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

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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.

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