Fortress Reports First Quarter 2016 Results
Increases Base Quarterly Dividend to $0.09 per Share and Announces Special Cash Dividend of $0.11 per Share
NEW YORK--(BUSINESS WIRE)--
Fortress Investment Group LLC (FIG) (“Fortress” or the “Company”) today reported its first quarter 2016 financial results.
FINANCIAL SUMMARY
• Fortress declared a cash dividend of $0.20 per dividend paying share, comprised of a first quarter 2016 base quarterly dividend of $0.09 per dividend paying share and a special cash dividend of $0.11 per dividend paying share
• Announced 13% increase in base quarterly dividend to $0.09 per dividend paying share, effective for the first quarter of 2016
• Management Fee Paying Assets Under Management (“AUM”) of $70.6 billion as of March 31, 2016, flat compared to the previous quarter and an increase of 1% compared to March 31, 2015
• GAAP net loss of $16 million, or a $0.04 loss per diluted Class A share, for the first quarter of 2016, compared to GAAP net income of $87 million, or $0.15 per diluted Class A share, for the first quarter of 2015
• Pre-tax distributable earnings (“DE”) of $64 million, or $0.16 per dividend paying share, for the first quarter of 2016, compared to pre-tax DE of $55 million, or $0.12 per dividend paying share, for the first quarter of 2015
• Net cash and investments of $0.9 billion, or $2.39 per dividend paying share, as of March 31, 2016
• $1.0 billion of gross embedded incentive income across funds and permanent capital vehicles as of March 31, 2016, that has not yet been recognized in DE
• Total uncalled capital, or “dry powder,” of $7.3 billion as of March 31, 2016, including $4.4 billion available for general investment purposes
• In March 2016, completed a modified “Dutch auction” self-tender offer and purchased 4.8 million Class A shares at a purchase price of $4.75 per share, or an aggregate purchase price of $23 million
