Oaktree Capital Group had $99.3 billion in assets under management as of June 30, down 1% from $100.3 billion from the previous quarter and up 1% from $98.1 billion a year earlier, according to the alternative investment firm's earnings report released on Thursday.
Oaktree raised $1.4 billion in the second quarter and $11.4 billion for the year ended June 30, with $21.5 billion in uncalled capital commitments as of June 30.
Oaktree attributed the $1 billion AUM decrease in the quarter to $3.3 billion in distributions to closed-end fund investors and $500 million of net outflows from open-end funds. That was mostly offset by $1.8 billion in market gains and $800 million from favorable foreign currency translation.
GAAP net income for the quarter was $117.3 million, up from $54.9 million in the prior quarter and up from $49 million in the year-earlier period.
Management fees were $188.3 million as of June 30, up 4% from $180.9 million as of March 31 and down 7% from $197.5 million in the year-earlier period. Incentive income was $457.4 million in the second quarter, up 320% from $108.7 million in the prior quarter and up 422% from $87.6 million in the second quarter of 2016.