EX-99.1 2 v405881_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

  

MEDLEY MANAGEMENT INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2014 RESULTS AND DECLARES $0.20 PER SHARE DIVIDEND

 

·Total assets under management increased to $3.7 billion, a 61% increase year over year

 

·Fee earning assets under management increased to $3.1 billion, a 52% increase year over year

 

·Core Net Income Per Share increased to $0.79 for the year ending December 31, 2014, a 76% increase year over year

 

·Core Net Income Per Share was $0.21 for the three months ended December 31, 2014

 

·U.S. GAAP net income attributable to Medley Management Inc. for the three months ended December 31, 2014 was $1.3 million

 

·Declared $0.20 per share dividend for Q1 2015 payable on May 6, 2015

 

NEW YORK, March 30, 2015 -- Medley Management Inc. (the “Company,” “Medley,” “we,” and “our”) (NYSE: MDLY) today reported its financial results for its fourth quarter and year ended December 31, 2014. As Medley was not a public company during the complete reporting period, the financial results reported herein reflect those of our operating subsidiaries, Medley LLC and Medley GP Holdings LLC and their consolidated subsidiaries prior to our initial public offering (“IPO”) and the related reorganization.

 

“We are pleased with our growth in assets under management and earnings during 2014,” commented Seth Taube, Chief Executive Officer of Medley. “We remain focused on the expansion of our underlying credit businesses and continue to evaluate new opportunities for providing yield solutions to retail and institutional investors.”

 

Standalone Results of Operations for the Year Ended December 31, 2014

 

Management fees increased by 42%, or $19.4 million, to $65.8 million for the year ended December 31, 2014 as compared to $46.4 million for the same period in 2013. Performance fee revenue and other income and fees increased by 26% or $3.4 million to $16.7 million for the year ended December 31, 2014 as compared to $13.3 million for the same period in 2013. Total revenues increased by 38% or $22.8 million to $82.5 million for the year ended December 31, 2014 as compared to $59.7 million for the same period in 2013. The growth in total revenues was due in part to a 52% increase in year over year fee earning AUM for the year ended December 31, 2014.

 

Total expenses increased by 5%, or $1.5 million to $35.1 million for the year ended December 31, 2014, compared to $33.6 million for the same period in 2013. The increase was due primarily to a $6.6 million increase of compensation benefits and $3.7 million of other company costs associated with our growth and operating as a new public company partially offset by a decrease of $8.7 million in performance fee compensation.

 

Total other expense, net increased by 282%, or $5.0 million to $6.7 million for the year ended December 31, 2014, compared to $1.8 million for the same period in 2013. The increase was due primarily to a $4.0 million increase in interest expense.

 

Pre-Tax Core Net Income increased by 76%, or $18.1 million to $42.0 million for the year ended December 31, 2014, compared to $23.9 million for the same period in 2013. Core Net Income Per Share increased by 76% to $0.79 per share for the year ended December 31, 2014, compared to $0.45 per share for the same period in 2013.

 

Core EBITDA increased by 87%, or $22.3 million, to $48.0 million for the year ended December 31, 2014, compared to $25.7 million for the same period in 2013.

 

 
 

 

Standalone Results of Operations for the Three Months Ended December 31, 2014

 

Management fees increased by 51%, or $6.1 million, to $18.2 million for the three months ended December 31, 2014 as compared to $12.1 million for the same period in 2013. This increase was offset by a decrease in performance fee revenue and other income and fees to ($1.9) million for the three months ended December 31, 2014 compared to $7.1 million for the same period in 2013. Total revenues decreased by 15% or $2.8 million to $16.4 million for the three months ended December 31, 2014 as compared to $19.2 million for the same period in 2013.

 

Total expenses decreased by 39%, or $3.2, million to $5.0 million for the three months ended December 31, 2014 compared to $8.3 million for the same period in 2013. The decrease is due in part to reversals in performance fee compensation of $3.8 million for the three months ended December 31, 2014, partially offset by an increase in compensation benefits costs of $1.7 million due to higher headcount.

 

Total other expense, net increased by $1.9 million to $2.3 million for the three months ended December 31, 2014 compared to $0.4 million for the same period in 2013. The increase is due primarily to a $1.7 million increase in interest expense.

 

Pre-Tax Core Net Income increased by 6.5%, or $0.7 million, to $11.1 million for the three months ended December 31, 2014 as compared to $10.4 million for the same period in 2013. Core Net Income Per Share increased by 5% to $0.21 per share for the three months ended December 31, 2014, compared to $0.20 per share in the comparable period in 2013. 

 

Core EBITDA increased by 23%, or $2.5 million to $13.4 million for the three months ended December 31, 2014 compared to $10.9 million for the same period in 2013.

 

 
 

 

Key Performance Indicators:

 

   Three Months Ended
December 31,
(unaudited)
   Year Ended
December 31,
 
   2014   2013   2014   2013 
   (Amounts in thousands, except AUM, share and per share data) 
Consolidated Financial Data:                    
Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC  $9,268   $10,276   $37,750   $23,637 
                     
Standalone Data:                    
Pre-Tax Core Net Income (1)  $11,111   $10,430   $42,036   $23,907 
Core Net Income (1)   11,024    10,197    40,882    23,206 
Core EBITDA (2)   13,363    10,904    47,957    25,662 
Core Net Income Per Share (3)  $0.21   $0.20   $0.79   $0.45 
Core Net Income Margin (4)   38.6%   33.3%   29.2%   22.8%
Pro-Forma Weighted Average Shares Outstanding (5)    30,511,366    30,484,722    30,491,417    30,484,722 
                     
Other Data (at period end, in millions):                    
AUM  $3,682   $2,283   $3,682   $2,283 
Fee Earning AUM   3,058    2,006    3,058    2,006 

 

(1)Pre-Tax Core Net Income is calculated as Core Net Income before income taxes. Core Net Income reflects standalone net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC adjusted to exclude reimbursable expenses associated with the launch of funds, certain one-time severance costs and stock-based compensation associated with restricted stock units that were granted in connection with our IPO. In addition, Core Net Income includes the pro-forma adjustment to reflect guaranteed payments to Medley LLC members as compensation expense, that, prior to our reorganization and IPO, were recorded as distributions from members’ capital. Please refer to the reconciliation of Core Net Income to Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC in Appendix B for additional details.
(2)Core EBITDA is calculated as Core Net Income before interest expense, income taxes and depreciation. Please refer to the reconciliation of Core EBITDA to Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC in Appendix B for additional details.
(3)Core Net Income Per Share is calculated as Core Net Income, adjusted for the income tax effect of assuming that all of our pre-tax earnings are subject to federal, state and local corporate income taxes, divided by Pro-Forma Weighted Average Shares Outstanding (as defined below). Please refer to the calculation of Core Net Income Per Share in Appendix B for additional details.
(4)Core Net Income Margin equals Core Net Income Per Share divided by total standalone revenue per share for the respective period presented.
(5)The calculation of Pro-Forma Weighted Average Shares Outstanding assumes that the following transactions had occurred at the beginning of each period presented: (1) the issuance of 6,000,000 Class A common shares in connection with our IPO (2) conversion by the pre-IPO holders of 23,333,333 Medley LLC units for 23,333,333 Class A shares and (3) the grant of 1,151,389 restricted stock units in connection with our IPO, adjusted for actual forfeitures and additional grants during the period.

 

 
 

 

Fee Earning AUM

 

The table below presents the quarter to date roll forward of our total fee earning AUM:

 

               % of AUM 
       Long-dated           Long-dated 
   Permanent    Private       Permanent   Private 
    Capital   Funds and       Capital   Funds and 
    Vehicles    SMAs   Total   Vehicles   SMAs 
       (Dollars in millions)             
Ending balance, September 30, 2014  $1,967   $1,069   $3,036    65%   35%
Commitments   136    212    348           
Capital reduction   -    (253)   (253)          
Distributions   (31)   (10)   (41)          
Change in fund value   (25)   (7)   (32)          
Ending balance, December 31, 2014  $2,047   $1,011   $3,058    67%   33%

  

Total fee earning AUM increased by 1%, or $22 million to $3.1 billion at December 31, 2014 compared to September 30, 2014. The permanent capital vehicles’ share of fee earning AUM increased to 67% at December 31, 2014 compared to 65% at September 30, 2014.

 

The table below presents the year to date roll forward of our total fee earning AUM:

 

               % of AUM 
       Long-dated           Long-dated 
   Permanent    Private       Permanent   Private 
    Capital   Funds and       Capital   Funds and 
    Vehicles    SMAs   Total   Vehicles   SMAs 
       (Dollars in millions)             
Ending balance, December 31, 2013  $1,072   $934   $2,006    53%   47%
Commitments   1,036    439    1,475           
Capital reduction   -    (253)   (253)          
Distributions   (107)   (49)   (156)          
Change in fund value   46    (60)   (14)          
Ending balance, December 31, 2014  $2,047   $1,011   $3,058    67%   33%

  

Total fee earning AUM increased by 52%, or $1.1 billion to $3.1 billion at December 31, 2014 compared to December 31, 2013. The permanent capital vehicles’ share of fee earning AUM increased to 67% at December 31, 2014 compared to 53% over the same period at December 31, 2013.

 

Dividend Declaration

 

On March 29, 2015, the Company’s board of directors declared a quarterly dividend of $0.20 per share of Class A common stock, for the first quarter 2015, payable on May 6, 2015, to shareholders of record of the Company’s Class A common stock as of the close of business on April 23, 2015

 

 
 

 

Conference Call and Webcast Information

 

We will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Tuesday March 31, 2014 to discuss our fourth quarter and full year 2014 financial results.

 

All interested parties may participate in the conference call and audio webcast by dialing (866) 318-8611 approximately 5-10 minutes prior to the call, international callers should dial (617) 399-5130. Participants should reference Medley Management Inc. and the participant passcode of 58500292 when prompted. Following the call you may access a replay of the event via audio webcast. This conference call will be broadcast live over the Internet and can be accessed by all interested parties through the Company's website, http://www.mdly.com. To listen to the live call, please go to the Company's website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the Company's website.

 

About Medley Management Inc.

 

Medley Management Inc. is an asset management firm offering yield solutions to retail and institutional investors through Medley LLC and several registered investment advisors. Medley's national direct origination franchise, with over 80 people, is a premier provider of capital to the middle market in the U.S. As of December 31, 2014, Medley had in excess of $3.7 billion of assets under management in business development companies, Medley Capital Corporation (NYSE:MCC), the Sierra Income Corporation, and private investment vehicles. Over the past 13 years, we have invested in excess of $5.1 billion to help over 280 companies grow across 35 industries in North America. For additional information, please visit Medley Management Inc. at www.mdly.com.

 

Forward-Looking Statements

 

Statements included herein may contain "forward-looking statements." Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission, including those described under the section “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Except as required by law, the Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements made herein speak only as of the date of this press release.

 

This press release does not constitute an offer for any Medley fund.

 

Available Information

 

Medley Management Inc.’s filings with the Securities and Exchange Commission, press releases, earnings releases and other financial information are available at www.mdly.com.

 

Contact

 

Sam Anderson

212.759.0777

 

 
 

 

Exhibit A. Standalone Statements of Operations for Medley Management Inc. (Prior to September 29, 2014, Medley LLC and Medley GP Holdings LLC)

 

   Three Months Ended
December 31,
(unaudited)
   Year Ended
December 31,
 
   2014   2013   2014   2013 
   (Amounts in thousands) 
Revenues                    
Management fees  $18,249   $12,109   $65,765   $46,424 
Performance fees   (3,587)   5,410    7,884    8,236 
Other revenues and fees   1,688    1,664    8,871    5,011 
Total revenues   16,350    19,183    82,520    59,671 
                     
Expenses                    
Compensation and benefits   5,312    3,650    20,322    13,712 
Performance fee compensation   (3,780)   993    (1,543)   7,192 
General, administrative and other expenses   3,491    3,621    16,312    12,655 
Total expenses   5,023    8,264    35,091    33,559 
                     
Other income (expense)                    
Dividend income   221    221    886    886 
Interest expense   (2,140)   (396)   (5,520)   (1,479)
Other expenses, net   (390)   (232)   (2,097)   (1,168)
Total other expense, net   (2,309)   (407)   (6,731)   (1,761)
Income before income taxes  $9,018   $10,512   $40,698   $24,351 
Provision for income taxes   (11)   236    1,015    714 
Net income   9,029    10,276    39,683    23,637 
Net income attributable to non-controlling interests in consolidated subsidiaries   (239)   -    1,933    - 
Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC  $9,268   $10,276   $37,750   $23,637 

 

 
 

 

Exhibit B. Reconciliation of Core Net Income and Core EBITDA (Standalone) to Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC

 

   Three Months Ended
December 31,
(unaudited)
   Year Ended
December 31,
 
   2014   2013   2014   2013 
   (Amounts in thousands) 
Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC  $9,268   $10,276   $37,750   $23,637 
Reimbursable fund startup expenses (1)   1,008    1,222    5,599    3,825 
Severance expense (1)   -    12    (5)   737 
IPO date award stock-based compensation (1)   748    -    822    - 
Adjustment for pre-IPO guaranteed payments to members (1)(2)   -    (1,313)   (3,284)   (4,993)
Core Net Income  $11,024   $10,197   $40,882   $23,206 
Interest expense   2,140    396    5,520    1,479 
Income taxes   87    233    1,154    701 
Depreciation and amortization   112    78    401    276 
Core EBITDA  $13,363   $10,904   $47,957   $25,662 

 

(1)Amounts are presented net of income taxes.
(2)Represents a pro-forma adjustment to reflect guaranteed payments to Medley LLC members as compensation expense, that, prior to our reorganization and IPO, were treated as distributions from members’ capital.

  

 
 

 

Appendix C. Calculation of Core Net Income Per Share (Standalone)

 

   Three Months Ended
 December 31,
(unaudited)
   Year ended
December 31,
 
   2014   2013   2014   2013 
Numerator                    
Core Net Income  $11,024   $10,197   $40,882   $23,206 
Add: Income taxes   87    233    1,154    701 
Pre-tax Core Net Income   11,111    10,430    42,036    23,907 
                     
Denominator                    
Class A shares issued in IPO   6,000,000    6,000,000    6,000,000    6,000,000 
Conversion of LLC Units to Class A shares   23,333,333    23,333,333    23,333,333    23,333,333 
Restricted stock units (1)   1,178,033    1,151,389    1,158,084    1,151,389 
Pro-Forma Weighted Average Shares Outstanding (1)   30,511,366    30,484,722    30,491,417    30,484,722 
Pre-tax Core Net Income Per Share  $0.37   $0.35   $1.38   $0.79 
Less: corporate income taxes per share (2)   (0.16)   (0.15)   (0.59)   (0.34)
Core Net Income Per Share  $0.21   $0.20   $0.79   $0.45 

 

(1)The calculation of Pro-Forma Weighted Average Shares Outstanding assumes that the following transactions had occurred at the beginning of each period presented: (1) the issuance of 6,000,000 Class A common stock in connection with our IPO (2) the conversion by the pre-IPO holders of 23,333,333 LLC units for 23,333,333 shares of Class A common stock and (3) the grant of 1,151,389 restricted stock units on the consummation of our IPO, adjusted for actual forfeitures and additional grants during the period.
(2)Represents a per share adjustment for income taxes assuming that all of our standalone pre-tax earnings were subject to federal, state and local income taxes. We assumed an effective corporate tax rate of 43.0% for all periods presented.

 

 
 

 

Appendix D. Consolidated Statements of Operations for Medley Management Inc. (Prior to September 29, 2014, Medley LLC and Medley GP Holdings LLC)

 

   Three Months Ended
December 31,
(unaudited)
   Year Ended
December 31,
 
   2014   2013   2014   2013 
   (Amounts in thousands, except share and per share data) 
Revenues                    
Management fees  $17,786   $12,317   $61,252   $36,446 
Performance fees   (1,287)   1,331    2,050    2,412 
Other revenues and fees   1,688    1,664    8,871    5,011 
Total revenues   18,187    15,312    72,173    43,869 
                     
Expenses                    
Compensation and benefits   5,312    3,650    20,322    13,712 
Performance fee compensation   (3,780)   993    (1,543)   7,192 
Consolidated Funds expenses   541    304    1,670    1,225 
General, administrative and other expenses   3,491    3,621    16,312    12,655 
Total expenses   5,564    8,568    36,761    34,784 
                     
Other income (expense)                    
Dividend income   221    221    886    886 
Interest expense   (2,140)   (396)   (5,520)   (1,479)
Other expenses, net   (187)   (308)   (1,773)   (483)
Interest and other income of Consolidated Funds   29,943    16,048    71,468    52,550 
Interest expense of Consolidated Funds   (4,365)   (896)   (9,951)   (2,638)
Net realized gain (loss) on investments of Consolidated Funds   -    1,985    789    (16,080)
Net change in unrealized depreciation on investments of Consolidated Funds   (11,971)   (2,950)   (20,557)   (3,361)
Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds   851    34    1,174    (306)
Total other income, net   3,575    11,100    36,516    29,089 
Income before income taxes   16,198    17,844    71,928    38,174 
Provision for income taxes   354    501    2,528    1,639 
Net income   15,844    17,343    69,400    36,535 
Net income attributable to non-controlling interests in Consolidated Funds   6,815    7,067    29,717    12,898 
Net income attributable to non-controlling interests in consolidated subsidiaries   (239)   -    1,933    - 
Net income attributable to non-controlling interests in
Medley LLC
   7,951   $10,276    36,055   $23,637 
Net income attributable to Medley Management Inc.  $1,317        $1,695      
                     
Net income per Class A common stock:                    
Basic  $0.19(1)       $0.24(1)     
Diluted  $0.19(1)       $0.24(1)     
Weighted average shares - Basic and Diluted   6,000,000         6,000,000      

 

(1)Based on net income attributable to Medley Management Inc. from September 29, 2014 through December 31, 2014

 

 
 

 

Appendix E. Consolidated Balance Sheets for Medley Management Inc. (Prior to September 29, 2014, Medley LLC and Medley GP Holdings LLC)

 

   As of December 31, 
   2014   2013 
Assets          
Cash and cash equivalents  $87,206   $5,395 
Investment, at fair value   9,901    10,173 
Management fees receivable   15,173    8,921 
Performance fees receivable   5,573    3,339 
Other assets   9,230    5,308 
           
Assets of Consolidated Funds:          
Cash and cash equivalents   38,111    60,355 
Investments, at fair value   734,870    453,396 
Interest and dividends receivable   6,654    2,969 
Other assets   3,681    436 
Total assets  $910,399   $550,292 
           
Liabilities and Equity          
Loans payable  $103,057   $27,990 
Accounts payable, accrued expenses and other liabilities   27,583    17,613 
Performance fee compensation payable   11,807    16,225 
           
Liabilities of Consolidated Funds:          
Accounts payable, accrued expenses and other liabilities   5,767    1,325 
Secured borrowings   141,135    41,178 
Total liabilities   289,349    104,331 
           
Equity          
Class A Common Stock   60    - 
Class B Common Stock   -    - 
Capital deficit   (2,384)   - 
Retained earnings   272    - 
Total stockholder’s deficit, Medley Management Inc.   (2,052)   - 
Non-controlling interests in Consolidated Funds   625,548    464,475 
Non-controlling interests in consolidated subsidiaries   1,526    40 
Non-controlling interests in Medley LLC   (3,972)   - 
Medley LLC members' deficit prior to reorganization   -    (18,554)
Total equity   621,050    445,961 
Total liabilities and equity  $910,399   $550,292 

 

 
 

 

Appendix F. Consolidating Statements of Operations and Consolidated Balance Sheets for Medley Management Inc. (Prior to September 29, 2014, Medley LLC and Medley GP Holdings LLC)

 

   For the Year Ended December 31, 2014 
   Standalone   Consolidated Funds   Eliminations   Consolidated 
   (Amounts in thousands) 
Revenues:                    
Management fees  $65,765   $-   $(4,513)  $61,252 
Performance fees   7,884    -    (5,834)   2,050 
Other revenues and fees   8,871    -    -    8,871 
Total revenues   82,520    -    (10,347)   72,173 
                     
Expenses:                    
Compensation and benefits   20,322    -    -    20,322 
Performance fee compensation   (1,543)   -    -    (1,543)
Consolidated Funds expenses   -    6,183    (4,513)   1,670 
General, administrative and other expenses   16,312    -    -    16,312 
Total operating expenses   35,091    6,183    (4,513)   36,761 
                     
Other income (expense):                    
Dividend income   886    -    -    886 
Interest expense   (5,520)   -    -    (5,520)
Other income (expenses), net   (2,097)   -    324    (1,773)
Interest and other income of Consolidated Funds   -    71,468    -    71,468 
Interest expense of Consolidated Funds   -    (9,951)   -    (9,951)
Net realized gain on investments of Consolidated Funds   -    789    -    789 
Net change in unrealized depreciation on investments of Consolidated Funds   -    (20,557)   -    (20,557)
Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds        1,174         1,174 
Total other income (expense), net   (6,731)   42,923    324    36,516 
Income before income taxes   40,698    36,740    (5,510)   71,928 
Provision for income taxes   1,015    1,513    -    2,528 
Net income   39,683    35,227    (5,510)   69,400 
Net income attributable to non-controlling interests in Consolidated Funds   -    -    29,717    29,717 
Net income attributable to non-controlling interests in consolidated subsidiaries   1,933    -    -    1,933 
Net income attributable to non-controlling interests in
Medley LLC
   36,055    -    -    36,055 
Net income attributable to Medley Management Inc.  $1,695   $35,227   $(35,227)  $1,695

  

 
 

 

   For the Year Ended December 31, 2013 
   Standalone   Consolidated Funds   Eliminations   Consolidated 
   (Amounts in thousands) 
Revenues:                    
Management fees  $46,424   $-   $(9,978)  $36,446 
Performance fees   8,236    -    (5,824)   2,412 
Other revenues and fees   5,011    -    -    5,011 
Total revenues   59,671    -    (15,802)   43,869 
                     
Expenses:                    
Compensation and benefits   13,712    -    -    13,712 
Performance fee compensation   7,192    -    -    7,192 
Consolidated Funds expenses   -    11,203    (9,978)   1,225 
General, administrative and other expenses   12,655    -    -    12,655 
Total operating expenses   33,559    11,203    (9,978)   34,784 
                     
Other income (expense):                    
Dividend income   886    -    -    886 
Interest expense   (1,479)   -    -    (1,479)
Other income (expenses), net   (1,168)   -    685    (483)
Interest and other income of Consolidated Funds   -    52,550    -    52,550 
Interest expense of Consolidated Funds        (2,638)        (2,638)
Net realized loss on investments of Consolidated Funds   -    (16,080)   -    (16,080)
Net change in unrealized depreciation on investments of Consolidated Funds   -    (3,361)   -    (3,361)
Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds   -    (306)   -    (306)
Total other income (expense)   (1,761)   30,165    685    29,089 
Income before income taxes   24,351    18,962    (5,139)   38,174 
Provision for income taxes   714    925    -    1,639 
Net income   23,637    18,037    (5,139)   36,535 
Net income attributable to non-controlling interests in Consolidated Funds   -    -    12,898    12,898 
Net income attributable to Medley LLC  $23,637   $18,037   $(18,037)  $23,637 

 

 
 

 

   Standalone   Consolidated Funds   Eliminations   Consolidated 
   (Amounts in thousands) 
Assets                    
Cash and cash equivalents  $87,206   $-   $-   $87,206 
Investment, at fair value   22,143    -    (12,242)   9,901 
Management fees receivable   15,173    -    -    15,173 
Performance fees receivable   5,573    -    -    5,573 
Other assets   9,230    -    -    9,230 
                     
Assets of Consolidated Funds:                    
Cash and cash equivalents   -    38,111    -    38,111 
Investments, at fair value   -    734,870    -    734,870 
Interest and dividends receivable   -    6,654    -    6,654 
Other assets   -    5,057    (1,376)   3,681 
Total assets  $139,325   $784,692   $(13,618)  $910,399 
                     
Liabilities and equity                    
Loans payable  $103,057   $-   $-   $103,057 
Accounts payable, accrued expenses and other liabilities   28,959    -    (1,376)   27,583 
Performance fee compensation payable   11,807    -    -    11,807 
                     
Liabilities of Consolidated Funds:                    
Accounts payable, accrued expenses and other liabilities   -    5,767    -    5,767 
Secured borrowings   -    141,135    -    141,135 
Total liabilities   143,823    146,902    (1,376)   289,349 
                     
Equity                    
Class A Common Stock   60    -    -    60 
Class B Common Stock   -    -    -    - 
Capital deficit   (2,384)   -    -    (2,384)
Retained earnings   272    -    -    272 
Total stockholders' deficit, Medley Management Inc.   (2,052)   -    -    (2,052)
Non-controlling interests in Consolidated Funds   -    -    625,548    625,548 
Non-controlling interests in consolidated subsidiaries   1,526    -    -    1,526 
Non-controlling interests in Medley LLC   (3,972)   -    -    (3,972)
Members' equity of consolidated funds   -    637,790    (637,790)   - 
Total (deficit) equity   (4,498)   637,790    (12,242)   621,050 
Total liabilities and equity  $139,325   $784,692   $(13,618)  $910,399 

 

 
 

 

   As of December 31, 2013 
   Standalone   Consolidated Funds   Eliminations   Consolidated 
   (Amounts in thousands) 
Assets                    
Cash and cash equivalents  $5,395   $-   $-   $5,395 
Investment, at fair value   21,443    -    (11,270)   10,173 
Management fees receivable   8,921    -    -    8,921 
Performance fees receivable   3,339    -    -    3,339 
Other assets   4,216    -    1,092    5,308 
                     
Assets of Consolidated Funds:                    
Cash and cash equivalents   -    60,355    -    60,355 
Investments, at fair value   -    453,396    -    453,396 
Interest and dividends receivable   -    2,969    -    2,969 
Other assets   -    1,565    (1,129)   436 
Total assets  $43,314   $518,285   $(11,307)  $550,292 
                     
Liabilities and equity                    
Loans payable  $27,990   $-   $-   $27,990 
Accounts payable, accrued expenses and other liabilities   17,613    -    -    17,613 
Performance fee compensation payable   16,225    -    -    16,225 
                     
Liabilities of Consolidated Funds:                    
Accounts payable, accrued expenses and other liabilities   -    1,363    (38)   1,325 
Secured borrowings   -    41,178    -    41,178 
Total liabilities   61,828    42,541    (38)   104,331 
                     
Equity                    
Non-controlling interest in Consolidated Funds   -    -    464,475    464,475 
Non-controlling interest in consolidated subsidiaries   40    -    -    40 
Members' (deficit) equity   (18,554)   475,744    (475,744)   (18,554)
Total (deficit) equity   (18,514)   475,744    (11,269)   445,961 
Total liabilities and equity  $43,314   $518,285   $(11,307)  $550,292