(Reuters) - Fortress, the first hedge fund and private equity firm to hold a U.S. IPO, said it lost $71.8 million, or 87 cents per share, in the period from Jan. 17, 2007 through March 31 following a reorganization.
But the New York firm, which has $36 billion under management, said its "distributable earnings," which it called a "key component to our business strategy," gained 90 percent to $220 million in the quarter from a year ago. Distributable earnings, it said, is the value available for distribution to shareholders in any quarter.
Read more at Reuters.com Market News
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