Cash generation is highly inconsistent, evidenced by an OCF/NI ratio that swung from -22.35 in 2025Q1 to 7.64 in 2025Q2, reflecting the lumpy nature of performance fee realizations.
| 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 |
|---|
| Cash from Operations | 129.52M | 454.17M | 850.35M | 487.01M | 438.94M | 1.56B | 652.13M | 1.15B | -617.02M | -336.31M | -317.91M | -943.23M | -4.33B | 5.44B | 6.96B | 1.13B | 3.38B | -631.56M |
| Operating CF Margin % | - | 62.06% | 101.06% | 63.91% | 89.33% | 104.43% | 202.06% | 124.4% | -44.73% | -22.92% | -27.62% | -67.18% | -186.05% | 146.81% | 147.85% | 25.24% | 65.41% | -28.2% |
| Operating CF Growth % | -271.33% | -46.59% | 74.61% | 10.95% | -71.86% | 139.21% | -43.09% | 285.71% | -83.47% | -5.79% | 66.3% | 78.2% | -179.59% | -21.87% | 515.91% | -66.58% | 635.23% | - |
| Net Income | 286.67M | 523.22M | 787.06M | 221.18M | 203.65M | 631.66M | 165.72M | 154.84M | 464.55M | 689.48M | 566.1M | -1.53B | 2.18B | 6.21B | 6.67B | -308.64M | 5.28B | 11.87B |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 1.58M | 2.33M | 2.05M | 20.29M | 25.86M | 15.78M | 16.22M | 14.02M | 8M | 7.12M | 7.4M | 6.58M | 6.48M | 6.79M |
| Stock-Based Compensation | -92K | 27K | -91.86M | 14.59M | 6.57M | 10.52M | 17.36M | 65.53M | 62.99M | 59.34M | 63.72M | 54.38M | 41.4M | 28.44M | 36.34M | 948.75M | 949.38M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 505 | 335K | -1.04M | 122K | 223.81M | -97.72M | -99.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -309.78M | -13.42M | -98.44M | 278.02M | 358.23M | 651.58M | 407.93M | 668.17M | -1.32B | -1.33B | -1.09B | 571.37M | -5.88B | -1.36B | 296.08M | 473.3M | -2.83B | -10.51B |
| Working Capital Changes | -6.99M | -55.65M | 253.59M | -26.78M | -131.07M | 263.51M | 60.1M | 181.97M | -72.43M | 224.51M | 121.21M | -50.04M | -670.17M | 549.99M | -54.88M | 9.63M | -23.41M | -2B |
| Change in Receivables | 52.76M | -9.04M | 25.35M | -127.27M | 73.11M | -141.88M | -75.32M | -20.9M | 36.13M | 40.13M | 54.48M | 7.9M | 131.05M | 186.88M | -373.06M | 42.32M | 328.83M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -306.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -44.15M | -21.84M | 65M | 70.02M | -260.37M | 500.67M | 229.89M | 182.05M | -8.9M | 10.34M | 30.23M | 37.95M | 11.02M | 65.31M | 111.75M | -5.65M | -65.61M | 0 |
| Cash from Investing | 265.06M | 716.14M | -919.19M | -361.27M | -1.83B | -2.92B | -741.34M | -2.86B | -493.15M | 342.96M | -98.59M | -53.63M | -39.73M | -417.63M | 55.05M | -262.54M | -127.2M | -83.32M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -466K | -583K | -710K | -6.76M | -5.82M | -29.41M | -70.43M | -23.72M | -5M | -4.61M | -5.22M | -10.38M | -2.95M | -6.98M |
| CapEx % of Revenue | 0% | - | - | - | 0.09% | 0.04% | 0.22% | 0.73% | 0.42% | 2% | 6.12% | 1.69% | 0.22% | 0.12% | 0.11% | 0.23% | 0.06% | 0.31% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 6.46B | 6.5B | 6.69B | 5.11B | 1.02M | -10.41B | -9.28B | 8.29B | 6.85B | 5.69B | 45.39B | 46.72B | 40.08B | 38.84B | 39.12B | 39.8B | 36.86B |
| Other Investing | 668.93M | 655.99M | -4.05B | -5.26B | 0 | 0 | 0 | -3.33B | 324.9M | 538.55M | 181.77M | 57.95M | 38.34M | -47.36M | 65.82M | 12.46M | 15.5M | -3.06M |
| Cash from Financing | -1.03B | -1.43B | 309.04M | 38.8M | 1.27B | 1.56B | 541.65M | 2.07B | 994.98M | -51.03M | 763.33M | 992.27M | 5.09B | -5.31B | -7.59B | -3.67B | -858.65M | 315.08M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.19M | 388.61M | -12.32M | -12.76M | -4.93M | -1.83M | -833K | -14.81M | -39.62M | -7.13M | -4.66M |
| Dividends Paid | -240.18M | -6.09M | -340.85M | -124.61M | -217.91M | -492.99M | -97.11M | -466.75M | -223.22M | -562.05M | -394.46M | -372.65M | -550.82M | -781.91M | -424.07M | -469.74M | -453.21M | -183.51M |
| Share Repurchases | 0 | 0 | 0 | 0 | -17.45K | 0 | 0 | -12.19M | -231.72M | -12.32M | -12.76M | -242.75M | -298.49M | -420.74M | -337.07M | -39.62M | -7.13M | -4.66M |
| Other Financing | -534.2M | -1.27B | -638.22M | 212.45M | -171.79M | -274.85M | 638.77M | -471.24M | 103.29M | 170.2M | 63.09M | -1.26B | 1.4B | -6.29B | -7.56B | -3.36B | -192.67M | 342.89M |
| Net Change in Cash | -422.22M | -259.11M | 113.17M | 160.55M | -982.99M | -41.22M | 358.55M | 10.07M | -127.74M | 265K | -2.37B | -17.39M | 710.83M | -290.86M | -577.13M | -2.8B | 2.38B | -388.38M |
| Free Cash Flow | 341.56M | 454.17M | 850.35M | 487.01M | 438.48M | 1.56B | 651.42M | 1.14B | -622.83M | -365.72M | -388.34M | -966.95M | -4.33B | 5.43B | 6.95B | 1.12B | 3.38B | -638.54M |
| FCF Margin % | 54.61% | 62.06% | 101.06% | 63.91% | 89.24% | 104.39% | 201.84% | 123.66% | -45.15% | -24.92% | -33.74% | -68.87% | -186.26% | 146.69% | 147.74% | 25.01% | 65.35% | -28.51% |
| FCF Growth % | 148.92% | -46.59% | 74.61% | 11.07% | -71.88% | 139.38% | -42.81% | 282.89% | -70.3% | 5.82% | 59.84% | 77.68% | -179.75% | -21.87% | 521.16% | -66.86% | 628.92% | - |
| FCF per Share | - | 3.83 | 7.43 | 4.53 | 4.30 | 15.75 | 6.61 | 14.23 | -8.83 | -5.70 | -6.21 | -19.60 | -101.72 | 155.28 | 246.79 | 37.08 | 111.90 | -21.16 |
| FCF Conversion (FCF/Net Income) | 1.19x | 1.82x | 2.77x | 2.20x | 2.16x | 2.47x | 3.94x | 7.40x | -2.76x | -1.45x | -1.63x | -13.22x | -34.26x | 24.49x | 64.53x | -11.77x | -68.35x | 11.07x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 131.11M | 146.34M | 99.74M | 159.46M | 79.22M | 47.36M | 37.74M | 34.67M | 31.78M | 17.18M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.1M | 22.85M | 15.18M | 5.59M | 7.95M | 15.53M | 18.52M | 18.92M | 23.05M | 8.58M |
Performance fee realization volatility
As reported in quarterly financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -22.35 in 2025Q1 to 7.64 in 2025Q2, highlighting the significant disconnect between accounting accruals and actual cash realization within the firm's fund structures.
The extreme variance in the conversion of net income to operating cash flow suggests that GAAP earnings are a poor proxy for the firm's immediate liquidity. Investors should interpret these fluctuations as a reflection of the 'waterfall' distribution model, where cash is only realized upon successful fund exits rather than linear accrual.
Based on the provided cash flow data, free cash flow trajectory remains highly unstable, evidenced by a massive $1.2 billion outflow in 2024Q3 followed by a $277.7 million inflow in 2025Q1, indicating that the firm's cash generation is tethered to lumpy, non-recurring investment harvest cycles.
The lack of a consistent FCF trend suggests that the firm's ability to cover preferred distributions is subject to significant timing risks. This volatility warrants further investigation into the specific fund liquidation schedules that drive these periodic cash inflows and outflows.
According to recent SEC filings, working capital changes frequently dominate the cash flow statement, such as the $257.1 million inflow in 2024Q1 versus the $267.3 million outflow in 2024Q3, confirming that operational liquidity is heavily dependent on the timing of fund-level capital calls and distributions.
These large working capital swings suggest that the firm's cash position is highly sensitive to the underlying investment portfolio's activity. The reliance on these movements implies that short-term liquidity may be constrained during periods where capital is tied up in complex, long-duration restructuring projects.
As indicated by the financial data, the firm has consistently prioritized dividend payments, such as the $174.8 million distributed in 2025Q1, even during periods of negative net income, which suggests a structural commitment to preferred unit holders that may strain internal cash reserves during cyclical downturns.
The persistence of dividend payments despite significant cash flow volatility suggests that the firm may be utilizing parent-level support or balance sheet flexibility to maintain payouts. Investors should monitor whether this distribution policy remains sustainable if the current lull in asset realizations persists over multiple quarters.
Quick answers to the most common questions about buying OAK-PA stock.
Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) generated $454.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) generated $454.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) returned $6.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.