Oaktree Capital Group's assets under management totaled $123.5 billion as of Sept. 30, up 2% from $121.6 billion on June 30 and up about 1% from a year earlier, according to the alternative investment firm's earnings report released Thursday.
Oaktree attributed the AUM bump in the third quarter to $2.2 billion in new capital commitments to closed-end funds, $1.5 billion in market-value gains and $600 million from its 20% interest in fixed-income manager DoubleLine Capital. These gains were partially offset by $1.5 billion in distributions to fund investors and $900 million of net outflows from open-end funds. New commitments to Oaktree's closed-end funds during the third quarter included $700 million to the firm's middle-market direct lending strategy, $500 million to Oaktree Special Situations Fund II and $400 million to its emerging markets debt strategy.
The firm had uncalled capital commitments of $21.4 billion as of Sept. 30, compared to $21.2 billion a year earlier.
Oaktree earned GAAP net income attributable to Oaktree Capital Group Class A unitholders was $52.8 million, up from $31.1 million in the prior quarter and $45.8 million for the third quarter of 2017.
Management fees were $197.1 million in the third quarter, up 11% from $178.1 million in the second quarter and down 3% from $203.4 million in the year-earlier quarter. Incentive income was $74.5 million in the third quarter, up 112% from $35.2 million in the prior quarter and up 37% from $54.5 million for the third quarter of 2017.
