Fortress Posts $38M Loss In Q3

Nov 13 2007 | 11:41am 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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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…