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 “Oz Operating Group”) as of and for the six months ended June 30, 2017. The Oz Operating Group does not report audited or unaudited financial information on a stand-alone basis. Accordingly, the financial data presented herein for the Oz Operating Group 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, 2017, which was filed with the U.S. Securities and Exchange Commission on August 2, 2017.
June 30, 2017 | |||||||||||||||
Oz Operating Group | Consolidated Funds and Related Eliminations | Other(1) | Och-Ziff Capital Management Group LLC Consolidated | ||||||||||||
(dollars in thousands) | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 274,150 | $ | — | $ | 1,715 | $ | 275,865 | |||||||
Investments | 182,365 | (22,683 | ) | — | 159,682 | ||||||||||
Income and fees receivable | 81,120 | — | — | 81,120 | |||||||||||
Due from related parties | 78,492 | — | (48,479 | ) | 30,013 | ||||||||||
Deferred income tax assets | 1,631 | — | 681,690 | 683,321 | |||||||||||
Other assets, net | 125,822 | — | 55 | 125,877 | |||||||||||
Assets of consolidated funds: | |||||||||||||||
Investments of consolidated funds, at fair value | — | 233,100 | — | 233,100 | |||||||||||
Other assets of consolidated funds | — | 35,404 | — | 35,404 | |||||||||||
Total Assets | $ | 743,580 | $ | 245,821 | $ | 634,981 | $ | 1,624,382 | |||||||
Liabilities and Shareholders' Equity | |||||||||||||||
Liabilities | |||||||||||||||
Due to related parties | $ | 1,603 | $ | — | $ | 520,831 | $ | 522,434 | |||||||
Debt obligations | 429,202 | — | — | 429,202 | |||||||||||
Compensation payable | 47,343 | — | — | 47,343 | |||||||||||
Other liabilities | 194,052 | — | 586 | 194,638 | |||||||||||
Liabilities of consolidated funds: | |||||||||||||||
Debt obligations of consolidated CLO, at fair value | — | 110,938 | — | 110,938 | |||||||||||
Other liabilities of consolidated funds | — | 110,205 | — | 110,205 | |||||||||||
Total Liabilities | 672,200 | 221,143 | 521,417 | 1,414,760 | |||||||||||
Redeemable Noncontrolling Interests | 420,000 | 24,678 | — | 444,678 | |||||||||||
Shareholders' (Deficit) Equity | |||||||||||||||
Class A Shares, no par value | — | — | — | — | |||||||||||
Class B Shares, no par value | — | — | — | — | |||||||||||
Paid-in capital | 12,718,171 | — | (9,640,021 | ) | 3,078,150 | ||||||||||
Accumulated deficit | (13,071,203 | ) | — | 9,510,721 | (3,560,482 | ) | |||||||||
Shareholders' deficit attributable to Class A Shareholders | (353,032 | ) | — | (129,300 | ) | (482,332 | ) | ||||||||
Shareholders' equity attributable to noncontrolling interests | 4,412 | — | 242,864 | 247,276 | |||||||||||
Total Shareholders' (Deficit) Equity | (348,620 | ) | — | 113,564 | (235,056 | ) | |||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' (Deficit) Equity | $ | 743,580 | $ | 245,821 | $ | 634,981 | $ | 1,624,382 | |||||||
(1) | Includes amounts related to entities not included in the Oz Operating Group or the consolidated funds, including related eliminations. |
Six Months Ended June 30, 2017 | |||||||||||||||
Oz Operating Group | Consolidated Funds and Related Eliminations | Other(1) | Och-Ziff Capital Management Group LLC Consolidated | ||||||||||||
(dollars in thousands) | |||||||||||||||
Revenues | |||||||||||||||
Management fees | $ | 166,337 | $ | — | $ | — | $ | 166,337 | |||||||
Incentive income | 117,741 | — | — | 117,741 | |||||||||||
Other revenues | 2,603 | (46 | ) | — | 2,557 | ||||||||||
Income of consolidated funds | — | 1,463 | — | 1,463 | |||||||||||
Total Revenues | 286,681 | 1,417 | — | 288,098 | |||||||||||
Expenses | |||||||||||||||
Compensation and benefits | 139,622 | — | — | 139,622 | |||||||||||
Interest expense | 11,432 | — | — | 11,432 | |||||||||||
General, administrative and other | 81,090 | — | 3 | 81,093 | |||||||||||
Expenses of consolidated funds | — | 544 | — | 544 | |||||||||||
Total Expenses | 232,144 | 544 | 3 | 232,691 | |||||||||||
Other Income | |||||||||||||||
Changes in tax receivable agreement liability | — | — | — | — | |||||||||||
Net gains on investments in funds and joint ventures | 1,473 | (687 | ) | — | 786 | ||||||||||
Net gains of consolidated funds | — | 620 | — | 620 | |||||||||||
Total Other Income | 1,473 | (67 | ) | — | 1,406 | ||||||||||
Income (Loss) Before Income Taxes | 56,010 | 806 | (3 | ) | 56,813 | ||||||||||
Income taxes | 2,183 | — | 13,117 | 15,300 | |||||||||||
Consolidated and Total Comprehensive Net Income (Loss) | 53,827 | 806 | (13,120 | ) | 41,513 | ||||||||||
Less: Income attributable to noncontrolling interests | (275 | ) | — | (31,645 | ) | (31,920 | ) | ||||||||
Less: Income attributable to redeemable noncontrolling interests | — | (806 | ) | — | (806 | ) | |||||||||
Net Income (Loss) Attributable to Och-Ziff Capital Management Group LLC | 53,552 | — | (44,765 | ) | 8,787 | ||||||||||
Less: Change in redemption value of Preferred Units | (7,446 | ) | — | 4,593 | (2,853 | ) | |||||||||
Net Income (Loss) Attributable to Class A Shareholders | $ | 46,106 | $ | — | $ | (40,172 | ) | $ | 5,934 | ||||||
(1) | Includes amounts related to entities not included in the Oz Operating Group or the consolidated funds, including related eliminations. |