Sculptor Capital Management Reports First Quarter 2022 Results
NEW YORK, May 5, 2022 - Sculptor Capital Management, Inc. (NYSE: SCU) today reported GAAP Net Income Attributable to Class A Shareholders of $16.9 million, or $0.63 per basic and a loss of $0.29 per diluted Class A Share, for the first quarter of 2022, compared to GAAP Net Loss of $20.3 million, or $0.85 per basic and $0.99 per diluted Class A Share, for the first quarter of 2021.
First Quarter 2022 Highlights
- Distributable Earnings[1],[2] were $29.2 million, or $0.48 per Fully Diluted Share, compared to $36.5 million, or $0.62 per Fully Diluted Share for the first quarter of 2021
- A cash dividend of $0.11 was declared to Class A Shareholders, payable on May 25, 2022, to holders of record as of May 18, 2022
- Announced authorization to repurchase up to $100.0 million of outstanding common stock in February 2022 and purchased $6.2 million of shares
- Sculptor Master Fund was down 2.9% net
- Sculptor Credit Opportunities Master Fund and Customized Credit Focused Platform were up 1.2% and 0.8% net, respectively
- AUM was $38.6 billion, up $1.2 billion year-over-year. Fee-paying AUM was $31.8 billion and
longer-term AUM was $26.4 billion[3] - Gross inflows were $482.3 million into multi-strategy funds and $1.4 billion across our platform
- Closed on a $350.0 million structured alternative investment solution, a long-term vehicle tailored to insurance clients which deploys capital across our credit, real estate, and multi-strategy funds[4]
- Held first closings in Real Estate Credit Fund II with $171.5 million and in Sculptor Tactical Credit
Fund (“STAX”) with $119.9 million, our seventh closed-end opportunistic credit fund[5] - Adjusted net assets[1],[6] were $282.8 million
April 2022 Update
- Purchased $12.3 million of shares in aggregate as part of the share repurchase plan through May 1
- Sculptor Master Fund was down 3.1% net month-to-date through April 30, 2022, bringing year-to date performance to down 5.9% net through April 30, 2022
- Sculptor Credit Opportunities Master Fund and Customized Credit Focused Platform were up 1.0% and 0.1% net, month-to date through April 30, 2022, respectively, bringing year-to-date performance to up 2.3% and up 0.9% net, through April 30, 2022, respectively
- As of May 1, 2022, AUM was $37.8 billion
- Gross inflows were $742 million into our multi-strategy funds and $2.0 billion across our platform year to date through May 1, 2022
Sculptor will hold a conference call today, May 5, 2022, 10:00 am ET. The call can be accessed by dialing +1-877-407-0312 (in the U.S.) or +1-201-389-0899 (international) or via webcast available on our website.
About Sculptor Capital Management
Sculptor Capital Management, Inc. is a leading global alternative asset management firm providing investment products in a range of areas including multi-strategy, credit and real estate. With offices in New York, London, Hong Kong and Shanghai, the Company serves global clients through commingled funds, separate accounts and specialized products. Sculptor Capital’s distinct investment process seeks to generate attractive and consistent risk-adjusted returns across market cycles through a combination of fundamental bottom-up research, a high degree of flexibility, a collaborative team and integrated risk management. The Company’s capabilities span all major geographies, in strategies including fundamental equities, corporate credit, real estate debt and equity, merger arbitrage, convertible and derivative arbitrage and structured credit. As of May 1, 2022, Sculptor Capital had approximately $37.8 billion in assets under management. For more information, please visit the Company's website (www.sculptor.com).
Investor Relations & Media Contact
Ellen Conti
Head of Corporate Strategy
Sculptor Capital Management, Inc.
+1-212-719-7381
investorrelations@sculptor.com
FORWARD LOOKING STATEMENTS: PLEASE SEE PAGE 26 OF THIS PRESS RELEASE FOR DISCLOSURES ON FORWARD-LOOKING STATEMENTS
CONTAINED HEREIN.
[1] Distributable Earnings and adjusted net assets and their components are non-GAAP measures. For more information and reconciliations of the Company's non-GAAP measures to the most directly comparable respective financial measures presented in accordance with GAAP, please see pages 19 through 22.
[2] Distributable Earnings is a measure of operating performance that equals Economic Income less amounts payable for taxes and tax receivable agreement.
[3] Longer-term AUM is defined as AUM from investors that are subject to commitment periods of three years or longer. Investors with longer-term assets under management may have less than three years remaining in their commitment period.
[4] Given our investment in this product (alongside our clients), we have consolidated the full structure onto our GAAP financial statements starting this quarter.
[5] Both the Real Estate Credit Fund II and STAX Fund closing figures include commitments from our structured alternative investment solution. The STAX Fund is primarily all capital from our structured alternative investment solution.
[6] Adjusted net assets include cash, cash equivalents and United States (“U.S.”) government obligations, at fair value, investments in funds, excluding employee-related investments, and investments in CLOs, net of financing, reduced by principal outstanding of debt obligations.