SOURCE: Och-Ziff Capital Management Group LLC

Och-Ziff Capital Management Group LLC

August 05, 2014 07:30 ET

Och-Ziff Capital Management Group LLC Reports 2014 Second Quarter Results

2014 Second Quarter Dividend of $0.17 per Class A Share

NEW YORK, NY--(Marketwired - August 05, 2014) - Och-Ziff Capital Management Group LLC (NYSE: OZM) (the "Company" or "Och-Ziff") today reported GAAP Net Income(1) of $10.7 million, or $0.06 per basic and $0.05 per diluted Class A Share, for the second quarter ended June 30, 2014. The Company also declared a $0.17 per share cash dividend on its Class A Shares for the 2014 second quarter.

Summary Highlights

  • Distributable Earnings of $90.4 million, or $0.18 per Adjusted Class A Share, for the 2014 second quarter, 17% higher than $77.5 million, or $0.16 per Adjusted Class A Share, for the 2013 second quarter.
  • Estimated assets under management of $45.7 billion as of August 1, 2014, which reflected year-to-date capital net inflows of approximately $4.5 billion and performance-related appreciation of $894.4 million.
  • Estimated year-to-date net returns through July 31, 2014 of the OZ Master Fund of +2.0%, the OZ Asia Master Fund of -4.4% and the OZ Europe Master Fund of -1.7%.

"Year-to-date through July 31st, our performance reflected our ability to actively manage our capital allocations across strategies and geographies," said Daniel S. Och, Chairman and Chief Executive Officer of Och-Ziff. "The consistency of our performance and our ability to protect investor capital are hallmarks of our approach to investing and managing risk, and are at the core of the value that we deliver to the investors in our funds. We believe that we are well positioned to create significant, incremental value as we continue to execute on our strategy of diversifying our product offerings.

"Our assets under management have grown rapidly due to the strong momentum across our products. Year-to-date through August 1st, our organic net inflows exceeded our full-year 2013 total by 46%, and investor interest in our platforms remains high. Globally, we believe that pension funds and other institutions will continue to increase their allocations to alternative asset managers, and that we will be a substantial beneficiary of this secular trend as we further expand and diversify our business."

(1) References to the Company's GAAP Net Income throughout this press release refer to the Company's GAAP Net Income Allocated to Class A Shareholders.

GAAP NET INCOME ALLOCATED TO CLASS A SHAREHOLDERS

For the 2014 second quarter, Och-Ziff reported GAAP Net Income of $10.7 million, or $0.06 per basic and $0.05 per diluted Class A Share, compared to $3.8 million, or $0.03 per basic and $0.02 per diluted Class A Share, for the 2013 second quarter. For the 2014 first half, Och-Ziff reported GAAP Net Income of $34.6 million, or $0.20 per basic and diluted Class A Share, compared to $33.9 million, or $0.22 per basic and diluted Class A Share, for the 2013 first half.

The year-over-year improvement in the Company's second quarter GAAP results was primarily due to higher management fees, partially offset by lower incentive income. The year-over-year improvement in the Company's first half GAAP results was primarily due to higher management fees and lower non-compensation expenses, partially offset by lower incentive income and increased compensation and benefits expenses, as discussed in the "Economic Income (Non-GAAP)" section of this press release.

The Company's GAAP results in the 2014 second quarter and first half included non-cash expenses of $28.7 million and $55.9 million, respectively, for equity-based compensation. These expenses primarily relate to Och-Ziff Operating Group A Units ("Group A Units"), which represent equity interests in the Company's principal operating subsidiaries (the "Och-Ziff Operating Group"), granted to executive managing directors, as well as Class A Restricted Share Units ("RSUs") granted to employees and executive managing directors. Each RSU represents the right to receive one Class A Share upon vesting. Vested Group A Units may be exchanged on a one-to-one basis for Class A Shares, subject to transfer restrictions and minimum retained ownership requirements.

Throughout this press release, the Company presents financial measures that are not prepared in accordance with GAAP. For a discussion of these non-GAAP measures, please see the section titled "Non-GAAP Financial Measures" at the end of this press release.

DISTRIBUTABLE EARNINGS (NON-GAAP)

The Company's Distributable Earnings for the 2014 second quarter were $90.4 million, or $0.18 per Adjusted Class A Share, 17% higher than $77.4 million, or $0.16 per Adjusted Class A Share, for the 2013 second quarter. Distributable Earnings for the 2014 first half were $218.2 million, or $0.43 per Adjusted Class A Share, 2% higher than $214.4 million, or $0.45 per Adjusted Class A Share, for the 2013 first half.

The year-over-year increases in Distributable Earnings were primarily due to higher management fees and lower non-compensation expenses, partially offset by lower incentive income and higher compensation and benefits expenses. Please see the "Economic Income (Non-GAAP)" section of this press release for a discussion of the drivers impacting the Company's revenues and operating expenses.

Distributable Earnings is a non-GAAP measure. For reconciliations of Distributable Earnings to the respective GAAP Net Income for the periods discussed above, please see Exhibits 2 and 3 that accompany this press release. Additionally, please see the section titled "Non-GAAP Financial Measures" at the end of this press release, including the definitions of Distributable Earnings and Adjusted Class A Shares.

ASSETS UNDER MANAGEMENT
Assets under management by fund:

             
            % Change(1)
(dollars in billions)  June 30, 2014  December 31, 2013  June 30, 2013  Jun. 2014 vs.
Dec. 2013
  Jun. 2014 vs.
Jun. 2013
                      
Multi-strategy funds                     
 OZ Master Fund  $27.1  $25.2  $22.8  8 % 19 %
 OZ Asia Master Fund   1.4   1.3   1.2  8 % 17 %
 OZ Europe Master Fund   1.3   1.4   1.9  -7 % -32 %
 Other multi-strategy funds   4.2   3.8   3.3  11 % 27 %
Multi-strategy funds   34.0   31.7   29.2  7 % 16 %
Credit funds   5.1   4.4   3.8  16 % 34 %
CLOs   4.0   2.6   2.2  54 % 82 %
Real estate funds   1.7   0.8   0.9  113 % 89 %
Other   1.1   0.7   0.5  57 % 120 %
Total  $45.9  $40.2  $36.6  14 % 25 %
                

(1) Rounding differences may occur.

As of June 30, 2014, assets under management totaled $45.9 billion, an increase of $9.3 billion, or 25%, from June 30, 2013, which was driven by capital net inflows of $5.9 billion and performance-related appreciation of $3.4 billion. These capital net inflows included $1.9 billion related to three CLOs that the Company closed in the year-over-year period, as well as $1.2 billion related to the launch of the Company's third real estate fund in 2014.

During the month of June, the Company had approximately $621.9 million of intra-month capital net inflows, primarily related to a CLO that the Company closed in June, which are included in the $45.9 billion of assets under management as of June 30, 2014. Assets under management decreased to an estimated $45.7 billion as of August 1, 2014. This decrease reflected estimated performance-related appreciation of approximately $44.6 million in July and capital net outflows of approximately $252.9 million, which was comprised of approximately $311.7 million of net outflows on July 1, 2014 and approximately $58.8 million of net inflows from July 2, 2014 to August 1, 2014.

INVESTMENT PERFORMANCE

For the 2014 first half, the performance of the OZ Master Fund was driven primarily by its credit-related strategies. The performance of the OZ Asia Master Fund and the OZ Europe Master Fund was driven by these funds' negative returns in their long/short equity special situations strategies, partially offset by positive performance in their credit-related strategies.

Net returns by fund(1):

      
   2014  
   April   May   June   2Q   1H - 2014  
                      
OZ Master Fund  -1.23 % 1.53 % 1.43 % 1.72 % 2.15 %
OZ Asia Master Fund  -2.16 % -0.16 % 2.40 % 0.03 % -6.66 %
OZ Europe Master Fund  -1.24 % -1.00 % 0.35 % -1.89 % -1.92 %
                

(1) Please see important disclosures on Exhibit 7 that accompanies this press release.

ECONOMIC INCOME (NON-GAAP)

In addition to analyzing the Company's results on a GAAP basis, management also reviews the Company's results on an "Economic Income" basis. Economic Income excludes certain adjustments that are required for presentation of the Company's results on a GAAP basis, but that management does not consider when evaluating operating performance in any given period.

For reconciliations of Economic Income and its components to the respective GAAP measures, please see Exhibits 2 through 5 that accompany this press release. Additionally, please see the discussion of "Non-GAAP Financial Measures" at the end of this press release.

Economic Income Revenues (Non-GAAP)

Economic Income revenues for the 2014 second quarter were $174.2 million, up 10% from $158.0 million for the 2013 second quarter. Management fees were $159.7 million, 18% higher than management fees of $134.9 million for the prior-year period. Incentive income was $14.4 million, compared to $22.9 million for the prior-year period.

Economic Income revenues for the 2014 first half were $388.2 million, essentially unchanged from the $386.6 million for the 2013 first half. Management fees were $314.2 million, 20% higher than management fees of $261.3 million for the prior-year period. Incentive income was $73.4 million, compared to $124.2 million for the prior-year period.

The year-over-year increase in Economic Income revenues for the quarter-to-date period was primarily due to higher management fees resulting from the year-over-year growth in assets under management, which was driven by a combination of performance-related appreciation and capital net inflows. The year-over-year increase in management fees was partially offset by lower incentive income related to fund investor redemptions and assets subject to one-year measurement periods, partially offset by higher incentive income on certain longer-term credit assets.

The year-over-year increase in Economic Income revenues for the year-to-date period was primarily due to higher management fees resulting from the year-over-year growth in assets under management, which was driven by a combination of performance-related appreciation and capital net inflows. The year-over-year increase in management fees was partially offset by a decrease in incentive income. This decrease was primarily related to $69.6 million of incentive income crystallized in the first quarter of 2013 on certain credit assets that was not repeated in 2014, partially offset by tax distributions taken on the Company's longer-term assets.

The average management fee rate was 1.45% for the 2014 second quarter, compared to 1.53% for the 2013 second quarter, and 1.48% for the 2014 first half, compared to 1.54% for the 2013 first half. These declines were due primarily to an increase in assets under management in the Company's dedicated credit platforms and CLOs, which earn lower management fees as is reflective of the market for these products. Additionally, the majority of the capital committed to the Company's third real estate fund in the 2014 first half did not begin to earn management fees until July 1, 2014.

Compensation and Benefits (Non-GAAP)

Compensation and benefits for the 2014 second quarter totaled $29.8 million, an 18% increase from compensation and benefits of $25.3 million for the 2013 second quarter. Salaries and benefits totaled $25.1 million, 16% higher than salaries and benefits of $21.7 million in the prior-year period. Compensation and benefits for the 2014 first half totaled $59.0 million, a 21% increase from compensation and benefits of $48.8 million for the 2013 first half. Salaries and benefits totaled $50.7 million, 18% higher than salaries and benefits of $43.1 million in the prior-year period. The increase in both periods was due primarily to the Company's hiring activities globally.

The ratio of salaries and benefits to management fees was 16% in each of the 2014 second quarter and first half, respectively, compared to 16% and 17% in the 2013 second quarter and first half, respectively.

Non-Compensation Expenses (Non-GAAP)

Non-compensation expenses for the 2014 second quarter totaled $31.1 million, a 9% decline from non-compensation expenses of $34.1 million for the 2013 second quarter. Non-compensation expense for the 2014 first half totaled $60.0 million, 8% lower than non-compensation expenses of $64.9 million for the prior-year period. The decrease for both periods was driven primarily by lower professional services fees, partially offset by higher insurance costs.

The ratio of non-compensation expenses to management fees was 19% for the 2014 second quarter and first half, respectively, compared to 25% for the 2013 second quarter and first half, respectively.

Economic Income (Non-GAAP)

Economic Income for the 2014 second quarter was $113.4 million, up 15% from Economic Income of $98.5 million for the 2013 second quarter. Economic income for the 2014 first half was $274.2 million, 1% higher than Economic Income of $272.7 million in the 2013 first half.

The increase in Economic Income for both periods was primarily due to an increase in management fees and lower non-compensation expenses, partially offset by a decrease in incentive income and higher compensation and benefits expenses.

CAPITAL

As of June 30, 2014, the number of Class A Shares outstanding was 171,725,986. For purposes of calculating Distributable Earnings per Share, the Company assumes that all the interests held by its executive managing directors and Ziff Investors Partnership, L.P. II and certain of its affiliates and control persons (the "Ziffs") (until they exchanged their remaining interests during the 2014 second quarter) in the Och-Ziff Operating Group (collectively, "Partner Units"), as well as RSUs outstanding during the applicable period, have been converted on a one-to-one basis into Class A Shares ("Adjusted Class A Shares"). For the second quarter and first half ended June 30, 2014, the total weighted-average Adjusted Class A Shares outstanding were 508,640,345 and 506,999,963, respectively.

DIVIDEND

The Board of Directors of Och-Ziff declared a 2014 second-quarter dividend of $0.17 per Class A Share. The dividend is payable on August 22, 2014 to holders of record as of the close of business on August 15, 2014.

For U.S. federal income tax purposes, the dividend will be treated as a partnership distribution. Based on the best information currently available, the Company estimates that when calculating withholding taxes, the entire amount of the 2014 second-quarter dividend will be treated as U.S. source dividend income.

Non-U.S. holders of Class A Shares are generally subject to U.S. federal withholding tax at a rate of 30% (subject to reduction by applicable treaty or other exception) on their share of U.S. source dividends and certain other types of U.S. source income realized by the Company. With respect to interest, however, no withholding is generally required if proper certification (on an IRS Form W-8) of a beneficial owner's foreign status has been filed with the withholding agent. Non-U.S. holders must generally provide the withholding agent with a properly completed IRS Form W-8 to obtain any reduction in withholding.

The Company will host a conference call today, August 5, 2014, at 8:30 a.m. Eastern Time to discuss its 2014 second-quarter results. The call will be open to the public and can be accessed by dialing +1-888-713-4215 (callers inside the U.S.) or +1-617-213-4867 (callers outside the U.S.). The number should be dialed at least ten minutes prior to the start of the call and the passcode will be 17712191. A simultaneous webcast of the call will be available to the public on a listen-only basis through the Class A Shareholders section of the Company's website (www.ozcap.com).

For those unable to listen to the live broadcast, a replay will be available by dialing +1-888-286-8010 (callers inside the U.S.) or +1-617-801-6888 (callers outside the U.S.), passcode 22964442, beginning approximately two hours after the event for two weeks. A webcast replay of the event will also be available on the Company's website as noted above.

Non-GAAP Financial Measures

Management evaluates Economic Income for the Och-Ziff Funds segment, the Company's only reportable segment under GAAP, and for the Company's Other Operations. Economic Income for the Company equals the sum of Economic Income for the Och-Ziff Funds segment and the Company's Other Operations.

The Company conducts substantially all of its business through the Och-Ziff Funds segment, which provides asset management services to its multi-strategy funds, credit funds, CLOs, equity funds and other alternative investment vehicles. The Company's Other Operations are primarily comprised of its real estate business, which provides asset management services to its real estate funds.

The Company's non-GAAP measures should not be considered as alternatives to the Company's GAAP Net Income or cash flow from operations, or as indicative of liquidity or the cash available to fund operations. The Company's non-GAAP measures may not be comparable to similarly titled measures used by other companies.

For reconciliations of the Company's non-GAAP measures to the most directly comparable GAAP measures, please see Exhibits 2 through 5 that accompany this press release.

Economic Income

In addition to analyzing the Company's results on a GAAP basis, management also reviews the Company's results on an "Economic Income" basis. Economic Income excludes the adjustments described below that are required for presentation of the Company's results on a GAAP basis, but that management does not consider when evaluating the operating performance of the Company in any given period. Management uses Economic Income as the basis on which it evaluates the financial performance of the Company and makes resource allocation and other operating decisions. Management considers it important that investors review the same operating information that it uses.

Economic Income is a measure of pre-tax operating performance that excludes the following from the Company's results on a GAAP basis:

  • Income allocations to the Company's executive managing directors and the Ziffs (until they exchanged their remaining interests during the 2014 second quarter) on their direct interests in the Och-Ziff Operating Group. Management reviews operating performance at the Och-Ziff Operating Group level, where substantially all of the Company's operations are performed, prior to making any income allocations.
  • Reorganization expenses related to the Company's IPO, equity-based compensation expenses and depreciation and amortization expenses, as management does not consider these non-cash expenses to be reflective of operating performance. However, the fair value of RSUs that are settled in cash to employees or executive managing directors is included as an expense at the time of settlement.
  • Changes in the tax receivable agreement liability and net gains (losses) on investments in Och-Ziff funds, as management does not consider these items to be reflective of operating performance.
  • Amounts related to the consolidated Och-Ziff funds, including the related eliminations of management fees and incentive income, as management reviews the total amount of management fees and incentive income earned in relation to total assets under management and fund performance. The Company also defers the recognition of incentive income allocations from the consolidated Och-Ziff funds until all clawback contingencies are resolved, consistent with the revenue recognition policy for the funds the Company does not consolidate.

In addition, expenses related to compensation and profit-sharing arrangements based on fund investment performance are recognized at the end of the relevant performance measurement period, as management reviews the total compensation expense related to these arrangements in relation to any incentive income earned by the relevant fund.

As a result of the adjustments described above, as well as an adjustment to present management fees net of recurring placement and related service fees (rather than considering these fees an expense), management fees, incentive income, compensation and benefits, non-compensation expenses and net income allocated to noncontrolling interests as presented on an Economic Income basis are also non-GAAP measures.

Distributable Earnings

Distributable Earnings is a non-GAAP measure of after-tax operating performance and equals Economic Income less Adjusted Income Taxes. Adjusted Income Taxes are estimated assuming the conversion of all outstanding Partner Units into Class A Shares, on a one-to-one basis, and include the impact of payments under the tax receivable agreement. Therefore, all income (loss) of the Och-Ziff Operating Group allocated to the Partner Units is treated as if it were allocated to Och-Ziff Capital Management Group LLC. Partner Units represent interests in the Och-Ziff Operating Group held by the Company's executive managing directors and the Ziffs (until they exchanged their remaining interests during the 2014 second quarter), including the Group A Units and Group D Units. Distributable Earnings per Share is equal to Distributable Earnings divided by the weighted-average number of Adjusted Class A Shares.

Management believes Distributable Earnings provides useful information to investors because it uses Distributable Earnings, among other financial information, to determine the earnings available to distribute as dividends to holders of the Company's Class A Shares and to the Company's executive managing directors with respect to their Partner Units.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect the Company's current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as "outlook," "believe," "expect," "potential," "continue," "may," "will," "should," "could," "seek," "approximately," "predict," "intend," "plan," "estimate," "anticipate," "opportunity," "comfortable," "assume," "remain," "maintain," "sustain," "achieve," "see," "think," "position" or the negative version of those words or other comparable words.

Any forward-looking statements contained herein are based upon historical information and on our current plans, estimates and expectations. The inclusion of this or other forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We caution that forward-looking statements are subject to numerous assumptions, estimates, risks and uncertainties, including but not limited to the following: global economic, business, market and geopolitical conditions, including Euro-zone sovereign debt issues; U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy; conditions impacting the alternative asset management industry; our ability to successfully compete for fund investors, assets, professional talent and investment opportunities; our ability to retain our active executive managing directors, managing directors and other investment professionals; our successful formulation and execution of our business and growth strategies; our ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to our business; and assumptions relating to our operations, investment performance, financial results, financial condition, business prospects, growth strategy and liquidity.

If one or more of these or other risks or uncertainties materialize, or if our assumptions or estimates prove to be incorrect, our actual results may vary materially from those indicated in these statements. These factors are not and should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risks that are included in our filings with the Securities and Exchange Commission ("SEC"), including but not limited to our annual report on Form 10-K for the year ended December 31, 2013, filed on March 18, 2014, which we refer to as our "Annual Report." There may be additional risks, uncertainties and factors that we do not currently view as material or that are not known. The forward-looking statements contained in this press release are made only as of the date of this press release. We do not undertake to update any forward-looking statement because of new information, future developments or otherwise.

This press release does not constitute an offer of any Och-Ziff fund.

About Och-Ziff Capital Management Group LLC

Och-Ziff Capital Management Group LLC is one of the largest institutional alternative asset managers in the world with offices in New York, London, Hong Kong, Mumbai, Beijing and Dubai. Och-Ziff provides asset management services to institutional investors globally through its multi-strategy funds, credit funds, CLOs, real estate funds, equity funds and other alternative investment vehicles. Och-Ziff seeks to generate consistent, positive, absolute returns across market cycles, with low volatility compared to the broader markets, and with an emphasis on preservation of capital. Och-Ziff's funds invest across multiple strategies and geographies, consistent with the investment objectives for each fund. The global investment strategies Och-Ziff employs include convertible and derivative arbitrage, corporate credit, long/short equity special situations, merger arbitrage, private investments and structured credit. As of August 1, 2014, Och-Ziff had approximately $45.7 billion in assets under management. For more information, please visit Och-Ziff's website (www.ozcap.com).

 
EXHIBIT 1
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
Consolidated Statements of Comprehensive Income (Unaudited)
(dollars in thousands, except per share amounts)
             
   Three Months Ended
June 30,
 Six Months Ended
June 30,
   2014  2013  2014  2013
                 
Revenues                
 Management fees  $164,031  $137,365  $322,801  $266,163
 Incentive income   10,918   22,905   63,011   123,065
 Other revenues   201   222   647   1,183
 Income of consolidated Och-Ziff funds   87,319   68,672   161,490   124,964
 Total Revenues   262,469   229,164   547,949   515,375
                 
Expenses                
 Compensation and benefits   66,694   69,283   132,549   120,698
 Reorganization expenses   4,021   4,021   8,042   8,042
 Interest expense   1,693   1,735   3,359   3,465
 General, administrative and other   43,231   41,722   79,143   79,595
 Expenses of consolidated Och-Ziff funds   38,456   23,511   77,133   38,837
 Total Expenses   154,095   140,272   300,226   250,637
                 
Other Income                
 Net gains on investments in Och-Ziff funds and joint ventures   390   417   5,873   722
 Net gains of consolidated Och-Ziff funds   65,768   35,763   120,267   143,013
 Total Other Income   66,158   36,180   126,140   143,735
                 
Income before Income Taxes   174,532   125,072   373,863   408,473
 Income taxes   21,328   13,103   54,919   38,398
Consolidated Net Income  $153,204  $111,969  $318,944  $370,075
                 
Allocation of Consolidated Net Income                
 Class A Shareholders  $10,716  $3,818  $34,568  $33,853
 Noncontrolling interests   128,596   107,721   260,661   333,513
 Redeemable noncontrolling interests   13,892   430   23,715   2,709
   $153,204  $111,969  $318,944  $370,075
                 
Earnings Per Class A Share                
 Basic  $0.06  $0.03  $0.20  $0.22
 Diluted  $0.05  $0.02  $0.20  $0.22
                 
Weighted-Average Class A Shares Outstanding                
 Basic   172,733,171   152,016,631   172,329,212   151,335,477
 Diluted   479,894,909   155,900,015   176,821,370   153,756,866
              
   
EXHIBIT 2  
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC  
Reconciliation of Non-GAAP Measures to the Respective GAAP Measures (Unaudited)  
(dollars in thousands, except per share amounts)  
   
              
   Three Months Ended June 30, 2014  
   Och-Ziff
Funds Segment
  Other Operations   Total
Company
 
                 
Net income (loss) allocated to Class A Shareholders-GAAP  $12,992   $(2,276 ) $10,716  
Net income allocated to the Och-Ziff Operating Group A Units   48,981    -    48,981  
Equity-based compensation   28,422    317    28,739  
Income taxes   21,217    111    21,328  
Incentive income allocations from consolidated funds subject to clawback   (10,575 )  769    (9,806 )
Allocations to Och-Ziff Operating Group D Units   4,317    -    4,317  
Reorganization expenses   4,021    -    4,021  
Adjustment for expenses related to compensation arrangements based on fund investment performance   2,192    1,671    3,863  
Depreciation and amortization   1,617    186    1,803  
Changes in tax receivable agreement liability   (4 )  -    (4 )
Other   (371 )  (236 )  (607 )
Economic Income-Non-GAAP  $112,809   $542    113,351  
Adjusted Income Taxes-Non-GAAP(1)            (22,905 )
Distributable Earnings-Non-GAAP           $90,446  
                 
Weighted-Average Class A Shares Outstanding            172,733,171  
Weighted-Average Partner Units            320,719,223  
Weighted-Average Class A Restricted Share Units (RSUs)            15,187,951  
Weighted-Average Adjusted Class A Shares            508,640,345  
                 
Distributable Earnings Per Adjusted Class A Share-Non-GAAP           $0.18  
             
   Three Months Ended June 30, 2013  
   Och-Ziff
Funds Segment
  Other Operations   Total
Company
 
                 
Net income (loss) allocated to Class A Shareholders-GAAP  $1,962   $1,856   $3,818  
Net income allocated to the Och-Ziff Operating Group A Units   29,693    -    29,693  
Equity-based compensation   40,319    -    40,319  
Income taxes   13,103    -    13,103  
Incentive income allocations from consolidated funds subject to clawback   3,175    (1,447 )  1,728  
Allocations to Och-Ziff Operating Group D Units   1,390    -    1,390  
Reorganization expenses   4,021    -    4,021  
Adjustment for expenses related to compensation arrangements based on fund investment performance   2,276    -    2,276  
Depreciation and amortization   1,816    186    2,002  
Changes in tax receivable agreement liability   (2 )  -    (2 )
Other   (62 )  226    164  
Economic Income-Non-GAAP  $97,691   $821    98,512  
Adjusted Income Taxes-Non-GAAP(1)             (21,039 )
Distributable Earnings-Non-GAAP            $77,473  
                 
Weighted-Average Class A Shares Outstanding             152,016,631  
Weighted-Average Partner Units             317,825,945  
Weighted-Average Class A Restricted Share Units (RSUs)             14,038,651  
Weighted-Average Adjusted Class A Shares             483,881,227  
                 
Distributable Earnings Per Adjusted Class A Share-Non-GAAP            $0.16  
             

(1) Presents an estimate of income tax expense by assuming the conversion of all Partner Units into Class A Shares, on a one-to-one basis, as well as the impact of payments under the tax receivable agreement. Therefore, all income (loss) of the Och-Ziff Operating Group allocated to the Partner Units is treated as if it were allocated to Och-Ziff Capital Management Group LLC.

   
EXHIBIT 3  
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC  
Reconciliation of Non-GAAP Measures to the Respective GAAP Measures (Unaudited)  
(dollars in thousands, except per share amounts)  
   
              
   Six Months Ended June 30, 2014  
   Och-Ziff
Funds Segment
  Other Operations   Total
Company
 
                 
Net income (loss) allocated to Class A Shareholders-GAAP  $37,437   $(2,869 ) $34,568  
Net income allocated to the Och-Ziff Operating Group A Units   122,562    -    122,562  
Equity-based compensation   55,552    317    55,869  
Income taxes   54,808    111    54,919  
Incentive income allocations from consolidated funds subject to clawback   (18,219 )  96    (18,123 )
Allocations to Och-Ziff Operating Group D Units   9,474    -    9,474  
Adjustment for expenses related to compensation arrangements based on fund investment performance   3,293    4,936    8,229  
Reorganization expenses   8,042    -    8,042  
Changes in tax receivable agreement liability   (3,819 )  -    (3,819 )
Depreciation and amortization   3,260    371    3,631  
Other   (983 )  (178 )  (1,161 )
Economic Income-Non-GAAP  $271,407   $2,784    274,191  
Adjusted Income Taxes-Non-GAAP(1)            (55,944 )
Distributable Earnings-Non-GAAP           $218,247  
                 
Weighted-Average Class A Shares Outstanding            172,329,212  
Weighted-Average Partner Units            320,777,704  
Weighted-Average Class A Restricted Share Units (RSUs)            13,893,047  
Weighted-Average Adjusted Class A Shares            506,999,963  
                 
Distributable Earnings Per Adjusted Class A Share-Non-GAAP           $0.43  
             
   Six Months Ended June 30, 2013  
   Och-Ziff
Funds Segment
  Other Operations   Total
Company
 
                 
Net income (loss) allocated to Class A Shareholders-GAAP  $22,310   $11,543   $33,853  
Net income allocated to the Och-Ziff Operating Group A Units   135,572    -    135,572  
Equity-based compensation   63,037    -    63,037  
Income taxes   38,398    -    38,398  
Incentive income allocations from consolidated funds subject to clawback   (9,118 )  (12,600 )  (21,718 )
Allocations to Och-Ziff Operating Group D Units   5,590    -    5,590  
Adjustment for expenses related to compensation arrangements based on fund investment performance   3,279    -    3,279  
Reorganization expenses   8,042    -    8,042  
Changes in tax receivable agreement liability   17    -    17  
Depreciation and amortization   3,951    371    4,322  
Other   (152 )  2,487    2,335  
Economic Income-Non-GAAP  $270,926   $1,801    272,727  
Adjusted Income Taxes-Non-GAAP(1)             (58,334 )
Distributable Earnings-Non-GAAP            $214,393  
                 
Weighted-Average Class A Shares Outstanding             151,335,477  
Weighted-Average Partner Units             315,484,494  
Weighted-Average Class A Restricted Share Units (RSUs)             12,414,468  
Weighted-Average Adjusted Class A Shares             479,234,439  
                 
Distributable Earnings Per Adjusted Class A Share-Non-GAAP            $0.45  
             

(1) Presents an estimate of income tax expense by assuming the conversion of all Partner Units into Class A Shares, on a one-to-one basis, as well as the impact of payments under the tax receivable agreement. Therefore, all income (loss) of the Och-Ziff Operating Group allocated to the Partner Units is treated as if it were allocated to Och-Ziff Capital Management Group LLC.

  
EXHIBIT 4  
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC  
Components of Economic Income and Reconciliation of These Non-GAAP Measures to the Respective GAAP Measures (Unaudited)  
(dollars in thousands)  
   
              
   Three Months Ended June 30, 2014  
   Och-Ziff
Funds Segment
  Other Operations   Total
Company
 
                 
Management fees-GAAP  $161,463   $2,568   $164,031  
Adjustment to management fees(1)   (4,377 )  -    (4,377 )
Management Fees-Economic Income Basis-Non-GAAP   157,086    2,568    159,654  
                 
Incentive income-GAAP   10,918    -    10,918  
Adjustment to incentive income(2)   3,461    -    3,461  
Incentive Income-Economic Income Basis-Non-GAAP   14,379    -    14,379  
Other revenues(3)   194    7    201  
Total Revenues-Economic Income Basis-Non-GAAP  $171,659   $2,575   $174,234  
                 
Compensation and benefits-GAAP  $63,640   $3,054   $66,694  
Adjustment to compensation and benefits(4)   (34,929 )  (1,989 )  (36,918 )
Compensation and Benefits-Economic Income Basis-Non-GAAP  $28,711   $1,065   $29,776  
                 
Interest expense and general, administrative and other expenses-GAAP  $43,770   $1,154   $44,924  
Adjustment to interest expense and general, administrative and other expenses(5)   (13,631 )  (186 )  (13,817 )
Non-Compensation Expenses-Economic Income Basis-Non-GAAP  $30,139   $968   $31,107  
                 
Net gains on investments in Och-Ziff funds and joint ventures-GAAP  $390   $-   $390  
Adjustment to net gains on investments in Och-Ziff funds and joint ventures(6)   (390 )  -    (390 )
Net Gains on Joint Ventures-GAAP  $-   $-   $-  
                 
Net income allocated to noncontrolling interests-GAAP  $95,303   $33,293   $128,596  
Adjustment to net income allocated to noncontrolling interests(7)   (95,303 )  (33,293 )  (128,596 )
Net Income (Loss) Allocated to Noncontrolling Interests-Economic Income Basis-Non-GAAP  $-   $-   $-  
             
   Three Months Ended June 30, 2013  
   Och-Ziff
Funds Segment
  Other Operations   Total
Company
 
                 
Management fees-GAAP  $134,702   $2,663   $137,365  
Adjustment to management fees(1)   (2,504 )  -    (2,504 )
Management Fees-Economic Income Basis-Non-GAAP   132,198    2,663    134,861  
                 
Incentive income-GAAP   22,905    -    22,905  
Adjustment to incentive income(2)   -    -    -  
Incentive Income-Economic Income Basis-Non-GAAP   22,905    -    22,905  
Other revenues(3)   219    3    222  
Total Revenues-Economic Income Basis-Non-GAAP  $155,322   $2,666   $157,988  
                 
Compensation and benefits-GAAP  $68,199   $1,084   $69,283  
Adjustment to compensation and benefits(4)   (43,986 )  -    (43,986 )
Compensation and Benefits-Economic Income Basis-Non-GAAP  $24,213   $1,084   $25,297  
                 
Interest expense and general, administrative and other expenses-GAAP  $42,872   $585   $43,457  
Adjustment to interest expense and general, administrative and other expenses(5)   (9,148 )  (185 )  (9,333 )
Non-Compensation Expenses-Economic Income Basis-Non-GAAP  $33,724   $400   $34,124  
                 
Net gains on investments in Och-Ziff funds and joint ventures-GAAP  $417   $-   $417  
Adjustment to net gains on investments in Och-Ziff funds and joint ventures(6)   (112 )  -    (112 )
Net Gains on Joint Ventures-GAAP  $305   $-   $305  
                 
Net income allocated to noncontrolling interests-GAAP  $59,849   $47,872   $107,721  
Adjustment to net income allocated to noncontrolling interests(7)   (59,850 )  (47,511 )  (107,361 )
Net Income (Loss) Allocated to Noncontrolling Interests-Economic Income Basis-Non-GAAP  $(1 ) $361   $360  
             

(1) Adjustment to present management fees net of recurring placement and related service fees, as management considers these fees a reduction in management fees, not an expense. The impact of eliminations related to the consolidated Och-Ziff funds is also removed.
(2) Adjustment to exclude the impact of eliminations related to the consolidated Och-Ziff funds.
(3) These items are presented on a GAAP basis, accordingly no adjustment to or reconciliation of these items is presented.
(4) Adjustment to exclude equity-based compensation, as management does not consider these non-cash expenses to be reflective of the operating performance of the Company. However, the fair value of RSUs that are settled in cash to employees or executive managing directors is included as an expense at the time of settlement. Further, expenses related to compensation and profit-sharing arrangements based on fund investment performance are recognized at the end of the relevant performance measurement period, as management reviews the total compensation expense related to these arrangements in relation to any incentive income earned by the relevant fund. Distributions to the Och-Ziff Operating Group D Units are also excluded, as management reviews operating performance at the Och-Ziff Operating Group level, where substantially all of the Company's operations are performed, prior to making any income allocations.
(5) Adjustment to exclude depreciation, amortization and changes in the tax receivable agreement liability, as management does not consider these items to be reflective of the operating performance of the Company. Additionally, recurring placement and related service fees are excluded, as management considers these fees a reduction in management fees, not an expense.
(6) Adjustment to exclude net gains (losses) on investments in Och-Ziff funds, as management does not consider these gains (losses) to be reflective of the operating performance of the Company.
(7) Adjustment to exclude amounts allocated to the executive managing directors and the Ziffs (until they exchanged their remaining interests during the 2014 second quarter) on their interests in the Och-Ziff Operating Group, as management reviews the operating performance of the Company at the Och-Ziff Operating Group level. The Company conducts substantially all of its activities through the Och-Ziff Operating Group. Additionally, the impact of the consolidated Och-Ziff funds, including the allocation of earnings (losses) to investors in those funds, is also removed.

   
EXHIBIT 5  
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC  
Components of Economic Income and Reconciliation of These Non-GAAP Measures to the Respective GAAP Measures (Unaudited)  
(dollars in thousands)  
   
              
   Six Months Ended June 30, 2014  
   Och-Ziff
Funds Segment
  Other Operations   Total
Company
 
                 
Management fees-GAAP  $317,559   $5,242   $322,801  
Adjustment to management fees(1)   (8,587 )  -    (8,587 )
Management Fees-Economic Income Basis-Non-GAAP   308,972    5,242    314,214  
                 
Incentive income-GAAP   63,011    -    63,011  
Adjustment to incentive income(2)   10,376    -    10,376  
Incentive Income-Economic Income Basis-Non-GAAP   73,387    -    73,387  
Other revenues(3)   633    14    647  
Total Revenues-Economic Income Basis-Non-GAAP  $382,992   $5,256   $388,248  
                 
Compensation and benefits-GAAP  $125,153   $7,396   $132,549  
Adjustment to compensation and benefits(4)   (68,318 )  (5,254 )  (73,572 )
Compensation and Benefits-Economic Income Basis-Non-GAAP  $56,835   $2,142   $58,977  
                 
Interest expense and general, administrative and other expenses-GAAP  $81,801   $701   $82,502  
Adjustment to interest expense and general, administrative and other expenses(5)   (22,176 )  (371 )  (22,547 )
Non-Compensation Expenses-Economic Income Basis-Non-GAAP  $59,625   $330   $59,955  
                 
Net gains on investments in Och-Ziff funds and joint ventures-GAAP  $5,873   $-   $5,873  
Adjustment to net gains on investments in Och-Ziff funds and joint ventures(6)   (999 )  -    (999 )
Net Gains on Joint Ventures-GAAP  $4,874   $-   $4,874  
                 
Net income allocated to noncontrolling interests-GAAP  $191,532   $69,129   $260,661  
Adjustment to net income allocated to noncontrolling interests(7)   (191,533 )  (69,129 )  (260,662 )
Net Income (Loss) Allocated to Noncontrolling Interests-Economic Income Basis-Non-GAAP  $(1 ) $-   $(1 )
             
   Six Months Ended June 30, 2013  
   Och-Ziff
Funds Segment
  Other Operations   Total
Company
 
                 
Management fees-GAAP  $260,623   $5,540   $266,163  
Adjustment to management fees(1)   (4,910 )  -    (4,910 )
Management Fees-Economic Income Basis-Non-GAAP   255,713    5,540    261,253  
                 
Incentive income-GAAP   123,065    -    123,065  
Adjustment to incentive income(2)   1,114    -    1,114  
Incentive Income-Economic Income Basis-Non-GAAP   124,179    -    124,179  
Other revenues(3)   1,176    7    1,183  
Total Revenues-Economic Income Basis-Non-GAAP  $381,068   $5,547   $386,615  
                 
Compensation and benefits-GAAP  $118,552   $2,146   $120,698  
Adjustment to compensation and benefits(4)   (71,906 )  -    (71,906 )
Compensation and Benefits-Economic Income Basis-Non-GAAP  $46,646   $2,146   $48,792  
                 
Interest expense and general, administrative and other expenses-GAAP  $81,879   $1,181   $83,060  
Adjustment to interest expense and general, administrative and other expenses(5)   (17,835 )  (370 )  (18,205 )
Non-Compensation Expenses-Economic Income Basis-Non-GAAP  $64,044   $811   $64,855  
                 
Net gains on investments in Och-Ziff funds and joint ventures-GAAP  $722   $-   $722  
Adjustment to net gains on investments in Och-Ziff funds and joint ventures(6)   (182 )  -    (182 )
Net Gains on Joint Ventures-GAAP  $540   $-   $540  
                 
Net income allocated to noncontrolling interests-GAAP  $209,529   $123,984   $333,513  
Adjustment to net income allocated to noncontrolling interests(7)   (209,537 )  (123,195 )  (332,732 )
Net Income (Loss) Allocated to Noncontrolling Interests-Economic Income Basis-Non-GAAP  $(8 ) $789   $781  
             

(1) Adjustment to present management fees net of recurring placement and related service fees, as management considers these fees a reduction in management fees, not an expense. The impact of eliminations related to the consolidated Och-Ziff funds is also removed.
(2) Adjustment to exclude the impact of eliminations related to the consolidated Och-Ziff funds.
(3) These items are presented on a GAAP basis, accordingly no adjustment to or reconciliation of these items is presented.
(4) Adjustment to exclude equity-based compensation, as management does not consider these non-cash expenses to be reflective of the operating performance of the Company. However, the fair value of RSUs that are settled in cash to employees or executive managing directors is included as an expense at the time of settlement. Further, expenses related to compensation and profit-sharing arrangements based on fund investment performance are recognized at the end of the relevant performance measurement period, as management reviews the total compensation expense related to these arrangements in relation to any incentive income earned by the relevant fund. Distributions to the Och-Ziff Operating Group D Units are also excluded, as management reviews operating performance at the Och-Ziff Operating Group level, where substantially all of the Company's operations are performed, prior to making any income allocations.
(5) Adjustment to exclude depreciation, amortization and changes in the tax receivable agreement liability, as management does not consider these items to be reflective of the operating performance of the Company. Additionally, recurring placement and related service fees are excluded, as management considers these fees a reduction in management fees, not an expense.
(6) Adjustment to exclude net gains (losses) on investments in Och-Ziff funds, as management does not consider these gains (losses) to be reflective of the operating performance of the Company.
(7) Adjustment to exclude amounts allocated to the executive managing directors and the Ziffs (until they exchanged their remaining interests during the 2014 second quarter) on their interests in the Och-Ziff Operating Group, as management reviews the operating performance of the Company at the Och-Ziff Operating Group level. The Company conducts substantially all of its activities through the Och-Ziff Operating Group. Additionally, the impact of the consolidated Och-Ziff funds, including the allocation of earnings (losses) to investors in those funds, is also removed.

  
EXHIBIT 6  
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC  
Financial Supplement (Unaudited)  
(dollars in millions)  
   
           Year Ended December 31,  
   Three Months
Ended June 30, 2014
  Six Months
Ended June 30, 2014
  2013   2012   2011  
                           
Total Assets Under Management(1)                          
 Beginning of period balance  $42,626   $40,239   $32,604   $28,766   $27,935  
 Net flows   2,585    4,795    3,104    480    1,116  
 Appreciation (depreciation)(2)   673    850    4,531    3,358    (285 )
 End of Period Balance  $45,884   $45,884   $40,239   $32,604   $28,766  
                           
Assets Under Management by Fund(1)                          
 OZ Master Fund       $27,137   $25,211   $21,780   $20,198  
 OZ Asia Master Fund        1,378    1,342    1,394    1,620  
 OZ Europe Master Fund        1,303    1,437    1,961    2,272  
                           
Net Returns(3)                          
 OZ Master Fund   1.7 %  2.2 %  13.9 %  11.6 %  -0.5 %
 OZ Asia Master Fund   0.0 %  -6.7 %  13.5 %  7.0 %  -3.8 %
 OZ Europe Master Fund   -1.9 %  -1.9 %  12.4 %  8.6 %  -4.9 %
                           

Past performance is no indication or guarantee of future results.

(1) Includes amounts invested by the Company, its executive managing directors, employees and certain other related parties for which the Company charged no management fees and received no incentive income for the periods presented. Amounts presented in this table are not the amounts used to calculate management fees and incentive income for the respective periods.
(2) Appreciation (depreciation) reflects the aggregate net capital appreciation (depreciation) for the entire period and is presented on a total return basis, net of all fees and expenses (except incentive income on unrealized gains attributable to investments that the Company, as investment manager, determines lack a readily ascertainable fair value, are illiquid or otherwise should be held until the resolution of a special event or circumstance ("Special Investments") that could reduce returns on these investments at the time of realization), and includes the reinvestment of all dividends and other income. Management fees and incentive income vary by product.
(3) Net return represents a composite of the average return of the feeder funds that comprise each of the master funds presented. Net return is presented on a total return basis, net of all fees and expenses (except incentive income on Special Investments that could reduce returns on these investments at the time of realization), and includes the reinvestment of all dividends and other income. Performance includes realized and unrealized gains and losses attributable to Special Investments and initial public offering investments that are not allocated to all investors in the feeder funds. Investors that were not allocated Special Investments and/or initial public offering investments may experience materially different returns.

 
EXHIBIT 7
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
Fund Performance of Certain Och-Ziff Funds (Unaudited)
 
    2014  
   January  February  March  1Q  April  May  June  2Q  1H - 2014  
Net Returns(1)                             
 OZ Master Fund  -0.16 %2.51 %-1.87 %0.43 %-1.23 %1.53 %1.43 %1.72 %2.15 %
 OZ Asia Master Fund  -3.20 %0.51 %-4.09 %-6.69 %-2.16 %-0.16 %2.40 %0.03 %-6.66 %
 OZ Europe Master Fund  -0.03 %1.29 %-1.28 %-0.04 %-1.24 %-1.00 %0.35 %-1.89 %-1.92 %
                              
 S&P 500 Index(2)  -3.46 %4.57 %0.84 %1.81 %0.74 %2.35 %2.07 %5.23 %7.13 %
 MSCI World Index(2)  -3.22 %4.26 %0.24 %1.15 %0.78 %2.34 %1.42 %4.61 %5.82 %
                     
                          
                          
   2013  
   January   February   March   April   May   June  
                          
Net Returns(1)                         
 OZ Master Fund  2.37 % 0.41 % 1.18 % 1.78 % 1.28 % -0.69 %
 OZ Asia Master Fund  3.64 % 0.31 % 1.56 % 4.68 % -0.93 % -0.90 %
 OZ Europe Master Fund  3.41 % 0.29 % 0.14 % -0.45 % 1.51 % -0.01 %
                          
 S&P 500 Index(2)  5.18 % 1.36 % 3.75 % 1.93 % 2.34 % -1.33 %
 MSCI World Index(2)  5.40 % 1.53 % 2.73 % 2.86 % 1.53 % -2.38 %
                    
   2013  
   July  August  September  October  November  December  FY2013  
                        
Net Returns(1)                       
 OZ Master Fund  1.07 %0.07 %1.91 %1.15 %1.04 %1.53 %13.87 %
 OZ Asia Master Fund  -0.51 %0.31 %1.54 %0.10 %1.59 %1.51 %13.51 %
 OZ Europe Master Fund  1.67 %-0.45 %1.53 %2.05 %1.49 %0.60 %12.36 %
                        
 S&P 500 Index(2)  5.09 %-2.90 %3.14 %4.60 %3.05 %2.53 %32.39 %
 MSCI World Index(2)  4.76 %-2.02 %3.77 %3.98 %2.22 %2.13 %29.57 %
                

Past performance is no indication or guarantee of future results.

(1) Net return represents a composite of the average return of the feeder funds that comprise each of the master funds presented. Net return is presented on a total return basis, net of all fees and expenses (except incentive income on unrealized gains attributable to investments that the Company, as investment manager, determines lack a readily ascertainable fair value, are illiquid or otherwise should be held until the resolution of a special event or circumstance ("Special Investments") that could reduce returns on these investments at the time of realization), and includes the reinvestment of all dividends and other income. Performance includes realized and unrealized gains and losses attributable to Special Investments and initial public offering investments that are not allocated to all investors in the feeder funds. Investors that were not allocated Special Investments and/or initial public offering investments may experience materially different returns.
(2) This comparison shows the returns of the S&P 500 Index (SPTR) and the MSCI World Index (GDDLWI) ("Broader Market Indices") against certain Och-Ziff funds (the "funds"). This comparison is intended solely for illustrative purposes to show a historical comparison of the funds to the broader equity markets, as represented by the Broader Market Indices, and should not be considered as an indication of how the funds will perform relative to the Broader Market Indices in the future. The Broader Market Indices are not performance benchmarks of the funds. The funds are not managed to correlate in any way with the returns or composition of the Broader Market Indices, which are unmanaged. It is not possible to invest in an unmanaged index. You should not assume that there is any material overlap between the securities in the funds and those that comprise the Broader Market Indices. The S&P 500 Index is an equity index whose value is calculated as the free-float weighted average of the share prices of the 500 large-cap companies listed on the NYSE and NASDAQ. The MSCI World Index is a free-float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Returns of the Broader Market Indices have not been reduced by fees and expenses associated with investing in securities and include the reinvestment of dividends.

  
EXHIBIT 8  
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC  
Financial Supplement (Unaudited)  
As of July 1, 2014  
   
                 
                 
OZ Master Fund by Investment Strategy         Investors by Type(1)      
Long/Short Equity Special Situations   64 %   Pensions   32 %
Structured Credit   15 %   Private Banks   17 %
Corporate Credit   8 %   Corporate, Institutional and Other   15 %
Convertible and Derivative Arbitrage   7 %   Fund-of-Funds   14 %
Merger Arbitrage   5 %   Foundations and Endowments   10 %
Private Investments   1 %   Family Offices and Individuals   6 %
Cash   0 %   Related Parties   6 %
                 
Assets Under Management by Geography(2)         Investors by Geography(1)      
North America   69 %   North America   72 %
Europe   19 %   Europe   16 %
Asia   12 %   Asia and Other   12 %
         

(1) Presents the composition of the Company's fund investor base across its funds excluding investors in its CLOs.
(2) The North American exposure includes the United States, Canada, Central America and South America. The European exposure includes Africa and the Middle East. The Asian exposure includes Australia and New Zealand.

Contact Information

  • Investor Relations Contact:
    Tina Madon
    Managing Director
    Head of Investor Relations
    Och-Ziff Capital Management Group LLC
    +1-212-719-7381
    tina.madon@ozcap.com

    Media Relations Contact:
    George Sard or Jonathan Gasthalter
    Sard Verbinnen & Co
    +1-212-687-8080