Attached files
| file | filename |
|---|---|
| 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, 2017. 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, 2017, which was filed with the U.S. Securities and Exchange Commission on May 2, 2017.
March 31, 2017 | |||||||||||||||
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 | $ | 350,138 | $ | — | $ | 1,672 | $ | 351,810 | |||||||
Income and fees receivable | 60,319 | — | — | 60,319 | |||||||||||
Due from related parties | 67,142 | — | (47,790 | ) | 19,352 | ||||||||||
Deferred income tax assets | 1,034 | — | 683,754 | 684,788 | |||||||||||
Other assets, net | 151,604 | (18,681 | ) | 47 | 132,970 | ||||||||||
Assets of consolidated Och-Ziff funds: | |||||||||||||||
Investments, at fair value | — | 35,996 | — | 35,996 | |||||||||||
Other assets of Och-Ziff funds | — | 21,314 | — | 21,314 | |||||||||||
Total Assets | $ | 630,237 | $ | 38,629 | $ | 637,683 | $ | 1,306,549 | |||||||
Liabilities and Shareholders' Equity | |||||||||||||||
Liabilities | |||||||||||||||
Due to related parties | $ | 1,383 | $ | — | $ | 520,831 | $ | 522,214 | |||||||
Debt obligations | 410,612 | — | — | 410,612 | |||||||||||
Compensation payable | 39,031 | — | — | 39,031 | |||||||||||
Other liabilities | 158,929 | — | 1,149 | 160,078 | |||||||||||
Liabilities of consolidated Och-Ziff funds: | |||||||||||||||
Other liabilities of Och-Ziff funds | — | 16,658 | — | 16,658 | |||||||||||
Total Liabilities | 609,955 | 16,658 | 521,980 | 1,148,593 | |||||||||||
Redeemable Noncontrolling Interests | 420,000 | 21,971 | — | 441,971 | |||||||||||
Shareholders' (Deficit) Equity | |||||||||||||||
Class A Shares, no par value | — | — | — | — | |||||||||||
Class B Shares, no par value | — | — | — | — | |||||||||||
Paid-in capital | 12,695,178 | — | (9,626,390 | ) | 3,068,788 | ||||||||||
Accumulated deficit | (13,099,118 | ) | — | 9,529,355 | (3,569,763 | ) | |||||||||
Shareholders' deficit attributable to Class A Shareholders | (403,940 | ) | — | (97,035 | ) | (500,975 | ) | ||||||||
Shareholders' equity attributable to noncontrolling interests | 4,222 | — | 212,738 | 216,960 | |||||||||||
Total Shareholders' (Deficit) Equity | (399,718 | ) | — | 115,703 | (284,015 | ) | |||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' (Deficit) Equity | $ | 630,237 | $ | 38,629 | $ | 637,683 | $ | 1,306,549 | |||||||
(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, 2017 | |||||||||||||||
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 | $ | 86,255 | $ | — | $ | — | $ | 86,255 | |||||||
Incentive income | 51,626 | — | — | 51,626 | |||||||||||
Other revenues | 776 | — | — | 776 | |||||||||||
Income of consolidated Och-Ziff funds | — | 495 | — | 495 | |||||||||||
Total Revenues | 138,657 | 495 | — | 139,152 | |||||||||||
Expenses | |||||||||||||||
Compensation and benefits | 69,943 | — | — | 69,943 | |||||||||||
Interest expense | 6,280 | — | — | 6,280 | |||||||||||
General, administrative and other | 45,928 | — | — | 45,928 | |||||||||||
Expenses of consolidated Och-Ziff funds | — | 84 | — | 84 | |||||||||||
Total Expenses | 122,151 | 84 | — | 122,235 | |||||||||||
Other Income | |||||||||||||||
Changes in tax receivable agreement liability | — | — | — | — | |||||||||||
Net gains on investments in Och-Ziff funds and joint ventures | 1,017 | (296 | ) | — | 721 | ||||||||||
Net gains of consolidated Och-Ziff funds | — | 235 | — | 235 | |||||||||||
Total Other Income | 1,017 | (61 | ) | — | 956 | ||||||||||
Income Before Income Taxes | 17,523 | 350 | — | 17,873 | |||||||||||
Income taxes | 1,078 | — | 10,978 | 12,056 | |||||||||||
Consolidated and Total Comprehensive Net Income (Loss) | 16,445 | 350 | (10,978 | ) | 5,817 | ||||||||||
Less: Income attributable to noncontrolling interests | (143 | ) | — | (9,635 | ) | (9,778 | ) | ||||||||
Less: Income attributable to redeemable noncontrolling interests | — | (350 | ) | — | (350 | ) | |||||||||
Net Income (Loss) Attributable to Och-Ziff Capital Management Group LLC | 16,302 | — | (20,613 | ) | (4,311 | ) | |||||||||
Less: Change in redemption value of Preferred Units | (7,446 | ) | — | 4,593 | (2,853 | ) | |||||||||
Net Income (Loss) Attributable to Class A Shareholders | $ | 8,856 | $ | — | $ | (16,020 | ) | $ | (7,164 | ) | |||||
(1) | Includes amounts related to entities not included in the Och-Ziff Operating Group or the consolidated Och-Ziff funds, including related eliminations. |