NEW YORK, March 16 (Reuters) - Fortress Investment Group LLC (FIG.N), one of the few publicly traded U.S. alternative asset managers, said on Monday its quarterly loss more than quadrupled, hurt by writedowns in some private equity funds.
The net loss was $140 million, or $1.50 per share, compared with a reported net loss of about $29 million, or 43 cents, a year earlier, New York-based Fortress said.
Results reflected a $265 million loss in principal investments. This included a $228 million for investments in private equity firms, a $27 million loss on investments in hedge funds, and $10 million of interest expenses.
Like many rivals, Fortress has struggled with falling asset values and redemption requests from investors. It suspended some redemptions at the end of November and lifted that suspension two months later.
Fortress did not pay a dividend for a second straight quarter, citing a need to preserve capital. It said it recently amended a credit agreement to ease terms and paid down $125 million, leaving it with $604 million outstanding.
Assets under management fell 11 percent to $29.5 billion as of Dec. 31. They dropped to $27.1 billion a day later because some fee-paying capital in its liquid hedge funds were no longer paying fees as of January 2009.
Last month the city of Vancouver paid C$319 million (US$252 million) to Fortress, which had cut off funding to the company building athletes' housing for the 2010 Winter Olympics. City officials said the buyout should ensure on-time completion.
Shares of Fortress closed Friday at $1.50 on the New York Stock Exchange. They have lost more than 90 percent of their value since the company went public in February 2007. (Reporting by Jonathan Stempel; Editing by Steve Orlofsky)