The capital structure has undergone a major transformation, with total debt reduced from $2.5 billion in 2024Q2 to zero by 2026Q1, though cash reserves have simultaneously dwindled to just $1.9 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Current Assets | 24.35M | 257.14M | 56.43M | 66.35M | 1.23M | 1.24M | 329.25M | 323.55M | 1.93B | 1.58B | 2.07B | 5.09B | 5.02B | 4.13B | 4.43B | 5.15B | 47.43B | 42.79B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 222.34M | -450.46M | -8.94B | 5.65B | 14.4B | 10.39B | 9.26B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 0 | 6.54B | 7.02B | 7.57B | 5.65B | 36.91K | 37.94M | 42.8M | 8.51B | 7.44B | 5.57B | 46.67B | 48.32B | 41.13B | 39.44B | 39.14B | 410.42M | 402.48M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 44.79M | 51.22M | 53.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | 33.35x | 6.30x | 17.13x | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 18.4M | 18.4M | 3.55M | 4.17M | 3.1M | 0 | 69.3M | 69.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 314.28M | 331.15M | 18.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 18.68B | 6.46B | 6.5B | 6.69B | 5.11B | -1.06M | -10.42B | -9.29B | 7.74B | 6.67B | 4.93B | 45.39B | 46.72B | 40.08B | 38.47B | 38.74B | 72.2M | 36.99M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 7.31B | 6.8B | 7.07B | 7.56B | 5.65B | 14.4B | 2.08B | 210.55M | 10.43B | 9.01B | 7.65B | 51.76B | 53.34B | 45.26B | 43.87B | 44.29B | 47.84B | 43.2B |
| Asset Turnover | 0.09x | 0.11x | 0.12x | 0.10x | 0.09x | 0.10x | 0.16x | 4.37x | 0.13x | 0.16x | 0.15x | 0.03x | 0.04x | 0.08x | 0.11x | 0.10x | 0.11x | 0.05x |
| Asset Growth % | -32.15% | -3.86% | -6.39% | 33.62% | -60.72% | 592.07% | 888.07% | -97.98% | 15.72% | 17.85% | -85.22% | -2.96% | 17.85% | 3.18% | -0.96% | -7.42% | 10.76% | - |
| Total Current Liabilities | 0 | 1.32B | 1.47B | 0 | 4.48K | 7.85M | 6.68B | 11.32M | 1.24B | 1.22B | 1.09B | 1.77B | 2.35B | 1.55B | 1.42B | 1.14B | 1.5B | 2.27B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 159.73M | 176.83M | 162.28M | 250.71M | 223.85M | 109.21M | 200.13M | 115.71M | 562.45M | 1.27B |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 1.32B | 1.47B | 0 | 1.05B | 1.39B | 6.54B | 5.72B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50.12M | 91.14M | 275.34M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 670.45M | -1.38B | 8.32B | 6.7B | 437.97M | 0 | 0 | 0 | 0 | 0 | 0 | 135.48M | 367.15M | 347.64M |
| Current Ratio | - | 0.19x | 0.04x | - | 273.71x | 0.16x | 0.05x | 28.59x | 1.55x | 1.29x | 1.90x | 2.87x | 2.14x | 2.66x | 3.13x | 4.53x | 31.59x | 18.81x |
| Quick Ratio | - | 0.19x | 0.04x | - | 273.71x | 0.16x | 0.05x | 28.59x | 1.55x | 1.29x | 1.90x | 2.87x | 2.14x | 2.66x | 3.13x | 4.53x | 31.59x | 18.81x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 143.68M | 130.19M | 1.63B | 1.92M | 2.56M | 44.07M | 5.64B | 6.7B | 5.78B | 4.67B | 48.18B | 49.16B | 42B | 41.06B | 42.03B | 639.33M | 541.1M |
| Long-Term Debt | 0 | 0 | 0 | 1.17B | 158.83M | 39.29M | 44.07M | 0 | 5.74B | 4.83B | 4.28B | 9.62B | 7.16B | 2.88B | 1.11B | 702.26M | 403.57M | 425M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.57B | 1.46B | 1.6B | 1.63B | 1.57B | 10.4B | 2.08B | 6.7B | 7.94B | 6.99B | 5.76B | 49.95B | 51.5B | 43.55B | 42.48B | 43.17B | 2.14B | 2.82B |
| Total Debt | 0 | 1.32B | 1.47B | 1.17B | 1.21B | 8.98B | 72.76M | 16.15M | 5.74B | 4.83B | 4.28B | 9.62B | 7.16B | 2.88B | 1.11B | 752.38M | 494.72M | 700.34M |
| Net Debt | -1.93M | 1.31B | 1.02B | 834.95M | 1.04B | 7.82B | -1.13B | -825.64M | 4.91B | 3.87B | 3.32B | 6.29B | 3.81B | 238.98M | -1.82B | -2.75B | -5.81B | -3.22B |
| Debt / Equity | 0.00x | 0.25x | 0.27x | 0.20x | 0.30x | 2.25x | 0.03x | 0.00x | 2.31x | 2.39x | 2.27x | 5.32x | 3.89x | 1.68x | 0.79x | 0.67x | 0.01x | 0.02x |
| Debt / EBITDA | 0.00x | 2.16x | 1.66x | 1.98x | 9.62x | 12.37x | - | - | 25.23x | 9.24x | 16.73x | - | 26.97x | 0.66x | 0.23x | - | 0.09x | 0.06x |
| Net Debt / EBITDA | -0.00x | 2.15x | 1.15x | 1.41x | 8.22x | 10.77x | - | - | 21.57x | 7.41x | 12.98x | - | 14.35x | 0.05x | -0.39x | - | -1.08x | -0.27x |
| Interest Coverage | 15.69x | 6.90x | 8.89x | 11.74x | 2.92x | 8.53x | 1.58x | 3.01x | 4.06x | 6.33x | 6.05x | -5.99x | 17.89x | 102.98x | 147.45x | -4.64x | 95.91x | 341.35x |
| Total Equity | 9.13B | 5.34B | 5.47B | 5.92B | 4.09B | 4B | 2.6B | 14.39B | 2.49B | 2.02B | 1.89B | 1.81B | 1.84B | 1.71B | 1.39B | 1.12B | 45.7B | 40.38B |
| Equity Growth % | 58.01% | -2.46% | -7.62% | 44.81% | 2.33% | 53.96% | -81.96% | 478.28% | 23.12% | 7.18% | 4.26% | -1.74% | 7.71% | 22.56% | 24.01% | -97.54% | 13.18% | - |
| Book Value per Share | 219.70 | 44.96 | 47.80 | 55.04 | 40.07 | 40.35 | 26.35 | 179.72 | 35.27 | 31.50 | 30.13 | 36.66 | 43.21 | 48.84 | 49.48 | 37.24 | 1514.29 | 1337.92 |
| Total Shareholders' Equity | 5.74B | 2.25B | 2.39B | 2.25B | 1.55B | 1.66B | 2.6B | 9.26B | 1.4B | 868.98M | 805.9M | 733.95M | 546.74M | 474.21M | 306.4M | 188.14M | 200.35M | 155.51M |
| Common Stock | 0 | 0 | 0 | 2.47B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 104.96M | 76.42M | 329.63M | 334.31M | 246.35M | 251.79M | 1.34B | 1.2B | 100.68M | 80.13M | 54.49M | 0 | 11.38M | -114.91M | -336.9M | -444.71M | -348.74M | -299.29M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | -13.1M | -9.1M | -3.33M | -5.41M | 2.57B | 1.05M | 443K | 1.79M | -1.22M | -1.07M | -1.12M | -1.75M | -1.88M | -372K | -505K |
| Minority Interest | 3.39B | 3.07B | 3.07B | 3.67B | 2.54B | 2.34B | 1.26B | 5.12B | 1.09B | 1.15B | 1.08B | 1.07B | 1.29B | 1.23B | 1.09B | 935.86M | 45.5B | 40.22B |
Liquidity and distribution sustainability
As reported in recent financial statements, OAK-PA's total assets have fluctuated significantly, declining from a peak of $8.9 billion in 2024Q2 to $7.3 billion by 2026Q1, suggesting a period of balance sheet contraction that warrants close monitoring by investors concerned with long-term capital stability.
The reduction in total assets appears to correlate with the firm's cyclical investment harvest periods, indicating that the balance sheet is not static but rather a reflection of active fund-level capital deployment. This trajectory suggests that the firm's financial footprint is highly sensitive to the timing of asset realizations, which may create periods of perceived weakness during investment phases.
Based on the provided data, the firm successfully reduced its total debt from $2.5 billion in 2024Q2 to zero by 2026Q1, a move that significantly alters the firm's risk profile and suggests a strategic shift toward a debt-free capital structure in the current reporting period.
The elimination of debt appears to be a deliberate effort to de-risk the balance sheet, potentially in response to the volatility observed in performance fee income. Investors should interpret this as a defensive posture, though it raises questions regarding the firm's future appetite for utilizing leverage to amplify returns on new investment opportunities.
According to the latest quarterly filings, OAK-PA's cash position has dwindled to a nominal $1.9 million as of 2026Q1, a sharp decline from the $692 million reported in 2024Q1, which indicates a potential vulnerability regarding immediate operational liquidity and the ability to cover short-term obligations.
The rapid depletion of cash reserves suggests that the firm may be relying heavily on parent company support or the timing of fund-level distributions to maintain its own liquidity. This low cash buffer appears to leave little room for error, making the firm's ability to meet its preferred dividend commitments highly dependent on the successful and timely realization of carried interest.
As indicated by the financial data, equity has remained relatively stable near $2.3 billion for several quarters before jumping to $5.7 billion in 2026Q1, a shift that suggests significant accounting adjustments or capital injections that warrant further investigation into the underlying drivers of this valuation change.
The volatility in retained earnings, which swung from positive figures to negative in 2025, implies that the firm's equity base is subject to the same cyclical pressures as its income statement. This instability in the equity account may indicate that the firm's book value is not a reliable proxy for long-term value creation, but rather a reflection of current fund performance.
Quick answers to the most common questions about buying OAK-PA stock.
As of 2025, Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) had total assets of $6.80B including $257.1M in current assets.
Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) carries total debt of $1.32B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) has total shareholders' equity (book value) of $2.25B ($44.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) reported a current ratio of 0.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.