Attached files
| file | filename |
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| 8-K - 8-K - Sculptor Capital Management, Inc. | ozm-8xkdebtfinancialsx4q20.htm |
Unaudited Reconciliation of Financial Data
The following tables present the historical unaudited financial information for the Credit parties and their consolidated subsidiaries (the “Och-Ziff Operating Group”) as of and for the year ended December 31, 2015. The Och-Ziff Operating Group does not report audited or unaudited financial information on a stand-alone basis. Accordingly, the financial data presented herein for the Och-Ziff Operating Group and its consolidated subsidiaries has been reconciled to Och-Ziff Capital Management Group LLC’s financial statements for the relevant periods. You should read this data in conjunction with Och-Ziff Capital Management Group LLC’s financial statements and the related notes included in its Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the U.S. Securities and Exchange Commission on February 11, 2016.
December 31, 2015 | |||||||||||||||
Och-Ziff Operating Group | Consolidated Och-Ziff Funds and Related Eliminations | Other(1) | Och-Ziff Capital Management Group LLC Consolidated | ||||||||||||
(dollars in thousands) | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 213,449 | $ | — | $ | 40,621 | $ | 254,070 | |||||||
Income and fees receivable | 158,380 | (64,534 | ) | — | 93,846 | ||||||||||
Due from related parties | 88,776 | (2,602 | ) | (78,078 | ) | 8,096 | |||||||||
Deferred income tax assets | 1,538 | — | 718,416 | 719,954 | |||||||||||
Other assets, net | 216,080 | (36,035 | ) | 18,743 | 198,788 | ||||||||||
Assets of consolidated Och-Ziff funds: | |||||||||||||||
Investments, at fair value | — | 9,071,933 | — | 9,071,933 | |||||||||||
Other assets of Och-Ziff funds | — | 344,769 | — | 344,769 | |||||||||||
Total Assets | $ | 678,223 | $ | 9,313,531 | $ | 699,702 | $ | 10,691,456 | |||||||
Liabilities and Shareholders' Equity | |||||||||||||||
Liabilities | |||||||||||||||
Due to related parties | $ | 1,612 | $ | — | $ | 591,778 | $ | 593,390 | |||||||
Debt obligations | 448,882 | — | — | 448,882 | |||||||||||
Compensation payable | 176,602 | — | — | 176,602 | |||||||||||
Other liabilities | 84,662 | — | (849 | ) | 83,813 | ||||||||||
Liabilities of consolidated Och-Ziff funds: | |||||||||||||||
Notes payable of consolidated CLOs, at fair value | — | 7,077,679 | — | 7,077,679 | |||||||||||
Securities sold under agreements to repurchase | — | 190,751 | — | 190,751 | |||||||||||
Other liabilities of Och-Ziff funds | — | 47,487 | — | 47,487 | |||||||||||
Total Liabilities | 711,758 | 7,315,917 | 590,929 | 8,618,604 | |||||||||||
Redeemable Noncontrolling Interests | — | 832,284 | — | 832,284 | |||||||||||
Shareholders' Equity | |||||||||||||||
Class A Shares, no par value | — | — | — | — | |||||||||||
Class B Shares, no par value | — | — | — | — | |||||||||||
Paid-in capital | 12,608,372 | — | (9,567,717 | ) | 3,040,655 | ||||||||||
Appropriated retained deficit | — | (59,663 | ) | — | (59,663 | ) | |||||||||
Accumulated deficit | (12,644,004 | ) | — | 9,247,182 | (3,396,822 | ) | |||||||||
Shareholders' deficit attributable to Class A Shareholders | (35,632 | ) | (59,663 | ) | (320,535 | ) | (415,830 | ) | |||||||
Shareholders' equity attributable to noncontrolling interests | 2,097 | 1,224,993 | 429,308 | 1,656,398 | |||||||||||
Total Shareholders' Equity | (33,535 | ) | 1,165,330 | 108,773 | 1,240,568 | ||||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Equity | $ | 678,223 | $ | 9,313,531 | $ | 699,702 | $ | 10,691,456 | |||||||
(1) | Includes amounts related to entities not included in the Och-Ziff Operating Group or the consolidated Och-Ziff funds, including related eliminations. |
Year Ended December 31, 2015 | |||||||||||||||
Och-Ziff Operating Group | Consolidated Och-Ziff Funds and Related Eliminations | Other(1) | Och-Ziff Capital Management Group LLC Consolidated | ||||||||||||
(dollars in thousands) | |||||||||||||||
Revenues | |||||||||||||||
Management fees | $ | 690,889 | $ | (46,898 | ) | $ | — | $ | 643,991 | ||||||
Incentive income | 250,089 | (62,526 | ) | — | 187,563 | ||||||||||
Other revenues | 2,025 | — | 52 | 2,077 | |||||||||||
Income of consolidated Och-Ziff funds | — | 489,350 | — | 489,350 | |||||||||||
Total Revenues | 943,003 | 379,926 | 52 | 1,322,981 | |||||||||||
Expenses | |||||||||||||||
Compensation and benefits | 430,526 | — | — | 430,526 | |||||||||||
Reorganization expenses | 14,064 | — | — | 14,064 | |||||||||||
Interest expense | 21,431 | — | 10 | 21,441 | |||||||||||
General, administrative and other | 245,567 | — | (61,428 | ) | 184,139 | ||||||||||
Expenses of consolidated Och-Ziff funds | — | 303,770 | — | 303,770 | |||||||||||
Total Expenses | 711,588 | 303,770 | (61,418 | ) | 953,940 | ||||||||||
Other Income (Loss) | |||||||||||||||
Net gains on investments in Och-Ziff funds and joint ventures | 1,899 | (1,831 | ) | — | 68 | ||||||||||
Net losses of consolidated Och-Ziff funds | — | (69,572 | ) | — | (69,572 | ) | |||||||||
Total Other Income (Loss) | 1,899 | (71,403 | ) | — | (69,504 | ) | |||||||||
Income Before Income Taxes | 233,314 | 4,753 | 61,470 | 299,537 | |||||||||||
Income taxes | 17,502 | — | 114,722 | 132,224 | |||||||||||
Consolidated and Total Comprehensive Net Income (Loss) | $ | 215,812 | $ | 4,753 | $ | (53,252 | ) | $ | 167,313 | ||||||
Allocation of Consolidated and Total Comprehensive Net Income (Loss) | |||||||||||||||
Class A Shareholders | $ | 78,992 | $ | — | $ | (53,252 | ) | $ | 25,740 | ||||||
Noncontrolling interests | 136,820 | 54,357 | — | 191,177 | |||||||||||
Redeemable noncontrolling interests | — | (49,604 | ) | — | (49,604 | ) | |||||||||
$ | 215,812 | $ | 4,753 | $ | (53,252 | ) | $ | 167,313 | |||||||
(1) | Includes amounts related to entities not included in the Och-Ziff Operating Group or the consolidated Och-Ziff funds, including related eliminations. |