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Fortress Profit Rises 37% on Credit, Hedge-Fund Gains

Fortress Investment Group LLC, the buyout and hedge-fund firm run by Daniel Mudd, said third-quarter profit rose 37 percent as holdings in its credit funds rose and clients added money to hedge and credit strategies.

Pretax distributable earnings, which exclude some compensation costs and other items, were $78 million, or 15 cents a share, compared with $57 million, or 11 cents, a year earlier, the New York-based firm said today in a statement. The results beat the 11-cent average estimate of seven analysts surveyed by Bloomberg.