Sculptor Capital Management, Inc. (NYSE:SCU) Q1 2023 Results Conference Call May 4, 2023 8:30 AM ET

Company Participants

Ellen Conti - Head, Corporate Strategy

Jimmy Levin - Chief Investment Officer & Chief Executive Officer

Wayne Cohen - President and Chief Operating Officer

Dava Ritchea - Chief Financial Officer

Conference Call Participants

Michael Kelly - Crédit Suisse

Operator

Good morning, everyone, and welcome to Sculptor Capital's First Quarter 2023 Earnings Call. At this time all participants in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder this conference call is being recorded.

I would now like to introduce your host for today's conference, Ellen Conti, Head of Corporate Strategy at Sculptor Capital.

Ellen Conti

Thanks, operator. Good morning, everyone, and welcome to our call. Joining me are Jimmy Levin, our Chief Investment Officer and Chief Executive Officer; Wayne Cohen, our President and Chief Operating Officer; and Dava Ritchea, our Chief Financial Officer.

Today's call contains forward-looking statements, many of which are inherently uncertain and outside of our control. Before we get started, I need to remind you that Sculptor Capital's actual results may differ, possibly materially, from those indicated in these forward-looking statements. Please refer to our most recent SEC filings for a description of the risk factors that could affect our financial results, our business and other matters related to these statements. The Company does not undertake any obligation to publicly update any forward-looking statements.

During today's call, we will be referring to economic income, distributable earnings and other financial measures that are not prepared in accordance with U.S. GAAP. Information about and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available in our earnings release, which is posted on our website. No statements made during this call should be construed as an offer to purchase shares of the Company or an interest in any of our funds or any other entities, and they are not intended as such.

Today, we reported GAAP net income of $8.5 million for the first quarter of 2023 or $0.34 per basic and $0.05 per diluted Class A share. Our distributable earnings were $14.2 million for the first quarter or $0.25 per fully diluted share. Additionally, we declared a cash dividend of $0.06 per Class A share. All earnings metrics discussed by both Jimmy and Dava will be on our non-GAAP economic income and distributable earnings metrics.