criteria. Tax distributions are contractually not subject to clawback.
Fair Value of Financial Instruments
GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, such as the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.
Financial assets and liabilities measured and reported at fair value are classified as follows:
Level I – Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. The types of investments in Level I include exchange-traded equities, debt and derivatives with quoted prices.
Level II – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are directly or indirectly observable. Level II inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. The types of investments in Level II generally include corporate bonds and loans, government and agency securities, less liquid and restricted equity investments, over-the-counter traded derivatives, debt obligations of consolidated CLOs, and other investments where the fair value is based on observable inputs.
Level III – Valuations for which one or more significant inputs are unobservable. These inputs reflect the Company’s assessment of the assumptions that market participants use to value the investment based on the best available information. Level III inputs include prices of quoted securities in markets for which there are few transactions, less public information exists or prices vary among brokered market makers. The types of investments in Level III include non-publicly traded equity, debt, real estate and derivatives.
In some instances, the inputs used to value an instrument may fall into multiple levels of the fair-value hierarchy. In such instances, the instrument’s level within the fair-value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair-value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. Transfers of assets into or out of each fair value hierarchy level as a result of changes in the observability of the inputs used in measuring fair value are accounted for as of the beginning of the reporting period. Transfers resulting from a specific event, such as a reorganization or restructuring, are accounted for as of the date of the event that caused the transfer.
In the absence of observable market prices, the Company values Level III investments using valuation methodologies applied on a consistent basis. The quarterly valuation process for Level III investments begins with each portfolio company, property or security being valued by the investment and/or valuation teams. With the exception of open-end funds, all unquoted Level III investment values are reviewed and approved by (i) the Company’s valuation officer, who is independent of the investment teams, (ii) a designated investment professional of each strategy and (iii) for a substantial majority of unquoted Level III holdings as measured by market value, a valuation committee of the respective strategy.  For open-end funds, unquoted Level III investment values are reviewed and approved by the Company’s valuation officer. For certain investments, the valuation process also includes a review by independent valuation parties, at least annually, to determine whether the fair values determined by management are reasonable. Results of the valuation process are evaluated each quarter, including an assessment of whether the underlying calculations should be adjusted or recalibrated. In connection with this process, the Company periodically evaluates changes in fair-value measurements for reasonableness, considering items such as industry trends, general economic and market conditions, and factors specific to the investment.

13


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2019
($ in thousands, except where noted)

Certain assets are valued using prices obtained from pricing vendors or brokers. The Company seeks to obtain prices from at least two pricing vendors for the subject or similar securities. In cases where vendor pricing is not reflective of fair value, a secondary vendor is unavailable, or no vendor pricing is available, a comparison value made up of quotes for the subject or similar securities received from broker dealers may be used. These investments may be classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. The Company evaluates the prices obtained from brokers or pricing vendors based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Company also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Company performs due diligence procedures surrounding pricing vendors to understand their methodology and controls to support their use in the valuation process.
Fair Value Option
The Company has elected the fair value option for certain corporate investments that otherwise would not have reflected unrealized gains and losses in current-period earnings. Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition. Unrealized gains and losses resulting from changes in fair value are reflected as a component of investment income in the condensed consolidated statements of operations. The Company’s accounting for these investments is similar to its accounting for investments held by the consolidated funds at fair value and the valuation methods are consistent with those used to determine the fair value of the consolidated funds’ investments.
The Company has elected the fair value option for the financial assets and financial liabilities of its consolidated CLOs. The assets and liabilities of CLOs are primarily reflected within the investments, at fair value and within the debt obligations of CLOs line items in the condensed consolidated statements of financial condition. The Company’s accounting for CLO assets is similar to its accounting for its funds with respect to both carrying investments held by CLOs at fair value and the valuation methods used to determine the fair value of those investments. The fair value of CLO liabilities are measured as the fair value of CLO assets less the sum of (a) the fair value of any beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. Realized gains or losses and changes in the fair value of CLO assets, respectively, are included in net realized gain on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Interest income of CLOs is included in interest and dividend income, and interest expense and other expenses, respectively, are included in interest expense and consolidated fund expenses in the condensed consolidated statements of operations. Changes in the fair value of a CLO’s financial liabilities in accordance with the CLO measurement guidance are included in net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Please see notes 6 and 10 for more information.
Accounting Policies of Consolidated Funds
Investments, at Fair Value
The consolidated funds include investment limited partnerships and CLOs that reflect their investments, including majority-owned and controlled investments, at fair value. The Company has retained the specialized investment company accounting guidance under GAAP for investment limited partnerships with respect to consolidated investments and has elected the fair value option for the financial assets of CLOs. Thus, the consolidated investments are reflected in the condensed consolidated statements of financial condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).
Non-publicly traded debt and equity securities and other securities or instruments for which reliable market quotations are not available are valued by management using valuation methodologies applied on a consistent basis. These securities may initially be valued at the acquisition price as the best indicator of fair value. The

14


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2019
($ in thousands, except where noted)

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.

15


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2019
($ in thousands, except where noted)

These valuation methodologies involve a significant degree of management judgment. Accordingly, valuations by the Company do not necessarily represent the amounts that eventually may be realized from sales or other dispositions of investments. Fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the condensed consolidated financial statements.
Recent Accounting Developments
In August 2018, the Financial Accounting Standards Board (“FASB”) issued guidance that changes the fair value measurement disclosure requirements. The amendments remove or modify certain disclosures, while adding others. The Company adopted the guidance in the first quarter of 2019. The adoption did not have a material impact on the consolidated financial statements.
In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairments by eliminating step 2 of the goodwill impairment test. This step currently requires an entity to perform a hypothetical purchase price allocation to derive the implied fair value of goodwill. Under the new guidance, an impairment loss is recognized if the carrying value of a reporting unit exceeds its fair value. The impairment loss would equal the amount of that excess, limited to the total amount of goodwill. All other goodwill impairment guidance remains largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The guidance is effective for the Company in the first quarter of 2020 on a prospective basis, with early adoption permitted. The Company expects that adoption of this guidance will not have a material impact on the consolidated financial statements.
In February 2016, the FASB issued guidance that requires a lessee to recognize a lease asset and a lease liability for most of its operating leases. Under legacy GAAP, operating leases were not recognized by a lessee in its statements of financial position. In general, the asset and liability each equal the present value of lease payments. The guidance does not significantly change the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee. The Company adopted the guidance in the first quarter of 2019 under the simplified transition method, which allows companies to forgo the comparative reporting requirements initially required under the modified retrospective transition approach and apply the new guidance prospectively. The adoption did not have an impact on the consolidated statements of operations because all of the Company’s leases are currently classified as operating leases, which under the guidance will continue to be recognized as expense on a straight-line basis. The adoption, however, resulted in a significant gross-up in total assets and total liabilities on the consolidated statements of financial position. The amount of the liability represents the aggregate discounted amount of the Company’s minimum lease obligations as of the reporting date. The difference between the asset and liability amounts represents deferred rent liabilities and lease incentives as of the reporting date that are netted against the asset amount.

16


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2019
($ in thousands, except where noted)

3. REVENUES
Revenues disaggregated by fund structure is set forth below. Revenues are affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the management fees and investors’ ability to redeem.
 
Three months ended September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
Management Fees
 
 
 
 
 
 
 
Closed-end
$
120,462

 
$
112,415

 
$
345,091

 
$
353,225

Open-end
29,990

 
34,942

 
90,480

 
109,051

Evergreen
29,309

 
27,838

 
89,227

 
76,430

Total
$
179,761

 
$
175,195

 
$
524,798

 
$
538,706

 
 
 
 
 
 
 
 
Incentive Income
 
 
 
 
 
 
 
Closed-end
$
25,335

 
$
65,661

 
$
257,778

 
$
249,447

Evergreen
94

 
371

 
2,512

 
3,678

Total
$
25,429

 
$
66,032

 
$
260,290

 
$
253,125


Contract Balances
The Company receives management fees monthly or quarterly in accordance with its contracts with customers. Incentive income is received when the fund makes a distribution. Contract assets relate to the Company’s conditional right to receive payment for its performance completed under the contract. Receivables are recorded when the right to consideration becomes unconditional (i.e., only requires the passage of time). Contract liabilities (i.e., deferred revenues) relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenues when the Company provides investment management services.
The table below sets forth contract balances for the periods indicated:
 
As of
 
September 30, 2019
 
December 31, 2018
 
 
 
 
Receivables (1)
$
76,106

 
$
74,795

Contract assets (1)

 
288,176

Contract liabilities (2)
(26,383
)
 
(26,549
)
 
 
 
 
 
(1)
The changes in the balances primarily related to accruals, net of payments received.
(2)
Revenue recognized in the three months and nine months ended September 30, 2019 from amounts included in the contract liability balance were $5.4 million and $17.1 million.

17


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2019
($ in thousands, except where noted)

4. VARIABLE INTEREST ENTITIES
The Company consolidates VIEs for which it is the primary beneficiary. VIEs include funds managed by Oaktree and CLOs for which Oaktree acts as collateral manager. The purpose of these VIEs is to provide investment opportunities for investors in exchange for management fees and, in certain cases, performance-based fees. While the investment strategies of the funds and CLOs differ by product, in general the fundamental risks of the funds and CLOs have similar characteristics, including loss of invested capital and reduction or absence of management and performance-based fees. As general partner or collateral manager, respectively, Oaktree generally considers itself the sponsor of the applicable fund or CLO. The Company does not provide performance guarantees and, other than capital commitments, has no financial obligation to provide funding to VIEs.
Consolidated VIEs
As of September 30, 2019, the Company consolidated 23 VIEs for which it was the primary beneficiary, including 10 funds managed by Oaktree, 12 CLOs for which Oaktree serves as collateral manager, and Oaktree AIF Holdings, Inc., which was formed to hold certain assets for regulatory and other purposes. Two of the consolidated funds, Oaktree Enhanced Income Retention Holdings III, LLC and Oaktree CLO RR Holder, LLC, were formed to satisfy risk retention requirements under Section 15G of the Exchange Act. As of December 31, 2018, the Company consolidated 23 VIEs.
As of September 30, 2019, the assets and liabilities of the 22 consolidated VIEs representing funds and CLOs amounted to $8.2 billion and $6.9 billion, respectively. The assets of these consolidated VIEs primarily consisted of investments in debt and equity securities, while their liabilities primarily represented debt obligations issued by CLOs. The assets of these VIEs may be used only to settle obligations of the same VIE. In addition, there is no recourse to the Company for the VIEs’ liabilities. In exchange for managing either the funds’ or CLOs’ collateral, the Company typically earns management fees and may earn performance fees, all of which are eliminated in consolidation. As of September 30, 2019, the Company’s investments in consolidated VIEs had a carrying value of $606.5 million, which represented its maximum risk of loss as of that date. The Company’s investments in CLOs are generally subordinated to other interests in the CLOs and entitle the Company to receive a pro-rata portion of the residual cash flows, if any, from the CLOs. Please see note 10 for more information on CLO debt obligations.
Unconsolidated VIEs
The Company holds variable interests in certain VIEs in the form of direct equity interests that are not consolidated because it is not the primary beneficiary, inasmuch as its fee arrangements are considered at-market and it does not hold interests in those entities that are considered more than insignificant.
The carrying value of the Company’s investments in VIEs that were not consolidated are shown below.
 
Carrying Value as of
 
September 30, 2019
 
December 31, 2018
 
 
 
 
Corporate investments
$
1,077,595

 
$
1,093,294

Due from affiliates
89,682

 
384,225

Maximum exposure to loss
$
1,167,277

 
$
1,477,519



18


Oaktree Capital Group, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2019
($ in thousands, except where noted)

5. INVESTMENTS
Corporate Investments
Corporate investments consist of investments in funds and companies in which the Company does not have a controlling financial interest. Investments for which the Company is deemed to exert significant influence are accounted for under the equity method of accounting and reflect Oaktree’s ownership interest in each fund or company. In the case of investments for which the Company is not deemed to exert significant influence or control, the fair value option of accounting has been elected. Investment income represents the Company’s pro-rata share of income or loss from these funds or companies, or the change in fair value of the investment, as applicable. Oaktree’s general partnership interests are substantially illiquid. While investments in funds reflect each respective fund’s holdings at fair value, equity-method investments in DoubleLine Capital LP and its affiliates (collectively, “DoubleLine”) and other companies are not adjusted to reflect the fair value of the underlying company. The fair value of the underlying investments in Oaktree funds is based on the Company’s assessment, which takes into account expected cash flows, earnings multiples and/or comparisons to similar market transactions, among other factors. Valuation adjustments reflecting consideration of credit quality, concentration risk, sales restrictions and other liquidity factors are integral to valuing these instruments.
Corporate investments consisted of the following:
 
As of
Corporate Investments
September 30, 2019
 
December 31,
2018
 
 
 
 
Equity-method investments:
 
 
 
Funds
$
1,063,668

 
$
1,089,068

Companies
27,103

 
45,797

Other investments, at fair value
50,461

 
74,899

Total corporate investments
$
1,141,232

 
$
1,209,764


The components of investment income are set forth below:
 
Three months ended September 30,
 
Nine months ended September 30,
Investment Income (Loss)
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Equity-method investments:
 
 
 
 
 
 
 
Funds
$
(12,106
)
 
$
39,041

 
$
45,211

 
$
92,105

Companies
20,108