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.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...