Fortress Investment Group saw its first-quarter
distributable earnings fall by 45%, even as its assets jumped and its costs
fell sharply.
The New York-based alternative investments giant said its
pretax distributable earnings fell to $57 million from $103 million in the
year-earlier period. Using generally accepted accounting principles, the firm’s
net loss was $24 million, less than one-tenth the $255 million loss it suffered
in the first quarter of 2010.
Fortress said the big drop in its loss was due to the
expiration of a principals’ agreement—and its compensation provisions—at the
end of last year….
Find out more at http://www.finalternatives.com/node/20354
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