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, 2015. 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, 2015, which was filed with the U.S. Securities and Exchange Commission on August 5, 2015.
June 30, 2015 | |||||||||||||||
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 | $ | 241,303 | $ | — | $ | 38,054 | $ | 279,357 | |||||||
Income and fees receivable | 123,883 | (82,678 | ) | — | 41,205 | ||||||||||
Due from related parties | 70,594 | (2,010 | ) | (60,300 | ) | 8,284 | |||||||||
Deferred income tax assets | 3,330 | — | 734,179 | 737,509 | |||||||||||
Other assets, net | 201,226 | (25,171 | ) | 37,191 | 213,246 | ||||||||||
Assets of consolidated Och-Ziff funds: | |||||||||||||||
Investments, at fair value | — | 8,792,491 | — | 8,792,491 | |||||||||||
Other assets of Och-Ziff funds | — | 174,135 | — | 174,135 | |||||||||||
Total Assets | $ | 640,336 | $ | 8,856,767 | $ | 749,124 | $ | 10,246,227 | |||||||
Liabilities and Shareholders' Equity | |||||||||||||||
Liabilities | |||||||||||||||
Due to related parties | $ | 1,796 | $ | — | $ | 652,708 | $ | 654,504 | |||||||
Debt obligations | 450,427 | — | — | 450,427 | |||||||||||
Compensation payable | 25,620 | — | — | 25,620 | |||||||||||
Other liabilities | 86,864 | — | 729 | 87,593 | |||||||||||
Liabilities of consolidated Och-Ziff funds: | |||||||||||||||
Notes payable of consolidated CLOs, at fair value | — | 6,328,081 | — | 6,328,081 | |||||||||||
Securities sold under agreements to repurchase | — | 254,405 | — | 254,405 | |||||||||||
Other liabilities of Och-Ziff funds | — | 40,550 | — | 40,550 | |||||||||||
Total Liabilities | 564,707 | 6,623,036 | 653,437 | 7,841,180 | |||||||||||
Redeemable Noncontrolling Interests | — | 884,042 | — | 884,042 | |||||||||||
Shareholders' Equity | |||||||||||||||
Class A Shares, no par value | — | — | — | — | |||||||||||
Class B Shares, no par value | — | — | — | — | |||||||||||
Paid-in capital | 12,580,474 | — | (9,550,989 | ) | 3,029,485 | ||||||||||
Appropriated retained deficit | — | (43,934 | ) | — | (43,934 | ) | |||||||||
Retained earnings (accumulated deficit) | (12,508,157 | ) | — | 9,149,647 | (3,358,510 | ) | |||||||||
Shareholders' equity (deficit) attributable to Class A Shareholders | 72,317 | (43,934 | ) | (401,342 | ) | (372,959 | ) | ||||||||
Shareholders' equity attributable to noncontrolling interests | 3,312 | 1,393,623 | 497,029 | 1,893,964 | |||||||||||
Total Shareholders' Equity | 75,629 | 1,349,689 | 95,687 | 1,521,005 | |||||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Equity | $ | 640,336 | $ | 8,856,767 | $ | 749,124 | $ | 10,246,227 | |||||||
(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, 2015 | |||||||||||||||
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 | $ | 355,726 | $ | (22,297 | ) | $ | — | $ | 333,429 | ||||||
Incentive income | 134,098 | (48,451 | ) | — | 85,647 | ||||||||||
Other revenues | 928 | — | 41 | 969 | |||||||||||
Income of consolidated Och-Ziff funds | — | 234,205 | — | 234,205 | |||||||||||
Total Revenues | 490,752 | 163,457 | 41 | 654,250 | |||||||||||
Expenses | |||||||||||||||
Compensation and benefits | 141,293 | — | — | 141,293 | |||||||||||
Reorganization expenses | 8,034 | — | — | 8,034 | |||||||||||
Interest expense | 10,650 | — | — | 10,650 | |||||||||||
General, administrative and other | 114,670 | — | (52,822 | ) | 61,848 | ||||||||||
Expenses of consolidated Och-Ziff funds | — | 138,271 | — | 138,271 | |||||||||||
Total Expenses | 274,647 | 138,271 | (52,822 | ) | 360,096 | ||||||||||
Other Income | |||||||||||||||
Net gains on investments in Och-Ziff funds and joint ventures | 766 | (577 | ) | — | 189 | ||||||||||
Net gains of consolidated Och-Ziff funds | — | 42,486 | — | 42,486 | |||||||||||
Total Other Income | 766 | 41,909 | — | 42,675 | |||||||||||
Income Before Income Taxes | 216,871 | 67,095 | 52,863 | 336,829 | |||||||||||
Income taxes | 7,902 | — | 99,283 | 107,185 | |||||||||||
Consolidated and Total Comprehensive Net Income (Loss) | $ | 208,969 | $ | 67,095 | $ | (46,420 | ) | $ | 229,644 | ||||||
Allocation of Consolidated and Total Comprehensive Net Income (Loss) | |||||||||||||||
Class A Shareholders | $ | 77,051 | $ | — | $ | (46,420 | ) | $ | 30,631 | ||||||
Noncontrolling interests | 131,918 | 59,457 | — | 191,375 | |||||||||||
Redeemable noncontrolling interests | — | 7,638 | — | 7,638 | |||||||||||
$ | 208,969 | $ | 67,095 | $ | (46,420 | ) | $ | 229,644 | |||||||
(1) | Includes amounts related to entities not included in the Och-Ziff Operating Group or the consolidated Och-Ziff funds, including related eliminations. |