Fortress Investment Group posted a loss in the first quarter despite a big jump in assets under management and revenue.

The firm said it lost $69 million in the first three months of the year, compared to a $62.1 million profit a year earlier. Pre-tax distributable earnings fell almost three-quarters to $58 million from $220 million in the first quarter of 2007. The drop was attributed to payments to the firm's principals.

But the news was not all bad: The alternatives giant said assets under management soared 46% to $34.2 billion, while quarterly revenue rose 48% to $145 million.

Fortress, which went public last year, said it raised $2.6 billion in capital in the first quarter, and has raised another $1.8 billion since.