Strong P-E fund returns propel Fortress results

• Q2 pretax distributable earnings of $101M or $0.26 per share vs. $137M and $0.30 one year ago.
• Management fee paying AUM of $70.2B down 2% Y/Y, with P-E and permanent capital AUM of $13.3B down from $16.5B.
• Private-equity fund valuations rose 7.9% for the quarter, bringing gross embedded incentive income (not yet recognized in DE) to $1.2B.
• CC at 10 ET
• Previously: Fortress Investment beats by $0.08, misses on revenue (July 28)
• FIG flat premarket