Sculpture Capital Management Inc (NYSE:SCU) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET

Company Participants

Ellen Conti - Head of Corporate Strategy

James Levin - CEO

Dava Ritchea - CFO

Conference Call Participants

Bill Katz - Citigroup

Gerry O'Hara - Jefferies

Operator

Good morning, everyone, and welcome to Sculpture's First Quarter of 2022 Earnings Conference Call. [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. Please go ahead, ma'am.

Ellen Conti

Thanks, Judith. 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 Sculpture 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 financials 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.

Today, we reported first quarter 2022 GAAP net income of $16.9 million or $0.63 per basic and a loss of $0.29 per diluted Class A share. First quarter distributable earnings were $29 million or $0.48 per fully diluted share. Additionally, we declared a cash dividend of $0.11 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.

I will now hand the call over to Jimmy.

James Levin

Good morning, everybody. Thanks for joining the call. I'm going to go over some business highlights before handing it over to Dava to cover the financials in more detail.