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.”
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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.