Revenues for the first quarter of 2012 fell to $171.65m, compared to $196.81m for the same period a year ago.
Pretax distributable earnings (DE), which exclude some compensation costs and other items, declined to $57m, compared to $103m for the same period a year earlier.
The company said that Pretax DE declined due to lower management fee revenues and incentive income from the funds.
The firm’s assets under management rose to $46.43bn for the quarter, compared to $43.11bn a year earlier.
Fortress interim CEO Randal Nardone said, "With our largest single-quarter capital raise since 2008, our assets under management grew to an all-time high of over $46bn, not including over $6bn of dry powder."
