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, 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 Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the U.S. Securities and Exchange Commission on March 1, 2017.
December 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 | $ | 319,736 | $ | 10,077 | $ | 329,813 | |||||||||
Income and fees receivable | 176,638 | — | 176,638 | ||||||||||||
Due from related parties | 41,531 | (21,037 | ) | 20,494 | |||||||||||
Deferred income tax assets | 760 | 694,681 | 695,441 | ||||||||||||
Other assets, net | 226,310 | (18,387 | ) | 41 | 207,964 | ||||||||||
Assets of consolidated Och-Ziff funds: | |||||||||||||||
Investments, at fair value | 37,661 | 37,661 | |||||||||||||
Other assets of Och-Ziff funds | 17,544 | 17,544 | |||||||||||||
Total Assets | $ | 764,975 | $ | 36,818 | $ | 683,762 | $ | 1,485,555 | |||||||
Liabilities and Shareholders' Equity | |||||||||||||||
Liabilities | |||||||||||||||
Due to related parties | $ | 1,269 | $ | 520,832 | $ | 522,101 | |||||||||
Debt obligations | 577,128 | — | 577,128 | ||||||||||||
Compensation payable | 206,106 | — | 206,106 | ||||||||||||
Other liabilities | 174,645 | 349 | 174,994 | ||||||||||||
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 | 15,197 | 15,197 | |||||||||||||
Total Liabilities | 959,148 | 15,197 | 521,181 | 1,495,526 | |||||||||||
Redeemable Noncontrolling Interests | 262,500 | 21,621 | 284,121 | ||||||||||||
Shareholders' (Deficit) Equity | |||||||||||||||
Class A Shares, no par value | — | — | — | — | |||||||||||
Class B Shares, no par value | — | — | — | — | |||||||||||
Paid-in capital | 12,648,137 | — | (9,550,706 | ) | 3,097,431 | ||||||||||
Accumulated deficit | (13,110,218 | ) | — | 9,546,766 | (3,563,452 | ) | |||||||||
Shareholders' deficit attributable to Class A Shareholders | (462,081 | ) | — | (3,940 | ) | (466,021 | ) | ||||||||
Shareholders' equity attributable to noncontrolling interests | 5,408 | — | 166,521 | 171,929 | |||||||||||
Total Shareholders' (Deficit) Equity | (456,673 | ) | — | 162,581 | (294,092 | ) | |||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' (Deficit) Equity | $ | 764,975 | $ | 36,818 | $ | 683,762 | $ | 1,485,555 | |||||||
(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, 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 | $ | 533,156 | $ | — | $ | — | $ | 533,156 | |||||||
Incentive income | 233,440 | — | — | 233,440 | |||||||||||
Other revenues | 1,912 | — | 94 | 2,006 | |||||||||||
Income of consolidated Och-Ziff funds | — | 1,762 | — | 1,762 | |||||||||||
Total Revenues | 768,508 | 1,762 | 94 | 770,364 | |||||||||||
Expenses | |||||||||||||||
Compensation and benefits | 409,883 | — | — | 409,883 | |||||||||||
Reorganization expenses | — | — | — | — | |||||||||||
Interest expense | 23,776 | — | — | 23,776 | |||||||||||
General, administrative and other | 646,296 | 1,835 | 648,131 | ||||||||||||
Expenses of consolidated Och-Ziff funds | — | 350 | — | 350 | |||||||||||
Total Expenses | 1,079,955 | 350 | 1,835 | 1,082,140 | |||||||||||
Other Income | |||||||||||||||
Net gains on investments in Och-Ziff funds and joint ventures | 5,375 | (1,615 | ) | — | 3,760 | ||||||||||
Net gains of consolidated Och-Ziff funds | — | 2,915 | — | 2,915 | |||||||||||
Total Other Income | 5,375 | 1,300 | — | 6,675 | |||||||||||
(Loss) Income Before Income Taxes | (306,072 | ) | 2,712 | (1,741 | ) | (305,101 | ) | ||||||||
Income taxes | 7,060 | — | 3,826 | 10,886 | |||||||||||
Consolidated and Total Comprehensive Net (Loss) Income | (313,132 | ) | 2,712 | (5,567 | ) | (315,987 | ) | ||||||||
Less: (Income) loss attributable to noncontrolling interests | (1,068 | ) | (262 | ) | 195,087 | 193,757 | |||||||||
Less: Income attributable to redeemable noncontrolling interests | — | (2,450 | ) | — | (2,450 | ) | |||||||||
Net (Loss) Income Attributable to Och-Ziff Capital Management Group LLC | (314,200 | ) | — | 189,520 | (124,680 | ) | |||||||||
Less: Change in redemption value of Preferred Units | (16,043 | ) | — | 9,961 | (6,082 | ) | |||||||||
Net (Loss) Income Attributable to Class A Shareholders | $ | (330,243 | ) | $ | — | $ | 199,481 | $ | (130,762 | ) | |||||
(1) | Includes amounts related to entities not included in the Och-Ziff Operating Group or the consolidated Och-Ziff funds, including related eliminations. |