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Fortress profit soars in second quarter as funds perform
NEW YORK, Aug 1 (Reuters) - Fortress Investment Group's
pre-tax distributable earnings rose significantly in the second
quarter as strong performance across its various fund offerings
led to higher incentive income.
New York-based Fortress, one of a handful of publicly traded
alternative asset managers, on Thursday reported pre-tax
distributable earnings climbing 196 percent to $148 million, or
30 cents per share, from $50 million, or 9 cents per share, a
year earlier.
Fortress said pre-tax distributable income is the company's
preferred way to measure its performance because it excludes
large quarterly compensation costs stemming from the equity
interest of principals who took the company public in 2007.
The firm announced a second-quarter dividend of 6 cents per
share.
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