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INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
INVESTMENTS INVESTMENTS
Corporate Investments
Corporate investments consisted of the following:
As of December 31,
Corporate Investments20252024
Equity-method investments:
Funds
$315,801 $317,256 
Companies
1,114,972 1,203,004 
Total corporate investments$1,430,773 $1,520,260 
Equity-method Investments
The Company’s equity-method investments include its investments in funds and companies that are not consolidated, but for which the Company is deemed to have significant influence. The Company’s share of income or loss generated by these investments is recorded within investment income in the consolidated statements of operations. The Company’s equity-method investments in Oaktree funds principally reflect the Company’s general partner interests in those funds, which typically do not exceed 2.5% in each fund. The Oaktree funds are investment companies that follow a specialized basis of accounting established by GAAP. In connection with the 2024 Restructuring, the Company determined that it is no longer the primary beneficiary of Oaktree Capital I and deconsolidated the entity, which is accounted for as an equity method investment beginning with the third quarter of 2024.
On June 27, 2023, the Company entered into a contribution agreement with Brookfield Corporate Treasury Ltd. and acquired the equity ownership in certain entities which beneficially own shares in Brookfield Real Estate Income Trust. The Company accounted for the acquired interests as equity method investments with fair value election. The fair value option has been elected to simplify the accounting for the investment in OCG NTR Holdings, LLC, a wholly owned subsidiary of the Company (“NTR”). Changes in the fair value and cash dividends received from the investment in NTR are included in investment income. During the year ended December 31, 2025, the Company recognized an equity investment gain of $3.1 million. Please refer to note 15 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 December 31, 2025, or for the twelve months ended December 31, 2025, the Company determined Oaktree Capital I met the significance criteria. No other individual equity-method investment met the significance criteria. Separate financial statements of Oaktree Capital I are included in Exhibit 99.1.
Summarized financial information of the Company’s remaining equity-method investments is set forth below.
As of December 31,
Statements of Financial Condition20252024
Assets:
Cash and cash-equivalents$50,608 $25,489 
Investments, at fair value2,050,887 1,886,579 
Other assets136,543 55,488 
Total assets
$2,238,038 $1,967,556 
Liabilities and Capital:
Debt obligations$1,103,507 $1,074,156 
Other liabilities94,557 102,707 
Total liabilities
1,198,064 1,176,863 
Total capital
1,039,974 790,693 
Total liabilities and capital
$2,238,038 $1,967,556 
Year Ended December 31,
202520242023
Statements of Operations
Revenues / investment income$173,180 $2,362,833 $4,506,814 
Interest expense(59,032)(343,541)(565,810)
Other expenses(128,299)(682,302)(1,117,553)
Net realized and unrealized gain on investments23,626 1,871,488 862,771 
Net income
$9,475 $3,208,478 $3,686,222 
Other Investments, at Fair Value
Other investments, at fair value consisted of (a) investments in certain Oaktree and non-Oaktree funds, (b) noninvestment grade debt securities, (c) equities received as part of our sponsorship of SPACs and (d) derivatives utilized to hedge the Company’s exposure to investment income earned from its funds.
The following table summarizes net gains (losses) attributable to the Company’s other investments at fair value:
Year Ended December 31,
202520242023
Realized gain (loss)$— $9,504 $4,475 
Net change in unrealized gain (loss)— 2,159 9,393 
Total gain (loss)$— $11,663 $13,868 
Subsequent to the 2024 Restructuring, with the deconsolidation of Oaktree Capital I, the Company no longer holds any other investments at fair value.
Investments of Consolidated Funds
Investments, at Fair Value
Investments held and securities sold short by the consolidated funds are summarized below:
Fair Value as of December 31,Fair Value as a Percentage of Investments of Consolidated Funds as of December 31,
Investments2025202420252024
United States:    
Debt securities (cost: $1,410,932 and $1,792,830 as of December 31, 2025 and 2024, respectively)
$1,245,636 $1,857,874 24.9 %37.6 %
Equity securities (cost: $1,658,791 and $1,362,953 as of December 31, 2025 and 2024, respectively)
2,058,375 1,610,427 41.1 32.6 
Real estate securities (cost: $81,097 and $26,966 as of December 31, 2025 and 2024, respectively)
85,059 15,036 1.7 0.3 
Europe:  
Debt securities (cost: $220,047 and $161,153 as of December 31, 2025 and 2024, respectively)
218,618 160,989 4.4 3.3 
Equity securities (cost: $332,655 and $295,630 as of December 31, 2025 and 2024, respectively)
442,853 375,486 8.8 7.6 
Real estate securities (cost: $248,112 and $191,470 as of December 31, 2025 and 2024, respectively)
267,481 191,145 5.3 3.8 
Asia and other:    
Debt securities (cost: $556,028 and $680,671 as of December 31, 2025 and 2024, respectively)
568,395 664,845 11.3 13.4 
Equity securities (cost: $111,335 and $55,638 as of December 31, 2025 and 2024, respectively)
126,560 71,060 2.5 1.4 
Total debt securities2,032,649 2,683,708 40.6 54.3 
Total equity securities2,627,788 2,056,973 52.4 41.5 
Total real estate352,540 206,181 7.0 4.2 
Total investments, at fair value$5,012,977 $4,946,862 100.0 %100.0 %

As of December 31, 2025, the following issuers or investments had a fair value that exceeded 5% of the Company’s total consolidated net assets.
Principal Amount/ Number of SharesInvestmentsCombined Fair Value
179,840Azorra Aviation Holdings LLC$266,177
As of December 31, 2024, no single issuer or investment had a fair value that exceeded 5% of the Company’s total consolidated net assets.
Net Gains (Losses) From Investment Activities of Consolidated Funds
Net gains (losses) from investment activities in the 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:
Year Ended December 31,
 202520242023
Net Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on InvestmentsNet Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on InvestmentsNet Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on Investments
Investments and other financial instruments
$45,322 $13,824 $54,580 $131,725 $63,213 $27,890 
CLO liabilities (1)
— — 185 1,597 — — 
Foreign-currency forward contracts (2)
2,481 (48,297)337 28,193 898 (14,909)
Total-return and interest-rate swaps (2)
403 811 613 (19)(235)328 
Options and futures (2)
2,187 2,207 1,440 (2,176)4,382 (569)
Commodity swaps (2)
1,882 — 8,489 (8,654)11,162 16,324 
Total$52,275 $(31,455)$65,644 $150,666 $79,420 $29,064 
(1)    Represents the net change in the fair value of CLO liabilities based on the more observable fair value of CLO assets, as measured under the CLO measurement guidance. Subsequent to the 2024 Restructuring and deconsolidation of Oaktree Capital I, the Company no longer holds investments in CLOs. Please see note 2 for more information.
(2)    Please see note 7 for additional information.