Thursday, May 3, 2012

Fortress Earnings Bitch-Slapped By Redemptions





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….

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