Fortress Investment Posts Wider Loss for Second Quarter
Private equity and hedge fund firm Fortress Investment Group on Tuesday posted a wider loss for the second quarter, as compensation expenses rose dramatically.
The firm posted a net loss of $55.1 million, greater than $42.3 million loss reported a year earlier.
Revenue fell to $268.1 million from $328.3 million a year earlier, as sharp gains in management fees and incentive income were offset by the lack of interest and dividend income.
Compensation and benefits rose to $187.8 million from $100 million a year earlier. Compensation for the firm's principals separately totaled $242.7 million.
Total assets under management were $43.26 billion at June 30, compared with $25.46 billion a year earlier.