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REVENUES
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Prior to the 2024 Restructuring, the Company earned incentive income generated by the funds, for which Oaktree Capital I served as general partner. These revenues were affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the incentive income and investors’ ability to redeem. As a result of the 2024 Restructuring, incentive income is no longer recognized by the Company due to the deconsolidation of Oaktree Capital I. The Company’s proportionate share of incentive income earned by Oaktree Capital I is included as a component of investment income. The economics resulting from Oaktree Capital I’s right to earn incentive income are reflected in the Company’s results through investment income earned from its equity method investment in Oaktree Capital I.
Incentive income revenues by fund structure are set forth below.
Year Ended December 31,
202420232022
Management Fees
Closed-end$— $— $7,947 
Open-end— — 4,254 
Sub-advisory fees— — 211,940 
Total
$— $— $224,141 
Incentive Income
Closed-end$112,496 $257,296 $261,226 
Evergreen5,033 10,029 7,226 
Total
$117,529 $267,325 $268,452 
Additionally, the Company earns investment income from the investments the Company makes in its investment in Oaktree Capital I, Oaktree funds, third-party funds and other companies. Revenues by investment types are set forth below.
Year Ended December 31,
Investment Income (Loss)202420232022
Equity-method investments:
Funds
$30,956 $58,791 $54,345 
Companies
127,413 5 (10,305)
Other investments, at fair value11,663 13,868 7,225 
Total investment income (loss)$170,032 $72,664 $51,265 
Contract Balances
Prior to the 2024 Restructuring, the Company received incentive income in accordance with its contracts with customers. Incentive income is received generally after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors. Contract assets relate to the Company’s conditional right to receive payment for its performance completed under the contract. Receivables are recorded when the right to consideration becomes unconditional (i.e., only requires the passage of time). Contract liabilities (i.e., deferred revenues) relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenues when the Company provides investment management services. Subsequent to the 2024
Restructuring, the Company no longer recognizes contract assets, as it no longer earns the corresponding incentive
income due to the deconsolidation of Oaktree Capital I.
The table below sets forth contract balances for the periods indicated:
As of December 31,
20242023
Receivables$— $9,407 
Contract assets (1)
— 192,645 
(1)    The changes in the balances primarily relate to accruals, net of payments received.