2022 Q2 Form 10-Q Financial Statement

#000140352822000012 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $116.6M $150.4M
YoY Change -22.49% 62.95%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $411.0K $586.0K
YoY Change -29.86% 20.82%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $57.85M $43.23M
YoY Change 33.83% 3.61%
% of Operating Profit
Other Income/Expense, Net -$97.89M $188.0M
YoY Change -152.06% 17.48%
Pretax Income -$56.06M $225.6M
YoY Change -124.84% 18.18%
Income Tax $3.716M $3.165M
% Of Pretax Income 1.4%
Net Earnings -$14.53M $108.9M
YoY Change -113.34% 0.64%
Net Earnings / Revenue -12.46% 72.41%
Basic Earnings Per Share -$0.21
Diluted Earnings Per Share -$0.21
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 159.9M shares 160.0M shares

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.125B $1.159B $1.200B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $11.43M
YoY Change -13.9%
Goodwill $18.40M
YoY Change 0.0%
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $14.41B $14.40B $12.10B
YoY Change 19.18% 38.52% 40.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $10.27B $10.40B $9.277B
YoY Change 10.7% 33.38% 39.48%
SHAREHOLDERS EQUITY
Retained Earnings $128.2M $251.8M $163.6M
YoY Change -21.66% 109.97% -548.54%
Common Stock $1.011B $871.1M
YoY Change 23.34% 12.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.704B $1.660B $1.419B
YoY Change
Total Liabilities & Shareholders Equity $14.41B $14.40B $12.10B
YoY Change 19.18% 38.52% 40.26%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income -$14.53M $108.9M
YoY Change -113.34% 0.64%
Depreciation, Depletion And Amortization $411.0K $586.0K
YoY Change -29.86% 20.82%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Derivatives and Hedging</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A derivative is a financial instrument whose value is derived from an underlying financial instrument or index, such as interest rates, equity securities, currencies, commodities or credit spreads. Derivatives include futures, forwards, swaps or option contracts, and other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest-rate swaps, foreign-currency forwards or cross-currency swaps).</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. The Company manages its exposure to interest rate and foreign exchange market risks, when deemed appropriate, through the use of derivatives, including foreign currency forward and option contracts, interest-rate and cross currency swaps with financial counterparties. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company’s overall risk management strategy that may result in the use of derivatives to economically hedge or reduce these exposures. From time to time, the Company may enter into (a) foreign-currency option and forward contracts to reduce earnings and cash-flow volatility associated with changes in foreign-currency exchange rates, and (b) interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable-rate borrowings. As a result of the use of these or other derivative contracts, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. The Company attempts to mitigate this counterparty risk by entering into derivative contracts only with major financial institutions that have investment-grade credit ratings. Counterparty credit risk is evaluated in determining the fair value of derivatives.</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company recognizes all derivatives as assets or liabilities in its condensed consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its condensed consolidated statements of financial condition.</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When the Company enters into a derivative contract, it may or may not elect to designate the derivative as a hedging instrument and apply hedge accounting as part of its overall risk management strategy. In other situations, when a derivative does not qualify for hedge accounting or when the derivative and the hedged item are both recorded in current-period earnings and thus deemed to be economic hedges, hedge accounting is not applied. Freestanding derivatives are financial instruments that we enter into as part of our overall risk management strategy but do not utilize hedge accounting. These financial instruments may include foreign-currency exchange contracts, interest-rate swaps and other derivative contracts.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, as well as the reported amounts of income and expenses during the period then ended. Actual results could differ from these estimates.</span></div>
oak Incentive Income Compensation Expense Vesting Period
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CY2022Q2 oak Contract With Customer Receivable
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oak Sharebased Compensation Arrangementby Sharebased Payment Award Exchange Election Notice Period
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CY2022Q2 oak Investments Fair Value Disclosure Percentage Of Net Assets Exceeding Threshold
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CY2021Q4 oak Investments Fair Value Disclosure Percentage Of Net Assets Threshold Percentage
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CY2022Q2 oak Investments Fair Value Disclosure Percentage Of Net Assets Threshold Percentage
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CY2022Q2 us-gaap Derivative Assets
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CY2022Q2 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
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CY2022Q2 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
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CY2022Q2 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
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CY2022Q2 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
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CY2022Q2 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2022Q2 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
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CY2021Q4 us-gaap Derivative Assets
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CY2021Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
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CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
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CY2021Q4 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
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CY2021Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
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CY2021Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
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CY2022Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y
CY2022Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
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oak Lessee Operating Lease Termination Period
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CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P8Y8M23D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.044
CY2022Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
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CY2021Q2 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2022Q2 oak Sublease Income Expense
SubleaseIncomeExpense
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CY2021Q2 oak Sublease Income Expense
SubleaseIncomeExpense
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SubleaseIncomeExpense
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oak Sublease Income Expense
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CY2022Q2 us-gaap Lease Cost
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CY2021Q2 us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Operating Lease Payments
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5292000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2022Q2 oak Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2022Q2 us-gaap Operating Lease Liability
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us-gaap Temporary Equity Foreign Currency Translation Adjustments
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CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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oak Temporary Equity Fund Consolidation And Deconsolidation Net
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us-gaap Temporary Equity Stock Issued During Period Value New Issues
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TemporaryEquityDistributionDuringPeriodValue
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us-gaap Temporary Equity Net Income
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us-gaap Temporary Equity Net Income
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oak Temporary Equity Change In Distributions Payable
TemporaryEquityChangeInDistributionsPayable
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TemporaryEquityChangeInDistributionsPayable
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us-gaap Temporary Equity Foreign Currency Translation Adjustments
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CY2021Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2022Q2 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
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oak Preferred Stock Redemption Notice Period
PreferredStockRedemptionNoticePeriod
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oak Preferred Stock Redemption Period After Changein Control Event
PreferredStockRedemptionPeriodAfterChangeinControlEvent
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CY2022Q2 oak Preferred Stock Redemption Price Per Share Changeof Control Event
PreferredStockRedemptionPricePerShareChangeofControlEvent
25.25
oak Preferred Stock Redemption Notice Period
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oak Preferred Stock Redemption Period After Tax Redemption Event
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CY2022Q2 oak Preferred Stock Redemption Price Per Share Tax Redemption Eventor Rating Agency Event
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 oak Net Income Lossbefore Income Taxes Allocatedfrom Parent Availableto Common Stockholders Basic
NetIncomeLossbeforeIncomeTaxesAllocatedfromParentAvailabletoCommonStockholdersBasic
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CY2021Q2 oak Net Income Lossbefore Income Taxes Allocatedfrom Parent Availableto Common Stockholders Basic
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CY2021Q2 oak Net Income Loss Not Allocated From Parent Availableto Common Stockholders Basic
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q2 oak Accrued Incentives Fund Level Gaa Pbasis
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q2 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
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CY2021Q2 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
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us-gaap Minority Interest Period Increase Decrease
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us-gaap Minority Interest Period Increase Decrease
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CY2022Q2 oak Change From Net Income Loss Attributable To Parent And Transfers To Non Controlling Interest
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CY2021Q2 oak Change From Net Income Loss Attributable To Parent And Transfers To Non Controlling Interest
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oak Change From Net Income Loss Attributable To Parent And Transfers To Non Controlling Interest
ChangeFromNetIncomeLossAttributableToParentAndTransfersToNonControllingInterest
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oak Change From Net Income Loss Attributable To Parent And Transfers To Non Controlling Interest
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CY2021Q4 oak Accrued Incentives Fund Level Gaa Pbasis
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oak Sharebased Compensation Arrangementby Sharebased Payment Award Exchange Consummation Period
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CY2022Q2 oak Compensation Expense Related To Accrued Incentives Fund Level Gaa Pbasis
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CY2021Q4 oak Compensation Expense Related To Accrued Incentives Fund Level Gaa Pbasis
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CY2022Q2 oak Undrawn Capital Commitments
UndrawnCapitalCommitments
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CY2021Q4 oak Undrawn Capital Commitments
UndrawnCapitalCommitments
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us-gaap Investment Company Committed Capital
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112500000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment

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