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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 June 30, 2024

☐ 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

Accelerated filer

☐

Non-accelerated filer

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 August 14, 2024, there were 116,373,234 Class A units and 43,771,190 Class B units of the registrant outstanding.

TABLE OF CONTENTS


		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023	1
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023	2
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 202 4 and 202 3	3
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023	4
	Condensed Consolidated Statements of Changes in Unitholders’ Capital for the Three and Six Months Ended June 30, 2024 and 2023	6
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	74
Item 4.	Controls and Procedures	75

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	76
Item 1A.	Risk Factors	76
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	76
Item 3.	Defaults Upon Senior Securities	76
Item 4.	Mine Safety Disclosures	76
Item 5.	Other Information	76
Item 6.	Exhibits	77
Signature

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.The reference to “our funds” refers to investment funds, other entities or accounts managed by Oaktree for which we, directly or indirectly, act as general partner or otherwise controlled by us.

“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 BDCs, 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 and the AUM-related metric described below may not be directly comparable to the AUM metrics of other investment managers.

“incentive-creating assets under management,” or “incentive-creating AUM,” refers to the AUM that may eventually produce incentive income, as more fully described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Operating Metrics.”

“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” refer 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 us, in our 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” refer 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
	June 30, 2024		December 31, 2023
Assets
Cash and cash-equivalents	$	14,911	$	28,507
U.S. Treasury and other securities	170,000		—
Corporate investments (includes $375,305 and $402,620 measured at fair value as of June 30, 2024 and December 31, 2023, respectively)	1,443,496		1,532,208
Due from affiliates	9,437		232,485


Other assets	68,341		66,650
Assets of consolidated funds:
Cash and cash-equivalents	480,532		308,172
Investments, at fair value	6,472,887		5,143,677
Dividends and interest receivable	47,056		37,839

Receivable for securities sold	101,640		118,851
Derivative assets, at fair value	24,793		9,133
Other assets, net	85,818		78,411
Total assets	$	8,918,911	$	7,555,933
Liabilities and Unitholders’ Capital
Liabilities:
Accrued compensation expense	$	46,796	$	138,841
Accounts payable, accrued expenses and other liabilities	3,494		3,837
Due to affiliates	50,014		62,759
Debt obligations (Note 8)	213,161		219,682

Liabilities of consolidated funds:
Accounts payable, accrued expenses and other liabilities	31,502		14,701
Payables for securities purchased	359,000		124,789

Derivative liabilities, at fair value	18,210		22,230
Distributions payable	570		95,690
Debt obligations of the consolidated funds	1,481,994		951,950
Debt obligations of CLOs	769,314		—
Total liabilities	2,974,055		1,634,479
Commitments and contingencies (Note 13)
Non-controlling redeemable interests in consolidated funds	3,378,021		3,336,548
Unitholders’ capital:
Series A preferred units, 7,200,000 units issued and outstanding as of June 30, 2024 and December 31, 2023	173,669		173,669
Series B preferred units, 9,400,000 units issued and outstanding as of June 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 June 30, 2024 and December 31, 2023, respectively	—		—
Class B units, no par value, unlimited units authorized, 43,756,355 and 50,915,764 units issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	—		—
Paid-in capital	1,563,857		1,529,909
Retained earnings	325,039		334,314
Accumulated other comprehensive loss	(14,122)		(13,096)
Unitholders’ capital attributable to Brookfield Oaktree Holdings, LLC	2,275,358		2,251,711
Non-controlling interests in consolidated subsidiaries	291,477		333,195
Total unitholders’ capital	2,566,835		2,584,906
Total liabilities and unitholders’ capital	$	8,918,911	$	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 June 30,				Six months ended June 30,
	2024		2023		2024		2023
Revenues:

Incentive income	$	2,200	$	2,072	$	117,529	$	61,473

Expenses:
Compensation and benefits	(272)		(85)		(471)		(176)

Incentive income compensation	4,152		1,494		(22,168)		(57,044)
Total compensation and benefits expense	3,880		1,409		(22,639)		(57,220)
General and administrative	1,075		(179)		(2,314)		(2,103)

Consolidated fund expenses	(24,086)		(13,188)		(44,661)		(27,324)
Total expenses	(19,131)		(11,958)		(69,614)		(86,647)
Other income (loss):
Interest expense	(28,940)		(12,161)		(51,155)		(28,710)
Interest and dividend income	136,392		93,086		257,776		159,895
Net realized gain on consolidated funds’ investments	54,857		30,701		3,081		62,381
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(22,295)		(12,789)		95,179		(37,971)
Investment income (loss)	16,514		(41,841)		34,754		9,881

Total other income	156,528		56,996		339,635		165,476


Net income	139,597		47,110		387,550		140,302
Less:
Net income attributable to non-controlling interests in consolidated funds	(85,857)		(60,571)		(197,467)		(88,305)
Net (income) loss attributable to non-controlling interests in consolidated subsidiaries	(8,937)		13,955		(61,665)		(5,745)
Net income attributable to Brookfield Oaktree Holdings, LLC	44,803		494		128,418		46,252
Net income attributable to preferred unitholders	(6,829)		(6,829)		(13,658)		(13,658)
Net income (loss) attributable to Brookfield Oaktree Holdings, LLC Class A unitholders	$	37,974	$	(6,335)	$	114,760	$	32,594

Distributions declared per Class A unit	$	1.26	$	0.72	$	1.40	$	0.83
Net income (loss) per Class A unit (basic and diluted):
Net income (loss) per Class A unit	$	0.33	$	(0.06)	$	1.02	$	0.31
Weighted average number of Class A units outstanding	115,821		108,796		112,510		105,954

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 June 30,				Six months ended June 30,
	2024		2023		2024		2023

Net income (loss)	$	139,597	$	47,110	$	387,550	$	140,302
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(6)		(1,498)		(1,501)		(1,534)
Other comprehensive income (loss), net of tax	(6)		(1,498)		(1,501)		(1,534)
Total comprehensive income (loss)	139,591		45,612		386,049		138,768
Less:
Comprehensive (income) loss attributable to non-controlling interests in consolidated funds	(85,857)		(60,571)		(197,467)		(88,305)
Comprehensive (income) loss attributable to non-controlling interests in consolidated subsidiaries	(8,937)		14,467		(61,190)		(5,219)
Comprehensive income (loss) attributable to BOH	44,797		(492)		127,392		45,244
Comprehensive income attributable to preferred unitholders	(6,829)		(6,829)		(13,658)		(13,658)
Comprehensive income (loss) attributable to BOH Class A unitholders	$	37,968	$	(7,321)	$	113,734	$	31,586

Please see accompanying notes to condensed consolidated financial statements.

Brookfield Oaktree Holdings, LLC

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Six months ended June 30,
	2024		2023
Cash flows from operating activities:
Net income	$	387,550	$	140,302
Adjustments to reconcile net income (loss) to net cash used in operating activities:

Investment income	(34,754)		(9,881)


Net realized and unrealized gain from consolidated funds’ investments	(98,260)		(24,410)
Accretion of original issue and market discount of consolidated funds’ investments, net	(37,679)		(17,870)
Distributions of investment income and settlements of derivative instruments	68,390		7,590
Other non-cash items	3,450		(74)
Cash flows due to changes in operating assets and liabilities:

(Increase)/ Decrease in other assets	(1,693)		17,217
Decrease in net due from affiliates	234,117		214,036
Decrease in accrued compensation expense	(92,045)		(65,134)
Decrease in accounts payable, accrued expenses and other liabilities	(344)		(11,023)
Cash flows due to changes in operating assets and liabilities of consolidated funds:
Increase in dividends and interest receivable	(11,523)		(835)
Decrease in due from brokers	—		31,965
Decrease (increase) in receivables for securities sold	17,211		(14,237)
Increase in other assets	(7,499)		(13,393)
Decrease in accounts payable, accrued expenses and other liabilities	(79,612)		(3,778)
Increase (decrease) in payables for securities purchased	208,724		(43,499)
Purchases of securities	(2,761,182)		(2,441,651)
Proceeds from maturities and sales of securities	1,433,916		1,864,825
Net cash used in operating activities	(771,233)		(369,850)
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	(34,945)		(409,539)
Distributions and proceeds from corporate investments in funds and companies	124,455		79,492

Net cash used in investing activities	(80,490)		(330,047)

(continued)

Please see accompanying notes to condensed consolidated financial statements.

Brookfield Oaktree Holdings, LLC

Condensed Consolidated Statements of Cash Flows (Unaudited) — (Continued)

(in thousands)


	Six months ended June 30,
	2024		2023
Cash flows from financing activities:
Capital contributions	$	—	$	569,500
Capital distributions	(271)		(1,086)


Distributions to Class A unitholders	(152,683)		(78,730)
Distributions to OCGH unitholders	(82,213)		(44,404)
Distributions to preferred unitholders	(13,658)		(13,658)


Payment of debt issuance costs	—		(128)
Cash flows from financing activities of consolidated funds:
Contributions from non-controlling interests	149,417		1,107,488
Distributions to non-controlling interests	(138,508)		(63,085)

Payment of debt issuance costs	(3,378)		—

Borrowings on credit facilities	2,168,351		76,678
Repayments on credit facilities	(907,670)		(767,078)
Net cash provided by financing activities	1,019,387		785,497
Effect of exchange rate changes on cash	(8,130)		2,254
Net increase in cash and cash-equivalents	159,534		87,854
Initial consolidation (deconsolidation) of funds	(770)		—
Cash and cash-equivalents, beginning balance	336,679		176,130
Cash and cash-equivalents, ending balance	$	495,443	$	263,984


Reconciliation of cash and cash-equivalents
Cash and cash-equivalents – Oaktree	$	14,911	$	17,980
Cash and cash-equivalents – consolidated funds	480,532		246,004
Total cash and cash-equivalents	$	495,443	$	263,984

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 March 31, 2024	109,199	50,931	173,669	226,915	$	1,527,933	$	402,582	$	(14,116)	$	382,880	$	2,699,863
Activity for the three months ended:


Unit exchange	7,174	(7,174)	—	—	—		—		—		—		$	—



Equity reallocation between controlling and non-controlling interests	—	—	—	—	35,924		—		—		(35,924)		$	—

Distributions declared	—	—	(2,981)	(3,848)	—		(115,517)		—		(64,416)		$	(186,762)
Net income	—	—	2,981	3,848	—		37,974		—		8,937		$	53,740
Foreign currency translation adjustment, net of tax	—	—	—	—	—		—		(6)		—		$	(6)
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


	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 six months ended:
Net issuance of units	—	15	—	—	—		—		—		—		$	—
Unit exchange	7,174	(7,174)	—	—	—		—		—		—		$	—



Equity reallocation between controlling and non-controlling interests	—	—	—	—	33,948		—		—		(34,219)		$	(271)

Distributions declared	—	—	(5,962)	(7,696)	—		(124,035)		—		(68,689)		$	(206,382)
Net income	—	—	5,962	7,696	—		114,760		—		61,665		$	190,083
Foreign currency translation adjustment, net of tax	—	—	—	—	—		—		(1,026)		(475)		$	(1,501)
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

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 March 31, 2023	103,081	57,035	173,669	226,915	$	1,055,871	$	283,706	$	(9,123)	$	375,857	$	2,106,895
Activity for the three months ended:


Unit exchange	6,118	(6,118)	—	—	—		—		—		—		—




Capital contributions	—	—	—	—	419,500		—		—		—		419,500
Equity reallocation between controlling and non-controlling interests	—	—	—	—	37,353		—		—		(37,953)		(600)

Distributions declared	—	—	(2,981)	(3,848)	—		(77,154)		—		(38,130)		(122,113)
Net income	—	—	2,981	3,848	—		(6,335)		—		(13,955)		(13,461)
Foreign currency translation adjustment, net of tax	—	—	—	—	—		—		(986)		(512)		(1,498)
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


	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 six months ended:

Net issuance of units	—	122	—	—	—		—		—		—		—
Unit exchange	6,118	(6,118)	—	—	—		—		—		—		—
Cancellation of units associated with forfeitures	—	(9)	—	—	—		—		—		—		—

Capital contributions	—	—	—	—	569,500		—		—		—		569,500


Equity reallocation between controlling and non-controlling interests	—	—	—	—	35,082		—		—		(36,168)		(1,086)

Distributions declared	—	—	(5,962)	(7,696)	—		(78,730)		—		(44,404)		(136,792)
Net income	—	—	5,962	7,696	—		32,594		—		5,745		51,997
Foreign currency translation adjustment, net of tax	—	—	—	—	—		—		(1,008)		(526)		(1,534)
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

Please see accompanying notes to condensed consolidated financial statements.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited)

June 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 and, where applicable, their respective subsidiaries and affiliates; and

the “Company” refers to Brookfield Oaktree Holdings, LLC and, where applicable, its subsidiaries and affiliates.

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”). Commingled funds include open-end and closed-end limited partnerships in which Oaktree makes an investment and for which it serves as the general partner. CLOs are structured finance vehicles in which Oaktree typically makes an investment and for which it serves as collateral manager.

Brookfield Oaktree Holdings, LLC 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 June 30, 2024 were the result of certain mergers with affiliates of Brookfield completed on September 30, 2019 (the “Mergers”) and subsequent restructurings completed on October 1, 2019 in connection with the Mergers (the “2019 Restructuring”) and on November 30, 2022 (“Effective Date”) in connection with an internal Oaktree reorganization to facilitate the separation of Brookfield’s capital business and asset management business (the “2022 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. Subsequently, on July 1, 2024, an internal Oaktree reorganization was effected to facilitate the change of the general partner of Oaktree Capital I, L.P. (“Oaktree Capital I”) from Brookfield OCM Holdings II, LLC to Oaktree Capital I GP, LLC, a newly formed subsidiary of Oaktree Capital Holdings, LLC (“OCH”) (the “2024 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.

The Oaktree business is conducted through a group of six operating entities collectively referred to as the “Oaktree Operating Group.” The Oaktree Operating Group consists of: (i) 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, (ii) Oaktree Capital II, L.P. (“Oaktree Capital II”), a series limited partnership which acts as or controls the general partner of certain Oaktree funds and which includes Oaktree’s investments in certain funds and other businesses, including Oaktree’s investment in DoubleLine Capital, L.P., (iii) Oaktree Capital Management, L.P. (“OCM”), the entity that serves as the U.S. registered investment adviser to most of the Oaktree funds, (iv) Oaktree Capital Management (Cayman), L.P. (“OCM Cayman”), which represents Oaktree’s non-U.S. fee business, (v) Oaktree Investment Holdings, L.P. (“Oaktree Investment Holdings”), which holds certain corporate investments in

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

other entities and (vi) Oaktree AIF Investments, L.P. (“Oaktree AIF”), which primarily holds interests in certain Oaktree fund investments for regulatory and structuring purposes.

Since the 2022 Restructuring, the Company’s operations have been conducted through an indirect economic interest in Oaktree Capital I.

OCM, an affiliate of the Company, has since the 2019 Restructuring provided certain administrative and other services relating to the operations of the Company’s business. These services are provided pursuant to a Services Agreement between the Company and OCM (as amended from time to time, the “Services Agreement”).

Subsequent to the 2022 Restructuring, the Company’s revenue includes the incentive income generated by certain funds that OCM manages for which the Company acts as general partner and the investment income earned from the investments the Company makes in Oaktree funds, third-party funds and other companies. Investment income generally reflects the investment return on a mark-to-market basis and the Company’s equity participation on the amounts that it invests in Oaktree and third-party funds.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. Certain of the Oaktree funds consolidated by the Company are investment companies that follow a specialized basis of accounting established by GAAP. All intercompany transactions and balances have been eliminated in consolidation.

These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 21, 2024.

Use of Estimates

The preparation of the condensed consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, as well as the reported amounts of income and expenses during the period then ended. Actual results could differ from these estimates.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting Policies of the Company

Consolidation

The Company consolidates entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. A limited partnership or similar entity is a variable interest entity (“VIE”) if the unaffiliated limited partners do not have substantive kick-out or participating rights. Most of the Oaktree funds are VIEs because they have not granted unaffiliated limited partners substantive kick-out or participating rights. The Company consolidates those VIEs in which it is the primary beneficiary. An entity is deemed to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance-based fees), would give it a controlling financial interest. A decision maker’s fee arrangement is not considered a variable interest if (a) it is compensation for services provided, commensurate with the level of effort required to provide those services, and part of a compensation arrangement that includes only terms, conditions or amounts that are customarily present in arrangements for similar services negotiated at arm’s length (“at-market”), and (b) the decision maker does not hold any other variable interests that absorb more than an insignificant amount of the potential VIE’s expected residual returns.

The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective Oaktree funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. The Company does not consolidate most of the Oaktree funds because it is not the primary beneficiary of those funds due to the fact that its fee arrangements are considered at-market and thus not deemed to be variable interests, and it does not hold any other interests in those funds that are considered to be more than insignificant. Please see note 4 for more information regarding both consolidated and unconsolidated VIEs. For entities that are not VIEs, consolidation is evaluated through a majority voting interest model.

“Consolidated funds” refers to Oaktree-managed funds and CLOs that the Company is required to consolidate. When funds or CLOs are consolidated, the Company reflects the assets, liabilities, revenues, expenses and cash flows of the funds or CLOs on a gross basis, and the majority of the economic interests in those funds or CLOs, which are held by third-party investors, are reflected as non-controlling interests in consolidated funds or debt obligations of CLOs in the condensed consolidated financial statements. All of the revenues earned by the Company as investment manager of the consolidated funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the consolidation of a fund does not impact net income or loss attributable to the Company.

Certain entities in which the Company has the ability to exert significant influence, including unconsolidated Oaktree funds for which the Company acts as general partner, are accounted for under the equity method of accounting.

Non-controlling Redeemable Interests in Consolidated Funds

The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners in Oaktree-managed funds and the class A ordinary shareholders in Oaktree sponsored SPACs. These interests are presented as non-controlling redeemable interests in consolidated funds within the condensed

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

consolidated statements of financial condition, outside of the permanent capital section. Limited partners in open-end and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective limited partnership agreements, over periods ranging from one month to three years. While limited partners in consolidated closed-end funds generally have not been granted redemption rights, these limited partners do have withdrawal or redemption rights in certain limited circumstances that are beyond the control of the Company, such as instances in which retaining the limited partnership interest could cause the limited partner to violate a law, regulation or rule. For Oaktree sponsored SPACs, the class A ordinary shareholders have redemption rights that are considered to be outside of the Company’s control. These shares are presented as non-controlling redeemable interests on the Company’s condensed consolidated statements of financial condition.

The allocation of net income or loss to non-controlling redeemable interests in consolidated funds and Oaktree sponsored SPACs is based on the relative ownership interests of the unaffiliated limited partners after the consideration of contractual arrangements that govern allocations of income or loss. At the consolidated level, potential incentives are allocated to non-controlling redeemable interests in consolidated funds until such incentives become allocable to the Company under the substantive contractual terms of the limited partnership agreements of the funds.

Non-controlling Interests in Consolidated Subsidiaries

Non-controlling interests in consolidated subsidiaries reflect the portion of unitholders’ capital attributable to OCGH unitholders (“OCGH non-controlling interest”) and third parties. All non-controlling interests in consolidated subsidiaries are attributed a share of income or loss in the respective consolidated subsidiary based on the relative economic interests of the OCGH unitholders or third parties after consideration of contractual arrangements that govern allocations of income or loss.

Fair Value of Financial Instruments

GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, such as the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.

Financial assets and liabilities measured and reported at fair value are classified as follows:

•Level I – Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. The types of investments in Level I include exchange-traded equities, debt and derivatives with quoted prices.

•Level II – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are directly or indirectly observable. Level II inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. The types of investments in Level II generally include corporate bonds and loans, government and agency securities, less liquid and restricted equity investments, over-the-counter traded derivatives, debt obligations of consolidated CLOs, and other investments where the fair value is based on observable inputs.

•Level III – Valuations for which one or more significant inputs are unobservable. These inputs reflect the Company’s assessment of the assumptions that market participants use to value the investment based on the best available information. Level III inputs include prices of quoted securities in markets for which there are few transactions, less public information exists or prices vary among brokered market makers. The types of investments in Level III include non-publicly traded equity, debt, real estate and derivatives.

In some instances, the inputs used to value an instrument may fall into multiple levels of the fair-value hierarchy. In such instances, the instrument’s level within the fair-value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair-value measurement. The Company’s assessment

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

of the significance of an input requires judgment and considers factors specific to the instrument. Transfers of assets into or out of each fair value hierarchy level as a result of changes in the observability of the inputs used in measuring fair value are accounted for as of the beginning of the reporting period. Transfers resulting from a specific event, such as a reorganization or restructuring, are accounted for as of the date of the event that caused the transfer.

In the absence of observable market prices, the Company values Level III investments inclusive of the Company’s investments in unconsolidated Oaktree funds using valuation methodologies applied on a consistent basis. The quarterly valuation process for Level III investments begins with each portfolio company, property or security being valued by the investment and/or valuation teams. With the exception of open-end funds, all unquoted Level III investment values are reviewed and approved by (i) the Company’s valuation officer, who is independent of the investment teams, (ii) a designated investment professional of each strategy and (iii) for a substantial majority of unquoted Level III holdings as measured by market value, a valuation committee of the respective strategy. For open-end funds, unquoted Level III investment values are reviewed and approved by the Company’s valuation officer. For certain investments, the valuation process also includes a review by independent valuation parties, at least annually, to determine whether the fair values determined by management are reasonable. Results of the valuation process are evaluated each quarter, including an assessment of whether the underlying calculations should be adjusted or recalibrated. In connection with this process, the Company periodically evaluates changes in fair-value measurements for reasonableness, considering items such as industry trends, general economic and market conditions, and factors specific to the investment.

Certain assets are valued using prices obtained from pricing vendors or brokers. The Company seeks to obtain prices from at least two pricing vendors for the subject or similar securities. In cases where vendor pricing is not reflective of fair value, a secondary vendor is unavailable, or no vendor pricing is available, a comparison value made up of quotes for the subject or similar securities received from broker dealers may be used. These investments may be classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. The Company evaluates the prices obtained from brokers or pricing vendors based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Company also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Company performs due diligence procedures surrounding pricing vendors to understand their methodology and controls to support their use in the valuation process.

Fair Value Option

The Company has elected the fair value option for the financial assets and financial liabilities of its consolidated CLOs. The assets and liabilities of CLOs are primarily reflected within the investments, at fair value and within the debt obligations of CLOs line items in the condensed consolidated statements of financial condition. The Company’s accounting for CLO assets is similar to its accounting for its funds with respect to both carrying investments held by CLOs at fair value and the valuation methods used to determine the fair value of those investments. The fair value of CLO liabilities are measured as the fair value of CLO assets less the sum of (a) the fair value of any beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. Realized gains or losses and changes in the fair value of CLO assets, respectively, are included in net realized gain on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Interest income of CLOs is included in interest and dividend income, and interest expense and other expenses, respectively, are included in interest expense and consolidated fund expenses in the condensed consolidated statements of operations. Changes in the fair value of a CLO’s financial liabilities in accordance with the CLO measurement guidance are included in net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Please see notes 6 and 8 for more information.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

Foreign Currency

The assets and liabilities of the Company’s foreign subsidiaries with non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. The results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in other comprehensive income (loss) within the consolidated statements of financial condition until realized. Gains and losses resulting from foreign-currency transactions are included in general and administrative expense.

Subsequent to the 2022 Restructuring, the Company deconsolidated OCM Cayman which included the Company’s foreign subsidiaries with non-U.S. dollar functional currencies.

Derivatives and Hedging

A derivative is a financial instrument whose value is derived from an underlying financial instrument or index, such as interest rates, equity securities, currencies, commodities or credit spreads. Derivatives include futures, forwards, swaps or option contracts, and other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest-rate swaps, foreign-currency forwards or cross-currency swaps).

The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. The Company manages its exposure to interest rate and foreign exchange market risks, when deemed appropriate, through the use of derivatives, including foreign currency forward and option contracts, interest-rate and cross currency swaps with financial counterparties. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company’s overall risk management strategy that may result in the use of derivatives to economically hedge or reduce these exposures. From time to time, the Company may enter into (a) foreign-currency option and forward contracts to reduce earnings and cash-flow volatility associated with changes in foreign-currency exchange rates, and (b) interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable-rate borrowings. As a result of the use of these or other derivative contracts, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. The Company attempts to mitigate this counterparty risk by entering into derivative contracts only with major financial institutions that have investment-grade credit ratings. Counterparty credit risk is evaluated in determining the fair value of derivatives.

The Company recognizes all derivatives as assets or liabilities in its condensed consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its condensed consolidated statements of financial condition.

When the Company enters into a derivative contract, it may or may not elect to designate the derivative as a hedging instrument and apply hedge accounting as part of its overall risk management strategy. In other situations, when a derivative does not qualify for hedge accounting or when the derivative and the hedged item are both recorded in current-period earnings and thus deemed to be economic hedges, hedge accounting is not applied. Freestanding derivatives are financial instruments that we enter into as part of our overall risk management strategy but do not utilize hedge accounting. These financial instruments may include foreign-currency exchange contracts, interest-rate swaps and other derivative contracts.

Cash and Cash-equivalents

Cash and cash-equivalents include demand deposit accounts, money market funds, and other short-term investments with maturities of three months or less at the date of acquisition.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

At June 30, 2024 and December 31, 2023, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions.

U.S. Treasury and Other Securities

U.S. Treasury and other securities include holdings of U.S. Treasury bills, time deposit securities, notes and bonds, commercial paper, and investment grade debt securities that are issued or guaranteed by U.S. government-sponsored entities, sovereign debt, domestic and international corporate fixed and floating rate debt, and structured credit with maturities greater than three months from the date of acquisition. These securities are classified as trading and are recorded at fair value with changes in fair value included in investment income. The interest income earned on the deposit is included in the interest and dividend income.

Corporate Investments

Corporate investments may consist of investments in funds, companies in which the Company does not have a controlling financial interest, equities received as part of our sponsorship of SPACs, and non-investment grade debt securities. Investments for which the Company is deemed to exert significant influence are accounted for under the equity method of accounting and reflect Oaktree’s ownership interest in each fund or company. In the case of investments for which the Company is not deemed to exert significant influence or control, the fair value option of accounting has been elected. Investment income represents the Company’s pro-rata share of income or loss from these funds or companies, or the change in fair value of the investment, as applicable. Oaktree’s general partnership interests are substantially illiquid. While investments in funds reflect each respective fund’s holdings at fair value, equity-method investments in companies are not adjusted to reflect the fair value of the underlying company. The fair value of the underlying investments in Oaktree funds is based on the Company’s assessment, which takes into account expected cash flows, earnings multiples and/or comparisons to similar market transactions, among other factors. Valuation adjustments reflecting consideration of credit quality, concentration risk, sales restrictions and other liquidity factors are integral to valuing these instruments.

Non-investment grade debt securities include domestic and international corporate fixed and floating rating debt and structured credit investments. These securities are classified as trading and are recorded at fair value with changes in fair value included in investment income.

Revenue Recognition - Incentive Income

The Company earns incentive income from the investment advisory services it provides to its customers. Revenue is recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. These services are generally capable of being distinct and each is accounted for as separate performance obligations comprised of distinct service periods because the services are performed over time.

Incentive income generally represents 20% of each closed-end fund’s profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and up to 20% of certain evergreen fund’s annual profits, subject to high-water marks or hurdle rates. Incentive income is recognized when it is probable that a significant reversal will not occur. Revenue recognition is typically met (a) for closed-end funds, only after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors, and (b) for certain evergreen funds, at the conclusion of each annual measurement period. Potential incentive income is highly susceptible to market volatility, the judgment and actions of third parties, and other factors outside of the Company’s control. The Company’s experience has demonstrated little predictive value in the amount of potential incentive income ultimately earned due to the highly uncertain nature of returns inherent in the markets and contingencies associated with many realization events. As a result, the amount of incentive income recognized in any given period is generally determined after giving consideration to a number of factors, including whether the fund is in its investment or liquidation period, and the nature and level of risk associated with changes in fair value of the remaining assets in the fund. In general, it would be unlikely that any amount of potential incentive income would be recognized until (a) the uncertainty is resolved or (b) the fund is near final liquidation, assets are under contract for sale or are at low risk of significant fluctuation in fair value, and the assets are significantly in excess of the threshold at which incentive income would be earned.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

Incentives received by the Company before the revenue recognition criteria have been met are deferred and recorded as a deferred incentive income liability within accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. The Company may receive tax distributions related to taxable income allocated by funds, which are treated as an advance of incentive income and subject to the same recognition criteria. Tax distributions are contractually not subject to clawback.

The Company may earn incentive income upon deconsolidation of a SPAC arising from the completion of a merger with an identified target. Upon deconsolidation, the Company will derecognize the net assets of the entity and record any gain or loss related to the remeasurement of its investments to fair value as incentive income in its condensed consolidated statements of operations. Subsequent fair value changes in the Company’s investments held in the entity will be recorded in investment income in its condensed consolidated statements of operations.

Total Compensation and Benefits

Incentive Income Compensation

Incentive income compensation expense primarily reflects compensation directly related to incentive income, which generally consists of percentage interests (sometimes referred to as “points” or an allocation of shares received upon the completion of a successful SPAC merger) that the Company grants to its investment professionals associated with the particular fund or SPAC that generated the incentive income, and secondarily, compensation directly related to investment income. The Company has an obligation to pay a fixed percentage of the incentive income earned from a particular fund or SPAC, including income from consolidated funds that is eliminated in consolidation, to specified investment professionals responsible for the management of the fund or SPAC. Amounts payable pursuant to these arrangements are recorded as compensation expense when they have become probable and reasonably estimable. The Company’s determination of the point at which it becomes probable and reasonably estimable that incentive income compensation expense should be recorded is based on its assessment of numerous factors, particularly those related to the profitability, realizations, distribution status, investment profile and commitments or contingencies of the individual funds that may give rise to incentive income or the completion of a merger by an Oaktree sponsored SPAC. Incentive income compensation is generally expensed in the period in which the underlying income is recognized. Payment of incentive income compensation generally occurs in the same period the related income is received or in the next period. Participation in incentive income generated by the funds or SPACs is subject to forfeiture upon departure and to vesting provisions (generally over a period of five years), in each case, under certain circumstances set forth in the applicable governing documents. These provisions are generally only applicable to incentive income compensation that has not yet been recognized as an expense by the Company or paid to the participant.

Other Income (Expense), Net

Other income (expense), net represents non-operating income or expense items.

Income Taxes

The Company is a publicly traded partnership. Because it satisfies the qualifying income test, it is not required to be treated as a corporation for U.S. federal and state income tax purposes; rather it is taxed as a partnership.

The Company analyzes its tax filing positions for all open tax years in all of the U.S. federal, state and local tax jurisdictions where it is required to file income tax returns. If the Company determines that uncertainties in tax positions exist, a reserve is established. The Company recognizes accrued interest and penalties related to uncertain tax positions within income tax expense in the condensed consolidated statements of operations.

Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

The Oaktree funds are generally not subject to U.S. federal and state income taxes and, consequently, no income tax provision has been made in the accompanying condensed consolidated financial statements because individual partners are responsible for their proportionate share of the taxable income.

Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting unitholders’ capital that are excluded from net income (loss). Other gains and losses result from foreign-currency translation adjustments, net of tax.

Accounting Policies of Consolidated Funds

Investment Transactions and Income Recognition

The consolidated funds record investment transactions at cost on trade date for publicly-traded securities or when they have an enforceable right to acquire the security, which is generally on the closing date if not publicly traded. Realized gains and losses on investments are recorded on a specific-identification basis. The consolidated funds record dividend income on the ex-dividend date and interest income on an accrual basis, unless the related investment is in default or if collection of the income is otherwise considered doubtful. The consolidated funds may hold investments that provide for interest payable in-kind rather than in cash, in which case the related income is recorded at its estimated net realizable amount.

Income Taxes

The consolidated funds may invest in operating entities that are treated as partnerships for U.S. federal income tax purposes which may give rise to unrelated business taxable income or income effectively connected with a U.S. trade or business. In such situations, the consolidated funds permit certain investors to elect to participate in these investments through a “blocker structure” using entities that are treated as corporations for U.S. federal income tax purposes and are generally subject to U.S. federal, state and local taxes. The consolidated funds withhold blocker expenses and tax payments from electing limited partners, which are treated as deemed distributions to such limited partners pursuant to the terms of the respective limited partnership agreement.

Foreign Currency

Investments denominated in non-U.S. currencies are recorded in the condensed consolidated financial statements after translation into U.S. dollars utilizing rates of exchange on the last business day of the period. Interest and dividend income is recorded net of foreign withholding taxes and calculated using the exchange rate in effect when the income is recognized. The effect of changes in exchange rates on assets and liabilities, income, and realized gains or losses is included as part of net realized gain (loss) on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations.

Cash and Cash-equivalents

Cash and cash-equivalents held at the consolidated funds represent cash that, although not legally restricted, is not available to support the general liquidity needs of the Company as the use of such amounts is generally limited to the investment activities of the consolidated funds. Cash-equivalents, a Level I valuation, include highly liquid investments such as money market funds, whose carrying value approximates fair value due to its short-term nature.

Receivable for Investments Sold

Receivables for investments sold by the consolidated funds are recorded at net realizable value. Changes in net realizable value are reflected within net change in unrealized appreciation (depreciation) on consolidated funds’ investments and realizations are reflected within net realized gain on consolidated funds’ investments in the condensed consolidated statements of operations.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

Investments, at Fair Value

The consolidated funds include investment limited partnerships and CLOs that reflect their investments, including majority-owned and controlled investments, at fair value. The Company has retained the specialized investment company accounting guidance for investment limited partnerships with respect to consolidated investments and has elected the fair value option for the financial assets of CLOs. Thus, the consolidated investments are reflected in the condensed consolidated statements of financial condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).

Non-publicly traded debt and equity securities and other securities or instruments for which reliable market quotations are not available are valued by management using valuation methodologies applied on a consistent basis. These securities may initially be valued at the acquisition price as the best indicator of fair value. The Company reviews the significant unobservable inputs, valuations of comparable investments and other similar transactions for investments valued at acquisition price to determine whether another valuation methodology should be utilized. Subsequent valuations will depend on the facts and circumstances known as of the valuation date and the application of valuation methodologies as further described below under “—Non-publicly Traded Equity and Real Estate Investments.” The fair value may also be based on a pending transaction expected to close after the valuation date.

Exchange-traded Investments

Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. Securities that are not readily marketable due to legal restrictions that may limit or restrict transferability are generally valued at a discount from quoted market prices. The discount would reflect the amount market participants would require due to the risk relating to the inability to access a public market for the security for the specified period and would vary depending on the nature and duration of the restriction and the perceived risk and volatility of the underlying securities. Securities with longer duration restrictions or higher volatility are generally valued at a higher discount. Such discounts are generally estimated based on put option models or an analysis of market studies. Instances where the Company has applied discounts to quoted prices of restricted listed securities have been infrequent. The impact of such discounts is not material to the Company’s condensed consolidated statements of financial condition and results of operations for all periods presented.

Credit-oriented Investments (including Real Estate Loan Portfolios)

Investments in corporate and government debt which are not listed or admitted to trading on any securities exchange are valued at the mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker-dealers.

The market-yield approach is considered in the valuation of non-publicly traded debt securities, utilizing expected future cash flows and discounted using estimated current market rates. Discounted cash-flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of the borrower. Consideration is also given to a borrower’s ability to meet principal and interest obligations; this may include an evaluation of collateral and/or the underlying value of the borrower utilizing techniques described below under “—Non-publicly Traded Equity and Real Estate Investments.”

Non-publicly Traded Equity and Real Estate Investments

The fair value of equity and real estate investments is determined using a cost, market or income approach. The cost approach is based on the current cost of reproducing a real estate investment less deterioration and functional and economic obsolescence. The market approach utilizes valuations of comparable public companies and transactions, and generally seeks to establish the enterprise value of the portfolio company or investment property using a market-multiple methodology. This approach takes into account the financial measure (such as EBITDA, adjusted EBITDA, free cash flow, net operating income, net income, book value or net asset value)

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

believed to be most relevant for the given company or investment property. Consideration also may be given to factors such as acquisition price of the security or investment property, historical and projected operational and financial results for the portfolio company, the strengths and weaknesses of the portfolio company or investment property relative to its comparable companies or properties, industry trends, general economic and market conditions, and others deemed relevant. The income approach is typically a discounted cash-flow method that incorporates expected timing and level of cash flows. It incorporates assumptions in determining growth rates, income and expense projections, discount and capitalization rates, capital structure, terminal values, and other factors. The applicability and weight assigned to market and income approaches are determined based on the availability of reliable projections and comparable companies and transactions.

The valuation of securities may be impacted by expectations of investors’ receptiveness to a public offering of the securities, the size of the holding of the securities and any associated control, information with respect to transactions or offers for the securities (including the transaction pursuant to which the investment was made and the elapsed time from the date of the investment to the valuation date), and applicable restrictions on the transferability of the securities.

These valuation methodologies involve a significant degree of management judgment. Accordingly, valuations by the Company do not necessarily represent the amounts that eventually may be realized from sales or other dispositions of investments. Fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the condensed consolidated financial statements.

Securities Sold Short

Securities sold short represent obligations of the consolidated funds to make a future delivery of a specific security and, correspondingly, create an obligation to purchase the security at prevailing market prices (or deliver the security, if owned by the consolidated funds) as of the delivery date. As a result, these short sales create the risk that the funds’ obligations to satisfy the delivery requirement may exceed the amount recorded in the accompanying condensed consolidated statements of financial condition.

Securities sold short are recorded at fair value, with the resulting change in value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. When the securities are delivered, any gain or loss is included in net realized gain on consolidated funds’ investments. The funds maintain cash deposits with prime brokers in order to cover their obligations on short sales. These amounts are included in due from brokers in the condensed consolidated statements of financial condition.

Options

The purchase price of a call option or a put option is recorded as an investment, which is carried at fair value. If a purchased option expires, a loss in the amount of the cost of the option is realized. When there is a closing sale transaction, a gain or loss is realized if the proceeds are greater or less than, respectively, the cost of the option. When a call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid.

When a consolidated fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. If a written option expires, a gain is realized in the amount of the premium received. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss. The writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition.

Total-return Swaps

A total-return swap is an agreement to exchange cash flows based on an underlying asset. Pursuant to these agreements, a fund may deposit collateral with the counterparty and may pay a swap fee equal to a fixed

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

percentage of the value of the underlying security (notional amount). A fund earns interest on cash collateral held on account with the counterparty and may be required to deposit additional collateral equal to the unrealized appreciation or depreciation on the underlying asset. Changes in the value of the swaps, which are recorded as unrealized gains or losses, are based on changes in the underlying value of the security. All amounts exchanged with the swap counterparty representing capital appreciation or depreciation, dividend income and expense, items of interest income on short proceeds, borrowing costs on short sales, and commissions are recorded as realized gains or losses. Dividend income and expense on the underlying assets are accrued as unrealized gains or losses on the ex-date.

Due From Brokers

Due from brokers represents cash owned by the consolidated funds and cash collateral on deposit with brokers and counterparties that are used as collateral for the consolidated funds’ securities and swaps.

Risks and Uncertainties

Certain consolidated funds invest primarily in the securities of entities that are undergoing, or are considered likely to undergo, reorganization, debt restructuring, liquidation or other extraordinary transactions. Investments in such entities are considered speculative and involve substantial risk of principal loss. Certain of the consolidated funds’ investments may also consist of securities that are thinly traded, securities and other assets for which no market exists, and securities which are restricted as to their transferability. Additionally, investments are subject to concentration and industry risks, reflecting numerous factors, including political, regulatory or economic issues that could cause the investments and their markets to be relatively illiquid and their prices relatively volatile. Investments denominated in non-U.S. currencies or involving non-U.S. domiciled entities are subject to risks and special considerations not typically associated with U.S. investments. Such risks may include, but are not limited to, investment and repatriation restrictions; currency exchange-rate fluctuations; adverse political, social and economic developments; less liquidity; smaller capital markets; and certain local tax law considerations.

Credit risk is the potential loss that may be incurred from the failure of a counterparty or an issuer to make payments according to the terms of a contract. Some consolidated funds are subject to additional credit risk due to strategies of investing in debt of financially distressed issuers or derivatives, as well as involvement in privately-negotiated structured notes and structured-credit transactions. Counterparties include custodian banks, major brokerage houses and their affiliates. The Company monitors the creditworthiness of the financial institutions with which it conducts business.

Bank debt has exposure to certain types of risk, including interest rate, market, and the potential non-payment of principal and interest as a result of default or bankruptcy of the issuer. Loans are generally subject to prepayment risk, which will affect the maturity of such loans. The consolidated funds may enter into bank debt participation agreements through contractual relationships with a third-party intermediary, causing the consolidated funds to assume the credit risk of both the borrower and the intermediary.

Certain consolidated funds may invest in real property and real estate-related investments, including commercial mortgage-backed securities (“CMBS”) and real estate loans, that entail substantial inherent risks. There can be no assurance that such investments will increase in value or that significant losses will not be incurred. CMBS are subject to a number of risks, including credit, interest rate, prepayment and market. These risks can be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged properties are located, the level of the borrowers’ equity in the mortgaged properties, and the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. Real estate loans include residential or commercial loans that are non-performing at the time of their acquisition or that become non-performing following their acquisition. Non-performing real estate loans may require a substantial amount of workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate and/or write-down of the principal balance. Moreover, foreclosure on collateral securing one or more real estate loans held by the consolidated funds may be necessary, which may be lengthy and expensive. Residential loans are typically subject to risks associated with the value of the underlying properties, which may be affected by a number of factors including general economic conditions, mortgage qualification standards, local market conditions such as employment levels, the supply of homes, and the safety, convenience and attractiveness

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

of the properties and neighborhoods. Commercial loans are typically subject to risks associated with the ability of the borrower to repay, which may be impacted by general economic conditions, as well as borrower-specific factors including the quality of management, the ability to generate sufficient income to make scheduled principal and interest payments, or the ability to obtain alternative financing to repay the loan.

Certain consolidated funds hold over-the-counter derivatives that may allow counterparties to terminate derivative contracts prior to maturity under certain circumstances, thereby resulting in an accelerated payment of any net liability owed to the counterparty.

Recent Accounting Developments

In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally may be elected over time through December 31, 2024. The Company has not adopted any of the optional expedients or exceptions through June 30, 2024, but will continue to evaluate the possible adoption (including potential impact) of any such expedients or exceptions during the effective period as circumstances evolve.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures, which requires, among other things, disclosure of significant segment expense categories and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280, Segment Reporting. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

3. REVENUES

The Company earns incentive income generated by the funds, for which it serves as general partner. Revenues are affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the incentive income and investors’ ability to redeem. Revenues by fund structure are set forth below.











	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Incentive Income
Closed-end	$	—	$	1,864	$	112,497	$	60,963
Evergreen	2,200		208		5,032		510
Total	$	2,200	$	2,072	$	117,529	$	61,473

Contract Balances

Incentive income is received generally after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors. Contract assets relate to the Company’s conditional right to receive payment for its performance completed under the contract. Receivables are recorded when the right to consideration becomes unconditional (i.e., only requires the passage of time). Contract liabilities (i.e., deferred revenues) relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenues when the Company provides investment management services.

The table below sets forth contract balances for the periods indicated:


	As of
	June 30, 2024		December 31, 2023

Receivables	$	667	$	9,407
Contract assets (1)	—		192,645

(1) The changes in the balances primarily relate to accruals, net of payments received.

4. VARIABLE INTEREST ENTITIES

The Company consolidates VIEs for which Oaktree is the primary beneficiary. VIEs include funds managed by Oaktree and CLOs for which Oaktree acts as collateral manager. The purpose of these VIEs is to provide investment opportunities for investors in exchange for management fees and, in certain cases, performance-based fees. While the investment strategies of the funds and CLOs differ by product, in general the fundamental risks of the funds and CLOs have similar characteristics, including loss of invested capital and reduction or absence of management and performance-based fees. As general partner or collateral manager, respectively, Oaktree generally considers itself the sponsor of the applicable fund or CLO. The Company does not provide performance guarantees and, other than capital commitments, has no financial obligation to provide funding to VIEs.

Consolidated VIEs

As of June 30, 2024, the Company consolidated 9 VIEs that are funds managed by Oaktree, including 1 CLO equity fund, which has 100% ownership interest in 3 underlying CLOs, for which it was the primary beneficiary. As of December 31, 2023, the Company consolidated 9 VIEs that are funds managed by Oaktree for which it was the primary beneficiary.

As of June 30, 2024, the assets and liabilities of the 9 consolidated VIEs amounted to $7.2 billion and $2.7 billion, respectively. The assets of these consolidated VIEs primarily consisted of investments in debt and equity

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

securities, while their liabilities primarily represented debt obligations issued by consolidated funds. The assets of these VIEs may be used only to settle obligations of the same VIE. In addition, there is no recourse to the Company for the VIEs’ liabilities. As of June 30, 2024, the Company’s investments in consolidated VIEs had a carrying value of $1.2 billion, which represented its maximum risk of loss as of that date.

Unconsolidated VIEs

The Company holds variable interests in certain VIEs in the form of direct equity interests that are not consolidated because it is not the primary beneficiary, inasmuch as Oaktree’s fee arrangements are considered at-market and it does not hold interests in those entities that are considered more than insignificant.

The carrying value of the Company’s investments in VIEs that were not consolidated are shown below.


	Carrying Value as of
	June 30, 2024		December 31, 2023

Corporate investments	$	935,730	$	999,112
Due from affiliates	647		199,861
Maximum exposure to loss	$	936,377	$	1,198,973

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

5. INVESTMENTS

Corporate Investments

Corporate investments consisted of the following:


	As of
Corporate Investments	June 30, 2024		December 31, 2023

Equity-method investments:
Funds	$	1,361,118	$	1,434,988
Companies	7,809		11,901
Other investments, at fair value	74,569		85,319
Total corporate investments	$	1,443,496	$	1,532,208

The components of investment income (loss) are set forth below:


	Three months ended June 30,				Six months ended June 30,
Investment Income (Loss)	2024		2023		2024		2023

Equity-method investments:
Funds	$	18,939	$	(11,230)	$	23,551	$	14,892
Companies	(83)		—		(460)		(3)
Other investments, at fair value	(2,342)		(30,611)		11,663		(5,008)
Total investment income (loss)	$	16,514	$	(41,841)	$	34,754	$	9,881

Equity-method Investments

The Company’s equity-method investments include its investments in Oaktree funds for which it serves as general partner, and other third-party funds and companies that are not consolidated, but for which the Company is deemed to exert 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 does not exceed 2.5% in each fund. The Oaktree funds are investment companies that follow a specialized basis of accounting established by GAAP.

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 six months ended June 30, 2024, the Company recognized an equity investment loss of $16.6 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 June 30, 2024, or for the six months ended June 30, 2024 and 2023, no individual equity-method investment met the significance criteria.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

Summarized financial information of the Company’s equity-method investments is set forth below.


	Three months ended June 30,				Six months ended June 30,
Statements of Operations	2024		2023		2024		2023
Revenues / investment income	$	1,207,178	$	1,064,494	$	2,249,015	$	2,241,125
Interest expense	(167,201)		(136,034)		(308,422)		(284,000)
Other expenses	(312,871)		(231,153)		(582,901)		(470,951)
Net realized and unrealized gain (loss) on investments	721,523		(440,319)		1,867,565		(114,734)
Net income	$	1,448,629	$	256,988	$	3,225,257	$	1,371,440

Other Investments, at Fair Value

Other investments, at fair value primarily consist of (a) investments in certain Oaktree and non-Oaktree funds, (b) non-investment 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 June 30,				Six months ended June 30,
	2024		2023		2024		2023

Realized gain (loss)	$	1,969	$	1,082	$	9,504	$	2,151
Net change in unrealized gain (loss)	(4,311)		(31,693)		2,159		(7,159)
Total gain (loss)	$	(2,342)	$	(30,611)	$	11,663	$	(5,008)

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

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	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
United States:
Debt securities:
Communication services	$	251,123	$	69,509	3.9	%	1.4	%
Consumer discretionary	347,466		202,355		5.4		3.9
Consumer staples	72,039		28,149		1.1		0.5
Energy	132,889		110,990		2.1		2.2
Financials	372,517		223,794		5.8		4.4
Health care	361,358		226,554		5.6		4.4
Industrials	514,075		379,538		7.8		7.5
Information technology	198,560		87,355		3.1		1.7
Materials	304,794		333,459		4.7		6.5
Real estate	90,849		97,621		1.4		1.9
Utilities	88,837		19,954		1.4		0.4
Other	534,507		549,164		8.1		10.6
Total debt securities (cost: $3,217,300 and $2,341,421 as of June 30, 2024 and December 31, 2023, respectively)	3,269,014		2,328,442		50.4		45.4
Equity securities:
Communication services	60,334		79,522		0.9		1.5
Consumer discretionary	41,030		68,056		0.6		1.3
Energy	479,895		427,034		7.5		8.3
Financials	265,568		171,924		4.1		3.3
Health care	108,339		32,418		1.7		0.6
Industrials	465,016		369,019		7.2		7.2
Information technology	43,687		44,350		0.7		0.9
Materials	5,421		—		0.1		0.0
Utilities	75,268		89,427		1.1		1.7
Total equity securities (cost: $1,312,363 and $1,095,721 as of June 30, 2024 and December 31, 2023, respectively)	1,544,558		1,281,750		23.9		24.8
Real estate:
Real estate	67,268		13,780		1.0		0.3

Total real estate securities (cost: $77,154 and $22,716 as of June 30, 2024 and December 31, 2023, respectively)	67,268		13,780		1.0		0.3

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)


	Fair Value as of				Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Europe:
Debt securities:
Communication services	$	108,630	$	111,898	1.7	%	2.1	%
Consumer discretionary	47,921		18,560		0.7		0.4
Consumer staples	10,148		3,107		0.2		0.1
Energy	5,412		1,185		0.1		0.0
Financials	29,869		18,381		0.5		0.4
Health care	10,450		12,136		0.2		0.2
Industrials	22,757		15,993		0.4		0.3
Information technology	5,054		5,402		0.1		0.1
Materials	16,228		13,487		0.3		0.3
Real estate	17,362		13,424		0.3		0.3
Utilities	2,709		5,417		0.0		0.1
Other	41,831		34,686		0.6		0.6
Total debt securities (cost: $299,515 and $231,315 as of June 30, 2024 and December 31, 2023, respectively)	318,371		253,676		5.1		4.9
Equity securities:
Consumer discretionary	46,608		52,468		0.7		1.0
Materials	24,282		24,282		0.4		0.5
Financials	48,566		49,496		0.8		1.0
Health care	174		19		0.0		0.0
Industrials	101,752		93,662		1.6		1.7
Real estate	40,873		44,637		0.6		0.9
Total equity securities (cost: $207,364 and $208,130 as of June 30, 2024 and December 31, 2023, respectively)	262,255		264,564		4.1		5.1
Real estate:
Consumer Discretionary	59,377		61,357		0.9		1.2
Real estate	120,217		100,216		1.9		1.9
Total real estate securities (cost: $177,712 and $159,423 as of June 30, 2024 and December 31, 2023, respectively)	179,594		161,573		2.8		3.1
Asia and other:
Debt securities:
Communication services	8,670		803		0.1		0.0
Consumer discretionary	25,361		17,195		0.4		0.3
Consumer staples	19,082		19,820		0.3		0.4
Energy	1,624		1,307		0.0		0.0
Financials	8,745		8,192		0.1		0.2

Health care	649		402		0.0		0.0
Industrials	4,069		4,181		0.1		0.1
Information technology	1,548		5		0.0		0.0
Materials	251,951		249,492		3.9		4.9
Real estate	391,010		435,799		6.0		8.5
Utilities	—		3,244		0.0		0.1

Total debt securities (cost: $757,326 and $761,394 as of June 30, 2024 and December 31, 2023, respectively)	712,709		740,440		10.9		14.5

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)


	Fair Value as of				Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Asia and other:
Equity securities:




Industrials	$	79,951	$	63,161	1.2	%	1.2	%
Real estate	32,916		32,916		0.5		0.6
Utilities	6,251		3,375		0.1		0.1
Total equity securities (cost: $100,690 and $90,638 as of June 30, 2024 and December 31, 2023, respectively)	119,118		99,452		1.8		1.9















Total debt securities	4,300,094		3,322,558		66.4		64.8
Total equity securities	1,925,931		1,645,766		29.8		31.8
Total real estate	246,862		175,353		3.8		3.4
Total investments, at fair value	$	6,472,887	$	5,143,677	100.0	%	100.0	%

As of June 30, 2024 and December 31, 2023, no single issuer or investment had a fair value that exceeded 5% of the Company’s total consolidated net assets.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

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 June 30,
	2024				2023
	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	$	51,888	$	(20,790)	$	27,208	$	(5,980)
CLO liabilities (1)	150		235		—		—
Foreign-currency forward contracts (2)	116		177		93		(6,596)
Total return, interest rate and credit default swaps (2)	—		2,955		122		468
Options and futures (2)	(32)		1,988		640		1,134
Commodity swaps (2)	2,735		(6,860)		2,638		(1,815)
Total	$	54,857	$	(22,295)	$	30,701	$	(12,789)


	Six months ended June 30,
	2024				2023
	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	$	(3,859)	$	90,923	$	57,467	$	(41,938)
CLO liabilities (1)	185		1,597		—		—
Foreign-currency forward contracts (2)	(235)		5,912		(1,521)		(10,580)
Total-return and interest-rate swaps (2)	—		3,588		117		456
Options and futures (2)	(238)		1,600		1,072		736
Commodity swaps (2)	7,228		(8,441)		5,246		13,355
Total	$	3,081	$	95,179	$	62,381	$	(37,971)

(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. Please see note 2 for more information.

(2) Please see note 7 for additional information.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

6. FAIR VALUE

Fair Value of Financial Assets and Liabilities

The short-term nature of cash and cash-equivalents, U.S. Treasury and other securities, receivables and accounts payable causes each of their carrying values to approximate fair value. The fair value of short-term investments included in cash and cash-equivalents and U.S. Treasury and other securities is a Level I valuation. The Company’s other financial assets and financial liabilities by fair-value hierarchy level are set forth below. Please see notes 8 and 14 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively.


	As of June 30, 2024								As of December 31, 2023
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets

Corporate investments	$	61,540	$	300,943	$	12,859	$	375,342	$	72,085	$	317,551	$	20,994	$	410,630
SPAC common stock and earn-out shares included in other assets	28,468		—		—		28,468		25,360		—		1,797		27,157

Foreign-currency forward contracts included in other assets	—		68		—		68		—		8,098		—		8,098

Total assets	$	90,008	$	301,011	$	12,859	$	403,878	$	97,445	$	325,649	$	22,791	$	445,885

Liabilities

Foreign-currency forward contracts - included in corporate investments	$	—	$	(37)	$	—	$	(37)	$	—	$	(8,010)	$	—	$	(8,010)



Total liabilities	$	—	$	(37)	$	—	$	(37)	$	—	$	(8,010)	$	—	$	(8,010)

(1) The Level III financial instrument represents a mezzanine loan purchased during the second quarter of 2023. The loan was valued using recent market information and the significant unobservable input was broker quotations. The primary change of Level III financial instrument during the period was for the conversion of earn-out shares to common shares, which are included in Level I.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

Fair Value of Financial Instruments Held By Consolidated Funds

The short-term nature of cash and cash-equivalents held at the consolidated funds causes their carrying value to approximate fair value. The fair value of cash-equivalents is a Level I valuation. Derivatives may relate to a mix of Level I, II or III investments, and therefore their fair-value hierarchy level may not correspond to the fair-value hierarchy level of the economically hedged investment. The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level:


	As of June 30, 2024								As of December 31, 2023
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
Investments:
Corporate debt – bank debt	$	—	$	1,874,118	$	1,654,942	$	3,529,060	$	—	$	641,615	$	1,721,888	$	2,363,503
Corporate debt – all other	—		573,006		198,028		771,034		—		698,763		260,292		959,055
Equities – common stock	167,294		39,572		1,049,656		1,256,522		165,649		31,779		846,773		1,044,201
Equities – preferred stock	2,255		—		667,154		669,409		1,929		—		599,636		601,565
Real estate	—		—		246,862		246,862		—		—		175,353		175,353
Total investments	169,549		2,486,696		3,816,642		6,472,887		167,578		1,372,157		3,603,942		5,143,677
Derivatives:
Foreign-currency forward contracts	—		2,694		—		2,694		—		475		—		475
Swaps	224		3,588		18,254		22,066		8,658		—		—		8,658
Options and futures	33		—		—		33		—		—		—		—
Total derivatives (1)	257		6,282		18,254		24,793		8,658		475		—		9,133
Total assets	$	169,806	$	2,492,978	$	3,834,896	$	6,497,680	$	176,236	$	1,372,632	$	3,603,942	$	5,152,810

Liabilities
CLO debt obligations:
Senior secured notes	$	—	$	(769,314)	$	—	$	(769,314)	$	—	$	—	$	—	$	—

Total CLO debt obligations (2)	—		(769,314)		—		(769,314)		—		—		—		—


Derivatives:
Foreign-currency forward contracts	$	—	$	(17,144)	$	—	$	(17,144)	$	—	$	(21,659)	$	—	$	(21,659)
Swaps	—		(36)		—		(36)		—		—		—		—
Options and futures	(1,030)		—		—		(1,030)		(571)		—		—		(571)

Total derivatives (3)	(1,030)		(17,180)		—		(18,210)		(571)		(21,659)		—		(22,230)
Total liabilities	$	(1,030)	$	(786,494)	$	—	$	(787,524)	$	(571)	$	(21,659)	$	—	$	(22,230)

(1) Amounts are included in other assets under “assets of consolidated funds” in the condensed consolidated statements of financial condition.

(2) The fair value of CLO liabilities is classified based on the more observable fair value of CLO assets. Please see notes 2 and 8 for more information.

(3) Amounts are included in accounts payable, accrued expenses and other liabilities under “liabilities of consolidated funds” in the condensed consolidated statements of financial condition.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

The following tables set forth a summary of changes in the fair value of Level III investments:


	Corporate Debt – Bank Debt		Corporate Debt – All Other		Equities – Common Stock		Equities – Preferred Stock		Real Estate		Swaps		Total
Three months ended June 30, 2024
Beginning balance	$	1,759,502	$	176,263	$	946,821	$	605,871	$	186,681	$	—	$	3,675,138


Transfers into Level III	31,299		—		—		—		—		—		31,299
Transfers out of Level III	(28,586)		—		—		—		—		—		(28,586)
Purchases	172,537		24,185		119,534		61,263		60,670		18,215		456,404
Sales	(271,647)		(996)		(48,926)		(32,934)		—		—		(354,503)
Realized gain (losses), net	4,331		(1,167)		36,715		6,690		—		39		46,608
Unrealized appreciation (depreciation), net	(12,494)		(257)		(4,488)		26,264		(489)		—		8,536
Ending balance	$	1,654,942	$	198,028	$	1,049,656	$	667,154	$	246,862	$	18,254	$	3,834,896
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	867	$	(1,598)	$	(8,685)	$	25,386	$	(491)	$	—	$	15,479
Three months ended June 30, 2023
Beginning balance	$	962,316	$	227,164	$	809,809	$	582,600	$	85,305	$	—	$	2,667,194

Transfers into Level III	770		3,482		17,267		—		—		—		21,519
Transfers out of Level III	(168)		—		—		—		—		—		(168)
Purchases	342,977		1,066		5,966		36,228		6,435		—		392,672
Sales	(40,758)		(56,176)		(17,967)		(314)		—		—		(115,215)
Realized gain (losses), net	117		(199)		8,382		23		(1)		—		8,322
Unrealized appreciation (depreciation), net	(2,620)		1,986		(13,781)		147		(3,064)		—		(17,332)
Ending balance	$	1,262,634	$	177,323	$	809,676	$	618,684	$	88,675	$	—	$	2,956,992
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(2,498)	$	1,964	$	(13,729)	$	32	$	(3,064)	$	—	$	(17,295)

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)


	Corporate Debt – Bank Debt		Corporate Debt – All Other		Equities – Common Stock		Equities – Preferred Stock		Real Estate		Swaps		Total
Six months ended June 30, 2024
Beginning balance	$	1,721,888	$	260,292	$	846,773	$	599,636	$	175,353	$	—	$	3,603,942

Initial consolidation of funds	2,962		—		—		—		—		—		2,962
Transfers into Level III	222,032		15,359		54,678		—		6,135		—		298,204
Transfers out of Level III	(283,815)		(65,930)		(15,660)		—		—		—		(365,405)
Purchases	342,444		25,593		205,767		78,229		67,618		18,215		737,866
Sales	(357,138)		(38,140)		(91,284)		(32,980)		—		—		(519,542)
Realized gain, net	4,003		(252)		47,864		(87,967)		—		39		(36,313)
Unrealized appreciation (depreciation), net	2,566		1,106		1,518		110,236		(2,244)		—		113,182
Ending balance	$	1,654,942	$	198,028	$	1,049,656	$	667,154	$	246,862	$	18,254	$	3,834,896
Net change in unrealized appreciation attributable to assets still held at end of period	$	12,355	$	(1,635)	$	(4,901)	$	109,358	$	(2,244)	$	—	$	112,933
Six months ended June 30, 2023
Beginning balance	$	702,497	$	219,503	$	777,198	$	616,604	$	74,471	$	—	$	2,390,273

Transfers into Level III	929		8,903		17,267		—		—		—		27,099
Transfers out of Level III	(4,641)		(978)		—		—		—		—		(5,619)
Purchases	621,785		1,723		50,958		40,419		13,721		—		728,606
Sales	(43,621)		(56,176)		(43,168)		(35,537)		—		—		(178,502)
Realized losses, net	148		(427)		21,250		9,010		(3)		—		29,978
Unrealized appreciation (depreciation), net	(14,463)		4,775		(13,829)		(11,812)		486		—		(34,843)
Ending balance	$	1,262,634	$	177,323	$	809,676	$	618,684	$	88,675	$	—	$	2,956,992
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(14,485)	$	4,753	$	(13,778)	$	(11,927)	$	488	$	—	$	(34,949)

Total realized and unrealized gains and losses recorded for Level III investments are included in net realized gain on consolidated funds’ investments or net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations.

Transfers out of Level III are generally attributable to certain investments that experienced a more significant level of market trading activity or completed an initial public offering during the respective period and thus were valued using observable inputs. Transfers into Level III typically reflect either investments that experienced a less significant level of market trading activity during the period or portfolio companies that undertook restructurings or bankruptcy proceedings and thus were valued in the absence of observable inputs.

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of June 30, 2024:

Investment Type

Fair Value

Valuation Technique

Significant Unobservable

Inputs (1)(2)

Range

Weighted Average (3)

Credit-oriented investments:

Consumer discretionary:

50,859

Discounted cash flow (4)

Discount rate

14% - 16%

16%

69,224

Recent transaction price (4)

Quoted prices

Not applicable

21,142

Market approach

(comparable companies) (7)

Multiple of underlying assets (9)

1x - 1x

Energy

2,451

Recent market information (5)

Quoted prices

Not applicable

71,036

Discounted cash flow (4)

Discount rate

15% - 15%

15%

Financials

23,233

Market approach

(comparable companies) (7)

Multiple of underlying assets (9)

0.5x - 1x

0.9x

30,468

Discounted cash flow (6)

Discount rate

9% - 14%

13%

35,208

Recent market information (5)

Quoted prices

Not applicable

19,912

Recent transaction price (4)

Quoted prices

Not applicable

Expected Recovery (11)

Not applicable

Industrials

155,755

Discounted cash flow (6)

Discount rate

10% - 16%

14%

7,848

Recent market information (5)

Quoted prices

Not applicable

4,544

Recent transaction price (4)

Quoted prices

Not applicable

Materials

224,590

Discounted cash flow (6)

Discount rate

13% - 15%

14%

6,126

Recent market information (5)

Quoted prices

Not applicable

91,394

Recent transaction price (4)

Quoted prices

Not applicable

Real estate

20,020

Recent market information (7)

Quoted prices

Not applicable

32,671

Recent transaction price (4)

Quoted prices

Not applicable

193,920

Discounted cash flow (6)

Discount rate

5% - 19%

15%

176,379

Market approach

(comparable companies) (7)

Multiple of underlying assets (9)

1x - 1x

Utilities

Recent market information (7)

Quoted prices

Not applicable

Other

8,513

Recent market information (5)

Quoted prices

Not applicable

522,426

Discounted cash flow (6)

Discount rate

9% - 39%

17%

71,099

Recent transaction price (4)

Quoted prices

Not applicable

19,082

Market approach

(comparable companies) (7)

Earnings multiple (10)

6x - 6x

13,297

Market approach

(comparable companies) (7)

Revenue multiple (8)

1.5x - 1.5x

1.5x

Equity investments:

293,073

Recent transaction price (4)

Quoted prices

Not applicable

93,014

Recent market information (5)

Quoted prices

Not applicable

142,609

Discounted cash flow (6)

Discount rate

12% - 18%

15%

23,424

Discounted cash flow (6) / market approach (comparable companies) (7)

Discount rate

13% - 13%

13%

Earnings multiple (10)

10.0x - 12.0x

11.0x

392,286

Market approach

(comparable companies) (7)

Earnings multiple (10)

5.0x - 14.0x

8.9x

31,742

Market approach

(comparable companies) (7)

Revenue multiple (8)

2.0x - 2.0x

2.0x

783,222

Market approach

(comparable companies) (7)

Multiple of underlying assets (9)

0.5x - 1x

1.0x

10,059

Expected Recovery (11)

Not applicable

801

Black Scholes (12)

Not applicable

Real estate-oriented investments:

Consumer discretionary:

59,377

Discounted cash flow (6)

Discount rate

20% - 20%

20%

Real estate:

134,065

Discounted cash flow (6)

Discount rate

5% - 23%

14%

Total Level III
investments

3,834,896

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

Investment Type

Fair Value

Valuation Technique

Significant Unobservable

Inputs (1)(2)

Range

Weighted Average (3)

Credit-oriented investments:

Consumer discretionary

11,311

Recent transaction price (4)

Quoted prices

Not applicable

351

Recent market information (5)

Quoted prices

Not applicable

55,326

Discounted cash flow (6)

Discount rate

13% – 17%

16%

Energy

15,873

Discounted cash flow (6)

Discount rate

14% – 14%

14%

69,871

Recent transaction price (4)

Quoted prices

Not applicable

2,325

Recent market information (5)

Quoted prices

Not applicable

Financials

26,689

Discounted cash flow (6)

Discount rate

12% – 15%

15%

26,102

Recent market information (5)

Quoted prices

Not applicable

3,646

Recent transaction price (4)

Quoted prices

Not applicable

20,520

Market approach (comparable companies) (7)

Multiple of underlying assets (9)

0.5x - 1.0x

0.7x

Industrials

79,824

Discounted cash flow (6)

Discount rate

11% – 15%

13%

62,544

Market approach (comparable companies) (7)

Earnings multiple (10)

9.8x - 9.8x

9.8x

452

Recent market information (5)

Quoted prices

Not applicable

51,788

Recent transaction price (4)

Quoted prices

Not applicable

Materials

306,319

Discounted cash flow (6)

Discount rate

10% – 15%

12%

193,614

Recent transaction price (4)

Quoted prices

Not applicable

—

Recent market information (5)

Quoted prices

Not applicable

Real estate

35,084

Recent transaction price (4)

Quoted prices

Not applicable

211,211

Discounted cash flow (6)

Discount rate

13% – 15%

15%

193,771

Market approach (comparable companies) (7)

Multiple of underlying assets (9)

1.0x -1.0x

1.0x

37,419

Recent market information (5)

Quoted prices

Not applicable

Other

4,316

Recent market information (5)

Quoted prices

Not applicable

1,612

Recent transaction price (4)

Quoted prices

Not applicable

19,820

Market approach (comparable companies) (7)

Earnings multiple (10)

6.0x - 6.0x

6.0x

1,345

Market approach (comparable companies) (7)

Revenue multiple (8)

0.3x - 0.3x

0.3x

551,047

Discounted cash flow (6)

Discount rate

9% – 19%

18%

Equity investments:

179,009

Recent transaction price (4)

Quoted prices

Not applicable

670,215

Market approach (comparable companies) (7)

Multiple of underlying assets (9)

0.9x - 1.0x

1.0x

396,688

Market approach (comparable companies) (7)

Earnings multiple (10)

2.0x - 11.0x

8.5x

102,981

Discounted cash flow (6)

Discount rate

12% – 20%

15%

60,841

Market approach (comparable companies) (7)

Revenue multiple (8)

1.0x - 2.0x

1.5x

22,573

Discounted cash flow (6) / Market approach (comparable companies) (7)

Discount rate

12% – 12%

12%

Earnings multiple (10)

9.0x - 11.0x

10.0x

14,102

Recent market information (5)

Quoted prices

Not applicable

Real estate-oriented:

Consumer discretionary

61,357

Discounted cash flow (6)

Discount rate

20% – 20%

20%

Real estate:

113,996

Discounted cash flow (6)

Discount rate

4% – 27%

14%

Total Level III
investments

3,603,942

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

(1) The discount rate is the significant unobservable input used in the fair-value measurement of performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments and real estate loan portfolios. An increase (decrease) in the discount rate would result in a lower (higher) fair-value measurement.

(2) Multiple of either earnings or underlying assets is the significant unobservable input used in the market approach for the fair-value measurement of distressed credit-oriented investments, credit-oriented investments in which the consolidated funds have a controlling interest in the underlying issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement.

(3) The weighted average is based on the fair value of the investments included in the range.

(4) Certain investments are valued based on recent transactions, generally defined as investments purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date.

(5) Certain investments are valued using vendor prices or broker quotes for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions.

(6) A discounted cash-flow method is generally used to value performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments, real estate-oriented investments and real estate loan portfolios.

(7) A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying.

(8) Revenue multiples are based on comparable public companies and transactions with comparable companies. The Company typically applies the multiple to trailing twelve-months’ revenue. However, in certain cases other revenue measures, such as pro forma revenue, may be utilized if deemed to be more relevant.

(9) A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets.

(10) Earnings multiples are based on comparable public companies and transactions with comparable companies. The Company typically utilizes multiples of EBITDA; however, in certain cases the Company may use other earnings multiples believed to be most relevant to the investment. The Company typically applies the multiple to trailing twelve-months’ EBITDA. However, in certain cases other earnings measures, such as pro forma EBITDA, may be utilized if deemed to be more relevant.

(11) Certain investments are valued based on expected recovery, generally representing the estimated value that can be recovered in the event of liquidation or winding down.

(12) The fair value of options/warrants is estimated using the Black-Scholes-Merton valuation model. The company uses the following methods to determine the underlying assumptions: expected volatilities are based on the historical and implied volatilities of comparable companies or the subject company if the subject company is publicly traded; expected term is based on the shorter of the expected hold period for the option or the contractual term; and the risk-free rate is based on the yields on U.S. Treasury bills or bonds issued with similar terms to the expected term of the option.

A significant amount of judgment may be required when using unobservable inputs, including assessing the accuracy of source data and the results of pricing models. The Company assesses the accuracy and reliability of the sources it uses to develop unobservable inputs. These sources may include third-party vendors that the Company believes are reliable and commonly utilized by other marketplace participants. As described in note 2, other factors beyond the unobservable inputs described above may have a significant impact on investment valuations.

During the six months ended June 30, 2024, the valuation techniques for four credit-oriented investment were changed from market approach (comparable companies) to discounted cash flow, two credit-oriented investments were changed from discounted cash flow to market approach (comparable companies) and one equity investment was changed from market approach (comparable companies) to recent market information. During the six months ended June 30, 2023, the valuation technique for a credit-oriented investment was changed from discounted cash flow to market approach (value of underlying assets).

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

7. DERIVATIVES AND HEDGING

The fair value of freestanding derivatives consisted of the following:


	Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value
As of June 30, 2024
Foreign-currency forward contracts	$	238,854	$	104	$	(199,019)	$	(73)



As of December 31, 2023
Foreign-currency forward contracts	$	221,910	$	8,608	$	(234,353)	$	(8,520)

Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the condensed consolidated statements of operations as follows:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

Investment income	$	2,567	$	(34)	$	8,634	$	(2,609)
General and administrative expense (1)	(2,431)		—		(8,188)		—
Total gain (loss)	$	136	$	(34)	$	446	$	(2,609)

(1) To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction in expenses) reflected in consolidated general and administrative expense.

There were no derivatives outstanding that were designated as hedging instruments for accounting purposes as of June 30, 2024 and December 31, 2023.

Derivatives Held By Consolidated Funds

Certain consolidated funds utilize derivatives in their ongoing investment operations. These derivatives primarily consist of foreign-currency forward contracts and options utilized to manage currency risk, interest-rate swaps to hedge interest-rate risk, options and futures used to hedge certain exposures for specific securities, and total-return swaps utilized mainly to obtain exposure to leveraged loans or to participate in foreign markets not readily accessible. The primary risk exposure for options and futures is price, while the primary risk exposure for total-return swaps is credit. None of the derivative instruments are accounted for as a hedging instrument utilizing hedge accounting.

The fair value of derivatives held by the consolidated funds consisted of the following:

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)


	Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value
As of June 30, 2024
Foreign-currency forward contracts	$	804,634	$	2,694	$	(72,106)	$	(17,144)
Total-return and interest-rate and credit default swaps	170,935		22,066		(1,284)		(36)
Options and futures	10,036		33		(118,628)		(1,030)

Total	$	985,605	$	24,793	$	(192,018)	$	(18,210)

As of December 31, 2023
Foreign-currency forward contracts	$	508,174	$	475	$	(118,263)	$	(21,659)
Total-return and interest-rate and credit default swaps	41,113		8,658		—		—
Options and futures	6,749		—		(163,187)		(571)

Total	$	556,036	$	9,133	$	(281,450)	$	(22,230)

The impact of derivatives held by the consolidated funds in the condensed consolidated statements of operations was as follows:


	Three months ended June 30,
	2024				2023
	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

Foreign-currency forward contracts	$	116	$	177	$	93	$	(6,596)
Total-return and interest-rate and credit default swaps	—		2,955		122		468
Options and futures	(32)		1,988		640		1,134
Commodity swaps	2,735		(6,860)		2,638		(1,815)
Total	$	2,819	$	(1,740)	$	3,493	$	(6,809)


	Six months ended June 30,
	2024				2023
	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

Foreign-currency forward contracts	$	(235)	$	5,912	$	(1,521)	$	(10,580)
Total-return and interest-rate and credit default swaps	—		3,588		117		456
Options and futures	(238)		1,600		1,072		736
Commodity swaps	7,228		(8,441)		5,246		13,355
Total	$	6,755	$	2,659	$	4,914	$	3,967

Brookfield Oaktree Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited) — (Continued)

June 30, 2024

($ in thousands, except where noted)

Balance Sheet Offsetting

The Company recognizes all derivatives as assets or liabilities at fair value in its condensed consolidated statements of financial condition. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its condensed consolidated statements of financial condition. The table below sets forth the setoff rights and related arrangements associated with derivatives held by the Company. The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.


	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of June 30, 2024			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	104	$	36	$	—	$	68
Derivative assets of consolidated funds:



Foreign-currency forward contracts	2,694		—		—		2,694
Total-return and interest-rate and credit default swaps	22,066		—		—		22,066
Options and futures	33		—		—		33
Subtotal

Brookfield Oaktree Holdings, LLC 10-Q