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UNITHOLDERS' CAPITAL
6 Months Ended
Jun. 30, 2015
Stockholders' Equity Note [Abstract]  
UNITHOLDERS' CAPITAL
UNITHOLDERS’ CAPITAL
Unitholders’ capital reflects the economic interests attributable to Class A unitholders, non-controlling interests in consolidated subsidiaries and non-controlling interests in consolidated funds. Non-controlling interests in consolidated subsidiaries represent the portion of unitholders’ capital attributable to OCGH unitholders, or OCGH non-controlling interest, certain related parties and third parties. The OCGH non-controlling interest 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, 2015 and December 31, 2014, respectively, OCGH units represented 105,459,544 of the total 153,831,203 Oaktree Operating Group units and 109,088,901 of the total 152,852,620 Oaktree Operating Group units. Based on total allocable Oaktree Operating Group capital of $1,672,925 and $1,640,594 as of June 30, 2015 and December 31, 2014, respectively, the OCGH non-controlling interest was $1,146,877 and $1,170,893. As of June 30, 2015 and December 31, 2014, non-controlling interests attributable to certain related parties and third parties was $96,576 and $95,068, respectively.

The following table sets forth a summary of the net income attributable to the OCGH unitholders' non-controlling interest and to the Class A unitholders:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
Weighted average Oaktree Operating Group units outstanding (in thousands):
 
 
 
 
 
 
 
OCGH non-controlling interest
105,467

 
109,221

 
106,813

 
110,887

Class A unitholders
48,372

 
43,480

 
46,727

 
41,600

Total weighted average units outstanding
153,839

 
152,701

 
153,540

 
152,487

Oaktree Operating Group net income:
 
 
 

 
 
 
 

Net income attributable to OCGH non-controlling interest
$
54,240

 
$
91,813

 
$
163,006

 
$
255,371

Net income attributable to Class A unitholders
24,878

 
36,550

 
70,188

 
94,232

Oaktree Operating Group net income (1) 
$
79,118

 
$
128,363

 
$
233,194

 
$
349,603

Net income attributable to Oaktree Capital Group, LLC:
 
 
 

 
 
 
 

Oaktree Operating Group net income attributable to Class A unitholders
$
24,878

 
$
36,550

 
$
70,188

 
$
94,232

Non-Operating Group expenses
(626
)
 
(603
)
 
(960
)
 
(885
)
Income tax expense of Intermediate Holding Companies
(4,438
)
 
(4,761
)
 
(11,161
)
 
(10,367
)
Net income attributable to Oaktree Capital Group, LLC
$
19,814

 
$
31,186

 
$
58,067

 
$
82,980


 
 
 
 
 
(1)
Oaktree Operating Group net income attributable to other non-controlling interests for the three and six months ended June 30, 2015, respectively, were $1,269 and $604, and are not reflected in the table above.
The effects of changes in the Company’s ownership interest in the Oaktree Operating Group are set forth below:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Net income attributable to Oaktree Capital Group, LLC
$
19,814

 
$
31,186

 
$
58,067

 
$
82,980

Equity reallocation between controlling and non-controlling interests
(559
)
 
18

 
45,202

 
49,116

Change from net income attributable to Oaktree Capital Group, LLC and transfers from non-controlling interests
$
19,255

 
$
31,204

 
$
103,269

 
$
132,096


 
In March 2015, the Company issued and sold 4,600,000 Class A units in a public offering (the “March 2015 Offering”), resulting in $237.8 million in proceeds to the Company. The Company did not retain any proceeds from the sale of Class A units in the March 2015 Offering. The proceeds from the March 2015 Offering were used to acquire interests in the Company’s business from certain of the Company’s directors, employees and other investors, including certain senior executives and other members of the Company’s senior management.
Please see notes 10, 11 and 12 for additional information regarding transactions that impacted unitholders’ capital.