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UNITHOLDERS' CAPITAL
6 Months Ended
Jun. 30, 2014
Stockholders' Equity Note [Abstract]  
UNITHOLDERS' CAPITAL
UNITHOLDERS’ CAPITAL
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 June 30, 2014 and December 31, 2013, respectively, OCGH units represented 109,197,407 of the total 152,677,077 Oaktree Operating Group units and 112,584,211 of the total 151,056,717 Oaktree Operating Group units. Based on total Oaktree Operating Group capital of $1,650,713 and $1,655,911 as of June 30, 2014 and December 31, 2013, respectively, the OCGH non-controlling interest was $1,180,620 and $1,234,169.

The following table sets forth a summary of the net income attributable to the OCGH non-controlling interest and to the Class A unitholders:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
Weighted average Oaktree Operating Group units outstanding (in thousands):
 
 
 
 
 
 
 
OCGH non-controlling interest
109,221

 
117,977

 
110,887

 
119,295

Class A unitholders
43,480

 
33,020

 
41,600

 
31,611

Total weighted average units outstanding
152,701

 
150,997

 
152,487

 
150,906

Oaktree Operating Group net income:
 
 
 

 
 
 
 

Net income attributable to OCGH non-controlling interest
$
91,813

 
$
225,766

 
$
255,371

 
$
487,783

Net income attributable to Class A unitholders
36,550

 
63,187

 
94,232

 
128,756

Oaktree Operating Group net income
$
128,363

 
$
288,953

 
$
349,603

 
$
616,539

Net income attributable to Oaktree Capital Group, LLC:
 
 
 

 
 
 
 

Oaktree Operating Group net income attributable to Class A unitholders
$
36,550

 
$
63,187

 
$
94,232

 
$
128,756

Non-Operating Group expenses
(603
)
 
(466
)
 
(885
)
 
(676
)
Income tax expense of Intermediate Holding Companies
(4,761
)
 
(6,144
)
 
(10,367
)
 
(13,937
)
Net income attributable to Oaktree Capital Group, LLC
$
31,186

 
$
56,577

 
$
82,980

 
$
114,143



Set forth below are the effects of changes in the Company’s ownership interest in the Oaktree Operating Group:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
Net income attributable to Oaktree Capital Group, LLC
$
31,186

 
$
56,577

 
$
82,980

 
$
114,143

Equity reallocation between controlling and non-controlling interests
18

 
77,732

 
49,116

 
76,845

Change from net income attributable to Oaktree Capital Group, LLC and transfers from (to) non-controlling interest
$
31,204

 
$
134,309

 
$
132,096

 
$
190,988


 
On March 10, 2014, the Company issued and sold 5,000,000 Class A units to the underwriter in a public offering (the “March 2014 Offering”), resulting in $296.7 million in proceeds to the Company. The Company did not retain any proceeds from the sale of Class A units in the March 2014 Offering. The proceeds from the March 2014 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.
Please see notes 9, 10 and 11 for additional information regarding transactions that impacted unitholders’ capital.