Fortress Investment Group has posted a GAAP net loss of $261m for the first quarter ended March 31, 2010, compared to a loss of $287m for same quarter of 2009.
Excluding principals agreement compensation, first quarter GAAP net loss was $27m, as compared to a net loss of $52m for first quarter 2009.
For the first quarter, fund management distributable earnings was $92m compared to $44m in the first quarter of 2009.
On a pro-forma basis, the company managed $41.6bn of assets in private equity funds, liquid hedge funds, credit funds and traditional asset management funds at March 31, 2010.
In the first quarter of 2010, the firm generated fund management distributable earnings of $92m. Including principal investments, Fortress generated pre-tax DE of $96m.
For the quarter ended March 31, 2010, the private equity segments accounted for approximately 22% of total segment revenues, the liquid hedge funds segment accounted for approximately 12% of total segment revenues and the credit funds segments accounted for approximately 66% of total segment revenues.