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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cifc Llc | NASDAQ:CIFC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.40 | 11.35 | 11.90 | 0 | 01:00:00 |
1-37674 (CIFC LLC) | 36-4814372 (CIFC LLC) | |
1-32551 (CIFC Corp.) | 20-2008622 (CIFC Corp.) | |
(Commission File Number) | (I.R.S. Employer Identification No.) |
250 Park Avenue, 4th Floor | ||
New York, New York | 10177 | |
(Address of principal executive offices) | (Zip Code) |
CIFC LLC & CIFC Corp. | ||
Date: | March 21, 2016 | By: /s/ RAHUL N. AGARWAL |
Name: Rahul N. Agarwal | ||
Title: Chief Financial Officer |
Exhibit No. | Description | ||
99.1 | Press Release dated | March 21, 2016 |
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CIFC LLC | Investor Relations |
250 Park Avenue | Investor@CIFC.COM |
New York, NY 10177 | (646) 367-6633 |
• | The Company successfully completed its reorganization to a publicly traded limited liability company ("Reorganization Transaction"). |
• | Fee Earning Assets Under Management ("Fee Earning AUM" or "AUM") was $14.1 billion as of December 31, 2015 as compared to $14.2 billion as of September 30, 2015 and $13.7 billion as of December 31, 2014. |
◦ | During the fourth quarter of 2015, the Company sponsored the issuance of one new CLO, was appointed the sub-adviser to two new loan funds (one each in Asia and Europe) and increased subscriptions to existing funds for an aggregate of $0.6 billion of new AUM. |
◦ | During 2015, the Company sponsored the issuance of five new CLOs, launched four new funds and increased subscriptions to existing funds for an aggregate of $3.0 billion of new AUM. |
• | Management fees increased 10% quarter over quarter from $14.8 million to $16.3 million and 9% year over year from $57.3 million to $62.5 million. |
• | Economic Net Income ("ENI," a non-GAAP measure) for the quarter and full year was $4.3 million and $31.4 million, respectively, as compared to $3.3 million and $36.1 million for the same periods in the prior year. |
• | GAAP net income (loss) for the quarter and full year was $(7.7) million and $0.3 million, respectively, as compared to $0.8 million and $8.4 million for the same periods in the prior year. |
• | CIFC's board of directors declared an aggregate cash distribution of $0.34 per share; composed of a quarterly cash distribution of $0.10 per share and a special distribution of $0.24 per share issued in relation to the Reorganization Transaction. The distribution will be paid on April 15, 2016 to shareholders of record as of the close of business on April 1, 2016. |
NON-GAAP FINANCIAL MEASURES (1) | 4Q'15 | 4Q'14 | % Change vs. 4Q'14 | FY'15 | FY'14 | % Change vs. YTD'15 | ||||||||
Senior Fees from CLOs | $ | 6,255 | $ | 5,755 | 9% | $ | 24,224 | $ | 21,709 | 12% | ||||
Subordinated Fees from CLOs | 8,983 | 8,356 | 8% | 34,359 | 32,900 | 4% | ||||||||
Management Fees from Non-CLO products | 1,025 | 725 | 41% | 3,933 | 2,705 | 45% | ||||||||
Total Management Fees | 16,263 | 14,836 | 10% | 62,516 | 57,314 | 9% | ||||||||
Incentive Fees | 10,906 | 3,406 | 220% | 22,073 | 17,358 | 27% | ||||||||
Net Investment Income | (10,043 | ) | (1,544 | ) | 550% | 1,866 | 14,139 | (87)% | ||||||
Total ENI Revenues | 17,126 | 16,698 | 3% | 86,455 | 88,811 | (3)% | ||||||||
Employee compensation and benefits | 4,122 | 6,245 | (34)% | 26,902 | 27,308 | (1)% | ||||||||
Share-based compensation (2) | 1,573 | 1,059 | 49% | 5,348 | 2,579 | 107% | ||||||||
Other operating expenses | 5,598 | 5,566 | 1% | 19,040 | 18,593 | 2% | ||||||||
Corporate interest expense | 1,552 | 569 | 173% | 3,808 | 4,236 | (10)% | ||||||||
Total ENI Expenses | 12,845 | 13,439 | (4)% | 55,098 | 52,716 | 5% | ||||||||
ENI (1) | $ | 4,281 | $ | 3,259 | 31% | $ | 31,357 | $ | 36,095 | (13)% | ||||
ENI per share - basic | $ | 0.17 | $ | 0.13 | 31% | $ | 1.24 | $ | 1.58 | (22)% | ||||
ENI per share - diluted (3) (4) | $ | 0.16 | $ | 0.12 | 33% | $ | 1.19 | $ | 1.49 | (20)% |
NON-GAAP FINANCIAL MEASURES (1) | 4Q'15 | 4Q'14 | % Change vs. 4Q'14 | FY'15 | FY'14 | % Change vs. YTD'15 | ||||||||
ENI EBITDA (5) | $ | 6,191 | $ | 4,130 | 50% | $ | 36,552 | $ | 41,603 | (12)% | ||||
ENI EBITDA Margin (6) | 36 | % | 25 | % | 11% | 42 | % | 47 | % | (5)% | ||||
ENI Margin (6) | 25 | % | 20 | % | 5% | 36 | % | 41 | % | (5)% |
NON-GAAP FINANCIAL MEASURE - AUM | 12/31/2015 | 9/30/2015 | % Change vs. 9/30/15 | 12/31/2014 | % Change vs. 12/31/15 | ||||
Fee Earning AUM from loan-based products (7) | $14,055,487 | $14,216,216 | (1)% | $13,676,489 | 3% |
SELECTED GAAP RESULTS | 4Q'15 | 4Q'14 | % Change vs. 4Q'14 | FY'15 | FY'14 | % Change vs. YTD'15 | ||||||||
Total net revenues (8) | $ | 48,935 | $ | 141,037 | n/m | $ | 122,518 | $ | 522,910 | n/m | ||||
Total expenses (8) | $ | 27,041 | $ | 73,036 | n/m | $ | 91,525 | $ | 277,104 | n/m | ||||
Net income (loss) attributable to CIFC LLC | $ | (7,666 | ) | $ | 768 | (1,098)% | $ | 334 | $ | 8,381 | (96)% | |||
Earnings (loss) per share - basic | $ | (0.30 | ) | $ | 0.03 | (1,100)% | $ | 0.01 | $ | 0.37 | (97)% | |||
Earnings (loss) per share - diluted (3) | $ | (0.29 | ) | $ | 0.03 | (1,067)% | $ | 0.01 | $ | 0.35 | (97)% | |||
Weighted average shares outstanding - basic | 25,308 | 25,150 | 1% | 25,315 | 22,909 | 11% | ||||||||
Weighted average shares outstanding - diluted | 26,152 | 26,633 | (2)% | 26,414 | 24,168 | 9% |
(1) | See Appendix for a detailed description of these non-GAAP measures and reconciliations from GAAP net income (loss) attributable to the Company to non-GAAP measures. |
(2) | Share-based compensation includes equity award amortization expense for both employees and directors of the Company. |
(3) | Convertible Notes outstanding were converted into the Company's common shares on July 12, 2014. For year ended December 31, 2014, the convertible notes were anti-dilutive and excluded from the numerator in the dilution calculation. |
(4) | GAAP weighted average shares outstanding was used as ENI weighted average shares outstanding. |
(5) | ENI EBITDA is ENI before corporate interest expense and depreciation of fixed assets. See Appendix. |
(6) | ENI EBITDA Margin is ENI EBITDA divided by Total ENI Revenue. ENI Margin is ENI divided by Total ENI Revenue. |
(7) | Amount excludes Fee Earning AUM attributable to non-core products of $592.8 million, $621.9 million and $687.6 million as of December 31, 2015, September 30, 2015 and December 31, 2014, respectively. Fee Earning AUM attributable to non-core products are expected to continue to decline as these funds run-off per their contractual terms. |
(8) | The Company early adopted the amendments of Accounting Standard Update "ASU" 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis ("ASU 2015-02"). The adoption was applied on a modified retroactive basis, resulting in the deconsolidation of 30 CLOs and 1 credit fund as of January 1, 2015. As of December 31, 2015, we consolidated 2 CLOs and 2 credit funds. As of December 31, 2014, we consolidated 31 CLOs, 1 warehouse, and 2 credit funds. Year over year, our GAAP Consolidated Statements of Operations will not be comparative for certain line items (e.g. Total net revenues). |
December 31, 2015 | September 30, 2015 | December 31, 2014 | |||||||||||||||||||
(in thousands, except # of Accounts) (1)(2) | # of Accounts | Fee Earning AUM | # of Accounts | Fee Earning AUM | # of Accounts | Fee Earning AUM | |||||||||||||||
Post 2011 CLOs | 18 | $ | 9,860,519 | 17 | $ | 9,388,022 | 13 | $ | 7,402,986 | ||||||||||||
Legacy CLOs (3) | 10 | 2,559,066 | 14 | 3,253,869 | 19 | 4,960,877 | |||||||||||||||
Total CLOs | 28 | 12,419,585 | 31 | 12,641,891 | 32 | 12,363,863 | |||||||||||||||
Credit Funds (4) | 12 | 1,062,712 | 10 | 941,035 | 8 | 593,456 | |||||||||||||||
Other Loan-Based Products (4) | 2 | 573,190 | 2 | 633,290 | 2 | 719,170 | |||||||||||||||
Total Non-CLOs (4) | 14 | $ | 1,635,902 | 12 | $ | 1,574,325 | 10 | $ | 1,312,626 | ||||||||||||
AUM from loan-based products | 42 | $ | 14,055,487 | 43 | $ | 14,216,216 | 42 | $ | 13,676,489 |
(1) | Table excludes Fee Earning AUM attributable to non-core products of $592.8 million, $621.9 million and $687.6 million as of December 31, 2015, September 30, 2015 and December 31, 2014, respectively. Fee Earning AUM attributable to non-core products is expected to continue to decline as these funds run-off per their contractual terms. |
(2) | Fee Earning AUM is based on the latest available monthly report issued by the trustee or fund administrator prior to the end of the period, and may not tie back to the Consolidated GAAP financial statements. |
(3) | Legacy CLOs represent all managed CLOs issued prior to 2011, including CLOs acquired since 2011 but issued prior to 2011. |
(4) | Management fees for Non-CLO products vary by fund and may not be similar to a CLO. |
4Q'15 | FY'15 | |||||||
Opening AUM Balance | $ | 14,216,216 | $ | 13,676,489 | ||||
CLO New Issuances | 498,360 | 2,599,709 | ||||||
CLO Paydowns | (726,219 | ) | (2,521,645 | ) | ||||
Net Subscriptions to Credit Funds | 126,814 | 450,070 | ||||||
Net Redemptions from Other Loan-Based Products | (60,100 | ) | (145,980 | ) | ||||
Other (1) | 416 | (3,156 | ) | |||||
Ending AUM Balance | $ | 14,055,487 | $ | 14,055,487 |
(1) | Includes changes in collateral balances of CLOs between periods and market value or portfolio value changes in certain Non-CLO products. |
($ in thousands) | As of December 31, 2015 | As of December 31, 2014 | ||||||||||||||
Cash and Cash Equivalents | $ | 57,968 | $ | 59,290 | ||||||||||||
Investments | ||||||||||||||||
CIFC CLO Equity | $ | 53,912 | $ | 20,485 | ||||||||||||
Warehouses (1) | — | 21,134 | ||||||||||||||
Fund Coinvestments | 41,401 | 42,338 | ||||||||||||||
CLO Debt | 32,140 | 9,713 | ||||||||||||||
Other (2) | 24,946 | 7,579 | ||||||||||||||
Total Investments | $ | 152,399 | $ | 101,249 | ||||||||||||
Total Cash and Investments | 210,367 | 160,539 | ||||||||||||||
Long Term Debt | ||||||||||||||||
Junior Subordinated Notes due 2035 | $ | 120,000 | $ | 120,000 | ||||||||||||
Senior Notes due 2025 | 40,000 | — | ||||||||||||||
Total Long Term Debt | 160,000 | 120,000 | ||||||||||||||
Net Cash and Investments | $ | 50,367 | $ | 40,539 |
(1) | From time to time, the Company establishes “warehouses,” entities designed to accumulate assets in advance of sponsoring new CLOs or other funds managed by the Company. To establish a warehouse, the Company contributes equity capital to a newly formed entity which is typically levered (three to five times) and begins accumulating assets. When the related CLO or fund is sponsored, typically three to nine months later, the warehouse is “terminated,” with it concurrently repaying the related financing and returning to the Company its equity contribution. Gains or losses may be netted against the Company's equity contribution depending on whether warehouse assets are transferred at market value or cost. Starting in the fourth quarter of 2014, most warehouse investments that we manage have been made though the Warehouse Fund, a closed-end structured credit fund. |
(2) | Primarily includes investment in CIFC's Tactical Income Fund, which may be redeemed with 60 day's notice on the last day of each calendar quarter. |
(In thousands) (unaudited) | 4Q'15 | 4Q'14 | FY'15 | FY'14 | ||||||||||||
GAAP Net income (loss) attributable to CIFC Corp. | $ | (7,666 | ) | $ | 768 | $ | 334 | $ | 8,381 | |||||||
Income tax expense (benefit) | 11,798 | 1,034 | 25,239 | 22,158 | ||||||||||||
Amortization and impairment of intangibles | 1,784 | 2,205 | 8,218 | 10,149 | ||||||||||||
Management fee sharing arrangements (1) | (7,158 | ) | (1,668 | ) | (11,521 | ) | (8,716 | ) | ||||||||
Net (gain)/loss on contingent liabilities and other | 418 | 757 | 2,210 | 2,932 | ||||||||||||
Employee compensation costs (2) | 4,501 | 318 | 5,327 | 1,610 | ||||||||||||
Management fees attributable to non-core funds | (151 | ) | (179 | ) | (654 | ) | (814 | ) | ||||||||
Other (3) | 755 | 24 | 2,204 | 395 | ||||||||||||
Total reconciling items | 11,947 | 2,491 | 31,023 | 27,714 | ||||||||||||
ENI | $ | 4,281 | $ | 3,259 | $ | 31,357 | $ | 36,095 | ||||||||
Add: Corporate interest expense | 1,552 | 569 | 3,808 | 4,236 | ||||||||||||
Add: Depreciation of fixed assets | 358 | 302 | 1,387 | 1,272 | ||||||||||||
ENI EBITDA | $ | 6,191 | $ | 4,130 | $ | 36,552 | $ | 41,603 |
(1) | The Company shares management fees on certain of the acquired CLOs it manages (shared with the party that sold the funds to CIFC, or an affiliate thereof). Management fees are presented on a gross basis for GAAP and on a net basis for ENI. |
(2) | Employee compensation and benefits has been adjusted for non-cash compensation related to profits interests granted to CIFC employees by CIFC Parent and sharing of incentive fees with certain former employees established in connection with the Company's acquisition of certain CLOs from CNCIM. |
(3) | In 2015, Other predominately includes professional fees related to the Reorganization Transaction. |
4Q'15 | 4Q'14 | |||||||||||||||||||||||
(In thousands) (unaudited) | Consolidated GAAP | Consolidation Adjustments | Deconsolidated Non-GAAP | Consolidated GAAP | Consolidation Adjustments | Deconsolidated Non-GAAP | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Management and incentive fees | $ | 30,612 | $ | 3,865 | $ | 34,477 | $ | 840 | $ | 19,249 | $ | 20,089 | ||||||||||||
Interest income/Net investment income | 388 | $ | (10,429 | ) | (10,041 | ) | 488 | (2,032 | ) | (1,544 | ) | |||||||||||||
Subtotal revenues (2) | 31,000 | (6,564 | ) | 24,436 | 1,328 | 17,217 | 18,545 | |||||||||||||||||
Expenses | ||||||||||||||||||||||||
Employee compensation and benefits | 8,480 | — | 8,480 | 6,581 | — | 6,581 | ||||||||||||||||||
Share-based compensation | 1,716 | — | 1,716 | 1,041 | — | 1,041 | ||||||||||||||||||
Corporate interest expense | 1,552 | — | 1,552 | 569 | — | 569 | ||||||||||||||||||
Operating expenses | 8,137 | — | 8,137 | 7,795 | — | 7,795 | ||||||||||||||||||
Subtotal expenses (2) | 19,885 | — | 19,885 | 15,986 | — | 15,986 | ||||||||||||||||||
Net other gain (loss) (2) | (5,648 | ) | 5,229 | (419 | ) | (1,225 | ) | 468 | (757 | ) | ||||||||||||||
Net results of Consolidated Entities (2) | (1,336 | ) | $ | 1,336 | — | 100,955 | (100,955 | ) | — | |||||||||||||||
Income (loss) before income taxes | 4,131 | 1 | 4,132 | 85,072 | (83,270 | ) | 1,802 | |||||||||||||||||
Income tax (expense) benefit | (11,798 | ) | — | (11,798 | ) | (1,034 | ) | — | (1,034 | ) | ||||||||||||||
Net income (loss) | (7,667 | ) | 1 | (7,666 | ) | 84,038 | (83,270 | ) | 768 | |||||||||||||||
Net (income) loss attributable to noncontrolling interests in Consolidated Entities | 1 | $ | (1 | ) | — | (83,270 | ) | 83,270 | — | |||||||||||||||
Net income (loss) attributable to the Company (3) | $ | (7,666 | ) | $ | — | $ | (7,666 | ) | $ | 768 | $ | — | $ | 768 |
FY'15 | FY'14 | |||||||||||||||||||||||
(In thousands) (unaudited) | Consolidated GAAP | Consolidation Adjustments | Deconsolidated Non-GAAP | Consolidated GAAP | Consolidation Adjustments | Deconsolidated Non-GAAP | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Management and incentive fees | $ | 92,079 | $ | 4,685 | $ | 96,764 | $ | 4,868 | $ | 79,334 | $ | 84,202 | ||||||||||||
Interest income/Net investment income | 5,333 | (3,467 | ) | 1,866 | 790 | 13,349 | 14,139 | |||||||||||||||||
Subtotal revenues (2) | 97,412 | 1,218 | 98,630 | 5,658 | 92,683 | 98,341 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Employee compensation and benefits | 32,027 | — | 32,027 | 28,805 | — | 28,805 | ||||||||||||||||||
Share-based compensation | 5,550 | — | 5,550 | 2,692 | — | 2,692 | ||||||||||||||||||
Corporate interest expense | 3,808 | — | 3,808 | 4,236 | — | 4,236 | ||||||||||||||||||
Operating expenses | 29,462 | — | 29,462 | 29,366 | — | 29,366 | ||||||||||||||||||
Subtotal expenses (2) | 70,847 | — | 70,847 | 65,099 | — | 65,099 | ||||||||||||||||||
Net other gain (loss) (2) | (6,391 | ) | 4,181 | (2,210 | ) | (229 | ) | (2,474 | ) | (2,703 | ) | |||||||||||||
Net results of Consolidated Entities (2) | 6,030 | (6,030 | ) | — | 69,505 | (69,505 | ) | — | ||||||||||||||||
Income (loss) before income taxes | 26,204 | (631 | ) | 25,573 | 9,835 | 20,704 | 30,539 | |||||||||||||||||
Income tax (expense) benefit | (25,239 | ) | — | (25,239 | ) | (22,158 | ) | — | (22,158 | ) | ||||||||||||||
Net income (loss) | 965 | (631 | ) | 334 | (12,323 | ) | 20,704 | 8,381 | ||||||||||||||||
Net (income) loss attributable to noncontrolling interests in Consolidated Entities | (631 | ) | 631 | — | 20,704 | (20,704 | ) | — | ||||||||||||||||
Net income (loss) attributable to the Company (3) | $ | 334 | $ | — | $ | 334 | $ | 8,381 | $ | — | $ | 8,381 |
(1) | The Company early adopted ASU 2015-02 which was applied on a modified retroactive basis (as of January 1, 2015). This resulted in the deconsolidation of 30 CLOs and 1 credit fund as of January 1, 2015. As of December 31, 2015 we consolidated 2 CLOs and 2 credit funds. As of December 31, 2014 we consolidated 31 CLOs, 1 warehouse, and 2 credit funds. Year over year, our GAAP Consolidated Statements of Operations will not be comparative for certain line items. |
(2) | Net Results of Consolidated Entities is condensed herein and presented in detail in the GAAP Consolidated Statements of Operations within revenues, expenses and other gain (loss). |
(3) | On December 31, 2015, the Company completed the reorganization to become a publicly traded limited liability company. For the year ended December 31, 2015, total Net income (loss) was attributable to CIFC Corp. and effective December 31, 2015, Net income (loss) is attributable to CIFC LLC. |
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