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Oz Management Reports Fourth Quarter and Full Year 2018 Results
Dividend of $0.23 per Class A Share
NEW YORK, March 7, 2019 – Och-Ziff Capital Management Group LLC (NYSE: OZM) (the “Company” or “Oz Management”) today reported a GAAP net loss attributable to Class A Shareholders (“GAAP Net Loss”) of $1.0 million, or $0.05 per basic and diluted Class A Share, for the fourth quarter of 2018, and a GAAP net loss $24.3 million, or $1.26 per basic and diluted Class A Share, for the full year 2018.
Summary
Distributable Earnings of $16.9 million, or $0.31 per Adjusted Class A Share for the fourth quarter of 2018, and Distributable Earnings of $64.1 million, or $1.17 per Adjusted Class A Share, for the full year 2018.
Distributable Earnings excluding settlements expense were $91.3 million, or $1.67 per Adjusted Class A Share for the full year 2018.
A cash dividend of $0.23 per Class A Share was declared for the fourth quarter of 2018, payable on March 29, 2019, to holders of record on March 22, 2019.
Oz Master Fund, the Company’s largest multi-strategy fund, was down -5.8% gross and -5.7% net for the fourth quarter of 2018, and down -0.1% gross and -1.9% net for the full year 2018.
Oz Credit Opportunities Master Fund was down -2.8% gross and -2.1% net for the fourth quarter of 2018, and up +9.3% gross and +6.5% net for the full year 2018.
As of March 1, 2019, estimated assets under management were $32.3 billion, with Oz Master Fund generating an estimated +7.0% net return year-to-date through February 28, 2019.
In February 2019, the Company completed a recapitalization, including a $100.0 million paydown of its existing senior term loan facility. The Company is paying down an additional $20.0 million on March 7, 2019.
The Company plans to change its tax status to a corporation on April 1, 2019.
Rob Shafir, CEO of Oz Management, said, “The strategic and comprehensive steps we have taken to restructure the firm has set us up for the future. The further alignment of senior management with our clients and shareholders, combined with the material steps to facilitate and accelerate the strengthening of our balance sheet positions us to serve our clients and grow our assets under management. While the fourth quarter of 2018 experienced significant declines and increased volatility globally, all of our funds performed well on a relative basis, with our multi-strategy fund protecting capital on the downside and providing upside capture during strong markets as we have witnessed so far in 2019.”


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The following information was filed by Ochziff Capital Management Group Llc (OZM) on Thursday, March 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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