Oaktree’s Quarterly Profit Falls 47% on Exits Slowdown
Bloomberg reported Oaktree Capital Group said third-quarter profit fell 47% as it sold fewer holdings.
According to Bloomberg , the firm said in a statement that adjusted net income, a measure of profit excluding costs such as noncash equity compensation and income taxes, fell to $95.1 million, or 47 cents a share, from $179.6 million, or $1.16 a share, a year earlier.
Bloomberg said further, Oaktree Co-Chairman Howard Marks has urged caution in credit investing since last year, saying investors who have added more risk in their portfolios amid near-zero interest rates may be hurt when markets reverse course.
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