As has been widely reported in the past 24 hours, SoftBank of Japan Will Buy U.S. Private Equity Giant Fortress and Why Softbank Buying Fortress Investment Is a Big Deal.
As Scott Miller explained in January 2016:
FORTRESS INVESTMENT GROUP(NYSE: FIG) is an alternative asset manager that is 50+%-owned by insiders. More than half the value of the company is in cash and investments. There is another 15+% in earned but unrealized incentive fees. Despite the headlines of a closed macro hedge fund, the business grew in 2015 and has a very stable management fee revenue stream. The stub (factoring out cash, investments, and earned but unrealized incentive fees) trades at approximately 2x distributable earnings.
Congratulations on a well-earned IRR!