Fortress Distributable Profit, Revenue, Assets Up In Q1

May 6 2010 | 1:50pm ET

Fortress Investment Group said its distributable earnings soared tenfold in the first quarter as the alternative investment giant saw big jumps in assets under management and revenue.

All told, New York-based Fortress actually posted a larger quarterly net loss of $84.3 million, compared to $67.2 million in the year-ago period. But excluding share-based and other compensation, the firm’s pre-tax distributable earnings soared from just $9 million to $96 million.

Fortress said its revenue rose 31% from the first quarter of 2009 to $160.2 million. Its assets under management rose 15% to $30.2 million—and the firm has added another $11.4 billion in assets through its acquisition of Logan Circle Partners on April 16.

Redemptions also dropped to a relative trickle at the firm, although there remain $1.5 billion in withdrawal requests outstanding. Fortress paid out on $271 million in redemptions on the quarter, down from $2.49 billion a year earlier.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...