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Form 8-K Och-Ziff Capital Managem For: Nov 02

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November 2, 2016 4:14 PM EDT


 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 2, 2016
 
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
(Exact Name of Registrant as Specified in Its Charter)
 
 
 
Delaware
 
001-33805
 
26-0354783
(State or Other Jurisdiction
of Incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)
 
9 West 57th Street, New York, New York
 
10019
(Address of Principal Executive Offices)
 
(Zip Code)
212-790-0000
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 






Item 7.01. Regulation FD Disclosure.
On November 2, 2016, Och-Ziff Capital Management Group LLC (the “Company”) filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the nine months ended September 30, 2016. Pursuant to that certain indenture, as amended by a first supplemental indenture, each dated as of November 20, 2014, among Och-Ziff Finance Co. LLC (“Och-Ziff Finance”), the guarantors named therein (collectively with Och-Ziff Finance, the “Credit Parties”) and Wilmington Trust, National Association, as trustee, attached as Exhibit 99.1 is a copy of the unaudited reconciliation indicating the differences between the financial information of the Company and the financial information of the Credit Parties and their subsidiaries on a combined and consolidated basis, taken as a whole.
The information in this Current Report on Form 8-K, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit 
No.
  
Description
99.1
  
Unaudited Reconciliation of Financial Data




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
 
(Registrant)
 
 
 
 
By:
 
/s/ Joel M. Frank
 
 
 
Joel M. Frank
 
 
 
Chief Financial Officer and
Executive Managing Director
November 2, 2016




Exhibit Index
Exhibit 
No.
  
Description
99.1
  
Unaudited Reconciliation of Financial Data




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 nine months ended September 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 nine months ended September 30, 2016, which was filed with the U.S. Securities and Exchange Commission on November 2, 2016.
 
September 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
$
423,438

 
$
—

 
$
7,032

 
$
430,470

Income and fees receivable
24,801

 
—

 
—

 
24,801

Due from related parties
(145,992
)
 
—

 
165,872

 
19,880

Deferred income tax assets
2,614

 
—

 
667,077

 
669,691

Other assets, net
191,736

 
(17,837
)
 
30,053

 
203,952

Assets of consolidated Och-Ziff funds:
 
 
 
 
 
 
 

Investments, at fair value
—

 
36,830

 
—

 
36,830

Other assets of Och-Ziff funds
—

 
2,633

 
—

 
2,633

Total Assets
$
496,597

 
$
21,626

 
$
870,034

 
$
1,388,257

 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Due to related parties
$
1,471

 
$
—

 
$
488,778

 
$
490,249

Debt obligations
561,757

 
—

 
—

 
561,757

Compensation payable
22,716

 
—

 
—

 
22,716

Other liabilities
351,833

 
—

 
212,381

 
564,214

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
—

 
653

 
—

 
653

Total Liabilities
937,777

 
653

 
701,159

 
1,639,589

 
 
 
 
 
 
 
 
Redeemable Noncontrolling Interests
—

 
20,973

 
—

 
20,973

 
 
 
 
 
 
 
 
Shareholders' (Deficit) Equity
 
 
 
 
 
 
 
Class A Shares, no par value
—

 
—

 
—

 
—

Class B Shares, no par value
—

 
—

 
—

 
—

Paid-in capital
12,653,471

 
—

 
(9,534,992
)
 
3,118,479

Appropriated retained deficit
—

 
—

 
—

 
—

Accumulated deficit
(13,098,999
)
 
—

 
9,529,029

 
(3,569,970
)
Shareholders' deficit attributable to Class A Shareholders
(445,528
)
 
—

 
(5,963
)
 
(451,491
)
Shareholders' equity attributable to noncontrolling interests
4,348

 
—

 
174,838

 
179,186

Total Shareholders' (Deficit) Equity
(441,180
)
 
—

 
168,875

 
(272,305
)
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' (Deficit) Equity
$
496,597

 
$
21,626

 
$
870,034

 
$
1,388,257

(1)
Includes amounts related to entities not included in the Och-Ziff Operating Group or the consolidated Och-Ziff funds, including related eliminations.




 
Nine Months Ended September 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
$
428,822

 
$
—

 
$
—

 
$
428,822

Incentive income
57,477

 
—

 
—

 
57,477

Other revenues
1,462

 
—

 
82

 
1,544

Income of consolidated Och-Ziff funds
—

 
1,262

 
—

 
1,262

Total Revenues
487,761

 
1,262

 
82

 
489,105

 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
Compensation and benefits
169,762

 
—

 
—

 
169,762

Reorganization expenses
—

 
—

 
—

 
—

Interest expense
17,452

 
—

 
—

 
17,452

General, administrative and other
597,390

 
—

 
(13,059
)
 
584,331

Expenses of consolidated Och-Ziff funds
—

 
316

 
—

 
316

Total Expenses
784,604

 
316

 
(13,059
)
 
771,861

 
 
 
 
 
 
 
 
Other Income
 
 
 
 
 
 
 
Net gains on investments in Och-Ziff funds and joint ventures
2,367

 
(1,065
)
 
—

 
1,302

Net gains of consolidated Och-Ziff funds
—

 
2,182

 
—

 
2,182

Total Other Income
2,367

 
1,117

 
—

 
3,484

 
 
 
 
 
 
 
 
(Loss) Income Before Income Taxes
(294,476
)
 
2,063

 
13,141

 
(279,272
)
Income taxes
6,945

 
—

 
32,491

 
39,436

Consolidated and Total Comprehensive Net (Loss) Income
$
(301,421
)
 
$
2,063

 
$
(19,350
)
 
$
(318,708
)
 
 
 
 
 
 
 
 
Allocation of Consolidated and Total Comprehensive Net (Loss) Income
 
 
 
 
 
 
 
Class A Shareholders
$
(301,630
)
 
$
—

 
$
167,988

 
$
(133,642
)
Noncontrolling interests
209

 
262

 
(187,338
)
 
(186,867
)
Redeemable noncontrolling interests
—

 
1,801

 
—

 
1,801

 
$
(301,421
)
 
$
2,063

 
$
(19,350
)
 
$
(318,708
)
(1)
Includes amounts related to entities not included in the Och-Ziff Operating Group or the consolidated Och-Ziff funds, including related eliminations.



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