Business Context and Reporting Period
This Form 8-K is a current report filed by Oaktree Capital Group, LLC on April 25, 2013. The filing serves as a Regulation FD disclosure to provide an update on Assets Under Management (AUM) as of March 31, 2013, contemporaneous with updates to fund presentation materials and the company website.
Key Financial Metrics
The filing focuses on asset management metrics rather than traditional financial statement items like revenue, profit, or cash flow, which are scheduled for a later release.
- Total Assets Under Management (AUM): $78.8 billion as of March 31, 2013.
- Management Fee-Generating AUM: $66.4 billion as of March 31, 2013.
- Definition of AUM: Includes net asset value of managed assets, fund-level leverage on which fees are charged, and undrawn capital entitled to be called from investors.
- Definition of Fee-Generating AUM: Reflects AUM on which management fees will be earned in the following quarter, excluding certain undrawn commitments, closed-end fund differences, and waived fees.
The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes and Prior Period Comparison
The filing text does not provide specific numerical comparisons to the prior comparable period (e.g., December 31, 2012) or detail the magnitude of changes in AUM since the last reporting date.
Guidance, Outlook, and Risks
Upcoming Results: The company announced it will report first-quarter 2013 financial results prior to the opening of the New York Stock Exchange on Tuesday, May 7, 2013.
Forward-Looking Statements: The report contains forward-looking statements regarding future results of operations and financial performance. These are subject to risks and uncertainties, including:
- Volatile anticipated revenue and income.
- Changes in the value of investments.
- The pace of raising new funds.
- Distributions from and liquidation of existing funds.
- Changes in operating expenses and competition.
- General economic and market conditions.
Investors are directed to the "Risk Factors" section of the Annual Report on Form 10-K for the year ended December 31, 2012, for a comprehensive list of risks.
Important Facts for Investor Verification
- Verify the distinction between total AUM ($78.8 billion) and fee-generating AUM ($66.4 billion) to understand the revenue base for the upcoming quarter.
- Confirm the release date of the full Q1 2013 financial results (May 7, 2013) for detailed revenue and profit data not included in this 8-K.
- Review the company's Form 10-K filed on March 14, 2013, for detailed risk factors affecting future performance.
- Note that this report is "furnished" and not "filed" for purposes of Section 18 of the Exchange Act.