INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Corporate Investments and Equity-Method Investments

Corporate investments consisted of the following:


	As of December 31,
Corporate Investments	2024		2023
Equity-method investments:
Funds	$	317,256	$	1,434,988
Companies	1,203,004		11,901
Other investments, at fair value	—		85,319
Total corporate investments	$	1,520,260	$	1,532,208

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


	As of December 31,
Statements of Financial Condition	2024		2023
Assets:
Cash and cash-equivalents	$	25,489	$	2,834,702
Investments, at fair value	1,886,579		67,471,007
Other assets	55,488		2,007,260
Total assets	$	1,967,556	$	72,312,969
Liabilities and Capital:
Debt obligations	$	1,074,156	$	5,633,599
Other liabilities	102,707		3,722,872
Total liabilities	1,176,863		9,356,471
Total capital	790,693		62,956,498
Total liabilities and capital	$	1,967,556	$	72,312,969


	Year Ended December 31,
	2024		2023		2022
Statements of Operations
Revenues / investment income	$	2,362,833	$	4,506,814	$	3,460,281
Interest expense	(343,541)		(565,810)		(378,567)
Other expenses	(682,302)		(1,117,553)		(905,289)
Net realized and unrealized gain on investments	1,871,488		862,771		2,612,383
Net income	$	3,208,478	$	3,686,222	$	4,788,808

Schedule of Components of Investment Income

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)	2024		2023		2022
Equity-method investments:
Funds	$	30,956	$	58,791	$	54,345
Companies	127,413		5		(10,305)
Other investments, at fair value	11,663		13,868		7,225
Total investment income (loss)	$	170,032	$	72,664	$	51,265

Schedule of Investments, at Fair Value

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


	Year Ended December 31,
	2024		2023		2022

Realized gain (loss)	$	9,504	$	4,475	$	4,072
Net change in unrealized gain (loss)	2,159		9,393		3,153
Total gain (loss)	$	11,663	$	13,868	$	7,225

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


	Fair Value as of December 31,				Fair Value as a Percentage of Investments of Consolidated Funds as of December 31,
Investments	2024		2023		2024		2023
United States:
Debt securities:
Communication services	$	171,325	$	69,509	3.6	%	1.4	%
Consumer discretionary	134,403		202,355		2.7		3.9
Consumer staples	40,195		28,149		0.8		0.5
Energy	34,498		110,990		0.7		2.2
Financials	133,904		223,794		2.7		4.4

Health care	182,525		226,554		3.7		4.4
Industrials	180,469		379,538		3.6		7.5
Information technology	45,702		87,355		0.9		1.7
Materials	32,448		333,459		0.7		6.5
Real estate	54,475		97,621		1.1		1.9
Utilities	19,707		19,954		0.4		0.4
Other	828,223		549,164		16.7		10.6
Total debt securities (cost: $1,792,830 and $2,341,421 as of December 31, 2024 and 2023, respectively)	1,857,874		2,328,442		37.6		45.4
Equity securities:
Communication services	59,897		79,522		1.2		1.5
Consumer discretionary	37,185		68,056		0.8		1.3
Energy	503,018		427,034		10.2		8.3
Financials	347,839		171,924		7.0		3.3
Health care	57,337		32,418		1.2		0.6
Industrials	532,096		369,019		10.8		7.2
Information technology	55,413		44,350		1.1		0.9

Real Estate	10,275		—		0.2		0.0
Utilities	7,367		89,427		0.1		1.7
Total equity securities (cost: $1,362,953 and $1,095,721 as of December 31, 2024 and 2023, respectively)	1,610,427		1,281,750		32.6		24.8
Real estate:

Real estate	15,036		13,780		0.3		0.3
Total real estate securities (cost: $26,966 and $22,716 as of December 31, 2024 and 2023, respectively)	15,036		13,780		0.3		0.3


	Fair Value as of December 31,				Fair Value as a Percentage of Investments of Consolidated Funds as of December 31,
Investments	2024		2023		2024		2023
Europe:
Debt securities:
Communication services	$	7,018	$	111,898	0.1	%	2.1	%
Consumer discretionary	—		18,560		—		0.4
Consumer staples	—		3,107		—		0.1
Energy	—		1,185		—		—
Financials	—		18,381		—		0.4
Health care	76,817		12,136		1.6		0.2
Industrials	4,316		15,993		0.1		0.3
Information technology	—		5,402		0.0		0.1
Materials	4,335		13,487		0.1		0.3
Real estate	35,768		13,424		0.7		0.3
Utilities	—		5,417		0.0		0.1
Other	32,735		34,686		0.7		0.6
Total debt securities (cost: $161,153 and $231,315 as of December 31, 2024 and 2023, respectively)	160,989		253,676		3.3		4.9
Equity securities:
Communication Services	81,124		—		1.6		0.0
Consumer discretionary	48,995		52,468		1.0		1.0


Financials	58,329		49,496		1.2		1.0
Health care	—		19		—		—
Industrials	119,058		93,662		2.4		1.7
Materials	24,282		24,282		0.5		0.5
Real estate	43,698		44,637		0.9		0.9
Total equity securities (cost: $295,630 and $208,130 as of December 31, 2024 and 2023, respectively)	375,486		264,564		7.6		5.1
Real estate:
Consumer Discretionary	60,960		61,357		1.2		1.2
Real estate	130,185		100,216		2.6		1.9
Total real estate securities (cost: $191,470 and $159,423 as of December 31, 2024 and 2023, respectively)	191,145		161,573		3.8		3.1
Asia and other:
Debt securities:
Communication services	—		803		—		—
Consumer discretionary	45,686		17,195		0.9		0.3
Consumer staples	18,204		19,820		0.4		0.4
Energy	—		1,307		—		—
Financials	—		8,192		—		0.2

Health care	—		402		—		0.0
Industrials	—		4,181		—		0.1
Information technology	—		5		—		—
Materials	243,021		249,492		4.9		4.9
Real estate	357,934		435,799		7.2		8.5
Utilities	—		3,244		—		0.1

Total debt securities (cost: $680,671 and $761,394 as of December 31, 2024 and 2023, respectively)	664,845		740,440		13.4		14.5


	Fair Value as of December 31,				Fair Value as a Percentage of Investments of Consolidated Funds as of December 31,
Investments	2024		2023		2024		2023
Asia and other:
Equity securities:





Industrials	30,827		63,161		0.6		1.2


Real estate	32,916		32,916		0.7		0.6
Utilities	7,317		3,375		0.1		0.1
Total equity securities (cost: $55,638 and $90,638 as of December 31, 2024 and 2023, respectively)	71,060		99,452		1.4		1.9

Total debt securities	2,683,708		3,322,558		54.3		64.8
Total equity securities	2,056,973		1,645,766		41.5		31.8
Total real estate	206,181		175,353		4.2		3.4
Total investments, at fair value	$	4,946,862	$	5,143,677	100.0	%	100.0	%

Schedule of Net Gains (Losses) from Investment Activities

The following table summarizes net gains (losses) from investment activities:


	Year Ended December 31,
	2024				2023				2022
	Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments
Investments and other financial instruments	$	54,580	$	131,725	$	63,213	$	27,890	$	4,103	$	99,199
CLO liabilities (1)	185		1,597		—		—		(30,033)		(99,550)
Foreign-currency forward contracts (2)	337		28,193		898		(14,909)		43,145		(10,777)
Total-return and interest-rate swaps (2)	613		(19)		(235)		328		975		284
Options and futures (2)	1,440		(2,176)		4,382		(569)		13,322		(223)
Commodity swaps (2)	8,489		(8,654)		11,162		16,324		(44,626)		(3,956)

Total	$	65,644	$	150,666	$	79,420	$	29,064	$	(13,114)	$	(15,023)

(1) Represents the net change in the fair value of CLO liabilities based on the more observable fair value of CLO assets, as measured under the CLO measurement guidance. Please see note 2 for more information.

(2) Please see note 7 for additional information.