Och-Ziff Capital Management Group LLC (NYSE:OZM) said in a Form 8K filing dated March 14 that it will restate certain financial statements following a periodic review by SEC staff.
The company said it will consolidate the Collateralised Loan Obligations (CLO) that it manages, and that such a consolidation “will result in material adjustments to the company’s previously issued annual and interim financial statements from the third quarter of 2012 through third quarter of 2013.”
Shareholders’ earnings not affected
The decision of the company’s Audit Committee to restate the accounts for the above periods will not affect net income or loss per each Adjusted Class A Share.
However, the consolidation will result in an increase in the assets and liabilities of consolidated Och-Ziff funds in the consolidated balance sheets, as well as an increase in the income, expenses and net gains of consolidated Och-Ziff funds in the consolidated statements of comprehensive income or loss.
According to the filing, the company management, and its Audit Committee discussed the above restatement with Ernst & Young LLP, its accounting firm.
Last month Och-Ziff Capital Management Group LLC (NYSE:OZM) reported Q4 EPS of $1.12 on revenue of $1.07B, which beat street estimates by $251.01M and was up 47.8% on the year.
“Last year was also reflective of the progress we made towards our strategic goal of becoming a global, multi-product, alternative asset manager,” said Daniel S Och, Chairman and CEO. “We grew to a record level of assets under management, earned record revenues and distributable earnings, and paid a record full-year dividend.”
In a filing dated March 4, 2014, the Och-Ziff Capital Management Group LLC (NYSE:OZM) revealed that as of March 1, the estimated unaudited amount of assets under management was about $ 42.3 billion, up by about $1 billion since the beginning of the year.
These assets include the assets attributable to the company’s multi-strategy funds, traded funds, CLOs, real estate funds and other alternative investments under its management.