Fortress Posts $38M Loss In Q3

Nov 13 2007 | 12:41pm ET

For the second straight quarter, Fortress Investment Group is in the red, after a special charge wiped out its profit.

The New York-based alternatives giant posted a net loss of $38 million in the third quarter, due to a non-cash charge of $54 million stemming for its principals’ agreement related to the firm's initial public offering in February. Fortress turned a $64.7 million profit in the year-ago period.

Third-quarter revenue soared 80% to $219 million as assets under management declined 8% to $39.9 billion.

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