Attached files
| file | filename |
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| 8-K - 8-K - Sculptor Capital Management, Inc. | ozm-8xkdebtfinancialsx2q20.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 six months ended June 30, 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 six months ended June 30, 2016, which was filed with the U.S. Securities and Exchange Commission on August 2, 2016.
June 30, 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 | $ | 361,469 | $ | — | $ | 6,692 | $ | 368,161 | |||||||
Income and fees receivable | 24,419 | — | — | 24,419 | |||||||||||
Due from related parties | 77,175 | — | (55,425 | ) | 21,750 | ||||||||||
Deferred income tax assets | 1,774 | — | 713,009 | 714,783 | |||||||||||
Other assets, net | 194,600 | (17,258 | ) | 30,930 | 208,272 | ||||||||||
Assets of consolidated Och-Ziff funds: | |||||||||||||||
Investments, at fair value | — | 28,727 | — | 28,727 | |||||||||||
Other assets of Och-Ziff funds | — | 8,956 | — | 8,956 | |||||||||||
Total Assets | $ | 659,437 | $ | 20,425 | $ | 695,206 | $ | 1,375,068 | |||||||
Liabilities and Shareholders' Equity | |||||||||||||||
Liabilities | |||||||||||||||
Due to related parties | $ | 1,415 | $ | — | $ | 591,605 | $ | 593,020 | |||||||
Debt obligations | 562,204 | — | — | 562,204 | |||||||||||
Compensation payable | 17,203 | — | — | 17,203 | |||||||||||
Other liabilities | 558,442 | — | 253 | 558,695 | |||||||||||
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 | — | 133 | — | 133 | |||||||||||
Total Liabilities | 1,139,264 | 133 | 591,858 | 1,731,255 | |||||||||||
Redeemable Noncontrolling Interests | — | 20,292 | — | 20,292 | |||||||||||
Shareholders' (Deficit) Equity | |||||||||||||||
Class A Shares, no par value | — | — | — | — | |||||||||||
Class B Shares, no par value | — | — | — | — | |||||||||||
Paid-in capital | 12,643,480 | — | (9,589,930 | ) | 3,053,550 | ||||||||||
Appropriated retained deficit | — | — | — | — | |||||||||||
Accumulated deficit | (13,125,497 | ) | — | 9,541,157 | (3,584,340 | ) | |||||||||
Shareholders' deficit attributable to Class A Shareholders | (482,017 | ) | — | (48,773 | ) | (530,790 | ) | ||||||||
Shareholders' equity attributable to noncontrolling interests | 2,190 | — | 152,121 | 154,311 | |||||||||||
Total Shareholders' (Deficit) Equity | (479,827 | ) | — | 103,348 | (376,479 | ) | |||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' (Deficit) Equity | $ | 659,437 | $ | 20,425 | $ | 695,206 | $ | 1,375,068 | |||||||
(1) | Includes amounts related to entities not included in the Och-Ziff Operating Group or the consolidated Och-Ziff funds, including related eliminations. |
Six Months Ended June 30, 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 | $ | 300,309 | $ | — | $ | — | $ | 300,309 | |||||||
Incentive income | 38,723 | — | — | 38,723 | |||||||||||
Other revenues | 1,105 | — | 59 | 1,164 | |||||||||||
Income of consolidated Och-Ziff funds | — | 804 | — | 804 | |||||||||||
Total Revenues | 340,137 | 804 | 59 | 341,000 | |||||||||||
Expenses | |||||||||||||||
Compensation and benefits | 112,004 | — | — | 112,004 | |||||||||||
Reorganization expenses | — | — | — | — | |||||||||||
Interest expense | 11,323 | — | — | 11,323 | |||||||||||
General, administrative and other | 540,207 | — | (182 | ) | 540,025 | ||||||||||
Expenses of consolidated Och-Ziff funds | — | 299 | — | 299 | |||||||||||
Total Expenses | 663,534 | 299 | (182 | ) | 663,651 | ||||||||||
Other Income | |||||||||||||||
Net gains on investments in Och-Ziff funds and joint ventures | 980 | (481 | ) | — | 499 | ||||||||||
Net gains of consolidated Och-Ziff funds | — | 1,361 | — | 1,361 | |||||||||||
Total Other Income | 980 | 880 | — | 1,860 | |||||||||||
(Loss) Income Before Income Taxes | (322,417 | ) | 1,385 | 241 | (320,791 | ) | |||||||||
Income taxes | 5,537 | — | 23,913 | 29,450 | |||||||||||
Consolidated and Total Comprehensive Net (Loss) Income | $ | (327,954 | ) | $ | 1,385 | $ | (23,672 | ) | $ | (350,241 | ) | ||||
Allocation of Consolidated and Total Comprehensive Net (Loss) Income | |||||||||||||||
Class A Shareholders | $ | (327,906 | ) | $ | — | $ | 179,979 | $ | (147,927 | ) | |||||
Noncontrolling interests | (48 | ) | 262 | (203,651 | ) | (203,437 | ) | ||||||||
Redeemable noncontrolling interests | — | 1,123 | — | 1,123 | |||||||||||
$ | (327,954 | ) | $ | 1,385 | $ | (23,672 | ) | $ | (350,241 | ) | |||||
(1) | Includes amounts related to entities not included in the Och-Ziff Operating Group or the consolidated Och-Ziff funds, including related eliminations. |