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Oaktree Capital Group, Llc (OAK) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Oaktree Capital Group, Llc

CIK: 1403528 Ticker: OAK

Oaktree Announces Fourth Quarter and Full-Year 2014 Financial Results

Adjusted net income per Class A unit was $0.61 and $3.24 for the fourth quarter and full-year 2014, respectively, down from $1.62 and $6.38 for the corresponding prior-year periods, on lower incentive and investment income.
Distributable earnings per Class A unit were $0.65 and $3.43 for the fourth quarter and full-year 2014, respectively, down from $1.33 and $5.82 for the corresponding prior-year periods, primarily on lower incentive income.
GAAP net income attributable to Oaktree Capital Group, LLC was $24.4 million and $126.3 million for the fourth quarter and full-year 2014, respectively, as compared with $64.9 million and $222.0 million for the corresponding prior-year periods.
Gross capital raised was $2.3 billion and $14.7 billion for the fourth quarter and full-year 2014, respectively, with newer investment strategies contributing $1.0 billion and $7.6 billion of the respective totals. The annual total of $14.7 billion represented a record for a year without a new Distressed Debt fund and drove a 9% year-over-year gain in assets under management, to $90.8 billion.
Oaktree declares a distribution of $0.56 per Class A unit with respect to the fourth quarter of 2014, bringing aggregate distributions relating to full-year 2014 to $2.71.
LOS ANGELES, CA. February 9, 2015 – Oaktree Capital Group, LLC (NYSE: OAK) today reported its unaudited financial results for the fourth quarter and year ended December 31, 2014.
Howard Marks, Co-Chairman, said, “The investing environment in 2014 defied easy labeling, with a big spread in performance among the major equity and fixed income indices, as well as our strategies.  Against this backdrop, we continued to find some attractive opportunities to deploy capital, particularly in real estate and Europe.  As we begin 2015 with our largest-ever fund marketing pipeline, we believe we are well positioned to take advantage of growing investment opportunities.”
Jay Wintrob, who joined Oaktree as CEO in November 2014, said, “Oaktree is an outstanding firm with tremendous talent and a superb reputation.  I look forward to making Oaktree even better by driving our focus on achieving excellence in investing, increasing efficiency and profitability, and pursuing appropriate growth opportunities.”
Adjusted net income (“ANI”) declined to $98.4 million in the fourth quarter of 2014 from $268.4 million in the fourth quarter of 2013. For full-year 2014, ANI decreased to $575.1 million from $1.1 billion in 2013. The declines primarily reflected lower incentive income attributable to the prior year's comparatively large incentive distributions by OCM Opportunities Fund VIIb, L.P. (“Opps VIIb”), and reduced investment income.
Distributable earnings declined to $121.7 million in the fourth quarter of 2014 from $221.3 million in the fourth quarter of 2013. For full-year 2014, distributable earnings decreased to $608.1 million from $984.3 million in 2013. The declines primarily reflected lower incentive income following the comparatively large incentive distributions by Opps VIIb in 2013.
As previously announced, assets under management (“AUM”) and management fee-generating assets under management (“management fee-generating AUM”) as of December 31, 2014 were $90.8 billion and $78.1 billion,

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The following information was filed by Oaktree Capital Group, Llc (OAK) on Monday, February 9, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Unitholders' Capital (unaudited)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Operations(parenthetical)
Business Combinations
Business Combinations (details)
Capital Requirements Of Regulated Entities
Capital Requirements Of Regulated Entities (details)
Commitments And Contingencies
Commitments And Contingencies (operating Leases) (details)
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (details)
Debt Obligations And Credit Facilities
Debt Obligations And Credit Facilities (tables)
Debt Obligations And Credit Facilities - Additional Information (detail)
Debt Obligations And Credit Facilities - Clo Future Principal Payments (details)
Debt Obligations And Credit Facilities - Collateralized Loan Obligation Loans Payable (details)
Debt Obligations And Credit Facilities - Debt Obligations (detail)
Debt Obligations And Credit Facilities - Future Principal Payments Of Debt Obligations (detail)
Debt Obligations And Credit Facilities - Revolving Bank Credit Facilities And Term Loans Outstanding Of Consolidated Funds (detail)
Earnings Per Unit
Earnings Per Unit (tables)
Earnings Per Unit - Computations Of Net Income Per Unit (detail)
Earnings Per Unit - Computations Of Net Income Per Unit Additional Information (detail)
Employee Benefits
Employee Benefits (details)
Equity-based Compensation
Equity-based Compensation (tables)
Equity-based Compensation - Equity Value Units (details)
Equity-based Compensation - Equity-based Compensation (details)
Equity-based Compensation - Restricted Stock Units (details)
Equity-based Compensation - Schedule Of Unvested Units Expected To Vest (detail)
Equity-based Compensation - Summary Of Unvested Equity-based Awards And Changes (detail)
Fair Value
Fair Value (tables)
Fair Value - Additional Information (detail)
Fair Value - Financial Instruments By Fair-value Hierarchy Level (details)
Fair Value - Summary Of Changes In Fair Value Of Level Iii Investments (detail)
Fair Value - Summary Of Valuation Techniques And Quantitative Information (detail)
Fair Value - Valuation Of Investments And Other Financial Instruments (detail)
Hedges And Other Derivative Instruments
Hedges And Other Derivative Instruments (tables)
Hedges And Other Derivative Instruments - Additional Information (details)
Hedges And Other Derivative Instruments - Balance Sheet Offsetting (details)
Hedges And Other Derivative Instruments - Cash Flow Hedges (details)
Hedges And Other Derivative Instruments - Consolidated Funds (details)
Hedges And Other Derivative Instruments - Foreign Currency Contracts (details)
Hedges And Other Derivative Instruments - Freestanding Derivatives (details)
Hedges And Other Derivative Instruments - Total Return Swaps (details)
Income Taxes And Related Payments
Income Taxes And Related Payments (tables)
Income Taxes And Related Payments - Additional Information (detail)
Income Taxes And Related Payments - Components Of Income Tax Expense (benefit) (details)
Income Taxes And Related Payments - Effective Tax Rate Reconciliation (details)
Income Taxes And Related Payments - Income Before Income Taxes (details)
Income Taxes And Related Payments - Income Tax Effects Of Temporary Differences (details)
Income Taxes And Related Payments - Reconciliation Of Unrecognized Tax Benefits (details)
Income Taxes And Related Payments - Tax Receivable Agreement (details)
Investments, At Fair Value
Investments, At Fair Value (tables)
Investments, At Fair Value - Additional Information (detail)
Investments, At Fair Value - Investments, At Fair Value (detail)
Investments, At Fair Value - Net Gains (losses) From Investment Activities Of Consolidated Funds (detail)
Non-controlling Redeemable Interests In Consolidated Funds
Non-controlling Redeemable Interests In Consolidated Funds (tables)
Non-controlling Redeemable Interests In Consolidated Funds - Summary Of Changes In Non-controlling Redeemable Interests In Consolidated Funds (detail)
Organization And Basis Of Presentation
Organization And Basis Of Presentation - Additional Information (detail)
Quarterly Financial Data
Quarterly Financial Data (details)
Quarterly Financial Data (tables)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Additional Information (detail)
Related Party Transactions - Amounts Due From And Due To Affiliates (detail)
Segment Reporting
Segment Reporting (tables)
Segment Reporting - Adjusted Net Income (additional Information) (detail)
Segment Reporting - Adjusted Net Income (detail)
Segment Reporting - Reconciliation Of Net Income (loss) Attributable To Oaktree Capital Group, Llc To Adjusted Net Income (detail)
Segment Reporting - Schedule Of Reconciliation Of Total Segments To Income Loss Attributable To Oaktree Capital Group, Llc And Total Assets (additional Information) (detail)
Segment Reporting - Schedule Of Reconciliation Of Total Segments To Income Loss Attributable To Oaktree Capital Group, Llc And Total Assets (detail)
Subsequent Events
Subsequent Events - (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (consolidation) (details)
Summary Of Significant Accounting Policies (depreciation And Amortization) (details)
Summary Of Significant Accounting Policies (goodwill And Intangible Assets) (details)
Summary Of Significant Accounting Policies (incentive Income Compensation Expense) (details)
Summary Of Significant Accounting Policies (incentive Income) (details)
Summary Of Significant Accounting Policies (management Fees) (details)
Summary Of Significant Accounting Policies (other Income Expense) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (total Return Swaps) (details)
Unitholders' Capital
Unitholders' Capital (tables)
Unitholders' Capital - Additional Information (detail)
Unitholders' Capital - Changes In Company Ownership Interest (details)
Unitholders' Capital - Summary Of Net Income (loss) (detail)
Ticker: OAK
CIK: 1403528
Form Type: 10-K Annual Report
Accession Number: 0001403528-15-000009
Submitted to the SEC: Fri Feb 27 2015 5:15:13 PM EST
Accepted by the SEC: Fri Feb 27 2015
Period: Wednesday, December 31, 2014
Industry: Investment Advice

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