Tags: hedge | fund

Fortress' Q3 Loss Widens to $57.4 Million

Thursday, 13 Nov 2008 09:02 AM

Fortress Investment Group LLC reported a quarterly loss on Thursday due to costs related to its public offering last year.

The 10-year-old company, one of only a handful of publicly traded hedge and private equity firms, reported a third-quarter net loss of $57 million, or 66 cents a share. A year ago Fortress posted a net loss of $38 million, or 52 cents per share, including a non-cash charge of $54 million related to its principals' agreement.

Pre-tax distributable earnings for the quarter, which analysts follow more closely, was a loss of $20 million, or 4 cents per share including a non-cash impairment charge of $50 million.

Analysts on average expected pre-tax distributable earnings of $29.7 million or 10 cents a share, according to Reuters Estimates.

Assets under management rose 10 percent to $34.3 billion for the quarter.

Fortress shares began trading on the New York Stock Exchange in February 2007 after being offered to the public at $18.50. This year it has lost 79.46 percent in value to close trading at $3.24 on Wednesday. The company's share price has fallen slightly less sharply than rival Och-Ziff Capital Management, another publicly traded hedge fund firm.

© 2015 Newsmax. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved