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INVESTMENTS | 9 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
INVESTMENTS | INVESTMENTS 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 |
Equity-method Investments The Company’s equity-method investments include its investments in funds and companies that are not consolidated, but for which the Company is deemed to have significant influence. The Company’s share of income or loss generated by these investments is recorded within investment income in the condensed consolidated statements of operations. The Company’s equity-method investments in Oaktree funds principally reflect the Company’s general partner interests in those funds, which typically do not exceed 2.5% in each fund. The Oaktree funds are investment companies that follow a specialized basis of accounting established by GAAP. In connection with the 2024 Restructuring, the Company determined that it is no longer the primary beneficiary of Oaktree Capital I and deconsolidated the entity, which is accounted for as an equity method investment beginning with the third quarter of 2024. On June 27, 2023, the Company entered into a contribution agreement with Brookfield Corporate Treasury Ltd. and acquired the equity ownership in certain entities which beneficially own shares in Brookfield Real Estate Income Trust. The Company accounted for the acquired interests as equity method investments with fair value election. The fair value option has been elected to simplify the accounting for the investment in OCG NTR Holdings, LLC, a wholly owned subsidiary of the Company (“NTR”). Changes in the fair value and cash dividends received from the investment in NTR are included in investment income. During the nine months ended September 30, 2025 and 2024, the Company recognized an equity investment loss of $1.1 million and $13.1 million. Please refer to note 14 for the detailed description of the transaction. Each reporting period, the Company evaluates each of its equity-method investments to determine if any are considered significant, as defined by the SEC. As of September 30, 2025, or for the nine months ended September 30, 2025, the Company determined Oaktree Capital I met the significance criteria. No other no individual equity method investment met the significance criteria. 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 |
For the three and nine months ended September 30, 2024, the equity investments presented in the table above include equity investments held by Oaktree Capital I, which was deconsolidated as of July 1, 2024. Other Investments, at Fair Value Other investments, at fair value consisted of (a) investments in certain Oaktree and non-Oaktree funds, (b) noninvestment grade debt securities, (c) equities received as part of our sponsorship of SPACs and (d) derivatives utilized to hedge the Company’s exposure to investment income earned from its funds. 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 |
Subsequent to the 2024 Restructuring, with the deconsolidation of Oaktree Capital I, the Company no longer holds any other investments at fair value. Investments of Consolidated Funds Investments, at Fair Value 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
As of December 31, 2024, no single issuer or investment had a fair value that exceeded 5% of the Company’s total consolidated net assets. Net Gains (Losses) From Investment Activities of Consolidated Funds Net gains (losses) from investment activities in the condensed consolidated statements of operations consist primarily of realized and unrealized gains and losses on the consolidated funds’ investments (including foreign exchange gains and losses attributable to foreign-denominated investments and related activities) and other financial instruments. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments. Upon disposition of an investment, unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period. 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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