XML 39 R28.htm IDEA: XBRL DOCUMENT v3.25.3
INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Schedule of Corporate Investments
Corporate investments consisted of the following:
As of
Corporate InvestmentsSeptember 30, 2025December 31, 2024
Equity-method investments:
Funds$312,458 $317,256 
Companies1,018,066 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 Operations202520242025
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 investments3,599 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 Operations2025202420252024
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 investments4,683 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,
2025202420252024
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 ofFair Value as a Percentage of Investments of Consolidated Funds as of
InvestmentsSeptember 30, 2025December 31, 2024September 30, 2025December 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 securities1,975,656 2,683,708 40.9 54.3 
Total equity securities2,542,008 2,056,973 52.4 41.5 
Total real estate329,735 206,181 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 SharesInvestmentsCombined Fair Value
180,327Azorra 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,
 20252024
Net Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on InvestmentsNet Realized Gain (Loss) on InvestmentsNet 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,
20252024
Net Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on InvestmentsNet Realized Gain (Loss) on InvestmentsNet 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.