Attached files
| file | filename |
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| 8-K - 8-K - Sculptor Capital Management, Inc. | ozm-8xkdebtfinancialsx1q20.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 three months ended March 31, 2016. 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 Quarterly Report on Form 10-Q for the three months ended March 31, 2016, which was filed with the U.S. Securities and Exchange Commission on May 3, 2016.
March 31, 2016 | |||||||||||||||
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 | $ | 221,678 | $ | — | $ | 7,048 | $ | 228,726 | |||||||
Income and fees receivable | 53,287 | — | — | 53,287 | |||||||||||
Due from related parties | 67,997 | (967 | ) | (55,710 | ) | 11,320 | |||||||||
Deferred income tax assets | 1,646 | — | 720,936 | 722,582 | |||||||||||
Other assets, net | 187,982 | (16,046 | ) | 30,929 | 202,865 | ||||||||||
Assets of consolidated Och-Ziff funds: | |||||||||||||||
Investments, at fair value | — | 22,627 | — | 22,627 | |||||||||||
Other assets of Och-Ziff funds | — | 13,905 | — | 13,905 | |||||||||||
Total Assets | $ | 532,590 | $ | 19,519 | $ | 703,203 | $ | 1,255,312 | |||||||
Liabilities and Shareholders' Equity | |||||||||||||||
Liabilities | |||||||||||||||
Due to related parties | $ | 1,417 | $ | — | $ | 591,632 | $ | 593,049 | |||||||
Debt obligations | 442,628 | — | — | 442,628 | |||||||||||
Compensation payable | 12,785 | — | — | 12,785 | |||||||||||
Other liabilities | 388,467 | — | 218 | 388,685 | |||||||||||
Liabilities of consolidated Och-Ziff funds: | |||||||||||||||
Notes payable of consolidated CLOs, at fair value | — | — | — | — | |||||||||||
Securities sold under agreements to repurchase | — | — | — | — | |||||||||||
Other liabilities of Och-Ziff funds | — | 1,836 | — | 1,836 | |||||||||||
Total Liabilities | 845,297 | 1,836 | 591,850 | 1,438,983 | |||||||||||
Redeemable Noncontrolling Interests | — | 19,629 | — | 19,629 | |||||||||||
Shareholders' (Deficit) Equity | |||||||||||||||
Class A Shares, no par value | — | — | — | — | |||||||||||
Class B Shares, no par value | — | — | — | — | |||||||||||
Paid-in capital | 12,624,948 | — | (9,578,383 | ) | 3,046,565 | ||||||||||
Appropriated retained deficit | — | — | — | — | |||||||||||
Accumulated deficit | (12,939,732 | ) | — | 9,433,799 | (3,505,933 | ) | |||||||||
Shareholders' deficit attributable to Class A Shareholders | (314,784 | ) | — | (144,584 | ) | (459,368 | ) | ||||||||
Shareholders' equity attributable to noncontrolling interests | 2,077 | (1,946 | ) | 255,937 | 256,068 | ||||||||||
Total Shareholders' (Deficit) Equity | (312,707 | ) | (1,946 | ) | 111,353 | (203,300 | ) | ||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' (Deficit) Equity | $ | 532,590 | $ | 19,519 | $ | 703,203 | $ | 1,255,312 | |||||||
(1) | Includes amounts related to entities not included in the Och-Ziff Operating Group or the consolidated Och-Ziff funds, including related eliminations. |
Three Months Ended March 31, 2016 | |||||||||||||||
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 | $ | 156,910 | $ | — | $ | — | $ | 156,910 | |||||||
Incentive income | 30,587 | — | — | 30,587 | |||||||||||
Other revenues | 541 | — | 38 | 579 | |||||||||||
Income of consolidated Och-Ziff funds | — | 366 | — | 366 | |||||||||||
Total Revenues | 188,038 | 366 | 38 | 188,442 | |||||||||||
Expenses | |||||||||||||||
Compensation and benefits | 54,261 | — | — | 54,261 | |||||||||||
Reorganization expenses | — | — | — | — | |||||||||||
Interest expense | 5,386 | — | — | 5,386 | |||||||||||
General, administrative and other | 267,679 | — | (155 | ) | 267,524 | ||||||||||
Expenses of consolidated Och-Ziff funds | — | 266 | — | 266 | |||||||||||
Total Expenses | 327,326 | 266 | (155 | ) | 327,437 | ||||||||||
Other Income | |||||||||||||||
Net gains on investments in Och-Ziff funds and joint ventures | 171 | 78 | — | 249 | |||||||||||
Net gains of consolidated Och-Ziff funds | — | 545 | — | 545 | |||||||||||
Total Other Income | 171 | 623 | — | 794 | |||||||||||
(Loss) Income Before Income Taxes | (139,117 | ) | 723 | 193 | (138,201 | ) | |||||||||
Income taxes | 2,678 | — | 15,861 | 18,539 | |||||||||||
Consolidated and Total Comprehensive Net (Loss) Income | $ | (141,795 | ) | $ | 723 | $ | (15,668 | ) | $ | (156,740 | ) | ||||
Allocation of Consolidated and Total Comprehensive Net (Loss) Income | |||||||||||||||
Class A Shareholders | $ | (141,707 | ) | $ | — | $ | 72,351 | $ | (69,356 | ) | |||||
Noncontrolling interests | (88 | ) | 262 | (88,019 | ) | (87,845 | ) | ||||||||
Redeemable noncontrolling interests | — | 461 | — | 461 | |||||||||||
$ | (141,795 | ) | $ | 723 | $ | (15,668 | ) | $ | (156,740 | ) | |||||
(1) | Includes amounts related to entities not included in the Och-Ziff Operating Group or the consolidated Och-Ziff funds, including related eliminations. |