Business Context and Reporting Period
This Form 8-K is a current report filed by Oaktree Capital Group, LLC on January 26, 2015. The filing serves as a Regulation FD disclosure to update Assets Under Management (AUM) figures contemporaneously with the company's fund presentation materials and website updates. The data reflects the period ending December 31, 2014.
Key Financial Metrics
The filing provides specific metrics regarding assets managed but does not report revenue, profit, cash flow, margins, debt, or liquidity figures in this document.
- Total Assets Under Management (AUM): $90.8 billion as of December 31, 2014.
- Management Fee-Generating AUM: $78.1 billion as of December 31, 2014.
The filing defines "AUM" to include net asset value, fund-level leverage, undrawn capital commitments, and collateral assets. "Management fee-generating AUM" is a forward-looking metric excluding certain undrawn capital, GP investments, and funds beyond their fee-paying terms.
Material Changes
The filing text does not provide comparative data for the prior period (e.g., December 31, 2013) to calculate material changes or growth rates. It only states the absolute values for the end of 2014.
Guidance, Outlook, and Risks
Future Reporting: The company announced it will report its fourth quarter and full-year 2014 financial results prior to the opening of the New York Stock Exchange on Monday, February 9, 2015.
Forward-Looking Statements: The report contains forward-looking statements regarding future results, revenue, income, investment values, and fund raising. These are subject to risks including market volatility, changes in AUM, tax impacts on carried interest, and general economic conditions.
Risk Factors: The filing references the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2013, for a detailed list of uncertainties that could cause actual results to differ from expectations.
Investor Verification Checklist
- Verify the full-year 2014 financial results (revenue, profit, cash flow) when released on February 9, 2015.
- Review the Form 10-K for the year ended December 31, 2013, to obtain prior period AUM figures for year-over-year comparison.
- Confirm the composition of the $12.7 billion difference between Total AUM and Management Fee-Generating AUM to understand fee base sustainability.
- Monitor the pace of new fund raising and capital calls as referenced in the risk factors.