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UNITHOLDERS' CAPITAL
 9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
UNITHOLDERS' CAPITAL UNITHOLDERS’ CAPITAL
Unitholders’ capital reflects the economic interests attributable to Class A unitholders, preferred unitholders, non-controlling interests in consolidated subsidiaries and non-controlling interests in consolidated funds. Non-controlling interests in consolidated subsidiaries represent the portion of unitholders’ capital attributable to the OCGH non-controlling interest and third parties. The OCGH non-controlling interest is determined at the Oaktree Operating Group level, after giving effect to distributions, if any, attributable to the preferred unitholders, based on the proportionate share of Oaktree Operating Group units held by the OCGH unitholders. Certain expenses, such as income taxes and related administrative expenses of Oaktree Capital Group, LLC and its Intermediate Holding Companies, are solely attributable to the Class A unitholders.
As of September 30, 2020 and December 31, 2019, OCGH units represented 61,383,742 of the total 160,060,782 Oaktree Operating Group units and 61,793,286 of the total 159,760,541 Oaktree Operating Group units, respectively. Based on total allocable capital of $1,157,510 and $1,301,066 as of September 30, 2020 and December 31, 2019, respectively, the OCGH non-controlling interest was $443,908 and $503,253. As of September 30, 2020 and December 31, 2019, there were no non-controlling interests attributable to third parties.
Preferred Unit Issuances
On May 17, 2018, the Company issued 7,200,000 of its 6.625% Series A preferred units representing limited liability company interests with a liquidation preference of $25.00 per unit. The issuance resulted in $173.7 million in net proceeds to the Company. Distributions on the Series A preferred units, when and if declared by the board of directors of Oaktree, will be paid quarterly on March 15, June 15, September 15 and December 15 of each year. The first distribution was paid on September 17, 2018. Distributions on the Series A preferred units are non-cumulative.
On August 9, 2018, the Company issued 9,400,000 of its 6.550% Series B preferred units representing limited liability company interests with a liquidation preference of $25.00 per unit. The issuance resulted in $226.9 million in net proceeds to the Company. Distributions on the Series B preferred units, when and if declared by the board of directors of Oaktree, will be paid quarterly on March 15, June 15, September 15 and December 15 of each year. The first distribution was paid on December 17, 2018. Distributions on the Series B preferred units are non-cumulative.
Unless distributions have been declared and paid or declared and set apart for payment on the preferred units for a quarterly distribution period, during the remainder of that distribution period the Company may not repurchase any common units or any other units that are junior in rank, as to the payment of distributions, to the preferred units and the Company may not declare or pay or set apart payment for distributions on any common units or junior units for the remainder of that distribution period, other than certain Permitted Distributions (as defined in the unit designation related to the applicable preferred units (each, the “Preferred Unit Designation”)).
The Company may redeem, at its option, out of funds legally available, the preferred units, in whole or in part, at any time on or after June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, at a price of $25.00 per preferred unit plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. Holders of the preferred units have no right to require the redemption of the preferred units.
If a Change of Control Event (as defined in the applicable Preferred Unit Designation) occurs prior to June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, the Company may, at its option, out of funds legally available, redeem the applicable preferred units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such Change of Control Event, at a price of $25.25 per preferred unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions.
If a Tax Redemption Event or Rating Agency Event (each, as defined in the applicable Preferred Unit Designation) occurs prior to June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, the Company may, at its option, out of funds legally available, redeem the applicable preferred units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such Tax Redemption Event or Rating Agency Event, at a price of $25.50 per preferred unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions.
The preferred units are not convertible into Class A units or any other class or series of the Company’s interests or any other security. Holders of the preferred units do not have any of the voting rights given to holders of our Class A units, except that holders of the preferred units are entitled to certain voting rights under certain conditions.
The following table sets forth a summary of net income attributable to the preferred unitholders, the OCGH non-controlling interest and the Class A common unitholders:
Three months ended September 30,Nine months ended September 30,
 2020201920202019
Weighted average Oaktree Operating Group units outstanding (in thousands):
    
OCGH non-controlling interest61,385 83,666 61,508 84,796 
Class A unitholders 98,677 75,995 98,457 74,005 
Total weighted average units outstanding160,062 159,661 159,965 158,801 
Oaktree Operating Group net income (loss):   
Net income attributable to preferred unitholders (1)
$6,829 $6,829 $20,487 $20,487 
Net income (loss) attributable to OCGH non-controlling interest
28,993 (7,389)(13,306)107,480 
Net income (loss) attributable to OCG Class A unitholders
45,902 (6,708)(19,878)91,226 
Oaktree Operating Group net income (loss) (2)
$81,724 $(7,268)$(12,697)$219,193 
Net income (loss) attributable to OCG Class A unitholders:
   
Oaktree Operating Group net income (loss) attributable to OCG Class A unitholders
$45,902 $(6,708)$(19,878)$91,226 
Non-Operating Group expense(348)(3,967)(906)(8,287)
Income tax benefit (expense) of Intermediate Holding Companies
— (5,973)— (9,889)
Net income (loss) attributable to OCG Class A unitholders
$45,554 $(16,648)$(20,784)$73,050 

(1)    Represents distributions declared, if any, on the preferred units.
(2)    Oaktree Operating Group net income does not include amounts attributable to other non-controlling interests, which amounted to $0 for the three and nine months ended September 30, 2020, and $518 and $1,779 for the three and nine months ended September 30, 2019, respectively.
The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below:
Three months ended September 30,Nine months ended September 30,
 2020201920202019
Net income (loss) attributable to OCG Class A unitholders
$45,554 $(16,648)$(20,784)$73,050 
Equity reallocation between controlling and non-controlling interests
(184)267,715 1,829 304,280 
Change from net income (loss) attributable to OCG Class A unitholders and transfers from non-controlling interests$45,370 $251,067 $(18,955)$377,330 
Please see notes 14, 15 and 16 for additional information regarding transactions that impacted unitholders’ capital.