Fortress Posts $29 Million Loss

Mar 25 2008 | 11:07am ET

Alternative investments giant Fortress Investment Group swung to a fourth-quarter loss, hurt by an increase in compensation-related expenses and a decrease in incentive fees.

The firm, which went public last year, posted a $29.3 million quarterly loss. In the fourth quarter of 2006, the firm earned $290 million.

Assets under management rose 15% to $37.8 billion, driving management fees up 43%. But performance fee income dropped 59% on the quarter.

Quarterly revenue slipped 22% to $196 million, while pre-tax distributable earnings fell 43% to $78 million.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...