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Fortress Reports Third Quarter 2011 Financial Results

Fortress Investment Group LLC (NYSE: FIG) today reported its third quarter 2011 results.

  • Assets under management of $43.6 billion as of September 30, 2011, down slightly compared to September 30, 2010.
  • Pre-tax distributable earnings (DE) of $43 million in the third quarter of 2011, down from $78 million in the third quarter of 2010; pre-tax DE of $0.08 per dividend paying share in the third quarter of 2011, down 47% from $0.15 per dividend paying share in the third quarter of 2010.
  • Fund management DE of $51 million in the third quarter of 2011, down 28% from $71 million in the third quarter of 2010.
  • GAAP net loss, excluding principals agreement compensation, of $102 million in the third quarter of 2011, compared to a net loss of $32 million in the third quarter of 2010; GAAP net loss attributable to Class A shareholders in the third quarter of 2011 was $142 million, compared to a net loss of $95 million in the third quarter of 2010.
  • Total cash and cash equivalents plus investments net of debt obligations payable of $2.08 per dividend paying share, and GAAP book value per share of $1.95 as of September 30, 2011.

“Fortress delivered steady, profitable results in a quarter that saw double-digit declines in broad market indices and in which volatility spiked to its highest levels since early 2009,” said Daniel Mudd, Fortress Chief Executive Officer. “I believe our ability to maintain assets under management, raise new capital, expand our client base globally, and deliver positive financial performance speak to the benefits of our diversified business model. Looking forward, we see an investment landscape that should present historically attractive opportunities to deploy capital on our client’s behalf.”

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