Fortress Investment Group Q2 Earnings Jump 16%The first publicly traded private equity and hedge fund manager in the United States Fortress Investment Group LLC, reported second-quarter profit jump 16 percent as the firm earned more money from selling holdings.
Pretax distributable earnings, which exclude some compensation costs and other items, increased to $172 million, or 39 cents a share, from $148 million, or 30 cents a share, a year earlier, New York-based Fortress said today in a statement. The results beat the 37-cent average estimate by five analysts in a Bloomberg survey.
Fortress is benefiting as rising stock markets lift the value of holdings, offsetting the impact of losses at some of the firm’s hedge funds. The firm took advantage of the rising markets to sell stakes in German homeowner Gagfah SA and Brookdale Senior Living Inc., adding $91 million to distributable earnings in the quarter.Source: Businessweek