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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 (GLOBE NEWSWIRE) -- 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
  Permanent
Capital
Vehicles
Long-dated
Private Funds
and SMAs


Total
Permanent
Capital
Vehicles
Long-dated
Private Funds
and 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
  Permanent
Capital
Vehicles
Long-dated
Private Funds
and SMAs


Total
Permanent
Capital
Vehicles
Long-dated
Private Funds
and 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
         
         
  As of December 31, 2014
 
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 of Consolidated Funds  --  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
Medley Management Inc