Operating MetricsAssets under management Assets under management (“AUM”) were $78.7 billion as of June 30, 2012, as compared with $77.9 billion as of March 31, 2012 and $79.5 billion as of June 30, 2011. The $0.8 billion increase in the second quarter of 2012 primarily reflected $3.5 billion in new capital commitments to closed-end funds, which more than offset $2.7 billion of distributions to investors in closed-end funds. New capital commitments included $3.4 billion committed to our new distressed debt fund, Opps IX. The $0.8 billion decrease over the year since June 30, 2011 was attributable primarily to aggregate distributions of $8.8 billion to investors in our closed-end funds and $1.2 billion in net outflows from open-end funds, partially offset by new capital commitments of $8.7 billion to closed-end funds. OCM Opportunities Fund VIIb, L.P. (“Opps VIIb”), which commenced its liquidation period in May 2011, accounted for $0.9 billion and $4.9 billion of the distributions for the three-month and twelve-month periods ended June 30, 2012, respectively. Management fee-generating assets under management Management fee-generating assets under management (“management fee-generating AUM”) were $66.3 billion as of June 30, 2012, as compared to $68.0 billion as of March 31, 2012 and $63.9 billion as of June 30, 2011. Of the $1.7 billion decrease in the second quarter, $1.5 billion resulted from asset sales by closed-end funds in liquidation. As compared to June 30, 2011, management fee-generating AUM increased $2.4 billion, primarily as a result of $7.4 billion in capital commitments to new closed-end funds entering their investment period more than offsetting a $4.8 billion decline attributable to closed-end funds in liquidation and $1.4 billion in net outflows across open-end and evergreen funds. The $7.4 billion of capital commitments arising from new closed-end funds included Oaktree European Principal Fund III, L.P. (“EPF III”), with €3.1 billion ($4.0 billion), Oaktree Opportunities Fund VIIIb, L.P. (“Opps VIIIb”), with $2.6 billion, and Oaktree Real Estate Opportunities Fund V, L.P. (“ROF V”), with $0.8 billion of additional commitments during the period.