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Follow on Google News | JSM Financial: Hedge fund and pvt equity firm Fortress Investment post huge 1st quarter loss.Fortress shares have not attained their pre-listing value.
By: JSM Financial According to company sources with knowledge of the situation the loss attributable to common shareholders of $84 million or 58 cents per share had increased from last year’s first quarter loss of $67 million or 71 cents per share. The firms distributed earnings before tax was $96 million or 19 cents a share. JSM Financial sources say that analysts had forecast that Fortress Investment Group would report around 8 cents per share. It is understood that a net $895 million was withdrawn by investors during the quarter including capital raised, redemptions and return of capital distributions. Special purpose vehicles also returned another $861 million back to investors. Fortress revenue for the quarter increased 31% from a year earlier up to $160 million and compensation and benefits for staff increased 64% to $179 million with the company’s principals claiming compensation of $235 million which JSM Financial was told was unchanged from the previous year. While Fortress stock has seen an 11% rise this year it remains significantly below its pre stock exchange listing in 2007 level of $18.50 per share. # # # JSM Financial is an independent broker focused on the realization of superior returns from seed stage and early-stage equity investment and active partnerships with exceptional entrepreneurs building market-leading technology companies. End
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