FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities by Fair-Value Hierarchy Level

The Company’s other financial assets and financial liabilities by fair-value hierarchy level are set forth below. Please see notes 9 and 15 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively. Following the 2024 Restructuring, with the deconsolidation of Oaktree Capital I, the Company no longer holds any debt obligations.

	As of December 31, 2024								As of December 31, 2023
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
Corporate investments	$	—	$	307,825	$	—	$	307,825	$	72,085	$	317,551	$	20,994	$	410,630
SPAC common stock and earn-out shares included in other assets	—		—		—		—		25,360		—		1,797		27,157
Foreign-currency forward contracts included in other assets	—		—		—		—		—		8,098		—		8,098
Total assets	$	—	$	307,825	$	—	$	307,825	$	97,445	$	325,649	$	22,791	$	445,885
Liabilities
Foreign-currency forward contracts - included in corporate investments	$	—	$	—	$	—	$	—	$	—	$	(8,010)	$	—	$	(8,010)
Total liabilities	$	—	$	—	$	—	$	—	$	—	$	(8,010)	$	—	$	(8,010)

Schedule of Investments and Other Financial Instruments of Consolidated Funds by Fair-Value Hierarchy Level

The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level:

	As of December 31, 2024								As of December 31, 2023
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
Investments:
Corporate debt – bank debt	$	—	$	281,918	$	1,936,315	$	2,218,233	$	—	$	641,615	$	1,721,888	$	2,363,503
Corporate debt – all other	—		353,922		111,552		465,474		—		698,763		260,292		959,055
Equities – common stock	222,670		39,290		1,187,023		1,448,983		165,649		31,779		846,773		1,044,201
Equities – preferred stock	1,850		—		606,141		607,991		1,929		—		599,636		601,565
Real estate	—		—		206,181		206,181		—		—		175,353		175,353
Total investments	224,520		675,130		4,047,212		4,946,862		167,578		1,372,157		3,603,942		5,143,677
Derivatives:
Foreign-currency forward contracts	—		17,578		—		17,578		—		475		—		475
Swaps	—		—		15,771		15,771		8,658		—		—		8,658
Total derivatives (1)	—		17,578		15,771		33,349		8,658		475		—		9,133
Total assets	$	224,520	$	692,708	$	4,062,983	$	4,980,211	$	176,236	$	1,372,632	$	3,603,942	$	5,152,810
Liabilities
Derivatives:
Foreign-currency forward contracts	—		(8,513)		—		(8,513)		—		(21,659)		—		(21,659)
Swaps	—		(19)		—		(19)		—		—		—		—
Options and futures	—		(4,853)		—		(4,853)		(571)		—		—		(571)
Total derivatives (2)	—		(13,385)		—		(13,385)		(571)		(21,659)		—		(22,230)
Total liabilities	$	—	$	(13,385)	$	—	$	(13,385)	$	(571)	$	(21,659)	$	—	$	(22,230)

(1)    Amounts are included in derivative assets under “assets of consolidated funds” in the consolidated statements of financial condition.

(2)    Amounts are included in derivative liabilities under “liabilities of consolidated funds” in the consolidated statements of financial condition.

Schedule of Changes in Fair Value of Level III Investments

The following tables set forth a summary of changes in the fair value of Level III investments:  

	Corporate Debt – Bank Debt		Corporate Debt – All Other		Equities – Common Stock		Equities – Preferred Stock		Real Estate		Swaps		Total
2024
Beginning balance	$	1,721,888	$	260,292	$	846,773	$	599,636	$	175,353	$	—	$	3,603,942
Deconsolidation of funds	(67,293)		(10)		(575)		(2,356)		—		—		$	(70,234)
Transfers into Level III	560,765		41,610		138,379		153		23,738		—		$	764,645
Transfers out of Level III	(337,454)		(150,382)		(27,724)		—		(28,619)		—		$	(544,179)
Purchases	770,814		60,292		314,181		129,829		42,203		15,771		$	1,333,090
Sales	(649,253)		(79,377)		(176,382)		(154,745)		—		—		$	(1,059,757)
Realized gain (losses), net	8,926		1,482		66,323		(57,208)		—		—		$	19,523
Unrealized appreciation (depreciation), net	(72,078)		(22,355)		26,048		90,832		(6,494)		—		$	15,953
Ending balance	$	1,936,315	$	111,552	$	1,187,023	$	606,141	$	206,181	$	15,771	$	4,062,983
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(16,125)	$	(18,379)	$	5,993	$	85,880	$	(6,494)	$	—	$	50,875
2023
Beginning balance	$	702,497	$	219,503	$	777,198	$	616,604	$	74,471	$	—	$	2,390,273
Transfers into Level III	192,202		13,236		52,730		—		67,726		—		325,894
Transfers out of Level III	(184,854)		(15,170)		(50,853)		—		—		—		(250,877)
Purchases	1,234,175		103,654		101,028		125,684		34,615		—		1,599,156
Sales	(262,336)		(76,295)		(55,069)		(85,171)		—		—		(478,871)
Realized gain (losses), net	(22)		(639)		22,040		6,475		(13)		—		27,841
Unrealized appreciation (depreciation), net	40,226		16,003		(301)		(63,956)		(1,446)		—		(9,474)
Ending balance	$	1,721,888	$	260,292	$	846,773	$	599,636	$	175,353	$	—	$	3,603,942
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	28,278	$	14,951	$	(342)	$	(63,956)	$	(1,444)	$	—	$	(22,513)

Schedule of Valuation Techniques and Quantitative Information

The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2024:

Investment Type	Fair Value	Valuation Technique	Significant Unobservable Inputs (1)(2)	Range	Weighted Average (3)
Credit-oriented investments:
Communication services:	$4,688	Discounted cash flow (6)	Discount rate	17% – 17%	17%
	17,474	Recent market information (5)	Quoted prices	Not applicable	Not applicable
	(67)	Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
Energy:	96,532	Discounted cash flow (6)	Discount rate	14% – 16%	15%
	450	Recent market information (5)	Quoted prices	Not applicable	Not applicable
	1,250	Market approach (comparable companies) (7)	Revenue multiple (8)	2.1x – 2.1x	2.1x

Financials:	94,375		Discounted cash flow (6)	Discount rate	5% – 14%	12%
	16,933		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	32,112		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	11		Expected Recovery (11)	Quoted prices	Not applicable	Not applicable
	21,620		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	0.5x – 1.0x	0.9x
	1,938		Market approach (comparable companies) (7)	Earnings multiple (10)	6.5x –6.5x	6.5x
Industrials:	75,017		Discounted cash flow (6)	Discount rate	0% – 20%	15%
	532		Market approach (comparable companies) (7)	Earnings multiple (10)	7.0x –7.0x	7.0x
	79,595		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	10,771		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Materials:	161,879		Discounted cash flow (6)	Discount rate	13% – 14%	13%
	22,744		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	228,948		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Real estate:	39,981		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	198,904		Discounted cash flow (6)	Discount rate	12% – 19%	15%
	26,839		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	144,469		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	1.0x – 1.0x	1.0x
Other:	62,281		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	19,529		Market approach (comparable companies) (7)	Earnings multiple (10)	6.5x – 7.0x	7.0x
	9,604		Market approach (comparable companies) (7)	Revenue multiple (8)	2.1x – 2.1x	2.1x
	46,921		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	585,355		Discounted cash flow (6)	Discount rate	0% – 27%	15%
	62,953		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	1.0x - 1.0x	1.0x
Equity investments:
	202,057		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	850,420		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	1.0x – 1.0x	1.0x
	458,953		Market approach (comparable companies) (7)	Earnings multiple (10)	5.0x – 14.0x	9.6x
	213,813		Discounted cash flow (6)	Discount rate	4% – 18%	14%
	26,445		Market approach (comparable companies) (7)	Revenue multiple (8)	1.0x – 2.1x	1.2x
	25,295		Discounted cash flow (6) / market approach (comparable companies) (7)	Discount rate	11% – 11%	11%
				Earnings multiple (10)	10.0x – 12.0x	11.0x
	5,979		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	8,903		Expected Recovery (11)	Quoted prices	Not applicable	Not applicable
	1,299		Black Scholes (12)	Quoted prices	Not applicable	Not applicable
Real estate-oriented:
Consumer discretionary:	60,960		Discounted cash flow (6)	Discount rate	20% – 20%	20%
Real estate:	145,221		Discounted cash flow (6)	Discount rate	4% – 26%	15%
Total Level III    investments	$	4,062,983

    The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2023:

Investment Type	Fair Value		Valuation Technique	Significant Unobservable Inputs (1)(2)	Range	Weighted Average (3)
Credit-oriented investments:
Consumer Discretionary:	$	11,311	Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	351		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	55,326		Discounted cash flow (6)	Discount rate	13% – 17%	16%
Energy:	15,873		Discounted cash flow (6)	Discount rate	14% – 14%	14%
	69,871		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	2,325		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Financials:	26,689		Discounted cash flow (6)	Discount rate	12% – 15%	15%
	3,646		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	26,102		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	20,520		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	0.5x – 1.0x	0.7x
Industrials	79,824		Discounted cash flow (6)	Discount rate	11% – 15%	13%
	62,544		Market approach (comparable companies) (7)	Earnings multiple (10)	9.8x – 9.8x	9.8x
	51,788		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	452		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Materials:	306,319		Discounted cash flow (6)	Discount rate	10% – 15%	12%
	193,614		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
Real estate:	35,084		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	211,211		Discounted cash flow (6)	Discount rate	13% – 15%	15%
	37,419		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	193,771		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	1.0x – 1.0x	1.0x
Other:	4,316		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	19,820		Market approach (comparable companies) (7)	Earnings multiple (10)	6.0x – 6.0x	6.0x
	1,345		Market approach (comparable companies) (7)	Revenue multiple (8)	0.3x – 0.3x	0.3x
	1,612		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	551,047		Discounted cash flow (6)	Discount rate	9% – 19%	18%
Equity investments:
	179,009		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	670,215		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	0.9x – 1.0x	1.0x
	396,688		Market approach (comparable companies) (7)	Earnings multiple (10)	2.0x – 11.0x	8.5x
	102,981		Discounted cash flow (6)	Discount rate	12% – 20%	15%
	22,573		Discounted cash flow (6) / market approach (comparable companies) (7)	Discount rate	12% – 12%	12%
				Earnings multiple (10)	9.0x – 11.0x	10.0x
	60,841		Market approach (comparable companies) (7)	Revenue multiple (8)	1.0x – 2.0x	1.5x
	14,102		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Real estate-oriented:
Consumer discretionary:	61,357		Discounted cash flow (6)	Discount rate	20% – 20%	20%
Real estate:	113,996		Discounted cash flow (6)	Discount rate	4% – 27%	14%
Total Level III    investments	$	3,603,942

(1)     The discount rate is the significant unobservable input used in the fair-value measurement of performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments and real estate loan portfolios. An increase (decrease) in the discount rate would result in a lower (higher) fair-value measurement.

(2)    Multiple of either earnings or underlying assets is the significant unobservable input used in the market approach for the fair-value measurement of distressed credit-oriented investments, credit-oriented investments in which the consolidated funds have a controlling interest in the underlying issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement.

(3)    The weighted average is based on the fair value of the investments included in the range.

(4)    Certain investments are valued based on recent transactions, generally defined as investments purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date.

(5)    Certain investments are valued using vendor prices or broker quotes for the subject or similar securities.  Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions.

(6)    A discounted cash-flow method is generally used to value performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments, real estate-oriented investments and real estate loan portfolios.

(7)    A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying.

(8)    Revenue multiples are based on comparable public companies and transactions with comparable companies. The Company typically applies the multiple to trailing twelve-months’ revenue. However, in certain cases other revenue measures, such as pro forma revenue, may be utilized if deemed to be more relevant.

(9)    A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets.

(10)    Earnings multiples are based on comparable public companies and transactions with comparable companies. The Company typically utilizes multiples of EBITDA; however, in certain cases the Company may use other earnings multiples believed to be most relevant to the investment. The Company typically applies the multiple to trailing twelve-months’ EBITDA. However, in certain cases other earnings measures, such as pro forma EBITDA, may be utilized if deemed to be more relevant.