UNITHOLDERS' CAPITAL

6 Months Ended

Jun. 30, 2016

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 the OCGH non-controlling interest 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, 2016 and December 31, 2015, respectively, OCGH units represented 92,340,656 of the total 154,943,451 Oaktree Operating Group units and 91,937,873 of the total 153,907,733 Oaktree Operating Group units. Based on total allocable Oaktree Operating Group capital of $1,608,709 and $1,575,504 as of June 30, 2016 and December 31, 2015, respectively, the OCGH non-controlling interest was $958,732 and $941,141. As of June 30, 2016 and December 31, 2015, non-controlling interests attributable to related parties and third parties was $11,140 and $102,789, respectively.

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Weighted average Oaktree Operating Group units outstanding (in thousands):
OCGH non-controlling interest	92,440			105,467			92,177			106,813
Class A unitholders	62,617			48,372			62,256			46,727
Total weighted average units outstanding	155,057			153,839			154,433			153,540
Oaktree Operating Group net income:
Net income attributable to OCGH non-controlling interest	$	83,256		$	54,240		$	142,082		$	163,006
Net income attributable to Class A unitholders	56,397			24,878			96,012			70,188
Oaktree Operating Group net income (1)	$	139,653		$	79,118		$	238,094		$	233,194
Net income attributable to Oaktree Capital Group, LLC:
Oaktree Operating Group net income attributable to Class A unitholders	$	56,397		$	24,878		$	96,012		$	70,188
Non-Operating Group expenses	(201		)	(626		)	(465		)	(960		)
Income tax expense of Intermediate Holding Companies	(7,149		)	(4,438		)	(18,422		)	(11,161		)
Net income attributable to Oaktree Capital Group, LLC	$	49,047		$	19,814		$	77,125		$	58,067

(1) Oaktree Operating Group net income does not include amounts attributable to other non-controlling interests, which amounted to $1,212 and $1,269 for the three months ended June 30, 2016 and 2015, respectively, and $2,420 and $604 for the six months ended June 30, 2016, respectively.

The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below:

	Three Months Ended June 30,					Six Months Ended June 30,
	2016		2015			2016		2015
Net income attributable to Oaktree Capital Group, LLC	$	49,047	$	19,814		$	77,125	$	58,067
Equity reallocation between controlling and non-controlling interests	645		(559		)	8,126		45,202
Change from net income attributable to Oaktree Capital Group, LLC and transfers from non-controlling interests	$	49,692	$	19,255		$	85,251	$	103,269

Please see notes 12, 13 and 14 for additional information regarding transactions that impacted unitholders’ capital.