×

Fortress Investment Posts Loss on Charge

Hedge fund and private equity company Fortress Investment Group reported a third-quarter loss on Tuesday, hurt by a special charge.

Fortress , the first U.S. private equity and hedge fund company to go public, posted a net loss of $38 million, or 52 cents per share, including a non-cash charge of $54 million related to its principals' agreement.

Fortress, which went public last February, said it would have reported a profit of $64.7 million for the year-earlier third quarter.

It posted a second-quarter loss of $55 million.

Assets under management stood at $39.9 billion at the end of the third quarter, down from $43.3 billion at the end of the second quarter.

Third-quarter revenue totaled $219 million, up 80 percent from a year earlier.

Fortress shares have dropped steadily in recent months amid concerns about the credit crunch.

Fortress went public at $18.50 a share.