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INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
Schedule of Corporate Investments | Corporate investments consisted of the following:
| As of
Corporate Investments | September 30, 2025 |  | December 31, 2024
Equity-method investments: |  |  |
Funds | $ | 312,458 |  |  | $ | 317,256 |
Companies | 1,018,066 |  |  | 1,203,004 |
Total corporate investments | $ | 1,330,524 |  |  | $ | 1,520,260 |
Summarized financial information of Oaktree Capital I is set forth below.
| Three months ended September 30, |  | Nine months ended September 30,
Statements of Operations | 2025 |  | 2024 |  | 2025 |  | 2024 (1)
Revenues / investment income | $ | 78,389 |  |  | $ | 43,996 |  |  | $ | 169,618 |  |  | $ | 43,996 |
Interest expense | (16,274) |  |  | (9,527) |  |  | (40,628) |  |  | (9,527) |
Other expenses | (5,638) |  |  | (4,504) |  |  | (36,762) |  |  | (4,504) |
Net realized and unrealized gain (loss) on investments | 3,599 |  |  | 10,357 |  |  | 1,076 |  |  | 10,357 |
Net income | $ | 60,076 |  |  | $ | 40,322 |  |  | $ | 93,304 |  |  | $ | 40,322 |
(1) Amounts for the nine months ended September 30, 2024 are the same as those for the three months ended September 30, 2024, as Oaktree Capital I was accounted for as an equity method investment beginning in the third quarter of 2024. Summarized financial information of the Company’s remaining equity-method investments is set forth below.
| Three months ended September 30, |  | Nine months ended September 30,
Statements of Operations | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues / investment income | $ | 44,533 |  |  | $ | 45,346 |  |  | $ | 131,424 |  |  | $ | 2,294,361 |
Interest expense | (15,040) |  |  | (18,957) |  |  | (44,391) |  |  | (327,379) |
Other expenses | (32,518) |  |  | (66,862) |  |  | (96,340) |  |  | (649,763) |
Net realized and unrealized gain (loss) on investments | 4,683 |  |  | 34,475 |  |  | 19,888 |  |  | 1,902,040 |
Net income | $ | 1,658 |  |  | $ | (5,998) |  |  | $ | 10,581 |  |  | $ | 3,219,259 |
Schedule of Investments, at Fair Value | The following table summarizes net gains (losses) attributable to the Company’s other investments at fair value:
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Realized gain (loss) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,504 |
Net change in unrealized gain (loss) | — |  |  | — |  |  | — |  |  | 2,159 |
Total gain (loss) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11,663 |
Investments held and securities sold short by the consolidated funds are summarized below:
| Fair Value as of |  | Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
United States: |  |  |  |  |  |  |
Debt securities (cost: $1,464,996 and $1,792,830 as of September 30, 2025 and December 31, 2024, respectively) | $ | 1,249,190 |  |  | $ | 1,857,874 |  |  | 25.9 |  |  | 37.6 |
Equity securities (cost: $1,645,924 and $1,362,953 as of September 30, 2025 and December 31, 2024, respectively) | 1,998,430 |  |  | 1,610,427 |  |  | 41.1 |  |  | 32.6 |
Real estate securities (cost: $75,112 and $26,966 as of September 30, 2025 and December 31, 2024, respectively) | 79,085 |  |  | 15,036 |  |  | 1.6 |  |  | 0.3 |
Europe: |  |  |  |  |  |  |
Debt securities (cost: $183,149 and $161,153 as of September 30, 2025 and December 31, 2024, respectively) | 197,558 |  |  | 160,989 |  |  | 4.1 |  |  | 3.3 |
Equity securities (cost: $273,456 and $295,630 as of September 30, 2025 and December 31, 2024, respectively) | 421,779 |  |  | 375,486 |  |  | 8.7 |  |  | 7.6 |
Real estate securities (cost: $237,229 and $191,470 as of September 30, 2025 and December 31, 2024, respectively) | 250,650 |  |  | 191,145 |  |  | 5.1 |  |  | 3.8 |
Asia and other: |  |  |  |  |  |  |
Debt securities (cost: $548,021 and $680,671 as of September 30, 2025 and December 31, 2024, respectively) | 528,908 |  |  | 664,845 |  |  | 10.9 |  |  | 13.4 |
Equity securities (cost: $106,589 and $55,638 as of September 30, 2025 and December 31, 2024, respectively) | 121,799 |  |  | 71,060 |  |  | 2.6 |  |  | 1.4 |
Total debt securities | 1,975,656 |  |  | 2,683,708 |  |  | 40.9 |  |  | 54.3 |
Total equity securities | 2,542,008 |  |  | 2,056,973 |  |  | 52.4 |  |  | 41.5 |
Total real estate | 329,735 |  |  | 206,181 |  |  | 6.7 |  |  | 4.2 |
Total investments, at fair value | $ | 4,847,399 |  |  | $ | 4,946,862 |  |  | 100.0 | % |  | 100.0 | %
As of September 30, 2025, the following issuers or investments had a fair value that exceeded 5% of the Company’s total consolidated net assets.
Principal Amount/ Number of Shares |  | Investments |  | Combined Fair Value
180,327 |  | Azorra Aviation Holdings LLC |  | $266,664
Schedule of Net Gains (Losses) from Investment Activities | The following table summarizes net gains (losses) from investment activities:
| Three months ended September 30,
| 2025 |  | 2024
| 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 | $ | 28,972 |  |  | $ | 10,825 |  |  | $ | 30,142 |  |  | $ | 64,925 |
Foreign-currency forward contracts (2) | (1,309) |  |  | 11,447 |  |  | 646 |  |  | (20,101) |
Total return and interest rate swaps (2) | 488 |  |  | 230 |  |  | — |  |  | 7,860 |
Options and futures (2) | 1,738 |  |  | 638 |  |  | 822 |  |  | — |
Commodity swaps (2) | 1,389 |  |  | 243 |  |  | 923 |  |  | (217) |
Total | $ | 31,278 |  |  | $ | 23,383 |  |  | $ | 32,533 |  |  | $ | 52,467 |
| Nine months ended September 30,
| 2025 |  | 2024
| 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 | $ | 100,286 |  |  | $ | (67,143) |  |  | $ | 26,283 |  |  | $ | 155,848 |
CLO liabilities (1) | — |  |  | — |  |  | 185 |  |  | 1,597 |
Foreign-currency forward contracts (2) | 3,043 |  |  | (53,045) |  |  | 411 |  |  | (14,189) |
Total return and interest rate swaps (2) | (139) |  |  | 877 |  |  | — |  |  | 11,448 |
Options and futures (2) | 1,836 |  |  | 2,107 |  |  | 584 |  |  | 1,600 |
Commodity swaps (2) | 1,389 |  |  | 243 |  |  | 8,151 |  |  | (8,658) |
Total | $ | 106,415 |  |  | $ | (116,961) |  |  | $ | 35,614 |  |  | $ | 147,646 |
(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. Subsequent to the 2024 Restructuring and deconsolidation of Oaktree Capital I, the Company no longer holds investments in CLOs. Please see note 2 for more information. (2) Please see note 7 for additional information.

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