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.

These headlines hit quite close to home for the ValueConferences community as Greenhaven Road Capital showcased Fortress Investment Group at Best Ideas 2016.

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!