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Fortress Reports Second Quarter 2012 Results And Announces Dividend Of $0.05 Per Share

Fortress Investment Group LLC (NYSE: FIG) today reported its second quarter 2012 financial results.

FINANCIAL SUMMARY
  • Fortress declares a distribution of $0.05 per dividend paying share for the second quarter of 2012
  • Assets under management increased to $47.8 billion as of June 30, 2012, not including uncalled capital, or “dry powder,” of $7.4 billion, which will become fee-paying assets under management when invested
  • GAAP net income of $14 million in the second quarter of 2012; GAAP book value per share of $2.17 as of June 30, 2012
  • Pre-tax distributable earnings of $50 million, or $0.09 per dividend paying share, in the second quarter of 2012
  • Net cash and investments of $2.12 per dividend paying share as of June 30, 2012
  • $507 million of embedded incentive income across the funds as of June 30, 2012

BUSINESS HIGHLIGHTS
  • Raised $1.1 billion of third-party capital across alternatives businesses in the quarter, bringing total third-party capital raised year-to-date through June 30, 2012 to $4.0 billion
  • Recorded $1.7 billion of net inflows for Logan Circle during the quarter, bringing total net inflows year-to-date through June 30, 2012 to $4.0 billion
  • Delivered strong investment performance across all businesses:
    • Net second quarter 2012 returns of 3.3% in the Drawbridge Special Opportunities Fund, 1.7% in the Fortress Macro Funds and 0.9% in the Fortress Asia Macro Funds; net first half 2012 returns of 7.6% in the Drawbridge Special Opportunities Fund, 8.0% in the Fortress Macro Funds and 6.8% in the Fortress Asia Macro Funds
    • Private Equity fund valuations increased 5.4% during the quarter, and 10.5% year-to-date through June 30, 2012
    • Net annualized inception-to-date IRRs through quarter end for the Credit Opportunities Fund and Credit Opportunities Fund II of 26.9% and 16.9%, respectively
    • 12 of Logan Circle’s 15 strategies outperformed respective benchmarks in the first half of 2012; since inception, 14 out of 15 strategies have outperformed their respective benchmarks
  • Subsequent to quarter end:
    • Raised $167 million of permanent equity capital for Newcastle Investment Corp.
    • Entered into agreement to sell Private Equity portfolio company RailAmerica for an all cash purchase price of $27.50 per share, with expected close in the fourth quarter of 2012

“We delivered solid second quarter financial results, and broad-based momentum across our businesses points to meaningful earnings upside going forward,” said Randal Nardone, interim Chief Executive Officer. “Capital formation has been strong as assets under management grew to nearly $48 billion, and we have over $7 billion in dry powder that will be added to those assets when invested. Most important, we delivered strong investment performance for our investors, which will always be the basis for our long-term growth and success.”

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