| 10-Q | 2020-03-31 | Filed 2020-05-07 |
| 10-K | 2019-12-31 | Filed 2020-02-24 |
| 10-Q | 2019-09-30 | Filed 2019-11-07 |
| 10-Q | 2019-06-30 | Filed 2019-08-06 |
| 10-Q | 2019-03-31 | Filed 2019-05-09 |
| 10-K | 2018-12-31 | Filed 2019-03-15 |
| 10-Q | 2018-09-30 | Filed 2018-11-06 |
| 10-Q | 2018-06-30 | Filed 2018-08-02 |
| 10-Q | 2018-03-31 | Filed 2018-05-03 |
| 10-K | 2017-12-31 | Filed 2018-02-23 |
| 10-Q | 2017-09-30 | Filed 2017-11-02 |
| 10-Q | 2017-06-30 | Filed 2017-08-02 |
| 10-Q | 2017-03-31 | Filed 2017-05-02 |
| 10-K | 2016-12-31 | Filed 2017-03-01 |
| 10-Q | 2016-09-30 | Filed 2016-11-02 |
| 10-Q | 2016-06-30 | Filed 2016-08-02 |
| 10-Q | 2016-03-31 | Filed 2016-05-03 |
| 10-K | 2015-12-31 | Filed 2016-02-11 |
| 10-Q | 2015-09-30 | Filed 2015-11-03 |
| 10-Q | 2015-06-30 | Filed 2015-08-05 |
| 10-Q | 2015-03-31 | Filed 2015-05-05 |
| 10-K | 2014-12-31 | Filed 2015-02-24 |
| 10-Q | 2014-09-30 | Filed 2014-11-04 |
| 10-Q | 2014-06-30 | Filed 2014-08-05 |
| 10-Q | 2014-03-31 | Filed 2014-05-02 |
| 10-K | 2013-12-31 | Filed 2014-03-18 |
| 10-Q | 2013-09-30 | Filed 2013-11-05 |
| 10-Q | 2013-06-30 | Filed 2013-08-02 |
| 10-Q | 2013-03-31 | Filed 2013-05-02 |
| 10-K | 2012-12-31 | Filed 2013-02-28 |
| 10-Q | 2012-09-30 | Filed 2012-11-05 |
| 10-Q | 2012-06-30 | Filed 2012-08-02 |
| 10-Q | 2012-03-31 | Filed 2012-05-02 |
| 10-K | 2011-12-31 | Filed 2012-02-27 |
| 10-Q | 2011-09-30 | Filed 2011-11-02 |
| 10-Q | 2011-06-30 | Filed 2011-08-02 |
| 10-Q | 2011-03-31 | Filed 2011-05-03 |
| 10-K | 2010-12-31 | Filed 2011-02-28 |
| 10-Q | 2010-09-30 | Filed 2010-11-05 |
| 10-Q | 2010-06-30 | Filed 2010-08-05 |
| 10-Q | 2010-03-31 | Filed 2010-05-05 |
| 10-K | 2009-12-31 | Filed 2010-03-04 |
| 8-K | 2020-06-02 | Other Events, Exhibits |
| 8-K | 2020-05-06 | Earnings, Exhibits |
| 8-K | 2020-05-04 | Other Events, Exhibits |
| 8-K | 2020-04-02 | Other Events, Exhibits |
| 8-K | 2020-03-03 | Other Events, Exhibits |
| 8-K | 2020-02-13 | Earnings, Other Events, Exhibits |
| 8-K | 2020-02-04 | Other Events, Exhibits |
| 8-K | 2020-01-23 | Enter Agreement, Other Events, Exhibits |
| 8-K | 2020-01-03 | Other Events, Exhibits |
| 8-K | 2019-12-03 | Other Events, Exhibits |
| 8-K | 2019-11-07 | Earnings, Other Events, Exhibits |
| 8-K | 2019-11-04 | Other Events, Exhibits |
| 8-K | 2019-10-03 | Other Events, Exhibits |
| 8-K | 2019-09-04 | Other Events, Exhibits |
| 8-K | 2019-08-30 | Enter Agreement, Amend Bylaw, Exhibits |
| 8-K | 2019-08-02 | Earnings, Other Events, Exhibits |
| 8-K | 2019-08-02 | Other Events |
| 8-K | 2019-07-02 | Shareholder Vote |
| 8-K | 2019-07-02 | Other Events |
| 8-K | 2019-06-04 | Other Events |
| 8-K | 2019-05-13 | Officers, Shareholder Vote, Exhibits |
| 8-K | 2019-05-09 | Shareholder Rights, Officers, Amend Bylaw, Other Events, Exhibits |
| 8-K | 2019-05-09 | Earnings, Other Events, Exhibits |
| 8-K | 2019-05-02 | Other Events |
| 8-K | 2019-04-29 | Other Events, Exhibits |
| 8-K | 2019-04-09 | Other Events |
| 8-K | 2019-04-02 | Other Events |
| 8-K | 2019-04-01 | Enter Agreement, Exhibits |
| 8-K | 2019-03-07 | Earnings, Other Events, Exhibits |
| 8-K | 2019-03-04 | Other Events |
| 8-K | 2019-02-07 | Enter Agreement, Off-BS Arrangement, Shareholder Rights, Officers, Other Events, Exhibits |
| 8-K | 2019-02-07 | Other Events |
| 8-K | 2019-02-06 | Enter Agreement, Exhibits |
| 8-K | 2019-02-04 | Other Events |
| 8-K | 2019-01-31 | Enter Agreement, Exhibits |
| 8-K | 2019-01-14 | Enter Agreement, Exhibits |
| 8-K | 2019-01-03 | |
| 8-K | 2019-01-03 | Other Events |
| 8-K | 2018-12-27 | Other Events, Exhibits |
| 8-K | 2018-12-05 | Enter Agreement, Off-BS Arrangement, Officers, Regulation FD, Other Events, Exhibits |
| 8-K | 2018-12-04 | Other Events |
| 8-K | 2018-11-02 | Other Events |
| 8-K | 2018-11-02 | Earnings, Other Events, Exhibits |
| 8-K | 2018-10-02 | Other Events |
| 8-K | 2018-09-05 | Other Events |
| 8-K | 2018-08-02 | Earnings, Other Events, Exhibits |
| 8-K | 2018-08-02 | Other Events |
| 8-K | 2018-08-02 | Officers |
| 8-K | 2018-07-03 | Other Events |
| 8-K | 2018-06-06 | Shareholder Vote |
| 8-K | 2018-06-04 | Other Events |
| 8-K | 2018-05-02 | Earnings, Other Events, Exhibits |
| 8-K | 2018-05-02 | Other Events |
| 8-K | 2018-04-17 | Officers, Exhibits |
| 8-K | 2018-04-10 | Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits |
| 8-K | 2018-04-05 | Regulation FD |
| 8-K | 2018-04-03 | Other Events |
| 8-K | 2018-03-28 | Enter Agreement |
| 8-K | 2018-03-02 | Regulation FD |
| 8-K | 2018-02-23 | Regulation FD, Exhibits |
| 8-K | 2018-02-16 | Earnings, Other Events, Exhibits |
| 8-K | 2018-02-02 | Regulation FD |
| 8-K | 2018-01-30 | Enter Agreement, Officers, Exhibits |
| 8-K | 2018-01-29 | Officers, Exhibits |
| 8-K | 2018-01-04 | Officers |
| 8-K | 2018-01-03 | Regulation FD |
Oz Management is a leading global institutional alternative asset manager, with approximately $32.3 billion in assets under management as of March 1, 2019. We provide asset management services through our funds, which pursue a broad range of global investment opportunities, and by developing new, carefully considered investment products. We also offer customized solutions within and across our product platforms to help our fund investors meet their investment objectives. Our funds invest across numerous asset classes and geographies, with a breadth we believe is offered by few alternative asset management firms.
Our approach to asset management is based on the same fundamental elements that we have employed since Oz Management was founded in 1994. Our objectives are to create long-term value for our fund investors through a disciplined investment philosophy that focuses on delivering consistent, positive, risk-adjusted returns across market cycles. Our extensive experience, combined with the consistency of our approach to investing and managing risk, have been integral to the growth of our assets under management. We currently manage multi-strategy funds, dedicated credit funds, including opportunistic credit funds and Institutional Credit Strategies products, real estate funds and other alternative investment vehicles.
Multi-Strategy - Our multi-strategy funds combine global investment strategies, including global equities, structured credit, corporate credit, convertible and derivative arbitrage, merger arbitrage and private investments. Our focus is on investing in value opportunities based on detailed, research-based analysis and thorough due diligence. Our multi-strategy funds allocate capital across strategies and geographies opportunistically based on market conditions and opportunities, with no predetermined capital allocations by strategy or asset class.
| Comps ($MM TTM) | Market Cap | Gross Margin | EV/EBITDA | Ret on Assets | Assets | Liabilities | Revenue | G Profit | Net Income | EBITDA | EV |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Focus Financial Partners (FOCS) | 1,113 | 0% | 40.2 | 1% | 2,645 | 1,831 | 1,138 | 0 | 19 | 26 | 1,062 |
| Virtus Investment Partners (VRTS) | 939 | 0% | 7.3 | 2% | 3,113 | 2,344 | 555 | 0 | 77 | 130 | 952 |
| Pzena Investment (PZN) | 620 | 0% | 10.9 | 28% | 178 | 82 | 112 | 0 | 49 | 53 | 584 |
| Och-Ziff (OZM) | 606 | 0% | 13.4 | 2% | 1,214 | 907 | 326 | 0 | 27 | 59 | 783 |
| Diamond Hill Investment Group (DHIL) | 467 | 0% | 5.9 | 16% | 290 | 56 | 101 | 0 | 45 | 60 | 349 |
| Westwood Holdings (WHG) | 287 | 0% | 17.3 | 5% | 177 | 27 | 92 | 0 | 9 | 13 | 229 |
| Value Line (VALU) | 247 | 0% | 13.1 | 12% | 102 | 50 | 38 | 0 | 13 | 18 | 242 |
| Silvercrest Asset Management (SAMG) | 120 | 0% | 3.4 | 8% | 203 | 108 | 99 | 0 | 16 | 23 | 79 |
| Hennessy Advisors (HNNA) | 76 | 0% | 4.0 | 10% | 110 | 35 | 43 | 0 | 11 | 17 | 69 |
| US Global Investors (GROW) | 33 | 0% | -4.8 | -28% | 20 | 2 | 5 | 0 | -6 | -6 | 29 |
| Manning & Napier (MN) | 30 | 61% | -4.0 | 6% | 223 | 70 | 103 | 62 | 13 | 15 | -58 |
| KKR (KKR) | 0% | 5.5 | 5% | 57,645 | 29,060 | 2,980 | 0 | 2,941 | 3,979 | 22,024 | |
| PJT Partners (PJT) | 0% | -1.7 | 4% | 856 | 322 | 647 | 0 | 38 | 62 | -108 | |
| Hamilton Lane (HLNE) | 0% | -0.0 | 23% | 445 | 241 | 262 | 0 | 103 | 139 | -6 | |
| Puhui Wealth Investment (PHCF) | 0% | 14 | 3 | 0 | 0 | 0 | 0 | -0 | |||
| Medley LLC (MDLQ) | 0% | 0.5 | -15% | 75 | 166 | 51 | 0 | -11 | -2 | -1 | |
| Medley (MDLY) | 0% | -0.9 | 1% | 92 | 163 | 63 | 0 | 1 | 13 | -12 | |
| Moelis (MC) | -0.4 | 13% | 806 | 442 | 0 | 0 | 109 | 140 | -50 | ||
| BrightSphere Investment (BSA) | 0% | -1.3 | 8% | 1,432 | 1,280 | 405 | 0 | 111 | 93 | -125 | |
| Apollo Global Management (APO) | 0% | 1.5 | 10% | 8,064 | 5,222 | 1,902 | 0 | 801 | 687 | 1,044 |
| Balance Sheet ($MM) | 2011-03-31 | 2011-06-30 | 2011-09-30 | 2011-12-31 | 2012-03-31 | 2012-06-30 | 2012-09-30 | 2012-12-31 | 2013-03-31 | 2013-06-30 | 2013-09-30 | 2013-12-31 | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Cash | 158 | 168 | 171 | 149 | 150 | 171 | 185 | 162 | 225 | 242 | 283 | 190 | 311 | 337 | 367 | 251 | 283 | 279 | 311 | 254 | 229 | 368 | 430 | 330 | 352 | 276 | 318 | 470 | 609 | 184 | 195 | 324 | 154 | 180 | 132 |
| Accounts Receivable | 8 | 18 | 10 | 24 | 37 | 44 | 26 | 18 | 13 | 1 | 2 | ||||||||||||||||||||||||
| Inventory | |||||||||||||||||||||||||||||||||||
| PP&E | 30 | 28 | 27 | 25 | 23 | 21 | 21 | 19 | 18 | 18 | 16 | 17 | 26 | 30 | 40 | 106 | 115 | 115 | 119 | 117 | 118 | 112 | 110 | 55 | 50 | 48 | 48 | 48 | 46 | 45 | 43 | 39 | 38 | 36 | |
| Assets | 1,804 | 1,863 | 1,951 | 2,044 | 2,141 | 2,340 | 2,634 | 3,535 | 3,162 | 3,323 | 3,400 | 6,869 | 6,358 | 7,929 | 8,579 | 9,303 | 9,676 | 10,246 | 10,494 | 10,691 | 1,255 | 1,375 | 1,388 | 1,486 | 1,307 | 1,624 | 1,543 | 1,639 | 1,586 | 1,283 | 1,422 | 1,447 | 1,357 | 1,364 | 1,214 |
| Accounts Payable | |||||||||||||||||||||||||||||||||||
| Long-Term Debt | 638 | 635 | 633 | 384 | 382 | 390 | 389 | 388 | 387 | 386 | 385 | 384 | 399 | 417 | 432 | 448 | 451 | 450 | 450 | 449 | 443 | 562 | 562 | 577 | 411 | 429 | 541 | 569 | 633 | 308 | 290 | 290 | 354 | 330 | 308 |
| Liabilities | 1,573 | 1,560 | 1,567 | 1,412 | 1,341 | 1,421 | 1,454 | 1,686 | 1,569 | 1,651 | 1,691 | 4,578 | 4,336 | 5,763 | 6,412 | 7,065 | 7,350 | 7,841 | 8,209 | 8,619 | 1,439 | 1,731 | 1,640 | 1,496 | 1,149 | 1,415 | 1,306 | 1,290 | 1,096 | 810 | 861 | 879 | 954 | 950 | 907 |
| Stockholders' Equity | -407 | -407 | -406 | -357 | -353 | -349 | -361 | -251 | -326 | -348 | -327 | -134 | -293 | -316 | -349 | -291 | -308 | -373 | -346 | -416 | -459 | -531 | -451 | -466 | -501 | -482 | -471 | -454 | -414 | -421 | -431 | -429 | -342 | -287 | -290 |
| Income Statement ($MM) | 2011-03-31 | 2011-06-30 | 2011-09-30 | 2011-12-31 | 2012-03-31 | 2012-06-30 | 2012-09-30 | 2012-12-31 | 2013-03-31 | 2013-06-30 | 2013-09-30 | 2013-12-31 | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Revenue | 138 | 147 | 149 | 181 | 141 | 178 | 168 | 724 | 270 | 310 | 257 | 1,161 | 285 | 262 | 307 | 688 | 333 | 321 | 326 | 343 | 188 | 153 | 148 | 281 | 139 | 149 | 132 | 438 | 128 | 110 | 94 | 123 | 104 | 99 | |
| Cost of Revenue | |||||||||||||||||||||||||||||||||||
| Gross Profit | |||||||||||||||||||||||||||||||||||
| R&D | |||||||||||||||||||||||||||||||||||
| SG&A | 49 | 50 | 38 | 28 | 48 | ||||||||||||||||||||||||||||||
| Tax | 9 | 9 | 24 | 5 | 14 | 12 | 19 | 2 | 22 | 13 | 15 | 3 | 34 | 21 | 36 | 48 | 25 | 82 | 12 | 13 | 19 | 11 | 10 | -29 | 12 | 3 | 2 | 1 | 3 | 1 | 0 | 3 | 10 | -1 | |
| Net Income | -95 | -93 | -93 | -137 | -123 | -116 | -128 | 51 | 232 | 158 | 146 | 206 | 166 | 153 | 113 | 85 | 165 | 65 | 65 | -22 | -69 | -79 | 32 | 9 | 6 | 36 | 16 | 7 | 13 | -12 | -15 | 17 | 15 | -5 | |
| Cash Flow ($MM) | 2011-03-31 | 2011-06-30 | 2011-09-30 | 2011-12-31 | 2012-03-31 | 2012-06-30 | 2012-09-30 | 2012-12-31 | 2013-03-31 | 2013-06-30 | 2013-09-30 | 2013-12-31 | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Cash Operating | 325 | 28 | 9 | 7 | -32 | 2 | -118 | -193 | 581 | 76 | 216 | 186 | 606 | 172 | 135 | 149 | 19 | 244 | 30 | -8 | 29 | 68 | -371 | -8 | -62 | -287 | 73 | 160 | 49 | -61 | -36 | 79 | |||
| Cash Investing | -3 | 3 | -1 | -1 | -1 | -1 | 0 | -2 | -2 | 2 | -18 | 14 | -33 | -22 | -41 | -20 | -11 | -7 | 11 | -14 | -11 | -6 | 14 | 54 | -120 | -120 | 68 | -70 | -131 | -55 | 27 | -37 | |||
| Cash Financing | -282 | -20 | -5 | -27 | 33 | 21 | 132 | 172 | -517 | -60 | -157 | -293 | -452 | -120 | -210 | -96 | -11 | -205 | -98 | -4 | 121 | 1 | 256 | -24 | 105 | 450 | 10 | 50 | -343 | 127 | -161 | -15 | |||