false2020Q1000140352812/31P7YP3YP7YP4YP3YP3YP2YP3Y33.3300014035282020-01-012020-03-310001403528us-gaap:PreferredClassAMember2020-01-012020-03-310001403528us-gaap:PreferredClassBMember2020-01-012020-03-31xbrli:shares0001403528us-gaap:CommonClassAMember2020-05-070001403528us-gaap:CommonClassBMember2020-05-07iso4217:USD0001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2019-12-310001403528us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-3100014035282020-03-3100014035282019-12-310001403528us-gaap:PreferredClassAMember2019-12-310001403528us-gaap:PreferredClassAMember2020-03-310001403528us-gaap:PreferredClassBMember2019-12-310001403528us-gaap:PreferredClassBMember2020-03-31iso4217:USDxbrli:shares0001403528us-gaap:CommonClassAMember2020-03-310001403528us-gaap:CommonClassAMember2019-12-310001403528us-gaap:CommonClassAMember2020-01-012020-03-310001403528us-gaap:CommonClassAMember2019-01-012019-12-310001403528us-gaap:CommonClassBMember2020-03-310001403528us-gaap:CommonClassBMember2019-12-310001403528us-gaap:CommonClassBMember2020-01-012020-03-310001403528us-gaap:CommonClassBMember2019-01-012019-12-310001403528us-gaap:InvestmentAdviceMember2020-01-012020-03-310001403528us-gaap:InvestmentAdviceMember2019-01-012019-03-310001403528us-gaap:InvestmentPerformanceMember2020-01-012020-03-310001403528us-gaap:InvestmentPerformanceMember2019-01-012019-03-3100014035282019-01-012019-03-310001403528us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-03-310001403528srt:SubsidiariesMember2020-01-012020-03-310001403528srt:SubsidiariesMember2019-01-012019-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2020-01-012020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2019-01-012019-03-3100014035282018-12-3100014035282019-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2019-03-310001403528us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-12-310001403528us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-12-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassAMember2019-12-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassBMember2019-12-310001403528us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-12-310001403528us-gaap:RetainedEarningsMember2019-12-310001403528us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001403528us-gaap:NoncontrollingInterestMember2019-12-310001403528us-gaap:RetainedEarningsMember2020-01-010001403528us-gaap:NoncontrollingInterestMember2020-01-0100014035282020-01-010001403528us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-01-012020-03-310001403528us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-01-012020-03-310001403528us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-01-012020-03-310001403528us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassAMember2020-01-012020-03-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassBMember2020-01-012020-03-310001403528us-gaap:RetainedEarningsMember2020-01-012020-03-310001403528us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001403528us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-03-310001403528us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-03-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassAMember2020-03-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassBMember2020-03-310001403528us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-03-310001403528us-gaap:RetainedEarningsMember2020-03-310001403528us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001403528us-gaap:NoncontrollingInterestMember2020-03-310001403528us-gaap:CommonClassAMemberus-gaap:CommonStockMember2018-12-310001403528us-gaap:CommonClassBMemberus-gaap:CommonStockMember2018-12-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassAMember2018-12-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassBMember2018-12-310001403528us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2018-12-310001403528us-gaap:RetainedEarningsMember2018-12-310001403528us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001403528us-gaap:NoncontrollingInterestMember2018-12-310001403528us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-01-012019-03-310001403528us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-01-012019-03-310001403528us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-01-012019-03-310001403528us-gaap:NoncontrollingInterestMember2019-01-012019-03-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassAMember2019-01-012019-03-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassBMember2019-01-012019-03-310001403528us-gaap:RetainedEarningsMember2019-01-012019-03-310001403528us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310001403528us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-03-310001403528us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-03-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassAMember2019-03-310001403528us-gaap:PreferredStockMemberus-gaap:PreferredClassBMember2019-03-310001403528us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-03-310001403528us-gaap:RetainedEarningsMember2019-03-310001403528us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001403528us-gaap:NoncontrollingInterestMember2019-03-31xbrli:pure0001403528oak:OaktreeCapitalGroupHoldingsL.P.Member2020-01-012020-03-31oak:voteoak:entityoak:partnership_interest0001403528oak:BrookfieldAssetManagementInc.MergerAgreementMemberoak:BrookfieldAssetManagementInc.Member2019-09-302019-09-300001403528oak:OaktreeCapitalGroupHoldingsL.P.Memberoak:BrookfieldAssetManagementInc.MergerAgreementMember2019-09-302019-09-300001403528oak:BrookfieldAssetManagementInc.MergerAgreementOCGHUnitholdersMember2019-09-300001403528oak:ClassAUnitsMemberoak:BrookfieldAssetManagementInc.MergerAgreementOCGHUnitholdersMember2019-09-300001403528oak:ClassAUnitsMemberoak:BrookfieldAssetManagementInc.MergerAgreementOCGHUnitholdersMember2019-09-302019-09-300001403528oak:ConvertedOCGHUnitsMemberoak:BrookfieldAssetManagementInc.MergerAgreementOCGHUnitholdersMember2019-09-302019-09-3000014035282019-10-010001403528srt:MinimumMember2020-01-012020-03-310001403528srt:MaximumMember2020-01-012020-03-310001403528oak:AcquiredIntangiblesMembersrt:MinimumMember2020-01-012020-03-310001403528oak:AcquiredIntangiblesMembersrt:MaximumMember2020-01-012020-03-310001403528us-gaap:InvestmentAdviceMembersrt:MinimumMember2020-01-012020-03-310001403528us-gaap:InvestmentAdviceMembersrt:MaximumMember2020-01-012020-03-310001403528oak:ClosedendIncentiveIncomeMember2020-01-012020-03-310001403528oak:EvergreenIncentiveIncomeMember2020-01-012020-03-310001403528oak:FurnitureandEquipmentandCapitalizedSoftwareMembersrt:MinimumMember2020-01-012020-03-310001403528oak:FurnitureandEquipmentandCapitalizedSoftwareMembersrt:MaximumMember2020-01-012020-03-310001403528srt:MinimumMemberoak:ContractualRightsToEarnFutureFeeIncomeMember2020-01-012020-03-310001403528srt:MaximumMemberoak:ContractualRightsToEarnFutureFeeIncomeMember2020-01-012020-03-310001403528us-gaap:RetainedEarningsMemberus-gaap:AccountingStandardsUpdate201613Member2020-01-010001403528oak:IncentiveIncomeMember2020-01-012020-03-310001403528oak:IncentiveIncomeMember2019-01-012019-03-310001403528oak:ClosedendManagementFeesMember2020-01-012020-03-310001403528oak:ClosedendManagementFeesMember2019-01-012019-03-310001403528oak:OpenendManagementFeesMember2020-01-012020-03-310001403528oak:OpenendManagementFeesMember2019-01-012019-03-310001403528oak:EvergreenManagementFeesMember2020-01-012020-03-310001403528oak:EvergreenManagementFeesMember2019-01-012019-03-310001403528oak:SubAdvisoryManagementFeesMember2020-01-012020-03-310001403528oak:SubAdvisoryManagementFeesMember2019-01-012019-03-310001403528oak:ManagementFeesMember2020-01-012020-03-310001403528oak:ManagementFeesMember2019-01-012019-03-310001403528us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528oak:FundsManagedByOaktreeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528oak:CLOsForWhichOaktreeActsAsCollateralManagerMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528oak:ConsolidatedFundsFormedToSatisfyRiskRetentionRequirementsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-12-310001403528oak:RemainingVariableInterestEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:CorporateInvestmentsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-03-310001403528oak:CorporateInvestmentsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-12-310001403528oak:DueFromAffiliatesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-03-310001403528oak:DueFromAffiliatesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-12-310001403528us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-03-310001403528us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:EquityMethodInvestmentsInFundsMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:EquityMethodInvestmentsInFundsMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:EquitymethodInvestmentsInCompaniesMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:EquitymethodInvestmentsInCompaniesMember2019-12-310001403528oak:EquityMethodInvestmentsInFundsMember2020-01-012020-03-310001403528oak:EquityMethodInvestmentsInFundsMember2019-01-012019-03-310001403528oak:EquitymethodInvestmentsInCompaniesMember2020-01-012020-03-310001403528oak:EquitymethodInvestmentsInCompaniesMember2019-01-012019-03-310001403528srt:MaximumMember2020-03-310001403528oak:OtherInvestmentsatFairValueMember2020-01-012020-03-310001403528oak:OtherInvestmentsatFairValueMember2019-01-012019-03-310001403528country:USoak:CommunicationServicesInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528country:USoak:CommunicationServicesInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:ConsumerDiscretionaryMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:ConsumerDiscretionaryMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:ConsumerStaplesMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:ConsumerStaplesMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:EnergyMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:EnergyMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:FinancialsMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:FinancialsMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528country:USus-gaap:HealthCareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528country:USus-gaap:HealthCareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:IndustrialsMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:IndustrialsMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:InformationTechnologyMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:InformationTechnologyMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:MaterialsMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:MaterialsMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:RealEstateMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:RealEstateMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:UtilitiesMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:UtilitiesMembercountry:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528country:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528country:USus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528srt:EuropeMemberoak:CommunicationServicesInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528srt:EuropeMemberoak:CommunicationServicesInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:ConsumerDiscretionaryMembersrt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:ConsumerDiscretionaryMembersrt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:ConsumerStaplesMembersrt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:ConsumerStaplesMembersrt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528srt:EuropeMemberoak:EnergyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528srt:EuropeMemberoak:EnergyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528srt:EuropeMemberoak:FinancialsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528srt:EuropeMemberoak:FinancialsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528srt:EuropeMemberus-gaap:HealthCareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528srt:EuropeMemberus-gaap:HealthCareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528srt:EuropeMemberoak:IndustrialsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528srt:EuropeMemberoak:IndustrialsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:InformationTechnologyMembersrt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:InformationTechnologyMembersrt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:MaterialsMembersrt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:MaterialsMembersrt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528srt:EuropeMemberus-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528srt:EuropeMemberus-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:UtilitiesMembersrt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:UtilitiesMembersrt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528srt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528srt:EuropeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:AsiaandOtherMemberoak:CommunicationServicesInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:AsiaandOtherMemberoak:CommunicationServicesInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:ConsumerDiscretionaryMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:ConsumerDiscretionaryMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:ConsumerStaplesMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:ConsumerStaplesMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:EnergyMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:EnergyMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:FinancialsMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:FinancialsMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:GovernmentMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:GovernmentMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:AsiaandOtherMemberus-gaap:HealthCareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:AsiaandOtherMemberus-gaap:HealthCareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:IndustrialsMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:IndustrialsMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:InformationTechnologyMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:InformationTechnologyMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:MaterialsMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:MaterialsMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:RealEstateMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:RealEstateMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:UtilitiesMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:UtilitiesMemberoak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:AsiaandOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:InvestmentsAndOtherFinancialInstrumentsMemberus-gaap:NondesignatedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528oak:InvestmentsAndOtherFinancialInstrumentsMemberus-gaap:NondesignatedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-03-310001403528oak:MeasurementAlternativeGuidanceForCLOsMemberus-gaap:NondesignatedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528oak:MeasurementAlternativeGuidanceForCLOsMemberus-gaap:NondesignatedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-03-310001403528us-gaap:NondesignatedMemberoak:ForeignCurrencyForwardContractMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:NondesignatedMemberoak:ForeignCurrencyForwardContractMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-03-310001403528us-gaap:NondesignatedMemberoak:OptionsAndFuturesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:NondesignatedMemberoak:OptionsAndFuturesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-03-310001403528us-gaap:NondesignatedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:NondesignatedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:CorporateInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:CorporateInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:CorporateInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:CorporateInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:CorporateInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:CorporateInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:CorporateInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:CorporateInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InvestmentsMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2018-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:CorporateInvestmentLimitedPartnershipInterestsMemberus-gaap:FairValueInputsLevel3Memberoak:MarketApproachValueOfUnderlyingAssetsValuationTechniqueMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:CorporateInvestmentLimitedPartnershipInterestsMemberus-gaap:FairValueInputsLevel3Memberoak:MarketApproachValueOfUnderlyingAssetsValuationTechniqueMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CorporateDebtBankDebtMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CorporateDebtBankDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CorporateDebtBankDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CorporateDebtBankDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CorporateDebtBankDebtMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CorporateDebtBankDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CorporateDebtBankDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CorporateDebtBankDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberoak:CorporateDebtAllOtherMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberoak:CorporateDebtAllOtherMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberoak:CorporateDebtAllOtherMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberoak:CorporateDebtAllOtherMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberoak:CorporateDebtAllOtherMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberoak:CorporateDebtAllOtherMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberoak:CorporateDebtAllOtherMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberoak:CorporateDebtAllOtherMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberoak:OptionsAndFuturesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberoak:OptionsAndFuturesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:OptionsAndFuturesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:OptionsAndFuturesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberoak:OptionsAndFuturesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberoak:OptionsAndFuturesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:OptionsAndFuturesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:OptionsAndFuturesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMemberoak:CLODebtObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMemberoak:CLODebtObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueMeasurementsRecurringMemberoak:CLODebtObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:CorporateDebtBankDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:CorporateDebtAllOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:CommonStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:CorporateDebtBankDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528oak:CorporateDebtAllOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:CommonStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528oak:CorporateDebtBankDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:CorporateDebtAllOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:CommonStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:CorporateDebtBankDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2018-12-310001403528oak:CorporateDebtAllOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2018-12-310001403528us-gaap:CommonStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2018-12-310001403528us-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2018-12-310001403528us-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2018-12-310001403528us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2018-12-310001403528oak:CorporateDebtBankDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-03-310001403528oak:CorporateDebtAllOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-03-310001403528us-gaap:CommonStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-03-310001403528us-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-03-310001403528us-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-03-310001403528oak:CorporateDebtBankDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528oak:CorporateDebtAllOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:CommonStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528us-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-03-310001403528oak:RecentMarketInformationMemberus-gaap:FairValueInputsLevel3Memberoak:ConsumerDiscretionaryMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:RecentMarketInformationMemberoak:FinancialsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:RecentMarketInformationMemberus-gaap:FairValueInputsLevel3Memberoak:HealthcareInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:RecentMarketInformationMemberus-gaap:RealEstateInvestmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:RealEstateInvestmentMemberoak:RecentTransactionPriceValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:RecentMarketInformationMemberoak:OtherInvestmentSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:EquityInvestmentMemberoak:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:EquityInvestmentMemberoak:DiscountedCashFlowValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:EquityInvestmentMemberoak:DiscountedCashFlowValuationTechniqueMembersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:EquityInvestmentMembersrt:WeightedAverageMemberoak:DiscountedCashFlowValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:EquityInvestmentMemberoak:RecentTransactionPriceValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:EquityInvestmentMemberoak:MeasurementInputEarningsMultipleMemberoak:MarketApproachComparableCompaniesValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:EquityInvestmentMemberoak:MeasurementInputEarningsMultipleMemberoak:MarketApproachComparableCompaniesValuationTechniqueMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:EquityInvestmentMemberoak:MeasurementInputEarningsMultipleMemberoak:MarketApproachComparableCompaniesValuationTechniqueMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:EquityInvestmentMembersrt:WeightedAverageMemberoak:MeasurementInputEarningsMultipleMemberoak:MarketApproachComparableCompaniesValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:RecentTransactionPriceValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:RecentMarketInformationMemberus-gaap:FairValueInputsLevel3Memberoak:ConsumerDiscretionaryMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:RecentMarketInformationMemberoak:FinancialsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:RecentMarketInformationMemberus-gaap:FairValueInputsLevel3Memberoak:HealthcareInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:RecentMarketInformationMemberus-gaap:RealEstateInvestmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:RealEstateInvestmentMemberoak:RecentTransactionPriceValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:RecentMarketInformationMemberoak:OtherInvestmentSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:EquityInvestmentMemberoak:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:EquityInvestmentMemberoak:DiscountedCashFlowValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:EquityInvestmentMemberoak:DiscountedCashFlowValuationTechniqueMembersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:EquityInvestmentMembersrt:WeightedAverageMemberoak:DiscountedCashFlowValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:EquityInvestmentMemberoak:RecentMarketInformationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:RecentTransactionPriceValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2019-12-310001403528us-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2020-01-012020-03-310001403528us-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2019-01-012019-03-310001403528us-gaap:NondesignatedMemberus-gaap:GeneralAndAdministrativeExpenseMember2020-01-012020-03-310001403528us-gaap:NondesignatedMemberus-gaap:GeneralAndAdministrativeExpenseMember2019-01-012019-03-310001403528us-gaap:NondesignatedMember2020-01-012020-03-310001403528us-gaap:NondesignatedMember2019-01-012019-03-310001403528us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:NondesignatedMemberoak:OptionsAndFuturesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:NondesignatedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:ForeignExchangeForwardMember2020-03-310001403528us-gaap:ForeignExchangeForwardMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528oak:OptionsAndFuturesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:ForeignExchangeForwardMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:ForeignExchangeForwardMember2019-12-310001403528oak:FurnitureandEquipmentandCapitalizedSoftwareMember2020-03-310001403528oak:FurnitureandEquipmentandCapitalizedSoftwareMember2019-12-310001403528us-gaap:LeaseholdImprovementsMember2020-03-310001403528us-gaap:LeaseholdImprovementsMember2019-12-310001403528us-gaap:PropertyPlantAndEquipmentOtherTypesMember2020-03-310001403528us-gaap:PropertyPlantAndEquipmentOtherTypesMember2019-12-310001403528oak:IndirectSubsidiariesOfBrookfieldAssetManagementInc.Member2019-10-010001403528oak:OaktreeCapitalIMemberus-gaap:IndirectGuaranteeOfIndebtednessMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:SeniorNotesMemberoak:ThreePointSevenEightPercentDebtMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:SeniorNotesMemberoak:ThreePointSevenEightPercentDebtMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:TermLoanMemberus-gaap:LineOfCreditMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:TermLoanMemberus-gaap:LineOfCreditMember2019-12-310001403528oak:ThreePointNineOnePercentDebtMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:SeniorNotesMember2020-03-310001403528oak:ThreePointNineOnePercentDebtMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:SeniorNotesMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:SeniorNotesMemberoak:FourPointZeroOnePercentDebtMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:SeniorNotesMemberoak:FourPointZeroOnePercentDebtMember2019-12-310001403528oak:FourPointTwoOnePercentDebtMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:SeniorNotesMember2020-03-310001403528oak:FourPointTwoOnePercentDebtMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:SeniorNotesMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:SeniorNotesMemberoak:A3.69SeniorNotesMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:SeniorNotesMemberoak:A3.69SeniorNotesMember2019-12-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2019-12-120001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2019-12-130001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:TermLoanMemberus-gaap:LineOfCreditMember2019-12-130001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberoak:TermLoanMemberus-gaap:LineOfCreditMember2019-12-120001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-03-310001403528oak:OaktreeCapitalManagementL.P.Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-03-310001403528us-gaap:LineOfCreditMembersrt:MaximumMemberus-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-09-300001403528us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-31iso4217:EUR0001403528us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:LineOfCreditMemberus-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:LineOfCreditMemberus-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:LineOfCreditMemberus-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:LineOfCreditMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:LineOfCreditMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528oak:IndirectSubsidiariesOfBrookfieldAssetManagementInc.Memberus-gaap:LineOfCreditMemberus-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember2019-10-010001403528us-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:SeniorNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-12-310001403528us-gaap:SubordinatedDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001403528us-gaap:SubordinatedDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-03-310001403528us-gaap:SubordinatedDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001403528us-gaap:SubordinatedDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-12-310001403528oak:OcghMember2020-03-310001403528oak:ConvertedOCGHUnitsandOCGHUnitsMemberoak:OaktreeOperatingGroupMember2020-03-310001403528oak:OcghMember2019-12-310001403528oak:OaktreeOperatingGroupMember2019-12-310001403528oak:OaktreeOperatingGroupMember2020-03-310001403528us-gaap:PreferredClassAMemberoak:PreferredStockIssuanceMember2018-05-172018-05-170001403528us-gaap:PreferredClassAMember2018-05-172018-05-170001403528us-gaap:PreferredClassAMember2018-05-170001403528us-gaap:PreferredClassBMemberoak:PreferredStockIssuanceMember2018-08-092018-08-090001403528us-gaap:PreferredClassBMember2018-08-092018-08-090001403528us-gaap:PreferredClassBMember2018-08-090001403528oak:OaktreeOperatingGroupMemberus-gaap:CommonClassBMember2020-01-012020-03-310001403528oak:OaktreeOperatingGroupMemberus-gaap:CommonClassBMember2019-01-012019-03-310001403528oak:OaktreeOperatingGroupMemberus-gaap:CommonClassAMember2020-01-012020-03-310001403528oak:OaktreeOperatingGroupMemberus-gaap:CommonClassAMember2019-01-012019-03-310001403528oak:OaktreeOperatingGroupMember2020-01-012020-03-310001403528oak:OaktreeOperatingGroupMember2019-01-012019-03-310001403528us-gaap:PreferredClassAMemberoak:OaktreeOperatingGroupMember2020-01-012020-03-310001403528us-gaap:PreferredClassAMemberoak:OaktreeOperatingGroupMember2019-01-012019-03-310001403528oak:OcghUnitsMember2020-01-012020-03-310001403528oak:ClassAUnitsMember2020-01-012020-03-310001403528us-gaap:PerformanceSharesMember2020-01-012020-03-310001403528oak:OcghUnitsMemberus-gaap:PerformanceSharesMember2020-01-012020-03-310001403528oak:OcghUnitsMember2020-03-310001403528oak:OcghUnitsMember2019-03-310001403528us-gaap:PerformanceSharesMember2019-01-012019-03-310001403528us-gaap:PerformanceSharesMember2020-01-012020-03-310001403528oak:OcghUnitsMembersrt:MinimumMemberus-gaap:PerformanceSharesMember2020-01-012020-03-310001403528srt:MaximumMemberoak:OcghUnitsMemberus-gaap:PerformanceSharesMember2020-01-012020-03-310001403528oak:LongTermIncentivePlanAwardMemberoak:ShareBasedPaymentArrangementEmployeesAndDirectorsMemberoak:LongTermIncentivePlanMember2020-01-012020-03-310001403528oak:LongTermIncentivePlanAwardMemberoak:ShareBasedPaymentArrangementEmployeesAndDirectorsMemberoak:LongTermIncentivePlanMember2020-03-310001403528oak:TwoThousandElevenPlanMember2020-03-310001403528oak:EquityValueUnitsMemberoak:TwoThousandElevenPlanMember2020-01-012020-03-3100014035282019-09-302019-09-300001403528us-gaap:UsTreasuryUstInterestRateMember2019-09-302019-09-300001403528oak:OcghUnitsMember2020-03-310001403528srt:MaximumMemberoak:OcghUnitsMember2020-01-012020-03-310001403528srt:MinimumMemberoak:OcghUnitsMember2020-01-012020-03-310001403528oak:OcghUnitsMember2020-01-012020-03-310001403528us-gaap:UsTreasuryUstInterestRateMember2020-01-012020-03-310001403528oak:ConvertedClassAUnitsAndPhantomUnitsMember2020-03-310001403528oak:Messrs.HowardMarksBruceKarshJayWintrobJohnFrankSheldonStoneRichardMassonAndLarryKeeleMembersrt:ScenarioForecastMemberoak:OcghUnitsMember2022-01-012022-12-310001403528oak:Messrs.HowardMarksBruceKarshJayWintrobJohnFrankSheldonStoneRichardMassonAndLarryKeeleMembersrt:ScenarioForecastMemberoak:OcghUnitsMember2023-01-012025-12-310001403528oak:Messrs.HowardMarksBruceKarshJayWintrobJohnFrankSheldonStoneRichardMassonAndLarryKeeleMembersrt:ScenarioForecastMemberoak:OcghUnitsMember2026-01-012026-12-310001403528srt:ScenarioForecastMemberoak:CurrentEmployeesNotSeparatelyNamedMemberoak:OcghUnitsMember2022-01-012022-12-310001403528srt:ScenarioForecastMemberoak:CurrentEmployeesNotSeparatelyNamedMemberoak:OcghUnitsMember2023-01-012028-12-310001403528srt:ScenarioForecastMemberoak:CurrentEmployeesNotSeparatelyNamedMemberoak:OcghUnitsMember2029-01-012029-12-310001403528srt:ScenarioForecastMemberoak:OcghUnitsMember2022-01-012022-12-310001403528srt:ScenarioForecastMemberoak:OcghUnitsMember2023-01-012023-12-310001403528srt:ScenarioForecastMemberoak:OcghUnitsMember2024-01-012024-12-310001403528srt:ScenarioForecastMemberoak:OcghUnitsMember2025-01-012025-12-310001403528oak:OcghUnitsMember2017-01-012017-12-310001403528oak:OcghUnitsMember2018-03-012018-03-310001403528oak:OcghUnitsMember2019-01-012019-12-310001403528us-gaap:CommonClassAMember2020-01-012020-03-31oak:company0001403528oak:OcghUnitsMember2016-01-012018-09-300001403528oak:OcghUnitsMember2018-10-012019-09-300001403528us-gaap:CommonClassAMember2019-12-310001403528oak:OcghUnitsMember2019-12-310001403528us-gaap:CommonClassAMember2020-03-310001403528oak:ConvertedOCGHUnitsMember2019-09-302019-09-300001403528srt:ScenarioForecastMemberoak:ConvertedOCGHUnitsMember2021-12-310001403528srt:ScenarioForecastMemberoak:ConvertedOCGHUnitsMember2020-12-310001403528oak:EquityValueUnitsMember2017-04-262017-04-260001403528oak:EquityValueUnitsMember2020-03-310001403528us-gaap:PerformanceSharesMember2020-03-310001403528oak:EquityValueUnitsMember2019-01-012019-09-300001403528oak:HighstarCapitalMember2014-08-310001403528oak:HighstarCapitalMember2014-08-012014-08-310001403528oak:HighstarCapitalMember2018-05-310001403528oak:HighstarCapitalMember2018-05-012018-05-310001403528oak:HighstarCapitalMember2020-03-310001403528oak:HighstarCapitalMember2019-03-310001403528oak:HighstarCapitalMember2019-01-012019-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMembersrt:AffiliatedEntityMember2020-01-012020-03-310001403528srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMembersrt:AffiliatedEntityMember2019-01-012019-03-310001403528srt:AffiliatedEntityMember2019-10-010001403528srt:AffiliatedEntityMember2019-10-012019-10-010001403528srt:AffiliatedEntityMember2020-01-012020-03-310001403528srt:AffiliatedEntityMember2019-01-012019-03-31oak:segment0001403528srt:ScenarioForecastMemberus-gaap:PreferredClassAMemberus-gaap:SubsequentEventMember2020-06-152020-06-150001403528srt:ScenarioForecastMemberus-gaap:SubsequentEventMemberus-gaap:PreferredClassBMember2020-06-152020-06-150001403528oak:PrivatePlacementNotesMemberus-gaap:SubsequentEventMember2020-05-012020-05-010001403528oak:PrivatePlacementNotesMemberus-gaap:SubsequentEventMember2020-05-01

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

Delaware						26-0174894
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
6.625% Series A preferred units			OAK-PA			New York Stock Exchange
6.550% Series B preferred units			OAK-PB			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  ☒

									Page
PART I – FINANCIAL INFORMATION
Item 1.			Financial Statements (Unaudited)			1
			Condensed Consolidated Statements of Financial Condition as of March 31, 2020 and December 31, 2019			1
			Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019			2
			Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2020 and 2019			3
			Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019			4
			Condensed Consolidated Statements of Changes in Unitholders’ Capital for the Three Months Ended March 31, 2020 and 2019			6
			Notes to Condensed Consolidated Financial Statements			7
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			58
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			78
Item 4.			Controls and Procedures			80
PART II – OTHER INFORMATION
Item 1.			Legal Proceedings			81
Item 1A.			Risk Factors			81
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			83
Item 3.			Defaults Upon Senior Securities			83
Item 4.			Mine Safety Disclosures			83
Item 5.			Other Information			83
Item 6.			Exhibits			84
Signature

Oaktree Capital Group, LLC

			As of
			March 31, 2020						December 31, 2019
Assets
Cash and cash-equivalents			$	236,865					$	323,550
U.S. Treasury and other securities			8,611						9,232
Corporate investments (includes $29,736 and $34,934 measured at fair value as of March 31, 2020 and December 31, 2019, respectively)			633,852						709,137
Due from affiliates			49,083						164,189
Deferred tax assets			1,996						3,096
Right-of-use assets			37,105						39,702
Other assets			38,263						41,198
Assets of consolidated funds:
Cash and cash-equivalents			646,570						518,243
Investments, at fair value			6,754,146						7,358,409
Dividends and interest receivable			26,957						25,058
Due from brokers			8,221						—
Receivable for securities sold			138,966						58,622
Derivative assets, at fair value			8,618						6,890
Other assets, net			23,708						7,436
Total assets			$	8,612,961					$	9,264,762
Liabilities and Unitholders’ Capital
Liabilities:
Accrued compensation expense			$	79,331					$	130,818
Accounts payable, accrued expenses and other liabilities			13,285						11,316
Due to affiliates			62,032						87,063
Debt obligations (Note 10)			—						—
Operating lease liabilities			42,864						45,793
Liabilities of consolidated funds:
Accounts payable, accrued expenses and other liabilities			92,263						89,937
Payables for securities purchased			369,162						367,983
Derivative liabilities, at fair value			27,475						2,551
Distributions payable			355						34,434
Borrowings under credit facilities			262,022						158,477
Debt obligations of CLOs			5,230,605						5,767,999
Total liabilities			6,179,394						6,696,371
Commitments and contingencies (Note 17)
Non-controlling redeemable interests in consolidated funds			1,023,496						866,222
Unitholders’ capital:
Series A preferred units, 7,200,000 units issued and outstanding as of March 31, 2020 and December 31, 2019			173,669						173,669
Series B preferred units, 9,400,000 units issued and outstanding as of March 31, 2020 and December 31, 2019			226,915						226,915
Class A units, no par value, unlimited units authorized, 98,677,040 and 97,967,255 units issued and outstanding as of March 31, 2020 and December 31, 2019, respectively			—						—
Class B units, no par value, unlimited units authorized, 61,106,900 and 61,793,286 units issued and outstanding as of March 31, 2020 and December 31, 2019, respectively			—						—
Paid-in capital			777,157						750,299
Retained earnings (accumulated deficit)			(137,859)						51,534
Accumulated other comprehensive loss			(8,534)						(3,501)
Unitholders’ capital attributable to Oaktree Capital Group, LLC			1,031,348						1,198,916
Non-controlling interests in consolidated subsidiaries			378,723						503,253
Total unitholders’ capital			1,410,071						1,702,169
Total liabilities and unitholders’ capital			$	8,612,961					$	9,264,762

			Three months ended March 31,
			2020						2019
Revenues:
Management fees			$	41,524					$	169,934
Incentive income			2,395						96,481
Total revenues			43,919						266,415
Expenses:
Compensation and benefits			(32,459)						(114,523)
Equity-based compensation			(5,365)						(14,329)
Incentive income compensation			(426)						(52,300)
Total compensation and benefits expense			(38,250)						(181,152)
General and administrative			(6,506)						(47,603)
Depreciation and amortization			(452)						(6,564)
Consolidated fund expenses			(13,881)						(2,155)
Total expenses			(59,089)						(237,474)
Other income (loss):
Interest expense			(44,612)						(45,765)
Interest and dividend income			93,799						92,252
Net realized loss on consolidated funds’ investments			(39,247)						(5,819)
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments			(326,067)						57,117
Investment income (loss)			(109,673)						62,150
Other income, net			52						22
Total other income (loss)			(425,748)						159,957
Income (loss) before income taxes			(440,918)						188,898
Income taxes			(1,798)						(4,498)
Net income (loss)			(442,716)						184,400
Less:
Net (income) loss attributable to non-controlling interests in consolidated funds			176,100						(64,202)
Net (income) loss attributable to non-controlling interests in consolidated subsidiaries			105,717						(66,115)
Net income (loss) attributable to Oaktree Capital Group, LLC			(160,899)						54,083
Net income attributable to preferred unitholders			(6,829)						(6,829)
Net income (loss) attributable to Oaktree Capital Group, LLC Class A unitholders			$	(167,728)					$	47,254
Distributions declared per Class A unit			$	0.22					$	0.75
Net income (loss) per Class A unit (basic and diluted):
Net income (loss) per Class A unit			$	(1.71)					$	0.66
Weighted average number of Class A units outstanding			98,014						71,632

			Three months ended March 31,
			2020						2019
Net income (loss)			$	(442,716)					$	184,400
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments			(8,149)						3,708
Other comprehensive income (loss), net of tax			(8,149)						3,708
Total comprehensive income (loss)			(450,865)						188,108
Less:
Comprehensive (income) loss attributable to non-controlling interests in consolidated funds			176,100						(64,202)
Comprehensive (income) loss attributable to non-controlling interests in consolidated subsidiaries			108,833						(68,112)
Comprehensive income (loss) attributable to OCG			(165,932)						55,794
Comprehensive income attributable to preferred unitholders			(6,829)						(6,829)
Comprehensive income (loss) attributable to OCG Class A unitholders			$	(172,761)					$	48,965

			Three months ended March 31,
			2020						2019
Cash flows from operating activities:
Net income (loss)			$	(442,716)					$	184,400
Adjustments to reconcile net income to net cash used in operating activities:
Investment (income) loss			109,673						(62,150)
Depreciation and amortization			452						6,564
Equity-based compensation			5,365						14,329
Net realized and unrealized (gain) loss from consolidated funds’ investments			365,314						(51,298)
Amortization (accretion) of original issue and market discount of consolidated funds’ investments, net			(7,828)						(1,841)
Income distributions from corporate investments in funds and companies			2,401						45,392
Other non-cash items			46						1,420
Cash flows due to changes in operating assets and liabilities:
Decrease in deferred tax assets			1,100						—
(Increase) decrease in other assets			4,231						(1,453)
Decrease in net due from affiliates			95,323						82,452
Decrease in accrued compensation expense			(51,773)						(192,471)
Increase (decrease) in accounts payable, accrued expenses and other liabilities			(1,286)						24,218
Cash flows due to changes in operating assets and liabilities of consolidated funds:
(Increase) decrease in dividends and interest receivable			1,014						(2,060)
(Increase) decrease in due from brokers			(8,221)						10,736
Increase in receivables for securities sold			(77,436)						(22,573)
(Increase) decrease in other assets			(4,619)						266
Increase (decrease) in accounts payable, accrued expenses and other liabilities			(25,195)						3,979
Increase in payables for securities purchased			5,017						51,123
Purchases of securities			(1,353,014)						(694,115)
Proceeds from maturities and sales of securities			981,572						546,571
Net cash used in operating activities			(400,580)						(56,511)
Cash flows from investing activities:
Purchases of U.S. Treasury and other securities			(7,221)						(342,672)
Proceeds from maturities and sales of U.S. Treasury and other securities			7,141						431,573
Corporate investments in funds and companies			(37,919)						(8,593)
Distributions and proceeds from corporate investments in funds and companies			6,237						74,540
Purchases of fixed assets			(84)						(3,094)
Net cash (used in) provided by investing activities			(31,846)						151,754

			Three months ended March 31,
			2020						2019
Cash flows from financing activities:
Capital contributions			$	19,817					$	—
Repurchase and cancellation of units			—						(9,925)
Distributions to Class A unitholders			(21,445)						(53,738)
Distributions to preferred unitholders			(6,829)						(6,829)
Distributions to OCGH unitholders			(13,599)						(68,366)
Distributions to non-controlling interests			—						(1,189)
Cash flows from financing activities of consolidated funds:
Contributions from non-controlling interests			463,547						80,653
Distributions to non-controlling interests			(127,267)						(62,641)
Proceeds from debt obligations issued by CLOs			186,085						75,947
Payment of debt issuance costs			(1,168)						(768)
Repayment on debt obligations issued by CLOs			(42,263)						(65,198)
Borrowings on credit facilities			75,380						372,000
Repayments on credit facilities			(48,490)						(372,000)
Net cash provided by (used in) financing activities			483,768						(112,054)
Effect of exchange rate changes on cash			(9,936)						(1,384)
Net increase (decrease) in cash and cash-equivalents			41,406						(18,195)
Initial consolidation of funds			236						—
Cash and cash-equivalents, beginning balance			841,793						831,727
Cash and cash-equivalents, ending balance			$	883,435					$	813,532
Reconciliation of cash and cash-equivalents
Cash and cash-equivalents – Oaktree			$	236,865					$	500,208
Cash and cash-equivalents – Consolidated Funds			646,570						313,324
Total cash and cash-equivalents			$	883,435					$	813,532

			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 Deficit)						Accumulated Other Comprehensive Income (Loss)
Unitholders’ capital as of December 31, 2019			97,967						61,793						$	173,669					$	226,915					$	750,299					$	51,534					$	(3,501)					$	503,253					$	1,702,169
Activity for the three months ended:
Adoption of new accounting guidance (ASU 2016-13)			—						—						—						—						—						(220)						—						(136)						(356)
Net issuance of units			—						24						—						—						—						—						—						—						—
Unit exchange			710						(710)						—						—						—						—						—						—						—
Capital contributions			—						—						—						—						19,817						—						—						—						19,817
Equity reallocation between controlling and non-controlling interests			—						—						—						—						3,925						—						—						(3,925)						—
Capital increase related to equity-based compensation			—						—						—						—						3,116						—						—						1,963						5,079
Distributions declared			—						—						(2,981)						(3,848)						—						(21,445)						—						(13,599)						(41,873)
Net income (loss)			—						—						2,981						3,848						—						(167,728)												(105,717)						(266,616)
Foreign currency translation adjustment, net of tax			—						—						—						—						—												(5,033)						(3,116)						(8,149)
Unitholders’ capital as of March 31, 2020			98,677						61,107						$	173,669					$	226,915					$	777,157					$	(137,859)					$	(8,534)					$	378,723					$	1,410,071

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 three months ended:
Issuance of units			1,455						1,020						—						—						—						—						—						—									—
Cancellation of units associated with forfeitures			(20)						—						—						—						—						—						—						—									—
Repurchase and cancellation of units			(169)						(73)						—						—						(7,410)						—						—						(2,515)									(9,925)
Equity reallocation between controlling and non-controlling interests			—						—						—						—						6,125						—						—						(6,125)									—
Capital increase related to equity-based compensation			—						—						—						—						6,024						—						—						7,188									13,212
Distributions declared			—						—						(2,981)						(3,848)						—						(53,738)						—						(69,555)									(130,122)
Net income			—						—						2,981						3,848						—						47,254						—						66,115									120,198
Foreign currency translation adjustment, net of tax			—						—						—						—						—						—						1,711						1,997									3,708
Unitholders’ capital as of March 31, 2019			72,928						86,419						$	173,669					$	226,915					$	897,782					$	94,199					$	2,764					$	1,089,459								$	2,484,788

•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.

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. For the three months ended March 31, 2020 and 2019, the Company recognized incentive income of $2.4 million and $96.5 million, respectively, substantially all of which related to closed-end funds. Management fees separated by fund structure and sub-advisory fees are set forth below.

			Three months ended March 31,
			2020						2019
Management Fees
Closed-end			$	316					$	109,375
Open-end			1,820						31,541
Evergreen			—						29,018
Sub-advisory fees			39,388						—
Total			$	41,524					$	169,934

			As of
			March 31, 2020						December 31, 2019
Receivables			$	28,107					$	65,346
Contract assets (1)			11,297						73,907

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.

The carrying value of the Company’s investments in VIEs that were not consolidated are shown below.

			Carrying Value as of
			March 31, 2020						December 31, 2019
Corporate investments			$	611,210					$	693,090
Due from affiliates			4,840						87,524
Maximum exposure to loss			$	616,050					$	780,614

Corporate investments consisted of the following:

			As of
Corporate Investments			March 31, 2020						December 31, 2019
Equity-method investments:
Funds			$	600,133					$	670,348
Companies			3,983						3,855
Other investments, at fair value			29,736						34,934
Total corporate investments			$	633,852					$	709,137

The components of investment (loss) income are set forth below:

			Three months ended March 31,
Investment (Loss) Income			2020						2019
Equity-method investments:
Funds			$	(105,634)					$	39,320
Companies			128						17,111
Other investments, at fair value			(4,167)						5,719
Total investment (loss) income			$	(109,673)					$	62,150

Summarized financial information of the Company’s equity-method investments is set forth below.

			Three months ended March 31,
Statements of Operations			2020						2019
Revenues / investment income			$	197,281					$	891,961
Interest expense			(16,170)						(70,857)
Other expenses			(120,974)						(361,900)
Net realized and unrealized gain (loss) on investments			(3,633,708)						1,005,147
Net income (loss)			$	(3,573,571)					$	1,464,351

The following table summarizes net gains (losses) attributable to the Company’s other investments:

			Three months ended March 31,
			2020						2019
Realized gain			$	87					$	—
Net change in unrealized gain (loss)			(4,254)						5,719
Total gain (loss)			$	(4,167)					$	5,719

Investments held and securities sold short by the consolidated funds are summarized below:

			Fair Value as of																		Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments			March 31, 2020						December 31, 2019						March 31, 2020						December 31, 2019
United States:
Debt securities:
Communication services			$	414,411					$	464,356					6.1		%				6.4		%
Consumer discretionary			395,933						508,701						5.9						6.9
Consumer staples			83,805						92,102						1.2						1.3
Energy			139,358						223,671						2.1						3.0
Financials			322,200						355,113						4.8						4.8
Health care			408,204						512,864						6.0						7.0
Industrials			515,056						563,920						7.6						7.7
Information technology			435,559						524,390						6.4						7.1
Materials			245,224						294,300						3.6						4.0
Real estate			188,440						204,933						2.8						2.8
Utilities			195,365						216,053						2.9						2.9
Total debt securities (cost: $3,898,370 and $3,981,956 as of March 31, 2020 and December 31, 2019, respectively)			3,343,555						3,960,403						49.4						53.9
Equity securities:
Communication services			96						312						0.0						0.0
Consumer discretionary			399						658						0.0						0.0
Energy			164						256						0.0						0.0
Financials			9						—						0.0						0.0
Utilities			99,856						130,671						1.5						1.8
Total equity securities (cost: $138,387 and $137,149 as of March 31, 2020 and December 31, 2019, respectively)			100,524						131,897						1.5						1.8
Real estate:
Real estate			269,404						230,741						4.0						3.1
Financials			3,048						—						0.0						0.0
Total real estate securities (cost: $272,433 and $230,741 as of March 31, 2020 and December 31, 2019, respectively)			272,452						230,741						4.0						3.1

			Fair Value as of																		Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments			March 31, 2020						December 31, 2019						March 31, 2020						December 31, 2019
Europe:
Debt securities:
Communication services			$	438,481					$	469,822					6.5		%				6.4		%
Consumer discretionary			541,908						659,001						8.0						9.0
Consumer staples			175,128						178,609						2.6						2.4
Energy			5,764						11,316						0.1						0.2
Financials			95,392						101,933						1.4						1.4
Health care			522,664						579,765						7.7						7.9
Industrials			313,784						362,120						4.6						4.9
Information technology			212,444						177,152						3.1						2.4
Materials			210,159						230,289						3.1						3.1
Real estate			97,655						96,315						1.4						1.3
Utilities			4,545						3,852						0.1						0.1
Total debt securities (cost: $3,051,994 and $2,876,531 as of March 31, 2020 and December 31, 2019, respectively)			2,617,924						2,870,174						38.6						39.0
Equity securities:
Consumer discretionary			46,181