Fortress Investment Group’s quarterly loss widened slightly as revenue and performance fees took a sharp downturn.

The alternative investments giant said its second-quarter loss was $55.6 million, compared to $55.1 million in the year-earlier period. Pretax distributable earnings plummeted 59% to $58 million on the quarter as revenues fell by 30% to $188.1 million.

Assets under management at the firm rose by 23% to $35.1 billion—$2.8 billion of it new capital—pushing management fees up 26%. But performance fee income fell by 86% as the firm’s funds were battered by the credit crisis and market turmoil.

Fortress’ Drawbridge Global Macro Fund returned 2.6% in the second quarter, and its Commodities Fund added 8.1%.