Business Context and Reporting Period
This Form 8-K is a current report filed by Oaktree Capital Group, LLC on October 25, 2012. The filing serves as a Regulation FD disclosure to provide an estimated update on Assets Under Management (AUM) as of September 30, 2012. The company noted that formal third-quarter 2012 financial results are scheduled to be reported on November 6, 2012.
Key Financial Metrics
- Assets Under Management (AUM): Estimated at $81.0 billion as of September 30, 2012.
- AUM Definition: Includes net asset value of funds, undrawn capital entitled to be called from investors, and fund-level leverage generating management fees.
- Revenue, Profit, and Cash Flow: The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity for the period.
Material Changes
The filing does not provide comparative data for the prior period to quantify material changes in AUM or other financial metrics. The reported AUM figure is an estimate subject to potential adjustment upon the completion of the forthcoming quarterly financial report.
Guidance, Outlook, and Risks
Outlook and Timing: The company anticipates reporting third-quarter 2012 financial results prior to the opening of the New York Stock Exchange on November 6, 2012.
Risks and Contingencies: The report includes standard forward-looking statement disclaimers. Key risks cited include volatility in anticipated revenue and income, changes in investment values, the pace of raising new funds, distributions and liquidations of existing funds, operating expenses, competition, and general economic and market conditions. The company explicitly states it does not undertake an obligation to update forward-looking statements.
Investor Verification Checklist
- Verify the final AUM figure in the upcoming third-quarter 2012 financial report, as the $81.0 billion figure is an estimate.
- Review the November 6, 2012 earnings release for actual revenue, profit, and cash flow data not included in this 8-K.
- Assess the impact of market conditions on the "undrawn capital" and "fund-level leverage" components of the AUM calculation.