UNITHOLDERS' CAPITAL

12 Months Ended

Dec. 31, 2013

Unitholders' Capital [Abstract]

UNITHOLDERS' CAPITAL

UNITHOLDERS’ CAPITAL

Set forth below are the distributions per Class A unit:

Payment Date	Record Date	Applicable to Quarterly Period Ended	Distribution Per Unit
November 15, 2013	November 13, 2013	September 30, 2013	$	0.74
August 20, 2013	August 16, 2013	June 30, 2013	1.51
May 21, 2013	May 17, 2013	March 31, 2013	1.41
March 1, 2013	February 25, 2013	December 31, 2012	1.05
Total 2013			$	4.71
November 20, 2012	November 16, 2012	September 30, 2012	$	0.55
August 21, 2012	August 17, 2012	June 30, 2012	0.79
May 25, 2012	May 21, 2012	March 31, 2012	0.55
March 7, 2012	March 1, 2012	December 31, 2011	0.42
Total 2012			$	2.31
October 28, 2011	October 24, 2011	September 30, 2011	$	0.29
July 29, 2011	July 25, 2011	June 30, 2011	0.51
April 29, 2011	April 25, 2011	March 31, 2011	0.64
January 31, 2011	January 25, 2011	December 31, 2010	0.90
Total 2011			$	2.34

The OCGH unitholders’ economic interest in the Oaktree Operating Group is reflected as OCGH non-controlling interest in consolidated subsidiaries and is determined at the Oaktree Operating Group level based on the proportionate share of Oaktree Operating Group units held by the OCGH unitholders. Certain expenses, such as income tax and related administrative expenses of Oaktree Capital Group, LLC and its Intermediate Holding Companies, are solely attributable to the Class A unitholders. As of December 31, 2013 and 2012, respectively, OCGH units represented 112,584,211 of the total 151,056,717 Oaktree Operating Group units and 120,267,503 of the total 150,448,436 Oaktree Operating Group units. Based on total Oaktree Operating Group capital of $1,655,911 and $1,360,331, as of December 31, 2013 and 2012, respectively, the OCGH non-controlling interest was $1,234,169 and $1,087,491.

The following table sets forth a summary of the net income (loss) attributable to the OCGH non-controlling interest and to the Class A unitholders:

	Year Ended December 31,
	2013			2012			2011
Weighted average Oaktree Operating Group units outstanding (in thousands):
OCGH non-controlling interest	115,992			122,369			125,956
Class A unitholders	34,979			28,170			22,677
Total weighted average units outstanding	150,971			150,539			148,633
Oaktree Operating Group net income (loss):
Net income (loss) attributable to OCGH non-controlling interest	$	824,795		$	548,265		$	(446,246	)
Net income (loss) attributable to Class A unitholders	243,250			126,826			(80,391		)
Oaktree Operating Group net income (loss)	$	1,068,045		$	675,091		$	(526,637	)
Net income (loss) attributable to Oaktree Capital Group, LLC:
Oaktree Operating Group net income (loss) attributable to Class A unitholders	$	243,250		$	126,826		$	(80,391	)
Non-Operating Group other income	—			6,260			—
Non-Operating Group expenses	(1,195		)	(553		)	(768		)
Income tax expense of Intermediate Holding Companies	(20,057		)	(24,723		)	(14,813		)
Net income (loss) attributable to Oaktree Capital Group, LLC	$	221,998		$	107,810		$	(95,972	)

Set forth below are the effects of changes in the Company’s ownership interest in the Oaktree Operating Group:

	Year Ended December 31,
	2013		2012		2011
Net income (loss) attributable to Oaktree Capital Group, LLC	$	221,998	$	107,810	$	(95,972	)
Equity reallocation between controlling and non-controlling interests	79,052		69,097		(6,413		)
Change from net income (loss) attributable to Oaktree Capital Group, LLC and transfers from (to) non-controlling interest	$	301,050	$	176,907	$	(102,385	)

In May 2013, the Company issued and sold 8,050,000 Class A units in a public offering at a price to the public of $53.50 per Class A unit (the “May 2013 Offering”), resulting in $419.9 million in net proceeds to the Company, after deducting underwriting discounts and commissions. The Company did not retain any proceeds from the sale of Class A units in the May 2013 Offering. The net proceeds from the May 2013 Offering were used to acquire interests in the Company's business from certain of the Company's directors, employees and other investors, including certain Principals and other members of the Company's senior management.

In June 2012, the Company repurchased and subsequently canceled 400,000 Class A units from an unrelated third party broker-dealer in a privately negotiated transaction. The aggregate purchase price was $14.1 million excluding commissions, which represented a per unit price of $35.30. The Company repurchased the Class A units using cash on hand. The Company did not repurchase any Class A units in the years ended December 31, 2013 and 2011.

Please see notes 9, 10 and 11 for additional information regarding transactions that impacted unitholders’ capital.