Mon, Sep 22, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Fortress end of year reporting shows losses slow, net loss in 2009 $909m versus $1,221m loss in 2008

Thursday, February 25, 2010
Opalesque Industry Updates - Fortress Investment Group LLC reported its year end and fourth quarter 2009 results.

Full Year 2009
For the year ended December 31, 2009, our GAAP net loss was $909 million versus a loss of $1,221 million for 2008. Our GAAP net loss attributable to Class A Shareholders was $255 million, or $2.08 loss per diluted share, as compared to a loss of $322 million, or $3.50 loss per diluted share, for the year ended December 31, 2008. Excluding principals agreement compensation, full year 2009 GAAP net income was $43 million, up from a net loss of $266 million in 2008.

For 2009, fund management distributable earnings was $208 million compared to $216 million in 2008.

Pre-tax DE for 2009 was $126 million, or $0.26 per dividend paying share/unit, versus a loss of $162 million, or $0.36 loss per dividend paying share/unit, for 2008.

Fourth Quarter 2009
For the quarter ended December 31, 2009, our GAAP net loss was $261 million compared to a loss of $426 million for fourth quarter 2008. Our GAAP net loss attributable to Class A Shareholders was $84 million, or $0.58 loss per diluted share, as compared to a loss of $140 million, or $1.50 loss per diluted share, for the fourth quarter 2008. Excluding principals agreement compensation, fourth quarter GAAP net loss was $21 million, up from a net loss of $187 million for fourth quarter 2008.

For the fourth quarter, fund management distributable earnings was $60 million compared to $7 million in the fourth quarter of 2008.

Pre-tax DE for the fourth quarter was $1 million versus a loss of $258 million for the fourth quarter of 2008.

Source

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. SEC charges 19 investment firms and one trader for breach of Rule 105[more]

    Benedicte Gravrand, Opalesque Geneva: The Securities and Exchange Commission (SEC) started a push to enhance the enforcement of Rule 105 of Regulation M last year to uncover hedge funds and private equity firms that have illegally participated in an offering of a stock after short selling it duri

  2. Fund managers, bullish on Europe, anticipate monetary policy separation of Fed and ECB[more]

    Komfie Manalo, Opalesque Asia: At least 202 fund managers with $556bn of assets under management said that while the European Central Bank (ECB) has eased its monetary policy that sent sentiments towards Europe to pick up, the Fed is expected to hike its rate in the spring of 2015. Investor

  3. Institutions - North Carolina workers call on state pension to dump up to $6bn in hedge funds, UK pension fund criticizes hedge fund fees[more]

    North Carolina workers call on state pension to dump up to $6bn in hedge funds From Forbes.com: The State Employees Association of North Carolina this afternoon called on state Treasurer Janet Cowell to withdraw all investments in hedge funds, which appear to amount to approximately $6 b

  4. Investors looking at other sources for hedge fund-like returns[more]

    Komfie Manalo, Opalesque Asia: Investors who are always on the lookout for higher gains are looking at alternative sources of income, particularly exchange-traded fund industry that generates hedge fund-like returns, according to

  5. News Briefs - Limited partners of investment managers may be subject to self-employment taxes, Just one week left until NYC's Rocktoberfest[more]

    Limited partners of investment managers may be subject to self-employment taxes On September 5, 2014, the Internal Revenue Service (“IRS”) issued Chief Counsel Advice 201436049, concluding that members of an investment manager were subject to self-employment taxes with respect to their e