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Fortress Investment Group announces it will not pay a second quarter dividend

Tuesday, June 21, 2011
Opalesque Industry Update – Fortress Investment Group announced on Monday that the firm would not pay a dividend for the second quarter of 2011. “The Board elected to retain capital for potential future investment opportunities and for working capital purposes,” said an announcement by the firm.

In a May update on the firm’s business, Daniel Mudd, CEO of the $42bn firm said that there are currently over 900 employees located around the globe. According to Mudd’s presentation, the value of the firm’s balance sheet investments increased to $1.1bn, a debt to EBITDA leverage ratio of 0.6 times. Mudd’s presentation also noted that if the firm liquidated investments at current values it would convert to $300m of embedded gains recognized in earnings.

The firm’s hedge funds have notched year to date returns ranging from +4.07% (Fortress Partners Offshore) to +7.33% (Drawbridge Special Opportunities Offshore).

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