Prior to the Restructuring on October 1, 2019, the Company’s consolidated operating results included substantially all of the revenues and expenses of the Oaktree Operating Group and related consolidated funds and investment vehicles. Subsequent to the Restructuring, the Company’s consolidated operating results reflect only Oaktree Capital I and OCM Cayman and related consolidated funds and investment vehicles. Since the deconsolidation of the remaining four Oaktree Operating Group entities was not required to be presented on a retrospective basis, the Company’s results of operations for the year ended December 31, 2019 reflect a full year of activities for Oaktree Capital I and OCM Cayman and related funds and investment vehicles and only nine months of activities for the remaining four Oaktree Operating Group entities and related funds and investment vehicles and, as a result, are not directly comparable to prior periods.The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2019 and December 31, 2018 (dollars in thousands except per unit data):



	Three Months Ended
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Revenues	$	266,415		$	313,483		$	205,190		$	143,899
Expenses	(237,474		)	(265,888		)	(245,480		)	(93,689		)
Other income	159,957			75,785			24,190			50,570
Income before income taxes	$	188,898		$	123,380		$	(16,100	)	$	100,780
Net income	$	184,400		$	121,528		$	(20,898	)	$	102,308
Net income attributable to OCG Class A unitholders	$	47,254		$	42,444		$	(16,648	)	$	54,473
Net income per unit (basic and diluted):
Net income per Class A unit	$	0.66		$	0.57		$	(0.22	)	$	0.56
Distributions declared per Class A unit	$	0.75		$	1.05		$	3.13		$	0.03

	Three Months Ended
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Revenues	$	337,321		$	213,283		$	241,227		$	594,248
Expenses	(251,036		)	(184,606		)	(191,167		)	(373,762		)
Other income	57,513			41,947			99,599			(95,243		)
Income before income taxes	$	143,798		$	70,624		$	149,659		$	125,243
Net income	$	137,401		$	65,757		$	143,091		$	118,296
Net income attributable to OCG Class A unitholders	$	52,732		$	31,121		$	52,750		$	74,538
Net income per unit (basic and diluted):
Net income per Class A unit	$	0.78		$	0.44		$	0.74		$	1.04
Distributions declared per Class A unit	$	0.76		$	0.96		$	0.55		$	0.70