Oaktree Capital Group reported $99.5 billion in assets under management as of Sept. 30, up 0.3% from the previous quarter and down 0.3% from a year earlier, according to the alternative investment firm's earnings report released Thursday.
Oaktree raised $2.7 billion in the third quarter and $12 billion for the year ended Sept. 30, with $21.2 billion in uncalled capital commitments as of Sept. 30.
The firm attributed the increase in AUM during the quarter primarily to $1.7 billion in market gains, $1.3 billion in new capital commitments to closed-end and evergreen funds, and $500 million from favorable foreign currency translation, mostly offset by $2.2 billion in distributions to closed-end fund investors and $800 million of net outflows from open-end funds.
GAAP net income for the quarter was $45.8 million, down from $117.3 million in the prior quarter and down from $58.3 million in the year-earlier period.
Management fees were $186.6 million as of Sept. 30, up 0.2% from $186.3 million as of June 30 and down 4% from $194.3 million in the year-earlier period. Incentive income was $53.7 million in the third quarter, down 88.3% from $457.4 million in the prior quarter and down 46.1% from $99.7 million in the third quarter of 2016.