Fortress Investment Group’s GAAP net loss was USD171m in the second quarter of 2009, while its GAAP net loss attributable to class A shareholders was USD45m, or USD0.41 per diluted shar
Fortress Investment Group’s GAAP net loss was USD171m in the second quarter of 2009, while its GAAP net loss attributable to class A shareholders was USD45m, or USD0.41 per diluted share, as compared to a loss of USD0.67 per diluted share for the quarter ended 30 June 2008.
Excluding principals agreement compensation, second quarter GAAP net income was USD66m.
Fund management distributable earnings for the second quarter was USD53m versus USD75m in the second quarter of 2008.
Pre-tax DE for the second quarter was USD59m, or USD0.12 per dividend paying share, versus USD58m for the second quarter of 2008.
Fortress managed USD31.0bn of assets in private equity funds, liquid hedge funds and hybrid funds as of 30 June 2009.
In the second quarter of 2009, it generated fund management DE of USD53m. Including principal investments, Fortress generated pre-tax distributable earnings of USD59m.
For the quarter ended 30 June 2009, the private equity segments accounted for approximately 44 per cent of total segment revenues, the liquid hedge funds segment accounted for approximately 17 per cent of total segment revenues and the hybrid funds segments accounted for approximately 39 per cent of total segment revenues.
The private equity, liquid hedge funds and hybrid funds businesses accounted for approximately 66 per cent, 13 per cent and 21 per cent, respectively, of total fund management DE.
Assets under management for private equity funds was USD10.6bn at 30 June 2009 compared to USD12.6bn as of 30 June 2008.
The company’s liquid hedge fund business generated pre-tax DE of USD7m as compared to USD30m for the quarter ended 30 June. Assets under management for the liquid hedge funds was USD4.6bn compared to USD9.7bn as of 30 June 2008.
