Wednesday, 31 August 2016
Last updated 13 hours ago
Aug 7 2012 | 2:57pm ET
Oaktree Capital Management swung to a second-quarter profit as its assets continued to rise.
The firm, which went public in April, said its net income was $24.7 million in the three months to June, compared to a $20.4 million loss in the year-earlier period. The Los Angeles-based firm added that its adjusted net income, which excludes some costs, rose 17% to $165.5 million from the second quarter of last year.
Oaktree said the increased profit was due to an increase in assets under management—and the increase in fees that went with it.
Oaktree’s assets stood at $78.7 billion at the end of the second quarter, up from $77.9 billion at the end of the first. The firm is planning to close its ninth distressed debt fund shortly with $4.9 billion. The firm is also currently raising a real-estate fund, seeking $1.5 billion.