Oaktree Capital Group on Friday said its per-share profit rose 33 percent in the third-quarter as the distressed debt investor earned more in fees from its clients for exceeding performance targets.

The downtown Los Angeles investment company reported net income of $42.9 million ($1.12 a share), compared with $25.2 million (84 cents) in the same period a year earlier. Oaktree’s incentive income, earned for exceeding the performance thresholds it sets with clients, more than doubled to $122 million.

Adjusted net income, which excluded such costs as noncash equity compensation and income taxes, rose 32 percent to more than $179 million ($1.16). Analysts on average had expected adjusted profit of $1 a share.

Assets under management rose 4.5 percent to $79.8 billion.

Shares closed down $1.02, or 2 percent, to $55.90 on the New York Stock Exchange.