Q3 2011 Earnings Release 585.1 KB. And as you know, away from just the alpha generation potential on our short positions, you have just our general risk management approach to the portfolio. We just exited the investment period. Rob Shafir, Chief Executive Officer of Sculptor Capital, said, "The first quarter was impacted by challenges stemming from the coronavirus pandemic and its effect on the global economy. 3Q 2020 Sculptor Capital Earnings Conference Call Conference Call (Webcast) Earnings Release Quarterly Reports 8:30 AM EST Aug 06, 2020: 2Q 2020 ... 1Q 2017 Earnings Release and Conference Call Earnings Release Quarterly Reports Home About Our … Our global opportunistic credit fund, Sculptor Credit Opportunities Fund returned 6.4% net for the fourth quarter of 2020 and was down 1.5% for the full year. Fundamental equities was the largest positive contributor to our performance during the quarter. See page 15 for information on the Company's Institutional Credit Strategies. Sculptor Master Fund was down 6.6% net for the first quarter of 2020 Sculptor Master Fund was up 5.5% net in April, bringing year-to-day performance through April 30, 2020 to down 1.4% net Sculptor Credit Opportunities Master Fund was down 20.0% net for the first quarter of 2020 The Company makes available free of charge on its website (www.sculptor.com) its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and any amendment to those filings as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. And for the full-year 2020, revenues were $876 million, up 52% from 2019. OK. Great. Adjustment to exclude amounts attributable to the executive managing directors on their interests in the Sculptor Operating Group, as management reviews the operating performance of the Company at the Sculptor Operating Group level. Our fourth-quarter results are a culmination of the hard work and dedication of the entire organization, setting us against a challenging 2020 backdrop. Look, I'd say in terms of the level of inquiring activity, it is definitely the best by a long shot, it's been since I've been at the firm. No statements made during this call should be construed as an offer to purchase shares of the company or an interest in any of its funds or any other entities. Additionally, we have declared a cash dividend of $2.35 per Class A share. [Operator Instructions] I would now like to introduce your host for today's conference, Elise King, And I think that in addition to that, just closing out all of our legacy issues, which, as we all know, is an impediment with many of the clients out there has also opened up a lot of new conversations with us. We recognized $206 million of incentive from our longer-dated assets in 2020, including from a portion of the incentives generated this year, reducing our accrued unrecognized incentive balance to $128 million as of December 31st. The presenters will be referring to this report during the call. How do you think about sort of capital return from here, dividend policy, buyback for the deleveraging reinvestment, maybe for the kickoff how you sort of think about that? The higher incentive income was driven by our multi-strategy funds performance in 2020 as well as the crystallization of an accrued unrecognized incentives in the customized credit platform. Let me first turn to performance. Our next question is coming from William Katz of Citi. Adjustment to exclude the impact of eliminations related to the consolidated funds. Sure. At the height of the crisis, we deployed approximately $800 million of capital into new opportunities, which helped drive a 23.1% net return for the fund from April 1st through year-end. So we had a distribution holiday of where we had to earn $600 million of distribution holiday economic income. Despite weakness in October, market sentiment shifted rapidly in the aftermath of the election, helping global equity markets close at record levels with the MSCI World Index climbing 12.5% during this fourth quarter. I mean, again, thanks, everyone, for participating. Net Loss Attributable to Sculptor Capital Management, Inc. Change in redemption value of Preferred Units, Net (Loss) Income Attributable to Class A Shareholders, (Loss) Earnings per Class A Share - basic, (Loss) Earnings per Class A Share - diluted, Weighted-average Class A Shares outstanding - basic, Weighted-average Class A Shares outstanding - diluted, GAAP Consolidated Balance Statement - Unaudited, Investments (includes assets measured at fair value of $342,266 and $329,435, including assets sold under agreements to repurchase of $84,200, and $98,085 as of March 31, 2020, and December 31, 2019, respectively), Securities sold under agreements to repurchase, Class A Shares, $0.01 and $0.01 par value, 100,000,000 and 100,000,000 shares authorized, 21,946,639 and 21,284,945 shares issued and, outstanding as of March 31, 2020 and December 31, 2019, respectively, Class B Shares, $0.01 and $0.01 par value, 75,000,000 and 75,000,000 shares authorized, 32,845,414 and 29,208,952 shares issued and outstanding, as of March 31, 2020 and December 31, 2019, respectively, Shareholders' Deficit Attributable to Class A Shareholders, Shareholders' equity attributable to noncontrolling interests, Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Equity, Reconciliation of Non-GAAP Measures to the Respective GAAP Measures - Unaudited, Net (Loss) Income Attributable to Class A Shareholders-GAAP, Net (Loss) Income Allocated to Sculptor Capital Management, Inc.-GAAP, Equity-based compensation, net of RSUs settled in cash, Adjustment to recognize deferred cash compensation in the period of grant, Recapitalization-relatednon-cash interest expense accretion, Adjustment for expenses related to compensation and profit-sharing arrangements based on fund investment performance, Depreciation, amortization and net gains and losses on fixed assets, Tax receivable agreement and other payables-Non-GAAP(1), Professional services expense related to legal settlements and the recapitalization, Weighted-average Class A Shares outstanding, Weighted-average Class A Restricted Share Units (RSUs), Distributable Earnings Per Fully Diluted Share-Non-GAAP, Adjusted Distributable Earnings per Fully Diluted Share-Non-GAAP. Adjustments to exclude legal settlements and provisions, and professional services expenses related to settlements, as well as the recapitalization and related strategic actions. Mattel Reports First Quarter 2015 Financial Results and Declares Quarterly Dividend 188.5 KB. Thanks for taking all my questions this morning, if I could squeeze this one in. Performance in the quarter stemmed from both structured and corporate credit where continued strength in risk assets helped deliver strong returns. And I would say not just for clients who've never done business with us, but clients that may have been business many, many years ago, still look at Sculptor Capital today, and rightly so, are looking at a very different firm and that our reunderwriting process takes some time. Information about and reconciliations of these non-GAAP measures to the most direct comparable GAAP measures are available in the company's earnings release, which is posted on its website. Obviously, given our cash and our assets on balance sheet, vis-a-vis, what is all the $145 million of liabilities left on the balance sheet. As of March 31, 2020, assets under management were $33.4 billion, down $1.1 billion in the first quarter due to: Net outflows of $279.3 million and $209.7 million from opportunistic credit and, Partially offset by $646.9 of net inflows into real estate funds, primarily Sculptor Real Estate Fund IV, and $397.0 million of net inflows in Institutional Credit Strategies driven by closing of an aircraft securitization, As of May 1, 2020, estimated assets under management were $34.0 billion, The increase since March 31, 2020 was driven by $178.5 million of capital net inflows and $472.3 million of, Sculptor Credit Opportunities Master Fund was up 1.5% net, The outstanding 2018 term loan facility ("Term Loan") balance was $8.5 million as of May 6, 2020, In light of the economic downturn caused by COVID, Fundamental Equities were essentially flat for the quarter driven by strong performance in January and February, Losses concentrated in Corporate Credit where even the highest quality securities widened to levels not seen since the global financial crisis of 2008 due to COVID driven market dislocations, Structured Credit saw losses as forced sellers flooded the market due to drastic COVID related asset value loss, View the majority of performance losses in Corporate and Structured Credit as, Sculptor Credit Opportunities Master Fund, We do not view the majority of the credit losses as being permanent capital impairment, Lower incentive income primarily from idiosyncratic timing of crystallizations from long term clients and lower investment performance, Management fees remained flat as increases from Sculptor Real Estate Fund IV and Institutional Credit Strategies launches were offset by lower fees from, Lower general, administrative and other expenses primarily due to lower professional services expenses incurred as a result of the recapitalization in the prior year, Lower compensation expenses due to lower bonus and salaries and benefits, Flat interest expenses due to lower term loan balance being offset by interest starting to accrue on Debt Securities, At quarter end, total cash, cash equivalents and, Subsequent to the quarter end, we paid down the Term Loan by $9.5 million resulting in an outstanding balance of $8.5 million, We plan to continue to strengthen our balance sheet by using a majority of our earnings, after public shareholder dividends, to pay down our existing Term Loan followed by the Preferred Units and Debt Securities, Option to repay Preferred Units at 25% discount until March 31, 2021 and 10% discount April 1, 2021 through March 30, 2022, Option to repay Debt Securities at 5% discount if done within nine months of repayment of Preferred Units. Q2 2012 Earnings Release 606.3 KB. We have $128 million that's left outstanding. Despite the volatility across the real estate and capital markets in 2020, we continue to be very active in both new investments as well as providing liquidity to our investors. The CLO issuance environment continued to normalize in the fourth quarter. At this time, I'd like to turn the floor back over to management for any additional or closing comments. Group P Units and PSUs do not participate in the economics of the Company until certain service and market-performance conditions are met; therefore, the Company will not include the Group P Units or PSUs in Fully Diluted Shares until such conditions are met. Stock Advisor launched in February of 2002. Total adjusted expenses, which excluded these items, were $253 million for the fourth quarter and $444 million for the full-year 2020, up 12% from 2019, with bonus expense driving our increase in light of higher incentive income from strong fund performance. The earnings release for FY2004 above has been amended in accordance with this. I mean what the Delaware Life transaction did for us is, number one, it allowed us to capture over $60 million of discounts on the outstanding liabilities at the time. Upcoming Event: Latest Event: 4Q 2020 Sculptor Capital Earnings Conference Call Feb 11, 2021. And the reasons for that are severalfold. See page 23 of this presentation for important information related to the footnotes referenced on this slide. Is there any risk or opportunity as a result of some of these outsized moves? Good morning, everyone. Title: Exhibit 99.1 - SCU Earnings Release - 1q2020* Author: anonymous Created Date: 5/6/2020 1:31:58 AM See page 14 for information on the Company's closed-end opportunistic credit funds. During the call, the company will be referring to economic income, distributable earnings, and other financial measures that are not prepared in accordance with U.S. GAAP. Economic Income(1) was $2.3 million for the first quarter of 2020. Adjusted Distributable Earnings(1) were $3.6 million for the first quarter of 2020. The annualized returns since inception are those of the Sculptor, The returns for the Sculptor Master Fund exclude Special Investments. This focus was reflected in our strong investment performance, growth in our client base and improvement in our corporate balance sheet.