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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues:        
Management fees $ 56,786 [1] $ 30,586 [1] $ 149,422 [1] $ 91,813 [1]
Incentive income 0 [1] 1,320 [1] 2,317 [1] 6,368 [1]
Total revenues 56,786 31,906 151,739 98,181
Expenses:        
Compensation and benefits (95,660) (83,141) (279,638) (247,907)
Equity-based compensation (7,320) (7,498) (20,877) (27,482)
Incentive income compensation (49,222) (29,546) (308,446) (118,268)
Total compensation and benefits expense (152,202) (120,185) (608,961) (393,657)
General and administrative (31,094) (25,965) (80,227) (72,394)
Depreciation and amortization (1,791) (1,901) (5,266) (5,573)
Consolidated fund expenses (29,071) (19,969) (80,749) (70,971)
Total expenses (214,158) [2] (168,020) [3] (775,203) [4] (542,595) [5]
Other income (loss):        
Interest expense (17,337) (10,789) (42,931) (33,639)
Interest and dividend income 389,078 452,473 1,375,923 1,455,964
Investment income 11,468 [1] 8,298 [1] 22,600 [1] 17,683 [1]
Other income (expense), net 148 (59) 412 8,534 [6]
Total other income 1,247,329 2,356,217 5,159,947 5,788,102
Income before income taxes 1,089,957 2,220,103 4,536,483 5,343,688
Income taxes (726) [7] (5,801) [7] (18,874) [7] (27,493) [7]
Net income 1,089,231 2,214,302 4,517,609 5,316,195
Less:        
Net income attributable to non-controlling redeemable interests in consolidated funds (916,875) (2,069,855) (3,743,327) (4,868,300)
Net income attributable to OCGH non-controlling interest in consolidated subsidiaries (129,408) [8] (119,235) [8] (617,191) [8] (379,356) [8]
Net income attributable to Oaktree Capital Group, LLC 42,948 25,212 157,091 68,539
Distributions declared per Class A unit $ 1.51 [9] $ 0.79 [9] $ 3.97 [9] $ 1.76 [9]
Net income per unit (basic and diluted):        
Net income per Class A unit $ 1.12 $ 0.84 $ 4.64 $ 2.49
Weighted average units outstanding 38,239 30,181 33,845 27,494
Consolidated funds [Member]
       
Other income (loss):        
Net realized gain on consolidated funds’ investments 766,199 1,097,305 2,796,448 2,904,964
Net change in unrealized appreciation on consolidated funds’ investments $ 97,773 $ 808,989 $ 1,007,495 $ 1,434,596
[1] The adjustment represents the elimination of amounts attributable to the consolidated funds.
[2] The expense adjustment consists of (a) equity-based compensation charges of $6,250 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $32,604 and (c) expenses incurred by the Intermediate Holding Companies of $271.
[3] The expense adjustment consists of (a) equity-based compensation charges of $7,369 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $21,452 and (c) expenses incurred by the Intermediate Holding Companies of $115.
[4] The expense adjustment consists of (a) equity-based compensation charges of $18,231 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $79,434 and (c) expenses incurred by the Intermediate Holding Companies of $947.
[5] The expense adjustment consists of (a) equity-based compensation charges of $27,353 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $69,428 and (c) expenses incurred by the Intermediate Holding Companies of $393.
[6] The other income, net adjustment represents other income or expenses of OCG or its Intermediate Holding Companies. This amount is attributable to a reduction in the amount of the deferred tax asset under the tax receivable agreement associated with the 2007 Private Offering, which reduced the tax receivable agreement liability payable to OCGH unitholders.
[7] Because adjusted net income is a pre-tax measure, this adjustment eliminates the effect of income tax expense.
[8] Because adjusted net income is calculated at the Operating Group level, this adjustment adds back the effect of items applicable to OCG, its Intermediate Holding Companies or the OCGH non-controlling interest.
[9] All references to Class A units in these financial statements give effect to the conversion of previously outstanding 13 Class C units into Class A units on a one-for-one basis in April 2012.