This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Oaktree Capital Group, LLC Announces Second Quarter 2012 Financial Results

During the second quarter, Oaktree launched fundraising for two new closed-end funds: Oaktree Real Estate Opportunities Fund VI, L.P. (“ROF VI”) and the Oaktree Enhanced Income Fund, L.P. (“EIF”). ROF VI has a committed capital target of $1.5 billion-plus, with a first close anticipated later this year. EIF will invest in senior loan assets on a leveraged basis and has a total fund size target of about $1.5 billion, including leverage. EIF’s first close will be held this month, with its investment period expected to start next month.

As announced on July 25, 2012, Oaktree also plans to launch a new Emerging Market Opportunities investment strategy focused on distressed and dislocated corporate and sovereign debt, led by recently hired portfolio manager Julio Herrera.

The table below presents unaudited: (a) fee-related earnings, distributable earnings, adjusted net income and economic net income, in each case for both the Operating Group and per Class A unit; and (b) assets under management and accrued incentives (fund level) data. Please refer to the Glossary for certain definitions.
                                       

As of or for the Three Months Ended June 30,

As of or for the Six Months Ended June 30,
  2012     2011   2012   2011
(in thousands, except per unit data

or as otherwise indicated)
Segment Results:
Fee-related earnings $ 82,213 $ 69,125 $ 162,490 $ 155,822
Fee-related earnings-OCG per Class A unit 0.41 0.30 0.82 0.70
Distributable earnings 176,355 170,280 313,684 329,727
Distributable earnings-OCG per Class A unit 1.02 0.91 1.73 1.71
Adjusted net income 165,510 141,022 339,142 348,376
Adjusted net income-OCG per Class A unit 0.89 0.69 1.79 1.83
Economic net income 103,637 97,983 382,028 495,562
Economic net income-OCG per Class A unit 0.60 0.43 1.94 2.76
 
Operating Metrics:
Assets under management (in millions):
Assets under management $ 78,713 $ 79,519 $ 78,713 $ 79,519
Management fee-generating assets under management 66,311 63,869 66,311 63,869
Incentive-creating assets under management 35,996 37,275 35,996 37,275
Uncalled capital commitments 13,737 12,661 13,737 12,661
Accrued incentives (fund level):
Incentives created (fund level) (9,116 ) 33,699 256,046 467,450

Incentives created (fund level), net of associated incentive income compensation expense

(589

)

20,941

158,846

275,426
Accrued incentives (fund level) 1,751,326 2,296,087 1,751,326 2,296,087

Accrued incentives (fund level), net of associated incentive income compensation expense

1,070,597

1,313,769

1,070,597

1,313,769
 

Note: Oaktree discloses in this earnings release certain financial measures, including fee-related earnings, fee-related earnings-OCG per Class A unit, distributable earnings, distributable earnings-OCG per Class A unit, adjusted net income, adjusted net income-OCG per Class A unit, economic net income and economic net income-OCG per Class A unit, that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States (“non-GAAP”). Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are presented in Exhibit A hereto. All information in this earnings release gives effect to the conversion of our previously outstanding 13,000 Class C units into Class A units on a one-for-one basis before the initial public offering of our Class A units.

2 of 15

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs