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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
FORM 10-Q
________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from to .
Commission File Number 001-35500
________________
Brookfield Oaktree Holdings, LLC
(Exact name of registrant as specified in its charter)
_______________________________ | | | | | | | | |
Delaware | | 26-0174894 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification Number) |
333 South Grand Avenue, 28th Floor
Los Angeles, CA 90071
Telephone: (213) 830-6300
(Address, zip code, and telephone number, including
area code, of registrant’s principal executive offices)
_______________________________
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
6.625% Series A preferred units | OAK-PA | New York Stock Exchange |
6.550% Series B preferred units | OAK-PB | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: | | | | | | | | | | | | | | | | | |
| Large accelerated filer | o | | Accelerated filer | ☐ |
| Non-accelerated filer | x | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 11, 2024, there were 116,373,234 Class A units and 43,822,210 Class B units of the registrant outstanding.
TABLE OF CONTENTS
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PART I – FINANCIAL INFORMATION | |
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FORWARD-LOOKING STATEMENTS
This quarterly report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), which reflect our current views with respect to, among other things, our future results of operations and financial performance. In some cases, you can identify forward-looking statements by words such as “anticipate,” “approximately,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “seek,” “should,” “will” and “would” or the negative version of these words or other comparable or similar words. These statements identify prospective information. Important factors could cause actual results to differ, possibly materially, from those indicated in these statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity.
In addition to factors previously disclosed in Brookfield Oaktree Holdings, LLC’s (“BOH”) reports filed with securities regulators in the United States and those identified elsewhere in this quarterly report, the following factors, among others, could cause actual results to differ materially from forward-looking statements and information or historical performance: the ability of BOH to retain and hire key service providers; the continued availability of capital and financing; the business, economic and political conditions in the markets in which BOH operates; changes in BOH’s anticipated revenue and income, which are inherently volatile; changes in the value of BOH’s investments; the pace of Oaktree’s raising of new funds; changes in assets under management; the timing and receipt of, and impact of taxes on, carried interest; distributions from and liquidation of Oaktree’s existing funds; the amount and timing of distributions on BOH’s preferred units; changes in BOH’s operating or other expenses; the degree to which BOH encounters competition; and general political, economic and market conditions.
Any forward-looking statements and information speak only as of the date of this quarterly report or as of the date they were made, and except as required by law, BOH does not undertake any obligation to update forward-looking statements and information. For a more detailed discussion of these factors, also see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in BOH’s most recent report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) (our “annual report”), and in this quarterly report, and in each case any material updates to these factors contained in any of BOH’s future filings.
As for the forward-looking statements and information that relate to future financial results and other projections, actual results will be different due to the inherent uncertainties of estimates, forecasts and projections and may be better or worse than projected and such differences could be material. Given these uncertainties, you should not place any reliance on these forward-looking statements and information.
This quarterly report and its contents do not constitute and should not be construed as (a) a recommendation to buy, (b) an offer to buy or solicitation of an offer to buy, (c) an offer to sell or (d) advice in relation to, any securities of BOH or securities of any Oaktree investment fund.
In this quarterly report, unless the context otherwise requires:
“Oaktree” refers to (i) Brookfield Oaktree Holdings, LLC and, where applicable, its subsidiaries and affiliates prior to October 1, 2019 and (ii) the Oaktree Operating Group and, where applicable, their respective subsidiaries and affiliates after September 30, 2019.
“BOH,” “Company,” “we,” “us,” “our” or “our company” refers to Brookfield Oaktree Holdings, LLC and, where applicable, its subsidiaries and affiliates, including, as the context requires, affiliated Oaktree Operating Group members after September 30, 2019.
“OCM” refers to Oaktree Capital Management, L.P. and, where applicable, its subsidiaries and affiliates. OCM is one of the Oaktree Operating Group entities but not one of our subsidiaries. OCM acts as the U.S. registered investment adviser to most of the Oaktree funds.
“Oaktree Operating Group,” or “Operating Group,” refers collectively to the entities that either (i) act as or control the general partners and investment advisers of the Oaktree funds or (ii) hold interests in other entities or investments generating income for Oaktree.
“OCGH” refers to Oaktree Capital Group Holdings, L.P., a Delaware limited partnership, which holds an interest in the Oaktree Operating Group and all of our Class B units.
“OCGH unitholders” refers collectively to Oaktree’s senior executives, current and former Oaktree employees and their respective transferees who hold interests in the Oaktree Operating Group through OCGH.
“OEP” refers to Oaktree Equity Plan, L.P., a Delaware limited partnership, which holds an interest in the Oaktree Operating Group.
“assets under management,” or “AUM,” generally refers to the sum of (i) the assets Oaktree manages and equals the NAV (as defined below) of the assets Oaktree manages, (ii) the leverage on which management fees are charged, (iii) the undrawn capital that Oaktree is entitled to call from investors in the funds pursuant to their capital commitments, (iv) investment proceeds held in trust for use in investment activities, (v) Oaktree’s pro rata portion of AUM managed by its equity method investments such as DoubleLine Capital LP and its affiliates (“DoubleLine”) and Duration Capital LP and its affiliates, in which Oaktree holds minority ownership interests, and (vi) 100% of the AUM managed by 17 Capital LLP and its affiliates in which Oaktree acquired a majority ownership interest in 2022. For Oaktree’s collateralized loan obligation vehicles, AUM represents the aggregate par value of collateral assets and principal cash; for Oaktree’s business development companies, gross assets (including assets acquired with leverage), net of cash; for Oaktree’s special purpose acquisition companies (“SPACs”), the proceeds of any initial public offering held in trust for use in a business combination; and for DoubleLine funds, NAV. Oaktree’s AUM amounts include AUM for which Oaktree charges no management fees. Oaktree’s definition of AUM is not based on any definition contained in our operating agreement or the agreements governing the funds that Oaktree manages. Oaktree’s calculation of AUM below may not be directly comparable to the AUM metrics of other investment managers.
“Class A units” refer to the common units of BOH designated as Class A units.
“CLOs” refer to collateralized loan obligation vehicles.
“common units” or “common unitholders” refers to the Class A common units of BOH or Class A common unitholders, respectively, unless otherwise specified.
“consolidated funds” refers to the funds and CLOs that we are required to consolidate as of the applicable reporting date.
“funds” refers to investment funds and, where applicable, CLOs and separate accounts that are managed by Oaktree or its subsidiaries.
“net asset value,” or “NAV,” refers to the value of all the assets of a fund (including cash and accrued interest and dividends) less all liabilities of the fund (including accrued expenses and any reserves established by the general partner or investment manager of such fund in their discretion, for contingent liabilities) without reduction for accrued incentives because they are reflected in the partners’ capital of the fund.
“preferred units” or “preferred unitholders” refers to the Series A and Series B preferred units of BOH or Series A and Series B preferred unitholders, respectively, unless otherwise specified.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Brookfield Oaktree Holdings, LLC
Condensed Consolidated Statements of Financial Condition (Unaudited)
($ in thousands) | | | | | | | | | | | |
| As of |
| September 30, 2024 | | December 31, 2023 |
Assets | | | |
Cash and cash-equivalents | $ | 20,841 | | | $ | 28,507 | |
| | | |
Corporate investments (includes $304,283 and $402,620 measured at fair value as of September 30, 2024 and December 31, 2023, respectively) | 1,453,768 | | | 1,532,208 | |
Due from affiliates | 227 | | | 232,485 | |
| | | |
| | | |
Other assets | 14,621 | | | 66,650 | |
Assets of consolidated funds: | | | |
Cash and cash-equivalents | 508,457 | | | 308,172 | |
Investments, at fair value | 4,842,875 | | | 5,143,677 | |
Dividends and interest receivable | 33,209 | | | 37,839 | |
| | | |
Receivable for securities sold | 26,976 | | | 118,851 | |
Derivative assets, at fair value | 30,095 | | | 9,133 | |
Other assets, net | 35,395 | | | 78,411 | |
Total assets | $ | 6,966,464 | | | $ | 7,555,933 | |
Liabilities and Unitholders’ Capital | | | |
Liabilities: | | | |
Accrued compensation expense | $ | 212 | | | $ | 138,841 | |
Accounts payable, accrued expenses and other liabilities | 873 | | | 3,837 | |
Due to affiliates | 200 | | | 62,759 | |
Debt obligations (Note 8) | — | | | 219,682 | |
| | | |
Liabilities of consolidated funds: | | | |
Accounts payable, accrued expenses and other liabilities | 39,744 | | | 14,701 | |
Payables for securities purchased | 72,271 | | | 124,789 | |
| | | |
Derivative liabilities, at fair value | 34,169 | | | 22,230 | |
Distributions payable | — | | | 95,690 | |
Debt obligations of the consolidated funds | 1,461,065 | | | 951,950 | |
| | | |
Total liabilities | 1,608,534 | | | 1,634,479 | |
Commitments and contingencies (Note 13) | | | |
Non-controlling redeemable interests in consolidated funds | 3,044,887 | | | 3,336,548 | |
Unitholders’ capital: | | | |
Series A preferred units, 7,200,000 units issued and outstanding as of September 30, 2024 and December 31, 2023 | 173,669 | | | 173,669 | |
Series B preferred units, 9,400,000 units issued and outstanding as of September 30, 2024 and December 31, 2023 | 226,915 | | | 226,915 | |
Class A units, no par value, unlimited units authorized, 116,373,234 and 109,198,991 units issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | — | | | — | |
Class B units, no par value, unlimited units authorized, 43,771,190 and 50,915,764 units issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | — | | | — | |
Paid-in capital | 1,601,357 | | | 1,529,909 | |
Retained earnings | 302,894 | | | 334,314 | |
Accumulated other comprehensive loss | — | | | (13,096) | |
Unitholders’ capital attributable to Brookfield Oaktree Holdings, LLC | 2,304,835 | | | 2,251,711 | |
Non-controlling interests in consolidated subsidiaries | 8,208 | | | 333,195 | |
Total unitholders’ capital | 2,313,043 | | | 2,584,906 | |
Total liabilities and unitholders’ capital | $ | 6,966,464 | | | $ | 7,555,933 | |
Please see accompanying notes to condensed consolidated financial statements.
Brookfield Oaktree Holdings, LLC
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per unit amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, | | | | | | | |
| 2024 | | 2023 | | 2024 | | 2023 | | | | | | | |
Revenues: | | | | | | | | | | | | | | |
Interest and dividend income | 115,041 | | | 86,947 | | | 372,817 | | | 246,842 | | | | | | | | |
Incentive income | $ | — | | | $ | 5 | | | $ | 117,529 | | | $ | 61,478 | | | | | | | | |
Investment income (loss) | 25,279 | | | 25,497 | | | 60,033 | | | 35,378 | | | | | | | | |
Total revenues | 140,320 | | | 112,449 | | | 550,379 | | | 343,698 | | | | | | | | |
Expenses: | | | | | | | | | | | | | | |
Compensation and benefits | (266) | | | (247) | | | (737) | | | (423) | | | | | | | | |
| | | | | | | | | | | | | | |
Incentive income compensation | — | | | (293) | | | (22,168) | | | (57,337) | | | | | | | | |
| | | | | | | | | | | | | | |
General and administrative | (398) | | | (1,531) | | | (2,712) | | | (3,634) | | | | | | | | |
| | | | | | | | | | | | | | |
Consolidated fund expenses | (19,642) | | | (14,911) | | | (64,303) | | | (42,235) | | | | | | | | |
Interest expense | (21,630) | | | (5,919) | | | (72,785) | | | (34,629) | | | | | | | | |
Total expenses | (41,936) | | | (22,901) | | | (162,705) | | | (138,258) | | | | | | | | |
Other income (loss): | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net realized gain on consolidated funds’ investments | 32,533 | | | 14,051 | | | 35,614 | | | 76,432 | | | | | | | | |
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments | 52,467 | | | (9,359) | | | 147,646 | | | (47,330) | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Total other income (loss) | 85,000 | | | 4,692 | | | 183,260 | | | 29,102 | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net income (loss) | 183,384 | | | 94,240 | | | 570,934 | | | 234,542 | | | | | | | | |
Less: | | | | | | | | | | | | | | |
Net income attributable to non-controlling interests in consolidated funds | (139,377) | | | (53,109) | | | (336,844) | | | (141,414) | | | | | | | | |
Net (income) loss attributable to non-controlling interests in consolidated subsidiaries | (416) | | | (9,198) | | | (62,081) | | | (14,943) | | | | | | | | |
Net income attributable to Brookfield Oaktree Holdings, LLC | 43,591 | | | 31,933 | | | 172,009 | | | 78,185 | | | | | | | | |
Net income attributable to preferred unitholders | (6,829) | | | (6,829) | | | (20,487) | | | (20,487) | | | | | | | | |
Net income (loss) attributable to Brookfield Oaktree Holdings, LLC Class A unitholders | $ | 36,762 | | | $ | 25,104 | | | $ | 151,522 | | | $ | 57,698 | | | | | | | | |
| | | | | | | | | | | | | | |
Distributions declared per Class A unit | $ | 0.65 | | | $ | 0.09 | | | $ | 2.05 | | | $ | 0.92 | | | | | | | | |
Net income (loss) per Class A unit (basic and diluted): | | | | | | | | | | | | | | |
Net income (loss) per Class A unit | $ | 0.33 | | | $ | 0.23 | | | $ | 1.38 | | | $ | 0.54 | | | | | | | | |
Weighted average number of Class A units outstanding | 112,694 | | 109,199 | | 110,091 | | 107,047 | | | | | | | |
Please see accompanying notes to condensed consolidated financial statements.
Brookfield Oaktree Holdings, LLC
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | |
Net income (loss) | $ | 183,384 | | | $ | 94,240 | | | $ | 570,934 | | | $ | 234,542 | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Foreign currency translation adjustments | — | | | (17,824) | | | (1,501) | | | (19,358) | |
Other comprehensive income (loss), net of tax | — | | | (17,824) | | | (1,501) | | | (19,358) | |
Total comprehensive income (loss) | 183,384 | | | 76,416 | | | 569,433 | | | 215,184 | |
Less: | | | | | | | |
Comprehensive (income) loss attributable to non-controlling interests in consolidated funds | (139,377) | | | (53,109) | | | (336,844) | | | (141,414) | |
Comprehensive (income) loss attributable to non-controlling interests in consolidated subsidiaries | (416) | | | (3,110) | | | (61,606) | | | (8,329) | |
Comprehensive income (loss) attributable to BOH | 43,591 | | | 20,197 | | | 170,983 | | | 65,441 | |
Comprehensive income attributable to preferred unitholders | (6,829) | | | (6,829) | | | (20,487) | | | (20,487) | |
Comprehensive income (loss) attributable to BOH Class A unitholders | $ | 36,762 | | | $ | 13,368 | | | $ | 150,496 | | | $ | 44,954 | |
Please see accompanying notes to condensed consolidated financial statements.
Brookfield Oaktree Holdings, LLC
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| | | | | | | | | | | |
| Nine months ended September 30, |
| 2024 | | 2023 |
Cash flows from operating activities: | | | |
Net income | $ | 570,934 | | | $ | 234,542 | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | |
| | | |
Investment income | (60,033) | | | (35,378) | |
| | | |
| | | |
Net realized and unrealized gain from consolidated funds’ investments | (183,260) | | | (29,102) | |
Accretion of original issue and market discount of consolidated funds’ investments, net | (52,021) | | | (28,756) | |
Distributions of investment income and settlements of derivative instruments | 68,390 | | | 30,430 | |
Other non-cash items | 3,450 | | | (104) | |
Cash flows due to changes in operating assets and liabilities: | | | |
| | | |
(Increase)/ Decrease in other assets | (5,820) | | | 23,272 | |
Decrease in net due from affiliates | 209,317 | | | 202,238 | |
Decrease in accrued compensation expense | (91,953) | | | (64,307) | |
Decrease in accounts payable, accrued expenses and other liabilities | (465) | | | 7,615 | |
Cash flows due to changes in operating assets and liabilities of consolidated funds: | | | |
Increase in dividends and interest receivable | (8,723) | | | (804) | |
| | | |
Decrease (increase) in receivables for securities sold | 30,707 | | | (23,933) | |
Increase in other assets | 42,660 | | | 15,098 | |
Decrease in accounts payable, accrued expenses and other liabilities | (31,739) | | | (2,156) | |
Increase (decrease) in payables for securities purchased | 118,789 | | | (59,167) | |
Purchases of securities | (3,134,754) | | | (3,319,937) | |
Proceeds from maturities and sales of securities | 2,015,917 | | | 2,761,726 | |
Net cash used in operating activities | (508,604) | | | (288,723) | |
Cash flows from investing activities: | | | |
Purchases of U.S. Treasury and other securities | (250,000) | | | — | |
Proceeds from maturities and sales of U.S. Treasury and other securities | 80,000 | | | — | |
Corporate investments in funds and companies | (36,756) | | | (451,665) | |
Distributions and proceeds from corporate investments in funds and companies | 162,490 | | | 96,908 | |
| | | |
Net cash used in investing activities | (44,266) | | | (354,757) | |
(continued)
Please see accompanying notes to condensed consolidated financial statements.
Brookfield Oaktree Holdings, LLC
Condensed Consolidated Statements of Cash Flows (Unaudited) — (Continued)
(in thousands)
| | | | | | | | | | | |
| Nine months ended September 30, |
| 2024 | | 2023 |
Cash flows from financing activities: | | | |
Capital contributions | $ | 37,500 | | | $ | 582,037 | |
Capital distributions | (271) | | | — | |
| | | |
| | | |
Distributions to Class A unitholders | (211,591) | | | (88,558) | |
Distributions to OCGH unitholders | (82,212) | | | (48,986) | |
Distributions to preferred unitholders | (20,487) | | | (20,487) | |
| | | |
| | | |
Payment of debt issuance costs | — | | | (128) | |
Cash flows from financing activities of consolidated funds: | | | |
| | | |
| | | |
Contributions from non-controlling interests | 271,806 | | | 1,167,818 | |
Distributions to non-controlling interests | (399,650) | | | (78,215) | |
| | | |
Payment of debt issuance costs | (3,378) | | | — | |
| | | |
Borrowings on credit facilities | 2,187,422 | | | 245,153 | |
Repayments on credit facilities | (907,670) | | | (1,018,579) | |
Net cash provided by financing activities | 871,469 | | | 740,055 | |
Effect of exchange rate changes on cash | (8,830) | | | (3,913) | |
Net increase in cash and cash-equivalents | 309,769 | | | 92,662 | |
Deconsolidation due to restructuring | (8,805) | | | — | |
Deconsolidation of funds | (108,345) | | | — | |
Cash and cash-equivalents, beginning balance | 336,679 | | | 176,130 | |
Cash and cash-equivalents, ending balance | $ | 529,298 | | | $ | 268,792 | |
| | | |
| | | |
Reconciliation of cash and cash-equivalents | | | |
Cash and cash-equivalents – Oaktree | $ | 20,841 | | | $ | 34,376 | |
Cash and cash-equivalents – consolidated funds | 508,457 | | | 234,416 | |
Total cash and cash-equivalents | $ | 529,298 | | | $ | 268,792 | |
| | | |
| | | |
| | | |
Please see accompanying notes to condensed consolidated financial statements.
Brookfield Oaktree Holdings, LLC
Condensed Consolidated Statements of Changes in Unitholders’ Capital (Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Brookfield Oaktree Holdings, LLC | | Non-controlling Interests in Consolidated Subsidiaries | | Total Unitholders’ Capital |
| Class A Units | | Class B Units | | Series A Preferred Units | | Series B Preferred Units | | Paid-in Capital | | Retained Earnings (Accumulated Deficit) | | Accumulated Other Comprehensive Income (Loss) | |
| | | | | | | | | | | | | | | | | |
Unitholders’ capital as of June 30, 2024 | 116,373 | | | 43,757 | | | 173,669 | | | 226,915 | | | $ | 1,563,857 | | | $ | 325,039 | | | $ | (14,122) | | | $ | 291,477 | | | $ | 2,566,835 | |
Activity for the three months ended: | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Net issuance of units | — | | | 15 | | | — | | | — | | | — | | | — | | | — | | | — | | | $ | — | |
Deconsolidation of Oaktree Capital I | — | | | — | | | — | | | — | | | — | | | — | | | 14,122 | | | (283,685) | | | $ | (269,563) | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Capital contributions | — | | | — | | | — | | | — | | | 37,500 | | | — | | | — | | | — | | | $ | 37,500 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Distributions declared | — | | | — | | | (2,981) | | | (3,848) | | | — | | | (58,907) | | | — | | | — | | | $ | (65,736) | |
Net income | — | | | — | | | 2,981 | | | 3,848 | | | — | | | 36,762 | | | — | | | 416 | | | $ | 44,007 | |
| | | | | | | | | | | | | | | | | |
Unitholders’ capital as of September 30, 2024 | 116,373 | | | 43,772 | | | 173,669 | | | 226,915 | | | $ | 1,601,357 | | | $ | 302,894 | | | $ | — | | | $ | 8,208 | | | $ | 2,313,043 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Brookfield Oaktree Holdings, LLC | | Non-controlling Interests in Consolidated Subsidiaries | | Total Unitholders’ Capital |
| Class A Units | | Class B Units | | Series A Preferred Units | | Series B Preferred Units | | Paid-in Capital | | Retained Earnings (Accumulated Deficit) | | Accumulated Other Comprehensive Income (Loss) | |
| | | | | | | | | | | | | | | | | |
Unitholders’ capital as of December 31, 2023 | 109,199 | | | 50,916 | | | 173,669 | | | 226,915 | | | $ | 1,529,909 | | | $ | 334,314 | | | $ | (13,096) | | | $ | 333,195 | | | $ | 2,584,906 | |
Activity for the nine months ended: | | | | | | | | | | | | | | | | | |
Deconsolidation of Oaktree Capital I | — | | | — | | | — | | | — | | | — | | | — | | | 14,122 | | | (283,685) | | | $ | (269,563) | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Net issuance of units | — | | | 30 | | | — | | | — | | | — | | | — | | | — | | | — | | | $ | — | |
Unit exchange | 7,174 | | | (7,174) | | | — | | | — | | | — | | | — | | | — | | | — | | | $ | — | |
| | | | | | | | | | | | | | | | | |
Capital contributions | — | | | — | | | — | | | — | | | 37,500 | | | — | | | — | | | — | | | $ | 37,500 | |
| | | | | | | | | | | | | | | | | |
Equity reallocation between controlling and non-controlling interests | — | | | — | | | — | | | — | | | 33,948 | | | — | | | — | | | (34,219) | | | $ | (271) | |
| | | | | | | | | | | | | | | | | |
Distributions declared | — | | | — | | | (8,943) | | | (11,544) | | | — | | | (182,942) | | | — | | | (68,689) | | | $ | (272,118) | |
Net income | — | | | — | | | 8,943 | | | 11,544 | | | — | | | 151,522 | | | — | | | 62,081 | | | $ | 234,090 | |
Foreign currency translation adjustment, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | (1,026) | | | (475) | | | $ | (1,501) | |
Unitholders’ capital as of September 30, 2024 | 116,373 | | | 43,772 | | | 173,669 | | | 226,915 | | | $ | 1,601,357 | | | $ | 302,894 | | | $ | — | | | $ | 8,208 | | | $ | 2,313,043 | |
| | | | | | | | | | | | | | | | | |
Please see accompanying notes to condensed consolidated financial statements.
Brookfield Oaktree Holdings, LLC
Condensed Consolidated Statements of Changes in Unitholders’ Capital (Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Brookfield Oaktree Holdings, LLC | | Non-controlling Interests in Consolidated Subsidiaries | | Total Unitholders’ Capital |
| Class A Units | | Class B Units | | Series A Preferred Units | | Series B Preferred Units | | Paid-in Capital | | Retained Earnings (Accumulated Deficit) | | Accumulated Other Comprehensive Income (Loss) | |
| | | | | | | | | | | | | | | | | |
Unitholders’ capital as of June 30, 2023 | 109,199 | | | 50,917 | | | 173,669 | | | 226,915 | | | $ | 1,512,724 | | | $ | 200,217 | | | $ | (10,109) | | | $ | 285,307 | | | $ | 2,388,723 | |
Activity for the three months ended: | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Cancellation of units associated with forfeitures | — | | | (16) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Capital contributions | — | | | — | | | — | | | — | | | 13,902 | | | — | | | — | | | — | | | 13,902 | |
Equity reallocation between controlling and non-controlling interests | — | | | — | | | — | | | — | | | 1,402 | | | — | | | — | | | (1,681) | | | (279) | |
| | | | | | | | | | | | | | | | | |
Distributions declared | — | | | — | | | (2,981) | | | (3,848) | | | — | | | (9,828) | | | — | | | (4,582) | | | (21,239) | |
Net income | — | | | — | | | 2,981 | | | 3,848 | | | — | | | 25,104 | | | — | | | 9,198 | | | 41,131 | |
Foreign currency translation adjustment, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | (11,736) | | | (6,088) | | | (17,824) | |
Unitholders’ capital as of September 30, 2023 | 109,199 | | | 50,901 | | | 173,669 | | | 226,915 | | | $ | 1,528,028 | | | $ | 215,493 | | | $ | (21,845) | | | $ | 282,154 | | | $ | 2,404,414 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Brookfield Oaktree Holdings, LLC | | Non-controlling Interests in Consolidated Subsidiaries | | Total Unitholders’ Capital |
| Class A Units | | Class B Units | | Series A Preferred Units | | Series B Preferred Units | | Paid-in Capital | | Retained Earnings (Accumulated Deficit) | | Accumulated Other Comprehensive Income (Loss) | |
| | | | | | | | | | | | | | | | | |
Unitholders’ capital as of December 31, 2022 | 103,081 | | | 56,922 | | | 173,669 | | | 226,915 | | | $ | 908,142 | | | $ | 246,353 | | | $ | (9,101) | | | $ | 360,660 | | | $ | 1,906,638 | |
Activity for the nine months ended: | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Net issuance of units | — | | | 122 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Unit exchange | 6,118 | | | (6,118) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Cancellation of units associated with forfeitures | — | | | (25) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | |
Capital contributions | — | | | — | | | — | | | — | | | 583,402 | | | — | | | — | | | — | | | 583,402 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Equity reallocation between controlling and non-controlling interests | — | | | — | | | — | | | — | | | 36,484 | | | — | | | — | | | (37,849) | | | (1,365) | |
| | | | | | | | | | | | | | | | | |
Distributions declared | — | | | — | | | (8,943) | | | (11,544) | | | — | | | (88,558) | | | — | | | (48,986) | | | (158,031) | |
Net income | — | | | — | | | 8,943 | | | 11,544 | | | — | | | 57,698 | | | — | | | 14,943 | | | 93,128 | |
Foreign currency translation adjustment, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | (12,744) | | | (6,614) | | | (19,358) | |
Unitholders’ capital as of September 30, 2023 | 109,199 | | | 50,901 | | | 173,669 | | | 226,915 | | | $ | 1,528,028 | | | $ | 215,493 | | | $ | (21,845) | | | $ | 282,154 | | | $ | 2,404,414 | |
Please see accompanying notes to condensed consolidated financial statements.
Brookfield Oaktree Holdings, LLC
Notes to Condensed Consolidated Financial Statements (Unaudited)
September 30, 2024
($ in thousands, except where noted)
1. ORGANIZATION AND BASIS OF PRESENTATION
As used in these condensed consolidated financial statements:
“Oaktree” refers to the Oaktree Operating Group members and, where applicable, their respective subsidiaries and affiliates; and
the “Company” refers to Brookfield Oaktree Holdings, LLC and, where applicable, its subsidiaries and affiliates.
The Company holds Credit, Real Estate and Private Equity investments managed by leading alternative asset management firms Oaktree Capital Management, L.P. and Brookfield Asset Management Ltd. The Company both directly invests in funds and has indirect exposure through its 72% economic interest in Oaktree Capital I, L.P. (“Oaktree Capital I”), which acts as or controls the general partner of certain Oaktree funds and which holds a majority of Oaktree’s investments in its funds.
The Company is a Delaware limited liability company that was formed on April 13, 2007 under the name of Oaktree Capital Group, LLC. The Company’s issued and outstanding member interests are divided into certain classes and series of units. The Company’s outstanding units are held by (i) an affiliate of Brookfield Corporation (formerly known as Brookfield Asset Management, Inc.) (“Brookfield”) as the sole holder of the Company’s Class A common units, (ii) preferred unitholders as the holders of Series A and Series B preferred units listed on the NYSE, which represent only the right to receive certain distributions from the Company and such other rights as are specified in the relevant preferred unit designations, and (iii) Oaktree Capital Group Holdings, L.P. (“OCGH”) as the sole holder of the Company’s Class B common units, which units do not represent an economic interest in the Company. OCGH is owned by Oaktree’s senior executives, current and former Oaktree employees, and their respective transferees (collectively, the “OCGH unitholders”). Subject to the operating agreement of the Company, to the extent the approval of any matter requires the vote of the Company’s unitholders, the Class A units are entitled to one vote per unit and the Class B units are entitled to ten votes per unit, voting together as a single class.
The Company’s ownership and operational structure through September 30, 2024 were the result of (i) certain mergers with affiliates of Brookfield completed on September 30, 2019 (the “Mergers”) and the subsequent restructuring completed on October 1, 2019 in connection with the Mergers (the “2019 Restructuring”), (ii) the restructuring completed on November 30, 2022 in connection with an internal Oaktree reorganization to facilitate the separation of Brookfield’s capital business and asset management business (the “2022 Restructuring”) and (iii) the restructuring completed on July 1, 2024 in connection with an internal Oaktree reorganization which resulted in the change of the general partner of Oaktree Capital I, L.P. from Brookfield OCM Holdings II, LLC, a subsidiary of the Company, to Oaktree Capital I GP, LLC, a newly formed subsidiary of Oaktree Capital Holdings, LLC (“OCH”) (the “2024 Restructuring”). See Part I, Item I included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 2, 2020 for more information regarding the Mergers and the 2019 Restructuring. See Item 1.01 of the Company’s Current Report on Form 8-K filed with the SEC on December 6, 2022 for more information about the 2022 Restructuring. See Item 8.01 of the Company’s Current Report on Form 8-K filed with the SEC on July 1, 2024 for more information about the 2024 Restructuring.
Following the above restructurings, the Company’s holdings and operations primarily represent (i) limited partner investments in certain of Oaktree’s flagship opportunistic funds, (ii) an approximately 72% economic interest in Oaktree Capital I, which acts as or controls the general partner of certain Oaktree funds and which holds a majority of Oaktree’s investments in its funds, and (iii) an indirect ownership in Brookfield Real Estate Income Trust Inc. (“Brookfield REIT”).
Oaktree is a leader among global investment managers specializing in alternative investments.
Oaktree emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private
equity, real assets and listed equities. Funds managed by Oaktree (the “Oaktree funds”) include commingled funds,
separate accounts, collateralized loan obligation vehicles (“CLOs”) and business development companies (“BDCs”).