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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 March 31, 2020
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 classTrading 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 unitsOAK-PBNew 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 filerxAccelerated filer
 Non-accelerated fileroSmaller 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 May 7, 2020, there were 98,677,040 Class A units and 61,394,265 Class B units of the registrant outstanding.



TABLE OF CONTENTS
 
Page
PART I – FINANCIAL INFORMATION




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, 2019 (our “annual report”) and in this quarterly report, 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” refers to (i) Oaktree Capital Group, LLC and, where applicable, its subsidiaries and affiliates prior to October 1, 2019 and (ii) the Oaktree Operating Group and, where applicable, their respective subsidiaries and affiliates after September 30, 2019.
“OCG,” “Company,” “we,” “us,” “our” or “our company” refers to Oaktree Capital Group, LLC and, where applicable, its subsidiaries and affiliates, including, as the context requires, affiliated Oaktree Operating Group members after September 30, 2019.
“OCM” refers to Oaktree Capital Management, L.P. and, where applicable, its subsidiaries and affiliates. OCM is one of the Oaktree Operating Group entities and acts as the U.S. registered investment adviser to most of the Oaktree funds. Subsequent to September 30, 2019, OCM is no longer our indirect subsidiary.



“Oaktree Operating Group,” or “Operating Group,” refers collectively to the entities that either (i) act as or control the general partners and investment advisers of the Oaktree funds or (ii) hold interests in other entities or investments generating income for Oaktree.
“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 Oaktree senior executives, current and former employees and their respective transferees who hold interests in the Oaktree Operating Group through OCGH.
“assets under management,” or “AUM,” generally refers to the assets Oaktree manages and equals the NAV (as defined below) of the assets Oaktree manages, the leverage on which management fees are charged, the undrawn capital that Oaktree is entitled to call from investors in the funds pursuant to their capital commitments, investment proceeds held in trust for use in investment activities and Oaktree’s pro rata portion of AUM managed by DoubleLine Capital LP and it’s affiliates (“DoubleLine”), in which Oaktree holds a minority ownership interest. For Oaktree’s collateralized loan obligation vehicles (“CLOs”), AUM represents the aggregate par value of collateral assets and principal cash, and for Oaktree’s BDCs, gross assets (including assets acquired with leverage), net of cash, for Oaktree’s 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. Oaktree’s AUM amounts include AUM for which Oaktree charges no management fees. Oaktree’s definition of AUM is not based on any definition contained in our operating agreement or the agreements governing the funds that Oaktree manages. Oaktree’s calculation of AUM and the AUM-related metric described below may not be directly comparable to the AUM metrics of other investment managers.
“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—Operating Metrics”.
“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 we are required to consolidate as of the applicable reporting date.
“funds” refers to investment funds and, where applicable, CLOs and separate accounts that are managed by Oaktree or its subsidiaries.
“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.
“senior executives” refers collectively to Howard S. Marks, Bruce A. Karsh, Jay S. Wintrob, John B. Frank and Sheldon M. Stone.



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
1


Oaktree Capital Group, LLC
Condensed Consolidated Statements of Financial Condition (Unaudited)
($ in thousands)
As of
March 31, 2020December 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 assets1,996  3,096  
Right-of-use assets37,105  39,702  
Other assets 38,263  41,198  
Assets of consolidated funds:
Cash and cash-equivalents646,570  518,243  
Investments, at fair value6,754,146  7,358,409  
Dividends and interest receivable 26,957  25,058  
Due from brokers8,221    
Receivable for securities sold 138,966  58,622  
Derivative assets, at fair value8,618  6,890  
Other assets, net23,708  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 liabilities42,864  45,793  
Liabilities of consolidated funds:
Accounts payable, accrued expenses and other liabilities92,263  89,937  
Payables for securities purchased 369,162  367,983  
Derivative liabilities, at fair value27,475  2,551  
Distributions payable 355  34,434  
Borrowings under credit facilities262,022  158,477  
Debt obligations of CLOs5,230,605  5,767,999  
Total liabilities 6,179,394  6,696,371  
Commitments and contingencies (Note 17)
Non-controlling redeemable interests in consolidated funds1,023,496  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, LLC1,031,348  1,198,916  
Non-controlling interests in consolidated subsidiaries378,723  503,253  
Total unitholders’ capital1,410,071  1,702,169  
Total liabilities and unitholders’ capital$8,612,961  $9,264,762  
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 March 31,
 20202019
Revenues:   
Management fees $41,524  $169,934  
Incentive income2,395  96,481  
Total revenues43,919  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 income93,799  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, net52  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 98,01471,632





Please see accompanying notes to condensed consolidated financial statements.
2


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


Three months ended March 31,
 20202019
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  

































Please see accompanying notes to condensed consolidated financial statements.
3


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

Three months ended March 31,
 20202019
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) loss109,673  (62,150) 
Depreciation and amortization452  6,564  
Equity-based compensation5,365  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 companies2,401  45,392  
Other non-cash items46  1,420  
Cash flows due to changes in operating assets and liabilities:
Decrease in deferred tax assets1,100    
(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 receivable1,014  (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 securities981,572  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 companies6,237  74,540  
Purchases of fixed assets(84) (3,094) 
Net cash (used in) provided by investing activities(31,846) 151,754  

(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)
 

Three months ended March 31,
 20202019
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 CLOs186,085  75,947  
Payment of debt issuance costs(1,168) (768) 
Repayment on debt obligations issued by CLOs(42,263) (65,198) 
Borrowings on credit facilities75,380  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-equivalents41,406  (18,195) 
Initial consolidation of funds236    
Cash and cash-equivalents, beginning balance841,793  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 Funds646,570  313,324  
Total cash and cash-equivalents$883,435  $813,532  














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 SubsidiariesTotal Unitholders’ Capital
Class A UnitsClass B UnitsSeries A Preferred UnitsSeries B Preferred UnitsPaid-in CapitalRetained 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 exchange710  (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  $