Tags: hedge | fund

Fortress' Q3 Loss Widens to $57.4 Million

Thursday, 13 Nov 2008 09:02 AM

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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.

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