Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Feb. 20, 2015 |
Entity Registrant Name | Fortress Investment Group LLC | ||
Entity Central Index Key | 1380393 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $1.54 | ||
Class A Shares [Member] | |||
Entity Common Stock, Shares Outstanding | 208,554,885 | ||
Class B Shares [Member] | |||
Entity Common Stock, Shares Outstanding | 226,331,513 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||
Cash and cash equivalents | $741,478,000 | $364,583,000 |
Investments in senior housing real estate, net | 1,799,848,000 | |
Due from affiliates | 407,124,000 | |
Investments | 1,110,543,000 | 1,253,266,000 |
Investments in options | 104,338,000 | |
Deferred tax asset, net | 417,600,000 | 354,526,000 |
Other assets | 190,595,000 | |
Total Assets | 5,934,886,000 | 2,674,432,000 |
Liabilities | ||
Total Liabilities | 2,867,051,000 | 1,059,527,000 |
Commitments and Contingencies | ||
Equity | ||
Paid-in capital | 1,996,137,000 | 2,112,720,000 |
Retained earnings (accumulated deficit) | -1,351,126,000 | -1,286,131,000 |
Accumulated other comprehensive income (loss) | -2,426,000 | -1,522,000 |
Total Fortress shareholders’ equity | 642,585,000 | 825,067,000 |
Non-controlling interests in equity | 638,360,000 | 789,838,000 |
Total Equity | 3,066,118,000 | 1,614,905,000 |
Total Liabilities, Redeemable Non-controlling Interests and Equity | 5,934,886,000 | 2,674,432,000 |
Class A Shares [Member] | ||
Equity | ||
Common stock | 0 | 0 |
Class B Shares [Member] | ||
Equity | ||
Common stock | 0 | 0 |
Investment Manager [Member] | ||
Assets | ||
Cash and cash equivalents | 391,089,000 | 364,583,000 |
Due from affiliates | 320,318,000 | 407,124,000 |
Investments | 1,110,543,000 | 1,253,266,000 |
Investments in options | 45,734,000 | 104,338,000 |
Deferred tax asset, net | 417,623,000 | 354,526,000 |
Other assets | 173,476,000 | 190,595,000 |
Total Assets | 2,550,442,000 | 2,674,432,000 |
Liabilities | ||
Accrued compensation and benefits | 372,745,000 | 417,309,000 |
Due to affiliates | 375,424,000 | 344,832,000 |
Deferred incentive income | 304,526,000 | 247,556,000 |
Debt obligations payable | 75,000,000 | 0 |
Other liabilities | 87,987,000 | 49,830,000 |
Deferred revenue | 10,694,000 | 10,811,000 |
Total Liabilities | 1,215,785,000 | 1,059,527,000 |
Equity | ||
Non-controlling interests in equity | 638,360,000 | 789,838,000 |
Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 303,000 | 0 |
Investments, at fair value | 91,125,000 | 0 |
Other assets | 231,000 | 0 |
Total Assets | 91,659,000 | 0 |
Liabilities | ||
Other liabilities | 103,000 | 0 |
Redeemable Non-controlling Interests, Investment Company - consolidated VIEs | 1,717,000 | 0 |
Equity | ||
Non-controlling interests in equity | 85,001,000 | 0 |
Non-Investment Manager [Member] | ||
Assets | ||
Cash and cash equivalents | 350,086,000 | 0 |
Investments in senior housing real estate, net | 1,799,848,000 | 0 |
Fixed assets, net | 283,786,000 | 0 |
Goodwill | 370,375,000 | 0 |
Intangible assets, net | 423,819,000 | 0 |
Other assets | 156,530,000 | 0 |
Total Assets | 3,384,444,000 | 0 |
Liabilities | ||
Mortgage notes payable | 1,259,430,000 | 0 |
Debt obligations payable | 222,052,000 | 0 |
Other liabilities | 133,851,000 | |
Deferred revenue | 35,933,000 | 0 |
Accrued expenses and other liabilities | 133,851,000 | 0 |
Total Liabilities | 1,651,266,000 | 0 |
Equity | ||
Non-controlling interests in equity | $1,700,172,000 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Dec. 31, 2014 | Dec. 31, 2013 |
Class A Shares [Member] | ||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 208,535,157 | 240,741,920 |
Common stock, shares outstanding | 208,535,157 | 240,741,920 |
Class B Shares [Member] | ||
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 226,331,513 | 249,534,372 |
Common stock, shares outstanding | 226,331,513 | 249,534,372 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Management fees: affiliates | $527,922 | $520,283 | $456,090 |
Management fees: non-affiliates | 68,948 | 62,795 | 45,617 |
Incentive income: affiliates | 362,380 | 419,828 | 246,438 |
Incentive income: non-affiliates | 1,734 | 44,383 | 26,162 |
Total Revenues | 1,811,817 | 1,264,983 | 969,869 |
Expenses | |||
Total Expenses | 1,613,810 | 897,603 | 908,220 |
Other Income (Loss) | |||
Gains (losses) | 8,442 | 0 | |
Earnings (losses) from equity method investees | 78,193 | 136,866 | |
Total Other Income (Loss) | 45,206 | 182,012 | 196,581 |
Income (Loss) Before Income Taxes | 243,213 | 549,392 | 258,230 |
Total Income Tax Benefit (Expense) | -9,856 | -65,801 | -39,408 |
Net Income (Loss) | 233,357 | 483,591 | 218,822 |
Non-controlling Interests in Income (Loss) | 138,960 | 283,144 | 140,538 |
Dividends declared per Class A share (in dollars per share) | $0.50 | $0.24 | $0.20 |
Earnings (Loss) Per Class A share | |||
Net income (loss) per Class A share, basic (in dollars per share) | $0.47 | $0.83 | $0.29 |
Net income (loss) per Class A share, diluted (in dollars per share) | $0.43 | $0.79 | $0.27 |
Weighted average number of Class A shares outstanding, basic (in shares) | 210,303,241 | 236,246,296 | 214,399,422 |
Weighted average number of Class A shares outstanding, diluted (in shares) | 455,154,136 | 500,631,423 | 524,900,132 |
Class A Shares [Member] | |||
Other Income (Loss) | |||
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 |
Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Other Income (Loss) | |||
Earnings (losses) from equity method investees | 1,595 | 0 | 0 |
Investment Manager [Member] | |||
Revenues | |||
Management fees: affiliates | 527,922 | 520,283 | 456,090 |
Management fees: non-affiliates | 68,948 | 62,795 | 45,617 |
Incentive income: affiliates | 362,380 | 419,828 | 246,438 |
Incentive income: non-affiliates | 1,734 | 44,383 | 26,162 |
Expense reimbursements: affiliates | 205,045 | 206,452 | 186,592 |
Expense reimbursements: non-affiliates | 13,429 | 7,209 | 4,580 |
Other revenues (affiliate portion disclosed in Note 7) | 5,882 | 4,033 | 4,390 |
Total Revenues | 1,185,621 | 1,264,983 | 969,869 |
Expenses | |||
Compensation and benefits | 796,102 | 741,761 | 750,359 |
General, administrative and other | 172,167 | 136,770 | 127,149 |
Depreciation and amortization | 19,829 | 13,690 | 14,931 |
Interest expense | 3,443 | 5,382 | 15,781 |
Total Expenses | 992,552 | 897,603 | 908,220 |
Other Income (Loss) | |||
Gains (losses) | -8,313 | 53,933 | 48,921 |
Tax receivable agreement liability adjustment | -33,116 | -8,787 | -8,870 |
Earnings (losses) from equity method investees | 78,193 | 136,866 | 156,530 |
Total Other Income (Loss) | 45,206 | 182,012 | 196,581 |
Income (Loss) Before Income Taxes | 549,392 | ||
Total Income Tax Benefit (Expense) | -6,947 | -65,801 | -39,408 |
Non-controlling Interests in Income (Loss) | 138,960 | 283,144 | 140,538 |
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 |
Investment Manager [Member] | Class A Shares [Member] | |||
Other Income (Loss) | |||
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 |
Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Revenues | |||
Interest and dividend income | 281 | 0 | 0 |
Total Revenues | 281 | 0 | 0 |
Expenses | |||
Other | 1,011 | 0 | 0 |
Other Income (Loss) | |||
Gains (losses) | 8,442 | 0 | 0 |
Non-controlling Interests in Income (Loss) | 9,737 | 0 | 0 |
Redeemable Non-controlling Interests in income (loss) of Investment Company | -709 | 0 | 0 |
Non-Investment Manager [Member] | |||
Revenues | |||
Advertising | 346,613 | 0 | 0 |
Circulation | 173,436 | 0 | 0 |
Commercial printing and other | 64,062 | 0 | 0 |
Rental revenue, resident fees and services | 42,085 | 0 | 0 |
Total Revenues | 626,196 | 0 | 0 |
Expenses | |||
Media operating costs | 327,130 | 0 | 0 |
General, administrative and other | 188,901 | 0 | 0 |
Depreciation and amortization | 61,395 | 0 | 0 |
Interest expense | 23,718 | 0 | 0 |
Loss on extinguishment of debt | 9,047 | 0 | 0 |
Property operating costs | 11,067 | 0 | 0 |
Total Expenses | 621,258 | 0 | 0 |
Other Income (Loss) | |||
Total Income Tax Benefit (Expense) | -2,909 | 0 | 0 |
Non-controlling Interests in Income (Loss) | ($14,593) | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | $233,357 | $483,591 | $218,822 |
Foreign currency translation | -2,467 | -772 | -1,447 |
Comprehensive income (loss) from equity method investees | 4,136 | -778 | |
Total comprehensive income (loss) | 225,964 | 486,955 | 216,597 |
Comprehensive income (loss) attributable to non-controlling interest, net of tax | 137,418 | 285,243 | 139,089 |
Comprehensive income (loss) attributable to Class A shareholders | 99,027 | 201,712 | 77,508 |
Investment Manager [Member] | |||
Foreign currency translation | -2,467 | -772 | -1,447 |
Comprehensive income (loss) from equity method investees | 0 | 4,136 | -778 |
Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Comprehensive income (loss) attributable to non-controlling interest, net of tax | 9,737 | 0 | 0 |
Comprehensive income (loss) attributable to redeemable non-controlling interest, net of tax | -709 | 0 | 0 |
Non-Investment Manager [Member] | |||
Actuarial gain (loss) and prior service cost, net | -4,926 | 0 | 0 |
Comprehensive income (loss) attributable to non-controlling interest, net of tax | ($19,509) | $0 | $0 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) | Total | Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Treasury Shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Fortress Shareholders’ Equity [Member] | Principals’ and Others’ Interests in Equity of Consolidated Subsidiaries [Member] | Class A Shares [Member] | Class B Shares [Member] | Non-Investment Manager [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | New Media [Member] | New Media [Member] | New Senior [Member] | New Senior [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Non-Controlling Interest in Equity of Investment Company and Non-Investment Manager [Member] | USD ($) | Investment Manager [Member] | Investment Manager [Member] | USD ($) | Non-Investment Manager [Member] | USD ($) | Non-Investment Manager [Member] | ||
USD ($) | USD ($) | Non-Controlling Interest in Equity of Investment Company and Non-Investment Manager [Member] | Non-Controlling Interest in Equity of Investment Company and Non-Investment Manager [Member] | Non-Controlling Interest in Equity of Investment Company and Non-Investment Manager [Member] | |||||||||||||
USD ($) | USD ($) | USD ($) | |||||||||||||||
Equity at Dec. 31, 2011 | $1,062,392 | $1,972,711 | ($1,484,120) | $0 | ($1,160) | $487,431 | $574,961 | ||||||||||
Equity (in shares) at Dec. 31, 2011 | 189,824,053 | 305,857,751 | |||||||||||||||
Increase (Decrease) in Equity | |||||||||||||||||
Contributions from principals’ and others’ interests in equity | 35,387 | 35,387 | |||||||||||||||
Distributions to principals’ and others’ interests in equity (net of tax) | -99,786 | -704 | -704 | -99,082 | |||||||||||||
Dividends declared | -42,378 | -42,378 | -42,378 | 0 | |||||||||||||
Dividend equivalents accrued in connection with equity- based compensation (net of tax) | -1,739 | -712 | -712 | -1,027 | |||||||||||||
Conversion of Class B shares to Class A shares (in shares) | 17,467,232 | -17,467,232 | |||||||||||||||
Conversion of Class B shares to Class A shares | 0 | 22,362 | -196 | 22,166 | -22,166 | ||||||||||||
Net deferred tax effects resulting from acquisition and exchange of Fortress Operating Group units | 25,909 | 25,908 | 25,908 | 1 | |||||||||||||
Director restricted share grant (in shares) | 257,918 | ||||||||||||||||
Director restricted share grant | 844 | 344 | 344 | 500 | |||||||||||||
Capital increase related to equity-based compensation, (net of tax) (in shares) | 12,819,823 | 10,333,333 | |||||||||||||||
Capital increase related to equity-based compensation (net of tax) | 198,877 | 82,058 | 82,058 | 116,819 | |||||||||||||
Dilution impact of equity transactions | 0 | 59,513 | -502 | 59,011 | -59,011 | ||||||||||||
Repurchase of Class A shares (in shares) (Note 9) | -2,082,684 | ||||||||||||||||
Repurchase of Class A shares (Note 9) | -7,289 | 0 | -3,419 | -3,419 | -3,870 | ||||||||||||
Repurchase of shares (in shares) (Note 9) | -49,189,480 | ||||||||||||||||
Repurchase of shares (Note 9) | -172,164 | 0 | -80,742 | -80,742 | -91,422 | ||||||||||||
Comprehensive income (loss) (net of tax) | |||||||||||||||||
Net income (loss) | 218,822 | 78,284 | 78,284 | 140,538 | |||||||||||||
Foreign currency translation | -1,447 | -660 | -660 | -787 | -1,447 | ||||||||||||
Comprehensive income (loss) from equity method investees | -778 | -116 | -116 | -662 | -778 | ||||||||||||
Total comprehensive income (loss) | 216,597 | 77,508 | 139,089 | ||||||||||||||
Equity at Dec. 31, 2012 | 1,216,650 | 2,119,102 | -1,486,578 | -3,419 | -2,634 | 626,471 | 590,179 | ||||||||||
Equity (in shares) at Dec. 31, 2012 | 218,286,342 | 249,534,372 | |||||||||||||||
Increase (Decrease) in Equity | |||||||||||||||||
Contributions from principals’ and others’ interests in equity | 70,272 | 70,272 | |||||||||||||||
Distributions to principals’ and others’ interests in equity (net of tax) | -149,532 | -112 | -112 | -149,420 | |||||||||||||
Dividends declared | -56,274 | -56,340 | -56,340 | 66 | |||||||||||||
Dividend equivalents accrued in connection with equity- based compensation (net of tax) | -1,376 | -531 | -531 | -845 | |||||||||||||
Conversion of Class B shares to Class A shares (in shares) | 10,333,334 | -10,333,334 | |||||||||||||||
Conversion of Class B shares to Class A shares | 0 | 10,143 | 10,143 | -10,143 | |||||||||||||
Net deferred tax effects resulting from acquisition and exchange of Fortress Operating Group units | 13,285 | 13,315 | 13,315 | -30 | |||||||||||||
Director restricted share grant (in shares) | 127,533 | ||||||||||||||||
Director restricted share grant | 770 | 372 | 372 | 398 | |||||||||||||
Capital increase related to equity-based compensation, (net of tax) (in shares) | 9,912,027 | 10,333,334 | |||||||||||||||
Capital increase related to equity-based compensation (net of tax) | 35,160 | 17,037 | 17,037 | 18,123 | |||||||||||||
Dilution impact of equity transactions | 0 | 14,173 | -15 | -153 | 14,005 | -14,005 | |||||||||||
Reissuance of treasury stock (in shares) | 2,082,684 | ||||||||||||||||
Reissuance of treasury stock | -1,005 | -4,439 | 3,434 | -1,005 | 0 | ||||||||||||
Comprehensive income (loss) (net of tax) | |||||||||||||||||
Net income (loss) | 483,591 | 200,447 | 200,447 | 283,144 | |||||||||||||
Foreign currency translation | -772 | -232 | -232 | -540 | -772 | ||||||||||||
Comprehensive income (loss) from equity method investees | 4,136 | 1,497 | 1,497 | 2,639 | 4,136 | ||||||||||||
Total comprehensive income (loss) | 486,955 | 201,712 | 285,243 | ||||||||||||||
Equity at Dec. 31, 2013 | 1,614,905 | 2,112,720 | -1,286,131 | 0 | -1,522 | 825,067 | 789,838 | 0 | |||||||||
Equity (in shares) at Dec. 31, 2013 | 240,741,920 | 249,534,372 | |||||||||||||||
Increase (Decrease) in Equity | |||||||||||||||||
Contributions from principals’ and others’ interests in equity | 125,497 | 125,497 | 75,265 | 75,265 | 114,850 | 114,850 | |||||||||||
Distributions to principals’ and others’ interests in equity (net of tax) | -248,932 | 0 | 0 | -248,932 | |||||||||||||
Consolidation of acquisitions | 383,040 | 383,040 | 1,254,784 | 1,254,784 | |||||||||||||
Dividends declared | -135,000 | -101,864 | -101,864 | 0 | -33,136 | ||||||||||||
Dividend equivalents accrued in connection with equity- based compensation (net of tax) | -3,304 | -1,218 | -1,218 | -2,086 | |||||||||||||
Net deferred tax effects resulting from acquisition and exchange of Fortress Operating Group units | 7,729 | 7,638 | 7,638 | 91 | |||||||||||||
Director restricted share grant (in shares) | 89,390 | ||||||||||||||||
Director restricted share grant | 660 | 312 | 312 | 348 | |||||||||||||
Capital increase related to equity-based compensation, (net of tax) (in shares) | 5,069,263 | ||||||||||||||||
Capital increase related to equity-based compensation (net of tax) | 43,361 | 20,389 | 20,389 | 22,830 | 142 | ||||||||||||
Dilution impact of equity transactions | 0 | -41,840 | 0 | 31 | -41,809 | 41,809 | |||||||||||
Public offering of Class A shares (in shares) | 23,202,859 | ||||||||||||||||
Public offering of Class A shares | 186,551 | 186,551 | 186,551 | ||||||||||||||
Repurchase of shares (in shares) (Note 9) | -60,568,275 | ||||||||||||||||
Repurchase of shares (Note 9) | -393,410 | -164,957 | -164,957 | -228,453 | |||||||||||||
Repurchase of Class B shares (in shares) | -23,202,859 | ||||||||||||||||
Repurchase of Class B shares (Note 9) | -186,551 | -186,551 | -186,551 | ||||||||||||||
Comprehensive income (loss) (net of tax) | |||||||||||||||||
Net income (loss) | 234,066 | 99,962 | 0 | 99,962 | 138,960 | -4,856 | |||||||||||
Foreign currency translation | -2,467 | 0 | -925 | -925 | -1,542 | -2,467 | |||||||||||
Comprehensive income (loss) from equity method investees | 0 | ||||||||||||||||
Defined Benefit Plan, Actuarial Gain (Loss) | -4,926 | -10 | -10 | 0 | -4,916 | ||||||||||||
Total comprehensive income (loss) | 226,673 | 99,027 | 137,418 | -9,772 | |||||||||||||
Equity at Dec. 31, 2014 | $3,066,118 | $1,996,137 | ($1,351,126) | $0 | ($2,426) | $642,585 | $638,360 | $1,785,173 | |||||||||
Equity (in shares) at Dec. 31, 2014 | 208,535,157 | 226,331,513 |
CONSOLIDATED_STATEMENT_OF_CHAN1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) (Variable Interest Entity, Primary Beneficiary 1 [Member], Investment Manager [Member], USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity, Primary Beneficiary 1 [Member] | Investment Manager [Member] | |||||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | $1,176 | ($2,042) | $157 | $0 | ($709) | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities | |||
Net income (loss) | $233,357 | $483,591 | $218,822 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Earnings) losses from equity method investees | -78,193 | -136,866 | |
(Gains) losses | -8,442 | 0 | |
Deferred incentive income | -171,387 | -107,276 | -77,993 |
Other | -895 | ||
Cash flows due to changes in | |||
Net cash provided by (used in) operating activities | 239,865 | 432,891 | 141,950 |
Cash Flows From Investing Activities | |||
Contributions to equity method investees | -36,060 | -37,084 | |
Distributions of capital from equity method investees | 379,940 | 281,481 | |
Net cash provided by (used in) investing activities | 527,332 | 211,732 | 66,539 |
Cash Flows From Financing Activities | |||
Excess tax benefits from delivery of RSUs | 24,600 | 32,100 | |
Net cash provided by (used in) financing activities | -390,302 | -384,282 | -437,413 |
Net Increase (Decrease) in Cash and Cash Equivalents | 376,895 | 260,341 | -228,924 |
Cash and Cash Equivalents, Beginning of Period | 364,583 | 104,242 | 333,166 |
Cash and Cash Equivalents, End of Period | 741,478 | 364,583 | 104,242 |
Supplemental Schedule of Non-cash Investing and Financing Activities | |||
Employee compensation invested directly in subsidiaries | 124,442 | 66,779 | 34,806 |
Investments of incentive receivable amounts into Fortress Funds | 258,023 | 227,091 | 80,523 |
Dividends, dividend equivalents and Fortress Operating Group unit distributions declared but not yet paid | 0 | 5,160 | 31,997 |
Exchange of promissory note for shares | 0 | 0 | 149,453 |
Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Earnings) losses from equity method investees | -1,595 | 0 | 0 |
Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 19,829 | 13,690 | 14,931 |
Other amortization (included in interest expense) | 781 | 900 | 2,942 |
(Earnings) losses from equity method investees | -78,193 | -136,866 | -156,530 |
Distributions of earnings from equity method investees | 110,967 | 84,548 | 59,785 |
(Gains) losses | 8,313 | -53,933 | -48,921 |
Deferred incentive income | -171,387 | -107,276 | -77,993 |
Deferred tax (benefit) expense | -18,044 | 54,431 | 29,442 |
Options received from affiliates | -3,346 | -42,516 | -21,524 |
Tax receivable agreement liability adjustment | 33,116 | 8,787 | 8,870 |
Equity-based compensation | 38,157 | 39,266 | 213,274 |
Options in affiliates granted to employees | 1,442 | 8,190 | 10,134 |
Other | -537 | 863 | -895 |
Cash flows due to changes in | |||
Due from affiliates | -158,471 | -347,942 | -58,927 |
Other assets | 47,538 | -18,082 | -20,398 |
Accrued compensation and benefits | 89,875 | 330,907 | -75,390 |
Due to affiliates | -34,138 | -2,667 | -18,241 |
Deferred incentive income | 216,493 | 118,765 | 65,361 |
Other liabilities | 5,182 | -1,765 | -2,792 |
Cash Flows From Investing Activities | |||
Contributions to equity method investees | -36,060 | -37,084 | -63,798 |
Distributions of capital from equity method investees | 379,940 | 281,481 | 140,712 |
Purchase of securities | -16,664 | -20,043 | 0 |
Proceeds from sale of equity investments | 84,852 | 18,849 | 0 |
Purchase of digital currency (Bitcoin) | 0 | -20,000 | 0 |
Purchase of fixed assets | -12,445 | -11,471 | -10,375 |
Purchase of software and technology-related assets | -25,976 | 0 | 0 |
Cash Flows From Financing Activities | |||
Repayments of debt obligations | -50,000 | -149,453 | -261,250 |
Borrowing under debt obligations | 125,000 | 0 | 0 |
Payment of debt issuance costs | 0 | -2,367 | 0 |
Proceeds from public offering (net of offering costs) | 186,551 | 0 | 0 |
Repurchase of shares and RSUs | -3,611 | 0 | -37,776 |
Capital contributions | 0 | 0 | |
Dividends and dividend equivalents paid | -105,860 | -57,926 | -44,170 |
Principals’ and others’ interests in equity of consolidated subsidiaries - contributions | 876 | 401 | 431 |
Principals’ and others’ interests in equity of consolidated subsidiaries - distributions | -245,461 | -174,937 | -94,648 |
Excess tax benefits from delivery of RSUs | 3,538 | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 364,583 | 104,242 | |
Cash and Cash Equivalents, End of Period | 391,089 | 364,583 | 104,242 |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid during the period for interest | 1,789 | 3,586 | 13,689 |
Cash paid during the period for income taxes | 4,953 | 6,468 | 7,932 |
Investment Manager [Member] | Class A Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | -363,410 | 0 | 0 |
Dividends and dividend equivalents paid | -57,926 | ||
Investment Manager [Member] | Class B Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | -186,551 | 0 | 0 |
Capital contributions | 0 | ||
Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Gains) losses | -8,442 | 0 | 0 |
Cash flows due to changes in | |||
Purchases of investments and payments to cover securities sold not yet purchased | -718,013 | 0 | 0 |
Proceeds from sale of investments and securities sold not yet purchased | 608,228 | 0 | 0 |
Receivables from brokers and counterparties | -44,904 | 0 | 0 |
Other assets | -8,487 | 0 | 0 |
Due to brokers and counterparties | 12,031 | 0 | 0 |
Other liabilities | 2,875 | 0 | 0 |
Cash Flows From Investing Activities | |||
Existing cash on deconsolidation date | -12,024 | 0 | 0 |
Cash Flows From Financing Activities | |||
Redeemable non-controlling interests - contributions | 36,252 | 0 | 0 |
Non-redeemable non-controlling interests in Investment Company - contributions | 75,265 | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 0 | 0 | |
Cash and Cash Equivalents, End of Period | 303 | 0 | 0 |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid during the period for interest | 317 | 0 | 0 |
Supplemental Schedule of Non-cash Investing and Financing Activities | |||
Non-cash redeemable non-controlling interests - contributions | 20,519 | 0 | 0 |
Non-cash redeemable non-controlling interests - distributions - deconsolidation of Investment Company | 56,524 | 0 | 0 |
Non-Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 61,395 | 0 | 0 |
Loss on extinguishment of debt | 5,949 | 0 | 0 |
Other amortization (included in interest expense) | 1,018 | 0 | 0 |
Deferred tax (benefit) expense | 3,750 | 0 | 0 |
Deferred rental income | -4,348 | 0 | 0 |
Other | 1,047 | 0 | 0 |
Cash flows due to changes in | |||
Other assets | 5,434 | 0 | 0 |
Due to affiliates | 1,793 | 0 | 0 |
Deferred revenue | -426 | 0 | 0 |
Accrued expenses and other liabilities | -19,969 | 0 | 0 |
Cash Flows From Investing Activities | |||
Existing cash on consolidation date | 269,089 | 0 | 0 |
Purchase of fixed assets | -6,104 | 0 | 0 |
Acquisitions, net of cash acquired | -77,618 | 0 | 0 |
Acquisitions of real estate | -15,691 | 0 | 0 |
Payments for Deposits on Real Estate Acquisitions | 4,855 | 0 | 0 |
Deposits paid for investments | -4,855 | ||
Other | 888 | 0 | 0 |
Cash Flows From Financing Activities | |||
Repayments of debt obligations | -199,969 | 0 | 0 |
Borrowing under debt obligations | 241,843 | 0 | 0 |
Payment of debt issuance costs | -2,569 | 0 | 0 |
Proceeds from public offering (net of offering costs) | 115,874 | 0 | 0 |
Capital contributions | 142 | 0 | 0 |
Dividends and dividend equivalents paid | -18,212 | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 0 | 0 | |
Cash and Cash Equivalents, End of Period | 350,086 | 0 | 0 |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid during the period for interest | $18,051 | $0 | $0 |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION | ||||
Investment Manager | |||||
Fortress Investment Group LLC (the “Registrant,” or, together with its subsidiaries, “Fortress,” excluding consolidated variable interest entities, unless the context requires) is a leading, highly diversified global investment management firm whose predecessor was founded in 1998. Its primary business is to sponsor the formation of, and provide investment management services for, various investment funds and companies, including related managed accounts (collectively, the “Fortress Funds”). Fortress generally makes investments in these funds. | |||||
Fortress has three primary sources of income from the Fortress Funds: management fees, incentive income, and investment income on its investments in the funds. In the third quarter of 2014, Fortress reorganized its segments (see Note 11). The Fortress Funds fall into the following business segments in which Fortress operates: | |||||
1) | Private equity: | ||||
a) General buyout and sector-specific funds focused on control-oriented investments in cash flow generating assets and asset-based businesses in North America and Western Europe; and | |||||
b) Entities which Fortress collectively refers to as "permanent capital vehicles" which includes (i) Newcastle Investment Corp. ("Newcastle"), New Residential Investment Corp. ("New Residential"), Eurocastle Investment Limited ("Eurocastle"), New Media Investment Group Inc. ("New Media") and New Senior Investment Group Inc. ("New Senior"), which are publicly traded companies that are externally managed by Fortress pursuant to management agreements (collectively referred to as the "publicly traded permanent capital vehicles") and (ii) Worldwide Transportation and Infrastructure Investors, currently a private fund (the "private permanent capital vehicle") and FHC Property Management LLC, (together with its subsidiaries, referred to as "Blue Harbor"), a senior living property management business. The publicly traded permanent capital vehicles invest in a wide variety of real estate related assets, including securities, loans, real estate properties and mortgage servicing related assets and media assets and the private permanent capital vehicle invests in transportation and infrastructure assets. Fortress expects the private permanent capital vehicle will become a publicly traded company externally managed by Fortress. | |||||
2) | Liquid hedge funds that invest globally in fixed income, currency, equity and commodity markets, and related derivatives to capitalize on imbalances in the financial markets. In addition, this segment includes an endowment style fund, which invests in Fortress Funds, funds managed by external managers, and direct investments; a fund that primarily focuses on an international "event driven" investment strategy, particularly in Europe, Asia-Pacific and Latin America; and a fund that seeks to generate returns by executing a positively convex investment strategy. | ||||
In 2014, Fortress announced that it was launching an affiliated manager platform. On January 5, 2015, Fortress Asia Macro Funds and related managed accounts became the first funds to join the new platform as they transitioned to an autonomous asset management business named Graticule Asset Management Asia, L.P. ("Graticule Asset Management"). Fortress retained a perpetual minority interest in Graticule Asset Management amounting to 30% of earnings during 2015 and declining to approximately 27% of earnings over time. Fortress also receives additional fees for providing infrastructure services (technology, back office, and related services) to Graticule Asset Management. Fortress will record the results of this transaction at fair value. In the first quarter of 2015, Fortress expects to record a non-cash gain of approximately $135.0 million, non-cash expense of approximately $101.0 million related to the portion of our interest that transferred and approximately $34.0 million from its resulting retained interest as an equity method investment. | |||||
In January 2014, Fortress acquired software and technology-related assets which were accounted for as a business combination. These assets facilitate trading within Fortress's liquid hedge funds segment. The purchase price was $26.0 million and has all been allocated to the acquired software and technology related assets which have an expected useful life of five years. | |||||
3) | Credit funds: | ||||
a) | Credit hedge funds, which make highly diversified investments in direct lending, corporate debt and securities, portfolios and orphaned assets, real estate and structured finance, on a global basis and throughout the capital structure, with a value orientation, as well as non-Fortress originated funds for which Fortress has been retained as manager as part of an advisory business; and | ||||
b) Credit private equity (“PE”) funds which are comprised of a family of “credit opportunities” funds focused on investing in distressed and undervalued assets, a family of ''long dated value'' funds focused on investing in undervalued assets with limited current cash flows and long investment horizons, a family of “real assets” funds focused on investing in tangible and intangible assets in four principal categories (real estate, capital assets, natural resources and intellectual property), a family of Asia funds, including Japan real estate funds and an Asian investor based global opportunities fund, and a family of real estate opportunities funds, as well as certain sector-specific funds with narrower investment mandates tailored for the applicable sector. | |||||
4) | Logan Circle Partners, L.P. (“Logan Circle”), which represents Fortress's traditional asset management business providing institutional clients actively managed investment solutions across a broad spectrum of fixed income and growth equity strategies. Logan Circle's core fixed income products cover the breadth of the maturity and risk spectrums, including short, intermediate and long duration, core/core plus, investment grade credit, high yield and emerging market debt. In January 2015, Fortress's traditional asset management business concluded its growth equities investment strategies. | ||||
Fortress Investment Group LLC was formed in 2006 for the purpose of becoming the general partner of Fortress Operating Group and effecting an initial public offering of shares in February 2007 and related transactions in order to carry on the business of its predecessor, Fortress Operating Group, as a publicly traded entity. Fortress Operating Group was owned by its general partners (the “Principals”) prior to this reorganization. The Registrant is a limited liability company and its members are not responsible for any of its liabilities beyond the equity they have invested. Fortress’s formation documents allow for an indefinite life. | |||||
FIG Corp., a subsidiary of the Registrant, is a corporation for tax purposes. As a result, the Registrant is subject to income taxes on that portion of its income which flows through FIG Corp. | |||||
The Principals own the majority of the economic interests in Fortress Operating Group through their ownership of Fortress Operating Group units and Class A shares and control Fortress through their ownership of Class A and Class B shares of the Registrant (Note 9) The Principals’ Fortress Operating Group unit interests in the equity and income (loss) of Fortress Operating Group are recorded on the face of the consolidated financial statements as further described in Note 7. | |||||
Investment Company - Consolidated VIEs | |||||
In 2014, Fortress formed a new liquid hedge fund and a new private equity fund and a reconsideration event occurred at a fund of the traditional asset management business. Fortress determined that these funds qualify as variable interest entities and that it was the primary beneficiary and therefore consolidated these funds. The new liquid hedge fund and the fund of the traditional asset management business allow investors to redeem their interests on a periodic basis at their net asset value. During December 2014, a reconsideration event occurred at the liquid hedge fund whereby the liquid hedge fund no longer qualified as a variable interest entity. The liquid hedge fund was deemed to be a voting interest entity and Fortress does not have control over the fund since the unrelated limited partners or members have the substantive ability to liquidate the fund or otherwise remove Fortress as general partner or managing member without cause based on a simple unaffiliated majority vote. As such, Fortress deconsolidated the liquid hedge fund in December 2014. The deconsolidation of the liquid hedge fund resulted in a non-cash investing activity of $56.5 million in the statement of cash flows. Fortress retained a $48.5 million equity method investment in the liquid hedge fund. No gain or loss was recognized by Fortress in connection with the deconsolidation and the retained investment is included within the Investment Manager — Investments on the Consolidated Balance Sheet. | |||||
During the second quarter of 2014, certain credit hedge funds formed new investment vehicles. Fortress is the sub-advisor to the new entities but does not have a direct interest in the entities. Fortress determined that these investment vehicles qualify as variable interest entities and that it was the primary beneficiary and therefore consolidated the entities. The investment vehicles entered into a warehouse financing agreement with a third party lender which has agreed to lend the investment vehicles up to €300.0 million. As of December 31, 2014, the investment vehicles did not hold any assets or have any debt outstanding. Any debt obligations of the investment vehicles would not be cross collateralized with the debt obligations of Fortress. Fortress has no obligation to satisfy the liabilities of the investment vehicles. Similarly, Fortress does not have the right to make use of the assets of the investment vehicles to satisfy its obligations. Any debt obligations of the investment vehicles would not have an impact on the Fortress's cash flows and its ability to borrow or comply with its debt covenants under its revolving credit agreement. | |||||
Under U.S. generally accepted accounting principles ("GAAP"), the funds and investment vehicles referred to above are investment companies and, as required, Fortress has retained the specialized accounting of these entities. Consequently, Fortress’s financial statements include the assets, liabilities, related operations and cash flows of these consolidated entities (collectively, the "Investment Company"). The ownership interests in the Investment Company which are not owned by Fortress and which are redeemable by an investor are reflected as Redeemable Non-controlling Interests in the accompanying consolidated financial statements and recorded at fair value. | |||||
The following table represents the activity in Redeemable Non-controlling Interests as presented in the consolidated balance sheets: | |||||
Year ended | |||||
31-Dec-14 | |||||
Beginning balance | $ | — | |||
Capital contributions | 56,771 | ||||
Consolidation of Redeemable Non-Controlling interest of Investment Company | 2,179 | ||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | (709 | ) | |||
Deconsolidation of Redeemable Non-Controlling interests in income (loss) of Investment Company | (56,524 | ) | |||
$ | 1,717 | ||||
The assets, liabilities, related operations and cash flows of Fortress’s asset management business and the Investment Company (as described above) are disclosed under the Investment Manager caption in the consolidated financial statements and accompanying footnotes; the consolidated Investment Company's related amounts are included under the Investment Company caption. Fortress also consolidates New Media and New Senior (as described below) whose assets, liabilities, related operations and cash flows are disclosed under the Non-Investment Manager caption in the consolidated financial statements and accompanying footnotes. The management fees and incentive income earned by Fortress from the Non-Investment Manager and the Investment Company are eliminated in consolidation; however, Fortress’s allocated share of the net income from the Non-Investment Manager and the Investment Company are increased by the amount of these eliminated fees. Accordingly, the consolidation of the Non-Investment Manager and the Investment Company have no material effect on Fortress’s earnings from the Non-Investment Manager and the Investment Company. For a reconciliation between the financial statements and the segment-based financial data that management uses for making operating decisions and assessing performance, see Note 11. | |||||
Fortress has no obligation to satisfy the liabilities of the Non-Investment Manager or the Investment Company. Similarly, Fortress does not have the right to make use of the Non-Investment Manager or the Investment Company's assets to satisfy its obligations. | |||||
Non-Investment Manager | |||||
Consolidation of New Media | |||||
On February 14, 2014, Newcastle Investment Corp. ("Newcastle") (NYSE: NCT) completed the distribution of all of the common shares it held of New Media Investment Group Inc. ("New Media") (NYSE: NEWM), publishers of locally based print and online media in the United States, to its stockholders. Fortress entered into a management agreement with New Media and under the terms of the management agreement, Fortress manages the operations of New Media and in return receives a management fee of 1.5% per annum of New Media's Total Equity (as defined in the management agreement) and incentive income. In addition to these fees, in order to compensate Fortress for its successful efforts in raising capital for New Media, Fortress receives options to purchase shares of New Media's common stock in connection with each common stock offering. Fortress determined that New Media qualifies as a variable interest entity and, upon completion of Newcastle's distribution of New Media's common shares, that it was the primary beneficiary and therefore consolidates New Media. The operations of New Media consist of the consolidated operations of GateHouse Media, LLC ("GateHouse") and Local Media Group Holdings LLC ("Local Media"). Although New Media’s operating results impact net income, they do not have a material impact on the net income (loss) attributable to Fortress’s Class A shareholders, Class A basic and diluted earnings per share, or total Fortress’s shareholders’ equity, as substantially all of the operating results of New Media are attributable to non-controlling interests. As of December 31, 2014, Fortress owned approximately 0.20% of New Media’s outstanding common stock. | |||||
The fiscal year of New Media ends on the Sunday closest to December 31. Fiscal year 2014 includes 52 weeks. New Media's fourth fiscal quarter ended on December 28, 2014, as such, all references to December 31, 2014 reflect New Media's interim consolidated financial statements as of December 28, 2014, for the three months ended December 28, 2014 or for the period from February 14, 2014 to December 28, 2014, as applicable. | |||||
New Media is one of the largest publishers of locally based print and online media in the United States as measured by the number of daily publications. New Media operates in 379 markets across 27 states. New Media’s portfolio of products includes 452 community publications, 379 websites, 360 mobile sites, and six yellow page directories. New Media reaches over 14 million people per week and serves over 140,000 business customers. | |||||
For accounting purposes, the consolidation of New Media was treated as a business combination. The New Media assets and liabilities were recorded at their estimated fair values as of the date of consolidation. Any excess estimated over the New Media fair value was allocated to goodwill. | |||||
Significant assumptions used in estimating fair values included the following: | |||||
• | Intangible assets - The estimated fair values of the acquired subscriber relationships, advertiser relationships and customer relationships were determined based on an excess earnings approach, a form of the income approach, which values assets based upon associated estimated discounted cash flows. | ||||
Masthead, which is a publication's designed title or nameplate as it appears on its front page, fair values were determined based on a relief from royalty method, an income approach. | |||||
• | Fixed assets - The estimated fair values for fixed assets were determined under three approaches: the cost approach (used for equipment where an active secondary market is not available and building improvements), the direct sales comparison (market) approach (used for land and equipment where an active market is available), and the income approach (used for intangibles). These approaches are based on the cost to reproduce assets, market exchanges for comparable assets and the capitalization of income. | ||||
The following table summarizes the allocation of the estimated New Media fair value to identifiable assets and liabilities as of the date of consolidation: | |||||
As of February 14, 2014 | |||||
Cash and cash equivalents | $ | 23,845 | |||
Fixed assets | 266,385 | ||||
Goodwill | 118,847 | ||||
Intangibles assets | 144,664 | ||||
Other assets | 108,072 | ||||
Total assets | 661,813 | ||||
Less: | |||||
Debt obligations payable | (177,955 | ) | |||
Accrued expenses and other liabilities | (99,858 | ) | |||
Net assets | $ | 384,000 | |||
Non-controlling interests in equity of New Media | $ | 383,040 | |||
During the period from February 14, 2014 to December 31, 2014, New Media completed five acquisitions of regional media assets (which include publications and newspapers) for a total purchase price of $77.8 million. The related assets and liabilities were recorded at their estimated fair values as of the date of each acquisition. In January 2015, New Media completed the acquisition of substantially all of the assets from Halifax Media Group ("Halifax") for an aggregate purchase price of $280.0 million. New Media incurred an incremental $152.0 million of additional term and revolving debt under the New Media Credit Agreement that will mature on June 4, 2020 and June 4, 2019, respectively, to finance the Halifax acquisition. The term and revolving debt has an interest rate of LIBOR (with a minimum of 1%) plus 6.25% and original issue discount of $1.5 million was assumed related to this debt. In addition, New Media assumed $18.0 million of term debt in connection with the Halifax acquisition, $10.0 million of which has a fixed interest rate of 5.25% and a maturity date of December 31, 2016, and $8.0 million of which has an interest rate of LIBOR plus 6.25% and a maturity date of March 31, 2019. | |||||
Consolidation of New Senior | |||||
On November 7, 2014, Newcastle distributed the common shares of New Senior Investment Group Inc. ("New Senior", NYSE: SNR) to its shareholders. The Company entered into a management agreement as of the distribution date with New Senior in which it receives a management fee of 1.5% per annum of New Senior's Total Equity (as defined in the management agreement) and incentive income. The Company determined that New Senior qualifies as a variable interest entity and, upon completion of Newcastle's distribution of New Senior's common shares, that it is the primary beneficiary. As a result, the Company consolidated New Senior as of November 7, 2014. The Company has property management agreements to manage certain senior living properties owned by New Senior for which it receives property management fees ranging from 6% to 7% of revenues (as defined in the agreements) and reimbursements of certain expenses, including the compensation expense of all on-site employees. | |||||
New Senior invests in a diversified portfolio of senior housing properties across 27 states in the continental United States. New Senior was formed as Newcastle Senior Living Holdings LLC, a Delaware limited liability company in 2012 and was a wholly owned subsidiary of Newcastle. New Senior converted to a Delaware corporation on May 30, 2014 and changed its name to New | |||||
Senior Investment Group Inc. effective June 16, 2014. New Senior is currently headquartered in New York, NY. | |||||
New Senior owns 100 senior housing properties as of December 31, 2014. New Senior leases 57 of these properties to two tenants (the tenant for the "Holiday Portfolios" and the tenant for the "LCS Portfolio") under triple net lease agreements and engages three | |||||
property managers — Holiday Acquisitions Holdings LLC (‘‘Holiday’’), a portfolio company that is majority owned by private equity funds managed by FIG LLC, FHC Property Management LLC (together with its subsidiaries, ‘‘Blue Harbor’’), and Jerry Erwin Associates, Inc. ("JEA") to manage 43 properties on a day-to-day basis (these properties are referred to herein as "Managed Properties"). The properties leased to the tenant for the Holiday Portfolios and the tenant for the LCS Portfolio consist of 52 dedicated independent living ("IL-only") properties, four continuing care retirement community ("CCRC") properties and one property with a combination of assisted living/memory care ("AL/MC"). New Senior's Managed Properties consist of four IL-only properties and 39 AL/MC properties. | |||||
For accounting purposes, the consolidation of New Senior was treated as a business combination. New Senior's assets and liabilities were recorded at their estimated fair values as of the date of consolidation. Any excess estimated over New Senior's fair value was allocated to goodwill. | |||||
Significant assumptions used in estimating fair values included the following: | |||||
• | Investments in senior housing real estate — The fair value of each senior housing property was determined using an income approach that required an estimation of net operating income for each property. Estimated net operating income for each property was based on information such as projected revenue, average occupancy, and average rental rates, and was converted to a value via the use of a discounted cash flow analysis. The fair value of each property was further allocated to (i) buildings, site improvements, and furniture fixtures and equipment via a cost approach, (ii) land via a market approach, and (iii) intangibles, as described below. | ||||
• | Intangible assets — Management estimated the fair value of in-place leases for each property by comparing the net present value of cash flows using as-is projections to the net present value of cash flows using lease-up projections. Lease-up projections were based on assumptions of gross income, expenses, and unit lease-up rates per month. Above or below market lease intangibles were valued using a discounted cash flow analysis that compared contract rent and market rent over the remaining lease term for each leased property. | ||||
The following table summarizes the allocation of the estimated New Senior fair value to identifiable assets and liabilities as of the date of consolidation: | |||||
As of November 7, 2014 | |||||
Cash and cash equivalents | $ | 245,244 | |||
Investments in senior housing real estate | 1,792,166 | ||||
Goodwill | 243,402 | ||||
Intangibles assets | 282,059 | ||||
Other assets | 35,932 | ||||
Total assets | 2,598,803 | ||||
Less: | |||||
Mortgage notes payable | 1,260,633 | ||||
Accrued expenses and other liabilities | 56,653 | ||||
Net assets | $ | 1,281,517 | |||
Non-controlling interests in equity of New Senior | $ | 1,254,784 | |||
During the period from November 7, 2014 to December 31, 2014, New Senior completed one acquisition of an AL/MC property for a total purchase price of $15.7 million. The related assets and liabilities were recorded at their estimated fair values as of the date of acquisition. In January 2015, New Senior completed the acquisition of one portfolio containing four IL-only properties for a total purchase price of $36.3 million. | |||||
If New Media, New Senior and related completed acquisitions had been consolidated as of January 1, 2013, total revenue would have increased by approximately $789.4 million and $1,367.7 million for the twelve months ended December 31, 2014 and 2013, respectively. In addition, net income would have increased (decreased) by $(75.3) million and $697.5 million (including net gain on reorganization and bankruptcy plan adjustments of $844.1 million and impairment charges of $159.3 million) for the twelve months ended December 31, 2014 and 2013, respectively. | |||||
FINANCIAL STATEMENT GUIDE | |||||
Selected Financial Statement Captions | Note Reference | Explanation | |||
Balance Sheet | |||||
Due from Affiliates | 7 | Generally, management fees, expense reimbursements and incentive income due from Fortress Funds. | |||
Investments and Investments in Options | 4 | Primarily the carrying value of Fortress’s investments in the Fortress Funds. | |||
Deferred Tax Asset | 6 | Relates to potential future tax benefits. | |||
Due to Affiliates | 7 | Generally, amounts due to the Principals related to their interests in Fortress Operating Group and the tax receivable agreement. | |||
Deferred Incentive Income | 3 | Incentive income already received from certain Fortress Funds based on past performance, which is subject to contingent repayment based on future performance. | |||
Debt Obligations and Mortgage Notes Payable | 5 | The balance outstanding on the Investment Manager's and New Media's credit agreement and New Senior's mortgage notes payable. | |||
The debt obligations of New Media, New Senior and the Investment Company are not cross collateralized with the debt obligations of Fortress. Fortress has no obligation to satisfy the liabilities of New Media, New Senior or the Investment Company. Similarly, Fortress does not have the right to make use of New Media, New Senior or the Investment Company's assets to satisfy its obligations. | |||||
New Media, New Senior and the Investment Company’s debt obligations have no impact on Fortress's cash flows and its ability to borrow or comply with its debt covenants under its revolving credit agreement. | |||||
Principals' and Others' Interests in Equity of Consolidated Subsidiaries | 7 | The GAAP basis of the Principals' and a former senior employee's ownership interests in Fortress Operating Group as well as employees' ownership interests in certain subsidiaries. | |||
Statement of Operations | |||||
Management Fees: Affiliates | 3 | Fees earned for managing Fortress Funds, generally determined based on the size of such funds. | |||
Management Fees: Non-Affiliates | 3 | Fees earned from managed accounts and our traditional fixed income asset management business, generally determined based on the amount managed. | |||
Incentive Income: Affiliates | 3 | Income earned from Fortress Funds, based on the performance of such funds. | |||
Incentive Income: Non- Affiliates | 3 | Income earned from managed accounts, based on the performance of such accounts. | |||
Compensation and Benefits | 8 | Includes equity-based, profit-sharing and other compensation to employees. | |||
Continued on next page. | |||||
FINANCIAL STATEMENT GUIDE | |||||
Selected Financial Statement Captions | Note Reference | Explanation | |||
Gains (Losses) | 4 | The result of asset dispositions or changes in the fair value of investments or other financial instruments which are marked to market (including the publicly traded permanent capital vehicles and publicly traded portfolio company). | |||
Tax Receivable Agreement Liability Adjustment | 6 | Represents a change in the amount due to the Principals under the tax receivable agreement. | |||
Earnings (Losses) from Equity Method Investees | 4 | Fortress’s share of the net earnings (losses) of the Fortress Funds resulting from its investments in these funds. | |||
Income Tax Benefit (Expense) | 6 | The net tax result related to the current period. Certain of Fortress’s revenues are not subject to taxes because they do not flow through taxable entities. Furthermore, Fortress has significant permanent differences between its GAAP and tax basis earnings. | |||
Income tax benefit (expense) for the Investment Manager and Non-Investment Manager are calculated separately and the taxable income (loss) of the Non-Investment Manager does not impact the amount of income tax benefit (expense) for the Investment Manager (and vice versa). | |||||
Principals’ and Others’ Interests in (Income) Loss of Consolidated Subsidiaries | 7 | Primarily the Principals’ and employees’ share of Fortress’s earnings based on their ownership interests in subsidiaries, including Fortress Operating Group. | |||
Earnings Per Share | 9 | GAAP earnings per Class A share based on Fortress’s capital structure, which is comprised of outstanding and unvested equity interests, including interests which participate in Fortress’s earnings, at both the Fortress and subsidiary levels. | |||
Other | |||||
Distributions | 9 | A summary of dividends and distributions, and the related outstanding shares and units, is provided. | |||
Distributable Earnings | 11 | A presentation of Fortress's financial performance by segment (fund type) is provided, on the basis of the operating performance measure used by Fortress’s management committee. | |||
In May 2014, the FASB issued a comprehensive new revenue recognition standard for contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. This standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The entity will recognize revenue to reflect the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The new standard is effective for Fortress beginning January 1, 2017 and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. Fortress is currently evaluating the impact on its consolidated financial statements upon the adoption of this new standard. | |||||
In August 2014, the FASB issued an accounting standard update on measuring the financial assets and financial liabilities of a consolidated collateralized financing entity ("CFE"). The standard provides an entity with an election to measure the financial assets and financial liabilities of a consolidated CFE to be measured on the basis of either the fair value of the CFE’s financial assets or financial liabilities, whichever is more observable. The effective date of the consensus will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 for public companies and early adoption will be permitted. Fortress is currently evaluating the impact on its consolidated financial statements. | |||||
In February 2015, the FASB issued an accounting standard update on consolidation. The standard eliminates the deferral of FAS 167, per ASC 810-10-65-2. The standard amends the evaluation of whether (1) fees paid to a decision maker or service provider represent a variable interest, (2) a limited partnership or similar entity has the characteristics of a VIE and (3) a reporting entity is the primary beneficiary of a VIE. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 for public companies and early adoption is permitted. Fortress is currently assessing the impact of the standard and may elect to early adopt. Upon the adoption of the new standard, certain VIEs consolidated by Fortress may no longer be required to be consolidated. | |||||
The FASB has recently issued or discussed a number of proposed standards on such topics as financial statement presentation, leases, financial instruments and hedging. Some of the proposed changes are significant and could have a material impact on Fortress's financial reporting. Fortress has not yet fully evaluated the potential impact of these proposals, but will make such an evaluation as the standards are finalized. | |||||
Certain prior period amounts have been reclassified to conform to the current period's presentation. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
General | |||||||||||||||||
Basis of Accounting and Consolidation - The accompanying consolidated financial statements have been prepared in accordance with GAAP. The accompanying financial statements include the accounts of Fortress and its consolidated subsidiaries, which are comprised of (i) entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity, (ii) variable interest entities (“VIEs”) in which it is the primary beneficiary as described below and (iii) non-VIE partnerships in which it is the general partner where the limited partners do not have rights that would overcome the presumption of control by the general partner. | |||||||||||||||||
For those entities in which it has a variable interest, Fortress first determines whether the entity is a VIE. This determination is made by considering whether the entity’s equity investment at risk is sufficient and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. A VIE must be consolidated by its primary beneficiary. | |||||||||||||||||
The primary beneficiary of a VIE is generally defined as the party who, considering the involvement of related parties and de facto agents, has (i) the power to direct the activities of the VIE that most significantly affect its economic performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. This evaluation is updated continuously. | |||||||||||||||||
For investment companies and similar entities, the primary beneficiary of a VIE is the party who, considering the involvement of related parties and de facto agents, absorbs a majority of the VIE's expected losses or receives a majority of the expected residual returns, as a result of holding a variable interest. This evaluation is also updated continuously. | |||||||||||||||||
As the general partner or managing member of entities that are limited partnerships or limited liability companies and not VIEs, Fortress is presumed to control the partnership or limited liability company. This presumption is overcome when the unrelated limited partners or members have the substantive ability to liquidate the entity or otherwise remove Fortress as the general partner or managing member without cause based on a simple unaffiliated majority vote, or have other substantive participating rights. | |||||||||||||||||
Redeemable Non-controlling Interests represent the ownership interests in the Investment Company which are redeemable by an investor and not owned by Fortress. | |||||||||||||||||
Non-controlling interests in equity of Investment Company represents the ownership interests in the Investment Company which are not redeemable and are held by entities or persons other than Fortress. | |||||||||||||||||
Principals’ and others’ interests in consolidated subsidiaries represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Fortress. This is primarily related to the Principals’ interests in Fortress Operating Group (Note 1). Non-Fortress interests also include employee interests in majority owned and controlled fund advisor and general partner entities. | |||||||||||||||||
Non-controlling interests in equity of Non-Investment Manager represent the interests in New Media and New Senior that are not owned by Fortress. | |||||||||||||||||
For entities over which Fortress exercises significant influence but which do not meet the requirements for consolidation, Fortress uses the equity method of accounting whereby it records its share of the underlying income of these entities. These entities include the Fortress Funds. Virtually all of the Fortress Funds are, for GAAP purposes, investment companies. As required, Fortress has retained the specialized accounting of these funds. The Fortress Funds record realized and unrealized gains (losses) resulting from changes in the fair value of their investments as a component of current income. Additionally, these funds generally do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). | |||||||||||||||||
Distributions by Fortress and its subsidiaries are recognized when declared. | |||||||||||||||||
Risks and Uncertainties - In the normal course of business, Fortress encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on Fortress’s or the Fortress Funds’ investments in debt securities, loans, leases, derivatives and other financial instruments that results from a borrower's, lessee’s or counterparty's inability or unwillingness to make required or expected payments. Market risk reflects changes in the value of investments due to changes in interest rates, credit spreads or other market factors. Credit risk is enhanced in situations where Fortress or a Fortress Fund is investing in distressed assets, as well as unsecured or subordinate loans or securities, which is a material part of its business. | |||||||||||||||||
Fortress makes investments outside of the United States. Fortress’s non-U.S. investments are subject to the same risks associated with its U.S. investments as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing non-U.S. investments, potentially adverse tax consequences and the burden of complying with a wide variety of foreign laws. | |||||||||||||||||
Fortress is exposed to economic risk concentrations insofar as it is dependent on the ability of the Fortress Funds to compensate it for the services which Fortress provides to these funds. Further, the incentive income component of this compensation is based on the ability of the Fortress Funds to generate adequate returns on their investments. In addition, substantially all of Fortress’s net assets, after deducting the portion attributable to non-controlling interests, are comprised of Fortress's investments in, or receivables from, these funds. | |||||||||||||||||
Use of Estimates - The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Investment Manager | |||||||||||||||||
Management Fees and Expense Reimbursements - Management fees are recognized in the periods during which the related services are performed and the amounts have been contractually earned. Fortress is entitled to certain expense reimbursements pursuant to its management agreements. Fortress selects the vendors, incurs the expenses, and is the primary obligor under the related arrangements. Fortress is considered the principal under these arrangements and is required to record the expense and related reimbursement revenue on a gross basis. Expense reimbursements are recognized in the periods during which the related expenses are incurred and the reimbursements are contractually earned. | |||||||||||||||||
Options Received - Fully vested options are issued to Fortress by certain of the publicly traded permanent capital vehicles as compensation for services performed in raising capital for these entities. These options are recognized by Fortress as management fees at their estimated fair value at the time of issuance. Fair value was estimated using an option valuation model. Since the publicly traded permanent capital vehicles' option plans have characteristics significantly different from those of traded options, and since the assumptions used in such models, particularly the volatility assumption, are subject to judgment and variability, the actual value of the options could vary materially from this estimate. Fortress has elected to account for these options at fair value with changes in fair value recognized in current income as Gains (Losses). Any options held by Fortress in consolidated VIEs (New Media and New Senior) are eliminated in consolidation. | |||||||||||||||||
Incentive Income - Incentive income is calculated as a percentage of the profits earned by the Fortress Funds subject, in certain cases, to the achievement of performance criteria. Incentive income from certain funds is subject to contingent repayment based on the applicable Fortress Fund achieving earnings in excess of a specified minimum return. Incentive income that is not subject to contingent repayment is recognized as contractually earned. Incentive income subject to contingent repayment may be paid to Fortress as particular investments made by the funds are realized. However, if upon liquidation of each fund the aggregate amount paid to Fortress as incentive income exceeds the amount actually due to Fortress based upon the aggregate performance of each fund, the excess is required to be repaid by Fortress (i.e. “clawed back”) to that fund. Fortress has elected to adopt the preferred method of recording incentive income subject to contingencies, whereby it does not recognize incentive income subject to contingent repayment until the termination of the related fund, or when and to the extent distributions from the fund exceed the point at which a clawback of a portion or all of the historic incentive income distributions could no longer occur due to the related contingencies being resolved. Recognition of incentive income allocated or paid to Fortress prior to that date is deferred and recorded as deferred incentive income liability. | |||||||||||||||||
Other Revenues and Other Income - Fortress recognizes security transactions on the trade date. Gains and losses are recorded based on the specific identification method and generally include gains (losses) on investments in securities, derivatives, foreign exchange transactions, and contingent consideration accrued in business combinations. Dividend income is recognized on the ex-dividend date, or in the absence of a formal declaration, on the date it is received. Interest income is recognized as earned on an accrual basis. | |||||||||||||||||
Non-Investment Manager | |||||||||||||||||
Media Revenues - Advertising income from the publication of newspapers is recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user either clicks on or views certain ads, net of commissions and provisions for estimated sales incentives including rebates, rate adjustments, and discounts. | |||||||||||||||||
Circulation revenue includes single-copy and subscription revenues. Circulation income is based on the number of copies of the printed newspaper (through home-delivery subscriptions and single-copy sales) and digital subscriptions sold and the rates charged to the respective customers. Single-copy income is recognized based on date of publication, net of provisions for related returns. Proceeds from subscription income are deferred at the time of sale and are recognized in earnings on a pro rata basis over the terms of the subscriptions. | |||||||||||||||||
Other revenue is recognized when the related service or product has been delivered. | |||||||||||||||||
Billings to clients and payments received in advance of the performance of services or delivery of products are recorded as deferred revenue in the consolidated balance sheets until the services are performed or the product is delivered. | |||||||||||||||||
Resident Fees and Services - Resident fees and services include monthly rental revenue, care income and ancillary income earned by New Senior. Resident fees and services are recognized monthly as services are provided. Lease agreements with residents are cancelable by the resident with thirty days’ notice. Ancillary income primarily relates to non-refundable community fees. Non-refundable community fees are recognized on a straight-line basis over the average length of stay of residents, which New Senior estimates to be approximately 24 months for AL/MC and CCRC properties, and approximately 33 months for IL-only properties. | |||||||||||||||||
Rental Revenue - Rental revenue from New Senior's triple net lease properties is recognized on a straight-line basis over the applicable term of the lease when collectability is reasonably assured. New Senior's triple net lease arrangements provide for periodic and determinable increases in base rent. Recognizing rental revenue on straight-line basis typically results in recognizing revenue in excess of cash amounts contractually due from New Senior's tenants during the first half of the lease term, creating a straight line receivable that is included in Non-Investment Manager other assets. As of December 31, 2014, straight-line rent receivable was $4.3 million. | |||||||||||||||||
Balance Sheet Measurement | |||||||||||||||||
Investment Manager | |||||||||||||||||
Cash and Cash Equivalents - Fortress considers all highly liquid short term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. | |||||||||||||||||
Cash and Cash Equivalents, Investment Company - Cash held at the Investment Company that is not available to fund the general liquidity needs of Fortress as Investment Manager. | |||||||||||||||||
Due from/to Affiliates - For purposes of classifying amounts, Fortress considers its principals, employees, all of the Fortress Funds, and the Portfolio Companies to be affiliates. This definition is broader than the strict GAAP definition of affiliates. Amounts due from and due to affiliates are recorded at their contractual amount, subject to an allowance for uncollectible amounts if collection is not deemed probable. | |||||||||||||||||
Other Assets and Other Liabilities: | |||||||||||||||||
Other assets and liabilities are comprised of the following. Other assets are presented net of allowances for uncollectable amounts of $2.3 million and $3.3 million as of December 31, 2014 and 2013, respectively, and changes thereto were recorded as General and Administrative expense. | |||||||||||||||||
Other Assets | Other Liabilities | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Fixed assets | $ | 154,525 | $ | 115,392 | Current taxes payable (Note 6) | $ | 4,204 | $ | 1,941 | ||||||||
Accumulated depreciation | (99,412 | ) | (81,548 | ) | Accrued expenses and accounts payable | 25,634 | 16,790 | ||||||||||
Receivables | 24,997 | 65,545 | Deferred rent | 7,459 | 7,531 | ||||||||||||
Equity securities | 17,627 | 23,005 | Unearned income | 10,694 | 10,811 | ||||||||||||
Digital currency (Bitcoin) | 6,828 | 16,298 | Derivatives | 932 | 1,820 | ||||||||||||
Prepaid compensation, net | 13,091 | 16,626 | Accrued fee liability (Note 9) | 30,000 | — | ||||||||||||
Prepaid expense | 17,418 | 14,486 | Miscellaneous liabilities | 9,064 | 10,937 | ||||||||||||
Goodwill and intangibles | 10,417 | 9,421 | $ | 87,987 | $ | 49,830 | |||||||||||
Accumulated amortization | (8,345 | ) | (8,264 | ) | |||||||||||||
Derivatives | 27,105 | 9,749 | |||||||||||||||
Miscellaneous assets, net | 9,225 | 9,885 | |||||||||||||||
$ | 173,476 | $ | 190,595 | ||||||||||||||
- | Fixed Assets, Depreciation and Amortization - Fixed assets consist primarily of leasehold improvements, furniture, fixtures and equipment, and computer hardware and software, and are recorded at cost less accumulated depreciation. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful lives, which are the life of the related lease for leasehold improvements, and three to seven years for other fixed assets. | ||||||||||||||||
- | Equity Securities - Equity securities consist primarily of investments in unaffiliated publicly traded companies which are valued based on quoted market prices. | ||||||||||||||||
- | Digital Currency (Bitcoin) - Represents Fortress's holdings of digital currency which is recorded at the lower of cost or fair value. If fair value is below cost, Fortress records an unrealized loss measured as the excess of cost over fair value of the digital currency. Subsequently, to the extent that fair value increases, Fortress records an unrealized gain but shall not report digital currency above cost. Fortress determines fair value based on estimated exit value using significant observable inputs as of the balance sheet date. During the year ended December 31, 2014, Fortress recognized an impairment charge of $11.5 million. Fortress recorded a $1.7 million unrealized loss in the fourth quarter of 2014. | ||||||||||||||||
- | Prepaid Compensation - Prepaid compensation consists of profit sharing compensation payments previously made to employees which are not considered probable of being incurred as expenses and would become receivable back from employees at the termination of the related funds. | ||||||||||||||||
- | Goodwill and Intangibles - Goodwill and intangibles represent amounts recorded in connection with business combinations. Goodwill is not amortized but is tested for impairment at least annually. Other intangible assets are amortized over their estimated useful lives. | ||||||||||||||||
- | Deferred Rent - Rent expense is recognized on a straight-line basis based on the total minimum rent required throughout the lease period. Deferred rent represents the difference between the rent expense recognized and cash paid to date. | ||||||||||||||||
Derivatives and Hedging Activities - All derivatives are recognized as either assets or liabilities on the consolidated balance sheets and measured at fair value. | |||||||||||||||||
Any unrealized gains or losses on derivatives not designated as hedges are recorded currently in Gains (Losses). Net payments under these derivatives are similarly recorded, but as realized. | |||||||||||||||||
In order to reduce interest rate risk, Fortress has and may enter into interest rate hedge agreements. To qualify for cash flow hedge accounting, interest rate swaps must meet certain criteria, including (1) the items to be hedged expose Fortress to interest rate risk, (2) the interest rate swaps or caps are highly effective in reducing Fortress’s exposure to interest rate risk, and (3) with respect to an anticipated transaction, the transaction is probable. In addition, the hedging relationship must be properly documented. Effectiveness is periodically assessed based upon a comparison of the relative changes in the fair values or cash flows of the interest rate swaps and the items being hedged. Fortress did not enter into any interest rate swaps during 2014, 2013 and 2012. | |||||||||||||||||
In order to reduce foreign currency exchange rates risk, Fortress has and may enter into foreign currency related derivatives. To qualify for hedge accounting with respect to a net investment in a foreign operation, the hedging instrument must be highly effective in reducing Fortress’s exposure to the risk of changes in foreign currency exchange rates with respect to the investment. In addition, the hedging relationship must be properly documented. Effectiveness is periodically assessed based upon a comparison of the relative changes in the fair values of the hedge and the item being hedged (with respect to changes in foreign currency exchange rates). | |||||||||||||||||
The effective portion of any gain or loss, and of net payments received or made, is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction effects earnings. The ineffective portion of any gain or loss, and of net payments received or made, is recognized in current earnings. | |||||||||||||||||
Fortress did not have any derivatives designated as hedges for 2014, 2013 and 2012. | |||||||||||||||||
Comprehensive Income (Loss) - Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Fortress’s purposes, comprehensive income represents net income, as presented in the accompanying consolidated statements of operations, adjusted for unrealized gains or losses on securities available for sale and on derivatives designated as cash flow hedges, as well as net foreign currency translation adjustments, including Fortress’s relative share of these items from its equity method investees. | |||||||||||||||||
The following table summarizes Fortress’s accumulated other comprehensive income (loss): | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Direct - Investment Manager | |||||||||||||||||
Net foreign currency translation adjustments | $ | (2,416 | ) | $ | (1,522 | ) | |||||||||||
Direct - Non-Investment Manager - consolidated VIEs | |||||||||||||||||
Other | (10 | ) | — | ||||||||||||||
Accumulated other comprehensive income (loss) | $ | (2,426 | ) | $ | (1,522 | ) | |||||||||||
The amounts reclassified from accumulated other compensative income (loss) to components of net income (loss), if any, were immaterial for each period presented. | |||||||||||||||||
Foreign Currency - Assets and liabilities relating to foreign investments are translated using the exchange rates prevailing at the end of each reporting period. Results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in current income to the extent that unrealized gains and losses on the related investment are included in income, otherwise they are included as a component of accumulated other comprehensive income until realized. Foreign currency gains or losses resulting from transactions outside of the functional currency of a consolidated entity are recorded in income as incurred and were not material during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||
Profit Sharing Arrangements - Pursuant to employment arrangements, certain of Fortress’s employees are granted profit sharing interests and are thereby entitled to a portion of the incentive income or other amounts realized from certain Fortress Funds, which is payable upon a realization event within the respective funds. Accordingly, incentive income resulting from a realization event within a fund gives rise to the incurrence of a profit sharing obligation. Amounts payable under these profit sharing plans are recorded as compensation expense when they become probable and reasonably estimable. | |||||||||||||||||
For profit sharing plans related to hedge funds and permanent capital vehicles, where incentive income is received on an annual basis, the related compensation expense is accrued during the period for which the related payment is made. In addition, certain of Fortress's employees are granted partial rights in options it holds in the publicly traded permanent capital vehicles (the "tandem options"). The fair value of these rights are recorded as profit sharing compensation expense at that time. The related liability, included in accrued compensation and benefits, is marked to fair value through compensation expense until such time as the rights are exercised or expire. | |||||||||||||||||
For profit sharing plans related to private equity funds, the private permanent capital vehicle and credit PE funds, where incentive income is received as investments are realized but is subject to clawback (see “Incentive Income” above), although Fortress defers the recognition of incentive income until all contingencies are resolved, accruing expense for employee profit sharing is based upon when it becomes probable and reasonably estimable that incentive income has been earned and therefore a profit sharing liability has been incurred. Based upon this policy, the recording of an accrual for profit sharing expense to employees generally precedes the recognition of the related incentive income revenue. | |||||||||||||||||
Fortress's determination of the point at which it becomes probable and reasonably estimable that incentive income will be earned and therefore a corresponding profit sharing expense should be recorded is based upon a number of factors, the most significant of which is the level of realized gains generated by the underlying funds which may ultimately give rise to incentive income payments. Accordingly, profit sharing expense is generally recorded upon realization events within the underlying funds. A realization event has occurred when an investment within a fund generates proceeds in excess of its related invested capital, such as when an investment is sold at a gain. In some cases, this accrual is subject to reversal based on a determination that the expense is no longer probable of being incurred (in other words, that a clawback is probable). | |||||||||||||||||
Fortress may withhold a portion of the profit sharing payments relating to private equity fund, private permanent capital vehicle or credit PE fund incentive income as a reserve against contingent repayment (clawback) obligations to the funds. Employees may opt to have these withheld amounts invested in either a money market account or in one of a limited group of Fortress Funds. | |||||||||||||||||
Equity-Based Compensation - Fortress currently has several categories of equity-based compensation, which are accounted for as described in Note 8. Generally, the grant date fair value of equity-based compensation granted to employees or directors is expensed ratably over the required service period (or immediately if there is no required service period). Equity-based compensation granted to non-employees, primarily to employees of certain Portfolio Companies, is expensed ratably over the required service period based on its fair value at each reporting date. | |||||||||||||||||
Income Taxes - FIG Corp., a subsidiary of the Registrant, is a corporation for tax purposes. As a result, a substantial portion of Fortress’s income earned by FIG Corp. is subject to U.S. federal and state income taxation, taxed at prevailing rates. The remainder of Fortress’s income is allocated directly to its shareholders and is not subject to a corporate level of taxation. Certain subsidiaries of Fortress are subject to the New York City unincorporated business tax (“UBT”) on their U.S. earnings based on a statutory rate of 4%. Certain subsidiaries of Fortress are subject to income tax of the foreign countries in which they conduct business. Interest and penalties, if any, are treated as additional taxes. | |||||||||||||||||
Fortress accounts for these taxes using the liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These temporary differences are expected to result in taxable or deductible amounts in future years and the deferred tax effects are measured using enacted tax rates and laws that will be in effect when such differences are expected to reverse. A valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. | |||||||||||||||||
Fortress is party to a tax receivable agreement whereby the Principals will receive payments from Fortress related to tax savings realized by Fortress in connection with certain transactions entered into by the Principals. | |||||||||||||||||
Non-Investment Manager | |||||||||||||||||
General | |||||||||||||||||
Purchase Accounting - In determining the allocation of the purchase price between net tangible and intangible assets and liabilities, management made estimates of the fair value of the tangible and intangible assets and liabilities using information obtained as a result of pre-acquisition due diligence and independent valuations and appraisals. Management allocates the purchase price to net tangible and identified intangible assets and liabilities based on their fair values. The determination of fair value involves the use of significant judgment and estimation. Acquisition costs in excess of the fair value of tangible and identifiable intangible net assets is recorded as goodwill. | |||||||||||||||||
Goodwill and Intangibles - Intangible assets related to New Media consist of advertiser, customer and subscriber relationships, mastheads and trade names. These intangible assets are recorded at fair value at the date of acquisition. New Media estimates the fair value of the advertiser, customer and subscriber relationships and the trade names using the multi-period excess earnings method under the income approach. This valuation method is based on first forecasting revenue for the existing customer base and then applying expected attrition rates. Mastheads are not amortized because it has been determined that the useful lives of such mastheads are indefinite. | |||||||||||||||||
Intangible assets related to New Senior consist of above or below market lease intangibles, in-place lease intangibles and other intangibles. | |||||||||||||||||
Above or below market lease intangibles related to the senior housing business primarily reflect the difference between contract rent and market rent over the remaining lease term for each leased property, on a discounted basis. Above/below market lease intangibles also include ground lease intangibles that are amortized over the contractual lives of the leases. | |||||||||||||||||
New Senior estimates the fair value of in-place leases as (i) the present value of the estimated rental revenue that would have been forgone, offset by variable costs that would have otherwise been incurred during a reasonable lease-up period, as if the acquired units were vacant, and (ii) the estimated absorption costs, such as additional marketing costs that would have been incurred during the lease-up period. The acquisition date fair value of in-place lease intangibles is amortized over the average length of stay of the residents at the senior housing properties on a straight-line basis, which is estimated to be 24 months for AL/MC and CCRC properties and 33 months for IL-only properties. | |||||||||||||||||
Other intangibles are primarily comprised of non-compete intangibles. Non-compete intangibles reflect the fair value of non-compete agreements at acquisition. New Senior estimates the fair value of non-compete intangibles as the sum of (i) the present value of the consulting services during the non-compete period and (ii) the difference between (a) the present value of the net operating income with the non-compete agreements in place and (b) the present value of the net operating income, as if the non-compete agreements were not in place. The acquisition date fair value of the non-compete intangibles is amortized over the non-compete period on a straight-line basis. | |||||||||||||||||
Amortization of intangible assets is included within depreciation and amortization on the consolidated statements of operations and is calculated using the straight-line method based on the following estimated useful lives: | |||||||||||||||||
New Media | |||||||||||||||||
Advertiser relationships | 14 - 16 years | ||||||||||||||||
Customer relationships | 14 - 16 years | ||||||||||||||||
Subscriber relationships | 13 - 16 years | ||||||||||||||||
Trade names | 10 years | ||||||||||||||||
Non-compete agreements | 5 years | ||||||||||||||||
New Senior | |||||||||||||||||
Above or below market lease | 17 - 82 years | ||||||||||||||||
In-place lease intangibles | 2 - 3 years | ||||||||||||||||
Other intangibles | 5 - 13 years | ||||||||||||||||
Goodwill and intangible assets consisted of the following: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Gross | Accumulated | Net | |||||||||||||||
Carrying Amount | Amortization | Carrying Amount | |||||||||||||||
Amortized intangible assets, New Media: | |||||||||||||||||
Advertiser relationships | $ | 64,271 | $ | (3,445 | ) | $ | 60,826 | ||||||||||
Customer relationships | 7,763 | (369 | ) | 7,394 | |||||||||||||
Subscriber relationships | 38,923 | (2,084 | ) | 36,839 | |||||||||||||
Trade name | 262 | (24 | ) | 238 | |||||||||||||
Non-compete agreements | 200 | — | 200 | ||||||||||||||
Total New Media | 111,419 | (5,922 | ) | 105,497 | |||||||||||||
Amortized intangible assets, New Senior: | |||||||||||||||||
Above or below market lease intangibles | 32,950 | (262 | ) | 32,688 | |||||||||||||
In-place lease intangibles | 245,675 | (16,121 | ) | 229,554 | |||||||||||||
Other intangibles | 4,426 | (91 | ) | 4,335 | |||||||||||||
Total New Senior | 283,051 | (16,474 | ) | 266,577 | |||||||||||||
Total | $ | 394,470 | $ | (22,396 | ) | $ | 372,074 | ||||||||||
Nonamortized intangible assets: | |||||||||||||||||
Mastheads | 51,245 | ||||||||||||||||
Other | 500 | ||||||||||||||||
Total intangible assets, net | $ | 423,819 | |||||||||||||||
Goodwill | $ | 370,375 | |||||||||||||||
As of December 31, 2014, the weighted average amortization periods for amortizable intangible assets are 15.7 years for advertiser relationships, 15.9 years for customer relationships, 15.9 years for subscriber relationships, 10.0 years for trade names and 5.0 years for non-compete agreements. The weighted average amortization period in total for all amortizable intangible assets is 15.8 years. | |||||||||||||||||
As of December 31, 2014, the weighted average amortization periods for amortizable intangible assets are 23.5 years for above or below market lease intangibles, 2.0 years for in-place lease intangibles, and 8.5 years for other intangibles. The weighted average amortization period in total for all amortizable intangible assets is 4.9 years. | |||||||||||||||||
Amortization expense related to amortizable intangible assets for the period from February 14, 2014 to December 31, 2014 was $22.4 million. Estimated future amortization expense as of December 31, 2014, is as follows: | |||||||||||||||||
New Media | New Senior | ||||||||||||||||
2015 | $ | 7,195 | $ | 112,217 | |||||||||||||
2016 | 7,195 | 101,203 | |||||||||||||||
2017 | 7,195 | 23,283 | |||||||||||||||
2018 | 7,195 | 2,187 | |||||||||||||||
2019 | 7,195 | 2,069 | |||||||||||||||
Thereafter | 69,522 | 25,618 | |||||||||||||||
Total | $ | 105,497 | $ | 266,577 | |||||||||||||
Goodwill and intangible assets with indefinite lives are tested for impairment annually or when events indicate that an impairment could exist which may include an economic downturn in a market, a change in the assessment of future operations or a decline in New Media’s or New Senior's stock price. An annual impairment assessment is performed on each of New Media's or New Senior's reporting units. The fair value of the applicable reporting unit is compared to its carrying value. Calculating the fair value of a reporting unit requires significant estimates and assumptions. Fair value is estimated by applying third-party market value indicators to projected cash flows and/or projected earnings before interest, taxes, depreciation, and amortization. In applying this methodology, the company relies on a number of factors, including current operating results and cash flows, expected future operating results and cash flows, future business plans, and market data. If the carrying value of the reporting unit exceeds the estimate of fair value, the amount of impairment is calculated as the excess of the carrying value of goodwill over its implied fair value. In June 2014, New Media performed an impairment assessment of its goodwill and intangible assets for each of its reporting units. Based on its assessment, no impairment was identified. | |||||||||||||||||
Impairment of Senior Housing Real Estate, Property, Plant and Equipment and Finite-lived Intangible Assets - The recoverability of long-lived assets, including fixed assets and definite lived intangible assets, is estimated whenever events or changes in business circumstances indicate the carrying amount of the assets, or related group of assets, may not be fully recoverable. | |||||||||||||||||
In the case of New Media, impairment indicators include significant under performance relative to historical or projected future operating losses, significant changes in the manner of use of the acquired assets or the strategy for New Media’s overall business, and significant negative industry or economic trends. The assessment of recoverability is based on management’s estimates by comparing the sum of the estimated undiscounted cash flows generated by the underlying asset, or other appropriate grouping of assets, to its carrying value to determine whether an impairment existed at its lowest level of identifiable cash flows. If the carrying amount of the asset is greater than the expected undiscounted cash flows to be generated by such asset, an impairment is recognized to the extent the carrying value of such asset exceeds its fair value. | |||||||||||||||||
New Senior periodically evaluates its long-lived assets, including definite lived intangible assets, primarily consisting of senior housing real estate, for impairment indicators. If indicators of impairment are present, New Senior evaluates the carrying value of the related senior housing real estate in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, New Senior considers market conditions and its current intentions with respect to holding or disposing of the asset. New Senior adjusts the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. New Senior recognizes an impairment loss at the time it makes any such determination. | |||||||||||||||||
New Media did not record any impairment charges related to its fixed assets and related intangibles for the period from February 14, 2014 to December 31, 2014. | |||||||||||||||||
New Senior did not record any impairment charges related to its real estate assets and related intangibles for the period from November 7, 2014 to December 31, 2014. | |||||||||||||||||
The newspaper industry and New Media have experienced declining same store revenue and profitability over the past several years. Should general economic, market or business conditions decline, and have a negative impact on estimates of future cash flow and market transaction multiples, this may require impairment charges to be recorded in the future. | |||||||||||||||||
Cash Equivalents - Cash equivalents represent certificates of deposit which have original maturities of three months or less. | |||||||||||||||||
Other Assets and Other Liabilities - Other assets are presented net of allowances for uncollectible amounts of $5.0 million as of December 31, 2014. Other assets and liabilities of the Non-Investment Manager are comprised of the following: | |||||||||||||||||
Other Assets | Other Liabilities | ||||||||||||||||
December 31, 2014 | December 31, 2014 | ||||||||||||||||
Accounts receivable, net | $ | 87,659 | Accounts payable and accrued expenses | $ | 59,617 | ||||||||||||
Deferred financing costs | 3,252 | Security deposits payable | 22,695 | ||||||||||||||
Prepaid expenses | 12,346 | Dividends payable | 15,284 | ||||||||||||||
Escrows held by lender | 10,768 | Pension and other post retirement benefit obligations | 13,794 | ||||||||||||||
Deposits | 8,582 | Miscellaneous liabilities | 22,461 | ||||||||||||||
Inventory | 9,824 | $ | 133,851 | ||||||||||||||
Miscellaneous assets, net | 24,099 | ||||||||||||||||
$ | 156,530 | ||||||||||||||||
Other Assets | |||||||||||||||||
- | Accounts Receivable - Accounts receivable are stated at amounts due from customers and tenants, net of an allowance for uncollectible accounts. Allowance for uncollectible accounts is based upon several factors including the length of time the receivables are past due, historical payment trends and current economic factors. Collateral is generally not required. | ||||||||||||||||
- | Deferred Financing Costs - New Media amortizes deferred financing costs as a component of interest expense over the terms of the related borrowings using the effective interest rate method. | ||||||||||||||||
- | Prepaid Expenses - Prepaid expenses consists primarily of prepaid insurance and prepaid rent and are expensed over the useful lives of the goods or services. | ||||||||||||||||
- | Escrows held by lender - Escrows held by lender represent amounts deposited in tax, insurance, and replacement reserve escrow accounts that are related to mortgage notes collateralized by New Senior's properties. | ||||||||||||||||
- | Deposits - Deposits consist primarily of workers compensation premiums and health care insurance funds related to New Media. | ||||||||||||||||
- | Inventory - Inventory consists principally of newsprint, which is valued at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. In 2014, New Media purchased approximately 95% of newsprint from one vendor. | ||||||||||||||||
Other Liabilities | |||||||||||||||||
- | Accounts Payable and Accrued Liabilities - Accounts payable reflect expenses related to goods and services received that have not yet been paid and accrued liabilities reflect invoices that have not yet been received. | ||||||||||||||||
- | Security Deposits Payable - Security deposits payable relate to deposits made by tenants for the triple net lease properties. Security deposits are due to the tenants at the end of the initial terms of the leases, which range from approximately 15 to 17 years. | ||||||||||||||||
- | Dividends Payable - Dividends payable represent dividends declared and payable to New Senior common stockholders. | ||||||||||||||||
- | Pension and Other Postretirement Benefit Obligations - Pension plan obligations and expense is based on a number of actuarial assumptions. Two critical assumptions are the expected long-term rate of return on plan assets and the discount rate applied to pension plan obligations. For other postretirement benefit plans, which provide for certain health care and life insurance benefits for qualifying retired employees and which are not funded, critical assumptions in determining other postretirement benefit obligations and expense are the discount rate and the assumed health care cost-trend rates. | ||||||||||||||||
New Media maintains a legacy pension plan and legacy postretirement medical and life insurance plans which cover qualifying employees of its subsidiaries. The pension plan and postretirement medical and life insurance plans are closed to new participants and the pension plan was frozen to all future benefit accruals. Also, medical and life insurance benefits for a select group of active employees are frozen and the plan limits future benefits. | |||||||||||||||||
The accrued benefit actuarial method is used and best estimate assumptions are used to determine pension costs, liabilities and other pension information for defined benefit plans. | |||||||||||||||||
The following provides information on the components of net periodic benefit cost (income) and other changes in plan assets and benefit obligations recognized in other comprehensive income for the pension plans and postretirement medical and life insurance plans for the period from February 14, 2014 to December 31, 2014: | |||||||||||||||||
Period from February 14, 2014 | |||||||||||||||||
to December 31, 2014 | |||||||||||||||||
Components of net periodic benefit cost (income): | Pension | Postretirement | |||||||||||||||
Service cost | $ | 300 | $ | 21 | |||||||||||||
Interest cost | 1,191 | 245 | |||||||||||||||
Expected return on plan assets | (1,624 | ) | — | ||||||||||||||
Net periodic benefit cost (income) | $ | (133 | ) | $ | 266 | ||||||||||||
Components of changes in plan assets and benefit obligations recognized in other comprehensive income: | Pension | Postretirement | |||||||||||||||
Net actuarial (gain) loss | $ | 4,549 | $ | 377 | |||||||||||||
The following assumptions were used to calculate the net periodic benefit cost (income) for New Media’s defined benefit pension and postretirement plans: | |||||||||||||||||
Pension | Postretirement | ||||||||||||||||
Weighted average discount rate | 5 | % | 4.5 | % | |||||||||||||
Expected return on assets | 8 | % | N/A | ||||||||||||||
Current year trend | N/A | 7.8 | % | ||||||||||||||
Ultimate year trend | N/A | 4.8 | % | ||||||||||||||
Year of ultimate trend | N/A | 2025 | |||||||||||||||
Since the pension plan was frozen to all future benefit accruals and the medical and life insurance benefit plans limit future benefits, management assumed no rate of increase in future compensation levels. | |||||||||||||||||
New Media | |||||||||||||||||
Deferred Revenue - Billings to clients and payments received in advance of the performance of services or delivery of products are recorded as deferred revenue until services are performed or the product is delivered. | |||||||||||||||||
Fixed Assets - Fixed assets are recorded at cost. Routine maintenance and repairs are expensed as incurred. Depreciation is calculated under the straight-line method over the estimated useful lives, principally 21 to 38 years for buildings, 4 to 10 years for buildings improvements, 1 to 15 years for machinery and equipment, and 1 to 9 years for furniture, fixtures and computer software. Leasehold improvements are amortized under the straight-line method over the shorter of the lease term or estimated useful life of the asset. | |||||||||||||||||
Fixed assets for New Media consisted of the following: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Land | $ | 25,813 | |||||||||||||||
Buildings and improvements | 127,428 | ||||||||||||||||
Machinery and equipment | 144,203 | ||||||||||||||||
Furniture, fixtures, and computer software | 15,051 | ||||||||||||||||
Construction in progress and other non-depreciating assets | 2,063 | ||||||||||||||||
314,558 | |||||||||||||||||
Less: accumulated depreciation | (30,772 | ) | |||||||||||||||
Total | $ | 283,786 | |||||||||||||||
Depreciation expense related to fixed assets of New Media for the period from February 14, 2014 to December 31, 2014, was $30.8 million. | |||||||||||||||||
Income taxes - Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||||||
New Media has determined that it is more likely than not that its existing deferred tax assets will not be realized, and accordingly has provided a full valuation allowance. Any changes in the scheduled reversals of deferred taxes may require an additional valuation allowance against the remaining deferred tax assets. Any increase or decrease in the valuation allowance could result in an increase or decrease in income tax expense in the period of adjustment. | |||||||||||||||||
New Media accounts for uncertain tax positions under the provisions of ASC 740. New Media does not anticipate significant increases or decreases in our uncertain tax positions within the next twelve months. New Media recognizes penalties and interest relating to uncertain tax positions in tax expense. | |||||||||||||||||
New Senior | |||||||||||||||||
Investments in Senior Housing Real Estate, Net - Real estate investments are recorded at cost less accumulated depreciation. New Senior accounts for acquisitions using the acquisition method and allocate the consideration for the businesses acquired among tangible and recognized intangible assets and liabilities based upon their estimated fair values as of the acquisition date. Recognized intangible assets primarily include the value of in-place resident leases. Transaction costs are expensed as incurred and included within Non-Investment Manager - General, administrative and other expenses on the consolidated statements of operations. In allocating the acquisition consideration between net tangible and identified intangible assets acquired and liabilities assumed, New Senior makes estimates of the fair value of the tangible and intangible assets acquired and liabilities assumed using information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and independent appraisals. The fair value of the buildings acquired is determined on an as-if-vacant basis. | |||||||||||||||||
Depreciation is calculated on a straight-line basis using estimated remaining useful lives not to exceed forty years for buildings, three to ten years for building improvements and three to five years for other fixed assets. Expenditures for repairs and maintenance are expensed as incurred. | |||||||||||||||||
Income Taxes - New Senior intends to elect and qualify as a REIT under the requirements of the Code. Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of New Senior’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. | |||||||||||||||||
Certain of New Senior's activities are conducted through a taxable REIT subsidiary (“TRS”) and therefore are subject to federal and state income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||||||
New Senior recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the consolidated statements of operations. As of December 31, 2014, New Senior had no uncertain tax provisions. |
MANAGEMENT_AGREEMENTS_AND_FORT
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Management and Agreement Fortress Funds [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS | MANAGEMENT AGREEMENTS AND FORTRESS FUNDS | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||||||||||||||||||||||
Fortress has two principal sources of income from its agreements with the Fortress Funds: contractual management fees, which are generally based on a percentage of fee paying assets under management, and related incentive income, which is generally based on a percentage of returns, or profits, subject to the achievement of performance criteria. Substantially all of Fortress's net assets, after deducting the portion attributable to non-controlling interests, are a result of Fortress's investments in, or receivables from, these funds. The terms of agreements between Fortress and the Fortress Funds are generally determined in connection with third party fund investors. | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees, incentive income and Fortress's investments and options held in connection with Investment Company and Non-Investment Manager are eliminated in consolidation. | ||||||||||||||||||||||||||||||||||||||||||||||||
The Fortress Funds are divided into segments and Fortress's agreements with each are detailed below. | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees, Incentive Income and Related Profit Sharing Expense | ||||||||||||||||||||||||||||||||||||||||||||||||
Fortress recognized management fees and incentive income as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Private Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | $ | 135,549 | $ | 133,725 | $ | 118,617 | ||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 364 | 493 | 394 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. | 22,094 | 27,790 | 2,612 | |||||||||||||||||||||||||||||||||||||||||||||
Permanent capital vehicles | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | 59,178 | 58,206 | 53,355 | |||||||||||||||||||||||||||||||||||||||||||||
Management fees, options: affil. | 3,346 | 42,516 | 21,524 | |||||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 2,910 | 3,807 | 3,902 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. | 56,299 | 15,653 | — | |||||||||||||||||||||||||||||||||||||||||||||
Liquid Hedge Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | 116,526 | 85,807 | 63,509 | |||||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 21,365 | 24,815 | 14,023 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. | 15,835 | 107,463 | 43,089 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: non-affil. | 232 | 43,238 | 24,556 | |||||||||||||||||||||||||||||||||||||||||||||
Credit Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Hedge Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | 113,712 | 101,699 | 100,835 | |||||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 146 | 191 | 359 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. | 120,255 | 190,581 | 126,832 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: non-affil. | — | — | 130 | |||||||||||||||||||||||||||||||||||||||||||||
Credit PE Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | 96,586 | 95,787 | 98,250 | |||||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 129 | 138 | 143 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. | 147,897 | 78,341 | 73,905 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: non-affil. | 1,396 | 1,145 | 1,476 | |||||||||||||||||||||||||||||||||||||||||||||
Logan Circle | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | 3,025 | 2,543 | — | |||||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 44,034 | 33,351 | 26,796 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: non-affil. | 106 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | $ | 527,922 | $ | 520,283 | $ | 456,090 | ||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | $ | 68,948 | $ | 62,795 | $ | 45,617 | ||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. (A) | $ | 362,380 | $ | 419,828 | $ | 246,438 | ||||||||||||||||||||||||||||||||||||||||||
Incentive income: non-affil. | $ | 1,734 | $ | 44,383 | $ | 26,162 | ||||||||||||||||||||||||||||||||||||||||||
(A) | See “Deferred Incentive Income” below. The incentive income amounts presented in this table are based on the estimated results of investment vehicles for the current period. These estimates are subject to change based on the final results of such vehicles. | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred Incentive Income | ||||||||||||||||||||||||||||||||||||||||||||||||
Incentive income from certain Fortress Funds, primarily the private equity funds, private permanent capital vehicle and credit PE funds, is received when such funds realize returns, or profits, based on the related agreements. However, this incentive income is subject to contingent repayment by Fortress to the funds until certain overall fund performance criteria are met. Accordingly, Fortress does not recognize this incentive income as revenue until the related contingencies are resolved. Until such time, this incentive income is recorded on the balance sheet as deferred incentive income and is included as “distributed-unrecognized” deferred incentive income in the table below. Incentive income from such funds, based on their net asset value, which has not yet been received is not recorded on the balance sheet and is included as “undistributed” deferred incentive income in the table below. | ||||||||||||||||||||||||||||||||||||||||||||||||
Incentive income from certain Fortress Funds is earned based on achieving annual performance criteria. Accordingly, this incentive income is recorded as revenue at year end (in the fourth quarter of each year) and is generally received subsequent to year end. Incentive income recognized as revenue during the fourth quarter from these funds was $108.7 million, $271.2 million and $184.4 million during the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, Fortress recognized $147.9 million, $78.3 million and $72.6 million, respectively, of incentive income distributions from its credit PE funds which were non-clawbackable or represented “tax distributions.” Tax distributions are not subject to clawback and reflect a cash amount approximately equal to the amount expected to be paid out by Fortress for taxes or tax-related distributions on the allocated income from such funds. | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred incentive income from the Fortress Funds was comprised of the following, on an inception-to-date basis. This does not include any amounts related to third party funds, receipts from which are reflected as Other Liabilities until all contingencies are resolved. | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributed-Gross | Distributed-Recognized (A) | Distributed-Unrecognized (B) | Undistributed, net of intrinsic clawback (C) (D) | |||||||||||||||||||||||||||||||||||||||||||||
Deferred incentive income as of December 31, 2012 | $ | 894,278 | $ | (662,432 | ) | $ | 231,846 | $ | 527,432 | |||||||||||||||||||||||||||||||||||||||
Fortress Funds which matured (no longer subject to | (2,180 | ) | 2,180 | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||
clawback) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share of income (loss) of Fortress Funds | N/A | N/A | N/A | 293,663 | ||||||||||||||||||||||||||||||||||||||||||||
Distribution of private equity funds and Credit PE | 124,235 | N/A | 124,235 | (124,235 | ) | |||||||||||||||||||||||||||||||||||||||||||
funds incentive income | ||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of private permanent capital vehicle | 527 | N/A | 527 | (527 | ) | |||||||||||||||||||||||||||||||||||||||||||
incentive income | ||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of previously deferred incentive income | N/A | (107,276 | ) | (107,276 | ) | N/A | ||||||||||||||||||||||||||||||||||||||||||
Changes in foreign exchange rates | (1,776 | ) | — | (1,776 | ) | N/A | ||||||||||||||||||||||||||||||||||||||||||
Deferred incentive income as of December 31, 2013 | $ | 1,015,084 | $ | (767,528 | ) | $ | 247,556 | $ | 696,333 | |||||||||||||||||||||||||||||||||||||||
Fortress Funds which matured (no longer subject to | — | — | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||
clawback) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share of income (loss) of Fortress Funds | N/A | N/A | N/A | 399,213 | ||||||||||||||||||||||||||||||||||||||||||||
Distribution of private equity funds and Credit PE | 226,780 | N/A | 226,780 | (226,780 | ) | |||||||||||||||||||||||||||||||||||||||||||
funds incentive income | ||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of private permanent capital vehicle | 217 | N/A | 217 | (217 | ) | |||||||||||||||||||||||||||||||||||||||||||
incentive income | ||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of previously deferred incentive income | N/A | (171,387 | ) | (171,387 | ) | N/A | ||||||||||||||||||||||||||||||||||||||||||
Changes in foreign exchange rates | 1,360 | — | 1,360 | N/A | ||||||||||||||||||||||||||||||||||||||||||||
Deferred incentive income as of December 31, 2014 | $ | 1,243,441 | (E) | $ | (938,915 | ) | $ | 304,526 | $ | 868,549 | (E) | |||||||||||||||||||||||||||||||||||||
Deferred incentive income including Fortress Funds | $ | 1,297,097 | $ | (992,571 | ) | |||||||||||||||||||||||||||||||||||||||||||
which matured | ||||||||||||||||||||||||||||||||||||||||||||||||
(A) | All related contingencies have been resolved. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | Reflected on the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||||||||||||
(C) | At December 31, 2014, the net undistributed incentive income is comprised of $935.4 million of gross undistributed incentive income, net of $66.9 million of intrinsic clawback. The net undistributed incentive income represents the amount that would be received by Fortress from the related funds if such funds were liquidated on December 31, 2014 at their net asset values. | |||||||||||||||||||||||||||||||||||||||||||||||
(D) | From inception to December 31, 2014, Fortress has paid $578.4 million of compensation expense under its employee profit sharing arrangements (Note 8) in connection with distributed incentive income, of which $21.5 million has not been expensed because management has determined that it is not probable of being incurred as an expense and will be recovered from the related individuals. As of December 31, 2014, Fortress has recovered $6.4 million from individuals relating to their clawback obligations. If the $935.4 million of gross undistributed incentive income were realized, Fortress would recognize and pay an additional $479.1 million of compensation expense. | |||||||||||||||||||||||||||||||||||||||||||||||
(E) | See detailed reconciliations of Distributed-Gross and Undistributed, net of intrinsic clawback below. | |||||||||||||||||||||||||||||||||||||||||||||||
The amounts set forth under Distributed-Gross can be reconciled to the incentive income threshold tables (on the following pages) as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributed incentive income - Private Equity Funds | $ | 846,671 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributed incentive income - Private Equity Funds in Investment Period or Commitment Period | — | |||||||||||||||||||||||||||||||||||||||||||||||
Distributed incentive income - Credit PE Funds | 621,356 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributed incentive income - Credit PE Funds in Investment Period or Commitment Period | 103,855 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributed incentive income - Private Permanent Capital Vehicle in Investment Period or | 744 | |||||||||||||||||||||||||||||||||||||||||||||||
Commitment Period | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||
Fortress Funds which are not subject to a clawback provision: | ||||||||||||||||||||||||||||||||||||||||||||||||
— | NIH | (94,513 | ) | |||||||||||||||||||||||||||||||||||||||||||||
— | GAGACQ Fund | (51,476 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Portion of Fund I distributed incentive income that Fortress is not entitled to (see footnote K of | (183,196 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
incentive income threshold tables) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributed-Gross | $ | 1,243,441 | ||||||||||||||||||||||||||||||||||||||||||||||
The amounts set forth under Undistributed, net of intrinsic clawback can be reconciled to the incentive income threshold tables (on the following pages) as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Private Equity Funds | $ | 15,910 | ||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Private Equity Funds in Investment Period or Commitment Period | 1,777 | |||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Credit PE Funds | 574,448 | |||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Credit PE Funds in Investment Period or Commitment Period | 249,945 | |||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Private Permanent Capital Vehicle in Investment Period or | 6,266 | |||||||||||||||||||||||||||||||||||||||||||||||
Commitment Period | ||||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Hedge Funds (total) | 87,106 | |||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Logan Circle | — | |||||||||||||||||||||||||||||||||||||||||||||||
Less: | Gross intrinsic clawback per incentive income threshold tables - Private Equity Funds | (66,903 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Undistributed, net of intrinsic clawback | $ | 868,549 | ||||||||||||||||||||||||||||||||||||||||||||||
Certain investments held by employees and affiliates of Fortress, as well as by Fortress itself, in the Fortress Funds are not subject to management fees or incentive income. During the years ended December 31, 2014, 2013 and 2012, management fees of $6.0 million, $4.7 million and $3.9 million, respectively, and incentive income, exclusive of tax distributions, of $4.0 million, $6.0 million and $4.9 million, respectively, were waived on such employees’ investments. | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize information with respect to the Fortress Funds and their related incentive income thresholds as of December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||
Fund (Vintage) (A) | Maturity Date (B) | Inception to Date | Inception to Date Distributions (C) | Net Asset Value (“NAV”) | NAV | Current Preferred Return Threshold (E) | Gain to Cross Incentive Income Threshold (F) | Undistributed Incentive Income (G) | Distributed Incentive Income (H) | Distributed Incentive Income Subject to Clawback (I) | Gross Intrinsic Clawback (J) | Net Intrinsic Clawback (J) | ||||||||||||||||||||||||||||||||||||
Capital | Surplus (Deficit) (D) | |||||||||||||||||||||||||||||||||||||||||||||||
Invested | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
NIH (1998) | In Liquidation | $ | 415,574 | $ | (823,588 | ) | $ | — | $ N/A | $ | — | $ N/A | $ | — | $ | 94,513 | $ N/A | $ N/A | $ N/A | |||||||||||||||||||||||||||||
Fund I (1999) (K) | Closed May-13 | 1,015,943 | (2,847,929 | ) | — | N/A | N/A | N/A | N/A | 344,939 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Fund II (2002) | In Liquidation | 1,974,298 | (3,442,900 | ) | 2,875 | 1,471,477 | — | N/A | 566 | 288,840 | — | — | — | |||||||||||||||||||||||||||||||||||
Fund III (2004) | 15-Jan | 2,762,992 | (2,138,525 | ) | 1,346,591 | 722,124 | 2,023,927 | 1,301,803 | — | 66,903 | 66,903 | 66,903 | 45,108 | |||||||||||||||||||||||||||||||||||
Fund III Coinvestment (2004) | 15-Jan | 273,649 | (225,188 | ) | 71,586 | 23,125 | 239,034 | 215,909 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fund IV (2006) | 17-Jan | 3,639,561 | (1,311,000 | ) | 2,767,275 | 438,714 | 2,729,927 | 2,291,213 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fund IV Coinvestment (2006) | 17-Jan | 762,696 | (257,811 | ) | 459,208 | (45,677 | ) | 583,050 | 628,727 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Fund V (2007) | 18-Feb | 4,103,713 | (1,354,986 | ) | 4,647,500 | 1,898,773 | 2,424,873 | 579,099 | 4,599 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fund V Coinvestment (2007) | 18-Feb | 990,480 | (173,409 | ) | 491,723 | (325,348 | ) | 651,340 | 976,688 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
GAGACQ Fund (2004) (GAGFAH) | Closed Nov-09 | 545,663 | (595,401 | ) | — | N/A | N/A | N/A | N/A | 51,476 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
FRID (2005) (GAGFAH) | Closed Nov-14 | 1,220,229 | (1,202,153 | ) | — | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
FRIC (2006) (Brookdale) | Closed Dec-14 | 328,754 | (291,330 | ) | — | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
FICO (2006) (Intrawest) | 17-Jan | 724,525 | (5 | ) | (62,741 | ) | (787,261 | ) | 605,276 | 1,392,537 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
FHIF (2006) (Holiday) | 17-Jan | 1,543,463 | (541,152 | ) | 1,927,349 | 925,038 | 1,165,531 | 240,493 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
FECI (2007) (Florida East Coast/Flagler) | 18-Feb | 982,779 | (344 | ) | 976,402 | (6,033 | ) | 751,758 | 757,791 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
MSR Opportunities Fund I A (2012) | 22-Aug | 332,966 | (109,339 | ) | 312,781 | 89,154 | — | N/A | 8,606 | — | — | — | — | |||||||||||||||||||||||||||||||||||
MSR Opportunities Fund I B (2012) | 22-Aug | 80,781 | (26,479 | ) | 75,699 | 21,397 | — | N/A | 2,139 | — | — | — | — | |||||||||||||||||||||||||||||||||||
$ | 15,910 | $ | 846,671 | $ | 66,903 | $ | 66,903 | $ | 45,108 | |||||||||||||||||||||||||||||||||||||||
Private Equity Funds in Investment or Commitment Period | ||||||||||||||||||||||||||||||||||||||||||||||||
MSR Opportunities II A (2013) | 23-Jul | $ | 55,761 | $ | (10,492 | ) | $ | 54,944 | $ | 9,675 | $ | — | $ N/A | $ | 1,430 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
MSR Opportunities II B (2013) | 23-Jul | 797 | (149 | ) | 778 | 130 | — | N/A | 19 | — | — | — | — | |||||||||||||||||||||||||||||||||||
MSR Opportunities II MA I (2013) | 23-Jul | 12,785 | (2,409 | ) | 12,600 | 2,224 | — | N/A | 328 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Italian NPL Opportunities (2013) | 24-Sep | 36,199 | (3,417 | ) | 29,972 | (2,810 | ) | 616 | 3,426 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
$ | 1,777 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||||||||||||||||||||||
Fund (Vintage) (A) | Maturity Date (B) | Inception to Date | Inception to Date Distributions (C) | Net Asset Value (“NAV”) | NAV | Current Preferred Return Threshold (E) | Gain to Cross Incentive Income Threshold (F) | Undistributed Incentive Income (G) | Distributed Incentive Income (H) | Distributed Incentive Income Subject to Clawback (I) | Gross Intrinsic Clawback (J) | Net Intrinsic Clawback (J) | ||||||||||||||||||||||||||||||||||||
Capital | Surplus (Deficit) (D) | |||||||||||||||||||||||||||||||||||||||||||||||
Invested | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit PE Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Long Dated Value Fund I (2005) | 30-Apr | $ | 267,325 | $ | (89,887 | ) | $ | 310,314 | $ | 132,876 | $ | 146,299 | $ | 13,423 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Long Dated Value Fund II (2005) | 30-Nov | 274,280 | (147,790 | ) | 202,378 | 75,888 | 114,886 | 38,998 | — | 412 | — | — | — | |||||||||||||||||||||||||||||||||||
Long Dated Value Fund III (2007) | Feb-32 | 343,156 | (272,641 | ) | 201,352 | 130,837 | — | N/A | 17,835 | 6,473 | — | — | — | |||||||||||||||||||||||||||||||||||
LDVF Patent Fund (2007) | 27-Nov | 40,664 | (37,913 | ) | 35,316 | 32,565 | — | N/A | 1,640 | 1,471 | — | — | — | |||||||||||||||||||||||||||||||||||
Real Assets Fund (2007) | 17-Jun | 359,024 | (335,000 | ) | 131,430 | 107,406 | — | N/A | 11,439 | 5,285 | — | — | — | |||||||||||||||||||||||||||||||||||
Credit Opportunities Fund (2008) | 20-Oct | 5,548,858 | (6,964,273 | ) | 1,259,585 | 2,675,000 | — | N/A | 183,519 | 342,110 | 148,313 | — | — | |||||||||||||||||||||||||||||||||||
Credit Opportunities Fund II (2009) | 22-Jul | 2,266,715 | (2,348,963 | ) | 1,092,635 | 1,174,883 | — | N/A | 136,472 | 93,964 | 25,089 | — | — | |||||||||||||||||||||||||||||||||||
FCO Managed Account (2010) | 22-Jun | 576,608 | (553,732 | ) | 338,493 | 315,617 | — | N/A | 47,585 | 12,347 | — | — | — | |||||||||||||||||||||||||||||||||||
SIP Managed Account (2010) | 20-Sep | 11,000 | (35,747 | ) | 15,098 | 39,845 | — | N/A | 2,537 | 4,949 | — | — | — | |||||||||||||||||||||||||||||||||||
Japan Opportunity Fund (2009) | 19-Jun | 907,787 | (1,313,907 | ) | 553,606 | 959,726 | — | N/A | 89,132 | 116,662 | 19,771 | — | — | |||||||||||||||||||||||||||||||||||
Net Lease Fund I (2010) | 20-Feb | 152,851 | (225,489 | ) | 1,646 | 74,284 | — | N/A | 221 | 9,528 | 5,896 | — | — | |||||||||||||||||||||||||||||||||||
Real Estate Opportunities Fund (2011) | 24-Sep | 534,278 | (243,376 | ) | 420,747 | 129,845 | — | N/A | 9,432 | 1,906 | 490 | — | — | |||||||||||||||||||||||||||||||||||
Global Opportunities Fund (2010) | 20-Sep | 327,399 | (154,539 | ) | 244,829 | 71,969 | — | N/A | 12,053 | 1,979 | 1,979 | — | — | |||||||||||||||||||||||||||||||||||
Japan Opportunity Fund II (Yen) (2011) | 21-Dec | 651,640 | (233,544 | ) | 623,193 | 205,097 | — | N/A | 32,556 | 9,811 | — | — | — | |||||||||||||||||||||||||||||||||||
Japan Opportunity Fund II (Dollar) (2011) | 21-Dec | 633,667 | (215,901 | ) | 628,910 | 211,144 | — | N/A | 28,906 | 11,812 | — | — | — | |||||||||||||||||||||||||||||||||||
Real Estate Opportunities REOC Fund (2011) | 23-Oct | 56,692 | (36,018 | ) | 39,612 | 18,938 | — | N/A | 1,121 | 2,647 | 1,257 | — | — | |||||||||||||||||||||||||||||||||||
$ | 574,448 | $ | 621,356 | $ | 202,795 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Credit PE Funds in Investment Period or Commitment Period | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Fund III (2011) | 24-Mar | $ | 3,088,327 | $ | (1,284,092 | ) | $ | 2,386,123 | $ | 581,888 | $ | — | $ N/A | $ | 93,056 | $ | 20,852 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
FCO Managed Accounts (2008-2012) | Apr-22 to Mar-27 | 3,843,062 | (2,679,311 | ) | 2,379,452 | 1,215,701 | — | N/A | 156,889 | 83,003 | 34,084 | — | — | |||||||||||||||||||||||||||||||||||
Life Settlements Fund (2010) | 22-Dec | 397,361 | (299,330 | ) | 72,534 | (25,497 | ) | 74,266 | 99,763 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Life Settlements Fund MA (2010) | 22-Dec | 32,525 | (24,482 | ) | 5,731 | (2,312 | ) | 6,100 | 8,412 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Real Estate Opportunities Fund II (2014) | 27-May | 147,138 | — | 147,190 | 52 | 4,021 | 3,969 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
$ | 249,945 | $ | 103,855 | $ | 34,084 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||||||||||||||||||||||
Fund (Vintage) (A) | Maturity Date (B) | Inception to | Inception to Date Distributions (C) | Net Asset Value ("NAV") | NAV Surplus (Deficit) (D) | Current Preferred Return Threshold (E) | Gain to Cross Incentive Income Threshold (F) | Undistributed Incentive Income (G) | Distributed Incentive Income (H) | Distributed Incentive Income Subject to Clawback (I) | Gross Intrinsic Clawback (J) | Net Intrinsic Clawback (J) | ||||||||||||||||||||||||||||||||||||
Date Capital | ||||||||||||||||||||||||||||||||||||||||||||||||
Invested | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Permanent Capital Vehicle in Investment Period or Commitment Period | ||||||||||||||||||||||||||||||||||||||||||||||||
WWTAI (2011) | 25-Jan | $ | 699,189 | $ | (117,824 | ) | $ | 653,724 | $ | 72,360 | $ | — | N/A | $ | 6,266 | $ | 744 | $ | 744 | $ | — | $ | — | |||||||||||||||||||||||||
Equity Eligible for Incentive (L) | Gain to Cross Incentive Income Threshold (F) | Life-to-Date Incentive Income Crystallized (P) | ||||||||||||||||||||||||||||||||||||||||||||||
Publicly Traded Permanent Capital Vehicles | ||||||||||||||||||||||||||||||||||||||||||||||||
Newcastle | $ | 839,147 | $ (F) | $ | 41,283 | |||||||||||||||||||||||||||||||||||||||||||
Eurocastle Investment Limited ("Eurocastle") | 488,562 | 178,400 | 39,217 | |||||||||||||||||||||||||||||||||||||||||||||
New Residential Investment Corp. ("New Residential") | 1,372,498 | — | 71,952 | |||||||||||||||||||||||||||||||||||||||||||||
New Media (W) | 492,807 | — | 198 | |||||||||||||||||||||||||||||||||||||||||||||
New Senior (W) | 811,782 | 4,824 | — | |||||||||||||||||||||||||||||||||||||||||||||
Incentive Income Eligible | Gain to Cross Incentive Income Threshold (M) | Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold (N) | Undistributed Incentive | Year to Date Incentive Income Crystallized (P) | ||||||||||||||||||||||||||||||||||||||||||||
NAV (L) | Income (O) | |||||||||||||||||||||||||||||||||||||||||||||||
Liquid Hedge Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Macro Funds (Q) (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | $ | 1,501,833 | $ | 20,016 | 19.9 | % | $ | — | $ | 2,647 | ||||||||||||||||||||||||||||||||||||||
Single investor funds | 991,070 | 17,998 | 16.4 | % | — | 1,142 | ||||||||||||||||||||||||||||||||||||||||||
Sidepocket investments (R) | 10,545 | 8,053 | N/A | 147 | 334 | |||||||||||||||||||||||||||||||||||||||||||
Sidepocket investments - redeemers (S) | 115,567 | 65,589 | N/A | 982 | 1,217 | |||||||||||||||||||||||||||||||||||||||||||
Managed accounts | 543,196 | 19,393 | 0.4 | % | — | 17 | ||||||||||||||||||||||||||||||||||||||||||
Asia Macro Funds (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 3,019,082 | 14,238 | 58.5 | % | — | 8,892 | ||||||||||||||||||||||||||||||||||||||||||
Managed accounts | 289,840 | 2,280 | 40.6 | % | — | 172 | ||||||||||||||||||||||||||||||||||||||||||
Fortress Convex Asia Funds (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 183,679 | 9,806 | 0 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fortress Partners Funds (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 21,915 | 10,911 | 0.2 | % | — | 1,354 | ||||||||||||||||||||||||||||||||||||||||||
Sidepocket investments (R) | 91,106 | 4,576 | N/A | 5,440 | — | |||||||||||||||||||||||||||||||||||||||||||
Fortress Centaurus Global Funds (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 32,628 | — | 100 | % | — | 173 | ||||||||||||||||||||||||||||||||||||||||||
Credit Hedge Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Opportunities Funds (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | $ | 4,711,782 | $ | — | 100 | % | $ | — | $ | 90,797 | ||||||||||||||||||||||||||||||||||||||
Sidepocket investments (R) | 65,899 | 7 | N/A | 4,974 | — | |||||||||||||||||||||||||||||||||||||||||||
Sidepocket investments - redeemers (S) | 193,687 | 49,014 | N/A | 5,679 | 1,217 | |||||||||||||||||||||||||||||||||||||||||||
Main fund investments (liquidating) (U) | 511,918 | — | 100 | % | 69,884 | 24,833 | ||||||||||||||||||||||||||||||||||||||||||
Managed accounts | 3,674 | 46,214 | 0 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||
Worden Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 259,111 | 590 | 91.7 | % | — | 3,445 | ||||||||||||||||||||||||||||||||||||||||||
Fortress Japan Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 44,362 | N/A | 0 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||
Value Recovery Funds (V) | ||||||||||||||||||||||||||||||||||||||||||||||||
Managed accounts | 8,523 | 8,199 | 0 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||
Logan Circle | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | $ | 68,088 | $ | — | 0 | % | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Managed accounts | 277,986 | 3,347 | 20.4 | % | — | 106 | ||||||||||||||||||||||||||||||||||||||||||
(A) | Vintage represents the year in which the fund was formed. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | Represents the contractual maturity date including the assumed exercise of all extension options, which in some cases may require the approval of the applicable fund advisory board. Private equity funds that have reached their maturity date are included in the table to the extent they have generated incentive income. | |||||||||||||||||||||||||||||||||||||||||||||||
(C) | Includes an increase to the NAV surplus related to the U.S. income tax expense of certain investment entities, which is considered a distribution for the purposes of computing incentive income. | |||||||||||||||||||||||||||||||||||||||||||||||
(D) | A NAV deficit represents the gain needed to cross the incentive income threshold (as described in (F) below), excluding the impact of any relevant performance (i.e. preferred return) thresholds (as described in (E) below). | |||||||||||||||||||||||||||||||||||||||||||||||
(E) | Represents the gain needed to achieve the current relevant performance thresholds, assuming the gain described in (D) above is already achieved. | |||||||||||||||||||||||||||||||||||||||||||||||
(F) | Represents the immediate increase in NAV needed for Fortress to begin earning incentive income, including the achievement of any relevant performance thresholds. It does not include the amount needed to earn back intrinsic clawback (see (J) below), if any. Incentive income is not recorded as revenue until it is received and any related contingencies are resolved (see (I) below). For the publicly traded permanent capital vehicles, represents the immediate increase of the company's applicable supplemental measure of operating performance needed for Fortress to begin earning incentive income. As of December 31, 2014, as a result of Newcastle not meeting the incentive income threshold, Fortress does not expect to earn incentive income from Newcastle for an indeterminate period of time. | |||||||||||||||||||||||||||||||||||||||||||||||
(G) | Represents the amount of additional incentive income Fortress would receive if the fund were liquidated at the end of the period at its NAV. The incentive income amounts presented in this table are based on the estimated results of investment vehicles for the current period. These estimates are subject to change based on the final results of such vehicles. As of December 31, 2014, a portion of Fund V's capital is above the incentive income threshold. | |||||||||||||||||||||||||||||||||||||||||||||||
(H) | Represents the amount of incentive income previously received from the fund since inception. | |||||||||||||||||||||||||||||||||||||||||||||||
(I) | Represents the amount of incentive income previously received from the fund which is still subject to contingencies and is therefore recorded on the consolidated balance sheet as Deferred Incentive Income. This amount will either be recorded as revenue when all related contingencies are resolved, or, if the fund does not meet certain performance thresholds, will be returned by Fortress to the fund (i.e., “clawed back”). | |||||||||||||||||||||||||||||||||||||||||||||||
(J) | Represents the amount of incentive income previously received from the fund that would be clawed back (i.e., returned by Fortress to the fund) if the fund were liquidated at the end of the period at its NAV, excluding the effect of any tax adjustments. Employees, former employees and affiliates of Fortress would be required to return a portion of this incentive income that was paid to them under profit sharing arrangements. “Gross” and “Net” refer to amounts that are gross and net, respectively, of this employee/affiliate portion of the intrinsic clawback. Fortress remains liable to the funds for these amounts even if it is unable to collect the amounts from employees/affiliates. Fortress withheld a portion of the amounts due to employees under these profit sharing arrangements as a reserve against future clawback; as of December 31, 2014, Fortress held $32.1 million of such amounts on behalf of employees related to all of the private equity funds. | |||||||||||||||||||||||||||||||||||||||||||||||
(K) | The Fund I distributed incentive income amount is presented for the total fund, of which Fortress was entitled to approximately 50%. | |||||||||||||||||||||||||||||||||||||||||||||||
(L) | Represents the portion of a fund’s or managed account's NAV or trading level that is eligible to earn incentive income. For the publicly traded permanent capital vehicles, represents the equity basis that is used to calculate incentive income. | |||||||||||||||||||||||||||||||||||||||||||||||
(M) | Represents, for those investors whose NAV is below the performance threshold Fortress needs to obtain before it can earn incentive income from such investors (their “incentive income threshold” or “high water mark”), the amount by which their aggregate incentive income thresholds exceed their aggregate NAVs. The amount by which the NAV of each investor within this category is below their respective incentive income threshold varies and, therefore, Fortress may begin earning incentive income from certain investors before this entire amount is earned back. Fortress earns incentive income whenever the assets of new investors, as well as of investors whose NAV exceeds their incentive income threshold, increase in value. For Fortress Japan Income Fund, Fortress earns incentive income based on investment income, which does not include unrealized and realized gains and losses, earned in excess of a preferred return threshold. | |||||||||||||||||||||||||||||||||||||||||||||||
(N) | Represents the percentage which is computed by dividing (i) the aggregate NAV of all investors who are at or above their respective incentive income thresholds, by (ii) the total incentive income eligible NAV of the fund. The amount by which the NAV of each fund investor who is not in this category is below their respective incentive income threshold may vary, and may vary significantly. This percentage represents the performance of only the main fund investments and managed accounts relative to their respective incentive income thresholds. It does not incorporate the impact of unrealized losses on sidepocket investments that can reduce the amount of incentive income earned from certain funds. See footnote (R) below. | |||||||||||||||||||||||||||||||||||||||||||||||
(O) | Represents the amount of additional incentive income Fortress would earn from the fund or managed account if it were liquidated at the end of the period at its NAV. This amount is currently subject to performance contingencies generally until the end of the year or, in the case of sidepocket investments, until such investments are realized. Main Fund Investments (Liquidating) pay incentive income only after all capital is returned. For the Fortress Japan Income Fund, represents the amount of incentive income Fortress would earn from the fund assuming the amount of investment income earned is excess of the preferred return threshold was distributed as of the end of the period. For the Value Recovery Fund managed accounts, Fortress can earn incentive income if aggregate realizations exceed an agreed threshold. The incentive income amounts presented in this table are based on the estimated results of investment vehicles for the current period. These estimates are subject to change based on the final results of such vehicles. | |||||||||||||||||||||||||||||||||||||||||||||||
(P) | Represents the amount of incentive income Fortress has earned which is not subject to clawback. For the publicly traded permanent capital vehicles, represents the life-to-date incentive income amount that Fortress has earned and which is not subject to clawback. | |||||||||||||||||||||||||||||||||||||||||||||||
(Q) | The Drawbridge Global Macro SPV (the “SPV”), which was established in February 2009 to liquidate illiquid investments and distribute the proceeds to then existing investors, is not subject to incentive income and is therefore not presented in the table. However, realized gains or losses within the SPV can decrease or increase, respectively, the gain needed to cross the incentive income threshold for investors with a corresponding investment in the main fund. The unrealized gains and losses within the SPV at December 31, 2014, as if they became realized, would not materially impact the amounts presented in the table. | |||||||||||||||||||||||||||||||||||||||||||||||
(R) | Represents investments held in sidepockets (also known as special investment accounts), which generally have investment profiles similar to private equity funds. The performance of these investments may impact Fortress’s ability to earn incentive income from main fund investments. For the credit hedge funds and Fortress Partners Funds, realized and unrealized losses from individual sidepockets below original cost may reduce the incentive income earned from main fund investments. For the Macro Funds, only realized losses from individual sidepockets reduce the incentive income earned from main fund investments. Based on current unrealized losses in Macro Fund sidepockets, if all of the Macro Fund sidepockets were liquidated at their NAV at December 31, 2014, the undistributed incentive income from the Macro main fund would not be impacted. | |||||||||||||||||||||||||||||||||||||||||||||||
(S) | Represents investments held in sidepockets for investors with no corresponding investment in the related main fund investments. In the case of the Macro Funds, such investors may have investments in the SPV (see (Q) above). | |||||||||||||||||||||||||||||||||||||||||||||||
(T) | Includes onshore and offshore funds. In January 2015, the Fortress Asia Macro Funds and related managed accounts transitioned to Graticule Asset Management on the affiliated manager platform. | |||||||||||||||||||||||||||||||||||||||||||||||
(U) | Relates to accounts where investors have provided return of capital notices and are subject to payout as underlying fund investments are realized. | |||||||||||||||||||||||||||||||||||||||||||||||
(V) | Excludes the Value Recovery Funds which had a NAV of $191.0 million at December 31, 2014. Fortress began managing the third party originated Value Recovery Funds in June 2009 and generally does not expect to earn any significant incentive income from the fund investments. | |||||||||||||||||||||||||||||||||||||||||||||||
(W) | Fortress has a management agreement with New Media and New Senior whereby it may earn incentive income. New Media and New Senior are VIEs consolidated by Fortress (see Note 1) and as a result any incentive income earned by Fortress is eliminated in consolidation. However, Fortress has included New Media and New Senior in the above tables solely for informational purposes. | |||||||||||||||||||||||||||||||||||||||||||||||
Private Equity Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents certain information with respect to Fortress’s management agreements with the private equity funds as of December 31, 2014, which included the private equity fund that was consolidated and included under the Investment Company caption. | ||||||||||||||||||||||||||||||||||||||||||||||||
Fortress and | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Affiliates | Carrying Value | Percent of | Longest | Longest | Annual | Incentive | Incentive | ||||||||||||||||||||||||||||||||||||||||
Original | Original Capital | Capital | Capital | Fund | Income | |||||||||||||||||||||||||||||||||||||||||||
Capital | Commitment | |||||||||||||||||||||||||||||||||||||||||||||||
Commitments | Commitments | of Fortress's | Commitments | Period | Termination | Management | Income | Threshold | ||||||||||||||||||||||||||||||||||||||||
(A) | (B) | Investments | Drawn | Ends | Date (C) | Fee (D) | (E) | Return (E) | ||||||||||||||||||||||||||||||||||||||||
$ | 20,059,994 | $ | 2,238,688 | $ | 677,365 | 88.40% | Sep-16 | Sep-24 | 1.0% - 1.5% | 10% - 20% | 8% - 10% | |||||||||||||||||||||||||||||||||||||
(A) | Represents the total amount of capital originally committed by investors to these funds. This capital can be called, or drawn, for new investments during the capital commitment period, generally up to three years for private equity funds. Subsequent to the capital commitment period, it may only be drawn to maintain ongoing business as permitted by the applicable fund agreement. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | Affiliate commitments are comprised of the following. Fortress’s remaining commitments as of December 31, 2014 are discussed in Note 10. | |||||||||||||||||||||||||||||||||||||||||||||||
Employees, Former | Other Fortress | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Employees and BOD Members | Principals | Funds | Affiliates | Fortress | Total | |||||||||||||||||||||||||||||||||||||||||||
$ | 165,637 | $ | 568,102 | $ | 819,106 | $ | 1,552,845 | $ | 685,843 | $ | 2,238,688 | |||||||||||||||||||||||||||||||||||||
(C) | Including the assumed exercise of all available extensions, which in some cases require the approval of the applicable fund advisory board. | |||||||||||||||||||||||||||||||||||||||||||||||
(D) | Expressed as a percentage. This percent is generally applied to the capital commitment amount during the capital commitment periods and to invested capital (as defined, or NAV on an investment by investment basis, if lower) thereafter. In some funds, management fee rates vary depending on the size of commitments. Affiliate commitments are not charged management fees. For certain funds formed after March 2006 which are no longer in the capital commitment period, management fees are based on the value of publicly traded investments. The weighted average (by AUM) management fee rate as of December 31, 2014 was approximately 1.2%. | |||||||||||||||||||||||||||||||||||||||||||||||
(E) | Expressed as a percent of the total returns of the funds. The incentive income is subject to: (i) the achievement of a cumulative incentive income threshold return payable to the third party investors in the funds, which is the minimum return these investors must receive in order for incentive income to be paid, and (ii) a contingent repayment or clawback provision which requires amounts previously distributed as incentive income to be returned to each fund if, upon liquidation of such fund, such amounts exceeded the actual amount of incentive income due. Affiliate commitments are not subject to incentive income. The weighted average (by AUM) incentive income rate as of December 31, 2014 was approximately 19.7%, and the weighted average (by AUM) threshold rate was approximately 8.2%. | |||||||||||||||||||||||||||||||||||||||||||||||
Pursuant to profit sharing arrangements, certain of Fortress’s employees are entitled to a portion of the incentive income received from the private equity funds. As of December 31, 2014, for funds where Fortress is entitled to incentive income and profit sharing has been assigned, this portion was equal to approximately 26.5%, based on a weighted average by total capital commitments. | ||||||||||||||||||||||||||||||||||||||||||||||||
During 2014, certain PE Funds (Fund II, FRID and FRIC) substantially liquidated their respective remaining investments. These funds distributed a majority of the sale of proceeds to their respective investors and final liquidation was completed in November and December 2014 for FRID and FRIC, respectively. During 2014, Fortress received additional net incentive income of $0.9 million from Fund II and returned $16.4 million to FRID representing prior net incentive income distributions received ($10.0 million net of employee amounts). No remaining clawback amount exists for these funds. | ||||||||||||||||||||||||||||||||||||||||||||||||
Permanent Capital Vehicles | ||||||||||||||||||||||||||||||||||||||||||||||||
The publicly traded permanent capital vehicles are comprised of Newcastle (NYSE: NCT), New Residential (NYSE: NRZ), New Media (NYSE: NEWM), New Senior (NYSE: SNR) and Eurocastle (NYSE Euronext, Amsterdam: ECT). Fortress also manages a private permanent capital vehicle, WWTAI. The table below includes New Media and New Senior which are eliminated in consolidation. | ||||||||||||||||||||||||||||||||||||||||||||||||
Annual | Incentive | Incentive Income | Carrying Value of | |||||||||||||||||||||||||||||||||||||||||||||
Management Fee (A) | Income (B) | Threshold Return (B) | Fortress's Investments (C) | |||||||||||||||||||||||||||||||||||||||||||||
1.25% - 1.5% | 10% - 25% | 8% - 10% | $ | 19,456 | ||||||||||||||||||||||||||||||||||||||||||||
(A) | Expressed as a percent of gross equity, as defined, or fee paying assets under management. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | The incentive income from publicly traded capital vehicles is earned on a cumulative basis equal to the product of (1) the incentive income percent (shown above) multiplied by (2) the difference by which (i) a specified measure of earnings (as defined) exceeds (ii) the company's gross equity (as defined) multiplied by the incentive income threshold return (shown above). As a result of not meeting the incentive income threshold, the incentive income from Newcastle has been discontinued for an indeterminate period of time. The incentive income from the private permanent capital vehicle is expressed as a percentage of the total return of the fund. The incentive income is subject to: (i) the achievement of a cumulative incentive income threshold return payable to the third party investors in the private permanent capital vehicle and (ii) a contingent repayment or clawback provision which requires amounts previously distributed as incentive income to be returned to the private permanent capital vehicle if, upon liquidation, such amounts exceeded the actual amount of incentive income due. | |||||||||||||||||||||||||||||||||||||||||||||||
(C) | The carrying value of Fortress's Investments includes the equity value of New Media and New Senior shares held by Fortress of $4.6 million, which is eliminated in consolidation. | |||||||||||||||||||||||||||||||||||||||||||||||
The management agreements between Fortress and the publicly traded permanent capital vehicles provide for initial terms of up to ten years, subject to certain termination rights, and automatic extensions of one to three years, subject to the approval of the independent members of the publicly traded permanent capital vehicles' boards of directors. | ||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014, the private permanent capital vehicle had a total original capital commitment of $994.6 million, of which $8.0 million represented Fortress's original capital commitment. As of December 31, 2014, 59.9% of the capital commitments had been drawn and the fund's capital commitment period will end in January 2016. | ||||||||||||||||||||||||||||||||||||||||||||||||
Fortress owns a senior living property management subsidiary (Blue Harbor). As of December 31, 2014, this subsidiary had agreements to manage 24 senior living properties, including 22 which are owned by New Senior and two which are owned by a third party. Fortress generally receives management fees equal to 6.0% of revenues (as defined in the agreements) for the first two years of the agreements and 7.0% thereafter. In addition, Fortress receives reimbursement for certain expenses, including all of the compensation expense associated with the 1,674 on-site employees. | ||||||||||||||||||||||||||||||||||||||||||||||||
In addition, Fortress raised equity within Newcastle, New Residential, New Media and Eurocastle as described in Note 4. | ||||||||||||||||||||||||||||||||||||||||||||||||
In April 2013, Eurocastle (Note 4) completed a restructuring process that resulted in the conversion of its outstanding convertible debt. As part of that restructuring, Fortress entered into an amended management agreement with Eurocastle that reduced the AUM used to compute Eurocastle's management fees from €1.5 billion to €0.3 billion as of April 1, 2013, and in doing so also reduced the earnings threshold required for Fortress to earn incentive income from Eurocastle. Following the conversion of its outstanding convertible debt, Eurocastle effected a one for two hundred reverse split of its common stock. | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees, incentive income and expense reimbursements earned by Fortress from New Media and New Senior, as applicable, are eliminated in consolidation. | ||||||||||||||||||||||||||||||||||||||||||||||||
Liquid Hedge Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents certain information with respect to the liquid hedge funds, including related managed accounts, as of December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets Under | Carrying Value of | Annual | Incentive | |||||||||||||||||||||||||||||||||||||||||||||
Management (AUM) (A) | Fortress's Investments (A) | Management Fee (A) (B) | Income (A) (C) | |||||||||||||||||||||||||||||||||||||||||||||
$ | 8,127,688 | $ | 167,630 | 1% - 2% | 15% - 25% | |||||||||||||||||||||||||||||||||||||||||||
(A) | Includes certain information relating to the Fortress Asia Macro Funds, including related managed accounts which transitioned to a new asset management business on the affiliated manager platform in January 2015. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | Expressed as a percent of AUM (as defined). New investors are currently charged a management fee rate of between 1% and 2%. The weighted (by AUM) average management fee rate as of December 31, 2014 was approximately 1.8%. | |||||||||||||||||||||||||||||||||||||||||||||||
(C) | Expressed as a percent of the total returns of the funds. The incentive income is generally earned on a calendar year (annual) basis. The weighted (by AUM) average incentive income rate as of December 31, 2014 was approximately 20.0%. | |||||||||||||||||||||||||||||||||||||||||||||||
Credit Hedge Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents certain information with respect to the credit hedge funds, including related managed accounts, as of December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets Under | Carrying Value of | Annual | Incentive | |||||||||||||||||||||||||||||||||||||||||||||
Management (AUM) | Fortress's Investments | Management Fee (A) | Income (B) | |||||||||||||||||||||||||||||||||||||||||||||
Fortress Originated | $ | 5,973,116 | $ | 57,224 | 1% - 2.75% | 10% - 20% | ||||||||||||||||||||||||||||||||||||||||||
Non-Fortress Originated | 200,285 | — | 1% | 5% | ||||||||||||||||||||||||||||||||||||||||||||
(A) For Fortress originated AUM, expressed as a percent of AUM (as defined). The weighted (by AUM) average management fee rate as of December 31, 2014 was approximately 2%. For non-Fortress originated AUM, management fees are equal to 1% of realized proceeds. | ||||||||||||||||||||||||||||||||||||||||||||||||
(B) For Fortress originated AUM, expressed as a percent of the total returns of fund and the incentive income is earned on a calendar year (annual) basis. For non-Fortress originated AUM, Fortress may receive limited incentive income if aggregate realizations exceed an agreed threshold. | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit PE Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents certain information with respect to Fortress’s management agreements with the credit PE funds, including related managed accounts, as of December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Fortress and | Carrying | Percent of | Longest | Longest | Incentive | ||||||||||||||||||||||||||||||||||||||||||
Original | Affiliates | Value | Capital | Capital | Fund | Annual | Income | |||||||||||||||||||||||||||||||||||||||||
Capital | Original Capital | of Fortress's | Commitments | Commitment | Termination | Management | Incentive | Threshold | ||||||||||||||||||||||||||||||||||||||||
Commitments (A) | Commitments (B) | Investments | Drawn | Period Ends (C) | Date (D) | Fee (E) | Income (F) | Return (F) | ||||||||||||||||||||||||||||||||||||||||
$ | 15,855,192 | $ | 933,002 | $ | 183,127 | 67.3 | % | Nov-27 | Feb-32 | 0.75% - 2.25% | 10% - 20% | 0% - 9% | ||||||||||||||||||||||||||||||||||||
(A) | Represents the total amount of capital originally committed by investors to these funds. This capital can be called, or drawn, for new investments during the capital commitment period, generally up to three years. Subsequent to the capital commitment period, it may only be drawn to maintain ongoing business as permitted by the applicable fund agreement. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | Affiliate commitments are comprised of the following. Fortress’s remaining commitments as of December 31, 2014 are discussed in Note 10. | |||||||||||||||||||||||||||||||||||||||||||||||
Employees, Former | Other Fortress | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Employees and BOD Members | Principals | Funds | Affiliates | Fortress | Total | |||||||||||||||||||||||||||||||||||||||||||
$ | 97,164 | $ | 160,720 | $ | 405,404 | $ | 663,288 | $ | 269,714 | $ | 933,002 | |||||||||||||||||||||||||||||||||||||
(C) | Only $1.1 billion of the total capital commitments extend beyond December 2017. | |||||||||||||||||||||||||||||||||||||||||||||||
(D) | Including the assumed exercise of all available extensions, which in some cases require the approval of the applicable fund advisory board. $1.9 billion of the total commitments extend beyond December 2024. | |||||||||||||||||||||||||||||||||||||||||||||||
(E) | Expressed as a percent. This percent is generally applied to the capital commitment amount during the capital commitment periods and to invested capital (as defined, or NAV on an investment by investment basis, if lower) thereafter. In some funds, management fee rates vary depending on the size of commitments. Affiliate commitments are not charged management fees. The weighted (by AUM) average management fee rate as of December 31, 2014 was approximately 1.4%. | |||||||||||||||||||||||||||||||||||||||||||||||
(F) | Expressed as a percent of the total returns of the funds. The incentive income is subject to: (i) the achievement of a cumulative incentive income threshold return payable to the third party investors in the funds, which is the minimum return these investors must receive in order for incentive income to be paid, and (ii) a contingent repayment or clawback provision which requires amounts previously distributed as incentive income to be returned to each fund if, upon liquidation of such fund, such amounts exceeded the actual amount of incentive income due. Affiliate commitments are not subject to incentive income. The weighted (by AUM) incentive income rate as of December 31, 2014 was approximately 19.9% and the weighted average threshold was approximately 7.6%. | |||||||||||||||||||||||||||||||||||||||||||||||
Pursuant to profit sharing arrangements, certain of Fortress’s employees are entitled to a portion of the incentive income received from the credit PE funds. As of December 31, 2014, for funds where profit sharing has been assigned, this portion was equal to approximately 51.4%, based on a weighted average by total capital commitments. | ||||||||||||||||||||||||||||||||||||||||||||||||
Traditional Asset Management Business | ||||||||||||||||||||||||||||||||||||||||||||||||
Logan Circle is an asset manager with approximately $32.3 billion in assets under management as of December 31, 2014, which Fortress acquired in April 2010. As of December 31, 2014, the Logan Circle AUM pays an average annual management fee of approximately 0.16%. | ||||||||||||||||||||||||||||||||||||||||||||||||
In connection with the acquisition of Logan Circle, Fortress established a compensation plan for former Logan Circle employees who became employees of Fortress (the “Logan Circle Comp Plan” — see Note 8). | ||||||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, Logan Circle began managing two new fixed income funds which had a total net asset value of $110.5 million as of December 31, 2014. |
INVESTMENTS_AND_FAIR_VALUE
INVESTMENTS AND FAIR VALUE | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Investments and Fair Value [Abstract] | ||||||||||||||||||||||||||||||||||||
INVESTMENTS AND FAIR VALUE | INVESTMENTS AND FAIR VALUE | |||||||||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||||||||||
Investments consist primarily of investments in equity method investees and options in these investees. The investees are primarily Fortress Funds. | ||||||||||||||||||||||||||||||||||||
Investments can be summarized as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Equity method investees | $ | 1,099,948 | $ | 1,174,878 | ||||||||||||||||||||||||||||||||
Equity method investees, held at fair value (A) | 10,595 | 78,388 | ||||||||||||||||||||||||||||||||||
Total equity method investments | $ | 1,110,543 | $ | 1,253,266 | ||||||||||||||||||||||||||||||||
Options in equity method investees (B) | $ | 45,734 | $ | 104,338 | ||||||||||||||||||||||||||||||||
(A) | Includes publicly traded private equity portfolio companies, primarily GAGFAH (the sale of which was completed in June 2014), as well as the publicly traded permanent capital vehicles (Newcastle, New Residential and Eurocastle). Does not include New Media and New Senior which are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||
(B) | Does not include options held by Fortress in New Media and New Senior which are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||
Gains (losses) can be summarized as follows: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Net realized gains (losses) | $ | (939 | ) | $ | 1,247 | $ | 1,101 | |||||||||||||||||||||||||||||
Net realized gains (losses) from affiliate investments | 47,624 | (A) | 12,030 | (80 | ) | |||||||||||||||||||||||||||||||
Net unrealized gains (losses) | 19,790 | 6,273 | 332 | |||||||||||||||||||||||||||||||||
Net unrealized gains (losses) from affiliate investments | (74,788 | ) | (A) | 34,383 | 47,568 | |||||||||||||||||||||||||||||||
Total gains (losses) | $ | (8,313 | ) | $ | 53,933 | $ | 48,921 | |||||||||||||||||||||||||||||
(A) | Includes the impact of the sale of GAGFAH which was completed in June 2014. | |||||||||||||||||||||||||||||||||||
These gains (losses) were generated as follows: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Mark to fair value on affiliate investments and options | $ | (26,768 | ) | $ | 46,371 | $ | 47,506 | |||||||||||||||||||||||||||||
Mark to fair value on derivatives | 26,715 | 8,402 | 264 | |||||||||||||||||||||||||||||||||
Mark to fair value on equity securities | 1,395 | 2,962 | — | |||||||||||||||||||||||||||||||||
Gains (losses) on digital currency (Bitcoin) | (9,470 | ) | (3,702 | ) | — | |||||||||||||||||||||||||||||||
Other | (185 | ) | (100 | ) | 1,151 | |||||||||||||||||||||||||||||||
Total gains (losses) | $ | (8,313 | ) | $ | 53,933 | $ | 48,921 | |||||||||||||||||||||||||||||
The underlying investments of the Fortress Funds are diversified by issuer, industry and geographic location. They are comprised of both equity and debt investments, as well as derivatives, including investments in affiliated entities. A majority of the investments are in the United States, with investments also in Western Europe and Asia. There are some concentrations, mainly in the private equity funds, in the financial services, transportation and infrastructure, leisure and gaming, real estate (including Florida commercial real estate, media and senior living sectors, including certain individual investments within the funds which are significant to the funds as a whole. Furthermore, the Fortress Funds have concentrations of counterparty risk with respect to derivatives and borrowings. | ||||||||||||||||||||||||||||||||||||
Since Fortress’s investments in the various Fortress Funds are not equal, Fortress’s concentrations from a management fee and incentive income perspective (which mirror the funds’ investments) and its concentrations from an investment perspective are different. From an investment perspective, Fortress’s most significant investment as of December 31, 2014, which comprised approximately 26% of its equity method investments, is in a fund with a single investment which focuses on the U.S. rail transportation and real estate sectors. | ||||||||||||||||||||||||||||||||||||
Investments in Equity Method Investees | ||||||||||||||||||||||||||||||||||||
Fortress holds investments in certain Fortress Funds which are recorded based on the equity method of accounting. Fortress’s maximum exposure to loss with respect to these entities is generally equal to its investment plus its basis in any options received from such entities, plus any receivables from such entities as described in Note 7. In addition, unconsolidated affiliates also hold ownership interests in certain of these entities. Summary financial information related to these investments is as follows: | ||||||||||||||||||||||||||||||||||||
Fortress’s Investment | Fortress’s Equity in Net Income (Loss) | |||||||||||||||||||||||||||||||||||
December 31, | December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Private equity funds, excluding NIH | $ | 677,309 | $ | 786,093 | $ | 36,407 | $ | 82,024 | $ | 104,562 | ||||||||||||||||||||||||||
NIH | — | — | — | (554 | ) | 230 | ||||||||||||||||||||||||||||||
Publicly traded portfolio companies (A)(B) | 1,035 | 63,001 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
WWTAI | 5,284 | 3,801 | 70 | 456 | 183 | |||||||||||||||||||||||||||||||
Newcastle (B) | 776 | 5,953 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
New Residential (B) | 6,622 | 6,928 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
Eurocastle (B) | 2,162 | 2,506 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
Total private equity | 693,188 | 868,282 | 36,477 | 81,926 | 104,975 | |||||||||||||||||||||||||||||||
Liquid hedge funds | 167,630 | 158,920 | 3,844 | 13,124 | 17,505 | |||||||||||||||||||||||||||||||
Credit hedge funds | 57,224 | 58,825 | 8,236 | 12,242 | 11,469 | |||||||||||||||||||||||||||||||
Credit PE funds | 183,127 | 159,044 | 28,693 | 29,824 | 22,176 | |||||||||||||||||||||||||||||||
Other | 9,374 | 8,195 | 943 | (250 | ) | 405 | ||||||||||||||||||||||||||||||
$ | 1,110,543 | $ | 1,253,266 | $ | 78,193 | $ | 136,866 | $ | 156,530 | |||||||||||||||||||||||||||
(A) | Represents Fortress’s direct investments in the common stock of publicly traded private equity portfolio companies, primarily GAGFAH (the sale of which was completed in June 2014). | |||||||||||||||||||||||||||||||||||
(B) | Fortress elected to record these investments at fair value pursuant to the fair value option for financial instruments. | |||||||||||||||||||||||||||||||||||
A summary of the changes in Fortress’s investments in equity method investees is as follows: | ||||||||||||||||||||||||||||||||||||
Private Equity | ||||||||||||||||||||||||||||||||||||
NIH | Other | Publicly Traded Portfolio Companies (A) | Permanent Capital Vehicles (A) | Liquid Hedge Funds | Credit Hedge Funds | Credit PE Funds | Other | Total | ||||||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||||||||||||||
Investment - December 31, 2012 | $ | 1,177 | $ | 715,742 | $ | 67,312 | $ | 14,118 | $ | 180,664 | $ | 58,507 | $ | 166,482 | $ | 7,682 | $ | 1,211,684 | ||||||||||||||||||
Earnings from equity method investees | (554 | ) | 82,024 | N/A | 456 | 13,124 | 12,242 | 29,824 | (250 | ) | 136,866 | |||||||||||||||||||||||||
Other comprehensive income from | 12 | — | N/A | — | — | — | — | — | 12 | |||||||||||||||||||||||||||
equity method investees | ||||||||||||||||||||||||||||||||||||
Contributions to equity method | — | 18,242 | 320 | (1,018 | ) | 61,084 | 166,457 | 40,251 | 910 | 286,246 | ||||||||||||||||||||||||||
investees (B) | ||||||||||||||||||||||||||||||||||||
Distributions of earnings from equity | — | (27,721 | ) | N/A | (560 | ) | (22,159 | ) | (12,365 | ) | (21,731 | ) | (12 | ) | (84,548 | ) | ||||||||||||||||||||
method investees | ||||||||||||||||||||||||||||||||||||
Distributions of capital from equity | (635 | ) | (5,193 | ) | N/A | (153 | ) | (73,793 | ) | (166,016 | ) | (54,994 | ) | (135 | ) | (300,919 | ) | |||||||||||||||||||
method investees (B) | ||||||||||||||||||||||||||||||||||||
Total distributions from equity | (635 | ) | (32,914 | ) | N/A | (713 | ) | (95,952 | ) | (178,381 | ) | (76,725 | ) | (147 | ) | (385,467 | ) | |||||||||||||||||||
method investees | ||||||||||||||||||||||||||||||||||||
Mark to fair value - during period (C) | N/A | 802 | 11,561 | 6,150 | N/A | N/A | N/A | N/A | 18,513 | |||||||||||||||||||||||||||
Translation adjustment | — | — | 2,633 | 195 | — | — | (764 | ) | — | 2,064 | ||||||||||||||||||||||||||
Dispositions | — | — | (18,825 | ) | — | — | — | (24 | ) | — | (18,849 | ) | ||||||||||||||||||||||||
Reclassification to Due to Affiliates | — | 2,197 | — | — | — | — | — | — | 2,197 | |||||||||||||||||||||||||||
(D) | ||||||||||||||||||||||||||||||||||||
Investment - December 31, 2013 | — | 786,093 | 63,001 | 19,188 | 158,920 | 58,825 | 159,044 | 8,195 | 1,253,266 | |||||||||||||||||||||||||||
Earnings from equity method investees | — | 36,407 | N/A | 70 | 3,844 | 8,236 | 28,693 | 943 | 78,193 | |||||||||||||||||||||||||||
Other comprehensive income from | — | — | N/A | — | — | — | — | — | — | |||||||||||||||||||||||||||
equity method investees | ||||||||||||||||||||||||||||||||||||
Contributions to equity method | — | 2,944 | — | 5,640 | 89,324 | 168,699 | 43,331 | 596 | 310,534 | |||||||||||||||||||||||||||
investees (B) | ||||||||||||||||||||||||||||||||||||
Distributions of earnings from equity | — | (70,409 | ) | N/A | (79 | ) | (4,487 | ) | (7,483 | ) | (28,477 | ) | (32 | ) | (110,967 | ) | ||||||||||||||||||||
method investees | ||||||||||||||||||||||||||||||||||||
Distributions of capital from equity | — | (78,155 | ) | N/A | (4,148 | ) | (128,505 | ) | (171,053 | ) | (17,124 | ) | (118 | ) | (399,103 | ) | ||||||||||||||||||||
method investees (B) | ||||||||||||||||||||||||||||||||||||
Total distributions from equity | — | (148,564 | ) | N/A | (4,227 | ) | (132,992 | ) | (178,536 | ) | (45,601 | ) | (150 | ) | (510,070 | ) | ||||||||||||||||||||
method investees | ||||||||||||||||||||||||||||||||||||
Mark to fair value - during period (C) | N/A | (1,795 | ) | 5,200 | (1,268 | ) | N/A | N/A | N/A | N/A | 2,137 | |||||||||||||||||||||||||
Translation adjustment | — | (8 | ) | (742 | ) | (279 | ) | — | — | (2,338 | ) | — | (3,367 | ) | ||||||||||||||||||||||
Dispositions | — | — | (66,424 | ) | — | — | (2 | ) | (210 | ) | (66,636 | ) | ||||||||||||||||||||||||
Reclassification to Due to Affiliates | — | 2,232 | — | — | — | — | — | — | 2,232 | |||||||||||||||||||||||||||
(D) | ||||||||||||||||||||||||||||||||||||
Consolidation of Non-Investment | — | — | — | (4,280 | ) | — | — | — | — | (4,280 | ) | |||||||||||||||||||||||||
Manager (E) | ||||||||||||||||||||||||||||||||||||
Deconsolidation of Investment Company (F) | — | — | — | — | 48,534 | — | — | — | 48,534 | |||||||||||||||||||||||||||
Investment - December 31, 2014 | $ | — | $ | 677,309 | $ | 1,035 | $ | 14,844 | $ | 167,630 | $ | 57,224 | $ | 183,127 | $ | 9,374 | $ | 1,110,543 | ||||||||||||||||||
Undistributed earnings - December 31, | $ | — | $ | 51,882 | $ | — | $ | — | $ | 1,110 | $ | 2,739 | $ | 9,440 | $ | 2,885 | $ | 68,056 | ||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
(A) | Fortress elected to record its investments in publicly traded private equity portfolio companies and the publicly traded permanent capital vehicles at fair value pursuant to the fair value option for financial instruments. The amounts in the table do not include New Media and New Senior which are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||
(B) | The amounts presented above can be reconciled to the amounts presented on the statement of cash flows as follows: | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Contributions | Distributions of Capital | Contributions | Distributions of Capital | |||||||||||||||||||||||||||||||||
Per Consolidated Statements of Cash Flows | $ | 36,060 | $ | (379,940 | ) | $ | 37,084 | $ | (281,481 | ) | ||||||||||||||||||||||||||
Investments of incentive receivable amounts | 258,023 | — | 227,091 | — | ||||||||||||||||||||||||||||||||
into Fortress Funds | ||||||||||||||||||||||||||||||||||||
Change in distributions payable out of Fortress | — | 172 | — | (184 | ) | |||||||||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||||||||||||||
Net funded* | 16,451 | (16,451 | ) | 18,714 | (18,714 | ) | ||||||||||||||||||||||||||||||
Consolidation of private equity liquidating entity | — | — | 2,553 | — | ||||||||||||||||||||||||||||||||
Other | — | (2,884 | ) | 804 | (540 | ) | ||||||||||||||||||||||||||||||
Per Above | $ | 310,534 | $ | (399,103 | ) | $ | 286,246 | $ | (300,919 | ) | ||||||||||||||||||||||||||
* | In some instances, a private equity style fund may need to simultaneously make both a capital call (for new investments or expenses) and a capital distribution (related to realizations from existing investments). This results in a net funding. | |||||||||||||||||||||||||||||||||||
(C) | Recorded to Gains (Losses). | |||||||||||||||||||||||||||||||||||
(D) | Represents a portion of the general partner liability discussed in Note 10. | |||||||||||||||||||||||||||||||||||
(E) | Represents the elimination of Fortress's direct investment in New Media and New Senior, consolidated VIEs, as of the dates of consolidation. | |||||||||||||||||||||||||||||||||||
(F) | In December 2014, Fortress deconsolidated a liquid hedge fund (see Note 1) and the amount disclosed represents Fortress’s investment in the fund as of the date of deconsolidation. | |||||||||||||||||||||||||||||||||||
The ownership percentages presented in the following tables are reflective of the ownership interests held as of the end of the respective periods. For tables which include more than one Fortress Fund, the ownership percentages are based on a weighted average by total equity of the funds as of period end. NIH, the permanent capital vehicles, the publicly traded portfolio companies and Other are not presented as they are insignificant to Fortress’s investments. | ||||||||||||||||||||||||||||||||||||
Private Equity Funds excluding NIH (B) | ||||||||||||||||||||||||||||||||||||
December 31, (or year then ended) | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Assets | $ | 13,399,280 | $ | 16,982,954 | ||||||||||||||||||||||||||||||||
Debt | (3,251 | ) | (1,626 | ) | ||||||||||||||||||||||||||||||||
Other liabilities | (143,328 | ) | (185,144 | ) | ||||||||||||||||||||||||||||||||
Equity | $ | 13,252,701 | $ | 16,796,184 | ||||||||||||||||||||||||||||||||
Fortress’s Investment | $ | 677,309 | $ | 786,093 | ||||||||||||||||||||||||||||||||
Ownership (A) | 5.1 | % | 4.7 | % | ||||||||||||||||||||||||||||||||
Revenues and gains (losses) on investments | $ | 721,512 | $ | 2,335,934 | $ | 3,382,194 | ||||||||||||||||||||||||||||||
Expenses | (194,189 | ) | (208,301 | ) | (187,580 | ) | ||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 527,323 | $ | 2,127,633 | $ | 3,194,614 | ||||||||||||||||||||||||||||||
Fortress’s equity in net income (loss) | $ | 36,407 | $ | 82,024 | $ | 104,562 | ||||||||||||||||||||||||||||||
Liquid Hedge Funds | Credit Hedge Funds | |||||||||||||||||||||||||||||||||||
December 31, (or year then ended) | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Assets | $ | 13,132,531 | $ | 13,167,316 | $ | 11,349,879 | $ | 10,226,023 | ||||||||||||||||||||||||||||
Debt | — | — | (4,621,360 | ) | (3,918,692 | ) | ||||||||||||||||||||||||||||||
Other liabilities | (5,733,970 | ) | (6,735,989 | ) | (283,818 | ) | (332,510 | ) | ||||||||||||||||||||||||||||
Non-controlling interest | — | — | (14,406 | ) | (6,470 | ) | ||||||||||||||||||||||||||||||
Equity | $ | 7,398,561 | $ | 6,431,327 | $ | 6,430,295 | $ | 5,968,351 | ||||||||||||||||||||||||||||
Fortress’s Investment | $ | 167,630 | $ | 158,920 | $ | 57,224 | $ | 58,825 | ||||||||||||||||||||||||||||
Ownership (A) | 2.3 | % | 2.5 | % | 0.9 | % | 1 | % | ||||||||||||||||||||||||||||
Revenues and gains (losses) on | $ | 220,958 | $ | 838,506 | $ | 579,050 | $ | 1,011,969 | $ | 1,295,945 | $ | 1,244,449 | ||||||||||||||||||||||||
investments | ||||||||||||||||||||||||||||||||||||
Expenses | (219,303 | ) | (159,892 | ) | (130,466 | ) | (340,373 | ) | (255,222 | ) | (271,565 | ) | ||||||||||||||||||||||||
Net Income (Loss) | $ | 1,655 | $ | 678,614 | $ | 448,584 | $ | 671,596 | $ | 1,040,723 | $ | 972,884 | ||||||||||||||||||||||||
Fortress’s equity in net income (loss) | $ | 3,844 | $ | 13,124 | $ | 17,505 | $ | 8,236 | $ | 12,242 | $ | 11,469 | ||||||||||||||||||||||||
Credit PE Funds (B) (C) | ||||||||||||||||||||||||||||||||||||
December 31, (or year then ended) | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Assets | $ | 11,992,369 | $ | 10,544,754 | ||||||||||||||||||||||||||||||||
Debt | (67,618 | ) | (161,225 | ) | ||||||||||||||||||||||||||||||||
Other liabilities | (824,837 | ) | (311,538 | ) | ||||||||||||||||||||||||||||||||
Non-controlling interest | (4,852 | ) | (3,461 | ) | ||||||||||||||||||||||||||||||||
Equity | $ | 11,095,062 | $ | 10,068,530 | ||||||||||||||||||||||||||||||||
Fortress’s Investment | $ | 183,127 | $ | 159,044 | ||||||||||||||||||||||||||||||||
Ownership (A) | 1.7 | % | 1.6 | % | ||||||||||||||||||||||||||||||||
Revenues and gains (losses) on investments | $ | 2,381,032 | $ | 1,835,118 | $ | 2,011,139 | ||||||||||||||||||||||||||||||
Expenses | (369,653 | ) | (325,436 | ) | (312,549 | ) | ||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 2,011,379 | $ | 1,509,682 | $ | 1,698,590 | ||||||||||||||||||||||||||||||
Fortress’s equity in net income (loss) | $ | 28,693 | $ | 29,824 | $ | 22,176 | ||||||||||||||||||||||||||||||
(A) | Excludes ownership interests held by other Fortress Funds, the Principals, employees and other affiliates. | |||||||||||||||||||||||||||||||||||
(B) | For Private Equity Funds, includes four entities which are recorded on a one quarter lag (i.e. current year balances reflected for these entities are for the periods ended September 30, 2014, 2013 and 2012, respectively). For Credit PE Funds, includes one entity which is recorded on a one quarter lag and several entities which are recorded on a one month lag. They are recorded on a lag because they are foreign entities, or they have substantial operations in foreign countries, and do not provide financial reports under GAAP within the reporting time frame necessary for U.S. public entities. | |||||||||||||||||||||||||||||||||||
(C) | Includes certain entities in which Fortress has both a direct and an indirect investment. | |||||||||||||||||||||||||||||||||||
Investments in Variable Interest Entities and other Unconsolidated Entities | ||||||||||||||||||||||||||||||||||||
All of Fortress’s interests in unconsolidated entities relate to (i) entities in which Fortress has an investment, which are included in Investments on the consolidated balance sheet and described in Note 4, and/or (ii) entities from which Fortress earns fees, which are included in revenues and described in Note 3. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014, Fortress had interests in 203 entities, 142 of which were entities, primarily Fortress Funds, classified as voting interest entities. These entities generally provide their limited partners or members unrelated to Fortress with the substantive ability to liquidate the Fortress Fund or otherwise remove Fortress as the general partner. | ||||||||||||||||||||||||||||||||||||
A significant majority of the 61 entities classified as VIEs were investing vehicles set up on behalf of the Fortress Funds to make investments. A Fortress Fund will generally have a majority ownership and a majority economic interest in the investing vehicles that are VIEs. Most of the remaining VIEs are entities that are majority-owned and controlled by third parties and are insignificant in size. | ||||||||||||||||||||||||||||||||||||
A Fortress Fund is generally the primary beneficiary of each of these investing vehicles because it is the entity most closely associated with the VIE based on the applicable consolidation guidance. Fortress is not considered the primary beneficiary of, and, therefore, does not consolidate, any of the VIEs in which it holds an interest, except as described below. No reconsideration events occurred during the years ended December 31, 2014, 2013 or 2012 which caused a change in Fortress’s accounting, except as described in Note 1. | ||||||||||||||||||||||||||||||||||||
The following tables set forth certain information regarding VIEs in which Fortress holds a variable interest as of December 31, 2014 and 2013, respectively. The amounts presented below are included in, and not in addition to, the equity method investment tables above. | ||||||||||||||||||||||||||||||||||||
Fortress is not Primary Beneficiary | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Business Segment | Number of VIEs | Gross Assets | Financial Obligations (A) | Fortress Investment (B) | Notes (I) | |||||||||||||||||||||||||||||||
Private Equity Funds | 1 | $ | 460 | $ | — | $ | — | (C) | ||||||||||||||||||||||||||||
Permanent Capital Vehicles | 3 | 11,711,522 | 8,854,725 | 117,329 | (C) | |||||||||||||||||||||||||||||||
Liquid Hedge Funds | 2 | 3,070,203 | 432,580 | 7,094 | (D) | |||||||||||||||||||||||||||||||
Credit Hedge Funds | 9 | 2,132,650 | 152,806 | 25,474 | (D) (E) | |||||||||||||||||||||||||||||||
Credit PE Funds | 33 | 801,877 | 143,743 | 5,985 | (D) (E) | |||||||||||||||||||||||||||||||
Logan Circle | 5 | 441,905 | — | 384 | (C) | |||||||||||||||||||||||||||||||
Fortress is not Primary Beneficiary | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Business Segment | Number of VIEs | Gross Assets | Financial Obligations (A) | Fortress Investment (B) | Notes (I) | |||||||||||||||||||||||||||||||
Private Equity Funds | 1 | $ | 789 | $ | — | $ | 155 | (C) | ||||||||||||||||||||||||||||
Permanent Capital Vehicles | 3 | 13,950,294 | 9,804,741 | 145,472 | (C) | |||||||||||||||||||||||||||||||
Liquid Hedge Funds | 2 | 4,897,650 | 2,343,406 | 40,816 | (D) | |||||||||||||||||||||||||||||||
Credit Hedge Funds | 6 | 1,966,802 | 370,607 | 50,945 | (D) (E) | |||||||||||||||||||||||||||||||
Credit PE Funds | 33 | 1,229,250 | 362,642 | 5,350 | (D) (E) | |||||||||||||||||||||||||||||||
Logan Circle | 1 | 244,828 | — | 144 | (D) | |||||||||||||||||||||||||||||||
Fortress is Primary Beneficiary | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Business Segment | Number of VIEs | Gross Assets | Financial Obligations (A) | Fortress Investment (B) | Notes (I) | |||||||||||||||||||||||||||||||
Private Equity Funds | 2 | $ | 131,393 | $ | — | $ | 10,380 | (F) (H) | ||||||||||||||||||||||||||||
Permanent Capital Vehicles | 2 | 3,384,444 | 1,481,482 | 36,977 | (G) | |||||||||||||||||||||||||||||||
Credit Hedge Funds | 3 | — | — | — | (G) | |||||||||||||||||||||||||||||||
Logan Circle | 1 | 6,566 | — | 4,783 | (G) | |||||||||||||||||||||||||||||||
Fortress is Primary Beneficiary | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Business Segment | Number of VIEs | Gross Assets | Financial Obligations (A) | Fortress Investment (B) | Notes (I) | |||||||||||||||||||||||||||||||
Private Equity Funds | 1 | $ | 52,976 | $ | — | $ | 15,868 | (H) | ||||||||||||||||||||||||||||
(A) | Represents financial obligations of the VIEs, which are not recourse to Fortress. Financial obligations include financial borrowings, derivative liabilities and short securities. In many cases, these VIEs have additional debt within unconsolidated subsidiaries. The debt obligations of the VIEs are not cross collateralized with the debt obligations of Fortress. Fortress has no obligation to satisfy the liabilities of the VIEs. Similarly, Fortress does not have the right to make use of the assets of the VIEs to satisfy its obligations. The VIE’s debt obligations have no impact on Fortress’s cash flows and its ability to borrow or comply with its debt covenants under its revolving credit agreement. | |||||||||||||||||||||||||||||||||||
Of the financial obligations represented herein as of December 31, 2014, for VIEs where Fortress is not the primary beneficiary, $8,430.0 million, $151.7 million, and $143.7 million represent financial borrowings which have weighted average maturities of 1.2 years, 7.6 years, and 2.3 years for the permanent capital vehicles, credit hedge funds, and credit PE funds, respectively. Of the financial obligations represented herein as of December 31, 2013, $9,381.9 million, $289.4 million, and $362.6 million represent financial borrowings which have weighted average maturities of 1.7 years, 6.6 years, and 1.4 years for the permanent capital vehicles, credit hedge funds, and credit PE funds, respectively. | ||||||||||||||||||||||||||||||||||||
Of the financial obligations represented herein as of December 31, 2014, for VIEs where Fortress is the primary beneficiary, $1,481.5 million represent financial borrowings which have weighted average maturities of 5.5 years for the permanent capital vehicles. | ||||||||||||||||||||||||||||||||||||
(B) | Represents Fortress’s maximum exposure to loss with respect to these entities, which includes direct and indirect investments in these entities, plus any receivables due from these entities. In addition to the table above, Fortress is exposed to potential changes in cash flow and revenues attributable to the management fees and/or incentive income Fortress earns from those entities. For VIEs where Fortress is deemed to be the primary beneficiary, these investments and receivables are eliminated in consolidation but still represent Fortress’s economic exposure to the VIEs. | |||||||||||||||||||||||||||||||||||
(C) | Includes Fortress Funds that are a VIE because the fund's at-risk equity holders as a group lack the characteristics of a controlling financial interest because (i) the decision making is through a management contract that is not an at-risk equity investment and/or (ii) the voting rights of an investor are not proportional to its obligation to absorb the income or loss of the entity and substantially all of the entity’s activities either involve or are conducted on behalf of that investor and its related parties. Fortress is the investment manager of these funds. Fortress is not the primary beneficiary of these funds because it and its related parties do not absorb a majority of the funds' expected losses or residual returns based on a quantitative analysis. | |||||||||||||||||||||||||||||||||||
(D) | Includes entities (including investing vehicles and master funds) that are a VIE because the entity’s at-risk equity holders as a group lack the characteristics of a controlling financial interest because either (i) the group of at-risk equity holders does not have the ability to make decisions or have power over the activities that most significantly affect the success of the entity or impact the entity's economic performance and/or (ii) the voting rights of an investor are not proportional to its obligation to absorb the income or loss of the entity and substantially all of the entity’s activities either involve or are conducted on behalf of that investor and its related parties. Among the related party group, a Fortress Fund is determined to be most closely associated with, and thus is the primary beneficiary of, these VIEs because the VIE was designed to act on behalf of the Fortress Fund to make investments. In addition, the activities of the VIE are more significant to the Fortress Fund, and in evaluating exposure to the expected losses or variability associated with the economic performance of the VIEs, in most cases the Fortress Fund holds both a majority ownership and majority economic interest in the VIE. | |||||||||||||||||||||||||||||||||||
(E) | Includes entities that are VIEs because the entity's equity investment at-risk is determined to be insufficient. Fortress is not the general partner, managing member or investment manager of these entities. The primary beneficiary of these entities is the third party investor who either is the general partner or has a majority ownership interest and a majority economic interest and power over the entity. These entities represent an insignificant portion of the amounts presented in the table. | |||||||||||||||||||||||||||||||||||
(F) Includes entities that are a VIE because the entity’s at-risk equity holders as a group lack the characteristics of a controlling financial interest because the voting rights of an investor are not proportional to its obligation to absorb the income or loss of the entity and substantially all of the entity’s activities either involve or are conducted on behalf of that investor and its related parties. Fortress is determined to be most closely associated with, and thus is the primary beneficiary of, these VIEs. As of December 31, 2014, includes $85.1 million of gross assets of a consolidated private equity fund, which is disclosed under Investment Company-consolidated VIEs in the consolidated financial statements. | ||||||||||||||||||||||||||||||||||||
(G) | Includes entities that are a VIE because (i) the entity's equity investment at-risk is determined to be insufficient and/or (ii) the entity’s at-risk equity holders as a group lack the characteristics of a controlling financial interest because the decision making is through a management contract that is not an at-risk equity investment. Fortress is the investment manager of these entities. Fortress is determined to be the primary beneficiary of these entities since it has both power over the activities that most significantly affect the success of the entity or impact the entity’s economic performance and has the right to receive benefits from the VIE that potentially could be significant to the entity. Included in credit hedge funds are investment vehicles formed during the second quarter of 2014. As of December 31, 2014, the credit hedge fund investment vehicles did not hold any assets or have any debt outstanding. As of December 31, 2014, includes $6.6 million of gross assets of a consolidated fund of the traditional asset management business, which is disclosed under Investment Company - consolidated VIEs in the consolidated financial statements. | |||||||||||||||||||||||||||||||||||
(H) | Includes an entity that is a VIE because the entity’s equity investment at risk is determined to be insufficient. Fortress, as a result of directing the operations of the entity through its management contracts with certain funds, and providing financial support to the entity, was deemed to be its primary beneficiary. | |||||||||||||||||||||||||||||||||||
(I) | As of December 31, 2014, for VIEs where Fortress is not the primary beneficiary, Fortress's investment included: (i) management fees receivable of $4.7 million which is comprised of $3.3 million, $0.5 million, $0.5 million and $0.4 million from the permanent capital vehicles, credit hedge funds, credit PE funds and Logan Circle, respectively, (ii) incentive income receivable of $79.6 million which is comprised of $55.1 million, $2.6 million and $21.9 million from the permanent capital vehicles, liquid hedge funds and credit hedge funds, respectively and (iii) expense reimbursements, dividends and other receivables of $8.7 million which is comprised of $3.7 million, $3.8 million, $1.1 million and $0.1 million from the permanent capital vehicles, liquid hedge funds, credit hedge funds and credit PE funds, respectively. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013, for VIEs where Fortress is not the primary beneficiary, Fortress's investment included: (i) management fees receivable of $5.6 million which is comprised of $4.8 million, $0.7 million, less than $0.1 million and $0.1 million from the permanent capital vehicles, credit hedge funds, credit PE funds and Logan Circle, respectively, (ii) incentive income receivable of $100.9 million which is comprised of $15.7 million, $37.6 million and $47.6 million from the permanent capital vehicles, liquid hedge funds and credit hedge funds, respectively and (iii) expense reimbursements, dividends and other receivables of $9.5 million which is comprised of $5.3 million, $2.6 million, $0.9 million and $0.7 million from the permanent capital vehicles, liquid hedge funds, credit hedge funds and credit PE funds, respectively. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014, for VIEs where Fortress is the primary beneficiary, Fortress's investment included: (i) management fees receivable of $2.9 million which is comprised of $2.8 million and less than $0.1 million from the permanent capital vehicles and Logan Circle, respectively, (ii) incentive income receivable of $0.2 million from one of the permanent capital vehicles and (iii) expense reimbursements, advances and other receivables of $13.5 million which is comprised of $10.3 million and $3.2 million from an operating subsidiary of one of the private equity funds and permanent capital vehicles, respectively. These receivables and advances are eliminated in consolidation but still represent Fortress’s economic exposure to the VIEs. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013, for a VIE where Fortress was the primary beneficiary, Fortress's investment included advances of $15.9 million to an operating subsidiary of one of the private equity funds. These advances are eliminated in consolidation but still represent Fortress's economic exposure to the VIE. | ||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||
The following table presents information regarding Fortress’s financial instruments that are recorded at fair value. Investments denominated in foreign currencies have been translated at the period end exchange rate. Changes in fair value are recorded in Gains (Losses). | ||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Method | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Assets (within Investments) | ||||||||||||||||||||||||||||||||||||
Newcastle, New Residential and Eurocastle common shares (A) | $ | 9,560 | $ | 15,387 | Level 1 - Quoted prices in active markets for identical assets | |||||||||||||||||||||||||||||||
Common stock of publicly traded | 1,035 | 63,001 | Level 1 - Quoted prices in active markets for identical assets | |||||||||||||||||||||||||||||||||
private equity portfolio companies | ||||||||||||||||||||||||||||||||||||
Total equity method investments | $ | 10,595 | $ | 78,388 | ||||||||||||||||||||||||||||||||
carried at fair value | ||||||||||||||||||||||||||||||||||||
Newcastle, New Residential and Eurocastle options (A) | $ | 45,734 | $ | 104,338 | Level 2 - Option valuation models using significant observable inputs | |||||||||||||||||||||||||||||||
Assets (within Other Assets) | ||||||||||||||||||||||||||||||||||||
Derivatives | 27,105 | 9,749 | Level 2 - See below | |||||||||||||||||||||||||||||||||
17,627 | 23,005 | Level 1 - Quoted prices in active markets for identical assets | ||||||||||||||||||||||||||||||||||
Equity Securities (B) | ||||||||||||||||||||||||||||||||||||
Liabilities (within Accrued Compensation and Benefits) | ||||||||||||||||||||||||||||||||||||
Options in affiliates granted to | (6,393 | ) | (16,390 | ) | Level 2 - Option valuation models using significant observable inputs | |||||||||||||||||||||||||||||||
employees (A) | ||||||||||||||||||||||||||||||||||||
Liabilities (within Other Liabilities) | ||||||||||||||||||||||||||||||||||||
Derivatives | (932 | ) | (1,820 | ) | Level 2 - See below | |||||||||||||||||||||||||||||||
(A) | Does not include common shares or options held in New Media and New Senior which are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||
(B) | The equity investments are held at fair value and classified as trading. | |||||||||||||||||||||||||||||||||||
In July 2013, Fortress sold 862,383 shares of GAGFAH (Note 4) and realized a gain of $5.5 million. From inception through June 30, 2013, Fortress had recorded a cumulative unrealized gain of $6.2 million in its investment income relating to these shares sold, resulting in a $0.7 million loss in the third quarter of 2013. | ||||||||||||||||||||||||||||||||||||
In December 2013, Fortress sold 641,465 shares of GAGFAH (Note 4) and realized a gain of $5.4 million. From inception through September 30, 2013, Fortress recorded a cumulative unrealized gain of $4.7 million in its investment income relating to these shares sold, resulting in a $0.7 million gain in the fourth quarter of 2013. | ||||||||||||||||||||||||||||||||||||
During June 2014, Fortress sold 4,190,761 shares of GAGFAH (Note 4) and realized a gain of approximately $44.7 million. From inception through March 31, 2014, Fortress recorded a cumulative unrealized gain of approximately $41.0 million in its investment income, resulting approximately in a $3.7 million gain in June 2014. | ||||||||||||||||||||||||||||||||||||
Publicly Traded Permanent Capital Vehicle Options | ||||||||||||||||||||||||||||||||||||
During 2012, Fortress granted rights, which Fortress refers to as tandem options, in 0.5 million of the options it holds in Newcastle (Note 4) to certain of its employees. The value of these rights as of the grant date was $8.1 million and was recorded as accrued profit sharing compensation expense at that time. The related liability is marked to fair value through compensation expense until such time as the rights are exercised or expire. | ||||||||||||||||||||||||||||||||||||
In May 2013, Newcastle distributed all of the common shares of its subsidiary, New Residential to its shareholders. In connection with this transaction, Fortress's options, including tandem options held by employees, in Newcastle were exchanged for options in both Newcastle and New Residential; this resulted in no change to their aggregate strike price. As a result, Fortress owns an investment and options in New Residential, which it has elected to record at fair value. Fortress entered into a management agreement with New Residential on substantially the same terms as Newcastle. | ||||||||||||||||||||||||||||||||||||
In January 2014, Fortress granted tandem options in 0.3 million and 1.1 million of the options it holds in Newcastle and New Residential, respectively, to certain employees. The estimated value as of the grant date of these Newcastle and New Residential tandem options was $1.5 million and $2.6 million, respectively, and was recorded as accrued compensation expense in the first quarter of 2014. The related liability is marked to fair value through the compensation expense until such time as the rights are exercised or expire. | ||||||||||||||||||||||||||||||||||||
In November 2014, Newcastle distributed all of the common shares of its subsidiary, New Senior to its shareholders. In connection with this transaction, Fortress's options, including tandem options held by employees, in Newcastle were exchanged for options in both Newcastle and New Senior; this resulted in no change to their aggregate strike price. As a result, Fortress owns an investment and options in New Senior, which it has elected to record at fair value, and are eliminated in consolidation. Fortress entered into a management agreement with New Senior on substantially the same terms as Newcastle. | ||||||||||||||||||||||||||||||||||||
Options held by Fortress in New Media are recorded at fair value and are eliminated in consolidation. | ||||||||||||||||||||||||||||||||||||
The assumptions used in valuing the options at December 31, 2014 were: | ||||||||||||||||||||||||||||||||||||
Risk-Free Rate | Dividend Yield (A) | Volatility | ||||||||||||||||||||||||||||||||||
Newcastle | 0.26% - 2.29% | 9.17% - 15.85% | 25.93% - 28.00% | |||||||||||||||||||||||||||||||||
New Residential | 0.26% - 2.27% | 0.00% - 15.88% | 22.52% - 24.26% | |||||||||||||||||||||||||||||||||
New Media | 2.30% | 3.10% | 34.17% | |||||||||||||||||||||||||||||||||
New Senior | 0.26% - 2.29% | 3.38% - 7.07% | 19.85% - 25.24% | |||||||||||||||||||||||||||||||||
Eurocastle | 0.16% - 0.67% | 3.64% - 7.11% | 25.30% - 27.78% | |||||||||||||||||||||||||||||||||
(A) | Options which are due to expire prior to the expected payment of future dividends are valued using a 0.00% dividend yield. | |||||||||||||||||||||||||||||||||||
All of the Newcastle, New Residential, New Media and New Senior options were fully vested on issuance and become exercisable over thirty months and have a ten-year term. With the exception of Eurocastle’s May 2013 options grant, which became exercisable from October 2013, all of the Eurocastle options were fully vested and exercisable on issuance, and have a ten-year term. All of the options held by Fortress in the publicly traded permanent capital vehicles incorporate effects of reverse stock splits or spin-offs. | ||||||||||||||||||||||||||||||||||||
The following table summarizes certain Newcastle options held by Fortress. | ||||||||||||||||||||||||||||||||||||
Options Issued at Grant Date | As of December 31, 2014 | |||||||||||||||||||||||||||||||||||
Grant Date | Public Offering Price/Option Strike Price | Fair Value of Options | Total | Tandem Options held by Employees | Available to Fortress | |||||||||||||||||||||||||||||||
at Grant Date | ||||||||||||||||||||||||||||||||||||
March 2011 | 287,500 | $ | 1.88 | $ | 657 | 182,527 | — | 182,527 | ||||||||||||||||||||||||||||
September 2011 | 431,250 | 1.07 | 525 | 283,305 | — | 283,305 | ||||||||||||||||||||||||||||||
April 2012 | 316,250 | 2 | 525 | 306,991 | 56,330 | 250,661 | ||||||||||||||||||||||||||||||
May 2012 | 383,333 | 2.29 | 715 | 372,440 | 69,163 | 303,277 | ||||||||||||||||||||||||||||||
July 2012 | 421,667 | 2.27 | 777 | 411,589 | 74,495 | 337,094 | ||||||||||||||||||||||||||||||
Jan-13 | 958,333 | 3.76 | 1,685 | 958,331 | 85,803 | 872,528 | ||||||||||||||||||||||||||||||
Feb-13 | 383,333 | 4.39 | 784 | 383,331 | 34,320 | 349,011 | ||||||||||||||||||||||||||||||
Jun-13 | 670,833 | 4.67 | 795 | 670,829 | 60,059 | 610,770 | ||||||||||||||||||||||||||||||
Nov-13 | 965,849 | 5.01 | 1,249 | 965,847 | 86,475 | 879,372 | ||||||||||||||||||||||||||||||
Aug-14 | 765,416 | 5.45 | 360 | 765,416 | — | 765,416 | ||||||||||||||||||||||||||||||
The following table summarizes certain New Residential options held by Fortress. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Grant Date | Options Issued at Grant Date | Public Offering Price/Option Strike Price | Fair Value of Options | Total | Tandem Options held by Employees | Available to Fortress | ||||||||||||||||||||||||||||||
at Grant Date | ||||||||||||||||||||||||||||||||||||
March 2011 | 838,417 | $ | 6.58 | $ | 3,843 | 547,583 | — | 547,583 | ||||||||||||||||||||||||||||
September 2011 | 1,269,917 | 4.98 | 3,055 | 849,916 | — | 849,916 | ||||||||||||||||||||||||||||||
April 2012 | 948,750 | 6.82 | 3,070 | 920,983 | 169,000 | 751,983 | ||||||||||||||||||||||||||||||
May 2012 | 1,150,000 | 7.34 | 4,160 | 1,117,333 | 207,500 | 909,833 | ||||||||||||||||||||||||||||||
July 2012 | 1,265,000 | 7.34 | 4,538 | 1,234,783 | 223,500 | 1,011,283 | ||||||||||||||||||||||||||||||
Jan-13 | 2,875,000 | 10.24 | 9,845 | 2,874,998 | 786,070 | 2,088,928 | ||||||||||||||||||||||||||||||
Feb-13 | 1,150,000 | 11.48 | 4,583 | 1,149,998 | 314,427 | 835,571 | ||||||||||||||||||||||||||||||
Apr-14 | 1,437,500 | 12.2 | 1,604 | 1,437,500 | — | 1,437,500 | ||||||||||||||||||||||||||||||
The following table summarizes certain New Senior options and held by Fortress. Fortress's investments in New Senior options are eliminated in consolidation. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Grant Date | Options Issued at Grant Date | Public Offering Price/Option Strike Price | Fair Value of Options | Total | Tandem Options held by Employees | Available to Fortress | ||||||||||||||||||||||||||||||
at Grant Date | ||||||||||||||||||||||||||||||||||||
Mar-11 | 287,500 | $ | 7.18 | $ | 2,521 | 182,527 | — | 182,527 | ||||||||||||||||||||||||||||
Sep-11 | 431,250 | 4.09 | 2,014 | 283,305 | — | 283,305 | ||||||||||||||||||||||||||||||
April 2012 | 316,250 | 7.66 | 2,013 | 306,991 | 56,330 | 250,661 | ||||||||||||||||||||||||||||||
May 2012 | 383,333 | 8.75 | 2,743 | 372,440 | 69,163 | 303,277 | ||||||||||||||||||||||||||||||
July 2012 | 421,667 | 8.71 | 2,983 | 411,589 | 74,495 | 337,094 | ||||||||||||||||||||||||||||||
Jan-13 | 958,333 | 14.42 | 6,468 | 958,331 | 85,803 | 872,528 | ||||||||||||||||||||||||||||||
Feb-13 | 383,333 | 16.85 | 3,009 | 383,331 | 34,320 | 349,011 | ||||||||||||||||||||||||||||||
Jun-13 | 670,833 | 17.89 | 3,054 | 670,829 | 60,059 | 610,770 | ||||||||||||||||||||||||||||||
Nov-13 | 965,849 | 19.23 | 4,797 | 965,847 | 86,475 | 879,372 | ||||||||||||||||||||||||||||||
Aug-14 | 765,416 | 20.89 | 1,383 | 765,416 | — | 765,416 | ||||||||||||||||||||||||||||||
The following table summarizes New Media options held by Fortress. Fortress's investments in New Media options are eliminated in consolidation: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Grant Date | Options Issued at Grant Date | Public Offering Price/Option Strike Price | Fair Value of Options | Total | Tandem Options held by Employees | Available to Fortress | ||||||||||||||||||||||||||||||
at Grant Date | ||||||||||||||||||||||||||||||||||||
Sep-14 | 745,062 | $ | 16.25 | $ | 2,963 | 745,062 | — | 745,062 | ||||||||||||||||||||||||||||
The following table summarizes select Eurocastle options held by Fortress. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Grant Date | Options Issued at Grant Date | Public Offering Price/Option Strike Price | Fair Value of Options | Total | Tandem Options held by Employees | Available to Fortress | ||||||||||||||||||||||||||||||
at Grant Date | ||||||||||||||||||||||||||||||||||||
May-13 | 1,500,000 | € | 7.25 | € | 4,807 | 1,500,000 | — | 1,500,000 | ||||||||||||||||||||||||||||
The following table summarizes options in the permanent capital vehicles held as of December 31, 2014, which were issued prior to 2011: | ||||||||||||||||||||||||||||||||||||
Entity | Weighted Average Option Strike Price | Options held by Fortress | ||||||||||||||||||||||||||||||||||
Newcastle | $ | 14.69 | 157,791 | |||||||||||||||||||||||||||||||||
New Senior | $ | 14.69 | 157,791 | |||||||||||||||||||||||||||||||||
New Residential | $ | 31.49 | 473,377 | |||||||||||||||||||||||||||||||||
Eurocastle | € | 5,833.59 | 21,407 | |||||||||||||||||||||||||||||||||
In January 2015, Fortress granted tandem options in 0.3 million and 0.1 million of the options it holds in New Residential and New Media, respectively, to certain employees. The estimated value of these New Residential and New Media tandem options are $0.3 million and $0.6 million, respectively. | ||||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||
Fortress is exposed to certain risks relating to its ongoing business operations. The primary risk managed by Fortress using derivative instruments is foreign currency risk. Fortress enters into foreign exchange forward contracts and options to economically hedge the risk of fluctuations in foreign exchange rates with respect to certain foreign currency denominated assets and expected revenues. Gains and losses on these contracts are reported currently in Gains (Losses). | ||||||||||||||||||||||||||||||||||||
Fortress’s derivative instruments are carried at fair value and are generally valued using models with observable market inputs that can be verified and which do not involve significant judgment. The significant observable inputs used in determining the fair value of the Level 2 derivative contracts are contractual cash flows and market based parameters such as foreign exchange rates. | ||||||||||||||||||||||||||||||||||||
Fortress’s derivatives (not designated as hedges) are recorded as follows: | ||||||||||||||||||||||||||||||||||||
Balance Sheet | December 31, 2014 (or year ended) | Maturity | ||||||||||||||||||||||||||||||||||
line item (A) | Fair Value | Notional Amount | Gains/(Losses) (B) | Date | ||||||||||||||||||||||||||||||||
Foreign exchange option contracts | Other Assets | $ | 24,864 | ¥ | 39,309,229 | $ | 21,283 | Jun-15 - Nov-17 | ||||||||||||||||||||||||||||
Foreign exchange option contracts | Other Liabilities | $ | (841 | ) | ¥ | 1,223,582 | $ | 12 | 15-Dec | |||||||||||||||||||||||||||
Foreign exchange forward contracts | Other Assets | $ | 2,241 | ¥ | 2,853,587 | $ | 2,241 | Jun-15 - Jun-16 | ||||||||||||||||||||||||||||
Foreign exchange forward contracts | Other Liabilities | $ | (91 | ) | ¥ | 912,500 | $ | (91 | ) | 17-Dec | ||||||||||||||||||||||||||
(A) | Fortress has a master netting agreement with its counterparty. | |||||||||||||||||||||||||||||||||||
(B) | Reflects unrealized gains (losses) related to contracts existing at period end. Total net foreign exchange gains (losses) from derivatives were $26.7 million, $8.4 million and $0.3 million during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||||||||||
Fortress's quarterly average derivative trading volume, based on the underlying notional amounts was $362.5 million as of December 31, 2014. | ||||||||||||||||||||||||||||||||||||
The following tables summarizes the fair value of Fortress's derivative contacts on a gross basis and any amount of offset as permitted by netting agreements as of December 31, 2014. | ||||||||||||||||||||||||||||||||||||
Net Amounts of | ||||||||||||||||||||||||||||||||||||
Gross Amounts Offset | Assets Presented | |||||||||||||||||||||||||||||||||||
Gross Amounts of | in the Consolidated | in the Consolidated | ||||||||||||||||||||||||||||||||||
Recognized Assets as of | Balance Sheet as of | Balance Sheet as of | ||||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | December 31, 2014 | 31-Dec-14 | December 31, 2014 | |||||||||||||||||||||||||||||||||
Foreign exchange option contracts | $ | 27,795 | $ | (2,931 | ) | $ | 24,864 | |||||||||||||||||||||||||||||
Foreign exchange forward contracts | 2,241 | — | 2,241 | |||||||||||||||||||||||||||||||||
$ | 30,036 | $ | (2,931 | ) | $ | 27,105 | ||||||||||||||||||||||||||||||
Net Amounts of | ||||||||||||||||||||||||||||||||||||
Gross Amounts Offset | Liabilities Presented | |||||||||||||||||||||||||||||||||||
Gross Amounts of | in the Consolidated | in the Consolidated | ||||||||||||||||||||||||||||||||||
Recognized Liabilities as of | Balance Sheet as of | Balance Sheet as of | ||||||||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | 31-Dec-14 | 31-Dec-14 | 31-Dec-14 | |||||||||||||||||||||||||||||||||
Foreign exchange option contracts | $ | (870 | ) | $ | 29 | $ | (841 | ) | ||||||||||||||||||||||||||||
Foreign exchange forward contracts | (91 | ) | — | (91 | ) | |||||||||||||||||||||||||||||||
$ | (961 | ) | $ | 29 | $ | (932 | ) | |||||||||||||||||||||||||||||
The counterparty on the outstanding derivatives is Citibank N.A. | ||||||||||||||||||||||||||||||||||||
Investment Company | ||||||||||||||||||||||||||||||||||||
Investments, at fair value, consist primarily of financial instruments held by the Investment Company, and are comprised of the following: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | Percentage of | |||||||||||||||||||||||||||||||||||
Cost | Fair Value | Investment Company | ||||||||||||||||||||||||||||||||||
Investments in affiliates (A) | 74,730 | 84,792 | 93 | % | ||||||||||||||||||||||||||||||||
Investments in fixed income securities | 6,758 | 6,333 | 7 | % | ||||||||||||||||||||||||||||||||
(A) | Represents equity investments in private portfolio companies. | |||||||||||||||||||||||||||||||||||
At December 31, 2014, investments, at fair value are predominantly concentrated in North America. | ||||||||||||||||||||||||||||||||||||
The following summarizes the assets held by the Investment Company measured at fair value, on a recurring basis within the fair value hierarchy as of December 31, 2014. | ||||||||||||||||||||||||||||||||||||
Financial assets as of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Level 1 (A) | Level 2 (B) | Level 3 (C) | Total | |||||||||||||||||||||||||||||||||
Investments in affiliates | — | — | 84,792 | 84,792 | ||||||||||||||||||||||||||||||||
Investments in fixed income | — | 6,333 | — | 6,333 | ||||||||||||||||||||||||||||||||
(A) | Level 1 - Fair value is determined using quoted unadjusted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||||
(B) | Level 2 - Fair value is determined using quotations received from dealers making a market for these assets or liabilities, valuations obtained from independent third-party pricing services, the use of models or other valuation methodologies based on pricing inputs that are either directly or indirectly market observable as of the measurement date. | |||||||||||||||||||||||||||||||||||
(C) | Level 3 - Fair value is determined using pricing inputs that are unobservable in the market and includes situations where there is little, if any, market activity for the asset or liability. The fair value of assets and liabilities in this category may require significant judgment or estimation in determining fair value of the assets or liabilities. The fair value of these assets and liabilities may be estimated using a combination of observed transaction prices, independent pricing services, relevant broker quotes, models or other valuation methodologies based on pricing inputs that are neither directly or indirectly market observable. | |||||||||||||||||||||||||||||||||||
Reconciliation of Fair Value Measurements Categorized within Level 3 | ||||||||||||||||||||||||||||||||||||
The Investment Company assumes that any transfers between Level 1, Level 2 or Level 3, if any, occur at the beginning of the reporting period presented. | ||||||||||||||||||||||||||||||||||||
The following table summarizes the changes in the Investment Company’s Level 3 assets and liabilities for the year ended December 31, 2014: | ||||||||||||||||||||||||||||||||||||
Net Realized and | ||||||||||||||||||||||||||||||||||||
Unrealized Gains | Balance as of | |||||||||||||||||||||||||||||||||||
Balance as of | Investment | Investment | (Losses) of | December 31, | ||||||||||||||||||||||||||||||||
January 1, 2014 | Transfers In | Transfers Out | Purchases | Sales | Investment Company | 2014 | ||||||||||||||||||||||||||||||
Investments in affiliates | $ | — | $ | — | $ | — | $ | 74,730 | $ | — | $ | 10,062 | $ | 84,792 | ||||||||||||||||||||||
There were no transfers between Levels 1 and 2 during the period presented above. | ||||||||||||||||||||||||||||||||||||
Information about Significant Inputs Used in Fair Value Measurements Categorized within Level 3 | ||||||||||||||||||||||||||||||||||||
The table below summarizes information about the significant unobservable inputs used in determining the fair value of the Level 3 assets and liabilities held by the Investment Company as of December 31, 2014. | ||||||||||||||||||||||||||||||||||||
Fair Value at | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | Valuation | |||||||||||||||||||||||||||||||||||
Type of Investment | (in thousands) | Technique | Unobservable Input | Range | ||||||||||||||||||||||||||||||||
Investments in affiliates | $ | 25,772 | Market approach | Last round of financing | N/A | |||||||||||||||||||||||||||||||
59,020 | Discounted cash flow | Discount rate | 22.50% | |||||||||||||||||||||||||||||||||
Enterprise value/EBITDA Multiple or NOI exit multiple | 9.6x - 10.0x | |||||||||||||||||||||||||||||||||||
Gains (losses) can be summarized as follows: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Net realized gains (losses) | $ | (7,492 | ) | $ | — | |||||||||||||||||||||||||||||||
Net unrealized gains (losses) | 15,934 | — | ||||||||||||||||||||||||||||||||||
$ | 8,442 | $ | — | |||||||||||||||||||||||||||||||||
These gains (losses) were generated as follows: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Mark to fair value on investments and options | $ | 9,633 | $ | — | ||||||||||||||||||||||||||||||||
Mark to fair value on derivatives | (1,191 | ) | — | |||||||||||||||||||||||||||||||||
$ | 8,442 | $ | — | |||||||||||||||||||||||||||||||||
Non-Investment Manager | ||||||||||||||||||||||||||||||||||||
New Senior | ||||||||||||||||||||||||||||||||||||
Investments in Senior Housing Real Estate, Net | ||||||||||||||||||||||||||||||||||||
Changes in gross carrying amount and accumulated depreciation for New Senior's real estate assets are as follows: | ||||||||||||||||||||||||||||||||||||
Gross carrying amount | ||||||||||||||||||||||||||||||||||||
Balance as of November 7, 2014 | $ | 1,792,166 | ||||||||||||||||||||||||||||||||||
Acquisition of real estate investments | 14,209 | |||||||||||||||||||||||||||||||||||
Additions to real estate investments | 1,560 | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 1,807,935 | ||||||||||||||||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||||||
Balance as of November 7, 2014 | $ | — | ||||||||||||||||||||||||||||||||||
Depreciation expense | 8,087 | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 8,087 | ||||||||||||||||||||||||||||||||||
Investments in senior housing real estate, net | $ | 1,799,848 | ||||||||||||||||||||||||||||||||||
Depreciation expense for the period from November 7, 2014 to December 31, 2014 was $8.1 million. |
DEBT_OBLIGATIONS_AND_MORTGAGE_
DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLE | DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLE | ||||||||||||||||
Investment Manager | |||||||||||||||||
The following table presents summarized information regarding Fortress's debt obligations: | |||||||||||||||||
Face Amount and Carrying Value | Contractual | Final | 31-Dec-14 | ||||||||||||||
December 31, | Interest | Stated | Amount | ||||||||||||||
Debt Obligation | 2014 | 2013 | Rate | Maturity | Available for Draws | ||||||||||||
Revolving credit agreement (A) (B) | $ | 75,000 | $ | — | LIBOR+2.50% (C) | Feb-16 | $ | 72,332 | |||||||||
Total | $ | 75,000 | $ | — | |||||||||||||
(A) | Collateralized by substantially all of Fortress Operating Group’s assets as well as Fortress Operating Group’s rights to fees from the Fortress Funds and its equity interests therein, other than fees from Fortress's senior living property manager. | ||||||||||||||||
(B) | The $150.0 million revolving debt facility includes a $15.0 million letter of credit subfacility of which $2.7 million was utilized. | ||||||||||||||||
(C) | Subject to unused commitment fees of 0.4% per annum. | ||||||||||||||||
Management believes the fair value of its outstanding debt was approximately $75.1 million as of December 31, 2014 (classified as a level 3 valuation, which is based on internal models using discounted future contractual cash flows and market interest rates). | |||||||||||||||||
In February 2013, Fortress terminated its existing $60.0 million revolving credit facility and entered into a new $150.0 million revolving credit facility (the "Credit Agreement") with a $15.0 million letter of credit subfacility. The Credit Agreement generally bears interest at an annual rate equal to LIBOR plus an applicable rate that fluctuates depending upon Fortress's credit rating and a commitment fee on undrawn amounts that fluctuates depending upon Fortress's credit rating, as well as other customary fees. | |||||||||||||||||
In January 2014, in connection with the announcement of the Fortress Asia Macro Funds and related managed account joining the new affiliated Manager platform (the "Transaction"), Fortress entered into a First Amendment, Consent and Waiver (the "Amendment") to the Credit Agreement. Pursuant to the Amendment, among other things, the lenders consented to the consummation of the Transaction and certain amendments to the Credit Agreement, primarily the definition of AUM and Consolidated EBITDA, in order to account for its retained economic interests. | |||||||||||||||||
Covenants | |||||||||||||||||
Fortress Operating Group is required to prepay any amounts outstanding under the Credit Agreement upon the occurrence of certain events. | |||||||||||||||||
The events of default under the Credit Agreement are typical of such agreements and include payment defaults, failure to comply with credit agreement covenants, cross-defaults to material indebtedness, bankruptcy and insolvency, and change of control. A default under the Credit Agreement would likely have a material, adverse impact on Fortress's liquidity. | |||||||||||||||||
The Credit Agreement contains customary representations and warranties and affirmative and negative covenants that, among other things, restrict the ability of Fortress to create or incur certain liens, incur or guarantee additional indebtedness, merge or consolidate with other companies or transfer all or substantially all of their respective assets, transfer or sell assets, make restricted payments, engage in transactions with affiliates and insiders, and incur restrictions on the payment of dividends or other distributions and certain other contractual restrictions. These covenants are subject to a number of limitations and exceptions set forth in the Credit Agreement. In addition, Fortress Operating Group must not: | |||||||||||||||||
• | Permit AUM (as defined as Management Fee Earning Assets in the Credit Agreement) to be less than $25.0 billion as of the end of any calendar month; | ||||||||||||||||
• | Permit the Consolidated Leverage Ratio (a measure of Adjusted Net Funded Indebtedness compared to Consolidated EBITDA, each such term as defined in the Credit Agreement) to be greater than 2.00 to 1.0 as of the end of any fiscal quarter for the four quarter period ending on such date; or | ||||||||||||||||
• | Permit the Consolidated Interest Coverage Ratio (a measure of Consolidated EBITDA compared to Consolidated Interest Charges, each such term as defined in the Credit Agreement) to be less than 4.00 to 1.0 as of the end of any fiscal quarter for the four quarter period ending on such date. | ||||||||||||||||
Fortress was in compliance with all of its debt covenants as of December 31, 2014. The following table sets forth the financial covenant requirements as of December 31, 2014. | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||
Requirement | Actual | Notes | |||||||||||||||
AUM, as defined | ≥ | $ | 25,000 | $ | 45,964 | (A) | |||||||||||
Consolidated Leverage Ratio | ≤ | 2 | 0.22 | (B) | |||||||||||||
Consolidated Interest Coverage Ratio | ≥ | 4 | 101.89 | (B) | |||||||||||||
(A) | Impacted by capital raised in funds, redemptions from funds, and valuations of fund investments. The AUM presented here is based on the definition of Management Fee Earning Assets contained in the Credit Agreement. | ||||||||||||||||
(B) | The Consolidated Leverage Ratio is equal to Adjusted Net Funded Indebtedness, as defined, divided by the trailing four quarters’ Consolidated EBITDA, as defined. The Consolidated Interest Coverage Ratio is equal to the quotient of (A) the trailing four quarters' Consolidated EBITDA, as defined, divided by (B) the trailing four quarters' interest charges as defined in the Credit Agreement. Consolidated EBITDA, as defined, is impacted by the same factors as distributable earnings, except Consolidated EBITDA is not impacted by changes in clawback reserves or gains and losses, including impairment, on investments. | ||||||||||||||||
Fortress's compliance with its debt covenants is not impacted by or dependent on the activities of New Media or New Senior or on the terms and conditions of the New Media Credit Agreement. | |||||||||||||||||
The debt obligations of New Media and New Senior are not cross collateralized with the debt obligations of Fortress. Fortress has no obligation to satisfy the liabilities of New Media or New Senior. Similarly, Fortress does not have the right to make use of the assets of New Media or New Senior to satisfy its obligations. | |||||||||||||||||
New Media's debt obligations have no impact on the Investment Manager's cash flows and its ability to borrow or comply with its debt covenants under its revolving credit agreement. | |||||||||||||||||
Intercompany Debt | |||||||||||||||||
As a result of Fortress’s initial public offering and related transactions, secondary public offerings, and other transactions, FIG Asset Co. LLC lent aggregate excess proceeds of approximately $756.6 million to FIG Corp. pursuant to a demand note, as amended. As of December 31, 2014, the outstanding balance was approximately $663.4 million, including unpaid interest. This intercompany debt is eliminated in consolidation. | |||||||||||||||||
Non-Investment Manager | |||||||||||||||||
New Media | |||||||||||||||||
New Media Credit Agreement | |||||||||||||||||
On June 4, 2014, New Media Holdings II LLC (the “New Media Borrower”), a wholly owned subsidiary of New Media, entered into a credit agreement (the “New Media Credit Agreement”) among the New Media Borrower, New Media Holdings I LLC (“Holdings I”), the lenders party thereto, RBS Citizens, N.A. and Credit Suisse Securities (USA) LLC as joint lead arrangers and joint bookrunners, Credit Suisse AG, Cayman Islands Branch as syndication agent and Citizens Bank of Pennsylvania as administration agent which provides for (i) a $200.0 million senior secured term facility (the “Term Loan Facility”) and (ii) a $25.0 million senior secured revolving credit facility (of which $5.0 million was drawn as of December 31, 2014), with a $5.0 million sub-facility for letters of credit and a $5.0 million sub-facility for swing loans (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Senior Secured Credit Facilities”). In addition, the New Media Borrower may request one or more new commitments for term loans or revolving loans from time to time up to an aggregate total of $75.0 million (the "Incremental Facility") subject to certain conditions. On June 4, 2014, the New Media Borrower borrowed $200.0 million under the Term Loan Facility (the “Term Loans”). The Term Loans mature on June 4, 2020 and the maturity date for the Revolving Credit Facility is June 4, 2019. On November 20, 2014, the New Media Credit Agreement was amended to increase the amount of the Incremental Facility that may be requested after the date of amendment to $225.0 million. | |||||||||||||||||
The proceeds of the Term Loans, which included a $6.7 million original issue discount, were primarily used to repay in full all amounts outstanding under the GateHouse Credit Facilities and the Local Media Credit Facility. | |||||||||||||||||
Borrowings under the Term Loan Facility bear interest, at the New Media Borrower’s option, at a rate equal to either (i) the Eurodollar Rate (as defined in the New Media Credit Agreement), plus an applicable margin equal to 6.25% per annum (subject to a Eurodollar Rate floor of 1.00%) or (ii) the Base Rate (as defined in the New Media Credit Agreement), plus an applicable margin equal to 5.25% per annum (subject to a Base Rate floor of 2.00%). | |||||||||||||||||
Borrowings under the Revolving Credit Facility bear interest, at the New Media Borrower’s option, at a rate equal to either (i) the Eurodollar Rate, plus an applicable margin equal to 5.25% per annum or (ii) the Base Rate, plus an applicable margin equal to 4.25% per annum, with a step down based on achievement of a certain total leverage ratio. | |||||||||||||||||
If any borrowings under the Incremental Facility have an all-in yield more than 50 basis points greater than the Term Loans (the "Incremental Yield"), the all-in yield for the Term Loans shall be adjusted to be 50 basis points less than the Incremental Yield. | |||||||||||||||||
The Senior Secured Credit Facilities are unconditionally guaranteed by Holdings I and certain subsidiaries of the New Media Borrower (collectively, the “Guarantors”) and is required to be guaranteed by all future material wholly-owned domestic subsidiaries, subject to certain exceptions. All obligations under the New Media Credit Agreement are secured, subject to certain exceptions, by substantially all of the New Media Borrower’s assets and the assets of the Guarantors, including (a) a pledge of 100% of the equity interests of the New Media Borrower and the Guarantors (other than Holdings I), (b) a mortgage lien on the New Media Borrower’s material real property and that of the Guarantors and (c) all proceeds of the foregoing. | |||||||||||||||||
Repayments made under the Term Loans are equal to 1.0% annually of the original principal amount in equal quarterly installments for the life of the Term Loans, with the remainder due at maturity. The New Media Borrower is permitted to make voluntary prepayments at any time without premium or penalty, except in the case of prepayments made in connection with certain repricing transactions with respect to the Term Loans effected within six months of the closing date of the New Media Credit Agreement, to which a 1.00% prepayment premium applies. The New Media Borrower is required to repay borrowings under the Senior Secured Credit Facilities (without payment of a premium) with (i) net cash proceeds of certain debt obligations (except as otherwise permitted under the New Media Credit Agreement), (ii) net cash proceeds from non-ordinary course asset sales (subject to reinvestment rights and other exceptions), and (iii) commencing with New Media’s fiscal year started December 30, 2013, 100% of Excess Cash Flow (as defined in the New Media Credit Agreement), subject to step-downs to 50%, 25% and 0% of Excess Cash Flow based on achievement of a total leverage ratio of less than or equal to 3.0 to 1.0 but greater than 2.75 to 1.0; less than or equal to 2.75 to 1.0 but greater than 2.5 to 1.0; and less than or equal to 2.5 to 1.0, respectively. | |||||||||||||||||
The New Media Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to Holdings I, the New Media Borrower and the New Media Borrower’s subsidiaries, including, among other things, restrictions on indebtedness, liens, investments, fundamental changes, dispositions, and dividends and other distributions. The New Media Credit Agreement contains a financial covenant that requires Holdings I, the New Media Borrower and the New Media Borrower’s subsidiaries to maintain a maximum total leverage ratio of 3.25 to 1.0. The New Media Credit Agreement contains customary events of default. The foregoing description of the Senior Secured Credit Facilities are qualified in their entirety by reference to the Senior Secured Credit Facilities. The New Media Credit Agreement was amended July 17, 2014 to cure an omission. | |||||||||||||||||
One lender under the New Media Credit Agreement was also a lender under the GateHouse Credit Facilities. This portion of the transaction was accounted for as a modification, as the difference between the present value of the cash flows under the New Media Credit Agreement and the present value of the cash flows under the GateHouse Credit Facilities was less than 10%. The unamortized deferred financing costs of $1.9 million and original issuance discount balance of $0.9 million as of the refinance date pertaining to this lender’s portion of the GateHouse Credit Facilities will be amortized over the terms of the new facility. The remaining portion of the Gatehouse Credit Facilities and Local Media Facility debt refinancing constituted an extinguishment of debt, and was accounted for accordingly. In connection with this transaction, New Media incurred approximately $10.2 million of fees and expenses, of which $6.7 million were recognized as original issue discount and $1.7 million were recognized as deferred financing costs. These amounts were capitalized and will be amortized over the terms of the Senior Secured Credit Facilities. Additionally, New Media recorded a loss on early extinguishment of debt of $9.0 million associated with this transaction, which consisted of the write-off of unamortized deferred financing costs and other expenses not eligible for capitalization. | |||||||||||||||||
During September 2014, the New Media Credit Agreement was amended to provide for additional term loans under the Incremental Facility in an aggregate principal amount of $25.0 million (such term loans, the "Incremental Term Loan," and such amendment, the "Incremental Amendment"). The Incremental Term Loan is on terms identical to the term loans that were extended pursuant to the New Media Credit Agreement and will mature on June 4, 2020. In addition, the New Media Borrower was required to pay an upfront fee of 2.00% of the aggregate amount of the Incremental Term Loan as of the effective date of the Incremental Amendment. | |||||||||||||||||
During the twelve months ended December 31, 2014, New Media paid $0.9 million of deferred financing costs related to the GateHouse Credit Facilities and Local Media Credit Facility and $1.7 million related to the New Media Credit Agreement. | |||||||||||||||||
GateHouse Credit Facilities | |||||||||||||||||
The Revolving Credit, Term Loan and Security Agreement (the “First Lien Credit Facility”) dated November 26, 2013 by and among GateHouse, GateHouse Media Intermediate Holdco, LLC formerly known as GateHouse Media Intermediate Holdco, Inc. (“GMIH”), certain wholly-owned subsidiaries of GMIH, all of which are wholly owned subsidiaries of New Media (collectively with GMIH and GateHouse, the “Loan Parties”), PNC Bank, National Association, as the administrative agent, Crystal Financial LLC, as term loan B agent, and each of the lenders party thereto provided for (i) a term loan A in the aggregate principal amount of $25.0 million, a term loan B in the aggregate principal amount of $50.0 million, and a revolving credit facility in an aggregate principal amount of up to $40.0 million. | |||||||||||||||||
The Term Loan and Security Agreement (the “Second Lien Credit Facility” and together with the First Lien Credit Facility, the “GateHouse Credit Facilities”) dated November 26, 2013 by and among the Loan Parties, Mutual Quest Fund and each of the lenders party thereto provided for a term loan in an aggregate principal amount of $50.0 million. The GateHouse Credit Facilities were secured by a first and second priority security interest in substantially all the assets of the Loan Parties. | |||||||||||||||||
The GateHouse Credit Facilities were paid in full on June 4, 2014. | |||||||||||||||||
Local Media Credit Facility | |||||||||||||||||
Certain of Local Media Parent’s subsidiaries (together, the “Borrowers”) and Local Media entered into a Credit Agreement, dated as of September 3, 2013, with a syndicate of financial institutions with Credit Suisse AG, Cayman Islands Branch, as administrative agent (the “Local Media Credit Facility”). | |||||||||||||||||
The Local Media Credit Facility provided for: (a) a $33.0 million term loan facility; and (b) a $10.0 million revolving credit facility, with a $3.0 million sub-facility for letters of credit and a $4.0 million sub-facility for swing loans. The Local Media Credit Facility was secured by a first priority security interest in substantially all assets of the Borrowers and Local Media Parent. In addition, the loans and other obligations of the Borrowers under the Local Media Credit Facility are guaranteed by Local Media Group Holdings LLC. | |||||||||||||||||
The Local Media Credit Facility was paid in full on June 4, 2014. | |||||||||||||||||
Fair Value | |||||||||||||||||
As of December 31, 2014, the estimated fair value of long-term debt under the New Media Credit Agreement was $229.4 million, based on discounted future contractual cash flows and a market interest rate adjusted for necessary risks, including New Media's credit risk as there are no rates currently observable in publicly traded debt markets of risk with similar terms and average maturities. Accordingly, New Media's long-term debt under the New Media Credit Agreement is classified within Level 3 of the fair value hierarchy. | |||||||||||||||||
Payment Schedule | |||||||||||||||||
As of December 31, 2014, scheduled principal payments of New Media's outstanding debt are as follows: | |||||||||||||||||
Amount | |||||||||||||||||
2015 | $ | 2,250 | |||||||||||||||
2016 | 2,250 | ||||||||||||||||
2017 | 2,250 | ||||||||||||||||
2018 | 2,250 | ||||||||||||||||
Thereafter | 220,437 | ||||||||||||||||
229,437 | |||||||||||||||||
Less: Original issue discount | (7,385 | ) | |||||||||||||||
Total New Media debt obligations | $ | 222,052 | |||||||||||||||
New Senior | |||||||||||||||||
The following table presents certain information regarding New Senior’s mortgage notes payable as of December 31, 2014: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Weighted | |||||||||||||||||
Outstanding | Final | Stated | Average | ||||||||||||||
Face | Carrying | Stated | Interest | Maturity | |||||||||||||
Amount | Value | Maturity | Rate | (years) | |||||||||||||
Debt obligation | |||||||||||||||||
Managed Properties | |||||||||||||||||
Fixed rate (A)(B) | $ | 156,763 | $ | 157,623 | Aug 2018 - Mar 2020 | 1.60% to 4.93% | 4.32 | ||||||||||
Floating rate (C) | 278,424 | 278,424 | Aug 2016 - Sep 2019 | LIBOR+2.75% to LIBOR+3.75% | 3.32 | ||||||||||||
Triple Net Lease Properties | |||||||||||||||||
Fixed rate (D) | 708,383 | 708,383 | Jan 2021 - Jan 2024 | 3.83% to 8.00% | 7.05 | ||||||||||||
Floating rate | 115,000 | 115,000 | Oct-17 | LIBOR+3.25% | 2.8 | ||||||||||||
Total | $ | 1,258,570 | $ | 1,259,430 | 5.5 | ||||||||||||
(A) | Includes a loan with an outstanding face amount of $11.4 million, as of December 31, 2014, which has an interest rate is based on the applicable US Treasury Security rates for the first two years. The interest rate is 4.5%, 4.75% and 5.0% for years 3 through 5, respectively. | ||||||||||||||||
(B) | Includes loans with an outstanding face amount of $40.6 million, as of December 31, 2014, for which the Company bought down the interest rate to 4.0% for the first two years. The interest rate will range from 5.99% to 6.76% thereafter. | ||||||||||||||||
(C) | Includes floating rate mortgage loans with a total carrying value of $165.0 million, as of December 31, 2014, which have a LIBOR floor of 1%. | ||||||||||||||||
(D) | Includes loans with an outstanding face amount of $356.8 million and $312.2 million, as of December 31, 2014, for which the Company bought down the interest rates to 4.00% and 3.83%, respectively, through January 2019. The interest rates will increase to 4.99% and 4.56%, respectively, thereafter. | ||||||||||||||||
The carrying value of the collateral relating to the fixed rate and floating rate mortgages was $1,382.0 million and $659.0 million as of December 31, 2014, respectively. | |||||||||||||||||
New Senior’s mortgage notes payable contain various customary financial and other covenants, in some cases including Debt Service Coverage Ratio and Projected Yield, as defined in the agreements. New Senior was in compliance with all of the covenants in its mortgage notes payable agreements as of December 31, 2014. | |||||||||||||||||
The fair value of mortgage notes payable as of December 31, 2014 is $1,283.1 million. | |||||||||||||||||
The disclosed fair value of mortgage notes payable, classified as level 3 within the fair value hierarchy, is based on a discounted cash flow valuation model. Significant inputs in the model include amount and timing of expected future cash flows and market yields which are constructed based on inputs implied from similar debt offerings. | |||||||||||||||||
Payment Schedule | |||||||||||||||||
As of December 31, 2014, scheduled principal payments of New Senior's outstanding debt are as follows: | |||||||||||||||||
Amount | |||||||||||||||||
2015 | $ | 17,046 | |||||||||||||||
2016 | 42,302 | ||||||||||||||||
2017 | 204,128 | ||||||||||||||||
2018 | 206,774 | ||||||||||||||||
2019 | 140,657 | ||||||||||||||||
Thereafter | 647,663 | ||||||||||||||||
Total New Senior debt obligations | $ | 1,258,570 | |||||||||||||||
INCOME_TAXES_AND_TAX_RELATED_P
INCOME TAXES AND TAX RELATED PAYMENTS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
INCOME TAXES AND TAX RELATED PAYMENTS | INCOME TAXES AND TAX RELATED PAYMENTS | |||||||||||
Investment Manager | ||||||||||||
Fortress was established as a publicly traded partnership and also established a wholly owned corporate subsidiary. Accordingly, a substantial portion of Fortress’s income is earned by the corporate subsidiary and subject to U.S. federal and state income taxation, taxed at prevailing rates. The remainder of Fortress’s income is allocated directly to its shareholders and is not subject to a corporate level of taxation. | ||||||||||||
Fortress recognizes compensation expense from the issuance of RSUs and RPUs (Note 8) over their vesting period. Consequently, Fortress records an estimated income tax benefit associated with RSUs and RPUs. However, Fortress is not entitled to an actual deduction on its income tax returns until a later date when the compensation is considered taxable to the employee. The actual income tax deduction can vary significantly from the amount recorded as an income tax benefit in earlier periods and is based on the value of the stock at the date the compensation is taxable to the employee. | ||||||||||||
The equity-based compensation resulted in $7.8 million, $26.0 million and $13.9 million of recognized current tax benefit for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
At each tax deduction date, Fortress is required to compare the amount of the actual income tax benefit to the estimated amount recognized earlier. Excess tax benefits associated with RSUs and RPUs are credited to stockholders' equity to the extent that the actual tax benefit is greater than what was previously estimated. If the actual tax benefit is less than that estimated, which will occur if the price of the stock has declined during the vesting period, Fortress has a “tax shortfall.” The tax shortfall must be charged to income tax expense to the extent Fortress does not have prior excess tax benefits (i.e., prior actual tax benefits associated with RSUs and RPUs that were greater than the estimated benefits). | ||||||||||||
For the year ended December 31, 2014, Fortress recorded $3.5 million, to paid in capital for excess tax benefits from RSUs delivered during these periods and as a financing activity on the consolidated statements of cash flows. | ||||||||||||
Based on the value of the RSUs and RPUs which vested during the years ended December 31, 2013 and 2012, Fortress has tax shortfalls of $24.6 million and $32.1 million, respectively, which have been charged to income tax expense during these periods. | ||||||||||||
The provision for income taxes consists of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
Federal income tax expense (benefit) | $ | 7,558 | $ | 1,185 | $ | (223 | ) | |||||
Foreign income tax expense (benefit) | 12,258 | 8,875 | 9,550 | |||||||||
State and local income tax expense (benefit) | 5,175 | 1,310 | 639 | |||||||||
24,991 | 11,370 | 9,966 | ||||||||||
Deferred | ||||||||||||
Federal income tax expense (benefit) | (1,051 | ) | 47,953 | 27,559 | ||||||||
Foreign income tax expense (benefit) | 1,115 | 65 | 1,718 | |||||||||
State and local income tax expense (benefit) | (18,108 | ) | 6,413 | 165 | ||||||||
(18,044 | ) | 54,431 | 29,442 | |||||||||
Total expense (benefit) | $ | 6,947 | $ | 65,801 | $ | 39,408 | ||||||
For the years ended December 31, 2014, 2013 and 2012, deferred income taxes of $0.5 million, $(0.7) million and $0.2 million were credited (debited) to other comprehensive income, primarily related to foreign currency translation. Current income tax benefits of $0.7 million, $0.0 million and $0.6 million were credited to paid-in capital in those years, respectively, related to (i) dividend equivalent payments on RSUs (Note 9), as applicable, and (ii) distributions to Fortress Operating Group restricted partnership unit holders (Note 9), which are currently deductible for income tax purposes. | ||||||||||||
Fortress established deferred tax assets in connection with its initial public offering and related transactions in 2007, as well as in connection with its subsequent public offering of shares. These transactions resulted in increases to the tax basis of FIG Corp.'s ownership interests in the assets owned by Fortress Operating Group. Fortress established these deferred tax assets for the expected tax benefits associated with the difference between the financial reporting basis of net assets and the tax basis of net assets. The establishment of the deferred tax assets increased additional paid in capital. These deferred tax assets reflect the tax impact of payments expected to be made under the tax receivable agreement (described below), which further increase Fortress’s deferred tax benefits and the estimated payments due under the tax receivable agreement. | ||||||||||||
FIG Corp. decreased its ownership in the underlying Fortress Operating Group entities during the year ended December 31, 2014 as a result of the purchase of Class A shares from the Nomura. This decrease was offset by an increase from the delivery of vested RSUs (Note 8) and the offering of Class A shares and the repurchase of an equivalent number of outstanding Fortress Operating Group units and an equal number of Class B shares. FIG Corp. increased its ownership in the underlying Fortress Operating Group entities during 2013 and 2012 through (i) the exchanges by the Principals and a former senior employee of Fortress Operating Group units and Class B shares for Class A shares (as described in Note 9), (ii) the delivery of vested RSUs and RPUs (Note 8), and (iii) the repurchase of Fortress Operating Group units and Class B shares from a former Principal (Note 9). As a result of the changes in ownership, the deferred tax asset was increased (decreased) by $(8.0) million, $2.7 million and $16.0 million with offsetting increases (decreases) of $(3.5) million, $0.5 million and $0.8 million to the valuation allowance (described below), in 2014, 2013 and 2012, respectively. In addition, the deferred tax asset was increased by $48.5 million, $12.1 million and $11.7 million related to a step-up in tax basis due to the share exchanges which will result in additional tax deductions, with offsetting increases in the valuation allowance of $0.9 million, $0.9 million and $1.0 million, while the liability for the tax receivable agreement was increased by $39.1 million, $0.1 million and $0.1 million to represent 85% of the expected cash tax savings resulting from the increase in tax basis deductions, in 2014, 2013 and 2012 respectively. Furthermore, deferred income taxes of $1.0 million was debited to paid-in capital related to the tax gain on treasury shares issued to employees in connection with equity-based compensation deliveries in 2013. The establishment of these net deferred tax assets, net of the change in the tax receivable agreement liability, also increased additional paid in capital. | ||||||||||||
The realization of the deferred tax assets is dependent on the amount of Fortress’s future taxable income before deductions related to the establishment of the deferred tax asset. The deferred tax asset is comprised of a portion that would be realized in connection with future ordinary income and a portion that would be realized in connection with future capital gains. | ||||||||||||
Fortress projects that it will have sufficient future taxable ordinary income in the normal course of business without any projected significant change in circumstances to fully realize the portion of the deferred tax asset that would be realized in connection with future ordinary income. Such projections do not include material changes in AUM or incentive income from the current levels. However, the projections do contain an estimated marginal growth assumption. Based on Fortress’s historical and projected taxable income, management has concluded that the realization of the portion of the deferred tax asset that would be realized in connection with future taxable ordinary income is more likely than not. If Fortress’s estimates change in the future and it is determined that it is more likely than not that some portion, or all, of this portion of the deferred tax asset will not be realized, a valuation allowance would be recorded for that portion. However, in most cases, any tax expense recorded in connection with the establishment of a valuation allowance or the reversal of a deferred tax asset would be partially offset by other income recorded in connection with a corresponding reduction of a portion of the tax receivable agreement liability (see below). The following table sets forth Fortress’s federal taxable income for historical periods before deductions relating to the establishment of the deferred tax assets, other than deferred tax assets arising from equity-based compensation, as well as the average ordinary income needed over the approximate period of the deductibility (approximately 15 years from the date of establishment, based on the amortization period of the tax basis intangible assets recorded) in order to fully realize the portion of the deferred tax asset that would be realized in connection with future ordinary income (in millions): | ||||||||||||
2010 | $ | 77.6 | ||||||||||
2011 | 53.5 | |||||||||||
2012 | 80.9 | |||||||||||
2013 | 90.7 | |||||||||||
2014: Estimated | 127.4 | |||||||||||
2015 - 2022: Average Required | $ | 91.7 | ||||||||||
Fortress has made an assessment of the realizability of the portion of the deferred tax asset that would only be realized in connection with future capital gains. Fortress has established a full valuation allowance for this portion of the deferred tax asset as management does not believe that the projected generation of material taxable capital gains is sufficiently assured in the foreseeable future. The establishment of the valuation allowance resulted in a reduction of the obligations associated with the tax receivable agreement and a corresponding reduction of the deferred tax asset. Fortress recorded other income in connection with the adjustments to the tax receivable agreement liability. | ||||||||||||
The tax effects of temporary differences have resulted in deferred income tax assets and liabilities as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Pre-IPO equity transaction - tax basis adjustment | ||||||||||||
Tax basis goodwill and other intangible assets | $ | 235,372 | $ | 239,910 | ||||||||
Other assets | 19,161 | 19,341 | ||||||||||
Principals’ (and a former senior employee’s) exchanges - tax basis adjustment | ||||||||||||
Tax basis goodwill and other intangible assets | 76,390 | 31,788 | ||||||||||
Other assets | 2,417 | 1,558 | ||||||||||
Public offering basis difference | (922 | ) | 15,725 | |||||||||
Compensation and benefits | 11,017 | 8,557 | ||||||||||
Options in affiliates | 3,558 | 6,975 | ||||||||||
Partnership basis differences (A) | 77,158 | 70,581 | ||||||||||
Other | 15,008 | 26,592 | ||||||||||
Gross deferred tax assets | 439,159 | 421,027 | ||||||||||
Less: | ||||||||||||
Valuation allowance | (13,072 | ) | (49,805 | ) | ||||||||
Deferred tax liabilities (B) | (8,464 | ) | (16,696 | ) | ||||||||
Deferred tax assets, net | $ | 417,623 | $ | 354,526 | ||||||||
(A) | Difference in book and tax basis from underlying partnership investments. | |||||||||||
(B) | The deferred tax liabilities primarily relate to timing differences in the recognition of income from compensatory options received from certain Permanent Capital Vehicles (Note 4). Deferred tax assets are shown net of deferred tax liabilities since they are both primarily of similar tax character and tax jurisdiction. | |||||||||||
The following table summarizes the change in the deferred tax asset valuation allowance: | ||||||||||||
Valuation Allowance at December 31, 2012 | $ | 83,025 | ||||||||||
Due to FIG Corp. ownership change | 1,461 | |||||||||||
Net decreases (A) | (34,681 | ) | ||||||||||
Valuation Allowance at December 31, 2013 | $ | 49,805 | ||||||||||
Due to FIG Corp. ownership change | (2,575 | ) | ||||||||||
Net decreases (A) | (34,158 | ) | ||||||||||
Valuation Allowance at December 31, 2014 | $ | 13,072 | ||||||||||
(A) | Primarily related to the write-off of certain fully reserved deferred tax assets associated with funds in the process of liquidation, and by the change in the portion of the deferred tax asset that would be realized in connection with future capital gains. | |||||||||||
Fortress’s effective income tax expense rate is impacted by a variety of factors including, but not limited to, changes in the mix of businesses producing income or loss, which may be subject to tax at different rates, and related changes to Fortress’s structure, as well as changes in the deferred tax asset which, in turn, may result from a variety of factors. A reconciliation of the U.S. federal statutory income tax expense rate to Fortress’s effective income tax expense rate is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
(Income) loss passed through to stockholders | (17.95 | )% | (13.30 | )% | (25.66 | )% | ||||||
State and local income taxes | 6.08 | % | 4.33 | % | 3.52 | % | ||||||
Change in tax rate on certain deferred tax benefits (A) | (16.08 | )% | (0.60 | )% | (2.06 | )% | ||||||
Tax receivable agreement liability adjustment (B) | 10.74 | % | 1.16 | % | 2.64 | % | ||||||
Foreign taxes | 6.54 | % | 1.55 | % | 7.03 | % | ||||||
Deferred tax asset write-off (C) | 14 | % | 8.41 | % | 24.29 | % | ||||||
Valuation allowance (D) | (31.65 | )% | (11.95 | )% | (9.02 | )% | ||||||
Other | (0.24 | )% | 0.11 | % | (2.26 | )% | ||||||
Effective income tax rate (E) | 6.44 | % | 24.71 | % | 33.48 | % | ||||||
(A) | Primarily related to enacted legislative changes to New York State corporate taxation, which increased the value of certain future tax benefits. | |||||||||||
(B) | Relates to the tax receivable agreement discussed below, which is not tax deductible and represents a significant permanent tax/GAAP difference. | |||||||||||
(C) | In 2014, write-off of deferred tax assets relating to public offering basis difference, fully offset by a reversal of the related valuation allowance. For the years 2013 and 2012, write-off of deferred tax assets relating to the tax shortfall created by the vesting of RSUs and RPUs. | |||||||||||
(D) | Primarily attributable to the reduction of the valuation allowance related to certain deferred tax assets associated with funds in the process of liquidation and by the change to the portion of the valuation allowance related to the deferred tax asset that is expected to be realized in connection with future capital gains. | |||||||||||
(E) | The Effective income tax rate is computed by dividing Income tax benefit (expense) for the period by the sum of (i) Income (Loss) Before Income Taxes less (ii) Principals' and Others' Interests in Income (Loss) of Consolidated Subsidiaries for the period. | |||||||||||
Tax Receivable Agreement | ||||||||||||
The Principals have the right to exchange each of their Fortress Operating Group units for one Class A share. Certain Fortress Operating Group entities have made an election under Section 754 of the Internal Revenue Code, as amended, which may result in an adjustment to the tax basis of the assets owned by Fortress Operating Group at the time of an exchange. The exchange may result in increases in tax deductions and tax basis that would reduce the amount of tax that the corporate taxpayers (i.e. FIG Corp., a wholly-owned Fortress subsidiary) would otherwise be required to pay in the future. Additionally, the further acquisition of Fortress Operating Group units from the Principals also may result in increases in tax deductions and tax basis that would reduce the amount of tax that the corporate taxpayers would otherwise be required to pay in the future. | ||||||||||||
The corporate taxpayers entered into a tax receivable agreement with each of the Principals that provides for the payment to an exchanging or selling Principal of 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income tax that the corporate taxpayers actually realize (or are deemed to realize in the case of an early termination payment by the corporate taxpayers or a change of control, as defined) as a result of these increases in tax basis. Such payments are expected to occur over approximately the next 15 years. Although Fortress is not aware of any issue that would cause the IRS to challenge a tax basis increase, the Principals will not reimburse Fortress for any payments made under this agreement if tax savings claimed are later disallowed by the IRS. In connection with certain equity transactions that occurred prior to Fortress’s initial public offering, and related tax effects, a $393.0 million capital decrease and offsetting liability to the Principals was recorded in Due to Affiliates with respect to the tax receivable agreement. Subsequently, this liability has been adjusted based on transactions of the nature described above and for payments under the agreement. In connection with the tax returns filed for the years ended December 31, 2013, 2012 and 2011, $23.9 million (paid in 2014), $21.6 million (paid in 2013) and $16.5 million (paid in 2012) was paid to the Principals under the tax receivable agreement, respectively. For the tax year ended December 31, 2014, the payment which is expected to become due pursuant to the tax receivable agreement is approximately $26.6 million subject to the finalization of Fortress’s 2014 tax return. To the extent that a portion, or all, of this liability is not expected to be incurred (due to changes in expected taxable income), the liability is reduced. For the year ending December 31, 2014, an expense of $33.1 million was recognized as a result of an increase in the tax receivable agreement liability mainly attributable to (i) reversal of the valuation allowance associated with certain tax benefits expected to generate future payments under the tax receivable agreement and (ii) the change to the estimated effective tax rate applicable to future benefits as a result of enacted legislative changes to New York State corporate taxation. | ||||||||||||
Non-Investment Manager | ||||||||||||
New Media | ||||||||||||
Income tax expense (benefit) consists of the following: | ||||||||||||
Period from | ||||||||||||
February 14, 2014 to | ||||||||||||
31-Dec-14 | ||||||||||||
Current | ||||||||||||
Federal income expense (benefit) | $ | — | ||||||||||
State and local income expense (benefit) | (108 | ) | ||||||||||
(108 | ) | |||||||||||
Deferred | ||||||||||||
Federal income expense (benefit) | 2,256 | |||||||||||
State and local income expense (benefit) | 565 | |||||||||||
2,821 | ||||||||||||
Total New Media income tax expense (benefit) | $ | 2,713 | ||||||||||
The tax effects of temporary differences that give rise to significant portions of the net deferred tax liabilities, included in other liabilities, net on the consolidated balance sheets, as of December 31, 2014 are presented below: | ||||||||||||
December 31, 2014 | ||||||||||||
Definite and indefinite lived intangible assets | $ | 65,729 | ||||||||||
Net operating losses | 79,522 | |||||||||||
Other | 27,696 | |||||||||||
Total deferred tax assets | 172,947 | |||||||||||
Less: | ||||||||||||
Valuation allowance | (138,316 | ) | ||||||||||
Deferred tax liabilities (A) | (37,452 | ) | ||||||||||
Deferred tax liabilities, net | $ | (2,821 | ) | |||||||||
(A) | The deferred tax liabilities primarily relate to timing differences in the recognition of depreciation expense related to fixed assets. Deferred tax assets are shown net of deferred tax liabilities since they are both primarily of similar tax character and tax jurisdiction. | |||||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. | ||||||||||||
As of December 31, 2014, the valuation allowance was $138.3 million. | ||||||||||||
As of December 31, 2014, New Media had tax effected net operating loss carryforwards for federal and state income tax purposes of approximately $79.5 million, which are available to offset future taxable income, if any. These federal and state net operating loss carryforwards begin to expire on various dates from 2019 through 2033. The majority of the operating losses are subject to the limitations of Internal Revenue Code (the “Code”) Section 382. This section provides limitations on the availability of net operating losses to offset current taxable income if significant ownership changes have occurred for Federal tax purposes. | ||||||||||||
As of December 31, 2014, New Media had uncertain tax positions of $1.0 million which, if recognized, would impact its effective tax rate. New Media does not anticipate significant increases or decreases in its uncertain tax positions within the next twelve months. New Media did not record significant amounts of interest and penalties related to uncertain tax positions for the period from February 14, 2014 to December 31, 2014. | ||||||||||||
New Media files a U.S. federal consolidated income tax return for which the statute of limitations remains open for the 2011 tax year and beyond. U.S. state jurisdictions have statute of limitations generally ranging from 3 to 6 years. | ||||||||||||
New Senior | ||||||||||||
Income tax expense (benefit) consists of the following: | ||||||||||||
Period from | ||||||||||||
November 7, 2014 to | ||||||||||||
December 31, 2014 | ||||||||||||
Current | ||||||||||||
Federal income expense (benefit) | $ | (766 | ) | |||||||||
State and local income expense (benefit) | 33 | |||||||||||
$ | (733 | ) | ||||||||||
Deferred | ||||||||||||
Federal income expense (benefit) | $ | 927 | ||||||||||
State and local income expense (benefit) | 2 | |||||||||||
$ | 929 | |||||||||||
Total New Senior income tax expense (benefit) | $ | 196 | ||||||||||
New Senior intends to elect and qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of New Senior’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. | ||||||||||||
Certain of New Senior's activities are conducted through a taxable REIT subsidiary (“TRS”) and therefore are subject to federal and state income taxes. Further, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||||||||||
New Senior recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. As of December 31, 2014, New Senior had no uncertain tax positions. | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of New Senior's deferred tax assets as of December 31, 2014 are presented below: | ||||||||||||
December 31, 2014 | ||||||||||||
Deferred tax assets: | ||||||||||||
Depreciation and amortization | $ | 1,123 | ||||||||||
Prepaid fees and rent | 1,170 | |||||||||||
Net operating loss | 2,838 | |||||||||||
Other | 22 | |||||||||||
Total deferred tax assets | $ | 5,153 | ||||||||||
Less valuation allowance | — | |||||||||||
Net deferred tax assets | $ | 5,153 | ||||||||||
On the consolidated balance sheets, deferred tax assets are recorded within Non-Investment Manager - Other assets, net. | ||||||||||||
In assessing the recoverability of deferred tax assets, New Senior considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. New Senior has not recorded a valuation allowance against its deferred tax assets as of December 31, 2014, as New Senior believes that it is more likely than not that its deferred tax assets will be realized. |
RELATED_PARTY_TRANSACTIONS_AND
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED SUBSIDIARIES | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED SUBSIDIARIES | RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED SUBSIDIARIES | |||||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||||||
Affiliate Receivables and Payables | ||||||||||||||||||||||||||||||||
Due from affiliates was comprised of the following: | ||||||||||||||||||||||||||||||||
Private Equity | Liquid | Credit | ||||||||||||||||||||||||||||||
Permanent | Hedge | Hedge | PE | Logan | ||||||||||||||||||||||||||||
December 31, 2014 | Funds | Capital Vehicles | Funds | Funds | Funds | Circle | Other | Total | ||||||||||||||||||||||||
Management fees and incentive income (A) | $ | 35,970 | $ | 62,008 | $ | 15,634 | $ | 96,996 | $ | 18,393 | 1,089 | $ | — | $ | 230,090 | |||||||||||||||||
Expense reimbursements (A) | 1,335 | 3,202 | 12,940 | 9,264 | 10,077 | 164 | — | 36,982 | ||||||||||||||||||||||||
Expense reimbursements - FCF (B) | 34,660 | 49 | — | — | — | — | — | 34,709 | ||||||||||||||||||||||||
Dividends and distributions | — | 295 | — | — | — | — | — | 295 | ||||||||||||||||||||||||
Other | — | 1,346 | — | — | — | — | 16,896 | 18,242 | ||||||||||||||||||||||||
Total | $ | 71,965 | $ | 66,900 | $ | 28,574 | $ | 106,260 | $ | 28,470 | $ | 1,253 | $ | 16,896 | $ | 320,318 | ||||||||||||||||
Private Equity | Liquid | Credit | ||||||||||||||||||||||||||||||
Permanent | Hedge | Hedge | PE | Logan | ||||||||||||||||||||||||||||
31-Dec-13 | Funds | Capital Vehicles | Funds | Funds | Funds | Circle | Other | Total | ||||||||||||||||||||||||
Management fees and incentive income (A) | $ | 40,456 | $ | 21,701 | $ | 89,400 | $ | 144,749 | $ | 18,143 | $ | 689 | $ | — | $ | 315,138 | ||||||||||||||||
Expense reimbursements (A) | 2,599 | 4,905 | 6,437 | 7,118 | 14,656 | 64 | — | 35,779 | ||||||||||||||||||||||||
Expense reimbursements - FCF (B) | 42,872 | 100 | — | — | — | — | — | 42,972 | ||||||||||||||||||||||||
Dividends and distributions | — | 405 | — | — | — | — | — | 405 | ||||||||||||||||||||||||
Other | — | 698 | — | — | 4 | — | 12,128 | 12,830 | ||||||||||||||||||||||||
Total | $ | 85,927 | $ | 27,809 | $ | 95,837 | $ | 151,867 | $ | 32,803 | $ | 753 | $ | 12,128 | $ | 407,124 | ||||||||||||||||
(A) | Net of allowances for uncollectible management fees and expense reimbursements of $12.2 million and $6.6 million at December 31, 2014, respectively, and of $12.2 million and $6.3 million as of December 31, 2013, respectively. Allowances are recorded as General and Administrative expenses. As of December 31, 2014, excludes $3.0 million of management fees and incentive income due from New Media and New Senior and $3.2 million of expense reimbursements due from New Media and New Senior, which are eliminated in consolidation. | |||||||||||||||||||||||||||||||
(B) | Represents expense reimbursements due to FCF, a consolidated VIE. | |||||||||||||||||||||||||||||||
As of December 31, 2014, amounts due from Fortress Funds recorded in due from affiliates on the consolidated balance sheets included $33.6 million of past due management fees, excluding $12.2 million which has been fully reserved by Fortress, and $11.3 million of private equity general and administrative expenses advanced on behalf of certain Fortress Funds, excluding $6.6 million which has been fully reserved by Fortress. Although such funds are currently experiencing liquidity issues, Fortress believes the unreserved portion of these fees and reimbursable expenses will ultimately be collectible. The unreserved amounts are primarily due from a fund and the amounts represent less than 5% of such fund's NAV. | ||||||||||||||||||||||||||||||||
Due to affiliates was comprised of the following: | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Principals - tax receivable agreement - Note 6 | $ | 289,324 | $ | 241,006 | ||||||||||||||||||||||||||||
Principals - Principal Performance Payments - Note 8 | 30,659 | 45,524 | ||||||||||||||||||||||||||||||
Distributions payable on Fortress Operating Group units | — | 5,160 | ||||||||||||||||||||||||||||||
Other | 11,411 | 11,345 | ||||||||||||||||||||||||||||||
General partner liability - Note 10 | 44,030 | 41,797 | ||||||||||||||||||||||||||||||
$ | 375,424 | $ | 344,832 | |||||||||||||||||||||||||||||
Other Related Party Transactions | ||||||||||||||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, other revenues on the consolidated statements of operations included approximately $2.4 million, $1.7 million and $2.5 million, respectively, of revenues from affiliates, primarily interest and dividends. | ||||||||||||||||||||||||||||||||
Fortress has entered into cost sharing arrangements with certain Fortress Funds, including market data services and subleases of certain of its office space. Fortress pays these costs directly and recharges the related Fortress Funds. | ||||||||||||||||||||||||||||||||
Certain Portfolio Companies and Fortress Funds are co-owned by, have merged with, and/or have engaged in transactions (including loans) with, other Portfolio Companies and Fortress Funds. Generally, co-ownership arrangements are entered into due to transaction size limitations in individual funds and transactions between Portfolio Companies take advantage of relevant expertise possessed by these entities. In some instances, Portfolio Companies have entered into contracts with other Portfolio Companies or with certain of Fortress’s equity method investees to provide services to, or receive services from, these entities, including asset management, consulting, loan servicing and others. These contracts were entered into because the entity providing the service possessed relevant expertise. | ||||||||||||||||||||||||||||||||
From time to time, Fortress may advance amounts on behalf of affiliates for limited periods. In such cases it generally charges interest to these affiliates. In 2014, 2013 and 2012, Fortress waived $1.5 million, $1.8 million and $3.8 million, respectively, of interest owed from its private equity funds related to management fees paid in arrears. One of Fortress’s consolidated subsidiaries (not a Fortress Fund) acts as the loan origination platform for certain Fortress Funds. In this respect, it holds commercial lending licenses in various states and received fees for its loan origination duties of less than $0.1 million during 2014, and $0.1 million and $0.1 million during 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
The principals and certain executive officers of Fortress may also serve as directors and/or officers of each of the publicly traded permanent capital vehicles and of certain Portfolio Companies and may have investments in these entities as well as in other Fortress Funds. | ||||||||||||||||||||||||||||||||
From time to time, employees of Fortress mutually agree with Fortress to terminate their employment in order to accept employment opportunities at the Fortress Funds, Portfolio Companies, or other affiliates. To the extent these former employees had been granted RSUs by Fortress, they are generally permitted to continue vesting in these RSUs pursuant to their original vesting terms as long as they remain employed by an affiliate. | ||||||||||||||||||||||||||||||||
From time to time, Fortress makes advances to senior employees (who are not officers). These advances may be due on a certain date, at termination or upon the maturity of a Fortress Fund (generally when the advances are to finance employee fund investments). Outstanding advances can be summarized as follows: | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Amount outstanding | $4.7 million | $3.9 million | ||||||||||||||||||||||||||||||
Range of interest rates | LIBOR +4% to LIBOR +4.25% | LIBOR +4% to LIBOR + 4.25% | ||||||||||||||||||||||||||||||
Subsequent to December 31, 2014, Fortress made an advance of $1.8 million to a senior employee (who is not an officer) at an interest rate equal to LIBOR plus 4.0%. | ||||||||||||||||||||||||||||||||
In connection with its initial public offering, Fortress entered into a tax receivable agreement with the Principals, as described in Note 6, and the Principals entered into a forfeiture agreement with each other, as described in Note 8. The Principals, employees, directors and Fortress Funds have and continue to make investments in Fortress Funds and Portfolio Companies. | ||||||||||||||||||||||||||||||||
The Principals have guaranteed payment on a several basis to certain Fortress private equity funds and credit PE funds of any contingent repayment (clawback) obligation with respect to such private equity fund or credit PE fund incentive income in the event that Fortress fails to fulfill its clawback obligation, if any, with respect to such fund. | ||||||||||||||||||||||||||||||||
In March 2012, as a result of the repeal of the exemption from registration under the Investment Advisers Act of 1940 for family offices, Fortress hired the personnel of the Principals’ family offices and entered into investment management agreements with the family offices. Pursuant to these agreements, these individuals work solely on the Principals’ personal financial matters, and the Principals reimburse Fortress for their compensation expense attributable to them. The total amount of such expenses was $3.5 million, $3.1 million and $2.7 million in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
Two of the Principals leased or indirectly owned aircraft that Fortress chartered from a third-party aircraft operator for business purposes in the course of operations. Fortress and/or the funds, depending on the purposes of the trip, paid market rates for the charters. With respect to one of the Principals, these amounts totaled $2.2 million, $1.8 million and $1.8 million in 2014, 2013 and 2012, respectively. With respect to the other Principal, these amounts totaled $0.6 million, $0.4 million and $0.3 million in 2014, 2013 and 2012, respectively. The operators remitted a portion of these amounts to the Principals. | ||||||||||||||||||||||||||||||||
In January 2012, Fortress subleased an aircraft from one of its Principals for approximately two months, primarily to ensure compliance with regulations of the Federal Aviation Administration. During the term of the lease, Fortress used the aircraft for business purposes. The amount due to the Principal for the sublease was $0.1 million. | ||||||||||||||||||||||||||||||||
In addition to the other transactions discussed above, the Principals receive limited benefits from Fortress in addition to their compensation, including the personal use of certain company assets and personnel for which they reimburse Fortress. The amounts subject to reimbursement aggregated $0.4 million, $0.0 million and $0.2 million in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
Principals’ and Others’ Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||
These amounts relate to equity interests in Fortress’s consolidated, but not wholly owned, subsidiaries, which are held by the Principals, employees, and others. | ||||||||||||||||||||||||||||||||
This balance sheet caption was comprised of the following: | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fortress Operating Group units held by the principals and a former senior employee | $ | 555,724 | $ | 725,424 | ||||||||||||||||||||||||||||
Employee interests in majority owned and controlled fund advisor and general partner entities | 80,333 | 62,381 | ||||||||||||||||||||||||||||||
Other | 2,303 | 2,033 | ||||||||||||||||||||||||||||||
Total | $ | 638,360 | $ | 789,838 | ||||||||||||||||||||||||||||
The Fortress Operating Group portion of these interests is computed as follows: | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fortress Operating Group equity (Note 13) | $ | 2,935,460 | $ | 1,489,701 | ||||||||||||||||||||||||||||
Less: Others' interests in equity of consolidated subsidiaries (Note 13) | (82,636 | ) | (64,414 | ) | ||||||||||||||||||||||||||||
Non-controlling interests in equity of Investment Company - consolidated VIEs | (85,001 | ) | — | |||||||||||||||||||||||||||||
Non-controlling interests in equity of Non-Investment Manager - consolidated VIEs | (1,700,172 | ) | — | |||||||||||||||||||||||||||||
Total Fortress shareholders' equity in Fortress Operating Group | $ | 1,067,651 | $ | 1,425,287 | ||||||||||||||||||||||||||||
Fortress Operating Group units outstanding (A) | 226,331,513 | 249,534,372 | ||||||||||||||||||||||||||||||
Class A shares outstanding | 208,535,157 | 240,741,920 | ||||||||||||||||||||||||||||||
Total | 434,866,670 | 490,276,292 | ||||||||||||||||||||||||||||||
Fortress Operating Group units as a percent of total (B) | 52 | % | 50.9 | % | ||||||||||||||||||||||||||||
Equity of Fortress Operating Group units held by the Principals and a former senior employee | $ | 555,724 | $ | 725,424 | ||||||||||||||||||||||||||||
(A) | Held by the Principals and a former senior employee; exclusive of Class A shares. | |||||||||||||||||||||||||||||||
(B) | As a result, the Registrant owned 48.0% and 49.1% of Fortress Operating Group as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
This statement of operations caption was comprised of shares of consolidated net income (loss) related to the following: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Fortress Operating Group units held by the Principals and a former senior employee | $ | 134,033 | $ | 276,683 | $ | 132,950 | ||||||||||||||||||||||||||
Employee interests in majority owned and controlled fund advisor and general partner entities | 4,657 | 6,456 | 7,402 | |||||||||||||||||||||||||||||
Other | 270 | 5 | 186 | |||||||||||||||||||||||||||||
Total | $ | 138,960 | $ | 283,144 | $ | 140,538 | ||||||||||||||||||||||||||
The Fortress Operating Group portion of these interests is computed as follows: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Fortress Operating Group net income (loss) (Note 13) | $ | 256,174 | $ | 545,623 | $ | 255,770 | ||||||||||||||||||||||||||
Adjust: | ||||||||||||||||||||||||||||||||
Others' interests in net (income) loss of consolidated subsidiaries (Note 13) | (4,927 | ) | (6,461 | ) | (7,588 | ) | ||||||||||||||||||||||||||
Redeemable Non-controlling interests in (income) loss of Investment Company - | 709 | — | — | |||||||||||||||||||||||||||||
consolidated VIE | ||||||||||||||||||||||||||||||||
Non-controlling interests in (income) loss of Investment Company - consolidated | (9,737 | ) | — | — | ||||||||||||||||||||||||||||
VIEs | ||||||||||||||||||||||||||||||||
Non-controlling interests (income) loss of Non-Investment Manager - | 14,593 | — | — | |||||||||||||||||||||||||||||
consolidated VIEs | ||||||||||||||||||||||||||||||||
Total Fortress shareholders' net income (loss) in Fortress Operating Group | $ | 256,812 | $ | 539,162 | $ | 248,182 | ||||||||||||||||||||||||||
Fortress Operating Group as a percent of total (A) | 52.2 | % | 51.3 | % | 53.6 | % | ||||||||||||||||||||||||||
Fortress Operating Group net income (loss) attributable to the Principals and a former senior employee | $ | 134,033 | $ | 276,683 | $ | 132,950 | ||||||||||||||||||||||||||
(A) | Represents the weighted average percentage of total Fortress shareholders' net income (loss) in Fortress Operating Group attributable to the Principals and a former senior employee. | |||||||||||||||||||||||||||||||
The following represents the effects of changes in Fortress’s ownership interest in Fortress Operating Group on Fortress’s equity: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Net Income (loss) attributable to Class A shareholders | $ | 99,962 | $ | 200,447 | $ | 78,284 | ||||||||||||||||||||||||||
Transfers (to) from the Principals' and Others' Interests: | ||||||||||||||||||||||||||||||||
Increase in Fortress’s shareholders’ equity for the conversion of Fortress Operating Group units by the Principals and a former senior employee | — | 10,143 | 22,166 | |||||||||||||||||||||||||||||
Increase in Fortress’s shareholders’ equity for the purchase of Fortress Operating Group units from one Principal | — | — | 44,242 | |||||||||||||||||||||||||||||
Increase in Fortress’s shareholders’ equity for the delivery of Class A shares primarily in connection with vested RSUs and RPUs | 5,835 | 14,005 | 14,769 | |||||||||||||||||||||||||||||
Increase in Fortress's shareholders' equity for the public offering of Class A shares and repurchase of Class B shares and FOGUs | 53,510 | — | — | |||||||||||||||||||||||||||||
Decrease in Fortress's shareholders' equity for the repurchase and cancellation of Class A shares and FOGUs | (101,156 | ) | — | — | ||||||||||||||||||||||||||||
Change from net income (loss) attributable to Fortress and transfers (to) from Principals’ and Others' Interests | $ | 58,151 | $ | 224,595 | $ | 159,461 | ||||||||||||||||||||||||||
EQUITYBASED_AND_OTHER_COMPENSA
EQUITY-BASED AND OTHER COMPENSATION | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||
EQUITY-BASED AND OTHER COMPENSATION | EQUITY-BASED AND OTHER COMPENSATION | |||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Fortress’s total compensation and benefits expense, excluding Principals Agreement Compensation, but including Principal Performance Payments (described below), is comprised of the following: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Equity-based compensation, per below | $ | 38,157 | $ | 39,266 | $ | 213,274 | ||||||||||||||||||||||
Profit-sharing expense, per below | 269,903 | 263,436 | 154,658 | |||||||||||||||||||||||||
Discretionary bonuses | 239,561 | 220,114 | 197,677 | |||||||||||||||||||||||||
Other payroll, taxes and benefits | 248,481 | 218,945 | 184,750 | |||||||||||||||||||||||||
$ | 796,102 | $ | 741,761 | $ | 750,359 | |||||||||||||||||||||||
Equity-Based Compensation | ||||||||||||||||||||||||||||
Fortress currently has several categories of equity-based compensation which are accounted for as described in the table below. A total of 181,593,848 Class A shares have been authorized for issuance under Fortress’s equity-based compensation plan as of December 31, 2014. RSUs are Class A restricted share units which entitle the holder to receive Class A shares on various future dates if the applicable service conditions, if any, are met. | ||||||||||||||||||||||||||||
Service | Entitled to | 31-Dec-14 | ||||||||||||||||||||||||||
Type of | Conditions | Dividends | Shares/Units | |||||||||||||||||||||||||
Granted To | Award | (A) | (B) | Accounting | Outstanding | |||||||||||||||||||||||
Employees | RSUs | Yes | Yes | Fair value at grant date expensed over service period. | 7,196,292 | |||||||||||||||||||||||
RSUs | Yes | No | Fair value at grant date discounted for the non-entitlement to dividends, expensed over service period. | 12,957,454 | ||||||||||||||||||||||||
RPUs (C) | Yes (C) | Yes (C) | Fair value at grant date expensed over service period. | — | ||||||||||||||||||||||||
Directors | Restricted Shares | Yes | Yes | Fair value at grant date expensed over service period. | 1,045,134 | |||||||||||||||||||||||
Non- Employees (employees of affiliates and former employee) | RSUs | Yes | No | Fair value at grant date discounted for the non-entitlement to dividends, expensed over service period. Subsequent changes in fair value, through the vesting date, expensed over remaining service period with a cumulative catch-up adjustment in the period of change. | 396,874 | |||||||||||||||||||||||
(A) | Generally, employee awards made at the time of the initial public offering vested 25% at the end of each of the third through sixth years of service (with a final vesting in January 2013). Subsequent employee awards made through December 31, 2011 generally vest over 2.5 years, 33 1/3% at each of three annual dates. Employee awards made during 2012, 2013 and 2014 generally vest over 3 years, 50% each in years two and three. Certain employees have different vesting schedules. Vesting of awards may be accelerated if an employee is terminated without cause, or in the event of death or disability, or a change in control of Fortress. | |||||||||||||||||||||||||||
(B) | Vested Class A shares are delivered to employee grant recipients within no more than six months after vesting or, in certain circumstances, on an agreed schedule. Director restricted shares are delivered effective on the grant date. Certain awards entitle the recipient to receive dividend equivalent payments prior to such delivery dates or between vesting and delivery. | |||||||||||||||||||||||||||
(C) | Represents FOG restricted partnership units ("RPUs") granted to a former senior employee. In connection with the grant of these interests, the employee received partnership distribution equivalent payments on such units with economic effect as from January1, 2008. The RPUs vest into full capital interests in newly issued Fortress Operating Group units. One third of the RPUs vested in each of January 2011, January 2012 and January 2013. | |||||||||||||||||||||||||||
The aggregate fair value of each of the RSU grants which are subject to service conditions is reduced by an estimated forfeiture factor (that is, the estimated amount of awards which will be forfeited prior to vesting). The estimated forfeiture factor is based upon historic forfeiture and turnover rates within Fortress, adjusted for the expected effects of the grants on turnover, the actual price of Fortress’s shares, the economic environment and other factors in the best judgment of management. The estimated forfeiture factor is reviewed at each reporting date. These reviews resulted in changes in estimated forfeiture factors in 2014 and 2013, but not in 2012, which caused increases in equity-based compensation expense of $2.2 million and $1.2 million, respectively. | ||||||||||||||||||||||||||||
The estimated forfeiture factors which Fortress has used for the periods December 31, 2014, 2013 and 2012 were (i) a range of 38% to 39% for non-dividend paying RSUs granted prior to 2010, (ii) a range of 8% to 30% for non-dividend paying RSUs granted from 2010 to 2014 and (iii) a range of 8% to 25% for dividend paying RSUs granted in 2010 and 2013. | ||||||||||||||||||||||||||||
The risk-free discount rate assumptions used in valuing certain awards were based on the applicable U.S. Treasury rate of like term. The dividend yield assumptions used in valuing certain awards were based on Fortress’s actual dividend rate at the time of the award; the dividend growth rate used with respect to certain awards was based on management’s judgment and expectations. | ||||||||||||||||||||||||||||
The discount related to RSUs, which do not entitle the recipients to dividend equivalents prior to the vesting of Class A shares, was based on the estimated present value of dividends to be paid during the vesting period, which in turn was based on an estimated initial dividend rate (based on the actual dividend rate on the grant date), an estimated dividend growth rate and a risk-free discount rate (based on grant date and term), as follows: | ||||||||||||||||||||||||||||
Range of Assumptions | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Initial dividend rate | 4 | % | 5 | % | 6 | % | ||||||||||||||||||||||
Dividend growth rate | 5 | % | 3.64 | % | 0 | % | ||||||||||||||||||||||
Risk-free discount rate | 0.28 | % | 0.18 | % | 0.13 | % | ||||||||||||||||||||||
Each of these elements, particularly the forfeiture factor and the dividend growth rate used in valuing certain awards, are subject to judgment and variability. | ||||||||||||||||||||||||||||
When Fortress records equity-based compensation expense, including that related to the Principals Agreement (as described below), it records a corresponding increase in capital. When Fortress delivers Class A shares as a result of the vesting of equity-based compensation, to the extent that it pays withholding taxes in cash (rather than through the sale of employee shares upon delivery) it will record a decrease in capital related to these payments. | ||||||||||||||||||||||||||||
The following tables set forth information regarding equity-based compensation activities. | ||||||||||||||||||||||||||||
RSUs | Restricted Shares | RPUs | ||||||||||||||||||||||||||
Employees | Non-Employees | Issued to Directors | Employees | |||||||||||||||||||||||||
Number | Value (A) | Number | Value (A) | Number | Value (A) | Number | Value (A) | |||||||||||||||||||||
Outstanding at December 31, 2011 | 34,670,464 | $ | 10.49 | 787,046 | $ | 11.33 | 570,293 | $ | 6.24 | 20,666,667 | $ | 13.75 | ||||||||||||||||
2012 | ||||||||||||||||||||||||||||
Issued | 6,821,847 | 2.96 | — | — | 257,918 | 3.18 | — | — | ||||||||||||||||||||
Transfers | (1,794,043 | ) | 3.09 | 1,794,043 | 3.09 | — | — | — | — | |||||||||||||||||||
Converted to Class A shares | (13,496,889 | ) | 11.6 | (1,293,693 | ) | 5.62 | — | — | (4,340,000 | ) | 13.75 | |||||||||||||||||
Converted to Class B shares | — | — | — | — | — | — | (5,993,333 | ) | 13.75 | |||||||||||||||||||
Forfeited | (4,446,835 | ) | 3.68 | (40,990 | ) | 8.03 | — | — | — | — | ||||||||||||||||||
Outstanding at December 31, 2012 | 21,754,544 | 9.44 | 1,246,406 | 5.51 | 828,211 | 5.29 | 10,333,334 | 13.75 | ||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Issued | 8,950,696 | 5.1 | — | — | 127,533 | 6.21 | — | — | ||||||||||||||||||||
Transfers | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Converted to Class A shares | (10,762,805 | ) | 12.52 | (1,231,906 | ) | 5.53 | — | — | (10,333,334 | ) | 13.75 | |||||||||||||||||
Forfeited | (713,969 | ) | 3.72 | — | — | — | — | — | — | |||||||||||||||||||
Outstanding at December 31, 2013 | 19,228,466 | 4.14 | 14,500 | 3.12 | 955,744 | 5.41 | — | — | ||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Issued | 8,415,043 | 7.19 | 237,498 | 7.18 | 89,390 | 7.38 | — | — | ||||||||||||||||||||
Transfers | (152,313 | ) | 5.09 | 152,313 | 5.64 | — | — | — | — | |||||||||||||||||||
Converted to Class A shares | (5,591,854 | ) | 3.81 | (7,437 | ) | 3.28 | — | — | — | — | ||||||||||||||||||
Forfeited | (1,745,596 | ) | 3.87 | — | — | — | — | — | — | |||||||||||||||||||
Outstanding at December 31, 2014 (B) | 20,153,746 | $ | 5.52 | 396,874 | $ | 6.51 | 1,045,134 | $ | 5.58 | — | $ | — | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Expense incurred (B) | ||||||||||||||||||||||||||||
Employee RSUs | $ | 22,925 | $ | 22,869 | $ | 116,339 | ||||||||||||||||||||||
Non-Employee RSUs | 1,428 | 1 | 734 | |||||||||||||||||||||||||
Principal Performance Payments (C) | 13,307 | 16,396 | 5,422 | |||||||||||||||||||||||||
Granted Class A Shares (D) | 497 | — | — | |||||||||||||||||||||||||
Restricted Shares (D) | — | — | 24 | |||||||||||||||||||||||||
RPUs | — | — | 90,755 | |||||||||||||||||||||||||
Total equity-based compensation expense | $ | 38,157 | $ | 39,266 | $ | 213,274 | ||||||||||||||||||||||
(A) | Represents the weighted average grant date estimated fair value per share or unit. | |||||||||||||||||||||||||||
(B) | In future periods, Fortress will further recognize compensation expense on its non-vested equity based awards outstanding as of December 31, 2014 of $53.2 million, with a weighted average recognition period of 2.2 years. This does not include contingent amounts. | |||||||||||||||||||||||||||
(C) | A total of approximately 0.5 million, 3.2 million and 2.9 million RSUs were awarded as Principal Performance Payments based on 2014, 2013 and 2012 results, respectively. | |||||||||||||||||||||||||||
(D) | Represents expense associated with vested Class A shares granted during the year ended December 31, 2014. | |||||||||||||||||||||||||||
(E) | Certain restricted shares granted to directors are recorded in General and Administrative Expense ($0.5 million, $0.6 million and $0.8 million for the years ended December 31, 2014, 2013 and 2012 respectively) and therefore are not included above. | |||||||||||||||||||||||||||
In August 2011, Fortress’s Principals extended their employment for a new five-year term effective January 1, 2012, on substantially similar terms and conditions as their prior employment agreements. Additionally, under a new compensation plan adopted by Fortress, the Principals receive annual payments (“Principal Performance Payments”) based on the performance of the existing AUM (as of December 31, 2011) of Fortress’s flagship hedge funds during a given year and on their success in raising and investing new funds across all businesses and the performance of these new funds during a given fiscal year. | ||||||||||||||||||||||||||||
Principal Performance Payments are comprised of a mix of cash and equity-based compensation, with the equity component becoming larger as performance, and the size of the payments, increases. Specifically the plan calls for payments of: (i) 20% of the incentive income earned from existing flagship hedge fund AUM and 20% of the fund management distributable earnings above a threshold for publicly traded permanent capital vehicles existing at January 1, 2012, as well as (ii) either 10% or 20% (based on the level of involvement of the Principal) of the fund management distributable earnings of new AUM in new businesses and 20% of fund management distributable earnings for new flagship hedge fund AUM. Payments of up to 10% of fund management distributable earnings before Principal Performance Payments, in each of the Principals' respective businesses, are made in cash, and payments in excess of this threshold are made in RSUs that will vest in equal increments over three years. | ||||||||||||||||||||||||||||
Pursuant to the new employment agreements, each Principal receives annual compensation of $200,000. The Principals' employment agreements contain customary post-employment non-competition and non-solicitation covenants. In order to ensure the Principals' compliance with such covenants, an amount equal to 50% of the after-tax cash portion of any Principal Performance Payments are subject to mandatory investment in Fortress-managed funds, and such invested amounts will serve as collateral against any breach of those covenants. | ||||||||||||||||||||||||||||
The expense for Principal Performance Payments was comprised of the following: | ||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||
Equity-Based | Profit Sharing | Total | Equity-Based Compensation | Profit Sharing Expense | Total | |||||||||||||||||||||||
Compensation | Expense | |||||||||||||||||||||||||||
Private equity business | $ | — | $ | 5,588 | $ | 5,588 | $ | — | $ | 2,401 | $ | 2,401 | ||||||||||||||||
Liquid hedge fund business | 3,730 | 1,591 | 5,321 | 5,019 | 12,548 | 17,567 | ||||||||||||||||||||||
Credit business | 9,577 | 22,202 | 31,779 | 11,377 | 19,664 | 31,041 | ||||||||||||||||||||||
Total | $ | 13,307 | $ | 29,381 | $ | 42,688 | $ | 16,396 | $ | 34,613 | $ | 51,009 | ||||||||||||||||
In April 2010, in connection with the acquisition of Logan Circle, Fortress created the Logan Circle Comp Plan, as amended. The Logan Circle Comp Plan provides for annual bonuses which may be paid partially in RSUs, as well as for potential Class A share awards to certain employees related to the years 2016 and 2017. These awards are annual performance-based awards and depend on the future performance of Logan Circle in the specific years to which they relate. Furthermore, the amounts of RSUs or shares to be awarded are not fixed until the respective year is completed. As such, these awards are expensed over the related service period. If Logan Circle meets the future performance targets under this plan, the amounts to be awarded could be significant. Through December 31, 2014, no compensation expense was recognized under this plan as the satisfaction of the performance condition and amount of the award were not considered to be probable. | ||||||||||||||||||||||||||||
In January 2012, Fortress’s CEO announced his resignation effective in February 2012. In connection with this resignation, Fortress has recorded $5.0 million of equity-based compensation expense in 2012, primarily related to 1.8 million RSUs which will vest pursuant to his separation agreement. As a result of this resignation, approximately 4.0 million RSUs were forfeited. | ||||||||||||||||||||||||||||
Profit Sharing Expense | ||||||||||||||||||||||||||||
Recognized profit sharing compensation expense is summarized as follows: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Private equity funds | $ | 303 | $ | 2,135 | $ | 966 | ||||||||||||||||||||||
Permanent capital vehicles | 13,962 | 10,690 | 10,134 | |||||||||||||||||||||||||
Liquid hedge funds | 29,347 | 51,886 | 21,350 | |||||||||||||||||||||||||
Credit hedge funds | 59,819 | 95,229 | 65,298 | |||||||||||||||||||||||||
Credit PE funds | 137,091 | 68,883 | 36,759 | |||||||||||||||||||||||||
Principal Performance Payments (A) | 29,381 | 34,613 | 20,151 | |||||||||||||||||||||||||
Total | $ | 269,903 | $ | 263,436 | $ | 154,658 | ||||||||||||||||||||||
(A) | Relates to all applicable segments. | |||||||||||||||||||||||||||
401(K) Plan | ||||||||||||||||||||||||||||
Fortress has established a tax qualified retirement plan (the “401(K) Plan”) that provides employees with an opportunity to save for retirement on a tax advantaged basis. Employees participate in the 401(K) Plan on their first day of employment and are able to defer compensation up to the limits established by the Internal Revenue Service. Fortress matches a portion of the employees’ contributions up to a maximum amount. Fortress expects to contribute approximately $4.8 million to the 401(K) Plan in 2015 related to employee contributions made in 2014. Similarly, Fortress contributed $4.2 million and $3.9 million related to employee contributions in 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Non-Investment Manager | ||||||||||||||||||||||||||||
New Media | ||||||||||||||||||||||||||||
401(K) Plan | ||||||||||||||||||||||||||||
New Media maintains the New Media Investment Group, Inc. Retirement Savings Plan (the “New Media 401(k) Plan”), which is intended to be a qualified defined contribution plan with a cash or deferred arrangement under Section 401(k) of the Code. In general, eligible employees of New Media and participating affiliates who satisfy minimum age and service requirements are eligible to participate. Eligible employees can contribute amounts up to 100% of their eligible compensation to the New Media 401(k) Plan, subject to IRS limitations. The New Media 401(k) Plan also provides for discretionary matching and nonelective contributions that can be made in separate amounts among different allocation groups. For the period from February 14, 2014 to December 31, 2014, New Media’s matching contributions to the New Media 401(k) Plan were $1.0 million. New Media did not make nonelective contributions for the twelve months ended December 31, 2014. | ||||||||||||||||||||||||||||
Stock Option and Incentive Award Plan | ||||||||||||||||||||||||||||
In February 2014, the Board of Directors of New Media adopted the New Media Investment Group Inc. Nonqualified Stock Option and Incentive Award Plan (the “Incentive Plan”) which provides for the grant of equity-based awards, including restricted stock, stock options, stock appreciation rights, performance awards, tandem awards and other equity-based and non-equity based awards, in each case to FIG LLC and to the directors, officers, employees, service providers, consultants and advisors of FIG LLC who perform services for New Media and to New Media’s directors, officers, service providers, consultants and advisors. | ||||||||||||||||||||||||||||
Also in February 2014, the New Media Board adopted a form of the New Media Investment Group Inc. Non-Officer Director Restricted Stock Grant Agreement (the “Form Grant Agreement”) to govern the terms of awards of restricted stock (“New Media Restricted Stock”) granted under the Incentive Plan to directors who are not officers or employees of New Media (the “Non-Officer Directors”). The Form Grant Agreement provides for the grant of New Media Restricted Stock that vests in equal annual installments on each of the first, second and third anniversaries of the grant date, subject to the Non-Officer Director’s continued service as a member of the New Media Board, and immediate vesting in full upon his or her death or disability. If the non-officer director’s service terminates for any other reason, all unvested shares of New Media Restricted Stock will be forfeited. Any dividends or other distributions that are declared with respect to the shares of New Media Restricted Stock will be paid to the Non-Officer Director at the time such shares vest. On March 14, 2014, a grant of New Media restricted shares totaling 15,870 was made to New Media’s Non-Officer Directors with a grant date fair value of $0.2 million. | ||||||||||||||||||||||||||||
New Senior | ||||||||||||||||||||||||||||
Stock Option and Incentive Award Plan | ||||||||||||||||||||||||||||
Effective upon New Senior's spin-off from Newcastle, New Senior has a Nonqualified Stock Option and Incentive Award Plan (the “Plan”) which provides for the grant of equity-based awards, including restricted stock, stock options, stock appreciation rights, performance awards, tandem awards and other equity-based and non-equity based awards, in each case to FIG LLC and to the directors, officers, employees, service providers, consultants and advisors of FIG LLC who perform services for New Senior and to New Senior’s directors, officers, service providers, consultants and advisors. |
EARNINGS_PER_SHARE_AND_DISTRIB
EARNINGS PER SHARE AND DISTRIBUTIONS | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
EARNINGS PER SHARE AND DISTRIBUTIONS | EARNINGS PER SHARE AND DISTRIBUTIONS | |||||||||||||||
Fortress's potentially dilutive equity instruments fall primarily into two general categories: (i) instruments that Fortress has issued as part of its compensation plan, and (ii) ownership interests in Fortress's subsidiary, Fortress Operating Group, that are owned by the Principals (and a former senior employee) and are convertible into Class A shares. Based on the rules for calculating earnings per share, there are two general ways to measure dilution for a given instrument: (a) calculate the net number of shares that would be issued assuming any related proceeds are used to buy back outstanding shares (the treasury stock method), or (b) assume the gross number of shares are issued and calculate any related effects on net income available for shareholders (the if-converted and two-class methods). Fortress has applied these methods as prescribed by GAAP to each of its outstanding equity instruments as shown below. | ||||||||||||||||
Substantially all of Fortress's business is conducted at the Fortress Operating Group (“FOG”) level and FOG’s net income (loss) is allocated pro rata between the Fortress Operating Group units held by the Registrant, on the one hand, and the Principals and a former senior employee, on the other hand. The FOG income allocated to the Principals and a former senior employee is not subject to corporate income tax. A substantial portion of the Registrant’s income is allocated to FIG Corp. and is subject to U.S federal and state income taxation (taxed at prevailing rates), while the remainder of the Registrant’s portion of FOG income is allocated directly to its shareholders and is not subject to a corporate level of taxation. | ||||||||||||||||
The primary difference between basic and diluted earnings per share (“EPS”), if any, is income tax related. If the Principals and a former senior employee converted all of their Fortress Operating Group units into Class A shares, their portion of FOG’s income would become subject to corporate level taxation. Certain permanent differences in the Registrant’s tax calculation are not based on FIG Corp.’s ownership percentage of FOG. Thus, the effective tax rate changes when more income or loss is allocated to FIG Corp. This change in the effective tax rate results in incremental per share income or loss in the diluted EPS calculation, depending on whether the Registrant has income tax expense or benefit for the period. The comparison of the Registrant’s effective tax rate and the if-converted tax rate determines the dilutive or anti-dilutive impact of the Fortress Operating Group units held by the Principals and a former senior employee. | ||||||||||||||||
The computations of basic and diluted net income (loss) per Class A share are set forth below: | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Basic | Diluted | |||||||||||||||
Weighted average shares outstanding | ||||||||||||||||
Class A shares outstanding | 207,907,352 | 207,907,352 | ||||||||||||||
Fully vested restricted Class A share units with dividend equivalent rights | 1,379,649 | 1,379,649 | ||||||||||||||
Fully vested restricted Class A shares | 1,016,240 | 1,016,240 | ||||||||||||||
Fortress Operating Group units exchangeable into Class A shares (1) | — | 231,162,793 | ||||||||||||||
Class A restricted shares and Class A restricted share units granted to employees and directors (eligible for dividend and dividend equivalent payments) (2) | — | 4,670,736 | ||||||||||||||
Class A restricted share units granted to employees (not eligible for dividend and dividend equivalent payments) (3) | — | 9,017,366 | ||||||||||||||
Total weighted average shares outstanding | 210,303,241 | 455,154,136 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | ||||||||||||||||
Net income (loss) attributable to Class A shareholders | $ | 99,962 | $ | 99,962 | ||||||||||||
Dilution in earnings due to RPUs treated as a participating security of Fortress Operating Group and fully vested restricted Class A share units with dividend equivalent rights treated as outstanding Fortress Operating Group units (4) | — | — | ||||||||||||||
Dividend equivalents declared on, and undistributed earnings allocated to, non-vested restricted Class A shares and restricted Class A share units (2) | (1,296 | ) | (1,296 | ) | ||||||||||||
Add back Principals’ and others’ interests in income of Fortress Operating Group, net of assumed income taxes at enacted rates, attributable to Fortress Operating Group units and fully vested RPUs exchangeable into Class A shares (1) | — | 96,867 | ||||||||||||||
Net income (loss) available to Class A shareholders | $ | 98,666 | $ | 195,533 | ||||||||||||
Weighted average shares outstanding | 210,303,241 | 455,154,136 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | $ | 0.47 | $ | 0.43 | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Basic | Diluted | |||||||||||||||
Weighted average shares outstanding | ||||||||||||||||
Class A shares outstanding | 233,117,423 | 233,117,423 | ||||||||||||||
Fully vested restricted Class A share units with dividend equivalent rights | 2,207,612 | 2,207,612 | ||||||||||||||
Fully vested restricted Class A shares | 921,261 | 921,261 | ||||||||||||||
Fortress Operating Group units and fully vested RPUs exchangeable into Class A shares (1) | — | 251,969,075 | ||||||||||||||
Class A restricted shares and Class A restricted share units granted to employees and directors (eligible for | — | 2,318,202 | ||||||||||||||
dividend and dividend equivalent payments) (2) | ||||||||||||||||
Class A restricted share units granted to employees (not eligible for dividend and dividend equivalent payments) | — | 10,097,850 | ||||||||||||||
(3) | ||||||||||||||||
Total weighted average shares outstanding | 236,246,296 | 500,631,423 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | ||||||||||||||||
Net income (loss) attributable to Class A shareholders | $ | 200,447 | $ | 200,447 | ||||||||||||
Dilution in earnings due to RPUs treated as a participating security of Fortress Operating Group and fully vested | — | — | ||||||||||||||
restricted Class A share units with dividend equivalent rights treated as outstanding Fortress Operating Group | ||||||||||||||||
units (4) | ||||||||||||||||
Dividend equivalents declared on, and undistributed earnings allocated | (3,365 | ) | (3,365 | ) | ||||||||||||
to, non-vested restricted Class A shares and restricted Class A share | ||||||||||||||||
units (2) | ||||||||||||||||
Add back Principals' and others' interests in income of Fortress Operating Group, net of assumed income taxes at | — | 196,272 | ||||||||||||||
enacted rates, attributable to Fortress Operating Group units and fully vested RPUs exchangeable into Class A | ||||||||||||||||
shares (1) | ||||||||||||||||
Net income (loss) available to Class A shareholders | $ | 197,082 | $ | 393,354 | ||||||||||||
Weighted average shares outstanding | 236,246,296 | 500,631,423 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | $ | 0.83 | $ | 0.79 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Basic | Diluted | |||||||||||||||
Weighted average shares outstanding | ||||||||||||||||
Class A shares outstanding | 210,467,733 | 210,467,733 | ||||||||||||||
Fully vested restricted Class A share units with dividend equivalent rights | 3,194,380 | 3,194,380 | ||||||||||||||
Fully vested restricted Class A shares | 737,309 | 737,309 | ||||||||||||||
Fortress Operating Group units and fully vested RPUs exchangeable into Class A shares (1) | — | 302,044,370 | ||||||||||||||
Class A restricted shares and Class A restricted share units granted to employees and directors (eligible for | — | 1,697,705 | ||||||||||||||
dividend and dividend equivalent payments) (2) | ||||||||||||||||
Class A restricted share units granted to employees (not eligible for dividend and dividend equivalent payments) | — | 6,758,635 | ||||||||||||||
(3) | ||||||||||||||||
Total weighted average shares outstanding | 214,399,422 | 524,900,132 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | ||||||||||||||||
Net income (loss) attributable to Class A shareholders | $ | 78,284 | $ | 78,284 | ||||||||||||
Dilution in earnings due to RPUs treated as a participating security of Fortress Operating Group and fully vested | (14,240 | ) | (14,240 | ) | ||||||||||||
restricted Class A share units with dividend equivalent rights treated as outstanding Fortress Operating Group | ||||||||||||||||
units (4) | ||||||||||||||||
Dividend equivalents declared on, and undistributed earnings allocated to, non-vested restricted Class A shares | (1,063 | ) | (1,063 | ) | ||||||||||||
and restricted Class A share units (2) | ||||||||||||||||
Add back Principals’ and others’ interests in loss of Fortress Operating Group, net of assumed income taxes at | — | 79,687 | ||||||||||||||
enacted rates, attributable to Fortress Operating Group units and fully vested RPUs exchangeable into Class A | ||||||||||||||||
shares (1) | ||||||||||||||||
Net income (loss) available to Class A shareholders | $ | 62,981 | $ | 142,668 | ||||||||||||
Weighted average shares outstanding | 214,399,422 | 524,900,132 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | $ | 0.29 | $ | 0.27 | ||||||||||||
-1 | The Fortress Operating Group units and fully vested RPUs not held by Fortress (that is, those held by the Principals and a former senior employee) are exchangeable into Class A shares on a one-to-one basis (fully vested RPUs would first have to be exchanged for Fortress Operating Group units and Class B shares). These units and fully vested RPUs are not included in the computation of basic earnings per share. These units and fully vested RPUs enter into the computation of diluted net income (loss) per Class A share when the effect is dilutive using the if-converted method, which includes the income tax effects of nondiscretionary adjustments to the net income (loss) attributable to Class A shareholders from assumed conversion of these units and fully vested RPUs. To the extent charges, particularly tax related charges, are incurred by the Registrant (i.e. not at the Fortress Operating Group level), the effect may be anti-dilutive. The final vesting of the RPUs occurred on January 1, 2013. | |||||||||||||||
-2 | Restricted Class A shares granted to directors and certain restricted Class A share units granted to employees are eligible to receive dividend or dividend equivalent payments when dividends are declared and paid on Fortress’s Class A shares and therefore participate fully in the results of Fortress’s operations from the date they are granted. They are included in the computation of both basic and diluted earnings per Class A share using the two-class method for participating securities, except during periods of net losses. | |||||||||||||||
-3 | Certain restricted Class A share units granted to employees are not entitled to dividend or dividend equivalent payments until they are vested and are therefore non-participating securities. These units are not included in the computation of basic earnings per share. They are included in the computation of diluted earnings per share when the effect is dilutive using the treasury stock method. The effect of the units on the calculation is generally anti-dilutive during periods of net losses. The weighted average restricted Class A share units which are not entitled to receive dividend or dividend equivalent payments outstanding were: | |||||||||||||||
Period | Share Units | |||||||||||||||
Year Ended December 31, 2014 | 13,310,978 | |||||||||||||||
Year Ended December 31, 2013 | 15,321,401 | |||||||||||||||
Year Ended December 31, 2012 | 18,419,024 | |||||||||||||||
(4) | Fortress Operating Group RPUs are eligible to receive partnership distribution equivalent payments when distributions are declared and paid on Fortress Operating Group units. The RPUs represent a participating security of Fortress Operating Group and the resulting dilution in Fortress Operating Group earnings available to Fortress is reflected in the computation of both basic and diluted earnings per Class A share using the method prescribed for securities issued by a subsidiary. For purposes of the computation of basic and diluted earnings per Class A share, the fully vested restricted Class A share units with dividend equivalent rights are treated as outstanding Class A shares of Fortress and as outstanding partnership units of Fortress Operating Group. | |||||||||||||||
The Class B shares have no net income (loss) per share as they do not participate in Fortress’s earnings (losses) or distributions. The Class B shares have no dividend or liquidation rights. Each Class B share, along with one Fortress Operating Group unit, can be exchanged for one Class A share, subject to certain limitations. The Class B shares have voting rights on a pari passu basis with the Class A shares. | ||||||||||||||||
The Principals and a former senior employee exchanged an aggregate of 10,333,334, and 17,467,232, Fortress Operating Group units and Class B shares for an equal number of Class A shares in 2013 and 2012, respectively. | ||||||||||||||||
In 2012, Fortress paid $7.8 million of statutory withholding tax on behalf of employees and, therefore, issued only 3.7 million Class A shares in satisfaction of 5.6 million RSUs. In 2014, Fortress paid $3.6 million of statutory withholding tax on behalf of employees and, therefore, issued only 0.5 million Class A shares in satisfaction of 1.1 million RSUs. These payments are treated as a financing activity on the statements of cash flows since it had the same accounting effect as if Class A shares were repurchased. | ||||||||||||||||
On December 21, 2012, one of the Principals retired and Fortress agreed to purchase all of his 2,082,684 Class A shares and his 49,189,480 Fortress Operating Group units at $3.50 per share, or an aggregate of $179.5 million. In connection with this purchase, Fortress paid $30.0 million of cash and issued a $149.5 million promissory note to the former Principal (Note 5). The 2,082,684 Class A shares were held as treasury shares within Fortress Operating Group and were issued to employees in 2013 in connection with vested RSUs. | ||||||||||||||||
Fortress’s dividend paying shares and units were as follows: | ||||||||||||||||
Weighted Average | ||||||||||||||||
Year Ended December 31, | As of December 31, | |||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | ||||||||||||
Class A shares (public shareholders) | 207,907,352 | 233,117,423 | 210,467,733 | 207,490,023 | 239,786,176 | |||||||||||
Restricted Class A shares (directors) | 1,016,240 | 921,261 | 749,007 | 1,045,134 | 955,744 | |||||||||||
Restricted Class A share units (employees) (A) | 1,379,649 | 2,207,612 | 3,194,380 | 194,287 | 6,704 | |||||||||||
Restricted Class A share units (employees) (B) | 7,017,047 | 4,883,186 | 6,609,155 | 7,002,003 | 5,232,536 | |||||||||||
Fortress Operating Group units (Principals and a | 231,162,793 | 249,534,372 | 299,559,853 | 226,331,513 | 249,534,372 | |||||||||||
former senior employee) | ||||||||||||||||
Fortress Operating Group RPUs (a former senior | — | 2,434,703 | 12,817,851 | — | — | |||||||||||
employee) | ||||||||||||||||
Total | 448,483,081 | 493,098,557 | 533,397,979 | 442,062,960 | 495,515,532 | |||||||||||
(A) | Represents fully vested restricted Class A share units which are entitled to dividend equivalent payments. | |||||||||||||||
(B) | Represents unvested restricted Class A share units which are entitled to dividend equivalent payments. | |||||||||||||||
On February 13, 2014, Fortress entered into a purchase agreement with Nomura Investment Managers U.S.A. ("Nomura") to acquire 60,568,275 Class A shares for $363.4 million. All of the purchased Class A shares (and underlying Fortress Operating Group units) were canceled and ceased to be outstanding. As part of the purchase agreement, Fortress agreed for each year, until the third anniversary of the date of the agreement, to engage Nomura and its affiliates to provide certain financial advisory and financing services and/or pay Nomura certain annual sums in lieu thereof equal to the difference, if any, between (i) $12.0 million minus (ii) all fees earned or received by Nomura for the services provided to Fortress and its affiliates during each year. | ||||||||||||||||
In connection with the agreement to engage Nomura and its affiliates as described above, Fortress recorded an estimated liability (included in Other liabilities within the Investment Manager caption on the consolidated balance sheets) of approximately $30.0 million, which has been recorded as a reduction to equity as part of the repurchase of Class A shares. | ||||||||||||||||
In March 2014, Fortress issued and sold 23,202,859 Class A shares for approximately $186.6 million. Fortress used all of the proceeds from the sale of the Class A shares to purchase from the Principals an equivalent number of outstanding Fortress Operating Group units and an equal number of Class B shares. | ||||||||||||||||
During 2013, two of the Principals contributed a combined total of 1,859,283 Class A shares to charitable organizations. | ||||||||||||||||
Dividends and distributions during the years ended December 31, 2014 are summarized as follows: | ||||||||||||||||
Declared in Current Year | ||||||||||||||||
Declared in | Declared | Declared | Total | |||||||||||||
Prior Year, Paid | and Paid | but not | ||||||||||||||
Current Year | yet Paid | |||||||||||||||
2014:00:00 | ||||||||||||||||
Dividends on Class A shares | $ | — | $ | 101,864 | $ | — | $ | 101,864 | ||||||||
Dividend equivalents on restricted Class A share units | — | 3,996 | — | 3,996 | ||||||||||||
Distributions to Fortress Operating Group unit holders | 5,160 | 136,748 | — | 136,748 | ||||||||||||
(Principals and a former senior employee) (B) | ||||||||||||||||
Total distributions | $ | 5,160 | $ | 242,608 | $ | — | $ | 242,608 | ||||||||
2013:00:00 | ||||||||||||||||
Dividends on Class A shares | $ | — | $ | 56,274 | $ | — | $ | 56,274 | ||||||||
Dividend equivalents on restricted Class A share units | — | 1,652 | — | 1,652 | ||||||||||||
Distributions to Fortress Operating Group unit holders | 30,725 | 72,295 | 5,160 | 77,455 | ||||||||||||
(Principals and a former senior employee) (B) | ||||||||||||||||
Distributions to Fortress Operating Group RPU holders | 1,272 | 401 | — | 401 | ||||||||||||
(Note 8) (B) | ||||||||||||||||
Total distributions | $ | 31,997 | $ | 130,622 | $ | 5,160 | $ | 135,782 | ||||||||
2012:00:00 | ||||||||||||||||
Dividends on Class A shares | $ | — | $ | 42,378 | $ | — | $ | 42,378 | ||||||||
Dividend equivalents on restricted Class A share units (A) | — | 1,795 | — | 1,795 | ||||||||||||
Distributions to Fortress Operating Group unit holders | 27,561 | 15,895 | 30,725 | 46,620 | ||||||||||||
(Principals and a former senior employee) (B) | ||||||||||||||||
Distributions to Fortress Operating Group RPU holders | 1,862 | 540 | 1,272 | 1,812 | ||||||||||||
(Note 8) (B) | ||||||||||||||||
Total distributions | $ | 29,423 | $ | 60,608 | $ | 31,997 | $ | 92,605 | ||||||||
(A) | A portion of these dividend equivalents, if any, related to RSUs expected to be forfeited, is included as compensation expense in the consolidated statement of operations and is therefore considered an operating cash flow. | |||||||||||||||
(B) | Fortress Operating Group made tax-related distributions to the FOG unit holders (the Principals and a former senior employee) and the RPU holder (a former senior employee). | |||||||||||||||
The dividends related to each of the first three quarters of 2014 and the fourth quarter of 2013, were $0.08 per share. In addition to the base quarterly dividend at $0.08 per Class a share, a special cash dividend of $0.18 per Class A share was declared for the second quarter of 2014. The dividends related to the fourth quarter of 2014, declared on February 26, 2015, were $0.08 per Class A share and a special dividend of $0.30 per share was declared resulting in total dividends of $0.38 per share for the fourth quarter of 2014. This dividend will be paid on March 17, 2015 to holders of record of Class A shares on March 12, 2015. The aggregate amount of this dividend payment, including dividend equivalent payments paid to holders of restricted Class A share units, is approximately $86.4 million. The dividends related to each of the first three quarters of 2013 and the fourth quarter of 2012 were $0.06 per share. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | |||
Investment Manager | ||||
Indemnifications – In the normal course of business, Fortress and its subsidiaries enter into operating contracts that contain a variety of representations and warranties and that provide general indemnifications. In addition, subsidiaries of Fortress that act as general partners (or in similar capacities) of Fortress Funds enter into guarantees of certain obligations of such funds in the case of fraud by Fortress employees or under similar circumstances. Fortress’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against Fortress that have not yet occurred. However, based on experience, Fortress expects the risk of material loss to be remote. | ||||
General Partner Liability — Certain of Fortress’s consolidated subsidiaries act as the general partner of various Fortress Funds and accordingly have potentially unlimited liability for the obligations of the funds under applicable partnership law principles. In the event that any such fund was to fall into a negative net equity position (Note 3), the full amount of the negative net equity would be recorded on the balance sheet of the general partner entity. Such amount would be recorded on Fortress's balance sheet in consolidation until it is legally resolved. While these entities are limited liability companies and generally have no material assets other than their general partner interests, these entities and Fortress may be subject to litigation in connection with such amounts if fund creditors choose to sue Fortress to seek repayment. See “Litigation” below. | ||||
In March 2011, a private equity fund fell into a negative equity position, after considering all of Fortress’s interests in such fund and its reserves related thereto. As described above, the amount of the negative equity was recorded, through earnings (losses) from equity method investees, by the general partner entity and is therefore included in the consolidated financial statements of Fortress. When the fund matures and is liquidated, Fortress will record a gain in the event and to the extent it does not fund this negative equity. The amount of negative equity recorded at December 31, 2014 and 2013 was $44.0 million and $41.8 million, respectively. | ||||
Litigation - Fortress is, from time to time, a defendant in legal actions from transactions conducted in the ordinary course of business. Management, after consultation with legal counsel, believes the ultimate liability arising from such actions that existed as of December 31, 2014, individually and in the aggregate, will not materially affect Fortress’s results of operations, liquidity or financial position. | ||||
In some cases, Fortress is named as a defendant in legal actions pertaining to one of the Fortress Funds and/or their portfolio companies. In such cases, Fortress is generally indemnified by the fund against potential losses arising from Fortress’s role as investment manager. | ||||
Regulatory Matters - In the ordinary course of business, Fortress and its subsidiaries and equity method investees may be subject to regulatory examinations, information gathering requests, inquiries or investigations. Management, after consultation with legal counsel, does not believe these matters will ultimately have a material effect on Fortress. | ||||
Private Equity Fund, Private Permanent Capital Vehicle and Credit PE Fund Capital Commitments - Fortress has remaining capital commitments, which aggregated $146.9 million as of December 31, 2014, primarily to certain of the Fortress Funds. These commitments can be drawn by the funds on demand. | ||||
Incentive Income Contingent Repayment - Incentive income received from certain Fortress Funds, primarily the private equity funds, private permanent capital vehicle and credit PE funds, is subject to contingent repayment and is therefore recorded as deferred incentive income, a liability, until all related contingencies have been resolved. The Principals guaranteed the contingent repayments to certain funds under certain conditions and Fortress has indemnified the Principals for any payments to be made under such guarantees. Fortress expects the risk of loss on each of these indemnifications and guarantees to be remote. Fortress’s direct liability for such incentive income contingent repayment is discussed in Notes 2, 3 and 11. | ||||
Private Equity Fund Operating Expense Limit - Fortress is contingently liable, under an agreement with the operating subsidiary of its private equity funds, for any expenses of such subsidiary in excess of amounts approved by the private equity funds’ advisory board (comprised of representatives of the funds’ investors). Fortress monitors these expenses and does not expect to make any payments related thereto. | ||||
Debt Covenants - Fortress’s debt agreements contain various customary loan covenants (Note 5). Fortress was in compliance with all of its existing credit agreement covenants as of December 31, 2014. | ||||
Minimum Future Rentals - Fortress is a lessee under operating leases for office space located in a number of locations worldwide. | ||||
The following is a summary of major lease terms: | ||||
New York | Other | |||
Leases | Leases | |||
Lease end date | Various dates through October 2032 | Various dates through April 2019 | ||
Escalations | Generally, a fixed percentage of the landlord’s annual operating expenses and tax expense. | Generally, a fixed percentage of the landlord’s annual operating expenses and tax expense. | ||
Free rent periods | 5 - 12 months | 1 - 16.5 months | ||
Leasehold improvement incentives | $12,499 | $2,351 | ||
Renewal periods | Up to 5 years - some have none | Up to 5 years - some have none | ||
Minimum future rental payments (excluding expense escalations) under these leases are as follows: | ||||
Investment Manager | ||||
Year Ending December 31, | ||||
2015 | $ | 25,483 | ||
2016 | 23,253 | |||
2017 | 12,462 | |||
2018 | 20,234 | |||
2019 | 19,612 | |||
Thereafter | 279,382 | |||
Total | $ | 380,426 | ||
Rent expense, including operating expense escalations, during the years ended December 31, 2014, 2013 and 2012 was $23.7 million, $23.6 million and $24.4 million respectively, and was included in General, Administrative and Other Expense. | ||||
Subsequent to December 31, 2014 we entered into new lease agreements which relate to our primary office space in New York and extends through October 2032. | ||||
In 2013 and 2012, Fortress sublet a portion of its office space at a loss. In connection with this, Fortress recorded lease related charges of $0.8 million and $3.3 million to General, Administrative, and Other expense in 2013 and 2012, respectively. | ||||
Non-Investment Manager | ||||
New Media | ||||
Minimum future rental payments (excluding expense escalations) related to New Media’s non-cancelable operating lease commitments are as follows: | ||||
2015 | $ | 6,800 | ||
2016 | 4,985 | |||
2017 | 4,801 | |||
2018 | 3,671 | |||
2019 | 1,450 | |||
Thereafter | 3,449 | |||
Total minimum lease payments | $ | 25,156 | ||
Rent expense under operating leases for New Media for the period from February 14, 2014 to December 31, 2014 was $6.7 million and was primarily included in operating costs on the consolidated statements of operations. | ||||
In addition to minimum lease payments, certain leases require payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The leases generally require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. The lease terms typically range from 1 to 10 years with the longest term of 99 years, and typically, the leases contain renewal options. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. These scheduled rent increases are recognized on a straight-line basis over the term of the lease, resulting in an accrual, which is included in accrued expenses, for the amount by which the cumulative straight-line rent exceeds the contractual cash rent. | ||||
Litigation | ||||
New Media becomes involved from time to time in claims and lawsuits incidental to the ordinary course of its business, including with respect to such matters as libel, invasion of privacy, intellectual property infringement, wrongful termination actions, and complaints alleging employment discrimination. In addition, New Media is involved from time to time in governmental and administrative proceedings concerning employment, labor, environmental and other claims. Insurance coverage maintained by New Media mitigates potential loss for certain of these matters. While management is unable to predict the ultimate outcome of any currently outstanding legal actions, it is the opinion of management that it is a remote possibility that the disposition of these matters would have a material adverse effect upon the consolidated results of operations, financial condition or cash flow. | ||||
New Senior | ||||
Certain Obligations, Liabilities and Litigation | ||||
New Senior may be subject to various obligations, liabilities and litigation assumed in connection with or arising out of its acquisitions or otherwise arising in connection with its on-going business. Some of these liabilities may be indemnified by third parties. However, if these liabilities are greater than expected or were not known to New Senior at the time of acquisition, if New Senior is not entitled to indemnification, or if the responsible third party fails to indemnify New Senior for these liabilities, such obligations, liabilities and litigation could have a material adverse effect on New Senior. In addition, in connection with the sale or leasing of properties, New Senior may incur various obligations and liabilities, including indemnification obligations, relating to the operations of those properties, which could have a material adverse effect on our financial position, cash flows and results of operations. | ||||
Proceedings Indemnified and Defended by Third Parties | ||||
From time to time, New Senior is party to certain legal actions, regulatory investigations and claims for which third parties are contractually obligated to indemnify, defend and hold them harmless. While New Senior is presently not being defended by any tenant and other obligated third parties in these matters, there is no assurance that its tenants, their affiliates or other obligated third parties will continue to defend New Senior in these matters, or that such parties will have sufficient assets, income and access to financing to enable them to satisfy their defense and indemnification obligations to New Senior. | ||||
Environmental Costs | ||||
As a commercial real estate owner, New Senior is subject to potential environmental costs. As of December 31, 2014, New Senior's management is not aware of any environmental concerns that would have a material adverse effect on New Senior's financial position or results of operations. | ||||
As of December 31, 2014, New Senior believes there are no material contingencies that would affect its results of operations, cash flows or financial position. |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||
SEGMENT REPORTING | SEGMENT REPORTING | ||||||||||||||||||||||||||||||||
Fortress conducts its management and investment business through the following primary segments: (i) private equity funds, (ii) permanent capital vehicles, (iii) liquid hedge funds, (iv) credit hedge funds, (v) credit PE funds and (vi) Logan Circle. | |||||||||||||||||||||||||||||||||
In the third quarter of 2014, Fortress reorganized its segments by: | |||||||||||||||||||||||||||||||||
-1 | Reclassifying its investments in and resulting pre-tax distributable earnings from the Fortress Funds, which were previously presented under the principal investments segment, to each of the other segments that the investment relates to, and | ||||||||||||||||||||||||||||||||
-2 | Reclassifying one of its private equity funds, WWTAI, from its private equity funds segment to its permanent capital vehicles segment, as Fortress expects that WWTAI will become a publicly traded company externally managed by Fortress. | ||||||||||||||||||||||||||||||||
For segment results of operations, the reclassifications were made to reflect changes in the way the business is reviewed and assessed by Fortress's chief operating decision maker ("CODM"). All of Fortress’s internal reports have been changed to reflect this reorganization and Fortress’s allocable expenses are now allocated amongst the segments based on this reorganization. Prior period amounts have been reclassified to reflect the segment reorganization described above. | |||||||||||||||||||||||||||||||||
The amounts not allocated to a segment consist primarily of interest income, foreign currency translation and interest income. Assets not allocated to a segment consist primarily of cash and net deferred tax assets. | |||||||||||||||||||||||||||||||||
Management assesses Fortress’s segments on a Fortress Operating Group (with the Non-Investment Manager and Investment Company on an unconsolidated basis) and pre-tax basis and therefore adds back the interests in consolidated subsidiaries related to Fortress Operating Group units (primarily held by the Principals) and income tax expense. | |||||||||||||||||||||||||||||||||
Management assesses the net performance of each segment based on its “distributable earnings” (“DE”) and utilizes “fund management distributable earnings” or “fund management DE” as a supplemental measure of segment performance. Neither distributable earnings or fund management DE is a measure of cash generated by operations which is available for distribution. Rather, they are supplemental measures of operating performance used by management in analyzing its segment and overall results. Neither distributable earnings or fund management DE should be considered as an alternative to cash flow, in accordance with GAAP, as a measure of Fortress’s liquidity, and they are not necessarily indicative of cash available to fund cash needs (including dividends and distributions). | |||||||||||||||||||||||||||||||||
“Distributable earnings” for the existing Fortress businesses is equal to net income (loss) attributable to Fortress’s Class A shareholders adjusted as follows: | |||||||||||||||||||||||||||||||||
Incentive Income | |||||||||||||||||||||||||||||||||
(i) a. for Fortress Funds which are private equity funds, a private permanent capital vehicle and credit PE funds, adding (a) incentive income paid (or declared as a distribution) to Fortress, less an applicable reserve for potential future clawbacks if the likelihood of a clawback is deemed greater than remote by Fortress’s chief operating decision maker as described below (net of the reversal of any prior such reserves that are no longer deemed necessary), minus (b) incentive income recorded in accordance with GAAP, | |||||||||||||||||||||||||||||||||
b. for other Fortress Funds, at interim periods, adding (a) incentive income on an accrual basis as if the incentive income from these funds were payable on a quarterly basis, minus (b) incentive income recorded in accordance with GAAP, | |||||||||||||||||||||||||||||||||
c. | adding the receipt of cash or proceeds from the sale of shares received pursuant to the exercise of options in the publicly traded permanent capital vehicles, in excess of their strike price, | ||||||||||||||||||||||||||||||||
d. | adding the incentive income earned by Fortress in connection with New Media, New Senior and the Investment Company, which is eliminated under GAAP as a result of the consolidation of New Media, New Senior and the Investment Company, | ||||||||||||||||||||||||||||||||
Other Income | |||||||||||||||||||||||||||||||||
(ii) | with respect to income from certain investments in the Fortress Funds and certain other interests or assets that cannot be readily transferred or redeemed: | ||||||||||||||||||||||||||||||||
a. for equity method investments in the private equity funds, private permanent capital vehicle and credit PE funds as well as indirect equity method investments in hedge fund special investment accounts (which generally have investment profiles similar to private equity funds), treating these investments as cost basis investments by adding (a) realizations of income, primarily dividends, from these funds, minus (b) impairment with respect to these funds, if necessary, minus (c) equity method earnings (or losses) recorded in accordance with GAAP, | |||||||||||||||||||||||||||||||||
b. subtracting gains (or adding losses) on stock options held in the publicly traded permanent capital vehicles, | |||||||||||||||||||||||||||||||||
c. subtracting unrealized gains (or adding unrealized losses) on derivatives, direct investments in publicly traded portfolio companies and in the publicly traded permanent capital vehicles, | |||||||||||||||||||||||||||||||||
d. | adding equity method earnings (or losses) earned by Fortress in connection with the Investment Company, which is eliminated under GAAP, | ||||||||||||||||||||||||||||||||
(iii) | subtracting management fee income recorded in accordance with GAAP in connection with the receipt of these options, | ||||||||||||||||||||||||||||||||
(iv) | adding the management fee income and expense reimbursement earned by Fortress in connection with New Media, New Senior and the Investment Company, which is eliminated under GAAP as a result of the consolidation of New Media, New Senior and the Investment Company, | ||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||
(v) | adding or subtracting, as necessary, the employee profit portion of the incentive income described in (i) above to match the timing of the expense with the revenue, | ||||||||||||||||||||||||||||||||
(vi) | adding back equity-based compensation expense (including options in the publicly traded permanent capital vehicles assigned to employees, RSUs and RPUs (including the portion of related dividend and distribution equivalents recorded as compensation expense), restricted shares and the STIP), | ||||||||||||||||||||||||||||||||
(vii) | adding back the amortization of intangible assets and any impairment of goodwill or intangible assets recorded under GAAP, | ||||||||||||||||||||||||||||||||
(viii) | adding the income (or subtracting the loss) allocable to the interests in consolidated subsidiaries attributable to Fortress Operating Group units, | ||||||||||||||||||||||||||||||||
(ix) | subtracting the income (or adding the loss) of the Non-Investment Manager and Investment Company allocable to the Class A shareholders, and | ||||||||||||||||||||||||||||||||
(x) | adding back income tax benefit or expense and any income or expense recorded in connection with the tax receivable agreement (Note 6). | ||||||||||||||||||||||||||||||||
Fund management DE is equal to distributable earnings excluding investment-related results (specifically, investment income (loss) and interest expense) and is used by management to measure performance of the operating (management) business on a stand-alone basis. As such, fund management DE is presented with the Non- Investment Manager business and Investment Company on an unconsolidated Basis. Fortress defines its segment operating margin to be equal to fund management DE divided by segment revenues. | |||||||||||||||||||||||||||||||||
Management believes only the incentive income related to realized fund income should be considered available for distribution, subject to a possible reserve, determined on a fund by fund basis, as necessary, for potential future clawbacks deemed to have more than a remote likelihood of occurring by Fortress’s chief operating decision maker as described below. As such, distributable earnings generally includes incentive income to the extent it relates to paid or declared distributions from Fortress Funds’ investments that have been monetized through sale or financing. This type of incentive income is not recorded as revenue for GAAP purposes, under the revenue recognition method Fortress has selected, until the possibility of a clawback is resolved. This GAAP method is not completely reflective of value created during the period which is available for distribution as it disregards the likelihood that any contingent repayment will in fact occur. | |||||||||||||||||||||||||||||||||
Distributable earnings is limited in its usefulness in measuring earnings because it recognizes as revenues amounts which are subject to contingent repayment, it ignores potentially significant unrealized gains and losses and it does not fully reflect the economic costs to Fortress by ignoring certain equity-based compensation expenses. Fund management DE is further limited due to its exclusion of the performance of Fortress's investments and related financing, which are material. | |||||||||||||||||||||||||||||||||
Management utilizes distributable earnings and fund management DE as well as net income in its analysis of the overall performance of Fortress and notes that the measures are each useful for different purposes. | |||||||||||||||||||||||||||||||||
Total segment assets are equal to total GAAP assets adjusted for: | |||||||||||||||||||||||||||||||||
(i) | any difference between the GAAP carrying amount of equity method investments and their carrying amount for segment reporting purposes, which is generally fair value for publicly traded investments and net asset value for nonpublic investments, | ||||||||||||||||||||||||||||||||
(ii) | employees’ and others’ portions of investments, which are reported gross for GAAP purposes (as assets offset by Principals’ and others’ interests in equity of consolidated subsidiaries) but net for segment reporting purposes, | ||||||||||||||||||||||||||||||||
(iii) | the difference, if any, between the GAAP carrying amount of intangible assets and goodwill and their carrying amount for segment reporting purposes resulting from the distributable earnings adjustments listed above, and | ||||||||||||||||||||||||||||||||
(iv) | at interim periods, the accrued incentive income recorded for distributable earnings purposes in relation to the incentive income reconciling items in (i)(b) above. | ||||||||||||||||||||||||||||||||
(v) | Fortress's investment in, options and receivables from the Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||||||
(vi) | total assets of the Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||||||
(vii) | Fortress's investment in and receivables from the Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||||||
(viii) | Total assets of the Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||||||
Distributable Earnings Impairment | |||||||||||||||||||||||||||||||||
For purposes of this discussion, the term “private equity funds” includes a private permanent capital vehicle and hedge fund special investment accounts, which have investment profiles that are generally similar to private equity funds, permanent capital vehicles and credit PE funds. | |||||||||||||||||||||||||||||||||
Pursuant to the definition of Distributable Earnings (“DE”) above, impairment is taken into account in the calculation in two ways: first, in section (i)(a) regarding private equity and credit PE incentive income, and, second, in section (ii)(a) regarding equity method investments in private equity funds. Pursuant to section (ii)(a), distributable earnings does not include unrealized losses from investments in private equity funds, unless an impairment is required to be recognized. | |||||||||||||||||||||||||||||||||
DE is Fortress’s segment measure of operating performance and is defined by Fortress’s “chief operating decision maker” (“CODM”), which is its management committee. The CODM receives performance reports on Fortress’s segments on a DE basis pursuant to their requirements for managing Fortress’s business. | |||||||||||||||||||||||||||||||||
Investments in Private Equity Funds and Credit PE Funds | |||||||||||||||||||||||||||||||||
Unrealized changes in the value of investments in private equity funds and credit PE funds are not recorded through distributable earnings, subject to potential impairment. An analysis for potential impairment is performed whenever the reported net asset value (“NAV”) of a fund or the fair market value of the publicly traded permanent capital vehicle attributable to Fortress’s investment is less than its cost basis in such investment. The NAV of a fund is equal to the fair value of its assets less its liabilities. Fortress analyzes these investments for impairment using the “other than temporary” impairment criteria in a manner similar to the one specified for accounting for certain debt and equity securities under GAAP. As a result, a fund investment is considered impaired for DE purposes whenever it is determined by the CODM that Fortress does not have the intent and ability to hold the investment to an anticipated recovery in value, if any, to or above Fortress’s cost basis. | |||||||||||||||||||||||||||||||||
Private Equity and Credit PE Incentive Income | |||||||||||||||||||||||||||||||||
For DE purposes, incentive income is recognized from private equity funds and credit PE funds as it is realized, subject to a reserve for potential clawback if the likelihood of clawback is determined to be greater than remote by the CODM. Incentive income from the private equity funds and Credit PE funds is paid to Fortress as particular investments are realized. However, it is subject to contingent repayment (or clawback) if the fund as a whole does not meet certain performance criteria. | |||||||||||||||||||||||||||||||||
Fortress’s CODM has defined “remote” in this context to mean that management does not believe there is a reasonable likelihood of a clawback and therefore its base case expectations of a fund’s performance do not include a promote clawback. This is an easier threshold to meet than the “other than temporary” threshold used for estimating investment impairment. Management’s base case expectations are generally not greatly impacted by short-term volatility in the value of a fund’s portfolio companies, including the market prices of the shares of publicly traded portfolio companies, unless either (a) the operating performance of the underlying company, or the value of its assets, are expected to be impacted on a long-term basis (long-term being defined in relation to the remaining life of a given fund), or (b) the value has been depressed below a breakeven point (as described below) for a period in excess of 6-9 months (as circumstances and other factors dictate). These criteria reflect the CODM’s belief that short term changes in the values of portfolio companies do not have a material impact on the likelihood of a clawback, absent deterioration in such companies’ operating performance or in the value of their underlying assets. | |||||||||||||||||||||||||||||||||
Fortress conducts an analysis at each quarter end to determine whether a clawback reserve is required. The factors that enter into this analysis include: the amount of intrinsic unrealized gains or losses within each fund, the period of time until expected final realization, the diversification of the fund’s investments, the expected future performance of the fund, the period of time the fund has been in an intrinsic clawback position (i.e. liquidation at NAV would indicate a clawback, if any), and others as determined by management and the CODM. The point at which a liquidation at NAV would indicate no clawback and no additional promote payment is referred to as the breakeven point. | |||||||||||||||||||||||||||||||||
Clawback Reserve on Incentive Income for DE Purposes | |||||||||||||||||||||||||||||||||
Fortress had recognized incentive income for DE purposes from certain private equity funds, credit PE funds and the private permanent capital vehicle, which are subject to contingent clawback, as of December 31, 2014: | |||||||||||||||||||||||||||||||||
Fund (A) | Net Intrinsic Clawback (B) | Periods in Intrinsic Clawback | Prior Year End Inception-to-Date Net DE Reserve | Current | Current | Inception-to-Date Net DE Reserve | Notes | ||||||||||||||||||||||||||
Year-to-Date Gross DE Reserve | Year-to-Date Net DE Reserve | ||||||||||||||||||||||||||||||||
(Reversal) | (Reversal) | ||||||||||||||||||||||||||||||||
Fund II | $ | — | N/A | $ | 1,334 | $ | (1,999 | ) | $ | (1,334 | ) | $ | — | (C) | |||||||||||||||||||
Fund III | 45,108 | 28 Quarters | 45,108 | — | — | 45,108 | (D) | ||||||||||||||||||||||||||
FRID | N/A | N/A | 10,041 | (16,447 | ) | (10,041 | ) | — | (E) | ||||||||||||||||||||||||
Total | $ | 45,108 | $ | 56,483 | $ | (18,446 | ) | $ | (11,375 | ) | $ | 45,108 | |||||||||||||||||||||
(A) | Fortress has recognized incentive income for DE purposes from the following funds, which do not have intrinsic clawback and for which the Fortress CODM has determined no clawback reserve is necessary: WWTAI, Credit Opportunities Fund, Credit Opportunities Fund II, certain FCO Managed Accounts, Real Estate Opportunities Fund, Real Estate Opportunities REOC Fund, Net Lease Fund I, Global Opportunities Fund and Japan Opportunity Fund. | ||||||||||||||||||||||||||||||||
(B) | See Note 3. | ||||||||||||||||||||||||||||||||
(C) | Based on the criteria determined by the CODM, management determined that a net reversal of $1.3 million of clawback reserve was appropriate. The fund is in process of liquidation and no clawback exists as of December 31, 2014. | ||||||||||||||||||||||||||||||||
(D) | The potential clawback on this fund has been fully reserved in prior periods. | ||||||||||||||||||||||||||||||||
(E) | During the second quarter of 2014, Fortress returned all prior net incentive income distributions received from the fund. The fund is in liquidation and no clawback exists as of December 31, 2014. | ||||||||||||||||||||||||||||||||
Impairment Determination and Embedded Gain/Loss | |||||||||||||||||||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012 Fortress recorded $2.7 million, $1.1 million and $1.3 million, respectively, of impairment on its direct and indirect investments in its funds for segment reporting purposes. During the year, Fortress recognized an impairment charge of $11.5 million related to its holdings of digital currency (Bitcoin). As of December 31, 2014, Fortress had $7.6 million of unrealized losses on certain investments that have not been recorded as impairment. As of December 31, 2014, Fortress’s share of the net asset value of its direct and indirect investments exceeded its segment cost basis by $553.5 million, representing net unrealized gains. | |||||||||||||||||||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, Fortress recorded aggregate net (reversals) of $(1.3) million, $(4.7) million and $(5.4) million, respectively, of net clawback reserves previously recorded for DE purposes. | |||||||||||||||||||||||||||||||||
Fortress expects aggregate returns on its private equity funds and credit PE funds that are in an unrealized investment loss or intrinsic clawback position, after taking reserves into account, to ultimately exceed their carrying amount or breakeven point, as applicable. If such funds were liquidated at their December 31, 2014 NAV (although Fortress has no current intention of doing so), the result would be additional impairment losses for DE purposes of approximately $7.6 million. | |||||||||||||||||||||||||||||||||
Embedded Incentive Income | |||||||||||||||||||||||||||||||||
As of December 31, 2014, Fortress had $935.4 million of gross undistributed incentive income, or $868.5 million net of intrinsic clawback (Note 3). In addition, if Fortress had exercised all of its in-the-money options it holds in the permanent capital vehicles(Note 4) and sold all of the resulting shares at their December 31, 2014 closing price, it would have recorded $64.0 million of gross additional distributable earnings, or $55.9 million net of employee interests. | |||||||||||||||||||||||||||||||||
Segment Results of Operations | |||||||||||||||||||||||||||||||||
Summary financial data on Fortress’s segments is presented on the following pages, together with a reconciliation to revenues, assets and net income (loss) for Fortress as a whole. Fortress’s investments in, and earnings (losses) from, its equity method investees by segment are presented in Note 4. | |||||||||||||||||||||||||||||||||
Private Equity | Credit | ||||||||||||||||||||||||||||||||
Funds | Permanent Capital Vehicles | Liquid | Hedge | PE | Logan | Unallocated | Total | ||||||||||||||||||||||||||
Hedge | Funds | Funds | Circle | ||||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
December 31, 2014 and the Year then Ended | |||||||||||||||||||||||||||||||||
Segment revenues | |||||||||||||||||||||||||||||||||
Management fees | $ | 136,110 | $ | 69,360 | $ | 137,908 | $ | 113,825 | $ | 96,715 | $ | 46,996 | $ | — | $ | 600,914 | |||||||||||||||||
Incentive income | 2,854 | 65,448 | 16,067 | 121,768 | 254,461 | 106 | — | 460,704 | |||||||||||||||||||||||||
Segment revenues - total | $ | 138,964 | $ | 134,808 | $ | 153,975 | $ | 235,593 | $ | 351,176 | $ | 47,102 | $ | — | $ | 1,061,618 | |||||||||||||||||
Fund management distributable | $ | 88,081 | $ | 44,577 | $ | 25,443 | $ | 106,346 | $ | 111,442 | $ | (6,582 | ) | $ | — | $ | 369,307 | ||||||||||||||||
earnings (loss) before Principal | |||||||||||||||||||||||||||||||||
Performance Payments (B) | |||||||||||||||||||||||||||||||||
Fund management distributable | $ | 88,081 | $ | 38,990 | $ | 23,851 | $ | 87,244 | $ | 108,765 | $ | (6,582 | ) | $ | — | $ | 340,349 | ||||||||||||||||
earnings (loss) | |||||||||||||||||||||||||||||||||
Pre-tax distributable earnings (loss) | $ | 183,078 | $ | 40,976 | $ | 22,371 | $ | 85,988 | $ | 121,669 | $ | (5,267 | ) | $ | (2,757 | ) | $ | 446,058 | |||||||||||||||
Total segment assets | $ | 763,115 | $ | 173,627 | $ | 235,409 | $ | 143,428 | $ | 277,907 | $ | 63,413 | $ | 869,859 | (A) | $ | 2,526,758 | ||||||||||||||||
(A) | Unallocated assets include cash of $382.2 million and deferred tax assets of $417.6 million. | ||||||||||||||||||||||||||||||||
Private Equity | Credit | ||||||||||||||||||||||||||||||||
Funds | Permanent Capital Vehicles | Liquid | Hedge | PE | Logan | Unallocated | Total | ||||||||||||||||||||||||||
Hedge | Funds | Funds | Circle | ||||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
December 31, 2013 and the Year then Ended | |||||||||||||||||||||||||||||||||
Segment revenues | |||||||||||||||||||||||||||||||||
Management fees | $ | 134,176 | $ | 61,200 | $ | 110,622 | $ | 101,890 | $ | 95,925 | $ | 35,833 | $ | — | $ | 539,646 | |||||||||||||||||
Incentive income | 13,211 | 18,101 | 150,700 | 190,846 | 120,137 | — | — | 492,995 | |||||||||||||||||||||||||
Segment revenues - total | $ | 147,387 | $ | 79,301 | $ | 261,322 | $ | 292,736 | $ | 216,062 | $ | 35,833 | $ | — | $ | 1,032,641 | |||||||||||||||||
Fund management distributable | $ | 95,547 | $ | 32,235 | $ | 125,482 | $ | 139,339 | $ | 57,299 | $ | (11,819 | ) | $ | — | $ | 438,083 | ||||||||||||||||
earnings (loss) before Principal | |||||||||||||||||||||||||||||||||
Performance Payments (B) | |||||||||||||||||||||||||||||||||
Fund management distributable | $ | 95,547 | $ | 29,834 | $ | 112,934 | $ | 120,863 | $ | 56,112 | $ | (11,819 | ) | $ | — | $ | 403,471 | ||||||||||||||||
earnings (loss) | |||||||||||||||||||||||||||||||||
Pre-tax distributable earnings (loss) | $ | 109,089 | $ | 31,319 | $ | 116,488 | $ | 127,450 | $ | 63,766 | $ | (8,542 | ) | $ | (5,184 | ) | $ | 434,386 | |||||||||||||||
Total segment assets | $ | 950,195 | $ | 160,877 | $ | 316,173 | $ | 185,677 | $ | 245,655 | $ | 59,783 | $ | 783,017 | $ | 2,701,377 | |||||||||||||||||
December 31, 2012 and the Year then Ended | |||||||||||||||||||||||||||||||||
Segment revenues | |||||||||||||||||||||||||||||||||
Management fees | $ | 118,990 | $ | 56,757 | $ | 77,531 | $ | 101,194 | $ | 98,393 | $ | 26,796 | $ | — | $ | 479,661 | |||||||||||||||||
Incentive income | 10,993 | 242 | 67,645 | 130,305 | 68,568 | — | — | 277,753 | |||||||||||||||||||||||||
Segment revenues - total | $ | 129,983 | $ | 56,999 | $ | 145,176 | $ | 231,499 | $ | 166,961 | $ | 26,796 | $ | — | $ | 757,414 | |||||||||||||||||
Fund management distributable | $ | 87,952 | $ | 27,306 | $ | 50,316 | $ | 105,999 | $ | 34,599 | $ | (9,793 | ) | $ | 576 | $ | 296,955 | ||||||||||||||||
earnings (loss) before Principal | |||||||||||||||||||||||||||||||||
Performance Payments (B) | |||||||||||||||||||||||||||||||||
Fund management distributable | $ | 87,952 | $ | 26,246 | $ | 45,284 | $ | 92,523 | $ | 34,015 | $ | (9,793 | ) | $ | 576 | $ | 276,803 | ||||||||||||||||
earnings (loss) | |||||||||||||||||||||||||||||||||
Pre-tax distributable earnings (loss) | $ | 88,962 | $ | 27,310 | $ | 48,533 | $ | 97,525 | $ | 38,394 | $ | (9,793 | ) | $ | (13,420 | ) | $ | 277,511 | |||||||||||||||
(B) | See Note 8. Fund management distributable earnings (loss) is only reduced for the profit sharing component of the Principal Performance Payments. | ||||||||||||||||||||||||||||||||
Reconciling items between segment measures and GAAP measures: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Fund management distributable earnings | $ | 340,349 | $ | 403,471 | $ | 276,803 | |||||||||||||||||||||||||||
Investment income (loss) | 108,914 | 36,082 | 16,211 | ||||||||||||||||||||||||||||||
Interest expense | (3,205 | ) | (5,167 | ) | (15,503 | ) | |||||||||||||||||||||||||||
Pre-tax distributable earnings | 446,058 | 434,386 | 277,511 | ||||||||||||||||||||||||||||||
Adjust incentive income | |||||||||||||||||||||||||||||||||
Incentive income received from private equity funds, the private permanent capital vehicle and credit PE funds, subject to contingent repayment | (255,533 | ) | (126,479 | ) | (71,181 | ) | |||||||||||||||||||||||||||
Incentive income received from third parties, subject to contingent repayment | (652 | ) | (264 | ) | (3,023 | ) | |||||||||||||||||||||||||||
Incentive income accrued from private equity funds, the private permanent capital vehicle and credit PE funds, not subject to contingent repayment | 171,387 | 107,276 | 77,993 | ||||||||||||||||||||||||||||||
Incentive income related to the Non-Investment Manager - consolidated VIEs | (198 | ) | — | — | |||||||||||||||||||||||||||||
Incentive income received from the sale of shares related to options | (8,735 | ) | (1,921 | ) | (242 | ) | |||||||||||||||||||||||||||
Reserve for clawback, gross (see discussion above) | (1,999 | ) | (7,397 | ) | (8,380 | ) | |||||||||||||||||||||||||||
(95,730 | ) | (28,785 | ) | (4,833 | ) | ||||||||||||||||||||||||||||
Adjust other income | |||||||||||||||||||||||||||||||||
Distributions of earnings from equity method investees* | (71,888 | ) | (15,316 | ) | (6,028 | ) | |||||||||||||||||||||||||||
Earnings (losses) from equity method investees* | 68,452 | 124,401 | 141,697 | ||||||||||||||||||||||||||||||
Equity method (earnings) losses earned by Fortress in the Investment Company - consolidated VIEs | 1,595 | — | — | ||||||||||||||||||||||||||||||
Gains (losses) on options in equity method investees | (27,758 | ) | 25,295 | 6,040 | |||||||||||||||||||||||||||||
Gains (losses) on other investments | (14,401 | ) | 14,774 | 41,224 | |||||||||||||||||||||||||||||
Impairment of investments (see discussion above) | 2,701 | 1,117 | 1,338 | ||||||||||||||||||||||||||||||
Adjust income from the receipt of options | 3,346 | 42,516 | 21,524 | ||||||||||||||||||||||||||||||
(37,953 | ) | 192,787 | 205,795 | ||||||||||||||||||||||||||||||
Adjust employee, Principal and director compensation | |||||||||||||||||||||||||||||||||
Adjust employee, Principal and director equity-based compensation expense (including publicly traded permanent capital vehicle options assigned) | (31,351 | ) | (45,947 | ) | (221,975 | ) | |||||||||||||||||||||||||||
Adjust employee portion of incentive income from private equity funds, private permanent capital vehicle and credit PE funds, accrued prior to the realization of incentive income | (5,550 | ) | (790 | ) | 3,015 | ||||||||||||||||||||||||||||
(36,901 | ) | (46,737 | ) | (218,960 | ) | ||||||||||||||||||||||||||||
Adjust amortization of intangible assets and impairment of goodwill and intangible assets | (81 | ) | (46 | ) | (46 | ) | |||||||||||||||||||||||||||
Adjust non-controlling interests related to Fortress Operating Group units | (134,033 | ) | (276,683 | ) | (132,950 | ) | |||||||||||||||||||||||||||
Adjust tax receivable agreement liability | (33,116 | ) | (8,787 | ) | (8,870 | ) | |||||||||||||||||||||||||||
Adjust income taxes - Investment Manager | (6,845 | ) | (65,688 | ) | (39,363 | ) | |||||||||||||||||||||||||||
Adjust consolidated Non-Investment Manager income (loss) allocable to Class A | 158 | — | — | ||||||||||||||||||||||||||||||
Shareholders | |||||||||||||||||||||||||||||||||
Adjust consolidated Investment Company income (loss) allocable to Class A | (1,595 | ) | — | — | |||||||||||||||||||||||||||||
Shareholders | |||||||||||||||||||||||||||||||||
Total adjustments | (346,096 | ) | (233,939 | ) | (199,227 | ) | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 | ||||||||||||||||||||||||||||||
Principals’ and Others’ Interests in Income (Loss) of Consolidated Subsidiaries | 138,960 | 283,144 | 140,538 | ||||||||||||||||||||||||||||||
Redeemable Non-controlling Interests in Income (Loss) of Investment Company - consolidated VIEs | (709 | ) | — | — | |||||||||||||||||||||||||||||
Non-controlling Interests in Income (Loss) of Investment Company -consolidated VIEs | 9,737 | — | — | ||||||||||||||||||||||||||||||
Non-controlling Interests in Income (Loss) of Non-Investment Manager - consolidated VIEs | (14,593 | ) | — | — | |||||||||||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 233,357 | $ | 483,591 | $ | 218,822 | |||||||||||||||||||||||||||
* | This adjustment relates to all of the private equity, private permanent capital vehicle, credit PE Fortress Funds and hedge fund special investment accounts in which Fortress has an investment. | ||||||||||||||||||||||||||||||||
Reconciling items between segment measures and GAAP measures: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Total Segment Assets | $ | 2,526,758 | $ | 2,701,377 | |||||||||||||||||||||||||||||
Adjust equity investments from segment carrying amount | (37,169 | ) | (42,811 | ) | |||||||||||||||||||||||||||||
Adjust investments gross of employees' and others' portion | 33,847 | 38,621 | |||||||||||||||||||||||||||||||
Adjust intangible assets to cost | (22,837 | ) | (22,755 | ) | |||||||||||||||||||||||||||||
Less: Fortress's investment in, options and receivables from Non-Investment | (36,977 | ) | — | ||||||||||||||||||||||||||||||
Manager - consolidated VIEs | |||||||||||||||||||||||||||||||||
Less: Fortress's investment in and receivables from Investment Company - | (4,839 | ) | — | ||||||||||||||||||||||||||||||
consolidated VIEs | |||||||||||||||||||||||||||||||||
Add: Total assets of Non-Investment Manager - consolidated VIEs | 3,384,444 | — | |||||||||||||||||||||||||||||||
Add: Total assets of Investment Company - consolidated VIEs | 91,659 | — | |||||||||||||||||||||||||||||||
Total assets (GAAP) | $ | 5,934,886 | $ | 2,674,432 | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Segment revenues | $ | 1,061,618 | $ | 1,032,641 | $ | 757,414 | |||||||||||||||||||||||||||
Adjust management fees | 1,349 | 917 | 522 | ||||||||||||||||||||||||||||||
Adjust management fees for Non-Investment Manager - consolidated VIEs | (8,460 | ) | — | — | |||||||||||||||||||||||||||||
Adjust management fees for Investment Company - consolidated VIEs | (279 | ) | — | — | |||||||||||||||||||||||||||||
Adjust incentive income* | (96,590 | ) | (28,785 | ) | (5,153 | ) | |||||||||||||||||||||||||||
Adjust income from the receipt of options | 3,346 | 42,516 | 21,524 | ||||||||||||||||||||||||||||||
Adjust other revenues (including expense reimbursements)** | 224,356 | 217,694 | 195,562 | ||||||||||||||||||||||||||||||
Add: Total revenues - Non-Investment Manager - consolidated VIEs | 626,196 | — | — | ||||||||||||||||||||||||||||||
Add: Total revenues - Investment Company - consolidated VIEs | 281 | — | — | ||||||||||||||||||||||||||||||
Total revenues (GAAP) | $ | 1,811,817 | $ | 1,264,983 | $ | 969,869 | |||||||||||||||||||||||||||
* | Incentive income received from third parties, not subject to contingent repayment of $0.9 million, $0.0 million and $0.3 million during the years ended December 31, 2014, 2013 and 2012 are included in segment measures as part of incentive income, while included in GAAP as part of other revenues. | ||||||||||||||||||||||||||||||||
** | Segment revenues do not include GAAP other revenues, except to the extent they represent management fees or incentive income; such revenues are included elsewhere in the calculation of distributable earnings. | ||||||||||||||||||||||||||||||||
Fortress’s depreciation and amortization expense by segment prior to the allocation of corporate and intra-segment depreciation and amortization expenses to the business segments was as follows. Amortization expense, related to intangible assets, is not a component of distributable earnings. | |||||||||||||||||||||||||||||||||
Private Equity | Credit | ||||||||||||||||||||||||||||||||
Year Ended December 31, | Funds | Permanent Capital Vehicles | Liquid | Hedge | PE | Logan | Corporate | Total | |||||||||||||||||||||||||
Hedge | Funds | Funds | Circle | ||||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Depreciation | $ | 1,585 | $ | 851 | $ | 7,436 | $ | 5,462 | $ | 1,125 | $ | 334 | $ | 2,955 | $ | 19,748 | |||||||||||||||||
Amortization | — | — | — | — | — | 81 | — | 81 | |||||||||||||||||||||||||
Total | $ | 1,585 | $ | 851 | $ | 7,436 | $ | 5,462 | $ | 1,125 | $ | 415 | $ | 2,955 | $ | 19,829 | |||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Depreciation | $ | 1,525 | $ | 606 | $ | 2,223 | $ | 5,557 | $ | 422 | $ | 271 | $ | 3,040 | $ | 13,644 | |||||||||||||||||
Amortization | — | — | — | — | — | 46 | — | 46 | |||||||||||||||||||||||||
Total | $ | 1,525 | $ | 606 | $ | 2,223 | $ | 5,557 | $ | 422 | $ | 317 | $ | 3,040 | $ | 13,690 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Depreciation | $ | 1,868 | $ | 484 | $ | 2,218 | $ | 5,996 | $ | 386 | $ | 329 | $ | 3,604 | $ | 14,885 | |||||||||||||||||
Amortization | — | — | — | — | — | 46 | — | 46 | |||||||||||||||||||||||||
Total | $ | 1,868 | $ | 484 | $ | 2,218 | $ | 5,996 | $ | 386 | $ | 375 | $ | 3,604 | $ | 14,931 | |||||||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
These financial statements include a discussion of material events, if any, which have occurred subsequent to December 31, 2014 (referred to as "subsequent events") through the issuance of these consolidated financial statements. Events subsequent to that have not been considered in these financial statements. | |
Additional subsequent events are described in Notes 1, 4, 7 and 9. | |
Subsequent to December 31, 2014, Fortress granted 11.3 million RSUs to its employees, of which 6.5 million are dividend paying. These RSUs generally vest over a period of three to six years. Furthermore, 6.7 million existing RSUs vested in January 2015 and the related Class A shares will be delivered within six months pursuant to the plan documents. A portion of these Class A shares may be sold to cover withholding tax requirements. |
CONSOLIDATING_FINANCIAL_INFORM
CONSOLIDATING FINANCIAL INFORMATION | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Consolidating Financial Information | ||||||||||||||||||||||||||||
CONSOLIDATING FINANCIAL INFORMATION | CONSOLIDATING FINANCIAL INFORMATION | |||||||||||||||||||||||||||
The following consolidating financial information presents the balance sheet, statement of operations and statement of cash flows for Fortress Operating Group (on a combined basis), FOE II (New) LP, certain consolidated entities (Non-Investment Manager and Investment Company) and Fortress Investment Group LLC (including its consolidated subsidiaries other than those within Fortress Operating Group) on a deconsolidated basis, as well as the related eliminating entries for intercompany balances and transactions, which sum to Fortress Investment Group’s consolidated financial statements as of, and for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||||||
Fortress Operating Group includes all of Fortress’s operating and investing entities. The upper tier Fortress Operating Group entities, other than FOE II (New) LP, are the obligors on Fortress’s credit agreement (Note 5). Segregating the financial results of this group of entities provides a more transparent view of the capital deployed in Fortress’s businesses as well as the relevant ratios for borrowing entities. | ||||||||||||||||||||||||||||
The consolidating balance sheet information as of December 31, 2014 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 389,782 | $ | 950 | $ | — | $ | — | $ | 357 | $ | — | $ | 391,089 | ||||||||||||||
Due from affiliates | 326,230 | 2,654 | — | (8,566 | ) | — | — | 320,318 | ||||||||||||||||||||
Investments | 1,115,212 | 2,175 | — | (6,844 | ) | 511,927 | (511,927 | ) | 1,110,543 | |||||||||||||||||||
Investments in options | 71,844 | — | — | (26,110 | ) | — | — | 45,734 | ||||||||||||||||||||
Deferred tax asset, net | — | — | — | — | 417,623 | — | 417,623 | |||||||||||||||||||||
Other assets | 174,201 | 2,020 | — | (4,747 | ) | 2,002 | — | 173,476 | ||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 303 | — | — | — | 303 | |||||||||||||||||||||
Investments, at fair value | — | — | 91,125 | — | — | — | 91,125 | |||||||||||||||||||||
Other assets | — | — | 231 | — | — | — | 231 | |||||||||||||||||||||
2,077,269 | 7,799 | 91,659 | (46,267 | ) | 931,909 | (511,927 | ) | 2,550,442 | ||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 350,086 | — | — | — | 350,086 | |||||||||||||||||||||
Investments in senior housing real estate, net | — | — | 1,799,848 | — | — | — | 1,799,848 | |||||||||||||||||||||
Fixed assets, net | — | — | 283,786 | — | — | — | 283,786 | |||||||||||||||||||||
Goodwill | — | — | 370,375 | — | — | — | 370,375 | |||||||||||||||||||||
Intangible assets, net | — | — | 423,819 | — | — | — | 423,819 | |||||||||||||||||||||
Other assets, net | — | — | 156,530 | — | — | — | 156,530 | |||||||||||||||||||||
— | — | 3,384,444 | — | — | — | 3,384,444 | ||||||||||||||||||||||
Total Assets | $ | 2,077,269 | $ | 7,799 | $ | 3,476,103 | $ | (46,267 | ) | $ | 931,909 | $ | (511,927 | ) | $ | 5,934,886 | ||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Accrued compensation and benefits | $ | 371,563 | $ | 3,146 | $ | — | $ | (1,964 | ) | $ | — | $ | — | $ | 372,745 | |||||||||||||
Due to affiliates | 86,100 | 2,274 | — | (2,274 | ) | 289,324 | — | 375,424 | ||||||||||||||||||||
Deferred incentive income | 304,526 | — | — | — | — | — | 304,526 | |||||||||||||||||||||
Debt obligations payable | 75,000 | — | — | — | — | — | 75,000 | |||||||||||||||||||||
Other liabilities | 87,905 | 82 | — | — | — | — | 87,987 | |||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Other liabilities | — | — | 138 | (35 | ) | — | — | 103 | ||||||||||||||||||||
925,094 | 5,502 | 138 | (4,273 | ) | 289,324 | — | 1,215,785 | |||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Mortgage notes payable | — | — | 1,259,430 | — | — | — | 1,259,430 | |||||||||||||||||||||
Debt obligations payable | — | — | 222,052 | — | — | — | 222,052 | |||||||||||||||||||||
Deferred revenue | — | — | 35,933 | — | — | — | 35,933 | |||||||||||||||||||||
Accrued expenses and other liabilities | — | — | 140,108 | (6,257 | ) | — | — | 133,851 | ||||||||||||||||||||
— | — | 1,657,523 | (6,257 | ) | — | — | 1,651,266 | |||||||||||||||||||||
Total Liabilities | 925,094 | 5,502 | 1,657,661 | (10,530 | ) | 289,324 | — | 2,867,051 | ||||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||||||
Redeemable Non-controlling Interests, | — | — | — | 1,717 | — | — | 1,717 | |||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Paid-in capital | 5,747,295 | 5,628 | 1,830,566 | (1,832,794 | ) | 1,996,137 | (5,750,695 | ) | 1,996,137 | |||||||||||||||||||
Retained earnings (accumulated deficit) | (4,670,253 | ) | (3,331 | ) | (7,198 | ) | 5,251 | (1,351,126 | ) | 4,675,531 | (1,351,126 | ) | ||||||||||||||||
Accumulated other comprehensive income (loss) | (7,503 | ) | — | (4,926 | ) | 4,916 | (2,426 | ) | 7,513 | (2,426 | ) | |||||||||||||||||
Total Fortress shareholders’ equity (D) | 1,069,539 | 2,297 | 1,818,442 | (1,822,627 | ) | 642,585 | (1,067,651 | ) | 642,585 | |||||||||||||||||||
Principals’ and others’ interests in equity of | 82,636 | — | — | — | — | 555,724 | 638,360 | |||||||||||||||||||||
consolidated subsidiaries | ||||||||||||||||||||||||||||
Non-controlling interests in equity of Investment | — | — | — | 85,001 | — | — | 85,001 | |||||||||||||||||||||
Company - consolidated VIEs | ||||||||||||||||||||||||||||
Non-controlling interests in equity of Non- | — | — | — | 1,700,172 | — | — | 1,700,172 | |||||||||||||||||||||
Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Total Equity | 1,152,175 | 2,297 | 1,818,442 | (37,454 | ) | 642,585 | (511,927 | ) | 3,066,118 | |||||||||||||||||||
Total Liabilities Redeemable Non-controlling | $ | 2,077,269 | $ | 7,799 | $ | 3,476,103 | $ | (46,267 | ) | $ | 931,909 | $ | (511,927 | ) | $ | 5,934,886 | ||||||||||||
Interests and Equity | ||||||||||||||||||||||||||||
(A) | Excluding FOE II (New) LP and certain consolidated entities. | |||||||||||||||||||||||||||
(B) | Comprised of the Investment Company and Non-Investment Manager. | |||||||||||||||||||||||||||
(C) | Other than Fortress Operating Group. | |||||||||||||||||||||||||||
(D) | Includes the Principals’ (and one former senior employee's) equity in the Fortress Operating Group column, which is eliminated in consolidation. | |||||||||||||||||||||||||||
The consolidating statement of operations information for the year ended December 31, 2014 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Management fees: affiliates | $ | 534,293 | $ | 5,330 | $ | — | $ | (11,701 | ) | $ | — | $ | — | $ | 527,922 | |||||||||||||
Management fees: non-affiliates | 68,649 | 299 | — | — | — | — | 68,948 | |||||||||||||||||||||
Incentive income: affiliates | 362,578 | — | — | (198 | ) | — | — | 362,380 | ||||||||||||||||||||
Incentive income: non-affiliates | 1,734 | — | — | — | — | — | 1,734 | |||||||||||||||||||||
Expense reimbursements: affiliates | 180,563 | 32,485 | — | (8,003 | ) | — | — | 205,045 | ||||||||||||||||||||
Expense reimbursements: non-affiliates | 10,376 | 3,053 | — | — | — | — | 13,429 | |||||||||||||||||||||
Other revenues (affiliate portion disclosed in | 5,962 | — | — | (80 | ) | — | — | 5,882 | ||||||||||||||||||||
Note 7) | ||||||||||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Interest and dividend income | — | — | 281 | — | — | — | 281 | |||||||||||||||||||||
1,164,155 | 41,167 | 281 | (19,982 | ) | — | — | 1,185,621 | |||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Advertising | — | — | 346,613 | — | — | — | 346,613 | |||||||||||||||||||||
Circulation | — | — | 173,436 | — | — | — | 173,436 | |||||||||||||||||||||
Commercial printing and other | — | — | 64,062 | — | — | — | 64,062 | |||||||||||||||||||||
Rental revenue, resident fees and services | — | — | 42,085 | — | — | — | 42,085 | |||||||||||||||||||||
— | — | 626,196 | — | — | — | 626,196 | ||||||||||||||||||||||
Total Revenues | 1,164,155 | 41,167 | 626,477 | (19,982 | ) | — | — | 1,811,817 | ||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Compensation and benefits | 755,680 | 39,681 | — | 741 | — | — | 796,102 | |||||||||||||||||||||
General, administrative and other | 169,922 | 2,246 | — | — | (1 | ) | — | 172,167 | ||||||||||||||||||||
Depreciation and amortization | 19,756 | 73 | — | — | — | — | 19,829 | |||||||||||||||||||||
Interest expense | 3,214 | 55 | — | (53 | ) | 227 | — | 3,443 | ||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Other | — | — | 1,289 | (278 | ) | — | — | 1,011 | ||||||||||||||||||||
948,572 | 42,055 | 1,289 | 410 | 226 | — | 992,552 | ||||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Media operating costs | — | — | 327,130 | — | — | — | 327,130 | |||||||||||||||||||||
General, administrative and other | — | — | 198,129 | (9,228 | ) | — | — | 188,901 | ||||||||||||||||||||
Depreciation and amortization | — | — | 61,395 | — | — | — | 61,395 | |||||||||||||||||||||
Interest expense | — | — | 23,718 | — | — | — | 23,718 | |||||||||||||||||||||
Loss on extinguishment of debt | — | — | 9,047 | — | — | — | 9,047 | |||||||||||||||||||||
Property operating costs | — | — | 18,500 | (7,433 | ) | — | — | 11,067 | ||||||||||||||||||||
— | — | 637,919 | (16,661 | ) | — | — | 621,258 | |||||||||||||||||||||
Total Expenses | 948,572 | 42,055 | 639,208 | (16,251 | ) | 226 | — | 1,613,810 | ||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Other Income (Loss) | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Gains (losses) (affiliate portion disclosed | (10,269 | ) | — | — | 1,956 | — | — | (8,313 | ) | |||||||||||||||||||
in Note 4) | ||||||||||||||||||||||||||||
Tax receivable agreement liability adjustment | — | — | — | — | (33,116 | ) | — | (33,116 | ) | |||||||||||||||||||
Earnings (losses) from equity method | 76,731 | — | — | 1,462 | 122,779 | (122,779 | ) | 78,193 | ||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Gains (losses) | — | — | 8,442 | — | — | — | 8,442 | |||||||||||||||||||||
Total Other Income (Loss) | 66,462 | — | 8,442 | 3,418 | 89,663 | (122,779 | ) | 45,206 | ||||||||||||||||||||
Income (Loss) Before Income Taxes | 282,045 | (888 | ) | (4,289 | ) | (313 | ) | 89,437 | (122,779 | ) | 243,213 | |||||||||||||||||
Income tax benefit (expense) - Investment | (17,465 | ) | (7 | ) | — | — | 10,525 | — | (6,947 | ) | ||||||||||||||||||
Manager | ||||||||||||||||||||||||||||
Income tax benefit (expense) - Non- | — | — | (2,909 | ) | — | — | — | (2,909 | ) | |||||||||||||||||||
Investment Manager - consolidated VIE | ||||||||||||||||||||||||||||
Total Income Tax Benefit (Expense) | (17,465 | ) | (7 | ) | (2,909 | ) | — | 10,525 | — | (9,856 | ) | |||||||||||||||||
Net Income (Loss) | $ | 264,580 | $ | (895 | ) | $ | (7,198 | ) | $ | (313 | ) | $ | 99,962 | $ | (122,779 | ) | $ | 233,357 | ||||||||||
Allocation of Net Income (Loss) | ||||||||||||||||||||||||||||
Principals’ and Others’ Interests in Income | $ | 4,927 | $ | — | $ | — | $ | — | $ | — | $ | 134,033 | $ | 138,960 | ||||||||||||||
(Loss) of Consolidated Subsidiaries | ||||||||||||||||||||||||||||
Redeemable Non-controlling Interests in | — | — | — | (709 | ) | — | — | (709 | ) | |||||||||||||||||||
Income (Loss) of Investment Company | ||||||||||||||||||||||||||||
- consolidated VIE | ||||||||||||||||||||||||||||
Non-controlling Interests in Income (Loss) of | — | — | — | 9,737 | — | — | 9,737 | |||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Non-controlling Interests in Income (Loss) of | — | — | — | (14,593 | ) | — | — | (14,593 | ) | |||||||||||||||||||
Non-Investment Manager - consolidated | ||||||||||||||||||||||||||||
VIE | ||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Class A | 259,653 | (895 | ) | (7,198 | ) | 5,252 | 99,962 | (256,812 | ) | 99,962 | ||||||||||||||||||
Shareholders (D) | ||||||||||||||||||||||||||||
$ | 264,580 | $ | (895 | ) | $ | (7,198 | ) | $ | (313 | ) | $ | 99,962 | $ | (122,779 | ) | $ | 233,357 | |||||||||||
(A) | Excluding FOE II (New) LP and certain consolidated entities. | |||||||||||||||||||||||||||
(B) | Comprised of the Investment Company and Non-Investment Manager. | |||||||||||||||||||||||||||
(C) | Other than Fortress Operating Group. | |||||||||||||||||||||||||||
(D) | Includes the net income (loss) attributable to the Principals’ (and a former senior employee's) interests in the Fortress Operating Group column, which is eliminated in consolidation. | |||||||||||||||||||||||||||
The consolidating statement of cash flows information for the year ended December 31, 2014 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||||
Net income (loss) | $ | 264,580 | $ | (895 | ) | $ | (7,198 | ) | $ | (313 | ) | $ | 99,962 | $ | (122,779 | ) | $ | 233,357 | ||||||||||
Adjustments to reconcile net income (loss) to | ||||||||||||||||||||||||||||
net cash provided by (used in) operating activities | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Depreciation and amortization | 19,756 | 73 | — | — | — | — | 19,829 | |||||||||||||||||||||
Other amortization (included in interest expense) | 781 | — | — | — | — | — | 781 | |||||||||||||||||||||
(Earnings) losses from equity method investees | (76,731 | ) | — | — | (1,462 | ) | (122,779 | ) | 122,779 | (78,193 | ) | |||||||||||||||||
Distributions of earnings from equity method | 110,967 | — | — | — | — | — | 110,967 | |||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
(Gains) losses | 10,269 | — | — | (1,956 | ) | — | — | 8,313 | ||||||||||||||||||||
Deferred incentive income | (171,387 | ) | — | — | — | — | — | (171,387 | ) | |||||||||||||||||||
Deferred tax (benefit) expense | 1,527 | — | — | — | (19,571 | ) | — | (18,044 | ) | |||||||||||||||||||
Options received from affiliates | (6,310 | ) | — | — | 2,964 | — | — | (3,346 | ) | |||||||||||||||||||
Tax receivable agreement liability adjustment | — | — | — | — | 33,116 | — | 33,116 | |||||||||||||||||||||
Equity-based compensation | 38,157 | — | — | — | 38,157 | |||||||||||||||||||||||
Options in affiliates granted to employees | 701 | — | — | 741 | — | — | 1,442 | |||||||||||||||||||||
Other | (616 | ) | — | — | 79 | — | — | (537 | ) | |||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
(Gains) losses | — | — | (8,442 | ) | — | — | — | (8,442 | ) | |||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 61,395 | — | — | — | 61,395 | |||||||||||||||||||||
Loss on extinguishment of debt | — | — | 5,949 | — | — | — | 5,949 | |||||||||||||||||||||
Amortization (including deferred financing costs) | — | — | 1,018 | — | — | — | 1,018 | |||||||||||||||||||||
Deferred tax (benefit) expense | — | — | 3,750 | — | — | — | 3,750 | |||||||||||||||||||||
Deferred rental income | — | — | (4,348 | ) | — | — | — | (4,348 | ) | |||||||||||||||||||
Other | — | — | 1,047 | — | — | — | 1,047 | |||||||||||||||||||||
Cash flows due to changes in | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Due from affiliates | (166,016 | ) | (790 | ) | — | 8,335 | — | — | (158,471 | ) | ||||||||||||||||||
Other assets | 44,370 | (1,546 | ) | — | (53 | ) | 4,767 | — | 47,538 | |||||||||||||||||||
Accrued compensation and benefits | 89,014 | 861 | — | — | — | — | 89,875 | |||||||||||||||||||||
Due to affiliates | (10,285 | ) | 2,043 | — | (2,043 | ) | (23,853 | ) | — | (34,138 | ) | |||||||||||||||||
Deferred incentive income | 216,493 | — | — | — | — | — | 216,493 | |||||||||||||||||||||
Other liabilities | 5,164 | 18 | — | — | — | — | 5,182 | |||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Purchases of investments and payments to cover | — | — | (718,013 | ) | — | — | — | (718,013 | ) | |||||||||||||||||||
securities sold not yet purchased | ||||||||||||||||||||||||||||
Proceeds from sale of investments and | — | — | 608,228 | — | — | — | 608,228 | |||||||||||||||||||||
securities sold not yet purchased | ||||||||||||||||||||||||||||
Receivables from brokers and counterparties | — | — | (44,904 | ) | — | — | — | (44,904 | ) | |||||||||||||||||||
Other assets | — | — | (8,487 | ) | — | — | — | (8,487 | ) | |||||||||||||||||||
Due to brokers and counterparties | — | — | 12,031 | — | — | — | 12,031 | |||||||||||||||||||||
Other liabilities | — | — | 2,910 | (35 | ) | — | — | 2,875 | ||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Other assets | — | — | 5,434 | — | — | — | 5,434 | |||||||||||||||||||||
Due to affiliates | — | — | 1,793 | — | — | — | 1,793 | |||||||||||||||||||||
Deferred revenue | — | — | (426 | ) | — | — | — | (426 | ) | |||||||||||||||||||
Accrued expenses and other liabilities | — | — | (13,712 | ) | (6,257 | ) | — | — | (19,969 | ) | ||||||||||||||||||
Net cash provided by (used in) operating | 370,434 | (236 | ) | (101,975 | ) | — | (28,358 | ) | — | 239,865 | ||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Contributions to equity method investees | (86,113 | ) | — | — | 50,053 | (36,876 | ) | 36,876 | (36,060 | ) | ||||||||||||||||||
Distributions of capital from equity method | 379,940 | — | — | — | 126,414 | (126,414 | ) | 379,940 | ||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Purchase of securities | (16,664 | ) | — | — | — | — | — | (16,664 | ) | |||||||||||||||||||
Proceeds from sale of equity investments | 84,852 | — | — | — | — | — | 84,852 | |||||||||||||||||||||
Purchase of fixed assets | (12,445 | ) | — | — | — | — | — | (12,445 | ) | |||||||||||||||||||
Purchase of software and technology-related | (25,976 | ) | — | — | — | — | — | (25,976 | ) | |||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Existing cash on deconsolidation date | — | — | (12,024 | ) | — | — | — | (12,024 | ) | |||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Existing cash on consolidation date | — | — | 269,089 | — | — | — | 269,089 | |||||||||||||||||||||
Purchase of fixed assets | — | — | (6,104 | ) | — | — | — | (6,104 | ) | |||||||||||||||||||
Acquisitions, net of cash acquired | — | — | (77,618 | ) | — | — | — | (77,618 | ) | |||||||||||||||||||
Acquisitions of real estate | — | — | (15,691 | ) | — | — | — | (15,691 | ) | |||||||||||||||||||
Deposits paid for investments | — | — | (4,855 | ) | — | — | — | (4,855 | ) | |||||||||||||||||||
Other | — | — | 888 | — | — | — | 888 | |||||||||||||||||||||
Net cash provided by (used in) investing | 323,594 | — | 153,685 | 50,053 | 89,538 | (89,538 | ) | 527,332 | ||||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Repayments of debt obligations | (50,000 | ) | — | — | — | — | — | (50,000 | ) | |||||||||||||||||||
Borrowing under debt obligations | 125,000 | — | — | — | — | — | 125,000 | |||||||||||||||||||||
Proceeds from public offering (Note 9) | — | — | — | — | 186,551 | — | 186,551 | |||||||||||||||||||||
Repurchase of Class B shares (Note 9) | — | — | — | — | (186,551 | ) | — | (186,551 | ) | |||||||||||||||||||
Issuance (purchase) of Class A shares (RSU | (36,876 | ) | — | — | — | 36,876 | — | — | ||||||||||||||||||||
settlements) | ||||||||||||||||||||||||||||
Repurchase of Class A shares (Note 9) | (363,260 | ) | (150 | ) | — | — | — | — | (363,410 | ) | ||||||||||||||||||
Repurchase of shares and RSUs (Note 9) | (3,611 | ) | — | — | — | — | — | (3,611 | ) | |||||||||||||||||||
Capital contributions (distributions) | 36,876 | — | — | — | — | (36,876 | ) | — | ||||||||||||||||||||
Dividends and dividend equivalents paid | (130,410 | ) | — | — | — | (101,864 | ) | 126,414 | (105,860 | ) | ||||||||||||||||||
Principals’ and others’ interests in equity of | 876 | — | — | — | — | — | 876 | |||||||||||||||||||||
consolidated subsidiaries - contributions | ||||||||||||||||||||||||||||
Principals’ and others’ interests in equity of | (245,461 | ) | — | — | — | — | — | (245,461 | ) | |||||||||||||||||||
consolidated subsidiaries - distributions | ||||||||||||||||||||||||||||
Excess tax benefits from delivery of RSUs | — | — | — | — | 3,538 | — | 3,538 | |||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Redeemable non-controlling interests - | — | — | 86,255 | (50,003 | ) | — | — | 36,252 | ||||||||||||||||||||
contributions | ||||||||||||||||||||||||||||
Non-redeemable non-controlling interests | — | — | 75,315 | (50 | ) | — | — | 75,265 | ||||||||||||||||||||
in Investment Company - contributions | ||||||||||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Repayments of debt obligations | — | — | (199,969 | ) | — | — | — | (199,969 | ) | |||||||||||||||||||
Borrowings under debt obligations | — | — | 241,843 | — | — | — | 241,843 | |||||||||||||||||||||
Payment of debt issuance costs | — | — | (2,569 | ) | — | — | — | (2,569 | ) | |||||||||||||||||||
Proceeds from public offering (net of offering | — | — | 115,874 | — | — | — | 115,874 | |||||||||||||||||||||
costs) | ||||||||||||||||||||||||||||
Capital contributions | — | — | 142 | — | — | — | 142 | |||||||||||||||||||||
Dividends and dividend equivalents paid | — | — | (18,212 | ) | — | — | — | (18,212 | ) | |||||||||||||||||||
Net cash provided by (used in) financing | (666,866 | ) | (150 | ) | 298,679 | (50,053 | ) | (61,450 | ) | 89,538 | (390,302 | ) | ||||||||||||||||
activities | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash | 27,162 | (386 | ) | 350,389 | — | (270 | ) | — | 376,895 | |||||||||||||||||||
Equivalents | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, Beginning of | 362,620 | 1,336 | — | — | 627 | — | 364,583 | |||||||||||||||||||||
Period | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 389,782 | $ | 950 | $ | 350,389 | $ | — | $ | 357 | $ | — | $ | 741,478 | ||||||||||||||
Cash and Cash Equivalents - Investment | $ | 389,782 | $ | 950 | $ | — | $ | — | $ | 357 | $ | — | $ | 391,089 | ||||||||||||||
Manager, End of Period | ||||||||||||||||||||||||||||
Cash and Cash Equivalents - Investment | $ | — | $ | — | $ | 303 | $ | — | $ | — | $ | — | $ | 303 | ||||||||||||||
Company - consolidated VIEs, End of Period | ||||||||||||||||||||||||||||
Cash and Cash Equivalents - Non-Investment | $ | — | $ | — | $ | 350,086 | $ | — | $ | — | $ | — | $ | 350,086 | ||||||||||||||
Manager - consolidated VIEs, End of Period | ||||||||||||||||||||||||||||
(A) | Excluding FOE II (New) LP and certain consolidated entities. | |||||||||||||||||||||||||||
(B) | Comprised of the Investment Company and Non-Investment Manager. | |||||||||||||||||||||||||||
(C) | Other than Fortress Operating Group. | |||||||||||||||||||||||||||
The consolidating balance sheet information as of December 31, 2013 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 362,620 | $ | 1,336 | $ | — | $ | 627 | $ | — | $ | 364,583 | ||||||||||||||||
Due from affiliates | 405,491 | 1,864 | (231 | ) | 4,979 | (4,979 | ) | 407,124 | ||||||||||||||||||||
Investments | 1,253,266 | 175 | (175 | ) | 699,863 | (699,863 | ) | 1,253,266 | ||||||||||||||||||||
Investments in options | 104,338 | — | — | — | — | 104,338 | ||||||||||||||||||||||
Deferred tax asset, net | — | — | — | 354,526 | — | 354,526 | ||||||||||||||||||||||
Other assets | 184,023 | 494 | — | 6,078 | — | 190,595 | ||||||||||||||||||||||
$ | 2,309,738 | $ | 3,869 | $ | (406 | ) | $ | 1,066,073 | $ | (704,842 | ) | $ | 2,674,432 | |||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Accrued compensation and benefits | $ | 415,024 | $ | 2,285 | $ | — | $ | — | $ | — | $ | 417,309 | ||||||||||||||||
Due to affiliates | 108,805 | 231 | (231 | ) | 241,006 | (4,979 | ) | 344,832 | ||||||||||||||||||||
Deferred incentive income | 247,556 | — | — | — | — | 247,556 | ||||||||||||||||||||||
Debt obligations payable | — | — | — | — | — | — | ||||||||||||||||||||||
Other liabilities | 49,767 | 63 | — | — | — | 49,830 | ||||||||||||||||||||||
821,152 | 2,579 | (231 | ) | 241,006 | (4,979 | ) | 1,059,527 | |||||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Paid-in capital | 5,703,328 | 3,575 | (175 | ) | 2,112,720 | (5,706,728 | ) | 2,112,720 | ||||||||||||||||||||
Retained earnings (accumulated deficit) | (4,274,573 | ) | (2,285 | ) | — | (1,286,131 | ) | 4,276,858 | (1,286,131 | ) | ||||||||||||||||||
Accumulated other comprehensive | (4,583 | ) | — | — | (1,522 | ) | 4,583 | (1,522 | ) | |||||||||||||||||||
income (loss) | ||||||||||||||||||||||||||||
Total Fortress shareholders' equity (C) | 1,424,172 | 1,290 | (175 | ) | 825,067 | (1,425,287 | ) | 825,067 | ||||||||||||||||||||
Principals' and others' interests in equity of | 64,414 | — | — | — | 725,424 | 789,838 | ||||||||||||||||||||||
consolidated subsidiaries | ||||||||||||||||||||||||||||
Total Equity | 1,488,586 | 1,290 | (175 | ) | 825,067 | (699,863 | ) | 1,614,905 | ||||||||||||||||||||
$ | 2,309,738 | $ | 3,869 | $ | (406 | ) | $ | 1,066,073 | $ | (704,842 | ) | $ | 2,674,432 | |||||||||||||||
(A) | Excluding FOE II (New) LP. | |||||||||||||||||||||||||||
(B) | Other than Fortress Operating Group. | |||||||||||||||||||||||||||
(C) | Includes the Principals’ (and a former senior employee’s) equity in the Fortress Operating Group column, which is eliminated in consolidation. | |||||||||||||||||||||||||||
The consolidating statement of operations information for the year ended December 31, 2013 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Management fees: affiliates | $ | 516,773 | $ | 3,510 | $ | — | $ | — | $ | — | $ | 520,283 | ||||||||||||||||
Management fees: non-affiliates | 62,240 | 555 | — | — | — | 62,795 | ||||||||||||||||||||||
Incentive income: affiliates | 419,828 | — | — | — | — | 419,828 | ||||||||||||||||||||||
Incentive income: non-affiliates | 44,383 | — | — | — | — | 44,383 | ||||||||||||||||||||||
Expense reimbursements: affiliates | 179,874 | 26,578 | — | — | — | 206,452 | ||||||||||||||||||||||
Expense reimbursements: non-affiliates | 7,209 | — | — | — | — | 7,209 | ||||||||||||||||||||||
Other revenues (affiliate portion disclosed in | 4,241 | 2 | — | 3,423 | (3,633 | ) | 4,033 | |||||||||||||||||||||
Note 7) | ||||||||||||||||||||||||||||
1,234,548 | 30,645 | — | 3,423 | (3,633 | ) | 1,264,983 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Compensation and benefits | 711,897 | 29,864 | — | — | — | 741,761 | ||||||||||||||||||||||
General, administrative and other | 135,203 | 1,566 | — | 1 | — | 136,770 | ||||||||||||||||||||||
Depreciation and amortization | 13,630 | 60 | — | — | — | 13,690 | ||||||||||||||||||||||
Interest expense | 5,147 | 34 | — | 3,834 | (3,633 | ) | 5,382 | |||||||||||||||||||||
865,877 | 31,524 | — | 3,835 | (3,633 | ) | 897,603 | ||||||||||||||||||||||
Other Income (Loss) | ||||||||||||||||||||||||||||
Gains (losses) (affiliate portion disclosed in | 53,938 | (5 | ) | — | — | — | 53,933 | |||||||||||||||||||||
Note 7) | ||||||||||||||||||||||||||||
Tax receivable agreement liability adjustment | — | — | — | (8,787 | ) | — | (8,787 | ) | ||||||||||||||||||||
Earnings (losses) from equity method investees | 136,866 | — | — | 262,479 | (262,479 | ) | 136,866 | |||||||||||||||||||||
190,804 | (5 | ) | — | 253,692 | (262,479 | ) | 182,012 | |||||||||||||||||||||
Income (Loss) Before Income Taxes | 559,475 | (884 | ) | — | 253,280 | (262,479 | ) | 549,392 | ||||||||||||||||||||
Income tax benefit (expense) - Investment | (13,024 | ) | 56 | — | (52,833 | ) | — | (65,801 | ) | |||||||||||||||||||
Manager | ||||||||||||||||||||||||||||
Net Income (Loss) | $ | 546,451 | $ | (828 | ) | $ | — | $ | 200,447 | $ | (262,479 | ) | $ | 483,591 | ||||||||||||||
Principals' and Others' Interests in Income | $ | 6,461 | $ | — | $ | — | $ | — | $ | 276,683 | $ | 283,144 | ||||||||||||||||
(Loss) of Consolidated Subsidiaries | ||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Class A | $ | 539,990 | $ | (828 | ) | $ | — | $ | 200,447 | $ | (539,162 | ) | $ | 200,447 | ||||||||||||||
Shareholders (C) | ||||||||||||||||||||||||||||
(A) | Excluding FOE II (New) LP. | |||||||||||||||||||||||||||
(B) | Other than Fortress Operating Group. | |||||||||||||||||||||||||||
(C) | Includes net income (loss) attributable to the Principals’ (and a former senior employee’s) interests in the Fortress Operating Group column, which is eliminated in consolidation. | |||||||||||||||||||||||||||
The consolidating statement of cash flows information for the year ended December 31, 2013 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||||
Net income (loss) | $ | 546,451 | $ | (828 | ) | $ | — | $ | 200,447 | $ | (262,479 | ) | $ | 483,591 | ||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||||||||||||||||||||||||||
Depreciation and amortization | 13,630 | 60 | — | — | — | 13,690 | ||||||||||||||||||||||
Other amortization and accretion (included | 900 | — | — | — | — | 900 | ||||||||||||||||||||||
in interest expense) | ||||||||||||||||||||||||||||
(Earnings) losses from equity method | (136,866 | ) | — | — | (262,479 | ) | 262,479 | (136,866 | ) | |||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Distributions of earnings from equity | 84,548 | — | — | — | — | 84,548 | ||||||||||||||||||||||
method investees | ||||||||||||||||||||||||||||
(Gains) losses | (53,938 | ) | 5 | — | — | — | (53,933 | ) | ||||||||||||||||||||
Deferred incentive income | (107,276 | ) | — | — | — | — | (107,276 | ) | ||||||||||||||||||||
Deferred tax (benefit) expense | 2,716 | — | — | 51,715 | — | 54,431 | ||||||||||||||||||||||
Options received from affiliates | (42,516 | ) | — | — | — | — | (42,516 | ) | ||||||||||||||||||||
Tax receivable agreement liability | — | — | — | 8,787 | — | 8,787 | ||||||||||||||||||||||
adjustment | ||||||||||||||||||||||||||||
Equity-based compensation | 39,266 | — | — | — | — | 39,266 | ||||||||||||||||||||||
Options in affiliates granted to employees | 8,190 | — | — | — | — | 8,190 | ||||||||||||||||||||||
Other | 863 | — | — | — | — | 863 | ||||||||||||||||||||||
Cash flows due to changes in | ||||||||||||||||||||||||||||
Due from affiliates | (329,175 | ) | (430 | ) | (1,694 | ) | 149,615 | (166,258 | ) | (347,942 | ) | |||||||||||||||||
Other assets | (18,303 | ) | 101 | — | 120 | — | (18,082 | ) | ||||||||||||||||||||
Accrued compensation and benefits | 330,332 | 575 | — | — | — | 330,907 | ||||||||||||||||||||||
Due to affiliates | (130,117 | ) | (2,291 | ) | 1,694 | (38,211 | ) | 166,258 | (2,667 | ) | ||||||||||||||||||
Deferred incentive income | 118,765 | — | — | — | — | 118,765 | ||||||||||||||||||||||
Other liabilities | (2,304 | ) | (43 | ) | — | 582 | — | (1,765 | ) | |||||||||||||||||||
Net cash provided by (used in) operating | 325,166 | (2,851 | ) | — | 110,576 | — | 432,891 | |||||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||||
Contributions to equity method investees | (37,084 | ) | — | — | (72,515 | ) | 72,515 | (37,084 | ) | |||||||||||||||||||
Distributions of capital from equity method | 281,481 | — | — | 97,475 | (97,475 | ) | 281,481 | |||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Proceeds from sale of direct investments | 18,849 | — | — | — | — | 18,849 | ||||||||||||||||||||||
Purchase of equity securities | (20,043 | ) | — | — | — | — | (20,043 | ) | ||||||||||||||||||||
Purchase of digital currency (Bitcoin) | (20,000 | ) | — | — | — | — | (20,000 | ) | ||||||||||||||||||||
Purchase of fixed assets | (11,471 | ) | — | — | — | — | (11,471 | ) | ||||||||||||||||||||
Net cash provided by (used in) investing activities | 211,732 | — | — | 24,960 | (24,960 | ) | 211,732 | |||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||||
Repayments of debt obligations | — | — | — | (149,453 | ) | — | (149,453 | ) | ||||||||||||||||||||
Payment of deferred financing costs | (2,367 | ) | — | — | — | — | (2,367 | ) | ||||||||||||||||||||
Issuance (purchase) of Class A shares (RSU | (70,850 | ) | — | — | 70,850 | — | — | |||||||||||||||||||||
settlements) | ||||||||||||||||||||||||||||
Repurchase of shares and RSUs | — | — | — | — | — | — | ||||||||||||||||||||||
Capital contributions (distributions) | 67,450 | 3,400 | — | — | (70,850 | ) | — | |||||||||||||||||||||
Dividends and dividend equivalents paid | (97,337 | ) | — | — | (56,399 | ) | 95,810 | (57,926 | ) | |||||||||||||||||||
Principals' and others' interests in equity of | 401 | — | — | — | — | 401 | ||||||||||||||||||||||
consolidated subsidiaries - contributions | ||||||||||||||||||||||||||||
Principals' and others' interests in equity of | (174,937 | ) | — | — | — | — | (174,937 | ) | ||||||||||||||||||||
consolidated subsidiaries - distributions | ||||||||||||||||||||||||||||
Net cash provided by (used in) financing | (277,640 | ) | 3,400 | — | (135,002 | ) | 24,960 | (384,282 | ) | |||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash | 259,258 | 549 | — | 534 | — | 260,341 | ||||||||||||||||||||||
Equivalents | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, Beginning | 103,362 | 787 | — | 93 | — | 104,242 | ||||||||||||||||||||||
of Period | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 362,620 | $ | 1,336 | $ | — | $ | 627 | $ | — | $ | 364,583 | ||||||||||||||||
(A) | Excluding FOE II (New) LP. | |||||||||||||||||||||||||||
(B) | Other than Fortress Operating Group. | |||||||||||||||||||||||||||
The consolidating statement of operations information for the year ended December 31, 2012 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Management fees: affiliates | $ | 455,008 | $ | 1,082 | $ | — | $ | — | $ | — | $ | 456,090 | ||||||||||||||||
Management fees: non-affiliates | 45,322 | 295 | — | — | — | 45,617 | ||||||||||||||||||||||
Incentive income: affiliates | 246,438 | — | — | — | — | 246,438 | ||||||||||||||||||||||
Incentive income: non-affiliates | 26,162 | — | — | — | — | 26,162 | ||||||||||||||||||||||
Expense reimbursements: affiliates | 176,938 | 9,654 | — | — | — | 186,592 | ||||||||||||||||||||||
Expense reimbursements: non-affiliates | 4,580 | — | — | — | — | 4,580 | ||||||||||||||||||||||
Other revenues (affiliate portion disclosed in | 4,355 | 25 | — | 180 | (170 | ) | 4,390 | |||||||||||||||||||||
Note 7) | ||||||||||||||||||||||||||||
958,803 | 11,056 | — | 180 | (170 | ) | 969,869 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Compensation and benefits | 739,805 | 10,554 | — | — | — | 750,359 | ||||||||||||||||||||||
General, administrative and other | 126,075 | 1,073 | — | 1 | — | 127,149 | ||||||||||||||||||||||
Depreciation and amortization | 14,907 | 24 | — | — | — | 14,931 | ||||||||||||||||||||||
Interest expense | 15,477 | 4 | — | 470 | (170 | ) | 15,781 | |||||||||||||||||||||
896,264 | 11,655 | — | 471 | (170 | ) | 908,220 | ||||||||||||||||||||||
Other Income (Loss) | ||||||||||||||||||||||||||||
Gains (losses) (affiliate portion disclosed in | 48,921 | — | — | — | — | 48,921 | ||||||||||||||||||||||
Note 7) | ||||||||||||||||||||||||||||
Tax receivable agreement liability | — | — | — | (8,870 | ) | — | (8,870 | ) | ||||||||||||||||||||
adjustment | ||||||||||||||||||||||||||||
Earnings (losses) from equity method | 156,530 | — | — | 115,232 | (115,232 | ) | 156,530 | |||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
205,451 | — | — | 106,362 | (115,232 | ) | 196,581 | ||||||||||||||||||||||
Income (Loss) Before Income Taxes | 267,990 | (599 | ) | — | 106,071 | (115,232 | ) | 258,230 | ||||||||||||||||||||
Income tax benefit (expense) - Investment | (11,621 | ) | — | — | (27,787 | ) | — | (39,408 | ) | |||||||||||||||||||
Manager | ||||||||||||||||||||||||||||
Net Income (Loss) | $ | 256,369 | $ | (599 | ) | $ | — | $ | 78,284 | $ | (115,232 | ) | $ | 218,822 | ||||||||||||||
Principals' and Others' Interests in Income | $ | 7,588 | $ | — | $ | — | $ | — | $ | 132,950 | $ | 140,538 | ||||||||||||||||
(Loss) of Consolidated Subsidiaries | ||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Class A | $ | 248,781 | $ | (599 | ) | $ | — | $ | 78,284 | $ | (248,182 | ) | $ | 78,284 | ||||||||||||||
Shareholders (C) | ||||||||||||||||||||||||||||
(A) | Excluding FOE II (New) LP. | |||||||||||||||||||||||||||
(B) | Other than Fortress Operating Group. | |||||||||||||||||||||||||||
(C) | Includes net income (loss) attributable to the Principals’ (and a former senior employee’s) interests in the Fortress Operating Group column, which is eliminated in consolidation. | |||||||||||||||||||||||||||
The consolidating statement of cash flows information for the year ended December 31, 2012 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||||
Net income (loss) | $ | 256,369 | $ | (599 | ) | $ | — | $ | 78,284 | $ | (115,232 | ) | $ | 218,822 | ||||||||||||||
Adjustments to reconcile net income (loss) to net | ||||||||||||||||||||||||||||
cash provided by (used in) operating activities | ||||||||||||||||||||||||||||
Depreciation and amortization | 14,907 | 24 | — | — | — | 14,931 | ||||||||||||||||||||||
Other amortization and accretion (included | 2,942 | — | — | — | — | 2,942 | ||||||||||||||||||||||
in interest expense) | ||||||||||||||||||||||||||||
(Earnings) losses from equity method | (156,530 | ) | — | — | (115,232 | ) | 115,232 | (156,530 | ) | |||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Distributions of earnings from equity | 59,785 | — | — | — | — | 59,785 | ||||||||||||||||||||||
method investees | ||||||||||||||||||||||||||||
(Gains) losses | (48,921 | ) | — | — | — | — | (48,921 | ) | ||||||||||||||||||||
Deferred incentive income | (77,993 | ) | — | — | — | — | (77,993 | ) | ||||||||||||||||||||
Deferred tax (benefit) expense | 1,306 | — | — | 28,136 | — | 29,442 | ||||||||||||||||||||||
Options received from affiliates | (21,524 | ) | — | — | — | — | (21,524 | ) | ||||||||||||||||||||
Tax receivable agreement liability | — | — | — | 8,870 | — | 8,870 | ||||||||||||||||||||||
adjustment | ||||||||||||||||||||||||||||
Equity-based compensation | 213,274 | — | — | — | — | 213,274 | ||||||||||||||||||||||
Options in affiliates granted to | 10,134 | — | — | — | — | 10,134 | ||||||||||||||||||||||
employees | ||||||||||||||||||||||||||||
Other | (895 | ) | — | — | — | — | (895 | ) | ||||||||||||||||||||
Cash flows due to changes in | ||||||||||||||||||||||||||||
Due from affiliates | (76,660 | ) | (1,434 | ) | 2,524 | (162 | ) | 16,805 | (58,927 | ) | ||||||||||||||||||
Other assets | (19,015 | ) | (684 | ) | — | (699 | ) | — | (20,398 | ) | ||||||||||||||||||
Accrued compensation and benefits | (77,100 | ) | 1,710 | — | — | — | (75,390 | ) | ||||||||||||||||||||
Due to affiliates | 16,906 | 1,664 | (2,524 | ) | (17,482 | ) | (16,805 | ) | (18,241 | ) | ||||||||||||||||||
Deferred incentive income | 65,255 | 106 | — | — | — | 65,361 | ||||||||||||||||||||||
Other liabilities | (2,955 | ) | — | — | 163 | — | (2,792 | ) | ||||||||||||||||||||
Net cash provided by (used in) operating | 159,285 | 787 | — | (18,122 | ) | — | 141,950 | |||||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||||
Contributions to equity method investees | (63,798 | ) | — | — | (49,328 | ) | 49,328 | (63,798 | ) | |||||||||||||||||||
Distributions of capital from equity method | 140,712 | — | — | 27,592 | (27,592 | ) | 140,712 | |||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Purchase of fixed assets | (10,375 | ) | — | — | — | — | (10,375 | ) | ||||||||||||||||||||
Net cash provided by (used in) investing | 66,539 | — | — | (21,736 | ) | 21,736 | 66,539 | |||||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||||
Repayments of debt obligations | (261,250 | ) | — | — | — | — | (261,250 | ) | ||||||||||||||||||||
Issuance (purchase) of Class A shares (RSU | (49,328 | ) | — | — | 49,328 | — | — | |||||||||||||||||||||
settlements) | ||||||||||||||||||||||||||||
Repurchase of shares and RSUs | (37,776 | ) | — | — | — | — | (37,776 | ) | ||||||||||||||||||||
Capital contributions (distributions) | 49,328 | — | — | — | (49,328 | ) | — | |||||||||||||||||||||
Dividends and dividend equivalents paid | (29,385 | ) | — | — | (42,377 | ) | 27,592 | (44,170 | ) | |||||||||||||||||||
Principals' and others' interests in equity of | 431 | — | — | — | — | 431 | ||||||||||||||||||||||
consolidated subsidiaries - contributions | ||||||||||||||||||||||||||||
Principals' and others' interests in equity of | (94,648 | ) | — | — | — | — | (94,648 | ) | ||||||||||||||||||||
consolidated subsidiaries - distributions | ||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (422,628 | ) | — | — | 6,951 | (21,736 | ) | (437,413 | ) | |||||||||||||||||||
Net Increase (Decrease) in Cash and Cash | (196,804 | ) | 787 | — | (32,907 | ) | — | (228,924 | ) | |||||||||||||||||||
Equivalents | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, Beginning | 300,166 | — | — | 33,000 | — | 333,166 | ||||||||||||||||||||||
of Period | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 103,362 | $ | 787 | $ | — | $ | 93 | $ | — | $ | 104,242 | ||||||||||||||||
(A) | Excluding FOE II (New) LP. | |||||||||||||||||||||||||||
(B) | Other than Fortress Operating Group. |
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||||
The following is unaudited summary information on Fortress’s quarterly operations. | ||||||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | December 31 | ||||||||||||||||
2014 | ||||||||||||||||||||
Total revenues | $ | 310,166 | $ | 427,313 | $ | 403,760 | $ | 670,578 | (A) | $ | 1,811,817 | |||||||||
Total expenses | 307,370 | 378,995 | 397,947 | 529,498 | 1,613,810 | |||||||||||||||
Total other income (loss) | 9,130 | 27,380 | 10,542 | (1,846 | ) | 45,206 | ||||||||||||||
Income (Loss) Before Income Taxes | 11,926 | 75,698 | 16,355 | 139,234 | 243,213 | |||||||||||||||
Income tax benefit (expense) | (5,755 | ) | (6,743 | ) | (6,140 | ) | 8,782 | (9,856 | ) | |||||||||||
Net Income (Loss) | $ | 6,171 | $ | 68,955 | $ | 10,215 | $ | 148,016 | $ | 233,357 | ||||||||||
Principals’ and Others’ Interests in (Income) Loss of Consolidated | $ | 5,969 | $ | 42,135 | $ | 10,842 | $ | 80,014 | $ | 138,960 | ||||||||||
Subsidiaries | ||||||||||||||||||||
Redeemable Non-controlling Interests in Income (Loss) of | — | 157 | (2,042 | ) | 1,176 | (709 | ) | |||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||
Non-controlling Interests in Income (Loss) of Investment | — | — | (9 | ) | 9,746 | 9,737 | ||||||||||||||
Company - consolidated VIEs | ||||||||||||||||||||
Non-controlling Interests in Income (Loss) of Non-Investment | (2,734 | ) | (4,557 | ) | (3,014 | ) | (4,288 | ) | (14,593 | ) | ||||||||||
Manager - consolidated VIEs | ||||||||||||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 2,936 | 31,220 | 4,438 | 61,368 | 99,962 | |||||||||||||||
$ | 6,171 | $ | 68,955 | $ | 10,215 | $ | 148,016 | $ | 233,357 | |||||||||||
Net income (loss) per Class A share, basic | $ | 0.01 | $ | 0.15 | $ | 0.02 | $ | 0.29 | $ | 0.47 | ||||||||||
Net income (loss) per Class A share, diluted (B) | $ | 0.01 | $ | 0.12 | $ | 0.02 | $ | 0.24 | $ | 0.43 | ||||||||||
Weighted average number of Class A shares outstanding, basic | 216,934,917 | 207,783,751 | 208,014,692 | 208,607,680 | 210,303,241 | |||||||||||||||
Weighted average number of Class A shares outstanding, diluted | 229,033,778 | 444,566,847 | 220,792,711 | 449,618,855 | 455,154,136 | |||||||||||||||
(A) Includes incentive income from hedge funds, which is recognized in the fourth quarter as annual performance criteria are achieved, as well as from non-clawbackable and “tax distributions” from credit PE funds, as described in Note 3. | ||||||||||||||||||||
(B) | Fortress's diluted income (loss) per share for all periods presented includes the income tax effects to net income (loss) attributable to Class A shareholders from the assumed conversion of Fortress Operating Group Units (see Note 8). | |||||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | December 31 | ||||||||||||||||
2013 | ||||||||||||||||||||
Total revenues | $ | 244,355 | $ | 223,074 | $ | 232,019 | $ | 565,535 | (A) | $ | 1,264,983 | |||||||||
Total expenses | 220,611 | 249,849 | 184,051 | 243,092 | 897,603 | |||||||||||||||
Total other income (loss) | 69,838 | 25,505 | 68,011 | 18,658 | 182,012 | |||||||||||||||
Income (Loss) Before Income Taxes | 93,582 | (1,270 | ) | 115,979 | 341,101 | 549,392 | ||||||||||||||
Income tax benefit (expense) | (26,276 | ) | (1,166 | ) | (14,794 | ) | (23,565 | ) | (65,801 | ) | ||||||||||
Net Income (Loss) | $ | 67,306 | $ | (2,436 | ) | $ | 101,185 | $ | 317,536 | $ | 483,591 | |||||||||
Principals’ and Others’ Interests in (Income) Loss of | $ | 52,977 | $ | (360 | ) | $ | 58,804 | $ | 171,723 | $ | 283,144 | |||||||||
Consolidated Subsidiaries | ||||||||||||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 14,329 | (2,076 | ) | 42,381 | 145,813 | 200,447 | ||||||||||||||
$ | 67,306 | $ | (2,436 | ) | $ | 101,185 | $ | 317,536 | $ | 483,591 | ||||||||||
Net income (loss) per Class A share, basic | $ | 0.06 | $ | (0.01 | ) | $ | 0.17 | $ | 0.59 | $ | 0.83 | |||||||||
Net income (loss) per Class A share, diluted (B) | $ | 0.05 | $ | (0.01 | ) | $ | 0.12 | $ | 0.49 | $ | 0.79 | |||||||||
Weighted average number of Class A shares outstanding, basic | 227,287,102 | 237,426,903 | 239,404,587 | 240,684,662 | 236,246,296 | |||||||||||||||
Weighted average number of Class A shares outstanding, diluted | 496,294,600 | 237,426,903 | 502,091,166 | 503,803,432 | 500,631,423 | |||||||||||||||
(A) Includes incentive income from hedge funds, which is recognized in the fourth quarter as annual performance criteria are achieved, as well as “tax distributions” from credit PE funds, as described in Note 3. | ||||||||||||||||||||
(B) | Fortress's diluted income (loss) per share for all periods presented includes the income tax effects to net income (loss) attributable to Class A shareholders from the assumed conversion of Fortress Operating Group Units and fully vested Restricted Partnership Units to Class A shares (see Note 8). |
CONCENTRATION_OF_CREDIT_RISKS
CONCENTRATION OF CREDIT RISKS | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Risks and Uncertainties [Abstract] | ||||
CONCENTRATION OF CREDIT RISKS | CONCENTRATION OF CREDIT RISK | |||
Non-Investment Manager | ||||
As of December 31, 2014, Blue Harbor and Holiday managed and operated approximately 35% of New Senior's investments in senior housing real estate based on their carrying amount. Also, as of December 31, 2014, senior housing properties leased to the tenants for the Holiday Portfolios under triple net leases constituted approximately 56% of New Senior's real estate portfolio based on their carrying amount. New Senior's properties are located in 27 states as of December 31, 2014, with properties in Florida accounting for more than 34% of New Senior's managed properties revenues and 32% of net operating income ("NOI," which is defined as total revenues, less property-level operating expenses). | ||||
Triple net lease properties | ||||
For the period from November 7, 2014 to December 31, 2014, approximately 32% of total revenues and 58% of total NOI were derived from lease agreements with the tenant for the Holiday Portfolios. | ||||
Triple net leases obligate the tenant to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and to comply with the terms of the mortgage financing documents, if any, affecting the properties. In addition, each of these leases has guaranty and cross-default provisions tied to other leases with the same tenant. | ||||
Because the properties leased to the tenant for the Holiday Portfolios, accounts for a significant portion of total revenues and NOI, New Senior's financial condition and results of operations could be weakened and New Senior's ability to service its indebtedness and to make distributions to stockholders could be limited if the tenant for the Holiday Portfolios becomes unable or unwilling to satisfy its obligations to New Senior or to renew leases with New Senior upon expiration of the terms thereof. New Senior cannot assure that the tenant for the Holiday Portfolios will have sufficient assets, income and access to financing to enable it to satisfy its respective obligations to New Senior, and any inability or unwillingness by the tenant for the Holiday Portfolios to do so could have a material adverse effect on New Senior's business, financial condition, results of operations and liquidity, New Senior's ability to service its indebtedness and other obligations and ability to make distributions to stockholders, as required for New Senior to continue to qualify as a REIT. New Senior also cannot assure that the tenant for the Holiday Portfolios will elect to renew leases with New Senior upon expiration of the terms thereof or that New Senior will be able to reposition any properties that are not renewed on a timely basis or on the same or better economic terms, if at all. | ||||
The leases with the tenant for the Holiday Portfolios include various protections for New Senior, including a security deposit of approximately $43.4 million (the security deposit was recognized at fair value on November 7, 2014 and as of December 31, 2014, the security deposit payable amounts to $18.9 million), which serves as security for the tenant for the Holiday Portfolios' performance of its obligations to New Senior. Obligations of the tenant for the Holiday Portfolios to New Senior are further guaranteed by Holiday AL Holdings LP, an affiliate of Fortress. | ||||
The following table sets forth future contracted minimum rental receipts, excluding contingent payment escalations for all of New Senior's triple net leases properties as of December 31, 2014. | ||||
Total | ||||
2015 | $ | 82,439 | ||
2016 | 86,040 | |||
2017 | 89,799 | |||
2018 | 92,882 | |||
2019 | 95,972 | |||
Thereafter | 1,269,839 | |||
Total | $ | 1,716,971 | ||
Managed properties | ||||
Because Blue Harbor and Holiday manage, but do not lease, New Senior's properties, New Senior is not directly exposed to their credit risk in the same manner or to the same extent as New Senior's triple net tenants. However, New Senior relies on managers' personnel, expertise, accounting resources and information systems, proprietary information, good faith and judgment to manage New Senior's senior housing communities efficiently and effectively. New Senior also relies on Blue Harbor and Holiday to otherwise operate New Senior's properties in compliance with the terms of the property management agreements, although New Senior has various rights as the property owner to terminate and exercise remedies under the property manager agreements. Blue Harbor's and Holiday's inability or unwillingness to satisfy their obligations under those agreements, to efficiently and effectively manage its properties, or to provide timely and accurate accounting information could have a material adverse effect on New Senior. In addition, significant changes in Blue Harbor's and Holiday's senior management or any adverse developments in their businesses and affairs or financial condition could have a material adverse effect on New Senior. |
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation Disclosure | The following tables set forth certain information regarding the investments in real estate as of December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Initial Cost to the Company | Gross Amount Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | Type | City | ST | Encumbrances | Land | Buildings and Improvements | Furniture, Fixtures, and Equipment | Costs Capitalized Subsequent to Acquisition | Land | Buildings and Improvements | Furniture, Fixtures, and Equipment | Total (A) | Accumulated Depreciation | Net Book Value | Year Constructed/ Renovated | Year | Life in Which Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Desert Flower | AL/MC | Scottsdale | AZ | $ | 13,074 | $ | 2,240 | $ | 15,174 | $ | 91 | $ | 46 | $ | 2,240 | $ | 15,182 | $ | 128 | $ | 17,550 | $ | (64 | ) | $ | 17,486 | 1999/ 2005 | 2012 | 3-40 years | ||||||||||||||||||||||||||||
Sun Oak | AL/MC | Citrus Heights | CA | 5,082 | 800 | 5,938 | 67 | (3 | ) | 800 | 5,955 | 47 | 6,802 | (26 | ) | 6,776 | 1997/ 2011 | 2012 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Orchard Park | AL/MC | Clovis | CA | 15,734 | 1,090 | 19,889 | 89 | 18 | 1,090 | 19,907 | 88 | 21,085 | (81 | ) | 21,004 | 1998/ 2007 | 2012 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Sunshine Villa | AL/MC | Santa Cruz | CA | 20,821 | 2,320 | 25,424 | 134 | 47 | 2,320 | 25,432 | 174 | 27,926 | (101 | ) | 27,825 | 1990/ NA | 2012 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Bradenton Oaks | AL/MC | Bradenton | FL | 9,675 | 1,180 | 10,601 | 877 | 52 | 1,180 | 10,611 | 920 | 12,711 | (69 | ) | 12,642 | 1973/ 1988 | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Summerfield | AL/MC | Bradenton | FL | 17,428 | 1,390 | 20,252 | 1,159 | 64 | 1,390 | 20,268 | 1,207 | 22,865 | (123 | ) | 22,742 | 1988/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
The Grande | AL/MC | Brooksville | FL | 15,547 | 1,920 | 17,845 | 575 | 10 | 1,920 | 17,848 | 582 | 20,350 | (93 | ) | 20,257 | 1960/ 2012 | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Spring Oaks | AL/MC | Brooksville | FL | 4,701 | 710 | 5,020 | 421 | 14 | 710 | 5,020 | 435 | 6,165 | (38 | ) | 6,127 | 1988/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Barkley Place | AL/MC | Fort Myers | FL | 10,688 | 1,750 | 10,419 | 1,068 | 49 | 1,750 | 10,468 | 1,068 | 13,286 | (77 | ) | 13,209 | 1988/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Emerald Park | AL/MC | Hollywood | FL | 5,010 | 990 | 4,998 | 566 | 144 | 990 | 5,034 | 675 | 6,699 | (41 | ) | 6,658 | 1998/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
The Plaza at | AL/MC | Hollywood | FL | 4,253 | 940 | 4,179 | 445 | 3 | 940 | 4,179 | 449 | 5,568 | (33 | ) | 5,535 | 1988/ 2012 | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Pembroke | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balmoral | AL/MC | Lake Placid | FL | 5,699 | 1,200 | 5,502 | 753 | 5 | 1,200 | 5,505 | 756 | 7,461 | (51 | ) | 7,410 | 2007/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Lake Morton Plaza | AL/MC | Lakeland | FL | 9,348 | 1,110 | 22,207 | 801 | 7 | 1,110 | 22,210 | 805 | 24,125 | (114 | ) | 24,011 | 1984/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Bayside Terrace | AL/MC | Pinellas Park | FL | 8,836 | 1,380 | 9,377 | 803 | 43 | 1,380 | 9,379 | 844 | 11,603 | (66 | ) | 11,537 | 1986/ 2007 | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Village Place | AL/MC | Port Charlotte | FL | 8,437 | 1,110 | 9,239 | 689 | 3 | 1,110 | 9,240 | 691 | 11,041 | (62 | ) | 10,979 | 1998/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Royal Palm | AL/MC | Port Charlotte | FL | 14,250 | 2,010 | 14,650 | 1,206 | 16 | 2,010 | 14,659 | 1,213 | 17,882 | (103 | ) | 17,779 | 1985/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Renaissance | AL/MC | Sanford | FL | 5,722 | 1,490 | 9,389 | 558 | 44 | 1,490 | 9,400 | 591 | 11,481 | (61 | ) | 11,420 | 1984/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Forest Oaks | AL/MC | Spring Hill | FL | 7,828 | 830 | 6,587 | 457 | 6 | 830 | 6,588 | 461 | 7,879 | (44 | ) | 7,835 | 1988/ 2006 | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Sunset Lake Village | AL/MC | Venice | FL | 11,871 | 1,060 | 13,741 | 730 | 5 | 1,060 | 13,743 | 733 | 15,536 | (81 | ) | 15,455 | 1998/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Continued on next page. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Initial Cost to the Company | Gross Amount Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | Type | City | ST | Encumbrances | Land | Buildings and Improvements | Furniture, Fixtures, and Equipment | Costs Capitalized Subsequent to Acquisition | Land | Buildings and Improvements | Furniture, Fixtures, and Equipment | Total (A) | Accumulated Depreciation | Net Book Value | Year Constructed/ Renovated | Year | Life in Which Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spring Haven | AL/MC | Winter Haven | FL | 19,774 | 3,540 | 36,989 | 1,360 | 40 | 3,540 | 36,998 | 1,392 | 41,930 | (206 | ) | 41,724 | 1984/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Willow Park | AL/MC | Boise | ID | 14,293 | 1,290 | 17,748 | 99 | (72 | ) | 1,290 | 17,706 | 70 | 19,066 | (72 | ) | 18,994 | 1997/ 2011 | 2012 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Grandview | AL/MC | Peoria | IL | — | 1,640 | 12,289 | 280 | — | 1,640 | 12,289 | 280 | 14,209 | (33 | ) | 14,176 | 2012/ NA | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Ashford Court | IL | Westland | MI | 8,858 | 1,530 | 10,257 | 420 | 20 | 1,530 | 10,268 | 429 | 12,227 | (56 | ) | 12,171 | 1988/ 1992/ 1997 | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
The Gardens | AL/MC | Ocean Springs | MS | — | 850 | 6,970 | 537 | — | 850 | 6,970 | 537 | 8,357 | (46 | ) | 8,311 | 1999 / 2004 / 2013 | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Courtyards at Berne Village | AL/MC | New Bern | NC | 12,266 | 1,910 | 13,136 | 1,002 | 14 | 1,910 | 13,143 | 1,009 | 16,062 | (92 | ) | 15,970 | 1985/ 2004 | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Kirkwood Corners | AL/MC | Lee | NH | 2,412 | 650 | 2,034 | 173 | 32 | 650 | 2,062 | 176 | 2,888 | (16 | ) | 2,872 | 1996/ NA | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Pines of New Market | AL/MC | Newmarket | NH | 5,496 | 700 | 5,447 | 363 | 19 | 700 | 5,487 | 343 | 6,530 | (34 | ) | 6,496 | 1999/ NA | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Pine Rock Manor | AL/MC | Warner | NH | 7,698 | 730 | 8,003 | 386 | 12 | 730 | 8,024 | 375 | 9,129 | (50 | ) | 9,079 | 1994/ NA | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Manor at Woodside | IL | Poughkeepsie | NY | 14,100 | 710 | 27,552 | 544 | 16 | 710 | 27,562 | 551 | 28,823 | (126 | ) | 28,697 | 2001/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Lamplight | AL/MC | Dayton | OH | 8,136 | 1,100 | 7,172 | 716 | 14 | 1,100 | 7,177 | 724 | 9,001 | (54 | ) | 8,947 | 1994/ NA | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Regent Court | AL/MC | Corvallis | OR | 4,626 | 1,070 | 5,077 | 47 | 36 | 1,070 | 5,107 | 53 | 6,230 | (22 | ) | 6,208 | 1999/ NA | 2012 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Sheldon Park | AL/MC | Eugene | OR | 16,168 | 940 | 20,650 | 59 | 20 | 940 | 20,659 | 69 | 21,668 | (82 | ) | 21,586 | 1998/ NA | 2012 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Glen Riddle | AL/MC | Media | PA | 16,875 | 2,060 | 18,539 | 785 | 18 | 2,060 | 18,556 | 786 | 21,402 | (104 | ) | 21,298 | 1995/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Schenley Gardens | AL/MC | Pittsburgh | PA | 8,250 | 2,720 | 20,099 | 487 | 43 | 2,720 | 20,144 | 485 | 23,349 | (93 | ) | 23,256 | 1996/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Raintree | AL/MC | Knoxville | TN | 7,626 | 640 | 8,594 | 500 | 71 | 640 | 8,608 | 556 | 9,804 | (60 | ) | 9,744 | 2012/ NA | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Powell | AL/MC | Powell | TN | 5,912 | 760 | 6,430 | 355 | 10 | 760 | 6,437 | 358 | 7,555 | (38 | ) | 7,517 | 2013/ NA | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Windsor | AL/MC | Dallas | TX | 33,750 | 5,630 | 31,571 | 1,270 | 39 | 5,630 | 31,603 | 1,277 | 38,510 | (158 | ) | 38,352 | 1972/ 2009 | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Courtyards | AL/MC | Fort Worth | TX | 16,101 | 2,090 | 20,426 | 252 | 109 | 2,090 | 20,506 | 282 | 22,878 | (103 | ) | 22,775 | 1986/ NA | 2012 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Heritage Place | AL/MC | Bountiful | UT | 8,862 | 620 | 10,470 | 229 | 316 | 620 | 10,628 | 388 | 11,636 | (51 | ) | 11,585 | 1978/ 2000 | 2012 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Canyon Creek | AL/MC | Cottonwood Heights | UT | 14,948 | 1,470 | 18,370 | 175 | 7 | 1,470 | 18,423 | 128 | 20,021 | (77 | ) | 19,944 | 2001/ NA | 2012 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Continued on next page. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Initial Cost to the Company | Gross Amount Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | Type | City | ST | Encumbrances | Land | Buildings and Improvements | Furniture, Fixtures, and Equipment | Costs Capitalized Subsequent to Acquisition | Land | Buildings and Improvements | Furniture, Fixtures, and Equipment | Total (A) | Accumulated Depreciation | Net Book Value | Year Constructed/ Renovated | Year | Life in Which Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chateau Brickyard | IL | Salt Lake City | UT | 3,316 | 740 | 3,361 | 136 | 125 | 740 | 3,427 | 194 | 4,361 | (20 | ) | 4,341 | 1984/ 2007 | 2012 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Golden Living | AL/MC | Taylorsville | UT | 3,798 | 1,110 | 3,585 | 157 | 82 | 1,110 | 3,639 | 184 | 4,933 | (22 | ) | 4,911 | 1976/ 1994 | 2012 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Heritage Oaks | IL | Richmond | VA | 8,775 | 1,670 | 15,625 | 680 | 16 | 1,670 | 15,633 | 687 | 17,990 | (85 | ) | 17,905 | 1987/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Managed Properties Total | $ | 436,044 | $ | 61,690 | $ | 560,825 | $ | 22,501 | $ | 1,560 | $ | 61,690 | $ | 561,684 | $ | 23,200 | $ | 646,574 | $ | (3,028 | ) | $ | 643,546 | ||||||||||||||||||||||||||||||||||
Triple Net Lease | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vista de la Montana | IL | Surprise | AZ | 9,167 | 1,170 | 11,609 | 524 | — | 1,170 | 11,609 | 524 | 13,303 | (64 | ) | 13,239 | 1998/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
The Westmont | IL | Santa Clara | CA | 16,171 | — | 22,845 | 622 | — | — | 22,845 | 622 | 23,467 | (109 | ) | 23,358 | 1991/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Simi Hills | IL | Simi Valley | CA | 17,422 | 3,120 | 20,906 | 603 | — | 3,120 | 20,906 | 603 | 24,629 | (101 | ) | 24,528 | 2006/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Parkwood Estates | IL | Fort Collins | CO | 13,016 | 630 | 17,252 | 518 | — | 630 | 17,252 | 518 | 18,400 | (83 | ) | 18,317 | 1987/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Greeley Place | IL | Greeley | CO | 10,611 | 230 | 14,278 | 492 | — | 230 | 14,278 | 492 | 15,000 | (71 | ) | 14,929 | 1986/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Courtyard at Lakewood | IL | Lakewood | CO | 13,713 | 1,290 | 17,806 | 289 | — | 1,290 | 17,806 | 289 | 19,385 | (77 | ) | 19,308 | 1992/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Pueblo Regent | IL | Pueblo | CO | 9,394 | 450 | 12,871 | 311 | — | 450 | 12,871 | 311 | 13,632 | (59 | ) | 13,573 | 1985/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Village Gate | IL | Farmington | CT | 27,663 | 3,590 | 36,333 | 221 | — | 3,590 | 36,333 | 221 | 40,144 | (145 | ) | 39,999 | 1989/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Lodge at Cold Spring | IL | Rocky Hill | CT | 18,904 | — | 26,933 | 500 | — | — | 26,933 | 500 | 27,433 | (118 | ) | 27,315 | 1998/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Regency Residence | IL | Port Richey | FL | 15,093 | 1,070 | 19,630 | 637 | — | 1,070 | 19,630 | 637 | 21,337 | (98 | ) | 21,239 | 1987/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Desoto Beach Club | IL | Sarasota | FL | 18,512 | 650 | 24,968 | 552 | — | 650 | 24,968 | 552 | 26,170 | (114 | ) | 26,056 | 2005/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Cherry Laurel | IL | Tallahassee | FL | 16,979 | 1,000 | 22,451 | 552 | — | 1,000 | 22,451 | 552 | 24,003 | (105 | ) | 23,898 | 2001/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Palmer Hills | IL | Bettendorf | IA | 9,128 | 1,430 | 11,431 | 385 | — | 1,430 | 11,431 | 385 | 13,246 | (57 | ) | 13,189 | 1990/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Illahee Hills | IL | Urbandale | IA | 8,261 | 700 | 10,895 | 393 | — | 700 | 10,895 | 393 | 11,988 | (55 | ) | 11,933 | 1995/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Blair House | IL | Normal | IL | 13,733 | 320 | 18,575 | 518 | — | 320 | 18,575 | 518 | 19,413 | (88 | ) | 19,325 | 1989/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Thornton Place | IL | Topeka | KS | 11,957 | 320 | 16,425 | 606 | — | 320 | 16,425 | 606 | 17,351 | (84 | ) | 17,267 | 1998/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Grasslands Estates | IL | Wichita | KS | 13,009 | 490 | 17,238 | 662 | — | 490 | 17,238 | 662 | 18,390 | (89 | ) | 18,301 | 2001/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Jackson Oaks | IL | Paducah | KY | 16,347 | 260 | 22,135 | 713 | — | 260 | 22,135 | 713 | 23,108 | (109 | ) | 22,999 | 2004/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Summerfield Estates | IL | Shreveport | LA | 3,953 | 510 | 4,934 | 144 | — | 510 | 4,934 | 144 | 5,588 | (24 | ) | 5,564 | 1988/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Continued on next page. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Initial Cost to the Company | Gross Amount Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | Type | City | ST | Encumbrances | Land | Buildings and Improvements | Furniture, Fixtures, and Equipment | Costs Capitalized Subsequent to Acquisition | Land | Buildings and Improvements | Furniture, Fixtures, and Equipment | Total (A) | Accumulated Depreciation | Net Book Value | Year Constructed/ Renovated | Year | Life in Which Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Blue Water Lodge | IL | Fort Gratiot | MI | 13,704 | 90 | 18,595 | 688 | — | 90 | 18,595 | 688 | 19,373 | (95 | ) | 19,278 | 2001/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Briarcrest Estates | IL | Ballwin | MO | 12,474 | 1,150 | 16,051 | 433 | — | 1,150 | 16,051 | 433 | 17,634 | (76 | ) | 17,558 | 1990/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Country Squire | IL | St Joseph | MO | 13,664 | 840 | 17,959 | 518 | — | 840 | 17,959 | 518 | 19,317 | (87 | ) | 19,230 | 1990/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Orchid Terrace | IL | St Louis | MO | 17,640 | 1,060 | 23,851 | 688 | — | 1,060 | 23,851 | 688 | 25,599 | (114 | ) | 25,485 | 2006/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Chateau Ridgeland | IL | Ridgeland | MS | 9,301 | 920 | 11,786 | 442 | — | 920 | 11,786 | 442 | 13,148 | (60 | ) | 13,088 | 1986/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Grizzly Peak | IL | Missoula | MT | 12,285 | 300 | 16,523 | 543 | — | 300 | 16,523 | 543 | 17,366 | (81 | ) | 17,285 | 1997/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Jordan Oaks | IL | Cary | NC | 16,162 | 2,120 | 20,696 | 639 | — | 2,120 | 20,696 | 639 | 23,455 | (102 | ) | 23,353 | 2003/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Durham Regent | IL | Durham | NC | 16,174 | 1,070 | 21,902 | 500 | — | 1,070 | 21,902 | 500 | 23,472 | (101 | ) | 23,371 | 1989/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Sky Peaks | IL | Reno | NV | 15,026 | 1,100 | 20,205 | 500 | — | 1,100 | 20,205 | 500 | 21,805 | (94 | ) | 21,711 | 2002/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Maple Downs | IL | Fayetteville | NY | 18,458 | 740 | 24,802 | 552 | — | 740 | 24,802 | 552 | 26,094 | (113 | ) | 25,981 | 2003/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Fleming Point | IL | Greece | NY | 17,577 | 700 | 23,596 | 552 | — | 700 | 23,596 | 552 | 24,848 | (109 | ) | 24,739 | 2004/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
The Regent | IL | Corvallis | OR | 6,916 | 1,090 | 8,758 | 188 | — | 1,090 | 8,758 | 188 | 10,036 | (40 | ) | 9,996 | 1983/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Stoneybrook Lodge | IL | Corvallis | OR | 18,461 | 1,460 | 23,942 | 696 | — | 1,460 | 23,942 | 696 | 26,098 | (116 | ) | 25,982 | 1999/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Sheldon Oaks | IL | Eugene | OR | 15,312 | 1,510 | 20,153 | 557 | — | 1,510 | 20,153 | 557 | 22,220 | (96 | ) | 22,124 | 1995/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Rock Creek | IL | Hillsboro | OR | 10,034 | 1,570 | 12,590 | 401 | — | 1,570 | 12,590 | 401 | 14,561 | (62 | ) | 14,499 | 1996/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Hidden Lakes | IL | Salem | OR | 14,872 | 1,400 | 19,445 | 737 | — | 1,400 | 19,445 | 737 | 21,582 | (100 | ) | 21,482 | 1990/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Fountains at Hidden Lakes | IL | Salem | OR | 4,990 | 960 | 6,282 | — | — | 960 | 6,282 | — | 7,242 | (24 | ) | 7,218 | 1990/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Walnut Woods | IL | Boyertown | PA | 18,568 | 300 | 26,236 | 409 | — | 300 | 26,236 | 409 | 26,945 | (112 | ) | 26,833 | 1997/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Manor at Oakridge | IL | Harrisburg | PA | 16,771 | 1,020 | 22,687 | 631 | — | 1,020 | 22,687 | 631 | 24,338 | (108 | ) | 24,230 | 2000/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Essex House | IL | Lemoyne | PA | 18,860 | 960 | 25,150 | 552 | — | 960 | 25,150 | 552 | 26,662 | (115 | ) | 26,547 | 2002/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Uffelman Estates | IL | Clarksville | TN | 8,660 | 620 | 11,702 | 246 | — | 620 | 11,702 | 246 | 12,568 | (53 | ) | 12,515 | 1993/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Arlington Plaza | IL | Arlington | TX | 7,224 | 300 | 9,590 | 323 | — | 300 | 9,590 | 323 | 10,213 | (47 | ) | 10,166 | 1987/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Parkwood Healthcare | CCRC | Bedford | TX | 15,688 | 2,900 | 16,414 | 679 | — | 2,900 | 16,414 | 679 | 19,993 | (85 | ) | 19,908 | 1986/ 2008 | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Parkwood Retirement | IL | Bedford | TX | 12,413 | 3,030 | 12,505 | 283 | — | 3,030 | 12,505 | 283 | 15,818 | (58 | ) | 15,760 | 1986/ 2007 | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Continued on next page. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Initial Cost to the Company | Gross Amount Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | Type | City | ST | Encumbrances | Land | Buildings and Improvements | Furniture, Fixtures, and Equipment | Costs Capitalized Subsequent to Acquisition | Land | Buildings and Improvements | Furniture, Fixtures, and Equipment | Total (A) | Accumulated Depreciation | Net Book Value | Year Constructed/ Renovated | Year | Life in Which Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Bentley | IL | Dallas | TX | 13,844 | 2,210 | 17,446 | 434 | — | 2,210 | 17,446 | 434 | 20,090 | (81 | ) | 20,009 | 1996/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Whiterock Court | IL | Dallas | TX | 14,452 | 2,860 | 17,744 | 369 | — | 2,860 | 17,744 | 369 | 20,973 | (81 | ) | 20,892 | 2001/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Autumn Leaves | CCRC | Dallas | TX | 18,559 | 3,850 | 18,780 | 1,021 | — | 3,850 | 18,780 | 1,021 | 23,651 | (104 | ) | 23,547 | 1971/ 2012 | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Monticello West | AL/MC | Dallas | TX | 19,965 | 3,300 | 21,009 | 1,135 | — | 3,300 | 21,009 | 1,135 | 25,444 | (114 | ) | 25,330 | 1980/ 2013 | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Signature Pointe | CCRC | Dallas | TX | 28,857 | 5,270 | 30,004 | 1,500 | — | 5,270 | 30,004 | 1,500 | 36,774 | (160 | ) | 36,614 | 1998/ 2013 | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Walnut Place | CCRC | Dallas | TX | 19,518 | 5,350 | 18,694 | 830 | — | 5,350 | 18,694 | 830 | 24,874 | (97 | ) | 24,777 | 1980/ 2012 | 2014 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Dogwood Estates | IL | Denton | TX | 14,386 | 1,010 | 19,277 | 590 | — | 1,010 | 19,277 | 590 | 20,877 | (93 | ) | 20,784 | 2005/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Pinewood Hills | IL | Flower Mound | TX | 14,633 | 2,010 | 18,643 | 581 | — | 2,010 | 18,643 | 581 | 21,234 | (91 | ) | 21,143 | 2007/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Ventura Place | IL | Lubbock | TX | 19,344 | 990 | 25,575 | 781 | — | 990 | 25,575 | 781 | 27,346 | (125 | ) | 27,221 | 1997/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
The El Dorado | IL | Richardson | TX | 10,161 | 1,280 | 12,498 | 586 | — | 1,280 | 12,498 | 586 | 14,364 | (69 | ) | 14,295 | 1996/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Madison Estates | IL | San Antonio | TX | 14,769 | 1,540 | 19,672 | 221 | — | 1,540 | 19,672 | 221 | 21,433 | (83 | ) | 21,350 | 1984/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Pioneer Valley Lodge | IL | North Logan | UT | 13,154 | 1,000 | 16,984 | 611 | — | 1,000 | 16,984 | 611 | 18,595 | (87 | ) | 18,508 | 2001/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Colonial Harbor | IL | Yorktown | VA | 14,511 | 2,150 | 17,795 | 569 | — | 2,150 | 17,795 | 569 | 20,514 | (89 | ) | 20,425 | 2005/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Oakwood Hills | IL | Eau Claire | WI | 12,966 | 520 | 17,765 | 531 | — | 520 | 17,766 | 532 | 18,818 | (87 | ) | 18,731 | 2003/ NA | 2013 | 3-40 years | |||||||||||||||||||||||||||||||||||||||
Triple Net Lease Total | $ | 823,386 | $ | 77,780 | $ | 1,052,821 | $ | 30,758 | $ | — | $ | 77,780 | $ | 1,052,822 | $ | 30,759 | $ | 1,161,361 | $ | (5,059 | ) | $ | 1,156,302 | ||||||||||||||||||||||||||||||||||
Grand Total | $ | 1,259,430 | $ | 139,470 | $ | 1,613,646 | $ | 53,259 | $ | 1,560 | $ | 139,470 | $ | 1,614,506 | $ | 53,959 | $ | 1,807,935 | $ | (8,087 | ) | $ | 1,799,848 | ||||||||||||||||||||||||||||||||||
(A) | For United States federal income tax purposes, the initial aggregate cost basis, including furniture, fixtures, and equipment for New Senior's senior housing real estate assets at December 31, 2014 was approximately $1.7 billion. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Investment Manager [Member] | ||||||||||||
Product Information [Line Items] | ||||||||||||
Basis of Accounting and Consolidation | Basis of Accounting and Consolidation - The accompanying consolidated financial statements have been prepared in accordance with GAAP. The accompanying financial statements include the accounts of Fortress and its consolidated subsidiaries, which are comprised of (i) entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity, (ii) variable interest entities (“VIEs”) in which it is the primary beneficiary as described below and (iii) non-VIE partnerships in which it is the general partner where the limited partners do not have rights that would overcome the presumption of control by the general partner. | |||||||||||
For those entities in which it has a variable interest, Fortress first determines whether the entity is a VIE. This determination is made by considering whether the entity’s equity investment at risk is sufficient and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. A VIE must be consolidated by its primary beneficiary. | ||||||||||||
The primary beneficiary of a VIE is generally defined as the party who, considering the involvement of related parties and de facto agents, has (i) the power to direct the activities of the VIE that most significantly affect its economic performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. This evaluation is updated continuously. | ||||||||||||
For investment companies and similar entities, the primary beneficiary of a VIE is the party who, considering the involvement of related parties and de facto agents, absorbs a majority of the VIE's expected losses or receives a majority of the expected residual returns, as a result of holding a variable interest. This evaluation is also updated continuously. | ||||||||||||
As the general partner or managing member of entities that are limited partnerships or limited liability companies and not VIEs, Fortress is presumed to control the partnership or limited liability company. This presumption is overcome when the unrelated limited partners or members have the substantive ability to liquidate the entity or otherwise remove Fortress as the general partner or managing member without cause based on a simple unaffiliated majority vote, or have other substantive participating rights. | ||||||||||||
Redeemable Non-controlling Interests represent the ownership interests in the Investment Company which are redeemable by an investor and not owned by Fortress. | ||||||||||||
Non-controlling interests in equity of Investment Company represents the ownership interests in the Investment Company which are not redeemable and are held by entities or persons other than Fortress. | ||||||||||||
Principals’ and others’ interests in consolidated subsidiaries represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Fortress. This is primarily related to the Principals’ interests in Fortress Operating Group (Note 1). Non-Fortress interests also include employee interests in majority owned and controlled fund advisor and general partner entities. | ||||||||||||
Non-controlling interests in equity of Non-Investment Manager represent the interests in New Media and New Senior that are not owned by Fortress. | ||||||||||||
For entities over which Fortress exercises significant influence but which do not meet the requirements for consolidation, Fortress uses the equity method of accounting whereby it records its share of the underlying income of these entities. These entities include the Fortress Funds. Virtually all of the Fortress Funds are, for GAAP purposes, investment companies. As required, Fortress has retained the specialized accounting of these funds. The Fortress Funds record realized and unrealized gains (losses) resulting from changes in the fair value of their investments as a component of current income. Additionally, these funds generally do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). | ||||||||||||
Distributions by Fortress and its subsidiaries are recognized when declared. | ||||||||||||
Risks and Uncertainties | Risks and Uncertainties - In the normal course of business, Fortress encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on Fortress’s or the Fortress Funds’ investments in debt securities, loans, leases, derivatives and other financial instruments that results from a borrower's, lessee’s or counterparty's inability or unwillingness to make required or expected payments. Market risk reflects changes in the value of investments due to changes in interest rates, credit spreads or other market factors. Credit risk is enhanced in situations where Fortress or a Fortress Fund is investing in distressed assets, as well as unsecured or subordinate loans or securities, which is a material part of its business. | |||||||||||
Fortress makes investments outside of the United States. Fortress’s non-U.S. investments are subject to the same risks associated with its U.S. investments as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing non-U.S. investments, potentially adverse tax consequences and the burden of complying with a wide variety of foreign laws. | ||||||||||||
Fortress is exposed to economic risk concentrations insofar as it is dependent on the ability of the Fortress Funds to compensate it for the services which Fortress provides to these funds. Further, the incentive income component of this compensation is based on the ability of the Fortress Funds to generate adequate returns on their investments. In addition, substantially all of Fortress’s net assets, after deducting the portion attributable to non-controlling interests, are comprised of Fortress's investments in, or receivables from, these funds. | ||||||||||||
Use of Estimates | Use of Estimates - The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. | |||||||||||
Management Fees and Expense Reimbursements | Management Fees and Expense Reimbursements - Management fees are recognized in the periods during which the related services are performed and the amounts have been contractually earned. Fortress is entitled to certain expense reimbursements pursuant to its management agreements. Fortress selects the vendors, incurs the expenses, and is the primary obligor under the related arrangements. Fortress is considered the principal under these arrangements and is required to record the expense and related reimbursement revenue on a gross basis. Expense reimbursements are recognized in the periods during which the related expenses are incurred and the reimbursements are contractually earned. | |||||||||||
Stock Options Received | Options Received - Fully vested options are issued to Fortress by certain of the publicly traded permanent capital vehicles as compensation for services performed in raising capital for these entities. These options are recognized by Fortress as management fees at their estimated fair value at the time of issuance. Fair value was estimated using an option valuation model. Since the publicly traded permanent capital vehicles' option plans have characteristics significantly different from those of traded options, and since the assumptions used in such models, particularly the volatility assumption, are subject to judgment and variability, the actual value of the options could vary materially from this estimate. Fortress has elected to account for these options at fair value with changes in fair value recognized in current income as Gains (Losses). Any options held by Fortress in consolidated VIEs (New Media and New Senior) are eliminated in consolidation. | |||||||||||
Incentive Income | Incentive Income - Incentive income is calculated as a percentage of the profits earned by the Fortress Funds subject, in certain cases, to the achievement of performance criteria. Incentive income from certain funds is subject to contingent repayment based on the applicable Fortress Fund achieving earnings in excess of a specified minimum return. Incentive income that is not subject to contingent repayment is recognized as contractually earned. Incentive income subject to contingent repayment may be paid to Fortress as particular investments made by the funds are realized. However, if upon liquidation of each fund the aggregate amount paid to Fortress as incentive income exceeds the amount actually due to Fortress based upon the aggregate performance of each fund, the excess is required to be repaid by Fortress (i.e. “clawed back”) to that fund. Fortress has elected to adopt the preferred method of recording incentive income subject to contingencies, whereby it does not recognize incentive income subject to contingent repayment until the termination of the related fund, or when and to the extent distributions from the fund exceed the point at which a clawback of a portion or all of the historic incentive income distributions could no longer occur due to the related contingencies being resolved. Recognition of incentive income allocated or paid to Fortress prior to that date is deferred and recorded as deferred incentive income liability. | |||||||||||
Other Revenues and Other Income | Other Revenues and Other Income - Fortress recognizes security transactions on the trade date. Gains and losses are recorded based on the specific identification method and generally include gains (losses) on investments in securities, derivatives, foreign exchange transactions, and contingent consideration accrued in business combinations. Dividend income is recognized on the ex-dividend date, or in the absence of a formal declaration, on the date it is received. Interest income is recognized as earned on an accrual basis. | |||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents - Fortress considers all highly liquid short term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. | |||||||||||
Cash and Cash Equivalents, Investment Company - Cash held at the Investment Company that is not available to fund the general liquidity needs of Fortress as Investment Manager. | ||||||||||||
Due from/to Affiliates | Due from/to Affiliates - For purposes of classifying amounts, Fortress considers its principals, employees, all of the Fortress Funds, and the Portfolio Companies to be affiliates. This definition is broader than the strict GAAP definition of affiliates. Amounts due from and due to affiliates are recorded at their contractual amount, subject to an allowance for uncollectible amounts if collection is not deemed probable. | |||||||||||
Fixed Assets, Depreciation and Amortization | Fixed Assets, Depreciation and Amortization - Fixed assets consist primarily of leasehold improvements, furniture, fixtures and equipment, and computer hardware and software, and are recorded at cost less accumulated depreciation. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful lives, which are the life of the related lease for leasehold improvements, and three to seven years for other fixed assets. | |||||||||||
Equity Securities | Equity Securities - Equity securities consist primarily of investments in unaffiliated publicly traded companies which are valued based on quoted market prices. | |||||||||||
Digital Currency (Bitcoin) | Digital Currency (Bitcoin) - Represents Fortress's holdings of digital currency which is recorded at the lower of cost or fair value. If fair value is below cost, Fortress records an unrealized loss measured as the excess of cost over fair value of the digital currency. Subsequently, to the extent that fair value increases, Fortress records an unrealized gain but shall not report digital currency above cost. Fortress determines fair value based on estimated exit value using significant observable inputs as of the balance sheet date. During the year ended December 31, 2014, Fortress recognized an impairment charge of $11.5 million. Fortress recorded a $1.7 million unrealized loss in the fourth quarter of 2014. | |||||||||||
Prepaid Compensation | Prepaid Compensation - Prepaid compensation consists of profit sharing compensation payments previously made to employees which are not considered probable of being incurred as expenses and would become receivable back from employees at the termination of the related funds. | |||||||||||
Goodwill and Intangibles | Goodwill and Intangibles - Goodwill and intangibles represent amounts recorded in connection with business combinations. Goodwill is not amortized but is tested for impairment at least annually. Other intangible assets are amortized over their estimated useful lives. | |||||||||||
Deferred Rent | Deferred Rent - Rent expense is recognized on a straight-line basis based on the total minimum rent required throughout the lease period. Deferred rent represents the difference between the rent expense recognized and cash paid to date. | |||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities - All derivatives are recognized as either assets or liabilities on the consolidated balance sheets and measured at fair value. | |||||||||||
Any unrealized gains or losses on derivatives not designated as hedges are recorded currently in Gains (Losses). Net payments under these derivatives are similarly recorded, but as realized. | ||||||||||||
In order to reduce interest rate risk, Fortress has and may enter into interest rate hedge agreements. To qualify for cash flow hedge accounting, interest rate swaps must meet certain criteria, including (1) the items to be hedged expose Fortress to interest rate risk, (2) the interest rate swaps or caps are highly effective in reducing Fortress’s exposure to interest rate risk, and (3) with respect to an anticipated transaction, the transaction is probable. In addition, the hedging relationship must be properly documented. Effectiveness is periodically assessed based upon a comparison of the relative changes in the fair values or cash flows of the interest rate swaps and the items being hedged. Fortress did not enter into any interest rate swaps during 2014, 2013 and 2012. | ||||||||||||
In order to reduce foreign currency exchange rates risk, Fortress has and may enter into foreign currency related derivatives. To qualify for hedge accounting with respect to a net investment in a foreign operation, the hedging instrument must be highly effective in reducing Fortress’s exposure to the risk of changes in foreign currency exchange rates with respect to the investment. In addition, the hedging relationship must be properly documented. Effectiveness is periodically assessed based upon a comparison of the relative changes in the fair values of the hedge and the item being hedged (with respect to changes in foreign currency exchange rates). | ||||||||||||
The effective portion of any gain or loss, and of net payments received or made, is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction effects earnings. The ineffective portion of any gain or loss, and of net payments received or made, is recognized in current earnings. | ||||||||||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) - Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Fortress’s purposes, comprehensive income represents net income, as presented in the accompanying consolidated statements of operations, adjusted for unrealized gains or losses on securities available for sale and on derivatives designated as cash flow hedges, as well as net foreign currency translation adjustments, including Fortress’s relative share of these items from its equity method investees. | |||||||||||
Foreign Currency | Foreign Currency - Assets and liabilities relating to foreign investments are translated using the exchange rates prevailing at the end of each reporting period. Results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in current income to the extent that unrealized gains and losses on the related investment are included in income, otherwise they are included as a component of accumulated other comprehensive income until realized. Foreign currency gains or losses resulting from transactions outside of the functional currency of a consolidated entity are recorded in income as incurred and were not material during the years ended December 31, 2014, 2013 and 2012. | |||||||||||
Profit Sharing Arrangements | Profit Sharing Arrangements - Pursuant to employment arrangements, certain of Fortress’s employees are granted profit sharing interests and are thereby entitled to a portion of the incentive income or other amounts realized from certain Fortress Funds, which is payable upon a realization event within the respective funds. Accordingly, incentive income resulting from a realization event within a fund gives rise to the incurrence of a profit sharing obligation. Amounts payable under these profit sharing plans are recorded as compensation expense when they become probable and reasonably estimable. | |||||||||||
For profit sharing plans related to hedge funds and permanent capital vehicles, where incentive income is received on an annual basis, the related compensation expense is accrued during the period for which the related payment is made. In addition, certain of Fortress's employees are granted partial rights in options it holds in the publicly traded permanent capital vehicles (the "tandem options"). The fair value of these rights are recorded as profit sharing compensation expense at that time. The related liability, included in accrued compensation and benefits, is marked to fair value through compensation expense until such time as the rights are exercised or expire. | ||||||||||||
For profit sharing plans related to private equity funds, the private permanent capital vehicle and credit PE funds, where incentive income is received as investments are realized but is subject to clawback (see “Incentive Income” above), although Fortress defers the recognition of incentive income until all contingencies are resolved, accruing expense for employee profit sharing is based upon when it becomes probable and reasonably estimable that incentive income has been earned and therefore a profit sharing liability has been incurred. Based upon this policy, the recording of an accrual for profit sharing expense to employees generally precedes the recognition of the related incentive income revenue. | ||||||||||||
Fortress's determination of the point at which it becomes probable and reasonably estimable that incentive income will be earned and therefore a corresponding profit sharing expense should be recorded is based upon a number of factors, the most significant of which is the level of realized gains generated by the underlying funds which may ultimately give rise to incentive income payments. Accordingly, profit sharing expense is generally recorded upon realization events within the underlying funds. A realization event has occurred when an investment within a fund generates proceeds in excess of its related invested capital, such as when an investment is sold at a gain. In some cases, this accrual is subject to reversal based on a determination that the expense is no longer probable of being incurred (in other words, that a clawback is probable). | ||||||||||||
Fortress may withhold a portion of the profit sharing payments relating to private equity fund, private permanent capital vehicle or credit PE fund incentive income as a reserve against contingent repayment (clawback) obligations to the funds. Employees may opt to have these withheld amounts invested in either a money market account or in one of a limited group of Fortress Funds. | ||||||||||||
Equity-Based Compensation | Equity-Based Compensation - Fortress currently has several categories of equity-based compensation, which are accounted for as described in Note 8. Generally, the grant date fair value of equity-based compensation granted to employees or directors is expensed ratably over the required service period (or immediately if there is no required service period). Equity-based compensation granted to non-employees, primarily to employees of certain Portfolio Companies, is expensed ratably over the required service period based on its fair value at each reporting date. | |||||||||||
Income Taxes | Income Taxes - FIG Corp., a subsidiary of the Registrant, is a corporation for tax purposes. As a result, a substantial portion of Fortress’s income earned by FIG Corp. is subject to U.S. federal and state income taxation, taxed at prevailing rates. The remainder of Fortress’s income is allocated directly to its shareholders and is not subject to a corporate level of taxation. Certain subsidiaries of Fortress are subject to the New York City unincorporated business tax (“UBT”) on their U.S. earnings based on a statutory rate of 4%. Certain subsidiaries of Fortress are subject to income tax of the foreign countries in which they conduct business. Interest and penalties, if any, are treated as additional taxes. | |||||||||||
Fortress accounts for these taxes using the liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These temporary differences are expected to result in taxable or deductible amounts in future years and the deferred tax effects are measured using enacted tax rates and laws that will be in effect when such differences are expected to reverse. A valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. | ||||||||||||
Fortress is party to a tax receivable agreement whereby the Principals will receive payments from Fortress related to tax savings realized by Fortress in connection with certain transactions entered into by the Principals. | ||||||||||||
Non-Investment Manager [Member] | ||||||||||||
Product Information [Line Items] | ||||||||||||
Media Revenues | Media Revenues - Advertising income from the publication of newspapers is recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user either clicks on or views certain ads, net of commissions and provisions for estimated sales incentives including rebates, rate adjustments, and discounts. | |||||||||||
Circulation revenue includes single-copy and subscription revenues. Circulation income is based on the number of copies of the printed newspaper (through home-delivery subscriptions and single-copy sales) and digital subscriptions sold and the rates charged to the respective customers. Single-copy income is recognized based on date of publication, net of provisions for related returns. Proceeds from subscription income are deferred at the time of sale and are recognized in earnings on a pro rata basis over the terms of the subscriptions. | ||||||||||||
Other revenue is recognized when the related service or product has been delivered. | ||||||||||||
Billings to clients and payments received in advance of the performance of services or delivery of products are recorded as deferred revenue in the consolidated balance sheets until the services are performed or the product is delivered. | ||||||||||||
Resident Fees and Services | Resident Fees and Services - Resident fees and services include monthly rental revenue, care income and ancillary income earned by New Senior. Resident fees and services are recognized monthly as services are provided. Lease agreements with residents are cancelable by the resident with thirty days’ notice. Ancillary income primarily relates to non-refundable community fees. Non-refundable community fees are recognized on a straight-line basis over the average length of stay of residents, which New Senior estimates to be approximately 24 months for AL/MC and CCRC properties, and approximately 33 months for IL-only properties. | |||||||||||
Rental Revenue | Rental Revenue - Rental revenue from New Senior's triple net lease properties is recognized on a straight-line basis over the applicable term of the lease when collectability is reasonably assured. New Senior's triple net lease arrangements provide for periodic and determinable increases in base rent. Recognizing rental revenue on straight-line basis typically results in recognizing revenue in excess of cash amounts contractually due from New Senior's tenants during the first half of the lease term, creating a straight line receivable that is included in Non-Investment Manager other assets. | |||||||||||
Cash and Cash Equivalents | Cash Equivalents - Cash equivalents represent certificates of deposit which have original maturities of three months or less. | |||||||||||
Deferred Revenue | Deferred Revenue - Billings to clients and payments received in advance of the performance of services or delivery of products are recorded as deferred revenue until services are performed or the product is delivered. | |||||||||||
Fixed Assets, Depreciation and Amortization | Fixed Assets - Fixed assets are recorded at cost. Routine maintenance and repairs are expensed as incurred. Depreciation is calculated under the straight-line method over the estimated useful lives, principally 21 to 38 years for buildings, 4 to 10 years for buildings improvements, 1 to 15 years for machinery and equipment, and 1 to 9 years for furniture, fixtures and computer software. Leasehold improvements are amortized under the straight-line method over the shorter of the lease term or estimated useful life of the asset. | |||||||||||
Goodwill and Intangibles | Goodwill and Intangibles - Intangible assets related to New Media consist of advertiser, customer and subscriber relationships, mastheads and trade names. These intangible assets are recorded at fair value at the date of acquisition. New Media estimates the fair value of the advertiser, customer and subscriber relationships and the trade names using the multi-period excess earnings method under the income approach. This valuation method is based on first forecasting revenue for the existing customer base and then applying expected attrition rates. Mastheads are not amortized because it has been determined that the useful lives of such mastheads are indefinite. | |||||||||||
Intangible assets related to New Senior consist of above or below market lease intangibles, in-place lease intangibles and other intangibles. | ||||||||||||
Above or below market lease intangibles related to the senior housing business primarily reflect the difference between contract rent and market rent over the remaining lease term for each leased property, on a discounted basis. Above/below market lease intangibles also include ground lease intangibles that are amortized over the contractual lives of the leases. | ||||||||||||
New Senior estimates the fair value of in-place leases as (i) the present value of the estimated rental revenue that would have been forgone, offset by variable costs that would have otherwise been incurred during a reasonable lease-up period, as if the acquired units were vacant, and (ii) the estimated absorption costs, such as additional marketing costs that would have been incurred during the lease-up period. The acquisition date fair value of in-place lease intangibles is amortized over the average length of stay of the residents at the senior housing properties on a straight-line basis, which is estimated to be 24 months for AL/MC and CCRC properties and 33 months for IL-only properties. | ||||||||||||
Other intangibles are primarily comprised of non-compete intangibles. Non-compete intangibles reflect the fair value of non-compete agreements at acquisition. New Senior estimates the fair value of non-compete intangibles as the sum of (i) the present value of the consulting services during the non-compete period and (ii) the difference between (a) the present value of the net operating income with the non-compete agreements in place and (b) the present value of the net operating income, as if the non-compete agreements were not in place. The acquisition date fair value of the non-compete intangibles is amortized over the non-compete period on a straight-line basis. | ||||||||||||
Amortization of intangible assets is included within depreciation and amortization on the consolidated statements of operations and is calculated using the straight-line method based on the following estimated useful lives: | ||||||||||||
New Media | ||||||||||||
Advertiser relationships | 14 - 16 years | |||||||||||
Customer relationships | 14 - 16 years | |||||||||||
Subscriber relationships | 13 - 16 years | |||||||||||
Trade names | 10 years | |||||||||||
Non-compete agreements | 5 years | |||||||||||
New Senior | ||||||||||||
Above or below market lease | 17 - 82 years | |||||||||||
In-place lease intangibles | 2 - 3 years | |||||||||||
Other intangibles | 5 - 13 years | |||||||||||
Goodwill and intangible assets consisted of the following: | ||||||||||||
December 31, 2014 | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Carrying Amount | Amortization | Carrying Amount | ||||||||||
Amortized intangible assets, New Media: | ||||||||||||
Advertiser relationships | $ | 64,271 | $ | (3,445 | ) | $ | 60,826 | |||||
Customer relationships | 7,763 | (369 | ) | 7,394 | ||||||||
Subscriber relationships | 38,923 | (2,084 | ) | 36,839 | ||||||||
Trade name | 262 | (24 | ) | 238 | ||||||||
Non-compete agreements | 200 | — | 200 | |||||||||
Total New Media | 111,419 | (5,922 | ) | 105,497 | ||||||||
Amortized intangible assets, New Senior: | ||||||||||||
Above or below market lease intangibles | 32,950 | (262 | ) | 32,688 | ||||||||
In-place lease intangibles | 245,675 | (16,121 | ) | 229,554 | ||||||||
Other intangibles | 4,426 | (91 | ) | 4,335 | ||||||||
Total New Senior | 283,051 | (16,474 | ) | 266,577 | ||||||||
Total | $ | 394,470 | $ | (22,396 | ) | $ | 372,074 | |||||
Nonamortized intangible assets: | ||||||||||||
Mastheads | 51,245 | |||||||||||
Other | 500 | |||||||||||
Total intangible assets, net | $ | 423,819 | ||||||||||
Goodwill | $ | 370,375 | ||||||||||
As of December 31, 2014, the weighted average amortization periods for amortizable intangible assets are 15.7 years for advertiser relationships, 15.9 years for customer relationships, 15.9 years for subscriber relationships, 10.0 years for trade names and 5.0 years for non-compete agreements. The weighted average amortization period in total for all amortizable intangible assets is 15.8 years. | ||||||||||||
As of December 31, 2014, the weighted average amortization periods for amortizable intangible assets are 23.5 years for above or below market lease intangibles, 2.0 years for in-place lease intangibles, and 8.5 years for other intangibles. The weighted average amortization period in total for all amortizable intangible assets is 4.9 years. | ||||||||||||
Amortization expense related to amortizable intangible assets for the period from February 14, 2014 to December 31, 2014 was $22.4 million. Estimated future amortization expense as of December 31, 2014, is as follows: | ||||||||||||
New Media | New Senior | |||||||||||
2015 | $ | 7,195 | $ | 112,217 | ||||||||
2016 | 7,195 | 101,203 | ||||||||||
2017 | 7,195 | 23,283 | ||||||||||
2018 | 7,195 | 2,187 | ||||||||||
2019 | 7,195 | 2,069 | ||||||||||
Thereafter | 69,522 | 25,618 | ||||||||||
Total | $ | 105,497 | $ | 266,577 | ||||||||
Goodwill and intangible assets with indefinite lives are tested for impairment annually or when events indicate that an impairment could exist which may include an economic downturn in a market, a change in the assessment of future operations or a decline in New Media’s or New Senior's stock price. An annual impairment assessment is performed on each of New Media's or New Senior's reporting units. The fair value of the applicable reporting unit is compared to its carrying value. Calculating the fair value of a reporting unit requires significant estimates and assumptions. Fair value is estimated by applying third-party market value indicators to projected cash flows and/or projected earnings before interest, taxes, depreciation, and amortization. In applying this methodology, the company relies on a number of factors, including current operating results and cash flows, expected future operating results and cash flows, future business plans, and market data. If the carrying value of the reporting unit exceeds the estimate of fair value, the amount of impairment is calculated as the excess of the carrying value of goodwill over its implied fair value. In June 2014, New Media performed an impairment assessment of its goodwill and intangible assets for each of its reporting units. Based on its assessment, no impairment was identified. | ||||||||||||
Income Taxes | Income Taxes - New Senior intends to elect and qualify as a REIT under the requirements of the Code. Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of New Senior’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. | |||||||||||
Certain of New Senior's activities are conducted through a taxable REIT subsidiary (“TRS”) and therefore are subject to federal and state income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||||||||||
New Senior recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the consolidated statements of operations. As of December 31, 2014, New Senior had no uncertain tax provisions. | ||||||||||||
Income taxes - Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||||||||||
New Media has determined that it is more likely than not that its existing deferred tax assets will not be realized, and accordingly has provided a full valuation allowance. Any changes in the scheduled reversals of deferred taxes may require an additional valuation allowance against the remaining deferred tax assets. Any increase or decrease in the valuation allowance could result in an increase or decrease in income tax expense in the period of adjustment. | ||||||||||||
New Media accounts for uncertain tax positions under the provisions of ASC 740. New Media does not anticipate significant increases or decreases in our uncertain tax positions within the next twelve months. New Media recognizes penalties and interest relating to uncertain tax positions in tax expense. | ||||||||||||
Purchase Accounting | Purchase Accounting - In determining the allocation of the purchase price between net tangible and intangible assets and liabilities, management made estimates of the fair value of the tangible and intangible assets and liabilities using information obtained as a result of pre-acquisition due diligence and independent valuations and appraisals. Management allocates the purchase price to net tangible and identified intangible assets and liabilities based on their fair values. The determination of fair value involves the use of significant judgment and estimation. Acquisition costs in excess of the fair value of tangible and identifiable intangible net assets is recorded as goodwill. | |||||||||||
Impairment of Real Estate, Property, Plant and Equipment and Finite-lived Assets | Impairment of Senior Housing Real Estate, Property, Plant and Equipment and Finite-lived Intangible Assets - The recoverability of long-lived assets, including fixed assets and definite lived intangible assets, is estimated whenever events or changes in business circumstances indicate the carrying amount of the assets, or related group of assets, may not be fully recoverable. | |||||||||||
In the case of New Media, impairment indicators include significant under performance relative to historical or projected future operating losses, significant changes in the manner of use of the acquired assets or the strategy for New Media’s overall business, and significant negative industry or economic trends. The assessment of recoverability is based on management’s estimates by comparing the sum of the estimated undiscounted cash flows generated by the underlying asset, or other appropriate grouping of assets, to its carrying value to determine whether an impairment existed at its lowest level of identifiable cash flows. If the carrying amount of the asset is greater than the expected undiscounted cash flows to be generated by such asset, an impairment is recognized to the extent the carrying value of such asset exceeds its fair value. | ||||||||||||
New Senior periodically evaluates its long-lived assets, including definite lived intangible assets, primarily consisting of senior housing real estate, for impairment indicators. If indicators of impairment are present, New Senior evaluates the carrying value of the related senior housing real estate in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, New Senior considers market conditions and its current intentions with respect to holding or disposing of the asset. New Senior adjusts the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. New Senior recognizes an impairment loss at the time it makes any such determination. | ||||||||||||
New Media did not record any impairment charges related to its fixed assets and related intangibles for the period from February 14, 2014 to December 31, 2014. | ||||||||||||
New Senior did not record any impairment charges related to its real estate assets and related intangibles for the period from November 7, 2014 to December 31, 2014. | ||||||||||||
The newspaper industry and New Media have experienced declining same store revenue and profitability over the past several years. Should general economic, market or business conditions decline, and have a negative impact on estimates of future cash flow and market transaction multiples, this may require impairment charges to be recorded in the future. | ||||||||||||
Accounts Receivable | Accounts Receivable - Accounts receivable are stated at amounts due from customers and tenants, net of an allowance for uncollectible accounts. Allowance for uncollectible accounts is based upon several factors including the length of time the receivables are past due, historical payment trends and current economic factors. Collateral is generally not required. | |||||||||||
Deferred Financing Costs | Deferred Financing Costs - New Media amortizes deferred financing costs as a component of interest expense over the terms of the related borrowings using the effective interest rate method. | |||||||||||
Prepaid Expenses | Prepaid Expenses - Prepaid expenses consists primarily of prepaid insurance and prepaid rent and are expensed over the useful lives of the goods or services. | |||||||||||
Escrows held by lender | Escrows held by lender - Escrows held by lender represent amounts deposited in tax, insurance, and replacement reserve escrow accounts that are related to mortgage notes collateralized by New Senior's properties. | |||||||||||
Deposits | Deposits - Deposits consist primarily of workers compensation premiums and health care insurance funds related to New Media. | |||||||||||
Inventory | Inventory - Inventory consists principally of newsprint, which is valued at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. | |||||||||||
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities - Accounts payable reflect expenses related to goods and services received that have not yet been paid and accrued liabilities reflect invoices that have not yet been received. | |||||||||||
Security Deposits Payable | Security Deposits Payable - Security deposits payable relate to deposits made by tenants for the triple net lease properties. Security deposits are due to the tenants at the end of the initial terms of the leases, which range from approximately 15 to 17 years. | |||||||||||
Dividends Payable | Dividends Payable - Dividends payable represent dividends declared and payable to New Senior common stockholders. | |||||||||||
Pension and Other Postretirement Benefit Obligations | Pension and Other Postretirement Benefit Obligations - Pension plan obligations and expense is based on a number of actuarial assumptions. Two critical assumptions are the expected long-term rate of return on plan assets and the discount rate applied to pension plan obligations. For other postretirement benefit plans, which provide for certain health care and life insurance benefits for qualifying retired employees and which are not funded, critical assumptions in determining other postretirement benefit obligations and expense are the discount rate and the assumed health care cost-trend rates. | |||||||||||
New Media maintains a legacy pension plan and legacy postretirement medical and life insurance plans which cover qualifying employees of its subsidiaries. The pension plan and postretirement medical and life insurance plans are closed to new participants and the pension plan was frozen to all future benefit accruals. Also, medical and life insurance benefits for a select group of active employees are frozen and the plan limits future benefits. | ||||||||||||
The accrued benefit actuarial method is used and best estimate assumptions are used to determine pension costs, liabilities and other pension information for defined benefit plans. | ||||||||||||
The following provides information on the components of net periodic benefit cost (income) and other changes in plan assets and benefit obligations recognized in other comprehensive income for the pension plans and postretirement medical and life insurance plans for the period from February 14, 2014 to December 31, 2014: | ||||||||||||
Period from February 14, 2014 | ||||||||||||
to December 31, 2014 | ||||||||||||
Components of net periodic benefit cost (income): | Pension | Postretirement | ||||||||||
Service cost | $ | 300 | $ | 21 | ||||||||
Interest cost | 1,191 | 245 | ||||||||||
Expected return on plan assets | (1,624 | ) | — | |||||||||
Net periodic benefit cost (income) | $ | (133 | ) | $ | 266 | |||||||
Components of changes in plan assets and benefit obligations recognized in other comprehensive income: | Pension | Postretirement | ||||||||||
Net actuarial (gain) loss | $ | 4,549 | $ | 377 | ||||||||
The following assumptions were used to calculate the net periodic benefit cost (income) for New Media’s defined benefit pension and postretirement plans: | ||||||||||||
Pension | Postretirement | |||||||||||
Weighted average discount rate | 5 | % | 4.5 | % | ||||||||
Expected return on assets | 8 | % | N/A | |||||||||
Current year trend | N/A | 7.8 | % | |||||||||
Ultimate year trend | N/A | 4.8 | % | |||||||||
Year of ultimate trend | N/A | 2025 | ||||||||||
Since the pension plan was frozen to all future benefit accruals and the medical and life insurance benefit plans limit future benefits, management assumed no rate of increase in future compensation levels. | ||||||||||||
Investments in Senior Housing Real Estate, Net | Investments in Senior Housing Real Estate, Net - Real estate investments are recorded at cost less accumulated depreciation. New Senior accounts for acquisitions using the acquisition method and allocate the consideration for the businesses acquired among tangible and recognized intangible assets and liabilities based upon their estimated fair values as of the acquisition date. Recognized intangible assets primarily include the value of in-place resident leases. Transaction costs are expensed as incurred and included within Non-Investment Manager - General, administrative and other expenses on the consolidated statements of operations. In allocating the acquisition consideration between net tangible and identified intangible assets acquired and liabilities assumed, New Senior makes estimates of the fair value of the tangible and intangible assets acquired and liabilities assumed using information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and independent appraisals. The fair value of the buildings acquired is determined on an as-if-vacant basis. | |||||||||||
Depreciation is calculated on a straight-line basis using estimated remaining useful lives not to exceed forty years for buildings, three to ten years for building improvements and three to five years for other fixed assets. Expenditures for repairs and maintenance are expensed as incurred. |
ORGANIZATION_AND_BASIS_OF_PRES1
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Acquisition [Line Items] | |||||
Redeemable noncontrolling interest | The following table represents the activity in Redeemable Non-controlling Interests as presented in the consolidated balance sheets: | ||||
Year ended | |||||
31-Dec-14 | |||||
Beginning balance | $ | — | |||
Capital contributions | 56,771 | ||||
Consolidation of Redeemable Non-Controlling interest of Investment Company | 2,179 | ||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | (709 | ) | |||
Deconsolidation of Redeemable Non-Controlling interests in income (loss) of Investment Company | (56,524 | ) | |||
$ | 1,717 | ||||
Schedule of financial statement guide | |||||
FINANCIAL STATEMENT GUIDE | |||||
Selected Financial Statement Captions | Note Reference | Explanation | |||
Balance Sheet | |||||
Due from Affiliates | 7 | Generally, management fees, expense reimbursements and incentive income due from Fortress Funds. | |||
Investments and Investments in Options | 4 | Primarily the carrying value of Fortress’s investments in the Fortress Funds. | |||
Deferred Tax Asset | 6 | Relates to potential future tax benefits. | |||
Due to Affiliates | 7 | Generally, amounts due to the Principals related to their interests in Fortress Operating Group and the tax receivable agreement. | |||
Deferred Incentive Income | 3 | Incentive income already received from certain Fortress Funds based on past performance, which is subject to contingent repayment based on future performance. | |||
Debt Obligations and Mortgage Notes Payable | 5 | The balance outstanding on the Investment Manager's and New Media's credit agreement and New Senior's mortgage notes payable. | |||
The debt obligations of New Media, New Senior and the Investment Company are not cross collateralized with the debt obligations of Fortress. Fortress has no obligation to satisfy the liabilities of New Media, New Senior or the Investment Company. Similarly, Fortress does not have the right to make use of New Media, New Senior or the Investment Company's assets to satisfy its obligations. | |||||
New Media, New Senior and the Investment Company’s debt obligations have no impact on Fortress's cash flows and its ability to borrow or comply with its debt covenants under its revolving credit agreement. | |||||
Principals' and Others' Interests in Equity of Consolidated Subsidiaries | 7 | The GAAP basis of the Principals' and a former senior employee's ownership interests in Fortress Operating Group as well as employees' ownership interests in certain subsidiaries. | |||
Statement of Operations | |||||
Management Fees: Affiliates | 3 | Fees earned for managing Fortress Funds, generally determined based on the size of such funds. | |||
Management Fees: Non-Affiliates | 3 | Fees earned from managed accounts and our traditional fixed income asset management business, generally determined based on the amount managed. | |||
Incentive Income: Affiliates | 3 | Income earned from Fortress Funds, based on the performance of such funds. | |||
Incentive Income: Non- Affiliates | 3 | Income earned from managed accounts, based on the performance of such accounts. | |||
Compensation and Benefits | 8 | Includes equity-based, profit-sharing and other compensation to employees. | |||
Continued on next page. | |||||
FINANCIAL STATEMENT GUIDE | |||||
Selected Financial Statement Captions | Note Reference | Explanation | |||
Gains (Losses) | 4 | The result of asset dispositions or changes in the fair value of investments or other financial instruments which are marked to market (including the publicly traded permanent capital vehicles and publicly traded portfolio company). | |||
Tax Receivable Agreement Liability Adjustment | 6 | Represents a change in the amount due to the Principals under the tax receivable agreement. | |||
Earnings (Losses) from Equity Method Investees | 4 | Fortress’s share of the net earnings (losses) of the Fortress Funds resulting from its investments in these funds. | |||
Income Tax Benefit (Expense) | 6 | The net tax result related to the current period. Certain of Fortress’s revenues are not subject to taxes because they do not flow through taxable entities. Furthermore, Fortress has significant permanent differences between its GAAP and tax basis earnings. | |||
Income tax benefit (expense) for the Investment Manager and Non-Investment Manager are calculated separately and the taxable income (loss) of the Non-Investment Manager does not impact the amount of income tax benefit (expense) for the Investment Manager (and vice versa). | |||||
Principals’ and Others’ Interests in (Income) Loss of Consolidated Subsidiaries | 7 | Primarily the Principals’ and employees’ share of Fortress’s earnings based on their ownership interests in subsidiaries, including Fortress Operating Group. | |||
Earnings Per Share | 9 | GAAP earnings per Class A share based on Fortress’s capital structure, which is comprised of outstanding and unvested equity interests, including interests which participate in Fortress’s earnings, at both the Fortress and subsidiary levels. | |||
Other | |||||
Distributions | 9 | A summary of dividends and distributions, and the related outstanding shares and units, is provided. | |||
Distributable Earnings | 11 | A presentation of Fortress's financial performance by segment (fund type) is provided, on the basis of the operating performance measure used by Fortress’s management committee. | |||
New Media [Member] | |||||
Business Acquisition [Line Items] | |||||
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the allocation of the estimated New Media fair value to identifiable assets and liabilities as of the date of consolidation: | ||||
As of February 14, 2014 | |||||
Cash and cash equivalents | $ | 23,845 | |||
Fixed assets | 266,385 | ||||
Goodwill | 118,847 | ||||
Intangibles assets | 144,664 | ||||
Other assets | 108,072 | ||||
Total assets | 661,813 | ||||
Less: | |||||
Debt obligations payable | (177,955 | ) | |||
Accrued expenses and other liabilities | (99,858 | ) | |||
Net assets | $ | 384,000 | |||
Non-controlling interests in equity of New Media | $ | 383,040 | |||
New Senior [Member] | |||||
Business Acquisition [Line Items] | |||||
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the allocation of the estimated New Senior fair value to identifiable assets and liabilities as of the date of consolidation: | ||||
As of November 7, 2014 | |||||
Cash and cash equivalents | $ | 245,244 | |||
Investments in senior housing real estate | 1,792,166 | ||||
Goodwill | 243,402 | ||||
Intangibles assets | 282,059 | ||||
Other assets | 35,932 | ||||
Total assets | 2,598,803 | ||||
Less: | |||||
Mortgage notes payable | 1,260,633 | ||||
Accrued expenses and other liabilities | 56,653 | ||||
Net assets | $ | 1,281,517 | |||
Non-controlling interests in equity of New Senior | $ | 1,254,784 | |||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Product Information [Line Items] | |||||||||||||||||
Schedule of changes in plan assets and benefit obligations recognized in other comprehensive income | |||||||||||||||||
Components of changes in plan assets and benefit obligations recognized in other comprehensive income: | Pension | Postretirement | |||||||||||||||
Net actuarial (gain) loss | $ | 4,549 | $ | 377 | |||||||||||||
Investment Manager [Member] | |||||||||||||||||
Product Information [Line Items] | |||||||||||||||||
Schedule of other assets and other liabilities | Other assets and liabilities are comprised of the following. Other assets are presented net of allowances for uncollectable amounts of $2.3 million and $3.3 million as of December 31, 2014 and 2013, respectively, and changes thereto were recorded as General and Administrative expense. | ||||||||||||||||
Other Assets | Other Liabilities | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Fixed assets | $ | 154,525 | $ | 115,392 | Current taxes payable (Note 6) | $ | 4,204 | $ | 1,941 | ||||||||
Accumulated depreciation | (99,412 | ) | (81,548 | ) | Accrued expenses and accounts payable | 25,634 | 16,790 | ||||||||||
Receivables | 24,997 | 65,545 | Deferred rent | 7,459 | 7,531 | ||||||||||||
Equity securities | 17,627 | 23,005 | Unearned income | 10,694 | 10,811 | ||||||||||||
Digital currency (Bitcoin) | 6,828 | 16,298 | Derivatives | 932 | 1,820 | ||||||||||||
Prepaid compensation, net | 13,091 | 16,626 | Accrued fee liability (Note 9) | 30,000 | — | ||||||||||||
Prepaid expense | 17,418 | 14,486 | Miscellaneous liabilities | 9,064 | 10,937 | ||||||||||||
Goodwill and intangibles | 10,417 | 9,421 | $ | 87,987 | $ | 49,830 | |||||||||||
Accumulated amortization | (8,345 | ) | (8,264 | ) | |||||||||||||
Derivatives | 27,105 | 9,749 | |||||||||||||||
Miscellaneous assets, net | 9,225 | 9,885 | |||||||||||||||
$ | 173,476 | $ | 190,595 | ||||||||||||||
Summary of accumulated other comprehensive income (loss) | The following table summarizes Fortress’s accumulated other comprehensive income (loss): | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Direct - Investment Manager | |||||||||||||||||
Net foreign currency translation adjustments | $ | (2,416 | ) | $ | (1,522 | ) | |||||||||||
Direct - Non-Investment Manager - consolidated VIEs | |||||||||||||||||
Other | (10 | ) | — | ||||||||||||||
Accumulated other comprehensive income (loss) | $ | (2,426 | ) | $ | (1,522 | ) | |||||||||||
Non-Investment Manager [Member] | |||||||||||||||||
Product Information [Line Items] | |||||||||||||||||
Schedule of other assets and other liabilities | Other assets and liabilities of the Non-Investment Manager are comprised of the following: | ||||||||||||||||
Other Assets | Other Liabilities | ||||||||||||||||
December 31, 2014 | December 31, 2014 | ||||||||||||||||
Accounts receivable, net | $ | 87,659 | Accounts payable and accrued expenses | $ | 59,617 | ||||||||||||
Deferred financing costs | 3,252 | Security deposits payable | 22,695 | ||||||||||||||
Prepaid expenses | 12,346 | Dividends payable | 15,284 | ||||||||||||||
Escrows held by lender | 10,768 | Pension and other post retirement benefit obligations | 13,794 | ||||||||||||||
Deposits | 8,582 | Miscellaneous liabilities | 22,461 | ||||||||||||||
Inventory | 9,824 | $ | 133,851 | ||||||||||||||
Miscellaneous assets, net | 24,099 | ||||||||||||||||
$ | 156,530 | ||||||||||||||||
Schedule of estimated useful life of intangible assets | Amortization of intangible assets is included within depreciation and amortization on the consolidated statements of operations and is calculated using the straight-line method based on the following estimated useful lives: | ||||||||||||||||
New Media | |||||||||||||||||
Advertiser relationships | 14 - 16 years | ||||||||||||||||
Customer relationships | 14 - 16 years | ||||||||||||||||
Subscriber relationships | 13 - 16 years | ||||||||||||||||
Trade names | 10 years | ||||||||||||||||
Non-compete agreements | 5 years | ||||||||||||||||
New Senior | |||||||||||||||||
Above or below market lease | 17 - 82 years | ||||||||||||||||
In-place lease intangibles | 2 - 3 years | ||||||||||||||||
Other intangibles | 5 - 13 years | ||||||||||||||||
Schedule of intangible assets and goodwill | Goodwill and intangible assets consisted of the following: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Gross | Accumulated | Net | |||||||||||||||
Carrying Amount | Amortization | Carrying Amount | |||||||||||||||
Amortized intangible assets, New Media: | |||||||||||||||||
Advertiser relationships | $ | 64,271 | $ | (3,445 | ) | $ | 60,826 | ||||||||||
Customer relationships | 7,763 | (369 | ) | 7,394 | |||||||||||||
Subscriber relationships | 38,923 | (2,084 | ) | 36,839 | |||||||||||||
Trade name | 262 | (24 | ) | 238 | |||||||||||||
Non-compete agreements | 200 | — | 200 | ||||||||||||||
Total New Media | 111,419 | (5,922 | ) | 105,497 | |||||||||||||
Amortized intangible assets, New Senior: | |||||||||||||||||
Above or below market lease intangibles | 32,950 | (262 | ) | 32,688 | |||||||||||||
In-place lease intangibles | 245,675 | (16,121 | ) | 229,554 | |||||||||||||
Other intangibles | 4,426 | (91 | ) | 4,335 | |||||||||||||
Total New Senior | 283,051 | (16,474 | ) | 266,577 | |||||||||||||
Total | $ | 394,470 | $ | (22,396 | ) | $ | 372,074 | ||||||||||
Nonamortized intangible assets: | |||||||||||||||||
Mastheads | 51,245 | ||||||||||||||||
Other | 500 | ||||||||||||||||
Total intangible assets, net | $ | 423,819 | |||||||||||||||
Goodwill | $ | 370,375 | |||||||||||||||
Schedule of estimated future amortization expense | Estimated future amortization expense as of December 31, 2014, is as follows: | ||||||||||||||||
New Media | New Senior | ||||||||||||||||
2015 | $ | 7,195 | $ | 112,217 | |||||||||||||
2016 | 7,195 | 101,203 | |||||||||||||||
2017 | 7,195 | 23,283 | |||||||||||||||
2018 | 7,195 | 2,187 | |||||||||||||||
2019 | 7,195 | 2,069 | |||||||||||||||
Thereafter | 69,522 | 25,618 | |||||||||||||||
Total | $ | 105,497 | $ | 266,577 | |||||||||||||
Schedule of net benefit costs | The following provides information on the components of net periodic benefit cost (income) and other changes in plan assets and benefit obligations recognized in other comprehensive income for the pension plans and postretirement medical and life insurance plans for the period from February 14, 2014 to December 31, 2014: | ||||||||||||||||
Period from February 14, 2014 | |||||||||||||||||
to December 31, 2014 | |||||||||||||||||
Components of net periodic benefit cost (income): | Pension | Postretirement | |||||||||||||||
Service cost | $ | 300 | $ | 21 | |||||||||||||
Interest cost | 1,191 | 245 | |||||||||||||||
Expected return on plan assets | (1,624 | ) | — | ||||||||||||||
Net periodic benefit cost (income) | $ | (133 | ) | $ | 266 | ||||||||||||
Schedule of assumptions used | The following assumptions were used to calculate the net periodic benefit cost (income) for New Media’s defined benefit pension and postretirement plans: | ||||||||||||||||
Pension | Postretirement | ||||||||||||||||
Weighted average discount rate | 5 | % | 4.5 | % | |||||||||||||
Expected return on assets | 8 | % | N/A | ||||||||||||||
Current year trend | N/A | 7.8 | % | ||||||||||||||
Ultimate year trend | N/A | 4.8 | % | ||||||||||||||
Year of ultimate trend | N/A | 2025 | |||||||||||||||
Schedule of property, plant, and equipment | Fixed assets for New Media consisted of the following: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Land | $ | 25,813 | |||||||||||||||
Buildings and improvements | 127,428 | ||||||||||||||||
Machinery and equipment | 144,203 | ||||||||||||||||
Furniture, fixtures, and computer software | 15,051 | ||||||||||||||||
Construction in progress and other non-depreciating assets | 2,063 | ||||||||||||||||
314,558 | |||||||||||||||||
Less: accumulated depreciation | (30,772 | ) | |||||||||||||||
Total | $ | 283,786 | |||||||||||||||
MANAGEMENT_AGREEMENTS_AND_FORT1
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Management Agreements [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of management fees and incentive income recognized | Fortress recognized management fees and incentive income as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Private Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | $ | 135,549 | $ | 133,725 | $ | 118,617 | ||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 364 | 493 | 394 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. | 22,094 | 27,790 | 2,612 | |||||||||||||||||||||||||||||||||||||||||||||
Permanent capital vehicles | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | 59,178 | 58,206 | 53,355 | |||||||||||||||||||||||||||||||||||||||||||||
Management fees, options: affil. | 3,346 | 42,516 | 21,524 | |||||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 2,910 | 3,807 | 3,902 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. | 56,299 | 15,653 | — | |||||||||||||||||||||||||||||||||||||||||||||
Liquid Hedge Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | 116,526 | 85,807 | 63,509 | |||||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 21,365 | 24,815 | 14,023 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. | 15,835 | 107,463 | 43,089 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: non-affil. | 232 | 43,238 | 24,556 | |||||||||||||||||||||||||||||||||||||||||||||
Credit Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Hedge Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | 113,712 | 101,699 | 100,835 | |||||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 146 | 191 | 359 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. | 120,255 | 190,581 | 126,832 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: non-affil. | — | — | 130 | |||||||||||||||||||||||||||||||||||||||||||||
Credit PE Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | 96,586 | 95,787 | 98,250 | |||||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 129 | 138 | 143 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. | 147,897 | 78,341 | 73,905 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: non-affil. | 1,396 | 1,145 | 1,476 | |||||||||||||||||||||||||||||||||||||||||||||
Logan Circle | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | 3,025 | 2,543 | — | |||||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | 44,034 | 33,351 | 26,796 | |||||||||||||||||||||||||||||||||||||||||||||
Incentive income: non-affil. | 106 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Management fees: affil. | $ | 527,922 | $ | 520,283 | $ | 456,090 | ||||||||||||||||||||||||||||||||||||||||||
Management fees: non-affil. | $ | 68,948 | $ | 62,795 | $ | 45,617 | ||||||||||||||||||||||||||||||||||||||||||
Incentive income: affil. (A) | $ | 362,380 | $ | 419,828 | $ | 246,438 | ||||||||||||||||||||||||||||||||||||||||||
Incentive income: non-affil. | $ | 1,734 | $ | 44,383 | $ | 26,162 | ||||||||||||||||||||||||||||||||||||||||||
(A) | See “Deferred Incentive Income” below. The incentive income amounts presented in this table are based on the estimated results of investment vehicles for the current period. These estimates are subject to change based on the final results of such vehicles. | |||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of deferred incentive income from the Fortress Funds on an inception to date basis | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributed-Gross | Distributed-Recognized (A) | Distributed-Unrecognized (B) | Undistributed, net of intrinsic clawback (C) (D) | |||||||||||||||||||||||||||||||||||||||||||||
Deferred incentive income as of December 31, 2012 | $ | 894,278 | $ | (662,432 | ) | $ | 231,846 | $ | 527,432 | |||||||||||||||||||||||||||||||||||||||
Fortress Funds which matured (no longer subject to | (2,180 | ) | 2,180 | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||
clawback) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share of income (loss) of Fortress Funds | N/A | N/A | N/A | 293,663 | ||||||||||||||||||||||||||||||||||||||||||||
Distribution of private equity funds and Credit PE | 124,235 | N/A | 124,235 | (124,235 | ) | |||||||||||||||||||||||||||||||||||||||||||
funds incentive income | ||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of private permanent capital vehicle | 527 | N/A | 527 | (527 | ) | |||||||||||||||||||||||||||||||||||||||||||
incentive income | ||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of previously deferred incentive income | N/A | (107,276 | ) | (107,276 | ) | N/A | ||||||||||||||||||||||||||||||||||||||||||
Changes in foreign exchange rates | (1,776 | ) | — | (1,776 | ) | N/A | ||||||||||||||||||||||||||||||||||||||||||
Deferred incentive income as of December 31, 2013 | $ | 1,015,084 | $ | (767,528 | ) | $ | 247,556 | $ | 696,333 | |||||||||||||||||||||||||||||||||||||||
Fortress Funds which matured (no longer subject to | — | — | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||
clawback) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share of income (loss) of Fortress Funds | N/A | N/A | N/A | 399,213 | ||||||||||||||||||||||||||||||||||||||||||||
Distribution of private equity funds and Credit PE | 226,780 | N/A | 226,780 | (226,780 | ) | |||||||||||||||||||||||||||||||||||||||||||
funds incentive income | ||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of private permanent capital vehicle | 217 | N/A | 217 | (217 | ) | |||||||||||||||||||||||||||||||||||||||||||
incentive income | ||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of previously deferred incentive income | N/A | (171,387 | ) | (171,387 | ) | N/A | ||||||||||||||||||||||||||||||||||||||||||
Changes in foreign exchange rates | 1,360 | — | 1,360 | N/A | ||||||||||||||||||||||||||||||||||||||||||||
Deferred incentive income as of December 31, 2014 | $ | 1,243,441 | (E) | $ | (938,915 | ) | $ | 304,526 | $ | 868,549 | (E) | |||||||||||||||||||||||||||||||||||||
Deferred incentive income including Fortress Funds | $ | 1,297,097 | $ | (992,571 | ) | |||||||||||||||||||||||||||||||||||||||||||
which matured | ||||||||||||||||||||||||||||||||||||||||||||||||
(A) | All related contingencies have been resolved. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | Reflected on the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||||||||||||
(C) | At December 31, 2014, the net undistributed incentive income is comprised of $935.4 million of gross undistributed incentive income, net of $66.9 million of intrinsic clawback. The net undistributed incentive income represents the amount that would be received by Fortress from the related funds if such funds were liquidated on December 31, 2014 at their net asset values. | |||||||||||||||||||||||||||||||||||||||||||||||
(D) | From inception to December 31, 2014, Fortress has paid $578.4 million of compensation expense under its employee profit sharing arrangements (Note 8) in connection with distributed incentive income, of which $21.5 million has not been expensed because management has determined that it is not probable of being incurred as an expense and will be recovered from the related individuals. As of December 31, 2014, Fortress has recovered $6.4 million from individuals relating to their clawback obligations. If the $935.4 million of gross undistributed incentive income were realized, Fortress would recognize and pay an additional $479.1 million of compensation expense. | |||||||||||||||||||||||||||||||||||||||||||||||
(E) | See detailed reconciliations of Distributed-Gross and Undistributed, net of intrinsic clawback below. | |||||||||||||||||||||||||||||||||||||||||||||||
Schedule of distributed- gross incentive income | The amounts set forth under Distributed-Gross can be reconciled to the incentive income threshold tables (on the following pages) as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributed incentive income - Private Equity Funds | $ | 846,671 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributed incentive income - Private Equity Funds in Investment Period or Commitment Period | — | |||||||||||||||||||||||||||||||||||||||||||||||
Distributed incentive income - Credit PE Funds | 621,356 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributed incentive income - Credit PE Funds in Investment Period or Commitment Period | 103,855 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributed incentive income - Private Permanent Capital Vehicle in Investment Period or | 744 | |||||||||||||||||||||||||||||||||||||||||||||||
Commitment Period | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||
Fortress Funds which are not subject to a clawback provision: | ||||||||||||||||||||||||||||||||||||||||||||||||
— | NIH | (94,513 | ) | |||||||||||||||||||||||||||||||||||||||||||||
— | GAGACQ Fund | (51,476 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Portion of Fund I distributed incentive income that Fortress is not entitled to (see footnote K of | (183,196 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
incentive income threshold tables) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributed-Gross | $ | 1,243,441 | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of undistributed incentive income | The amounts set forth under Undistributed, net of intrinsic clawback can be reconciled to the incentive income threshold tables (on the following pages) as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Private Equity Funds | $ | 15,910 | ||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Private Equity Funds in Investment Period or Commitment Period | 1,777 | |||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Credit PE Funds | 574,448 | |||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Credit PE Funds in Investment Period or Commitment Period | 249,945 | |||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Private Permanent Capital Vehicle in Investment Period or | 6,266 | |||||||||||||||||||||||||||||||||||||||||||||||
Commitment Period | ||||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Hedge Funds (total) | 87,106 | |||||||||||||||||||||||||||||||||||||||||||||||
Undistributed incentive income - Logan Circle | — | |||||||||||||||||||||||||||||||||||||||||||||||
Less: | Gross intrinsic clawback per incentive income threshold tables - Private Equity Funds | (66,903 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Undistributed, net of intrinsic clawback | $ | 868,549 | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investment funds and incentive income thresholds | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize information with respect to the Fortress Funds and their related incentive income thresholds as of December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||
Fund (Vintage) (A) | Maturity Date (B) | Inception to Date | Inception to Date Distributions (C) | Net Asset Value (“NAV”) | NAV | Current Preferred Return Threshold (E) | Gain to Cross Incentive Income Threshold (F) | Undistributed Incentive Income (G) | Distributed Incentive Income (H) | Distributed Incentive Income Subject to Clawback (I) | Gross Intrinsic Clawback (J) | Net Intrinsic Clawback (J) | ||||||||||||||||||||||||||||||||||||
Capital | Surplus (Deficit) (D) | |||||||||||||||||||||||||||||||||||||||||||||||
Invested | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
NIH (1998) | In Liquidation | $ | 415,574 | $ | (823,588 | ) | $ | — | $ N/A | $ | — | $ N/A | $ | — | $ | 94,513 | $ N/A | $ N/A | $ N/A | |||||||||||||||||||||||||||||
Fund I (1999) (K) | Closed May-13 | 1,015,943 | (2,847,929 | ) | — | N/A | N/A | N/A | N/A | 344,939 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Fund II (2002) | In Liquidation | 1,974,298 | (3,442,900 | ) | 2,875 | 1,471,477 | — | N/A | 566 | 288,840 | — | — | — | |||||||||||||||||||||||||||||||||||
Fund III (2004) | 15-Jan | 2,762,992 | (2,138,525 | ) | 1,346,591 | 722,124 | 2,023,927 | 1,301,803 | — | 66,903 | 66,903 | 66,903 | 45,108 | |||||||||||||||||||||||||||||||||||
Fund III Coinvestment (2004) | 15-Jan | 273,649 | (225,188 | ) | 71,586 | 23,125 | 239,034 | 215,909 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fund IV (2006) | 17-Jan | 3,639,561 | (1,311,000 | ) | 2,767,275 | 438,714 | 2,729,927 | 2,291,213 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fund IV Coinvestment (2006) | 17-Jan | 762,696 | (257,811 | ) | 459,208 | (45,677 | ) | 583,050 | 628,727 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Fund V (2007) | 18-Feb | 4,103,713 | (1,354,986 | ) | 4,647,500 | 1,898,773 | 2,424,873 | 579,099 | 4,599 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fund V Coinvestment (2007) | 18-Feb | 990,480 | (173,409 | ) | 491,723 | (325,348 | ) | 651,340 | 976,688 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
GAGACQ Fund (2004) (GAGFAH) | Closed Nov-09 | 545,663 | (595,401 | ) | — | N/A | N/A | N/A | N/A | 51,476 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
FRID (2005) (GAGFAH) | Closed Nov-14 | 1,220,229 | (1,202,153 | ) | — | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
FRIC (2006) (Brookdale) | Closed Dec-14 | 328,754 | (291,330 | ) | — | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
FICO (2006) (Intrawest) | 17-Jan | 724,525 | (5 | ) | (62,741 | ) | (787,261 | ) | 605,276 | 1,392,537 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
FHIF (2006) (Holiday) | 17-Jan | 1,543,463 | (541,152 | ) | 1,927,349 | 925,038 | 1,165,531 | 240,493 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
FECI (2007) (Florida East Coast/Flagler) | 18-Feb | 982,779 | (344 | ) | 976,402 | (6,033 | ) | 751,758 | 757,791 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
MSR Opportunities Fund I A (2012) | 22-Aug | 332,966 | (109,339 | ) | 312,781 | 89,154 | — | N/A | 8,606 | — | — | — | — | |||||||||||||||||||||||||||||||||||
MSR Opportunities Fund I B (2012) | 22-Aug | 80,781 | (26,479 | ) | 75,699 | 21,397 | — | N/A | 2,139 | — | — | — | — | |||||||||||||||||||||||||||||||||||
$ | 15,910 | $ | 846,671 | $ | 66,903 | $ | 66,903 | $ | 45,108 | |||||||||||||||||||||||||||||||||||||||
Private Equity Funds in Investment or Commitment Period | ||||||||||||||||||||||||||||||||||||||||||||||||
MSR Opportunities II A (2013) | 23-Jul | $ | 55,761 | $ | (10,492 | ) | $ | 54,944 | $ | 9,675 | $ | — | $ N/A | $ | 1,430 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
MSR Opportunities II B (2013) | 23-Jul | 797 | (149 | ) | 778 | 130 | — | N/A | 19 | — | — | — | — | |||||||||||||||||||||||||||||||||||
MSR Opportunities II MA I (2013) | 23-Jul | 12,785 | (2,409 | ) | 12,600 | 2,224 | — | N/A | 328 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Italian NPL Opportunities (2013) | 24-Sep | 36,199 | (3,417 | ) | 29,972 | (2,810 | ) | 616 | 3,426 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
$ | 1,777 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||||||||||||||||||||||
Fund (Vintage) (A) | Maturity Date (B) | Inception to Date | Inception to Date Distributions (C) | Net Asset Value (“NAV”) | NAV | Current Preferred Return Threshold (E) | Gain to Cross Incentive Income Threshold (F) | Undistributed Incentive Income (G) | Distributed Incentive Income (H) | Distributed Incentive Income Subject to Clawback (I) | Gross Intrinsic Clawback (J) | Net Intrinsic Clawback (J) | ||||||||||||||||||||||||||||||||||||
Capital | Surplus (Deficit) (D) | |||||||||||||||||||||||||||||||||||||||||||||||
Invested | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit PE Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Long Dated Value Fund I (2005) | 30-Apr | $ | 267,325 | $ | (89,887 | ) | $ | 310,314 | $ | 132,876 | $ | 146,299 | $ | 13,423 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Long Dated Value Fund II (2005) | 30-Nov | 274,280 | (147,790 | ) | 202,378 | 75,888 | 114,886 | 38,998 | — | 412 | — | — | — | |||||||||||||||||||||||||||||||||||
Long Dated Value Fund III (2007) | Feb-32 | 343,156 | (272,641 | ) | 201,352 | 130,837 | — | N/A | 17,835 | 6,473 | — | — | — | |||||||||||||||||||||||||||||||||||
LDVF Patent Fund (2007) | 27-Nov | 40,664 | (37,913 | ) | 35,316 | 32,565 | — | N/A | 1,640 | 1,471 | — | — | — | |||||||||||||||||||||||||||||||||||
Real Assets Fund (2007) | 17-Jun | 359,024 | (335,000 | ) | 131,430 | 107,406 | — | N/A | 11,439 | 5,285 | — | — | — | |||||||||||||||||||||||||||||||||||
Credit Opportunities Fund (2008) | 20-Oct | 5,548,858 | (6,964,273 | ) | 1,259,585 | 2,675,000 | — | N/A | 183,519 | 342,110 | 148,313 | — | — | |||||||||||||||||||||||||||||||||||
Credit Opportunities Fund II (2009) | 22-Jul | 2,266,715 | (2,348,963 | ) | 1,092,635 | 1,174,883 | — | N/A | 136,472 | 93,964 | 25,089 | — | — | |||||||||||||||||||||||||||||||||||
FCO Managed Account (2010) | 22-Jun | 576,608 | (553,732 | ) | 338,493 | 315,617 | — | N/A | 47,585 | 12,347 | — | — | — | |||||||||||||||||||||||||||||||||||
SIP Managed Account (2010) | 20-Sep | 11,000 | (35,747 | ) | 15,098 | 39,845 | — | N/A | 2,537 | 4,949 | — | — | — | |||||||||||||||||||||||||||||||||||
Japan Opportunity Fund (2009) | 19-Jun | 907,787 | (1,313,907 | ) | 553,606 | 959,726 | — | N/A | 89,132 | 116,662 | 19,771 | — | — | |||||||||||||||||||||||||||||||||||
Net Lease Fund I (2010) | 20-Feb | 152,851 | (225,489 | ) | 1,646 | 74,284 | — | N/A | 221 | 9,528 | 5,896 | — | — | |||||||||||||||||||||||||||||||||||
Real Estate Opportunities Fund (2011) | 24-Sep | 534,278 | (243,376 | ) | 420,747 | 129,845 | — | N/A | 9,432 | 1,906 | 490 | — | — | |||||||||||||||||||||||||||||||||||
Global Opportunities Fund (2010) | 20-Sep | 327,399 | (154,539 | ) | 244,829 | 71,969 | — | N/A | 12,053 | 1,979 | 1,979 | — | — | |||||||||||||||||||||||||||||||||||
Japan Opportunity Fund II (Yen) (2011) | 21-Dec | 651,640 | (233,544 | ) | 623,193 | 205,097 | — | N/A | 32,556 | 9,811 | — | — | — | |||||||||||||||||||||||||||||||||||
Japan Opportunity Fund II (Dollar) (2011) | 21-Dec | 633,667 | (215,901 | ) | 628,910 | 211,144 | — | N/A | 28,906 | 11,812 | — | — | — | |||||||||||||||||||||||||||||||||||
Real Estate Opportunities REOC Fund (2011) | 23-Oct | 56,692 | (36,018 | ) | 39,612 | 18,938 | — | N/A | 1,121 | 2,647 | 1,257 | — | — | |||||||||||||||||||||||||||||||||||
$ | 574,448 | $ | 621,356 | $ | 202,795 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Credit PE Funds in Investment Period or Commitment Period | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Fund III (2011) | 24-Mar | $ | 3,088,327 | $ | (1,284,092 | ) | $ | 2,386,123 | $ | 581,888 | $ | — | $ N/A | $ | 93,056 | $ | 20,852 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
FCO Managed Accounts (2008-2012) | Apr-22 to Mar-27 | 3,843,062 | (2,679,311 | ) | 2,379,452 | 1,215,701 | — | N/A | 156,889 | 83,003 | 34,084 | — | — | |||||||||||||||||||||||||||||||||||
Life Settlements Fund (2010) | 22-Dec | 397,361 | (299,330 | ) | 72,534 | (25,497 | ) | 74,266 | 99,763 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Life Settlements Fund MA (2010) | 22-Dec | 32,525 | (24,482 | ) | 5,731 | (2,312 | ) | 6,100 | 8,412 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Real Estate Opportunities Fund II (2014) | 27-May | 147,138 | — | 147,190 | 52 | 4,021 | 3,969 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
$ | 249,945 | $ | 103,855 | $ | 34,084 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||||||||||||||||||||||
Fund (Vintage) (A) | Maturity Date (B) | Inception to | Inception to Date Distributions (C) | Net Asset Value ("NAV") | NAV Surplus (Deficit) (D) | Current Preferred Return Threshold (E) | Gain to Cross Incentive Income Threshold (F) | Undistributed Incentive Income (G) | Distributed Incentive Income (H) | Distributed Incentive Income Subject to Clawback (I) | Gross Intrinsic Clawback (J) | Net Intrinsic Clawback (J) | ||||||||||||||||||||||||||||||||||||
Date Capital | ||||||||||||||||||||||||||||||||||||||||||||||||
Invested | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Permanent Capital Vehicle in Investment Period or Commitment Period | ||||||||||||||||||||||||||||||||||||||||||||||||
WWTAI (2011) | 25-Jan | $ | 699,189 | $ | (117,824 | ) | $ | 653,724 | $ | 72,360 | $ | — | N/A | $ | 6,266 | $ | 744 | $ | 744 | $ | — | $ | — | |||||||||||||||||||||||||
Equity Eligible for Incentive (L) | Gain to Cross Incentive Income Threshold (F) | Life-to-Date Incentive Income Crystallized (P) | ||||||||||||||||||||||||||||||||||||||||||||||
Publicly Traded Permanent Capital Vehicles | ||||||||||||||||||||||||||||||||||||||||||||||||
Newcastle | $ | 839,147 | $ (F) | $ | 41,283 | |||||||||||||||||||||||||||||||||||||||||||
Eurocastle Investment Limited ("Eurocastle") | 488,562 | 178,400 | 39,217 | |||||||||||||||||||||||||||||||||||||||||||||
New Residential Investment Corp. ("New Residential") | 1,372,498 | — | 71,952 | |||||||||||||||||||||||||||||||||||||||||||||
New Media (W) | 492,807 | — | 198 | |||||||||||||||||||||||||||||||||||||||||||||
New Senior (W) | 811,782 | 4,824 | — | |||||||||||||||||||||||||||||||||||||||||||||
Incentive Income Eligible | Gain to Cross Incentive Income Threshold (M) | Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold (N) | Undistributed Incentive | Year to Date Incentive Income Crystallized (P) | ||||||||||||||||||||||||||||||||||||||||||||
NAV (L) | Income (O) | |||||||||||||||||||||||||||||||||||||||||||||||
Liquid Hedge Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Macro Funds (Q) (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | $ | 1,501,833 | $ | 20,016 | 19.9 | % | $ | — | $ | 2,647 | ||||||||||||||||||||||||||||||||||||||
Single investor funds | 991,070 | 17,998 | 16.4 | % | — | 1,142 | ||||||||||||||||||||||||||||||||||||||||||
Sidepocket investments (R) | 10,545 | 8,053 | N/A | 147 | 334 | |||||||||||||||||||||||||||||||||||||||||||
Sidepocket investments - redeemers (S) | 115,567 | 65,589 | N/A | 982 | 1,217 | |||||||||||||||||||||||||||||||||||||||||||
Managed accounts | 543,196 | 19,393 | 0.4 | % | — | 17 | ||||||||||||||||||||||||||||||||||||||||||
Asia Macro Funds (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 3,019,082 | 14,238 | 58.5 | % | — | 8,892 | ||||||||||||||||||||||||||||||||||||||||||
Managed accounts | 289,840 | 2,280 | 40.6 | % | — | 172 | ||||||||||||||||||||||||||||||||||||||||||
Fortress Convex Asia Funds (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 183,679 | 9,806 | 0 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fortress Partners Funds (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 21,915 | 10,911 | 0.2 | % | — | 1,354 | ||||||||||||||||||||||||||||||||||||||||||
Sidepocket investments (R) | 91,106 | 4,576 | N/A | 5,440 | — | |||||||||||||||||||||||||||||||||||||||||||
Fortress Centaurus Global Funds (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 32,628 | — | 100 | % | — | 173 | ||||||||||||||||||||||||||||||||||||||||||
Credit Hedge Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Opportunities Funds (T) | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | $ | 4,711,782 | $ | — | 100 | % | $ | — | $ | 90,797 | ||||||||||||||||||||||||||||||||||||||
Sidepocket investments (R) | 65,899 | 7 | N/A | 4,974 | — | |||||||||||||||||||||||||||||||||||||||||||
Sidepocket investments - redeemers (S) | 193,687 | 49,014 | N/A | 5,679 | 1,217 | |||||||||||||||||||||||||||||||||||||||||||
Main fund investments (liquidating) (U) | 511,918 | — | 100 | % | 69,884 | 24,833 | ||||||||||||||||||||||||||||||||||||||||||
Managed accounts | 3,674 | 46,214 | 0 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||
Worden Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 259,111 | 590 | 91.7 | % | — | 3,445 | ||||||||||||||||||||||||||||||||||||||||||
Fortress Japan Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | 44,362 | N/A | 0 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||
Value Recovery Funds (V) | ||||||||||||||||||||||||||||||||||||||||||||||||
Managed accounts | 8,523 | 8,199 | 0 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||
Logan Circle | ||||||||||||||||||||||||||||||||||||||||||||||||
Main fund investments | $ | 68,088 | $ | — | 0 | % | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Managed accounts | 277,986 | 3,347 | 20.4 | % | — | 106 | ||||||||||||||||||||||||||||||||||||||||||
(A) | Vintage represents the year in which the fund was formed. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | Represents the contractual maturity date including the assumed exercise of all extension options, which in some cases may require the approval of the applicable fund advisory board. Private equity funds that have reached their maturity date are included in the table to the extent they have generated incentive income. | |||||||||||||||||||||||||||||||||||||||||||||||
(C) | Includes an increase to the NAV surplus related to the U.S. income tax expense of certain investment entities, which is considered a distribution for the purposes of computing incentive income. | |||||||||||||||||||||||||||||||||||||||||||||||
(D) | A NAV deficit represents the gain needed to cross the incentive income threshold (as described in (F) below), excluding the impact of any relevant performance (i.e. preferred return) thresholds (as described in (E) below). | |||||||||||||||||||||||||||||||||||||||||||||||
(E) | Represents the gain needed to achieve the current relevant performance thresholds, assuming the gain described in (D) above is already achieved. | |||||||||||||||||||||||||||||||||||||||||||||||
(F) | Represents the immediate increase in NAV needed for Fortress to begin earning incentive income, including the achievement of any relevant performance thresholds. It does not include the amount needed to earn back intrinsic clawback (see (J) below), if any. Incentive income is not recorded as revenue until it is received and any related contingencies are resolved (see (I) below). For the publicly traded permanent capital vehicles, represents the immediate increase of the company's applicable supplemental measure of operating performance needed for Fortress to begin earning incentive income. As of December 31, 2014, as a result of Newcastle not meeting the incentive income threshold, Fortress does not expect to earn incentive income from Newcastle for an indeterminate period of time. | |||||||||||||||||||||||||||||||||||||||||||||||
(G) | Represents the amount of additional incentive income Fortress would receive if the fund were liquidated at the end of the period at its NAV. The incentive income amounts presented in this table are based on the estimated results of investment vehicles for the current period. These estimates are subject to change based on the final results of such vehicles. As of December 31, 2014, a portion of Fund V's capital is above the incentive income threshold. | |||||||||||||||||||||||||||||||||||||||||||||||
(H) | Represents the amount of incentive income previously received from the fund since inception. | |||||||||||||||||||||||||||||||||||||||||||||||
(I) | Represents the amount of incentive income previously received from the fund which is still subject to contingencies and is therefore recorded on the consolidated balance sheet as Deferred Incentive Income. This amount will either be recorded as revenue when all related contingencies are resolved, or, if the fund does not meet certain performance thresholds, will be returned by Fortress to the fund (i.e., “clawed back”). | |||||||||||||||||||||||||||||||||||||||||||||||
(J) | Represents the amount of incentive income previously received from the fund that would be clawed back (i.e., returned by Fortress to the fund) if the fund were liquidated at the end of the period at its NAV, excluding the effect of any tax adjustments. Employees, former employees and affiliates of Fortress would be required to return a portion of this incentive income that was paid to them under profit sharing arrangements. “Gross” and “Net” refer to amounts that are gross and net, respectively, of this employee/affiliate portion of the intrinsic clawback. Fortress remains liable to the funds for these amounts even if it is unable to collect the amounts from employees/affiliates. Fortress withheld a portion of the amounts due to employees under these profit sharing arrangements as a reserve against future clawback; as of December 31, 2014, Fortress held $32.1 million of such amounts on behalf of employees related to all of the private equity funds. | |||||||||||||||||||||||||||||||||||||||||||||||
(K) | The Fund I distributed incentive income amount is presented for the total fund, of which Fortress was entitled to approximately 50%. | |||||||||||||||||||||||||||||||||||||||||||||||
(L) | Represents the portion of a fund’s or managed account's NAV or trading level that is eligible to earn incentive income. For the publicly traded permanent capital vehicles, represents the equity basis that is used to calculate incentive income. | |||||||||||||||||||||||||||||||||||||||||||||||
(M) | Represents, for those investors whose NAV is below the performance threshold Fortress needs to obtain before it can earn incentive income from such investors (their “incentive income threshold” or “high water mark”), the amount by which their aggregate incentive income thresholds exceed their aggregate NAVs. The amount by which the NAV of each investor within this category is below their respective incentive income threshold varies and, therefore, Fortress may begin earning incentive income from certain investors before this entire amount is earned back. Fortress earns incentive income whenever the assets of new investors, as well as of investors whose NAV exceeds their incentive income threshold, increase in value. For Fortress Japan Income Fund, Fortress earns incentive income based on investment income, which does not include unrealized and realized gains and losses, earned in excess of a preferred return threshold. | |||||||||||||||||||||||||||||||||||||||||||||||
(N) | Represents the percentage which is computed by dividing (i) the aggregate NAV of all investors who are at or above their respective incentive income thresholds, by (ii) the total incentive income eligible NAV of the fund. The amount by which the NAV of each fund investor who is not in this category is below their respective incentive income threshold may vary, and may vary significantly. This percentage represents the performance of only the main fund investments and managed accounts relative to their respective incentive income thresholds. It does not incorporate the impact of unrealized losses on sidepocket investments that can reduce the amount of incentive income earned from certain funds. See footnote (R) below. | |||||||||||||||||||||||||||||||||||||||||||||||
(O) | Represents the amount of additional incentive income Fortress would earn from the fund or managed account if it were liquidated at the end of the period at its NAV. This amount is currently subject to performance contingencies generally until the end of the year or, in the case of sidepocket investments, until such investments are realized. Main Fund Investments (Liquidating) pay incentive income only after all capital is returned. For the Fortress Japan Income Fund, represents the amount of incentive income Fortress would earn from the fund assuming the amount of investment income earned is excess of the preferred return threshold was distributed as of the end of the period. For the Value Recovery Fund managed accounts, Fortress can earn incentive income if aggregate realizations exceed an agreed threshold. The incentive income amounts presented in this table are based on the estimated results of investment vehicles for the current period. These estimates are subject to change based on the final results of such vehicles. | |||||||||||||||||||||||||||||||||||||||||||||||
(P) | Represents the amount of incentive income Fortress has earned which is not subject to clawback. For the publicly traded permanent capital vehicles, represents the life-to-date incentive income amount that Fortress has earned and which is not subject to clawback. | |||||||||||||||||||||||||||||||||||||||||||||||
(Q) | The Drawbridge Global Macro SPV (the “SPV”), which was established in February 2009 to liquidate illiquid investments and distribute the proceeds to then existing investors, is not subject to incentive income and is therefore not presented in the table. However, realized gains or losses within the SPV can decrease or increase, respectively, the gain needed to cross the incentive income threshold for investors with a corresponding investment in the main fund. The unrealized gains and losses within the SPV at December 31, 2014, as if they became realized, would not materially impact the amounts presented in the table. | |||||||||||||||||||||||||||||||||||||||||||||||
(R) | Represents investments held in sidepockets (also known as special investment accounts), which generally have investment profiles similar to private equity funds. The performance of these investments may impact Fortress’s ability to earn incentive income from main fund investments. For the credit hedge funds and Fortress Partners Funds, realized and unrealized losses from individual sidepockets below original cost may reduce the incentive income earned from main fund investments. For the Macro Funds, only realized losses from individual sidepockets reduce the incentive income earned from main fund investments. Based on current unrealized losses in Macro Fund sidepockets, if all of the Macro Fund sidepockets were liquidated at their NAV at December 31, 2014, the undistributed incentive income from the Macro main fund would not be impacted. | |||||||||||||||||||||||||||||||||||||||||||||||
(S) | Represents investments held in sidepockets for investors with no corresponding investment in the related main fund investments. In the case of the Macro Funds, such investors may have investments in the SPV (see (Q) above). | |||||||||||||||||||||||||||||||||||||||||||||||
(T) | Includes onshore and offshore funds. In January 2015, the Fortress Asia Macro Funds and related managed accounts transitioned to Graticule Asset Management on the affiliated manager platform. | |||||||||||||||||||||||||||||||||||||||||||||||
(U) | Relates to accounts where investors have provided return of capital notices and are subject to payout as underlying fund investments are realized. | |||||||||||||||||||||||||||||||||||||||||||||||
(V) | Excludes the Value Recovery Funds which had a NAV of $191.0 million at December 31, 2014. Fortress began managing the third party originated Value Recovery Funds in June 2009 and generally does not expect to earn any significant incentive income from the fund investments. | |||||||||||||||||||||||||||||||||||||||||||||||
(W) | Fortress has a management agreement with New Media and New Senior whereby it may earn incentive income. New Media and New Senior are VIEs consolidated by Fortress (see Note 1) and as a result any incentive income earned by Fortress is eliminated in consolidation. However, Fortress has included New Media and New Senior in the above tables solely for informational purposes. | |||||||||||||||||||||||||||||||||||||||||||||||
Private Equity Funds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Management Agreements [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of information with respect to Fortress's management agreements | The following table presents certain information with respect to Fortress’s management agreements with the private equity funds as of December 31, 2014, which included the private equity fund that was consolidated and included under the Investment Company caption. | |||||||||||||||||||||||||||||||||||||||||||||||
Fortress and | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Affiliates | Carrying Value | Percent of | Longest | Longest | Annual | Incentive | Incentive | ||||||||||||||||||||||||||||||||||||||||
Original | Original Capital | Capital | Capital | Fund | Income | |||||||||||||||||||||||||||||||||||||||||||
Capital | Commitment | |||||||||||||||||||||||||||||||||||||||||||||||
Commitments | Commitments | of Fortress's | Commitments | Period | Termination | Management | Income | Threshold | ||||||||||||||||||||||||||||||||||||||||
(A) | (B) | Investments | Drawn | Ends | Date (C) | Fee (D) | (E) | Return (E) | ||||||||||||||||||||||||||||||||||||||||
$ | 20,059,994 | $ | 2,238,688 | $ | 677,365 | 88.40% | Sep-16 | Sep-24 | 1.0% - 1.5% | 10% - 20% | 8% - 10% | |||||||||||||||||||||||||||||||||||||
(A) | Represents the total amount of capital originally committed by investors to these funds. This capital can be called, or drawn, for new investments during the capital commitment period, generally up to three years for private equity funds. Subsequent to the capital commitment period, it may only be drawn to maintain ongoing business as permitted by the applicable fund agreement. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | Affiliate commitments are comprised of the following. Fortress’s remaining commitments as of December 31, 2014 are discussed in Note 10. | |||||||||||||||||||||||||||||||||||||||||||||||
Employees, Former | Other Fortress | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Employees and BOD Members | Principals | Funds | Affiliates | Fortress | Total | |||||||||||||||||||||||||||||||||||||||||||
$ | 165,637 | $ | 568,102 | $ | 819,106 | $ | 1,552,845 | $ | 685,843 | $ | 2,238,688 | |||||||||||||||||||||||||||||||||||||
(C) | Including the assumed exercise of all available extensions, which in some cases require the approval of the applicable fund advisory board. | |||||||||||||||||||||||||||||||||||||||||||||||
(D) | Expressed as a percentage. This percent is generally applied to the capital commitment amount during the capital commitment periods and to invested capital (as defined, or NAV on an investment by investment basis, if lower) thereafter. In some funds, management fee rates vary depending on the size of commitments. Affiliate commitments are not charged management fees. For certain funds formed after March 2006 which are no longer in the capital commitment period, management fees are based on the value of publicly traded investments. The weighted average (by AUM) management fee rate as of December 31, 2014 was approximately 1.2%. | |||||||||||||||||||||||||||||||||||||||||||||||
(E) | Expressed as a percent of the total returns of the funds. The incentive income is subject to: (i) the achievement of a cumulative incentive income threshold return payable to the third party investors in the funds, which is the minimum return these investors must receive in order for incentive income to be paid, and (ii) a contingent repayment or clawback provision which requires amounts previously distributed as incentive income to be returned to each fund if, upon liquidation of such fund, such amounts exceeded the actual amount of incentive income due. Affiliate commitments are not subject to incentive income. The weighted average (by AUM) incentive income rate as of December 31, 2014 was approximately 19.7%, and the weighted average (by AUM) threshold rate was approximately 8.2%. | |||||||||||||||||||||||||||||||||||||||||||||||
Permanent Capital Vehicle [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Management Agreements [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of information with respect to funds | The table below includes New Media and New Senior which are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||||||||||||||
Annual | Incentive | Incentive Income | Carrying Value of | |||||||||||||||||||||||||||||||||||||||||||||
Management Fee (A) | Income (B) | Threshold Return (B) | Fortress's Investments (C) | |||||||||||||||||||||||||||||||||||||||||||||
1.25% - 1.5% | 10% - 25% | 8% - 10% | $ | 19,456 | ||||||||||||||||||||||||||||||||||||||||||||
(A) | Expressed as a percent of gross equity, as defined, or fee paying assets under management. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | The incentive income from publicly traded capital vehicles is earned on a cumulative basis equal to the product of (1) the incentive income percent (shown above) multiplied by (2) the difference by which (i) a specified measure of earnings (as defined) exceeds (ii) the company's gross equity (as defined) multiplied by the incentive income threshold return (shown above). As a result of not meeting the incentive income threshold, the incentive income from Newcastle has been discontinued for an indeterminate period of time. The incentive income from the private permanent capital vehicle is expressed as a percentage of the total return of the fund. The incentive income is subject to: (i) the achievement of a cumulative incentive income threshold return payable to the third party investors in the private permanent capital vehicle and (ii) a contingent repayment or clawback provision which requires amounts previously distributed as incentive income to be returned to the private permanent capital vehicle if, upon liquidation, such amounts exceeded the actual amount of incentive income due. | |||||||||||||||||||||||||||||||||||||||||||||||
(C) | The carrying value of Fortress's Investments includes the equity value of New Media and New Senior shares held by Fortress of $4.6 million, which is eliminated in consolidation. | |||||||||||||||||||||||||||||||||||||||||||||||
Liquid Hedge Funds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Management Agreements [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of information with respect to funds | The following table presents certain information with respect to the liquid hedge funds, including related managed accounts, as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||
Assets Under | Carrying Value of | Annual | Incentive | |||||||||||||||||||||||||||||||||||||||||||||
Management (AUM) (A) | Fortress's Investments (A) | Management Fee (A) (B) | Income (A) (C) | |||||||||||||||||||||||||||||||||||||||||||||
$ | 8,127,688 | $ | 167,630 | 1% - 2% | 15% - 25% | |||||||||||||||||||||||||||||||||||||||||||
(A) | Includes certain information relating to the Fortress Asia Macro Funds, including related managed accounts which transitioned to a new asset management business on the affiliated manager platform in January 2015. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | Expressed as a percent of AUM (as defined). New investors are currently charged a management fee rate of between 1% and 2%. The weighted (by AUM) average management fee rate as of December 31, 2014 was approximately 1.8%. | |||||||||||||||||||||||||||||||||||||||||||||||
(C) | Expressed as a percent of the total returns of the funds. The incentive income is generally earned on a calendar year (annual) basis. The weighted (by AUM) average incentive income rate as of December 31, 2014 was approximately 20.0%. | |||||||||||||||||||||||||||||||||||||||||||||||
Credit Hedge Funds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Management Agreements [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of information with respect to funds | The following table presents certain information with respect to the credit hedge funds, including related managed accounts, as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||
Assets Under | Carrying Value of | Annual | Incentive | |||||||||||||||||||||||||||||||||||||||||||||
Management (AUM) | Fortress's Investments | Management Fee (A) | Income (B) | |||||||||||||||||||||||||||||||||||||||||||||
Fortress Originated | $ | 5,973,116 | $ | 57,224 | 1% - 2.75% | 10% - 20% | ||||||||||||||||||||||||||||||||||||||||||
Non-Fortress Originated | 200,285 | — | 1% | 5% | ||||||||||||||||||||||||||||||||||||||||||||
(A) For Fortress originated AUM, expressed as a percent of AUM (as defined). The weighted (by AUM) average management fee rate as of December 31, 2014 was approximately 2%. For non-Fortress originated AUM, management fees are equal to 1% of realized proceeds. | ||||||||||||||||||||||||||||||||||||||||||||||||
(B) For Fortress originated AUM, expressed as a percent of the total returns of fund and the incentive income is earned on a calendar year (annual) basis. For non-Fortress originated AUM, Fortress may receive limited incentive income if aggregate realizations exceed an agreed threshold. | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit PE Funds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Management Agreements [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of information with respect to funds | The following table presents certain information with respect to Fortress’s management agreements with the credit PE funds, including related managed accounts, as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Fortress and | Carrying | Percent of | Longest | Longest | Incentive | ||||||||||||||||||||||||||||||||||||||||||
Original | Affiliates | Value | Capital | Capital | Fund | Annual | Income | |||||||||||||||||||||||||||||||||||||||||
Capital | Original Capital | of Fortress's | Commitments | Commitment | Termination | Management | Incentive | Threshold | ||||||||||||||||||||||||||||||||||||||||
Commitments (A) | Commitments (B) | Investments | Drawn | Period Ends (C) | Date (D) | Fee (E) | Income (F) | Return (F) | ||||||||||||||||||||||||||||||||||||||||
$ | 15,855,192 | $ | 933,002 | $ | 183,127 | 67.3 | % | Nov-27 | Feb-32 | 0.75% - 2.25% | 10% - 20% | 0% - 9% | ||||||||||||||||||||||||||||||||||||
(A) | Represents the total amount of capital originally committed by investors to these funds. This capital can be called, or drawn, for new investments during the capital commitment period, generally up to three years. Subsequent to the capital commitment period, it may only be drawn to maintain ongoing business as permitted by the applicable fund agreement. | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | Affiliate commitments are comprised of the following. Fortress’s remaining commitments as of December 31, 2014 are discussed in Note 10. | |||||||||||||||||||||||||||||||||||||||||||||||
Employees, Former | Other Fortress | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Employees and BOD Members | Principals | Funds | Affiliates | Fortress | Total | |||||||||||||||||||||||||||||||||||||||||||
$ | 97,164 | $ | 160,720 | $ | 405,404 | $ | 663,288 | $ | 269,714 | $ | 933,002 | |||||||||||||||||||||||||||||||||||||
(C) | Only $1.1 billion of the total capital commitments extend beyond December 2017. | |||||||||||||||||||||||||||||||||||||||||||||||
(D) | Including the assumed exercise of all available extensions, which in some cases require the approval of the applicable fund advisory board. $1.9 billion of the total commitments extend beyond December 2024. | |||||||||||||||||||||||||||||||||||||||||||||||
(E) | Expressed as a percent. This percent is generally applied to the capital commitment amount during the capital commitment periods and to invested capital (as defined, or NAV on an investment by investment basis, if lower) thereafter. In some funds, management fee rates vary depending on the size of commitments. Affiliate commitments are not charged management fees. The weighted (by AUM) average management fee rate as of December 31, 2014 was approximately 1.4%. | |||||||||||||||||||||||||||||||||||||||||||||||
(F) | Expressed as a percent of the total returns of the funds. The incentive income is subject to: (i) the achievement of a cumulative incentive income threshold return payable to the third party investors in the funds, which is the minimum return these investors must receive in order for incentive income to be paid, and (ii) a contingent repayment or clawback provision which requires amounts previously distributed as incentive income to be returned to each fund if, upon liquidation of such fund, such amounts exceeded the actual amount of incentive income due. Affiliate commitments are not subject to incentive income. The weighted (by AUM) incentive income rate as of December 31, 2014 was approximately 19.9% and the weighted average threshold was approximately 7.6%. |
INVESTMENTS_AND_FAIR_VALUE_Tab
INVESTMENTS AND FAIR VALUE (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Investments and Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||
Summary of investments | Investments can be summarized as follows: | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Equity method investees | $ | 1,099,948 | $ | 1,174,878 | ||||||||||||||||||||||||||||||||
Equity method investees, held at fair value (A) | 10,595 | 78,388 | ||||||||||||||||||||||||||||||||||
Total equity method investments | $ | 1,110,543 | $ | 1,253,266 | ||||||||||||||||||||||||||||||||
Options in equity method investees (B) | $ | 45,734 | $ | 104,338 | ||||||||||||||||||||||||||||||||
(A) | Includes publicly traded private equity portfolio companies, primarily GAGFAH (the sale of which was completed in June 2014), as well as the publicly traded permanent capital vehicles (Newcastle, New Residential and Eurocastle). Does not include New Media and New Senior which are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||
(B) | Does not include options held by Fortress in New Media and New Senior which are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||
Summary of gains (losses) | Gains (losses) can be summarized as follows: | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Net realized gains (losses) | $ | (939 | ) | $ | 1,247 | $ | 1,101 | |||||||||||||||||||||||||||||
Net realized gains (losses) from affiliate investments | 47,624 | (A) | 12,030 | (80 | ) | |||||||||||||||||||||||||||||||
Net unrealized gains (losses) | 19,790 | 6,273 | 332 | |||||||||||||||||||||||||||||||||
Net unrealized gains (losses) from affiliate investments | (74,788 | ) | (A) | 34,383 | 47,568 | |||||||||||||||||||||||||||||||
Total gains (losses) | $ | (8,313 | ) | $ | 53,933 | $ | 48,921 | |||||||||||||||||||||||||||||
(A) | Includes the impact of the sale of GAGFAH which was completed in June 2014. | |||||||||||||||||||||||||||||||||||
Gains (losses) can be summarized as follows: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Net realized gains (losses) | $ | (7,492 | ) | $ | — | |||||||||||||||||||||||||||||||
Net unrealized gains (losses) | 15,934 | — | ||||||||||||||||||||||||||||||||||
$ | 8,442 | $ | — | |||||||||||||||||||||||||||||||||
Schedule of gains (losses) generated | These gains (losses) were generated as follows: | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Mark to fair value on affiliate investments and options | $ | (26,768 | ) | $ | 46,371 | $ | 47,506 | |||||||||||||||||||||||||||||
Mark to fair value on derivatives | 26,715 | 8,402 | 264 | |||||||||||||||||||||||||||||||||
Mark to fair value on equity securities | 1,395 | 2,962 | — | |||||||||||||||||||||||||||||||||
Gains (losses) on digital currency (Bitcoin) | (9,470 | ) | (3,702 | ) | — | |||||||||||||||||||||||||||||||
Other | (185 | ) | (100 | ) | 1,151 | |||||||||||||||||||||||||||||||
Total gains (losses) | $ | (8,313 | ) | $ | 53,933 | $ | 48,921 | |||||||||||||||||||||||||||||
These gains (losses) were generated as follows: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Mark to fair value on investments and options | $ | 9,633 | $ | — | ||||||||||||||||||||||||||||||||
Mark to fair value on derivatives | (1,191 | ) | — | |||||||||||||||||||||||||||||||||
$ | 8,442 | $ | — | |||||||||||||||||||||||||||||||||
Summary of financial information related to equity method investments | Summary financial information related to these investments is as follows: | |||||||||||||||||||||||||||||||||||
Fortress’s Investment | Fortress’s Equity in Net Income (Loss) | |||||||||||||||||||||||||||||||||||
December 31, | December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Private equity funds, excluding NIH | $ | 677,309 | $ | 786,093 | $ | 36,407 | $ | 82,024 | $ | 104,562 | ||||||||||||||||||||||||||
NIH | — | — | — | (554 | ) | 230 | ||||||||||||||||||||||||||||||
Publicly traded portfolio companies (A)(B) | 1,035 | 63,001 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
WWTAI | 5,284 | 3,801 | 70 | 456 | 183 | |||||||||||||||||||||||||||||||
Newcastle (B) | 776 | 5,953 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
New Residential (B) | 6,622 | 6,928 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
Eurocastle (B) | 2,162 | 2,506 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
Total private equity | 693,188 | 868,282 | 36,477 | 81,926 | 104,975 | |||||||||||||||||||||||||||||||
Liquid hedge funds | 167,630 | 158,920 | 3,844 | 13,124 | 17,505 | |||||||||||||||||||||||||||||||
Credit hedge funds | 57,224 | 58,825 | 8,236 | 12,242 | 11,469 | |||||||||||||||||||||||||||||||
Credit PE funds | 183,127 | 159,044 | 28,693 | 29,824 | 22,176 | |||||||||||||||||||||||||||||||
Other | 9,374 | 8,195 | 943 | (250 | ) | 405 | ||||||||||||||||||||||||||||||
$ | 1,110,543 | $ | 1,253,266 | $ | 78,193 | $ | 136,866 | $ | 156,530 | |||||||||||||||||||||||||||
(A) | Represents Fortress’s direct investments in the common stock of publicly traded private equity portfolio companies, primarily GAGFAH (the sale of which was completed in June 2014). | |||||||||||||||||||||||||||||||||||
(B) | Fortress elected to record these investments at fair value pursuant to the fair value option for financial instruments. | |||||||||||||||||||||||||||||||||||
Summary of changes in investments in equity method investees | A summary of the changes in Fortress’s investments in equity method investees is as follows: | |||||||||||||||||||||||||||||||||||
Private Equity | ||||||||||||||||||||||||||||||||||||
NIH | Other | Publicly Traded Portfolio Companies (A) | Permanent Capital Vehicles (A) | Liquid Hedge Funds | Credit Hedge Funds | Credit PE Funds | Other | Total | ||||||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||||||||||||||
Investment - December 31, 2012 | $ | 1,177 | $ | 715,742 | $ | 67,312 | $ | 14,118 | $ | 180,664 | $ | 58,507 | $ | 166,482 | $ | 7,682 | $ | 1,211,684 | ||||||||||||||||||
Earnings from equity method investees | (554 | ) | 82,024 | N/A | 456 | 13,124 | 12,242 | 29,824 | (250 | ) | 136,866 | |||||||||||||||||||||||||
Other comprehensive income from | 12 | — | N/A | — | — | — | — | — | 12 | |||||||||||||||||||||||||||
equity method investees | ||||||||||||||||||||||||||||||||||||
Contributions to equity method | — | 18,242 | 320 | (1,018 | ) | 61,084 | 166,457 | 40,251 | 910 | 286,246 | ||||||||||||||||||||||||||
investees (B) | ||||||||||||||||||||||||||||||||||||
Distributions of earnings from equity | — | (27,721 | ) | N/A | (560 | ) | (22,159 | ) | (12,365 | ) | (21,731 | ) | (12 | ) | (84,548 | ) | ||||||||||||||||||||
method investees | ||||||||||||||||||||||||||||||||||||
Distributions of capital from equity | (635 | ) | (5,193 | ) | N/A | (153 | ) | (73,793 | ) | (166,016 | ) | (54,994 | ) | (135 | ) | (300,919 | ) | |||||||||||||||||||
method investees (B) | ||||||||||||||||||||||||||||||||||||
Total distributions from equity | (635 | ) | (32,914 | ) | N/A | (713 | ) | (95,952 | ) | (178,381 | ) | (76,725 | ) | (147 | ) | (385,467 | ) | |||||||||||||||||||
method investees | ||||||||||||||||||||||||||||||||||||
Mark to fair value - during period (C) | N/A | 802 | 11,561 | 6,150 | N/A | N/A | N/A | N/A | 18,513 | |||||||||||||||||||||||||||
Translation adjustment | — | — | 2,633 | 195 | — | — | (764 | ) | — | 2,064 | ||||||||||||||||||||||||||
Dispositions | — | — | (18,825 | ) | — | — | — | (24 | ) | — | (18,849 | ) | ||||||||||||||||||||||||
Reclassification to Due to Affiliates | — | 2,197 | — | — | — | — | — | — | 2,197 | |||||||||||||||||||||||||||
(D) | ||||||||||||||||||||||||||||||||||||
Investment - December 31, 2013 | — | 786,093 | 63,001 | 19,188 | 158,920 | 58,825 | 159,044 | 8,195 | 1,253,266 | |||||||||||||||||||||||||||
Earnings from equity method investees | — | 36,407 | N/A | 70 | 3,844 | 8,236 | 28,693 | 943 | 78,193 | |||||||||||||||||||||||||||
Other comprehensive income from | — | — | N/A | — | — | — | — | — | — | |||||||||||||||||||||||||||
equity method investees | ||||||||||||||||||||||||||||||||||||
Contributions to equity method | — | 2,944 | — | 5,640 | 89,324 | 168,699 | 43,331 | 596 | 310,534 | |||||||||||||||||||||||||||
investees (B) | ||||||||||||||||||||||||||||||||||||
Distributions of earnings from equity | — | (70,409 | ) | N/A | (79 | ) | (4,487 | ) | (7,483 | ) | (28,477 | ) | (32 | ) | (110,967 | ) | ||||||||||||||||||||
method investees | ||||||||||||||||||||||||||||||||||||
Distributions of capital from equity | — | (78,155 | ) | N/A | (4,148 | ) | (128,505 | ) | (171,053 | ) | (17,124 | ) | (118 | ) | (399,103 | ) | ||||||||||||||||||||
method investees (B) | ||||||||||||||||||||||||||||||||||||
Total distributions from equity | — | (148,564 | ) | N/A | (4,227 | ) | (132,992 | ) | (178,536 | ) | (45,601 | ) | (150 | ) | (510,070 | ) | ||||||||||||||||||||
method investees | ||||||||||||||||||||||||||||||||||||
Mark to fair value - during period (C) | N/A | (1,795 | ) | 5,200 | (1,268 | ) | N/A | N/A | N/A | N/A | 2,137 | |||||||||||||||||||||||||
Translation adjustment | — | (8 | ) | (742 | ) | (279 | ) | — | — | (2,338 | ) | — | (3,367 | ) | ||||||||||||||||||||||
Dispositions | — | — | (66,424 | ) | — | — | (2 | ) | (210 | ) | (66,636 | ) | ||||||||||||||||||||||||
Reclassification to Due to Affiliates | — | 2,232 | — | — | — | — | — | — | 2,232 | |||||||||||||||||||||||||||
(D) | ||||||||||||||||||||||||||||||||||||
Consolidation of Non-Investment | — | — | — | (4,280 | ) | — | — | — | — | (4,280 | ) | |||||||||||||||||||||||||
Manager (E) | ||||||||||||||||||||||||||||||||||||
Deconsolidation of Investment Company (F) | — | — | — | — | 48,534 | — | — | — | 48,534 | |||||||||||||||||||||||||||
Investment - December 31, 2014 | $ | — | $ | 677,309 | $ | 1,035 | $ | 14,844 | $ | 167,630 | $ | 57,224 | $ | 183,127 | $ | 9,374 | $ | 1,110,543 | ||||||||||||||||||
Undistributed earnings - December 31, | $ | — | $ | 51,882 | $ | — | $ | — | $ | 1,110 | $ | 2,739 | $ | 9,440 | $ | 2,885 | $ | 68,056 | ||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
(A) | Fortress elected to record its investments in publicly traded private equity portfolio companies and the publicly traded permanent capital vehicles at fair value pursuant to the fair value option for financial instruments. The amounts in the table do not include New Media and New Senior which are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||
(B) | The amounts presented above can be reconciled to the amounts presented on the statement of cash flows as follows: | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Contributions | Distributions of Capital | Contributions | Distributions of Capital | |||||||||||||||||||||||||||||||||
Per Consolidated Statements of Cash Flows | $ | 36,060 | $ | (379,940 | ) | $ | 37,084 | $ | (281,481 | ) | ||||||||||||||||||||||||||
Investments of incentive receivable amounts | 258,023 | — | 227,091 | — | ||||||||||||||||||||||||||||||||
into Fortress Funds | ||||||||||||||||||||||||||||||||||||
Change in distributions payable out of Fortress | — | 172 | — | (184 | ) | |||||||||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||||||||||||||
Net funded* | 16,451 | (16,451 | ) | 18,714 | (18,714 | ) | ||||||||||||||||||||||||||||||
Consolidation of private equity liquidating entity | — | — | 2,553 | — | ||||||||||||||||||||||||||||||||
Other | — | (2,884 | ) | 804 | (540 | ) | ||||||||||||||||||||||||||||||
Per Above | $ | 310,534 | $ | (399,103 | ) | $ | 286,246 | $ | (300,919 | ) | ||||||||||||||||||||||||||
* | In some instances, a private equity style fund may need to simultaneously make both a capital call (for new investments or expenses) and a capital distribution (related to realizations from existing investments). This results in a net funding. | |||||||||||||||||||||||||||||||||||
(C) | Recorded to Gains (Losses). | |||||||||||||||||||||||||||||||||||
(D) | Represents a portion of the general partner liability discussed in Note 10. | |||||||||||||||||||||||||||||||||||
(E) | Represents the elimination of Fortress's direct investment in New Media and New Senior, consolidated VIEs, as of the dates of consolidation. | |||||||||||||||||||||||||||||||||||
(F) | In December 2014, Fortress deconsolidated a liquid hedge fund (see Note 1) and the amount disclosed represents Fortress’s investment in the fund as of the date of deconsolidation. | |||||||||||||||||||||||||||||||||||
Schedule reconciling capital activity in equity method investments to the statement of cash flows | The amounts presented above can be reconciled to the amounts presented on the statement of cash flows as follows: | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Contributions | Distributions of Capital | Contributions | Distributions of Capital | |||||||||||||||||||||||||||||||||
Per Consolidated Statements of Cash Flows | $ | 36,060 | $ | (379,940 | ) | $ | 37,084 | $ | (281,481 | ) | ||||||||||||||||||||||||||
Investments of incentive receivable amounts | 258,023 | — | 227,091 | — | ||||||||||||||||||||||||||||||||
into Fortress Funds | ||||||||||||||||||||||||||||||||||||
Change in distributions payable out of Fortress | — | 172 | — | (184 | ) | |||||||||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||||||||||||||
Net funded* | 16,451 | (16,451 | ) | 18,714 | (18,714 | ) | ||||||||||||||||||||||||||||||
Consolidation of private equity liquidating entity | — | — | 2,553 | — | ||||||||||||||||||||||||||||||||
Other | — | (2,884 | ) | 804 | (540 | ) | ||||||||||||||||||||||||||||||
Per Above | $ | 310,534 | $ | (399,103 | ) | $ | 286,246 | $ | (300,919 | ) | ||||||||||||||||||||||||||
* | In some instances, a private equity style fund may need to simultaneously make both a capital call (for new investments or expenses) and a capital distribution (related to realizations from existing investments). This results in a net funding. | |||||||||||||||||||||||||||||||||||
Schedule of ownership percentages in the tables reflective of the ownership interests held as of the end of the respective periods | The ownership percentages presented in the following tables are reflective of the ownership interests held as of the end of the respective periods. For tables which include more than one Fortress Fund, the ownership percentages are based on a weighted average by total equity of the funds as of period end. NIH, the permanent capital vehicles, the publicly traded portfolio companies and Other are not presented as they are insignificant to Fortress’s investments. | |||||||||||||||||||||||||||||||||||
Private Equity Funds excluding NIH (B) | ||||||||||||||||||||||||||||||||||||
December 31, (or year then ended) | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Assets | $ | 13,399,280 | $ | 16,982,954 | ||||||||||||||||||||||||||||||||
Debt | (3,251 | ) | (1,626 | ) | ||||||||||||||||||||||||||||||||
Other liabilities | (143,328 | ) | (185,144 | ) | ||||||||||||||||||||||||||||||||
Equity | $ | 13,252,701 | $ | 16,796,184 | ||||||||||||||||||||||||||||||||
Fortress’s Investment | $ | 677,309 | $ | 786,093 | ||||||||||||||||||||||||||||||||
Ownership (A) | 5.1 | % | 4.7 | % | ||||||||||||||||||||||||||||||||
Revenues and gains (losses) on investments | $ | 721,512 | $ | 2,335,934 | $ | 3,382,194 | ||||||||||||||||||||||||||||||
Expenses | (194,189 | ) | (208,301 | ) | (187,580 | ) | ||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 527,323 | $ | 2,127,633 | $ | 3,194,614 | ||||||||||||||||||||||||||||||
Fortress’s equity in net income (loss) | $ | 36,407 | $ | 82,024 | $ | 104,562 | ||||||||||||||||||||||||||||||
Liquid Hedge Funds | Credit Hedge Funds | |||||||||||||||||||||||||||||||||||
December 31, (or year then ended) | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Assets | $ | 13,132,531 | $ | 13,167,316 | $ | 11,349,879 | $ | 10,226,023 | ||||||||||||||||||||||||||||
Debt | — | — | (4,621,360 | ) | (3,918,692 | ) | ||||||||||||||||||||||||||||||
Other liabilities | (5,733,970 | ) | (6,735,989 | ) | (283,818 | ) | (332,510 | ) | ||||||||||||||||||||||||||||
Non-controlling interest | — | — | (14,406 | ) | (6,470 | ) | ||||||||||||||||||||||||||||||
Equity | $ | 7,398,561 | $ | 6,431,327 | $ | 6,430,295 | $ | 5,968,351 | ||||||||||||||||||||||||||||
Fortress’s Investment | $ | 167,630 | $ | 158,920 | $ | 57,224 | $ | 58,825 | ||||||||||||||||||||||||||||
Ownership (A) | 2.3 | % | 2.5 | % | 0.9 | % | 1 | % | ||||||||||||||||||||||||||||
Revenues and gains (losses) on | $ | 220,958 | $ | 838,506 | $ | 579,050 | $ | 1,011,969 | $ | 1,295,945 | $ | 1,244,449 | ||||||||||||||||||||||||
investments | ||||||||||||||||||||||||||||||||||||
Expenses | (219,303 | ) | (159,892 | ) | (130,466 | ) | (340,373 | ) | (255,222 | ) | (271,565 | ) | ||||||||||||||||||||||||
Net Income (Loss) | $ | 1,655 | $ | 678,614 | $ | 448,584 | $ | 671,596 | $ | 1,040,723 | $ | 972,884 | ||||||||||||||||||||||||
Fortress’s equity in net income (loss) | $ | 3,844 | $ | 13,124 | $ | 17,505 | $ | 8,236 | $ | 12,242 | $ | 11,469 | ||||||||||||||||||||||||
Credit PE Funds (B) (C) | ||||||||||||||||||||||||||||||||||||
December 31, (or year then ended) | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Assets | $ | 11,992,369 | $ | 10,544,754 | ||||||||||||||||||||||||||||||||
Debt | (67,618 | ) | (161,225 | ) | ||||||||||||||||||||||||||||||||
Other liabilities | (824,837 | ) | (311,538 | ) | ||||||||||||||||||||||||||||||||
Non-controlling interest | (4,852 | ) | (3,461 | ) | ||||||||||||||||||||||||||||||||
Equity | $ | 11,095,062 | $ | 10,068,530 | ||||||||||||||||||||||||||||||||
Fortress’s Investment | $ | 183,127 | $ | 159,044 | ||||||||||||||||||||||||||||||||
Ownership (A) | 1.7 | % | 1.6 | % | ||||||||||||||||||||||||||||||||
Revenues and gains (losses) on investments | $ | 2,381,032 | $ | 1,835,118 | $ | 2,011,139 | ||||||||||||||||||||||||||||||
Expenses | (369,653 | ) | (325,436 | ) | (312,549 | ) | ||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 2,011,379 | $ | 1,509,682 | $ | 1,698,590 | ||||||||||||||||||||||||||||||
Fortress’s equity in net income (loss) | $ | 28,693 | $ | 29,824 | $ | 22,176 | ||||||||||||||||||||||||||||||
(A) | Excludes ownership interests held by other Fortress Funds, the Principals, employees and other affiliates. | |||||||||||||||||||||||||||||||||||
(B) | For Private Equity Funds, includes four entities which are recorded on a one quarter lag (i.e. current year balances reflected for these entities are for the periods ended September 30, 2014, 2013 and 2012, respectively). For Credit PE Funds, includes one entity which is recorded on a one quarter lag and several entities which are recorded on a one month lag. They are recorded on a lag because they are foreign entities, or they have substantial operations in foreign countries, and do not provide financial reports under GAAP within the reporting time frame necessary for U.S. public entities. | |||||||||||||||||||||||||||||||||||
(C) | Includes certain entities in which Fortress has both a direct and an indirect investment. | |||||||||||||||||||||||||||||||||||
Schedule of all variable interest entities | The following tables set forth certain information regarding VIEs in which Fortress holds a variable interest as of December 31, 2014 and 2013, respectively. The amounts presented below are included in, and not in addition to, the equity method investment tables above. | |||||||||||||||||||||||||||||||||||
Fortress is not Primary Beneficiary | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Business Segment | Number of VIEs | Gross Assets | Financial Obligations (A) | Fortress Investment (B) | Notes (I) | |||||||||||||||||||||||||||||||
Private Equity Funds | 1 | $ | 460 | $ | — | $ | — | (C) | ||||||||||||||||||||||||||||
Permanent Capital Vehicles | 3 | 11,711,522 | 8,854,725 | 117,329 | (C) | |||||||||||||||||||||||||||||||
Liquid Hedge Funds | 2 | 3,070,203 | 432,580 | 7,094 | (D) | |||||||||||||||||||||||||||||||
Credit Hedge Funds | 9 | 2,132,650 | 152,806 | 25,474 | (D) (E) | |||||||||||||||||||||||||||||||
Credit PE Funds | 33 | 801,877 | 143,743 | 5,985 | (D) (E) | |||||||||||||||||||||||||||||||
Logan Circle | 5 | 441,905 | — | 384 | (C) | |||||||||||||||||||||||||||||||
Fortress is not Primary Beneficiary | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Business Segment | Number of VIEs | Gross Assets | Financial Obligations (A) | Fortress Investment (B) | Notes (I) | |||||||||||||||||||||||||||||||
Private Equity Funds | 1 | $ | 789 | $ | — | $ | 155 | (C) | ||||||||||||||||||||||||||||
Permanent Capital Vehicles | 3 | 13,950,294 | 9,804,741 | 145,472 | (C) | |||||||||||||||||||||||||||||||
Liquid Hedge Funds | 2 | 4,897,650 | 2,343,406 | 40,816 | (D) | |||||||||||||||||||||||||||||||
Credit Hedge Funds | 6 | 1,966,802 | 370,607 | 50,945 | (D) (E) | |||||||||||||||||||||||||||||||
Credit PE Funds | 33 | 1,229,250 | 362,642 | 5,350 | (D) (E) | |||||||||||||||||||||||||||||||
Logan Circle | 1 | 244,828 | — | 144 | (D) | |||||||||||||||||||||||||||||||
Fortress is Primary Beneficiary | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Business Segment | Number of VIEs | Gross Assets | Financial Obligations (A) | Fortress Investment (B) | Notes (I) | |||||||||||||||||||||||||||||||
Private Equity Funds | 2 | $ | 131,393 | $ | — | $ | 10,380 | (F) (H) | ||||||||||||||||||||||||||||
Permanent Capital Vehicles | 2 | 3,384,444 | 1,481,482 | 36,977 | (G) | |||||||||||||||||||||||||||||||
Credit Hedge Funds | 3 | — | — | — | (G) | |||||||||||||||||||||||||||||||
Logan Circle | 1 | 6,566 | — | 4,783 | (G) | |||||||||||||||||||||||||||||||
Fortress is Primary Beneficiary | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Business Segment | Number of VIEs | Gross Assets | Financial Obligations (A) | Fortress Investment (B) | Notes (I) | |||||||||||||||||||||||||||||||
Private Equity Funds | 1 | $ | 52,976 | $ | — | $ | 15,868 | (H) | ||||||||||||||||||||||||||||
(A) | Represents financial obligations of the VIEs, which are not recourse to Fortress. Financial obligations include financial borrowings, derivative liabilities and short securities. In many cases, these VIEs have additional debt within unconsolidated subsidiaries. The debt obligations of the VIEs are not cross collateralized with the debt obligations of Fortress. Fortress has no obligation to satisfy the liabilities of the VIEs. Similarly, Fortress does not have the right to make use of the assets of the VIEs to satisfy its obligations. The VIE’s debt obligations have no impact on Fortress’s cash flows and its ability to borrow or comply with its debt covenants under its revolving credit agreement. | |||||||||||||||||||||||||||||||||||
Of the financial obligations represented herein as of December 31, 2014, for VIEs where Fortress is not the primary beneficiary, $8,430.0 million, $151.7 million, and $143.7 million represent financial borrowings which have weighted average maturities of 1.2 years, 7.6 years, and 2.3 years for the permanent capital vehicles, credit hedge funds, and credit PE funds, respectively. Of the financial obligations represented herein as of December 31, 2013, $9,381.9 million, $289.4 million, and $362.6 million represent financial borrowings which have weighted average maturities of 1.7 years, 6.6 years, and 1.4 years for the permanent capital vehicles, credit hedge funds, and credit PE funds, respectively. | ||||||||||||||||||||||||||||||||||||
Of the financial obligations represented herein as of December 31, 2014, for VIEs where Fortress is the primary beneficiary, $1,481.5 million represent financial borrowings which have weighted average maturities of 5.5 years for the permanent capital vehicles. | ||||||||||||||||||||||||||||||||||||
(B) | Represents Fortress’s maximum exposure to loss with respect to these entities, which includes direct and indirect investments in these entities, plus any receivables due from these entities. In addition to the table above, Fortress is exposed to potential changes in cash flow and revenues attributable to the management fees and/or incentive income Fortress earns from those entities. For VIEs where Fortress is deemed to be the primary beneficiary, these investments and receivables are eliminated in consolidation but still represent Fortress’s economic exposure to the VIEs. | |||||||||||||||||||||||||||||||||||
(C) | Includes Fortress Funds that are a VIE because the fund's at-risk equity holders as a group lack the characteristics of a controlling financial interest because (i) the decision making is through a management contract that is not an at-risk equity investment and/or (ii) the voting rights of an investor are not proportional to its obligation to absorb the income or loss of the entity and substantially all of the entity’s activities either involve or are conducted on behalf of that investor and its related parties. Fortress is the investment manager of these funds. Fortress is not the primary beneficiary of these funds because it and its related parties do not absorb a majority of the funds' expected losses or residual returns based on a quantitative analysis. | |||||||||||||||||||||||||||||||||||
(D) | Includes entities (including investing vehicles and master funds) that are a VIE because the entity’s at-risk equity holders as a group lack the characteristics of a controlling financial interest because either (i) the group of at-risk equity holders does not have the ability to make decisions or have power over the activities that most significantly affect the success of the entity or impact the entity's economic performance and/or (ii) the voting rights of an investor are not proportional to its obligation to absorb the income or loss of the entity and substantially all of the entity’s activities either involve or are conducted on behalf of that investor and its related parties. Among the related party group, a Fortress Fund is determined to be most closely associated with, and thus is the primary beneficiary of, these VIEs because the VIE was designed to act on behalf of the Fortress Fund to make investments. In addition, the activities of the VIE are more significant to the Fortress Fund, and in evaluating exposure to the expected losses or variability associated with the economic performance of the VIEs, in most cases the Fortress Fund holds both a majority ownership and majority economic interest in the VIE. | |||||||||||||||||||||||||||||||||||
(E) | Includes entities that are VIEs because the entity's equity investment at-risk is determined to be insufficient. Fortress is not the general partner, managing member or investment manager of these entities. The primary beneficiary of these entities is the third party investor who either is the general partner or has a majority ownership interest and a majority economic interest and power over the entity. These entities represent an insignificant portion of the amounts presented in the table. | |||||||||||||||||||||||||||||||||||
(F) Includes entities that are a VIE because the entity’s at-risk equity holders as a group lack the characteristics of a controlling financial interest because the voting rights of an investor are not proportional to its obligation to absorb the income or loss of the entity and substantially all of the entity’s activities either involve or are conducted on behalf of that investor and its related parties. Fortress is determined to be most closely associated with, and thus is the primary beneficiary of, these VIEs. As of December 31, 2014, includes $85.1 million of gross assets of a consolidated private equity fund, which is disclosed under Investment Company-consolidated VIEs in the consolidated financial statements. | ||||||||||||||||||||||||||||||||||||
(G) | Includes entities that are a VIE because (i) the entity's equity investment at-risk is determined to be insufficient and/or (ii) the entity’s at-risk equity holders as a group lack the characteristics of a controlling financial interest because the decision making is through a management contract that is not an at-risk equity investment. Fortress is the investment manager of these entities. Fortress is determined to be the primary beneficiary of these entities since it has both power over the activities that most significantly affect the success of the entity or impact the entity’s economic performance and has the right to receive benefits from the VIE that potentially could be significant to the entity. Included in credit hedge funds are investment vehicles formed during the second quarter of 2014. As of December 31, 2014, the credit hedge fund investment vehicles did not hold any assets or have any debt outstanding. As of December 31, 2014, includes $6.6 million of gross assets of a consolidated fund of the traditional asset management business, which is disclosed under Investment Company - consolidated VIEs in the consolidated financial statements. | |||||||||||||||||||||||||||||||||||
(H) | Includes an entity that is a VIE because the entity’s equity investment at risk is determined to be insufficient. Fortress, as a result of directing the operations of the entity through its management contracts with certain funds, and providing financial support to the entity, was deemed to be its primary beneficiary. | |||||||||||||||||||||||||||||||||||
(I) | As of December 31, 2014, for VIEs where Fortress is not the primary beneficiary, Fortress's investment included: (i) management fees receivable of $4.7 million which is comprised of $3.3 million, $0.5 million, $0.5 million and $0.4 million from the permanent capital vehicles, credit hedge funds, credit PE funds and Logan Circle, respectively, (ii) incentive income receivable of $79.6 million which is comprised of $55.1 million, $2.6 million and $21.9 million from the permanent capital vehicles, liquid hedge funds and credit hedge funds, respectively and (iii) expense reimbursements, dividends and other receivables of $8.7 million which is comprised of $3.7 million, $3.8 million, $1.1 million and $0.1 million from the permanent capital vehicles, liquid hedge funds, credit hedge funds and credit PE funds, respectively. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013, for VIEs where Fortress is not the primary beneficiary, Fortress's investment included: (i) management fees receivable of $5.6 million which is comprised of $4.8 million, $0.7 million, less than $0.1 million and $0.1 million from the permanent capital vehicles, credit hedge funds, credit PE funds and Logan Circle, respectively, (ii) incentive income receivable of $100.9 million which is comprised of $15.7 million, $37.6 million and $47.6 million from the permanent capital vehicles, liquid hedge funds and credit hedge funds, respectively and (iii) expense reimbursements, dividends and other receivables of $9.5 million which is comprised of $5.3 million, $2.6 million, $0.9 million and $0.7 million from the permanent capital vehicles, liquid hedge funds, credit hedge funds and credit PE funds, respectively. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014, for VIEs where Fortress is the primary beneficiary, Fortress's investment included: (i) management fees receivable of $2.9 million which is comprised of $2.8 million and less than $0.1 million from the permanent capital vehicles and Logan Circle, respectively, (ii) incentive income receivable of $0.2 million from one of the permanent capital vehicles and (iii) expense reimbursements, advances and other receivables of $13.5 million which is comprised of $10.3 million and $3.2 million from an operating subsidiary of one of the private equity funds and permanent capital vehicles, respectively. These receivables and advances are eliminated in consolidation but still represent Fortress’s economic exposure to the VIEs. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013, for a VIE where Fortress was the primary beneficiary, Fortress's investment included advances of $15.9 million to an operating subsidiary of one of the private equity funds. These advances are eliminated in consolidation but still represent Fortress's economic exposure to the VIE. | ||||||||||||||||||||||||||||||||||||
Schedule of information regarding the entity's financial instruments that are recorded at fair value | The following table presents information regarding Fortress’s financial instruments that are recorded at fair value. Investments denominated in foreign currencies have been translated at the period end exchange rate. Changes in fair value are recorded in Gains (Losses). | |||||||||||||||||||||||||||||||||||
Fair Value | Valuation Method | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Assets (within Investments) | ||||||||||||||||||||||||||||||||||||
Newcastle, New Residential and Eurocastle common shares (A) | $ | 9,560 | $ | 15,387 | Level 1 - Quoted prices in active markets for identical assets | |||||||||||||||||||||||||||||||
Common stock of publicly traded | 1,035 | 63,001 | Level 1 - Quoted prices in active markets for identical assets | |||||||||||||||||||||||||||||||||
private equity portfolio companies | ||||||||||||||||||||||||||||||||||||
Total equity method investments | $ | 10,595 | $ | 78,388 | ||||||||||||||||||||||||||||||||
carried at fair value | ||||||||||||||||||||||||||||||||||||
Newcastle, New Residential and Eurocastle options (A) | $ | 45,734 | $ | 104,338 | Level 2 - Option valuation models using significant observable inputs | |||||||||||||||||||||||||||||||
Assets (within Other Assets) | ||||||||||||||||||||||||||||||||||||
Derivatives | 27,105 | 9,749 | Level 2 - See below | |||||||||||||||||||||||||||||||||
17,627 | 23,005 | Level 1 - Quoted prices in active markets for identical assets | ||||||||||||||||||||||||||||||||||
Equity Securities (B) | ||||||||||||||||||||||||||||||||||||
Liabilities (within Accrued Compensation and Benefits) | ||||||||||||||||||||||||||||||||||||
Options in affiliates granted to | (6,393 | ) | (16,390 | ) | Level 2 - Option valuation models using significant observable inputs | |||||||||||||||||||||||||||||||
employees (A) | ||||||||||||||||||||||||||||||||||||
Liabilities (within Other Liabilities) | ||||||||||||||||||||||||||||||||||||
Derivatives | (932 | ) | (1,820 | ) | Level 2 - See below | |||||||||||||||||||||||||||||||
(A) | Does not include common shares or options held in New Media and New Senior which are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||
(B) | The equity investments are held at fair value and classified as trading. | |||||||||||||||||||||||||||||||||||
Investments, at fair value, consist primarily of financial instruments held by the Investment Company, and are comprised of the following: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | Percentage of | |||||||||||||||||||||||||||||||||||
Cost | Fair Value | Investment Company | ||||||||||||||||||||||||||||||||||
Investments in affiliates (A) | 74,730 | 84,792 | 93 | % | ||||||||||||||||||||||||||||||||
Investments in fixed income securities | 6,758 | 6,333 | 7 | % | ||||||||||||||||||||||||||||||||
Schedule of assumptions used in valuing the options | The table below summarizes information about the significant unobservable inputs used in determining the fair value of the Level 3 assets and liabilities held by the Investment Company as of December 31, 2014. | |||||||||||||||||||||||||||||||||||
Fair Value at | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | Valuation | |||||||||||||||||||||||||||||||||||
Type of Investment | (in thousands) | Technique | Unobservable Input | Range | ||||||||||||||||||||||||||||||||
Investments in affiliates | $ | 25,772 | Market approach | Last round of financing | N/A | |||||||||||||||||||||||||||||||
59,020 | Discounted cash flow | Discount rate | 22.50% | |||||||||||||||||||||||||||||||||
Enterprise value/EBITDA Multiple or NOI exit multiple | 9.6x - 10.0x | |||||||||||||||||||||||||||||||||||
The assumptions used in valuing the options at December 31, 2014 were: | ||||||||||||||||||||||||||||||||||||
Risk-Free Rate | Dividend Yield (A) | Volatility | ||||||||||||||||||||||||||||||||||
Newcastle | 0.26% - 2.29% | 9.17% - 15.85% | 25.93% - 28.00% | |||||||||||||||||||||||||||||||||
New Residential | 0.26% - 2.27% | 0.00% - 15.88% | 22.52% - 24.26% | |||||||||||||||||||||||||||||||||
New Media | 2.30% | 3.10% | 34.17% | |||||||||||||||||||||||||||||||||
New Senior | 0.26% - 2.29% | 3.38% - 7.07% | 19.85% - 25.24% | |||||||||||||||||||||||||||||||||
Eurocastle | 0.16% - 0.67% | 3.64% - 7.11% | 25.30% - 27.78% | |||||||||||||||||||||||||||||||||
(A) | Options which are due to expire prior to the expected payment of future dividends are valued using a 0.00% dividend yield. | |||||||||||||||||||||||||||||||||||
Schedule of equity method investments options held | The following table summarizes options in the permanent capital vehicles held as of December 31, 2014, which were issued prior to 2011: | |||||||||||||||||||||||||||||||||||
Entity | Weighted Average Option Strike Price | Options held by Fortress | ||||||||||||||||||||||||||||||||||
Newcastle | $ | 14.69 | 157,791 | |||||||||||||||||||||||||||||||||
New Senior | $ | 14.69 | 157,791 | |||||||||||||||||||||||||||||||||
New Residential | $ | 31.49 | 473,377 | |||||||||||||||||||||||||||||||||
Eurocastle | € | 5,833.59 | 21,407 | |||||||||||||||||||||||||||||||||
Schedule of the entity's derivatives (not designated as hedges) | Fortress’s derivatives (not designated as hedges) are recorded as follows: | |||||||||||||||||||||||||||||||||||
Balance Sheet | December 31, 2014 (or year ended) | Maturity | ||||||||||||||||||||||||||||||||||
line item (A) | Fair Value | Notional Amount | Gains/(Losses) (B) | Date | ||||||||||||||||||||||||||||||||
Foreign exchange option contracts | Other Assets | $ | 24,864 | ¥ | 39,309,229 | $ | 21,283 | Jun-15 - Nov-17 | ||||||||||||||||||||||||||||
Foreign exchange option contracts | Other Liabilities | $ | (841 | ) | ¥ | 1,223,582 | $ | 12 | 15-Dec | |||||||||||||||||||||||||||
Foreign exchange forward contracts | Other Assets | $ | 2,241 | ¥ | 2,853,587 | $ | 2,241 | Jun-15 - Jun-16 | ||||||||||||||||||||||||||||
Foreign exchange forward contracts | Other Liabilities | $ | (91 | ) | ¥ | 912,500 | $ | (91 | ) | 17-Dec | ||||||||||||||||||||||||||
(A) | Fortress has a master netting agreement with its counterparty. | |||||||||||||||||||||||||||||||||||
(B) | Reflects unrealized gains (losses) related to contracts existing at period end. Total net foreign exchange gains (losses) from derivatives were $26.7 million, $8.4 million and $0.3 million during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||||||||||
Schedule of offsetting of derivative assets | The following tables summarizes the fair value of Fortress's derivative contacts on a gross basis and any amount of offset as permitted by netting agreements as of December 31, 2014. | |||||||||||||||||||||||||||||||||||
Net Amounts of | ||||||||||||||||||||||||||||||||||||
Gross Amounts Offset | Assets Presented | |||||||||||||||||||||||||||||||||||
Gross Amounts of | in the Consolidated | in the Consolidated | ||||||||||||||||||||||||||||||||||
Recognized Assets as of | Balance Sheet as of | Balance Sheet as of | ||||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | December 31, 2014 | 31-Dec-14 | December 31, 2014 | |||||||||||||||||||||||||||||||||
Foreign exchange option contracts | $ | 27,795 | $ | (2,931 | ) | $ | 24,864 | |||||||||||||||||||||||||||||
Foreign exchange forward contracts | 2,241 | — | 2,241 | |||||||||||||||||||||||||||||||||
$ | 30,036 | $ | (2,931 | ) | $ | 27,105 | ||||||||||||||||||||||||||||||
Net Amounts of | ||||||||||||||||||||||||||||||||||||
Gross Amounts Offset | Liabilities Presented | |||||||||||||||||||||||||||||||||||
Gross Amounts of | in the Consolidated | in the Consolidated | ||||||||||||||||||||||||||||||||||
Recognized Liabilities as of | Balance Sheet as of | Balance Sheet as of | ||||||||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | 31-Dec-14 | 31-Dec-14 | 31-Dec-14 | |||||||||||||||||||||||||||||||||
Foreign exchange option contracts | $ | (870 | ) | $ | 29 | $ | (841 | ) | ||||||||||||||||||||||||||||
Foreign exchange forward contracts | (91 | ) | — | (91 | ) | |||||||||||||||||||||||||||||||
$ | (961 | ) | $ | 29 | $ | (932 | ) | |||||||||||||||||||||||||||||
Schedule of offsetting of derivative liabilities | The following tables summarizes the fair value of Fortress's derivative contacts on a gross basis and any amount of offset as permitted by netting agreements as of December 31, 2014. | |||||||||||||||||||||||||||||||||||
Net Amounts of | ||||||||||||||||||||||||||||||||||||
Gross Amounts Offset | Assets Presented | |||||||||||||||||||||||||||||||||||
Gross Amounts of | in the Consolidated | in the Consolidated | ||||||||||||||||||||||||||||||||||
Recognized Assets as of | Balance Sheet as of | Balance Sheet as of | ||||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | December 31, 2014 | 31-Dec-14 | December 31, 2014 | |||||||||||||||||||||||||||||||||
Foreign exchange option contracts | $ | 27,795 | $ | (2,931 | ) | $ | 24,864 | |||||||||||||||||||||||||||||
Foreign exchange forward contracts | 2,241 | — | 2,241 | |||||||||||||||||||||||||||||||||
$ | 30,036 | $ | (2,931 | ) | $ | 27,105 | ||||||||||||||||||||||||||||||
Net Amounts of | ||||||||||||||||||||||||||||||||||||
Gross Amounts Offset | Liabilities Presented | |||||||||||||||||||||||||||||||||||
Gross Amounts of | in the Consolidated | in the Consolidated | ||||||||||||||||||||||||||||||||||
Recognized Liabilities as of | Balance Sheet as of | Balance Sheet as of | ||||||||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | 31-Dec-14 | 31-Dec-14 | 31-Dec-14 | |||||||||||||||||||||||||||||||||
Foreign exchange option contracts | $ | (870 | ) | $ | 29 | $ | (841 | ) | ||||||||||||||||||||||||||||
Foreign exchange forward contracts | (91 | ) | — | (91 | ) | |||||||||||||||||||||||||||||||
$ | (961 | ) | $ | 29 | $ | (932 | ) | |||||||||||||||||||||||||||||
Schedule of fair value of assets measured on a recurring basis | The following summarizes the assets held by the Investment Company measured at fair value, on a recurring basis within the fair value hierarchy as of December 31, 2014. | |||||||||||||||||||||||||||||||||||
Financial assets as of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Level 1 (A) | Level 2 (B) | Level 3 (C) | Total | |||||||||||||||||||||||||||||||||
Investments in affiliates | — | — | 84,792 | 84,792 | ||||||||||||||||||||||||||||||||
Investments in fixed income | — | 6,333 | — | 6,333 | ||||||||||||||||||||||||||||||||
(A) | Level 1 - Fair value is determined using quoted unadjusted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||||
(B) | Level 2 - Fair value is determined using quotations received from dealers making a market for these assets or liabilities, valuations obtained from independent third-party pricing services, the use of models or other valuation methodologies based on pricing inputs that are either directly or indirectly market observable as of the measurement date. | |||||||||||||||||||||||||||||||||||
(C) | Level 3 - Fair value is determined using pricing inputs that are unobservable in the market and includes situations where there is little, if any, market activity for the asset or liability. The fair value of assets and liabilities in this category may require significant judgment or estimation in determining fair value of the assets or liabilities. The fair value of these assets and liabilities may be estimated using a combination of observed transaction prices, independent pricing services, relevant broker quotes, models or other valuation methodologies based on pricing inputs that are neither directly or indirectly market observable. | |||||||||||||||||||||||||||||||||||
Schedule of changes in Level 3 assets | The following table summarizes the changes in the Investment Company’s Level 3 assets and liabilities for the year ended December 31, 2014: | |||||||||||||||||||||||||||||||||||
Net Realized and | ||||||||||||||||||||||||||||||||||||
Unrealized Gains | Balance as of | |||||||||||||||||||||||||||||||||||
Balance as of | Investment | Investment | (Losses) of | December 31, | ||||||||||||||||||||||||||||||||
January 1, 2014 | Transfers In | Transfers Out | Purchases | Sales | Investment Company | 2014 | ||||||||||||||||||||||||||||||
Investments in affiliates | $ | — | $ | — | $ | — | $ | 74,730 | $ | — | $ | 10,062 | $ | 84,792 | ||||||||||||||||||||||
Changes in gross carrying amount and accumulated depreciation for real estate assets | Investments in Senior Housing Real Estate, Net | |||||||||||||||||||||||||||||||||||
Changes in gross carrying amount and accumulated depreciation for New Senior's real estate assets are as follows: | ||||||||||||||||||||||||||||||||||||
Gross carrying amount | ||||||||||||||||||||||||||||||||||||
Balance as of November 7, 2014 | $ | 1,792,166 | ||||||||||||||||||||||||||||||||||
Acquisition of real estate investments | 14,209 | |||||||||||||||||||||||||||||||||||
Additions to real estate investments | 1,560 | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 1,807,935 | ||||||||||||||||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||||||
Balance as of November 7, 2014 | $ | — | ||||||||||||||||||||||||||||||||||
Depreciation expense | 8,087 | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 8,087 | ||||||||||||||||||||||||||||||||||
Investments in senior housing real estate, net | $ | 1,799,848 | ||||||||||||||||||||||||||||||||||
Newcastle [Member] | ||||||||||||||||||||||||||||||||||||
Investments and Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||
Summary of common stock offerings and options granted to the entity | The following table summarizes certain Newcastle options held by Fortress. | |||||||||||||||||||||||||||||||||||
Options Issued at Grant Date | As of December 31, 2014 | |||||||||||||||||||||||||||||||||||
Grant Date | Public Offering Price/Option Strike Price | Fair Value of Options | Total | Tandem Options held by Employees | Available to Fortress | |||||||||||||||||||||||||||||||
at Grant Date | ||||||||||||||||||||||||||||||||||||
March 2011 | 287,500 | $ | 1.88 | $ | 657 | 182,527 | — | 182,527 | ||||||||||||||||||||||||||||
September 2011 | 431,250 | 1.07 | 525 | 283,305 | — | 283,305 | ||||||||||||||||||||||||||||||
April 2012 | 316,250 | 2 | 525 | 306,991 | 56,330 | 250,661 | ||||||||||||||||||||||||||||||
May 2012 | 383,333 | 2.29 | 715 | 372,440 | 69,163 | 303,277 | ||||||||||||||||||||||||||||||
July 2012 | 421,667 | 2.27 | 777 | 411,589 | 74,495 | 337,094 | ||||||||||||||||||||||||||||||
Jan-13 | 958,333 | 3.76 | 1,685 | 958,331 | 85,803 | 872,528 | ||||||||||||||||||||||||||||||
Feb-13 | 383,333 | 4.39 | 784 | 383,331 | 34,320 | 349,011 | ||||||||||||||||||||||||||||||
Jun-13 | 670,833 | 4.67 | 795 | 670,829 | 60,059 | 610,770 | ||||||||||||||||||||||||||||||
Nov-13 | 965,849 | 5.01 | 1,249 | 965,847 | 86,475 | 879,372 | ||||||||||||||||||||||||||||||
Aug-14 | 765,416 | 5.45 | 360 | 765,416 | — | 765,416 | ||||||||||||||||||||||||||||||
New Residential [Member] | ||||||||||||||||||||||||||||||||||||
Investments and Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||
Summary of common stock offerings and options granted to the entity | The following table summarizes certain New Residential options held by Fortress. | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Grant Date | Options Issued at Grant Date | Public Offering Price/Option Strike Price | Fair Value of Options | Total | Tandem Options held by Employees | Available to Fortress | ||||||||||||||||||||||||||||||
at Grant Date | ||||||||||||||||||||||||||||||||||||
March 2011 | 838,417 | $ | 6.58 | $ | 3,843 | 547,583 | — | 547,583 | ||||||||||||||||||||||||||||
September 2011 | 1,269,917 | 4.98 | 3,055 | 849,916 | — | 849,916 | ||||||||||||||||||||||||||||||
April 2012 | 948,750 | 6.82 | 3,070 | 920,983 | 169,000 | 751,983 | ||||||||||||||||||||||||||||||
May 2012 | 1,150,000 | 7.34 | 4,160 | 1,117,333 | 207,500 | 909,833 | ||||||||||||||||||||||||||||||
July 2012 | 1,265,000 | 7.34 | 4,538 | 1,234,783 | 223,500 | 1,011,283 | ||||||||||||||||||||||||||||||
Jan-13 | 2,875,000 | 10.24 | 9,845 | 2,874,998 | 786,070 | 2,088,928 | ||||||||||||||||||||||||||||||
Feb-13 | 1,150,000 | 11.48 | 4,583 | 1,149,998 | 314,427 | 835,571 | ||||||||||||||||||||||||||||||
Apr-14 | 1,437,500 | 12.2 | 1,604 | 1,437,500 | — | 1,437,500 | ||||||||||||||||||||||||||||||
New Senior [Member] | ||||||||||||||||||||||||||||||||||||
Investments and Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||
Summary of common stock offerings and options granted to the entity | The following table summarizes certain New Senior options and held by Fortress. Fortress's investments in New Senior options are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Grant Date | Options Issued at Grant Date | Public Offering Price/Option Strike Price | Fair Value of Options | Total | Tandem Options held by Employees | Available to Fortress | ||||||||||||||||||||||||||||||
at Grant Date | ||||||||||||||||||||||||||||||||||||
Mar-11 | 287,500 | $ | 7.18 | $ | 2,521 | 182,527 | — | 182,527 | ||||||||||||||||||||||||||||
Sep-11 | 431,250 | 4.09 | 2,014 | 283,305 | — | 283,305 | ||||||||||||||||||||||||||||||
April 2012 | 316,250 | 7.66 | 2,013 | 306,991 | 56,330 | 250,661 | ||||||||||||||||||||||||||||||
May 2012 | 383,333 | 8.75 | 2,743 | 372,440 | 69,163 | 303,277 | ||||||||||||||||||||||||||||||
July 2012 | 421,667 | 8.71 | 2,983 | 411,589 | 74,495 | 337,094 | ||||||||||||||||||||||||||||||
Jan-13 | 958,333 | 14.42 | 6,468 | 958,331 | 85,803 | 872,528 | ||||||||||||||||||||||||||||||
Feb-13 | 383,333 | 16.85 | 3,009 | 383,331 | 34,320 | 349,011 | ||||||||||||||||||||||||||||||
Jun-13 | 670,833 | 17.89 | 3,054 | 670,829 | 60,059 | 610,770 | ||||||||||||||||||||||||||||||
Nov-13 | 965,849 | 19.23 | 4,797 | 965,847 | 86,475 | 879,372 | ||||||||||||||||||||||||||||||
Aug-14 | 765,416 | 20.89 | 1,383 | 765,416 | — | 765,416 | ||||||||||||||||||||||||||||||
New Media [Member] | ||||||||||||||||||||||||||||||||||||
Investments and Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||
Summary of common stock offerings and options granted to the entity | The following table summarizes New Media options held by Fortress. Fortress's investments in New Media options are eliminated in consolidation: | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Grant Date | Options Issued at Grant Date | Public Offering Price/Option Strike Price | Fair Value of Options | Total | Tandem Options held by Employees | Available to Fortress | ||||||||||||||||||||||||||||||
at Grant Date | ||||||||||||||||||||||||||||||||||||
Sep-14 | 745,062 | $ | 16.25 | $ | 2,963 | 745,062 | — | 745,062 | ||||||||||||||||||||||||||||
Eurocastle [Member] | ||||||||||||||||||||||||||||||||||||
Investments and Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||
Summary of common stock offerings and options granted to the entity | The following table summarizes select Eurocastle options held by Fortress. | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Grant Date | Options Issued at Grant Date | Public Offering Price/Option Strike Price | Fair Value of Options | Total | Tandem Options held by Employees | Available to Fortress | ||||||||||||||||||||||||||||||
at Grant Date | ||||||||||||||||||||||||||||||||||||
May-13 | 1,500,000 | € | 7.25 | € | 4,807 | 1,500,000 | — | 1,500,000 | ||||||||||||||||||||||||||||
DEBT_OBLIGATIONS_AND_MORTGAGE_1
DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Schedule of line of credit facilities | The following table presents summarized information regarding Fortress's debt obligations: | ||||||||||||||||
Face Amount and Carrying Value | Contractual | Final | 31-Dec-14 | ||||||||||||||
December 31, | Interest | Stated | Amount | ||||||||||||||
Debt Obligation | 2014 | 2013 | Rate | Maturity | Available for Draws | ||||||||||||
Revolving credit agreement (A) (B) | $ | 75,000 | $ | — | LIBOR+2.50% (C) | Feb-16 | $ | 72,332 | |||||||||
Total | $ | 75,000 | $ | — | |||||||||||||
(A) | Collateralized by substantially all of Fortress Operating Group’s assets as well as Fortress Operating Group’s rights to fees from the Fortress Funds and its equity interests therein, other than fees from Fortress's senior living property manager. | ||||||||||||||||
(B) | The $150.0 million revolving debt facility includes a $15.0 million letter of credit subfacility of which $2.7 million was utilized. | ||||||||||||||||
(C) | Subject to unused commitment fees of 0.4% per annum. | ||||||||||||||||
Schedule of the financial covenant requirements | The following table sets forth the financial covenant requirements as of December 31, 2014. | ||||||||||||||||
31-Dec-14 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||
Requirement | Actual | Notes | |||||||||||||||
AUM, as defined | ≥ | $ | 25,000 | $ | 45,964 | (A) | |||||||||||
Consolidated Leverage Ratio | ≤ | 2 | 0.22 | (B) | |||||||||||||
Consolidated Interest Coverage Ratio | ≥ | 4 | 101.89 | (B) | |||||||||||||
(A) | Impacted by capital raised in funds, redemptions from funds, and valuations of fund investments. The AUM presented here is based on the definition of Management Fee Earning Assets contained in the Credit Agreement. | ||||||||||||||||
(B) | The Consolidated Leverage Ratio is equal to Adjusted Net Funded Indebtedness, as defined, divided by the trailing four quarters’ Consolidated EBITDA, as defined. The Consolidated Interest Coverage Ratio is equal to the quotient of (A) the trailing four quarters' Consolidated EBITDA, as defined, divided by (B) the trailing four quarters' interest charges as defined in the Credit Agreement. Consolidated EBITDA, as defined, is impacted by the same factors as distributable earnings, except Consolidated EBITDA is not impacted by changes in clawback reserves or gains and losses, including impairment, on investments. | ||||||||||||||||
Schedule of maturities of long term debt | As of December 31, 2014, scheduled principal payments of New Media's outstanding debt are as follows: | ||||||||||||||||
Amount | |||||||||||||||||
2015 | $ | 2,250 | |||||||||||||||
2016 | 2,250 | ||||||||||||||||
2017 | 2,250 | ||||||||||||||||
2018 | 2,250 | ||||||||||||||||
Thereafter | 220,437 | ||||||||||||||||
229,437 | |||||||||||||||||
Less: Original issue discount | (7,385 | ) | |||||||||||||||
Total New Media debt obligations | $ | 222,052 | |||||||||||||||
As of December 31, 2014, scheduled principal payments of New Senior's outstanding debt are as follows: | |||||||||||||||||
Amount | |||||||||||||||||
2015 | $ | 17,046 | |||||||||||||||
2016 | 42,302 | ||||||||||||||||
2017 | 204,128 | ||||||||||||||||
2018 | 206,774 | ||||||||||||||||
2019 | 140,657 | ||||||||||||||||
Thereafter | 647,663 | ||||||||||||||||
Total New Senior debt obligations | $ | 1,258,570 | |||||||||||||||
Schedule of mortgage notes payable | The following table presents certain information regarding New Senior’s mortgage notes payable as of December 31, 2014: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Weighted | |||||||||||||||||
Outstanding | Final | Stated | Average | ||||||||||||||
Face | Carrying | Stated | Interest | Maturity | |||||||||||||
Amount | Value | Maturity | Rate | (years) | |||||||||||||
Debt obligation | |||||||||||||||||
Managed Properties | |||||||||||||||||
Fixed rate (A)(B) | $ | 156,763 | $ | 157,623 | Aug 2018 - Mar 2020 | 1.60% to 4.93% | 4.32 | ||||||||||
Floating rate (C) | 278,424 | 278,424 | Aug 2016 - Sep 2019 | LIBOR+2.75% to LIBOR+3.75% | 3.32 | ||||||||||||
Triple Net Lease Properties | |||||||||||||||||
Fixed rate (D) | 708,383 | 708,383 | Jan 2021 - Jan 2024 | 3.83% to 8.00% | 7.05 | ||||||||||||
Floating rate | 115,000 | 115,000 | Oct-17 | LIBOR+3.25% | 2.8 | ||||||||||||
Total | $ | 1,258,570 | $ | 1,259,430 | 5.5 | ||||||||||||
(A) | Includes a loan with an outstanding face amount of $11.4 million, as of December 31, 2014, which has an interest rate is based on the applicable US Treasury Security rates for the first two years. The interest rate is 4.5%, 4.75% and 5.0% for years 3 through 5, respectively. | ||||||||||||||||
(B) | Includes loans with an outstanding face amount of $40.6 million, as of December 31, 2014, for which the Company bought down the interest rate to 4.0% for the first two years. The interest rate will range from 5.99% to 6.76% thereafter. | ||||||||||||||||
(C) | Includes floating rate mortgage loans with a total carrying value of $165.0 million, as of December 31, 2014, which have a LIBOR floor of 1%. | ||||||||||||||||
(D) | Includes loans with an outstanding face amount of $356.8 million and $312.2 million, as of December 31, 2014, for which the Company bought down the interest rates to 4.00% and 3.83%, respectively, through January 2019. The interest rates will increase to 4.99% and 4.56%, respectively, thereafter. |
INCOME_TAXES_AND_TAX_RELATED_P1
INCOME TAXES AND TAX RELATED PAYMENTS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of components of provision for income taxes | Income tax expense (benefit) consists of the following: | |||||||||||
Period from | ||||||||||||
November 7, 2014 to | ||||||||||||
December 31, 2014 | ||||||||||||
Current | ||||||||||||
Federal income expense (benefit) | $ | (766 | ) | |||||||||
State and local income expense (benefit) | 33 | |||||||||||
$ | (733 | ) | ||||||||||
Deferred | ||||||||||||
Federal income expense (benefit) | $ | 927 | ||||||||||
State and local income expense (benefit) | 2 | |||||||||||
$ | 929 | |||||||||||
Total New Senior income tax expense (benefit) | $ | 196 | ||||||||||
Income tax expense (benefit) consists of the following: | ||||||||||||
Period from | ||||||||||||
February 14, 2014 to | ||||||||||||
31-Dec-14 | ||||||||||||
Current | ||||||||||||
Federal income expense (benefit) | $ | — | ||||||||||
State and local income expense (benefit) | (108 | ) | ||||||||||
(108 | ) | |||||||||||
Deferred | ||||||||||||
Federal income expense (benefit) | 2,256 | |||||||||||
State and local income expense (benefit) | 565 | |||||||||||
2,821 | ||||||||||||
Total New Media income tax expense (benefit) | $ | 2,713 | ||||||||||
The provision for income taxes consists of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
Federal income tax expense (benefit) | $ | 7,558 | $ | 1,185 | $ | (223 | ) | |||||
Foreign income tax expense (benefit) | 12,258 | 8,875 | 9,550 | |||||||||
State and local income tax expense (benefit) | 5,175 | 1,310 | 639 | |||||||||
24,991 | 11,370 | 9,966 | ||||||||||
Deferred | ||||||||||||
Federal income tax expense (benefit) | (1,051 | ) | 47,953 | 27,559 | ||||||||
Foreign income tax expense (benefit) | 1,115 | 65 | 1,718 | |||||||||
State and local income tax expense (benefit) | (18,108 | ) | 6,413 | 165 | ||||||||
(18,044 | ) | 54,431 | 29,442 | |||||||||
Total expense (benefit) | $ | 6,947 | $ | 65,801 | $ | 39,408 | ||||||
Schedule of federal taxable income for historical periods, estimated for the current period as well as the average ordinary income needed over the approximate period of the deductibility in order to fully realize deferred tax asset | The following table sets forth Fortress’s federal taxable income for historical periods before deductions relating to the establishment of the deferred tax assets, other than deferred tax assets arising from equity-based compensation, as well as the average ordinary income needed over the approximate period of the deductibility (approximately 15 years from the date of establishment, based on the amortization period of the tax basis intangible assets recorded) in order to fully realize the portion of the deferred tax asset that would be realized in connection with future ordinary income (in millions): | |||||||||||
2010 | $ | 77.6 | ||||||||||
2011 | 53.5 | |||||||||||
2012 | 80.9 | |||||||||||
2013 | 90.7 | |||||||||||
2014: Estimated | 127.4 | |||||||||||
2015 - 2022: Average Required | $ | 91.7 | ||||||||||
Schedule of tax effects of temporary differences that have resulted in deferred income tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of New Senior's deferred tax assets as of December 31, 2014 are presented below: | |||||||||||
December 31, 2014 | ||||||||||||
Deferred tax assets: | ||||||||||||
Depreciation and amortization | $ | 1,123 | ||||||||||
Prepaid fees and rent | 1,170 | |||||||||||
Net operating loss | 2,838 | |||||||||||
Other | 22 | |||||||||||
Total deferred tax assets | $ | 5,153 | ||||||||||
Less valuation allowance | — | |||||||||||
Net deferred tax assets | $ | 5,153 | ||||||||||
The tax effects of temporary differences have resulted in deferred income tax assets and liabilities as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Pre-IPO equity transaction - tax basis adjustment | ||||||||||||
Tax basis goodwill and other intangible assets | $ | 235,372 | $ | 239,910 | ||||||||
Other assets | 19,161 | 19,341 | ||||||||||
Principals’ (and a former senior employee’s) exchanges - tax basis adjustment | ||||||||||||
Tax basis goodwill and other intangible assets | 76,390 | 31,788 | ||||||||||
Other assets | 2,417 | 1,558 | ||||||||||
Public offering basis difference | (922 | ) | 15,725 | |||||||||
Compensation and benefits | 11,017 | 8,557 | ||||||||||
Options in affiliates | 3,558 | 6,975 | ||||||||||
Partnership basis differences (A) | 77,158 | 70,581 | ||||||||||
Other | 15,008 | 26,592 | ||||||||||
Gross deferred tax assets | 439,159 | 421,027 | ||||||||||
Less: | ||||||||||||
Valuation allowance | (13,072 | ) | (49,805 | ) | ||||||||
Deferred tax liabilities (B) | (8,464 | ) | (16,696 | ) | ||||||||
Deferred tax assets, net | $ | 417,623 | $ | 354,526 | ||||||||
(A) | Difference in book and tax basis from underlying partnership investments. | |||||||||||
(B) | The deferred tax liabilities primarily relate to timing differences in the recognition of income from compensatory options received from certain Permanent Capital Vehicles (Note 4). Deferred tax assets are shown net of deferred tax liabilities since they are both primarily of similar tax character and tax jurisdiction. | |||||||||||
The tax effects of temporary differences that give rise to significant portions of the net deferred tax liabilities, included in other liabilities, net on the consolidated balance sheets, as of December 31, 2014 are presented below: | ||||||||||||
December 31, 2014 | ||||||||||||
Definite and indefinite lived intangible assets | $ | 65,729 | ||||||||||
Net operating losses | 79,522 | |||||||||||
Other | 27,696 | |||||||||||
Total deferred tax assets | 172,947 | |||||||||||
Less: | ||||||||||||
Valuation allowance | (138,316 | ) | ||||||||||
Deferred tax liabilities (A) | (37,452 | ) | ||||||||||
Deferred tax liabilities, net | $ | (2,821 | ) | |||||||||
(A) | The deferred tax liabilities primarily relate to timing differences in the recognition of depreciation expense related to fixed assets. Deferred tax assets are shown net of deferred tax liabilities since they are both primarily of similar tax character and tax jurisdiction. | |||||||||||
Summary of the change in the deferred tax asset valuation allowance | The following table summarizes the change in the deferred tax asset valuation allowance: | |||||||||||
Valuation Allowance at December 31, 2012 | $ | 83,025 | ||||||||||
Due to FIG Corp. ownership change | 1,461 | |||||||||||
Net decreases (A) | (34,681 | ) | ||||||||||
Valuation Allowance at December 31, 2013 | $ | 49,805 | ||||||||||
Due to FIG Corp. ownership change | (2,575 | ) | ||||||||||
Net decreases (A) | (34,158 | ) | ||||||||||
Valuation Allowance at December 31, 2014 | $ | 13,072 | ||||||||||
(A) | Primarily related to the write-off of certain fully reserved deferred tax assets associated with funds in the process of liquidation, and by the change in the portion of the deferred tax asset that would be realized in connection with future capital gains. | |||||||||||
Schedule of reconciliation of the U.S. federal statutory income tax expense rate to effective income tax expense rate | A reconciliation of the U.S. federal statutory income tax expense rate to Fortress’s effective income tax expense rate is as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
(Income) loss passed through to stockholders | (17.95 | )% | (13.30 | )% | (25.66 | )% | ||||||
State and local income taxes | 6.08 | % | 4.33 | % | 3.52 | % | ||||||
Change in tax rate on certain deferred tax benefits (A) | (16.08 | )% | (0.60 | )% | (2.06 | )% | ||||||
Tax receivable agreement liability adjustment (B) | 10.74 | % | 1.16 | % | 2.64 | % | ||||||
Foreign taxes | 6.54 | % | 1.55 | % | 7.03 | % | ||||||
Deferred tax asset write-off (C) | 14 | % | 8.41 | % | 24.29 | % | ||||||
Valuation allowance (D) | (31.65 | )% | (11.95 | )% | (9.02 | )% | ||||||
Other | (0.24 | )% | 0.11 | % | (2.26 | )% | ||||||
Effective income tax rate (E) | 6.44 | % | 24.71 | % | 33.48 | % | ||||||
(A) | Primarily related to enacted legislative changes to New York State corporate taxation, which increased the value of certain future tax benefits. | |||||||||||
(B) | Relates to the tax receivable agreement discussed below, which is not tax deductible and represents a significant permanent tax/GAAP difference. | |||||||||||
(C) | In 2014, write-off of deferred tax assets relating to public offering basis difference, fully offset by a reversal of the related valuation allowance. For the years 2013 and 2012, write-off of deferred tax assets relating to the tax shortfall created by the vesting of RSUs and RPUs. | |||||||||||
(D) | Primarily attributable to the reduction of the valuation allowance related to certain deferred tax assets associated with funds in the process of liquidation and by the change to the portion of the valuation allowance related to the deferred tax asset that is expected to be realized in connection with future capital gains. | |||||||||||
(E) | The Effective income tax rate is computed by dividing Income tax benefit (expense) for the period by the sum of (i) Income (Loss) Before Income Taxes less (ii) Principals' and Others' Interests in Income (Loss) of Consolidated Subsidiaries for the period. |
RELATED_PARTY_TRANSACTIONS_AND1
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED SUBSIDIARIES (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of components of due from affiliates | Due from affiliates was comprised of the following: | |||||||||||||||||||||||||||||||
Private Equity | Liquid | Credit | ||||||||||||||||||||||||||||||
Permanent | Hedge | Hedge | PE | Logan | ||||||||||||||||||||||||||||
December 31, 2014 | Funds | Capital Vehicles | Funds | Funds | Funds | Circle | Other | Total | ||||||||||||||||||||||||
Management fees and incentive income (A) | $ | 35,970 | $ | 62,008 | $ | 15,634 | $ | 96,996 | $ | 18,393 | 1,089 | $ | — | $ | 230,090 | |||||||||||||||||
Expense reimbursements (A) | 1,335 | 3,202 | 12,940 | 9,264 | 10,077 | 164 | — | 36,982 | ||||||||||||||||||||||||
Expense reimbursements - FCF (B) | 34,660 | 49 | — | — | — | — | — | 34,709 | ||||||||||||||||||||||||
Dividends and distributions | — | 295 | — | — | — | — | — | 295 | ||||||||||||||||||||||||
Other | — | 1,346 | — | — | — | — | 16,896 | 18,242 | ||||||||||||||||||||||||
Total | $ | 71,965 | $ | 66,900 | $ | 28,574 | $ | 106,260 | $ | 28,470 | $ | 1,253 | $ | 16,896 | $ | 320,318 | ||||||||||||||||
Private Equity | Liquid | Credit | ||||||||||||||||||||||||||||||
Permanent | Hedge | Hedge | PE | Logan | ||||||||||||||||||||||||||||
31-Dec-13 | Funds | Capital Vehicles | Funds | Funds | Funds | Circle | Other | Total | ||||||||||||||||||||||||
Management fees and incentive income (A) | $ | 40,456 | $ | 21,701 | $ | 89,400 | $ | 144,749 | $ | 18,143 | $ | 689 | $ | — | $ | 315,138 | ||||||||||||||||
Expense reimbursements (A) | 2,599 | 4,905 | 6,437 | 7,118 | 14,656 | 64 | — | 35,779 | ||||||||||||||||||||||||
Expense reimbursements - FCF (B) | 42,872 | 100 | — | — | — | — | — | 42,972 | ||||||||||||||||||||||||
Dividends and distributions | — | 405 | — | — | — | — | — | 405 | ||||||||||||||||||||||||
Other | — | 698 | — | — | 4 | — | 12,128 | 12,830 | ||||||||||||||||||||||||
Total | $ | 85,927 | $ | 27,809 | $ | 95,837 | $ | 151,867 | $ | 32,803 | $ | 753 | $ | 12,128 | $ | 407,124 | ||||||||||||||||
(A) | Net of allowances for uncollectible management fees and expense reimbursements of $12.2 million and $6.6 million at December 31, 2014, respectively, and of $12.2 million and $6.3 million as of December 31, 2013, respectively. Allowances are recorded as General and Administrative expenses. As of December 31, 2014, excludes $3.0 million of management fees and incentive income due from New Media and New Senior and $3.2 million of expense reimbursements due from New Media and New Senior, which are eliminated in consolidation. | |||||||||||||||||||||||||||||||
(B) | Represents expense reimbursements due to FCF, a consolidated VIE. | |||||||||||||||||||||||||||||||
Schedule of components of due to affiliates | Due to affiliates was comprised of the following: | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Principals - tax receivable agreement - Note 6 | $ | 289,324 | $ | 241,006 | ||||||||||||||||||||||||||||
Principals - Principal Performance Payments - Note 8 | 30,659 | 45,524 | ||||||||||||||||||||||||||||||
Distributions payable on Fortress Operating Group units | — | 5,160 | ||||||||||||||||||||||||||||||
Other | 11,411 | 11,345 | ||||||||||||||||||||||||||||||
General partner liability - Note 10 | 44,030 | 41,797 | ||||||||||||||||||||||||||||||
$ | 375,424 | $ | 344,832 | |||||||||||||||||||||||||||||
Summary of outstanding advances | Outstanding advances can be summarized as follows: | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Amount outstanding | $4.7 million | $3.9 million | ||||||||||||||||||||||||||||||
Range of interest rates | LIBOR +4% to LIBOR +4.25% | LIBOR +4% to LIBOR + 4.25% | ||||||||||||||||||||||||||||||
Amounts related to equity interests, which are held by the Principals, employees, and others | This balance sheet caption was comprised of the following: | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fortress Operating Group units held by the principals and a former senior employee | $ | 555,724 | $ | 725,424 | ||||||||||||||||||||||||||||
Employee interests in majority owned and controlled fund advisor and general partner entities | 80,333 | 62,381 | ||||||||||||||||||||||||||||||
Other | 2,303 | 2,033 | ||||||||||||||||||||||||||||||
Total | $ | 638,360 | $ | 789,838 | ||||||||||||||||||||||||||||
Portion of interest of Fortress Operating Group | The Fortress Operating Group portion of these interests is computed as follows: | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fortress Operating Group equity (Note 13) | $ | 2,935,460 | $ | 1,489,701 | ||||||||||||||||||||||||||||
Less: Others' interests in equity of consolidated subsidiaries (Note 13) | (82,636 | ) | (64,414 | ) | ||||||||||||||||||||||||||||
Non-controlling interests in equity of Investment Company - consolidated VIEs | (85,001 | ) | — | |||||||||||||||||||||||||||||
Non-controlling interests in equity of Non-Investment Manager - consolidated VIEs | (1,700,172 | ) | — | |||||||||||||||||||||||||||||
Total Fortress shareholders' equity in Fortress Operating Group | $ | 1,067,651 | $ | 1,425,287 | ||||||||||||||||||||||||||||
Fortress Operating Group units outstanding (A) | 226,331,513 | 249,534,372 | ||||||||||||||||||||||||||||||
Class A shares outstanding | 208,535,157 | 240,741,920 | ||||||||||||||||||||||||||||||
Total | 434,866,670 | 490,276,292 | ||||||||||||||||||||||||||||||
Fortress Operating Group units as a percent of total (B) | 52 | % | 50.9 | % | ||||||||||||||||||||||||||||
Equity of Fortress Operating Group units held by the Principals and a former senior employee | $ | 555,724 | $ | 725,424 | ||||||||||||||||||||||||||||
(A) | Held by the Principals and a former senior employee; exclusive of Class A shares. | |||||||||||||||||||||||||||||||
(B) | As a result, the Registrant owned 48.0% and 49.1% of Fortress Operating Group as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
Statement of operations caption comprising of shares of consolidated net income (loss) | This statement of operations caption was comprised of shares of consolidated net income (loss) related to the following: | |||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Fortress Operating Group units held by the Principals and a former senior employee | $ | 134,033 | $ | 276,683 | $ | 132,950 | ||||||||||||||||||||||||||
Employee interests in majority owned and controlled fund advisor and general partner entities | 4,657 | 6,456 | 7,402 | |||||||||||||||||||||||||||||
Other | 270 | 5 | 186 | |||||||||||||||||||||||||||||
Total | $ | 138,960 | $ | 283,144 | $ | 140,538 | ||||||||||||||||||||||||||
Schedule of interest computation of an entity | The Fortress Operating Group portion of these interests is computed as follows: | |||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Fortress Operating Group net income (loss) (Note 13) | $ | 256,174 | $ | 545,623 | $ | 255,770 | ||||||||||||||||||||||||||
Adjust: | ||||||||||||||||||||||||||||||||
Others' interests in net (income) loss of consolidated subsidiaries (Note 13) | (4,927 | ) | (6,461 | ) | (7,588 | ) | ||||||||||||||||||||||||||
Redeemable Non-controlling interests in (income) loss of Investment Company - | 709 | — | — | |||||||||||||||||||||||||||||
consolidated VIE | ||||||||||||||||||||||||||||||||
Non-controlling interests in (income) loss of Investment Company - consolidated | (9,737 | ) | — | — | ||||||||||||||||||||||||||||
VIEs | ||||||||||||||||||||||||||||||||
Non-controlling interests (income) loss of Non-Investment Manager - | 14,593 | — | — | |||||||||||||||||||||||||||||
consolidated VIEs | ||||||||||||||||||||||||||||||||
Total Fortress shareholders' net income (loss) in Fortress Operating Group | $ | 256,812 | $ | 539,162 | $ | 248,182 | ||||||||||||||||||||||||||
Fortress Operating Group as a percent of total (A) | 52.2 | % | 51.3 | % | 53.6 | % | ||||||||||||||||||||||||||
Fortress Operating Group net income (loss) attributable to the Principals and a former senior employee | $ | 134,033 | $ | 276,683 | $ | 132,950 | ||||||||||||||||||||||||||
(A) | Represents the weighted average percentage of total Fortress shareholders' net income (loss) in Fortress Operating Group attributable to the Principals and a former senior employee. | |||||||||||||||||||||||||||||||
Statement showing effects of changes in the entity's ownership interest in Fortress Operating Group on the entity's equity | The following represents the effects of changes in Fortress’s ownership interest in Fortress Operating Group on Fortress’s equity: | |||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Net Income (loss) attributable to Class A shareholders | $ | 99,962 | $ | 200,447 | $ | 78,284 | ||||||||||||||||||||||||||
Transfers (to) from the Principals' and Others' Interests: | ||||||||||||||||||||||||||||||||
Increase in Fortress’s shareholders’ equity for the conversion of Fortress Operating Group units by the Principals and a former senior employee | — | 10,143 | 22,166 | |||||||||||||||||||||||||||||
Increase in Fortress’s shareholders’ equity for the purchase of Fortress Operating Group units from one Principal | — | — | 44,242 | |||||||||||||||||||||||||||||
Increase in Fortress’s shareholders’ equity for the delivery of Class A shares primarily in connection with vested RSUs and RPUs | 5,835 | 14,005 | 14,769 | |||||||||||||||||||||||||||||
Increase in Fortress's shareholders' equity for the public offering of Class A shares and repurchase of Class B shares and FOGUs | 53,510 | — | — | |||||||||||||||||||||||||||||
Decrease in Fortress's shareholders' equity for the repurchase and cancellation of Class A shares and FOGUs | (101,156 | ) | — | — | ||||||||||||||||||||||||||||
Change from net income (loss) attributable to Fortress and transfers (to) from Principals’ and Others' Interests | $ | 58,151 | $ | 224,595 | $ | 159,461 | ||||||||||||||||||||||||||
EQUITYBASED_AND_OTHER_COMPENSA1
EQUITY-BASED AND OTHER COMPENSATION (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||
Schedule of total compensation and benefits expense, excluding Principals Agreement Compensation, but including Principal Performance Payments | Fortress’s total compensation and benefits expense, excluding Principals Agreement Compensation, but including Principal Performance Payments (described below), is comprised of the following: | |||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Equity-based compensation, per below | $ | 38,157 | $ | 39,266 | $ | 213,274 | ||||||||||||||||||||||
Profit-sharing expense, per below | 269,903 | 263,436 | 154,658 | |||||||||||||||||||||||||
Discretionary bonuses | 239,561 | 220,114 | 197,677 | |||||||||||||||||||||||||
Other payroll, taxes and benefits | 248,481 | 218,945 | 184,750 | |||||||||||||||||||||||||
$ | 796,102 | $ | 741,761 | $ | 750,359 | |||||||||||||||||||||||
Schedule of categories of equity-based compensation | Fortress currently has several categories of equity-based compensation which are accounted for as described in the table below. A total of 181,593,848 Class A shares have been authorized for issuance under Fortress’s equity-based compensation plan as of December 31, 2014. RSUs are Class A restricted share units which entitle the holder to receive Class A shares on various future dates if the applicable service conditions, if any, are met. | |||||||||||||||||||||||||||
Service | Entitled to | 31-Dec-14 | ||||||||||||||||||||||||||
Type of | Conditions | Dividends | Shares/Units | |||||||||||||||||||||||||
Granted To | Award | (A) | (B) | Accounting | Outstanding | |||||||||||||||||||||||
Employees | RSUs | Yes | Yes | Fair value at grant date expensed over service period. | 7,196,292 | |||||||||||||||||||||||
RSUs | Yes | No | Fair value at grant date discounted for the non-entitlement to dividends, expensed over service period. | 12,957,454 | ||||||||||||||||||||||||
RPUs (C) | Yes (C) | Yes (C) | Fair value at grant date expensed over service period. | — | ||||||||||||||||||||||||
Directors | Restricted Shares | Yes | Yes | Fair value at grant date expensed over service period. | 1,045,134 | |||||||||||||||||||||||
Non- Employees (employees of affiliates and former employee) | RSUs | Yes | No | Fair value at grant date discounted for the non-entitlement to dividends, expensed over service period. Subsequent changes in fair value, through the vesting date, expensed over remaining service period with a cumulative catch-up adjustment in the period of change. | 396,874 | |||||||||||||||||||||||
(A) | Generally, employee awards made at the time of the initial public offering vested 25% at the end of each of the third through sixth years of service (with a final vesting in January 2013). Subsequent employee awards made through December 31, 2011 generally vest over 2.5 years, 33 1/3% at each of three annual dates. Employee awards made during 2012, 2013 and 2014 generally vest over 3 years, 50% each in years two and three. Certain employees have different vesting schedules. Vesting of awards may be accelerated if an employee is terminated without cause, or in the event of death or disability, or a change in control of Fortress. | |||||||||||||||||||||||||||
(B) | Vested Class A shares are delivered to employee grant recipients within no more than six months after vesting or, in certain circumstances, on an agreed schedule. Director restricted shares are delivered effective on the grant date. Certain awards entitle the recipient to receive dividend equivalent payments prior to such delivery dates or between vesting and delivery. | |||||||||||||||||||||||||||
(C) | Represents FOG restricted partnership units ("RPUs") granted to a former senior employee. In connection with the grant of these interests, the employee received partnership distribution equivalent payments on such units with economic effect as from January1, 2008. The RPUs vest into full capital interests in newly issued Fortress Operating Group units. One third of the RPUs vested in each of January 2011, January 2012 and January 2013. | |||||||||||||||||||||||||||
Schedule of range of assumptions related to RSUs | The discount related to RSUs, which do not entitle the recipients to dividend equivalents prior to the vesting of Class A shares, was based on the estimated present value of dividends to be paid during the vesting period, which in turn was based on an estimated initial dividend rate (based on the actual dividend rate on the grant date), an estimated dividend growth rate and a risk-free discount rate (based on grant date and term), as follows: | |||||||||||||||||||||||||||
Range of Assumptions | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Initial dividend rate | 4 | % | 5 | % | 6 | % | ||||||||||||||||||||||
Dividend growth rate | 5 | % | 3.64 | % | 0 | % | ||||||||||||||||||||||
Risk-free discount rate | 0.28 | % | 0.18 | % | 0.13 | % | ||||||||||||||||||||||
Schedule of equity-based compensation activities | The following tables set forth information regarding equity-based compensation activities. | |||||||||||||||||||||||||||
RSUs | Restricted Shares | RPUs | ||||||||||||||||||||||||||
Employees | Non-Employees | Issued to Directors | Employees | |||||||||||||||||||||||||
Number | Value (A) | Number | Value (A) | Number | Value (A) | Number | Value (A) | |||||||||||||||||||||
Outstanding at December 31, 2011 | 34,670,464 | $ | 10.49 | 787,046 | $ | 11.33 | 570,293 | $ | 6.24 | 20,666,667 | $ | 13.75 | ||||||||||||||||
2012 | ||||||||||||||||||||||||||||
Issued | 6,821,847 | 2.96 | — | — | 257,918 | 3.18 | — | — | ||||||||||||||||||||
Transfers | (1,794,043 | ) | 3.09 | 1,794,043 | 3.09 | — | — | — | — | |||||||||||||||||||
Converted to Class A shares | (13,496,889 | ) | 11.6 | (1,293,693 | ) | 5.62 | — | — | (4,340,000 | ) | 13.75 | |||||||||||||||||
Converted to Class B shares | — | — | — | — | — | — | (5,993,333 | ) | 13.75 | |||||||||||||||||||
Forfeited | (4,446,835 | ) | 3.68 | (40,990 | ) | 8.03 | — | — | — | — | ||||||||||||||||||
Outstanding at December 31, 2012 | 21,754,544 | 9.44 | 1,246,406 | 5.51 | 828,211 | 5.29 | 10,333,334 | 13.75 | ||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Issued | 8,950,696 | 5.1 | — | — | 127,533 | 6.21 | — | — | ||||||||||||||||||||
Transfers | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Converted to Class A shares | (10,762,805 | ) | 12.52 | (1,231,906 | ) | 5.53 | — | — | (10,333,334 | ) | 13.75 | |||||||||||||||||
Forfeited | (713,969 | ) | 3.72 | — | — | — | — | — | — | |||||||||||||||||||
Outstanding at December 31, 2013 | 19,228,466 | 4.14 | 14,500 | 3.12 | 955,744 | 5.41 | — | — | ||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Issued | 8,415,043 | 7.19 | 237,498 | 7.18 | 89,390 | 7.38 | — | — | ||||||||||||||||||||
Transfers | (152,313 | ) | 5.09 | 152,313 | 5.64 | — | — | — | — | |||||||||||||||||||
Converted to Class A shares | (5,591,854 | ) | 3.81 | (7,437 | ) | 3.28 | — | — | — | — | ||||||||||||||||||
Forfeited | (1,745,596 | ) | 3.87 | — | — | — | — | — | — | |||||||||||||||||||
Outstanding at December 31, 2014 (B) | 20,153,746 | $ | 5.52 | 396,874 | $ | 6.51 | 1,045,134 | $ | 5.58 | — | $ | — | ||||||||||||||||
Schedule of total equity-based compensation activities | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Expense incurred (B) | ||||||||||||||||||||||||||||
Employee RSUs | $ | 22,925 | $ | 22,869 | $ | 116,339 | ||||||||||||||||||||||
Non-Employee RSUs | 1,428 | 1 | 734 | |||||||||||||||||||||||||
Principal Performance Payments (C) | 13,307 | 16,396 | 5,422 | |||||||||||||||||||||||||
Granted Class A Shares (D) | 497 | — | — | |||||||||||||||||||||||||
Restricted Shares (D) | — | — | 24 | |||||||||||||||||||||||||
RPUs | — | — | 90,755 | |||||||||||||||||||||||||
Total equity-based compensation expense | $ | 38,157 | $ | 39,266 | $ | 213,274 | ||||||||||||||||||||||
(A) | Represents the weighted average grant date estimated fair value per share or unit. | |||||||||||||||||||||||||||
(B) | In future periods, Fortress will further recognize compensation expense on its non-vested equity based awards outstanding as of December 31, 2014 of $53.2 million, with a weighted average recognition period of 2.2 years. This does not include contingent amounts. | |||||||||||||||||||||||||||
(C) | A total of approximately 0.5 million, 3.2 million and 2.9 million RSUs were awarded as Principal Performance Payments based on 2014, 2013 and 2012 results, respectively. | |||||||||||||||||||||||||||
(D) | Represents expense associated with vested Class A shares granted during the year ended December 31, 2014. | |||||||||||||||||||||||||||
(E) | Certain restricted shares granted to directors are recorded in General and Administrative Expense ($0.5 million, $0.6 million and $0.8 million for the years ended December 31, 2014, 2013 and 2012 respectively) and therefore are not included above. | |||||||||||||||||||||||||||
Schedule of the expense accrual for the Principal Performance Payments by segment | The expense for Principal Performance Payments was comprised of the following: | |||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||
Equity-Based | Profit Sharing | Total | Equity-Based Compensation | Profit Sharing Expense | Total | |||||||||||||||||||||||
Compensation | Expense | |||||||||||||||||||||||||||
Private equity business | $ | — | $ | 5,588 | $ | 5,588 | $ | — | $ | 2,401 | $ | 2,401 | ||||||||||||||||
Liquid hedge fund business | 3,730 | 1,591 | 5,321 | 5,019 | 12,548 | 17,567 | ||||||||||||||||||||||
Credit business | 9,577 | 22,202 | 31,779 | 11,377 | 19,664 | 31,041 | ||||||||||||||||||||||
Total | $ | 13,307 | $ | 29,381 | $ | 42,688 | $ | 16,396 | $ | 34,613 | $ | 51,009 | ||||||||||||||||
Schedule of recognized profit sharing compensation expense | Recognized profit sharing compensation expense is summarized as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Private equity funds | $ | 303 | $ | 2,135 | $ | 966 | ||||||||||||||||||||||
Permanent capital vehicles | 13,962 | 10,690 | 10,134 | |||||||||||||||||||||||||
Liquid hedge funds | 29,347 | 51,886 | 21,350 | |||||||||||||||||||||||||
Credit hedge funds | 59,819 | 95,229 | 65,298 | |||||||||||||||||||||||||
Credit PE funds | 137,091 | 68,883 | 36,759 | |||||||||||||||||||||||||
Principal Performance Payments (A) | 29,381 | 34,613 | 20,151 | |||||||||||||||||||||||||
Total | $ | 269,903 | $ | 263,436 | $ | 154,658 | ||||||||||||||||||||||
(A) | Relates to all applicable segments. |
EARNINGS_PER_SHARE_AND_DISTRIB1
EARNINGS PER SHARE AND DISTRIBUTIONS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of computations of basic and diluted net income (loss) per Class A share | The computations of basic and diluted net income (loss) per Class A share are set forth below: | |||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Basic | Diluted | |||||||||||||||
Weighted average shares outstanding | ||||||||||||||||
Class A shares outstanding | 207,907,352 | 207,907,352 | ||||||||||||||
Fully vested restricted Class A share units with dividend equivalent rights | 1,379,649 | 1,379,649 | ||||||||||||||
Fully vested restricted Class A shares | 1,016,240 | 1,016,240 | ||||||||||||||
Fortress Operating Group units exchangeable into Class A shares (1) | — | 231,162,793 | ||||||||||||||
Class A restricted shares and Class A restricted share units granted to employees and directors (eligible for dividend and dividend equivalent payments) (2) | — | 4,670,736 | ||||||||||||||
Class A restricted share units granted to employees (not eligible for dividend and dividend equivalent payments) (3) | — | 9,017,366 | ||||||||||||||
Total weighted average shares outstanding | 210,303,241 | 455,154,136 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | ||||||||||||||||
Net income (loss) attributable to Class A shareholders | $ | 99,962 | $ | 99,962 | ||||||||||||
Dilution in earnings due to RPUs treated as a participating security of Fortress Operating Group and fully vested restricted Class A share units with dividend equivalent rights treated as outstanding Fortress Operating Group units (4) | — | — | ||||||||||||||
Dividend equivalents declared on, and undistributed earnings allocated to, non-vested restricted Class A shares and restricted Class A share units (2) | (1,296 | ) | (1,296 | ) | ||||||||||||
Add back Principals’ and others’ interests in income of Fortress Operating Group, net of assumed income taxes at enacted rates, attributable to Fortress Operating Group units and fully vested RPUs exchangeable into Class A shares (1) | — | 96,867 | ||||||||||||||
Net income (loss) available to Class A shareholders | $ | 98,666 | $ | 195,533 | ||||||||||||
Weighted average shares outstanding | 210,303,241 | 455,154,136 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | $ | 0.47 | $ | 0.43 | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Basic | Diluted | |||||||||||||||
Weighted average shares outstanding | ||||||||||||||||
Class A shares outstanding | 233,117,423 | 233,117,423 | ||||||||||||||
Fully vested restricted Class A share units with dividend equivalent rights | 2,207,612 | 2,207,612 | ||||||||||||||
Fully vested restricted Class A shares | 921,261 | 921,261 | ||||||||||||||
Fortress Operating Group units and fully vested RPUs exchangeable into Class A shares (1) | — | 251,969,075 | ||||||||||||||
Class A restricted shares and Class A restricted share units granted to employees and directors (eligible for | — | 2,318,202 | ||||||||||||||
dividend and dividend equivalent payments) (2) | ||||||||||||||||
Class A restricted share units granted to employees (not eligible for dividend and dividend equivalent payments) | — | 10,097,850 | ||||||||||||||
(3) | ||||||||||||||||
Total weighted average shares outstanding | 236,246,296 | 500,631,423 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | ||||||||||||||||
Net income (loss) attributable to Class A shareholders | $ | 200,447 | $ | 200,447 | ||||||||||||
Dilution in earnings due to RPUs treated as a participating security of Fortress Operating Group and fully vested | — | — | ||||||||||||||
restricted Class A share units with dividend equivalent rights treated as outstanding Fortress Operating Group | ||||||||||||||||
units (4) | ||||||||||||||||
Dividend equivalents declared on, and undistributed earnings allocated | (3,365 | ) | (3,365 | ) | ||||||||||||
to, non-vested restricted Class A shares and restricted Class A share | ||||||||||||||||
units (2) | ||||||||||||||||
Add back Principals' and others' interests in income of Fortress Operating Group, net of assumed income taxes at | — | 196,272 | ||||||||||||||
enacted rates, attributable to Fortress Operating Group units and fully vested RPUs exchangeable into Class A | ||||||||||||||||
shares (1) | ||||||||||||||||
Net income (loss) available to Class A shareholders | $ | 197,082 | $ | 393,354 | ||||||||||||
Weighted average shares outstanding | 236,246,296 | 500,631,423 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | $ | 0.83 | $ | 0.79 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Basic | Diluted | |||||||||||||||
Weighted average shares outstanding | ||||||||||||||||
Class A shares outstanding | 210,467,733 | 210,467,733 | ||||||||||||||
Fully vested restricted Class A share units with dividend equivalent rights | 3,194,380 | 3,194,380 | ||||||||||||||
Fully vested restricted Class A shares | 737,309 | 737,309 | ||||||||||||||
Fortress Operating Group units and fully vested RPUs exchangeable into Class A shares (1) | — | 302,044,370 | ||||||||||||||
Class A restricted shares and Class A restricted share units granted to employees and directors (eligible for | — | 1,697,705 | ||||||||||||||
dividend and dividend equivalent payments) (2) | ||||||||||||||||
Class A restricted share units granted to employees (not eligible for dividend and dividend equivalent payments) | — | 6,758,635 | ||||||||||||||
(3) | ||||||||||||||||
Total weighted average shares outstanding | 214,399,422 | 524,900,132 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | ||||||||||||||||
Net income (loss) attributable to Class A shareholders | $ | 78,284 | $ | 78,284 | ||||||||||||
Dilution in earnings due to RPUs treated as a participating security of Fortress Operating Group and fully vested | (14,240 | ) | (14,240 | ) | ||||||||||||
restricted Class A share units with dividend equivalent rights treated as outstanding Fortress Operating Group | ||||||||||||||||
units (4) | ||||||||||||||||
Dividend equivalents declared on, and undistributed earnings allocated to, non-vested restricted Class A shares | (1,063 | ) | (1,063 | ) | ||||||||||||
and restricted Class A share units (2) | ||||||||||||||||
Add back Principals’ and others’ interests in loss of Fortress Operating Group, net of assumed income taxes at | — | 79,687 | ||||||||||||||
enacted rates, attributable to Fortress Operating Group units and fully vested RPUs exchangeable into Class A | ||||||||||||||||
shares (1) | ||||||||||||||||
Net income (loss) available to Class A shareholders | $ | 62,981 | $ | 142,668 | ||||||||||||
Weighted average shares outstanding | 214,399,422 | 524,900,132 | ||||||||||||||
Basic and diluted net income (loss) per Class A share | $ | 0.29 | $ | 0.27 | ||||||||||||
-1 | The Fortress Operating Group units and fully vested RPUs not held by Fortress (that is, those held by the Principals and a former senior employee) are exchangeable into Class A shares on a one-to-one basis (fully vested RPUs would first have to be exchanged for Fortress Operating Group units and Class B shares). These units and fully vested RPUs are not included in the computation of basic earnings per share. These units and fully vested RPUs enter into the computation of diluted net income (loss) per Class A share when the effect is dilutive using the if-converted method, which includes the income tax effects of nondiscretionary adjustments to the net income (loss) attributable to Class A shareholders from assumed conversion of these units and fully vested RPUs. To the extent charges, particularly tax related charges, are incurred by the Registrant (i.e. not at the Fortress Operating Group level), the effect may be anti-dilutive. The final vesting of the RPUs occurred on January 1, 2013. | |||||||||||||||
-2 | Restricted Class A shares granted to directors and certain restricted Class A share units granted to employees are eligible to receive dividend or dividend equivalent payments when dividends are declared and paid on Fortress’s Class A shares and therefore participate fully in the results of Fortress’s operations from the date they are granted. They are included in the computation of both basic and diluted earnings per Class A share using the two-class method for participating securities, except during periods of net losses. | |||||||||||||||
-3 | Certain restricted Class A share units granted to employees are not entitled to dividend or dividend equivalent payments until they are vested and are therefore non-participating securities. These units are not included in the computation of basic earnings per share. They are included in the computation of diluted earnings per share when the effect is dilutive using the treasury stock method. The effect of the units on the calculation is generally anti-dilutive during periods of net losses. The weighted average restricted Class A share units which are not entitled to receive dividend or dividend equivalent payments outstanding were: | |||||||||||||||
Period | Share Units | |||||||||||||||
Year Ended December 31, 2014 | 13,310,978 | |||||||||||||||
Year Ended December 31, 2013 | 15,321,401 | |||||||||||||||
Year Ended December 31, 2012 | 18,419,024 | |||||||||||||||
(4) | Fortress Operating Group RPUs are eligible to receive partnership distribution equivalent payments when distributions are declared and paid on Fortress Operating Group units. The RPUs represent a participating security of Fortress Operating Group and the resulting dilution in Fortress Operating Group earnings available to Fortress is reflected in the computation of both basic and diluted earnings per Class A share using the method prescribed for securities issued by a subsidiary. For purposes of the computation of basic and diluted earnings per Class A share, the fully vested restricted Class A share units with dividend equivalent rights are treated as outstanding Class A shares of Fortress and as outstanding partnership units of Fortress Operating Group. | |||||||||||||||
Schedule of weighted average restricted Class A share units which are not entitled to receive dividend or dividend equivalent payments outstanding | The weighted average restricted Class A share units which are not entitled to receive dividend or dividend equivalent payments outstanding were: | |||||||||||||||
Period | Share Units | |||||||||||||||
Year Ended December 31, 2014 | 13,310,978 | |||||||||||||||
Year Ended December 31, 2013 | 15,321,401 | |||||||||||||||
Year Ended December 31, 2012 | 18,419,024 | |||||||||||||||
Schedule of Fortress's dividend paying shares and units | Fortress’s dividend paying shares and units were as follows: | |||||||||||||||
Weighted Average | ||||||||||||||||
Year Ended December 31, | As of December 31, | |||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | ||||||||||||
Class A shares (public shareholders) | 207,907,352 | 233,117,423 | 210,467,733 | 207,490,023 | 239,786,176 | |||||||||||
Restricted Class A shares (directors) | 1,016,240 | 921,261 | 749,007 | 1,045,134 | 955,744 | |||||||||||
Restricted Class A share units (employees) (A) | 1,379,649 | 2,207,612 | 3,194,380 | 194,287 | 6,704 | |||||||||||
Restricted Class A share units (employees) (B) | 7,017,047 | 4,883,186 | 6,609,155 | 7,002,003 | 5,232,536 | |||||||||||
Fortress Operating Group units (Principals and a | 231,162,793 | 249,534,372 | 299,559,853 | 226,331,513 | 249,534,372 | |||||||||||
former senior employee) | ||||||||||||||||
Fortress Operating Group RPUs (a former senior | — | 2,434,703 | 12,817,851 | — | — | |||||||||||
employee) | ||||||||||||||||
Total | 448,483,081 | 493,098,557 | 533,397,979 | 442,062,960 | 495,515,532 | |||||||||||
(A) | Represents fully vested restricted Class A share units which are entitled to dividend equivalent payments. | |||||||||||||||
(B) | Represents unvested restricted Class A share units which are entitled to dividend equivalent payments. | |||||||||||||||
Schedule of Fortress's dividends and distributions | Dividends and distributions during the years ended December 31, 2014 are summarized as follows: | |||||||||||||||
Declared in Current Year | ||||||||||||||||
Declared in | Declared | Declared | Total | |||||||||||||
Prior Year, Paid | and Paid | but not | ||||||||||||||
Current Year | yet Paid | |||||||||||||||
2014:00:00 | ||||||||||||||||
Dividends on Class A shares | $ | — | $ | 101,864 | $ | — | $ | 101,864 | ||||||||
Dividend equivalents on restricted Class A share units | — | 3,996 | — | 3,996 | ||||||||||||
Distributions to Fortress Operating Group unit holders | 5,160 | 136,748 | — | 136,748 | ||||||||||||
(Principals and a former senior employee) (B) | ||||||||||||||||
Total distributions | $ | 5,160 | $ | 242,608 | $ | — | $ | 242,608 | ||||||||
2013:00:00 | ||||||||||||||||
Dividends on Class A shares | $ | — | $ | 56,274 | $ | — | $ | 56,274 | ||||||||
Dividend equivalents on restricted Class A share units | — | 1,652 | — | 1,652 | ||||||||||||
Distributions to Fortress Operating Group unit holders | 30,725 | 72,295 | 5,160 | 77,455 | ||||||||||||
(Principals and a former senior employee) (B) | ||||||||||||||||
Distributions to Fortress Operating Group RPU holders | 1,272 | 401 | — | 401 | ||||||||||||
(Note 8) (B) | ||||||||||||||||
Total distributions | $ | 31,997 | $ | 130,622 | $ | 5,160 | $ | 135,782 | ||||||||
2012:00:00 | ||||||||||||||||
Dividends on Class A shares | $ | — | $ | 42,378 | $ | — | $ | 42,378 | ||||||||
Dividend equivalents on restricted Class A share units (A) | — | 1,795 | — | 1,795 | ||||||||||||
Distributions to Fortress Operating Group unit holders | 27,561 | 15,895 | 30,725 | 46,620 | ||||||||||||
(Principals and a former senior employee) (B) | ||||||||||||||||
Distributions to Fortress Operating Group RPU holders | 1,862 | 540 | 1,272 | 1,812 | ||||||||||||
(Note 8) (B) | ||||||||||||||||
Total distributions | $ | 29,423 | $ | 60,608 | $ | 31,997 | $ | 92,605 | ||||||||
(A) | A portion of these dividend equivalents, if any, related to RSUs expected to be forfeited, is included as compensation expense in the consolidated statement of operations and is therefore considered an operating cash flow. | |||||||||||||||
(B) | Fortress Operating Group made tax-related distributions to the FOG unit holders (the Principals and a former senior employee) and the RPU holder (a former senior employee). |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Summary of major lease terms | The following is a summary of major lease terms: | |||
New York | Other | |||
Leases | Leases | |||
Lease end date | Various dates through October 2032 | Various dates through April 2019 | ||
Escalations | Generally, a fixed percentage of the landlord’s annual operating expenses and tax expense. | Generally, a fixed percentage of the landlord’s annual operating expenses and tax expense. | ||
Free rent periods | 5 - 12 months | 1 - 16.5 months | ||
Leasehold improvement incentives | $12,499 | $2,351 | ||
Renewal periods | Up to 5 years - some have none | Up to 5 years - some have none | ||
Schedule of minimum future rental payments (excluding expense escalations) under operating leases | Minimum future rental payments (excluding expense escalations) related to New Media’s non-cancelable operating lease commitments are as follows: | |||
2015 | $ | 6,800 | ||
2016 | 4,985 | |||
2017 | 4,801 | |||
2018 | 3,671 | |||
2019 | 1,450 | |||
Thereafter | 3,449 | |||
Total minimum lease payments | $ | 25,156 | ||
Minimum future rental payments (excluding expense escalations) under these leases are as follows: | ||||
Investment Manager | ||||
Year Ending December 31, | ||||
2015 | $ | 25,483 | ||
2016 | 23,253 | |||
2017 | 12,462 | |||
2018 | 20,234 | |||
2019 | 19,612 | |||
Thereafter | 279,382 | |||
Total | $ | 380,426 | ||
The following table sets forth future contracted minimum rental receipts, excluding contingent payment escalations for all of New Senior's triple net leases properties as of December 31, 2014. | ||||
Total | ||||
2015 | $ | 82,439 | ||
2016 | 86,040 | |||
2017 | 89,799 | |||
2018 | 92,882 | |||
2019 | 95,972 | |||
Thereafter | 1,269,839 | |||
Total | $ | 1,716,971 | ||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||
Clawback Reserve on Incentive Income for DE Purposes | Fortress had recognized incentive income for DE purposes from certain private equity funds, credit PE funds and the private permanent capital vehicle, which are subject to contingent clawback, as of December 31, 2014: | ||||||||||||||||||||||||||||||||
Fund (A) | Net Intrinsic Clawback (B) | Periods in Intrinsic Clawback | Prior Year End Inception-to-Date Net DE Reserve | Current | Current | Inception-to-Date Net DE Reserve | Notes | ||||||||||||||||||||||||||
Year-to-Date Gross DE Reserve | Year-to-Date Net DE Reserve | ||||||||||||||||||||||||||||||||
(Reversal) | (Reversal) | ||||||||||||||||||||||||||||||||
Fund II | $ | — | N/A | $ | 1,334 | $ | (1,999 | ) | $ | (1,334 | ) | $ | — | (C) | |||||||||||||||||||
Fund III | 45,108 | 28 Quarters | 45,108 | — | — | 45,108 | (D) | ||||||||||||||||||||||||||
FRID | N/A | N/A | 10,041 | (16,447 | ) | (10,041 | ) | — | (E) | ||||||||||||||||||||||||
Total | $ | 45,108 | $ | 56,483 | $ | (18,446 | ) | $ | (11,375 | ) | $ | 45,108 | |||||||||||||||||||||
(A) | Fortress has recognized incentive income for DE purposes from the following funds, which do not have intrinsic clawback and for which the Fortress CODM has determined no clawback reserve is necessary: WWTAI, Credit Opportunities Fund, Credit Opportunities Fund II, certain FCO Managed Accounts, Real Estate Opportunities Fund, Real Estate Opportunities REOC Fund, Net Lease Fund I, Global Opportunities Fund and Japan Opportunity Fund. | ||||||||||||||||||||||||||||||||
(B) | See Note 3. | ||||||||||||||||||||||||||||||||
(C) | Based on the criteria determined by the CODM, management determined that a net reversal of $1.3 million of clawback reserve was appropriate. The fund is in process of liquidation and no clawback exists as of December 31, 2014. | ||||||||||||||||||||||||||||||||
(D) | The potential clawback on this fund has been fully reserved in prior periods. | ||||||||||||||||||||||||||||||||
(E) | During the second quarter of 2014, Fortress returned all prior net incentive income distributions received from the fund. The fund is in liquidation and no clawback exists as of December 31, 2014. | ||||||||||||||||||||||||||||||||
Summary of financial data on Fortress's segments | Summary financial data on Fortress’s segments is presented on the following pages, together with a reconciliation to revenues, assets and net income (loss) for Fortress as a whole. Fortress’s investments in, and earnings (losses) from, its equity method investees by segment are presented in Note 4. | ||||||||||||||||||||||||||||||||
Private Equity | Credit | ||||||||||||||||||||||||||||||||
Funds | Permanent Capital Vehicles | Liquid | Hedge | PE | Logan | Unallocated | Total | ||||||||||||||||||||||||||
Hedge | Funds | Funds | Circle | ||||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
December 31, 2014 and the Year then Ended | |||||||||||||||||||||||||||||||||
Segment revenues | |||||||||||||||||||||||||||||||||
Management fees | $ | 136,110 | $ | 69,360 | $ | 137,908 | $ | 113,825 | $ | 96,715 | $ | 46,996 | $ | — | $ | 600,914 | |||||||||||||||||
Incentive income | 2,854 | 65,448 | 16,067 | 121,768 | 254,461 | 106 | — | 460,704 | |||||||||||||||||||||||||
Segment revenues - total | $ | 138,964 | $ | 134,808 | $ | 153,975 | $ | 235,593 | $ | 351,176 | $ | 47,102 | $ | — | $ | 1,061,618 | |||||||||||||||||
Fund management distributable | $ | 88,081 | $ | 44,577 | $ | 25,443 | $ | 106,346 | $ | 111,442 | $ | (6,582 | ) | $ | — | $ | 369,307 | ||||||||||||||||
earnings (loss) before Principal | |||||||||||||||||||||||||||||||||
Performance Payments (B) | |||||||||||||||||||||||||||||||||
Fund management distributable | $ | 88,081 | $ | 38,990 | $ | 23,851 | $ | 87,244 | $ | 108,765 | $ | (6,582 | ) | $ | — | $ | 340,349 | ||||||||||||||||
earnings (loss) | |||||||||||||||||||||||||||||||||
Pre-tax distributable earnings (loss) | $ | 183,078 | $ | 40,976 | $ | 22,371 | $ | 85,988 | $ | 121,669 | $ | (5,267 | ) | $ | (2,757 | ) | $ | 446,058 | |||||||||||||||
Total segment assets | $ | 763,115 | $ | 173,627 | $ | 235,409 | $ | 143,428 | $ | 277,907 | $ | 63,413 | $ | 869,859 | (A) | $ | 2,526,758 | ||||||||||||||||
(A) | Unallocated assets include cash of $382.2 million and deferred tax assets of $417.6 million. | ||||||||||||||||||||||||||||||||
Private Equity | Credit | ||||||||||||||||||||||||||||||||
Funds | Permanent Capital Vehicles | Liquid | Hedge | PE | Logan | Unallocated | Total | ||||||||||||||||||||||||||
Hedge | Funds | Funds | Circle | ||||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
December 31, 2013 and the Year then Ended | |||||||||||||||||||||||||||||||||
Segment revenues | |||||||||||||||||||||||||||||||||
Management fees | $ | 134,176 | $ | 61,200 | $ | 110,622 | $ | 101,890 | $ | 95,925 | $ | 35,833 | $ | — | $ | 539,646 | |||||||||||||||||
Incentive income | 13,211 | 18,101 | 150,700 | 190,846 | 120,137 | — | — | 492,995 | |||||||||||||||||||||||||
Segment revenues - total | $ | 147,387 | $ | 79,301 | $ | 261,322 | $ | 292,736 | $ | 216,062 | $ | 35,833 | $ | — | $ | 1,032,641 | |||||||||||||||||
Fund management distributable | $ | 95,547 | $ | 32,235 | $ | 125,482 | $ | 139,339 | $ | 57,299 | $ | (11,819 | ) | $ | — | $ | 438,083 | ||||||||||||||||
earnings (loss) before Principal | |||||||||||||||||||||||||||||||||
Performance Payments (B) | |||||||||||||||||||||||||||||||||
Fund management distributable | $ | 95,547 | $ | 29,834 | $ | 112,934 | $ | 120,863 | $ | 56,112 | $ | (11,819 | ) | $ | — | $ | 403,471 | ||||||||||||||||
earnings (loss) | |||||||||||||||||||||||||||||||||
Pre-tax distributable earnings (loss) | $ | 109,089 | $ | 31,319 | $ | 116,488 | $ | 127,450 | $ | 63,766 | $ | (8,542 | ) | $ | (5,184 | ) | $ | 434,386 | |||||||||||||||
Total segment assets | $ | 950,195 | $ | 160,877 | $ | 316,173 | $ | 185,677 | $ | 245,655 | $ | 59,783 | $ | 783,017 | $ | 2,701,377 | |||||||||||||||||
December 31, 2012 and the Year then Ended | |||||||||||||||||||||||||||||||||
Segment revenues | |||||||||||||||||||||||||||||||||
Management fees | $ | 118,990 | $ | 56,757 | $ | 77,531 | $ | 101,194 | $ | 98,393 | $ | 26,796 | $ | — | $ | 479,661 | |||||||||||||||||
Incentive income | 10,993 | 242 | 67,645 | 130,305 | 68,568 | — | — | 277,753 | |||||||||||||||||||||||||
Segment revenues - total | $ | 129,983 | $ | 56,999 | $ | 145,176 | $ | 231,499 | $ | 166,961 | $ | 26,796 | $ | — | $ | 757,414 | |||||||||||||||||
Fund management distributable | $ | 87,952 | $ | 27,306 | $ | 50,316 | $ | 105,999 | $ | 34,599 | $ | (9,793 | ) | $ | 576 | $ | 296,955 | ||||||||||||||||
earnings (loss) before Principal | |||||||||||||||||||||||||||||||||
Performance Payments (B) | |||||||||||||||||||||||||||||||||
Fund management distributable | $ | 87,952 | $ | 26,246 | $ | 45,284 | $ | 92,523 | $ | 34,015 | $ | (9,793 | ) | $ | 576 | $ | 276,803 | ||||||||||||||||
earnings (loss) | |||||||||||||||||||||||||||||||||
Pre-tax distributable earnings (loss) | $ | 88,962 | $ | 27,310 | $ | 48,533 | $ | 97,525 | $ | 38,394 | $ | (9,793 | ) | $ | (13,420 | ) | $ | 277,511 | |||||||||||||||
(B) | See Note 8. Fund management distributable earnings (loss) is only reduced for the profit sharing component of the Principal Performance Payments. | ||||||||||||||||||||||||||||||||
Schedule of reconciliation between segment measures and GAAP measures | Reconciling items between segment measures and GAAP measures: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Fund management distributable earnings | $ | 340,349 | $ | 403,471 | $ | 276,803 | |||||||||||||||||||||||||||
Investment income (loss) | 108,914 | 36,082 | 16,211 | ||||||||||||||||||||||||||||||
Interest expense | (3,205 | ) | (5,167 | ) | (15,503 | ) | |||||||||||||||||||||||||||
Pre-tax distributable earnings | 446,058 | 434,386 | 277,511 | ||||||||||||||||||||||||||||||
Adjust incentive income | |||||||||||||||||||||||||||||||||
Incentive income received from private equity funds, the private permanent capital vehicle and credit PE funds, subject to contingent repayment | (255,533 | ) | (126,479 | ) | (71,181 | ) | |||||||||||||||||||||||||||
Incentive income received from third parties, subject to contingent repayment | (652 | ) | (264 | ) | (3,023 | ) | |||||||||||||||||||||||||||
Incentive income accrued from private equity funds, the private permanent capital vehicle and credit PE funds, not subject to contingent repayment | 171,387 | 107,276 | 77,993 | ||||||||||||||||||||||||||||||
Incentive income related to the Non-Investment Manager - consolidated VIEs | (198 | ) | — | — | |||||||||||||||||||||||||||||
Incentive income received from the sale of shares related to options | (8,735 | ) | (1,921 | ) | (242 | ) | |||||||||||||||||||||||||||
Reserve for clawback, gross (see discussion above) | (1,999 | ) | (7,397 | ) | (8,380 | ) | |||||||||||||||||||||||||||
(95,730 | ) | (28,785 | ) | (4,833 | ) | ||||||||||||||||||||||||||||
Adjust other income | |||||||||||||||||||||||||||||||||
Distributions of earnings from equity method investees* | (71,888 | ) | (15,316 | ) | (6,028 | ) | |||||||||||||||||||||||||||
Earnings (losses) from equity method investees* | 68,452 | 124,401 | 141,697 | ||||||||||||||||||||||||||||||
Equity method (earnings) losses earned by Fortress in the Investment Company - consolidated VIEs | 1,595 | — | — | ||||||||||||||||||||||||||||||
Gains (losses) on options in equity method investees | (27,758 | ) | 25,295 | 6,040 | |||||||||||||||||||||||||||||
Gains (losses) on other investments | (14,401 | ) | 14,774 | 41,224 | |||||||||||||||||||||||||||||
Impairment of investments (see discussion above) | 2,701 | 1,117 | 1,338 | ||||||||||||||||||||||||||||||
Adjust income from the receipt of options | 3,346 | 42,516 | 21,524 | ||||||||||||||||||||||||||||||
(37,953 | ) | 192,787 | 205,795 | ||||||||||||||||||||||||||||||
Adjust employee, Principal and director compensation | |||||||||||||||||||||||||||||||||
Adjust employee, Principal and director equity-based compensation expense (including publicly traded permanent capital vehicle options assigned) | (31,351 | ) | (45,947 | ) | (221,975 | ) | |||||||||||||||||||||||||||
Adjust employee portion of incentive income from private equity funds, private permanent capital vehicle and credit PE funds, accrued prior to the realization of incentive income | (5,550 | ) | (790 | ) | 3,015 | ||||||||||||||||||||||||||||
(36,901 | ) | (46,737 | ) | (218,960 | ) | ||||||||||||||||||||||||||||
Adjust amortization of intangible assets and impairment of goodwill and intangible assets | (81 | ) | (46 | ) | (46 | ) | |||||||||||||||||||||||||||
Adjust non-controlling interests related to Fortress Operating Group units | (134,033 | ) | (276,683 | ) | (132,950 | ) | |||||||||||||||||||||||||||
Adjust tax receivable agreement liability | (33,116 | ) | (8,787 | ) | (8,870 | ) | |||||||||||||||||||||||||||
Adjust income taxes - Investment Manager | (6,845 | ) | (65,688 | ) | (39,363 | ) | |||||||||||||||||||||||||||
Adjust consolidated Non-Investment Manager income (loss) allocable to Class A | 158 | — | — | ||||||||||||||||||||||||||||||
Shareholders | |||||||||||||||||||||||||||||||||
Adjust consolidated Investment Company income (loss) allocable to Class A | (1,595 | ) | — | — | |||||||||||||||||||||||||||||
Shareholders | |||||||||||||||||||||||||||||||||
Total adjustments | (346,096 | ) | (233,939 | ) | (199,227 | ) | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 | ||||||||||||||||||||||||||||||
Principals’ and Others’ Interests in Income (Loss) of Consolidated Subsidiaries | 138,960 | 283,144 | 140,538 | ||||||||||||||||||||||||||||||
Redeemable Non-controlling Interests in Income (Loss) of Investment Company - consolidated VIEs | (709 | ) | — | — | |||||||||||||||||||||||||||||
Non-controlling Interests in Income (Loss) of Investment Company -consolidated VIEs | 9,737 | — | — | ||||||||||||||||||||||||||||||
Non-controlling Interests in Income (Loss) of Non-Investment Manager - consolidated VIEs | (14,593 | ) | — | — | |||||||||||||||||||||||||||||
Net Income (Loss) (GAAP) | $ | 233,357 | $ | 483,591 | $ | 218,822 | |||||||||||||||||||||||||||
* | This adjustment relates to all of the private equity, private permanent capital vehicle, credit PE Fortress Funds and hedge fund special investment accounts in which Fortress has an investment. | ||||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Reconciling items between segment measures and GAAP measures: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Total Segment Assets | $ | 2,526,758 | $ | 2,701,377 | |||||||||||||||||||||||||||||
Adjust equity investments from segment carrying amount | (37,169 | ) | (42,811 | ) | |||||||||||||||||||||||||||||
Adjust investments gross of employees' and others' portion | 33,847 | 38,621 | |||||||||||||||||||||||||||||||
Adjust intangible assets to cost | (22,837 | ) | (22,755 | ) | |||||||||||||||||||||||||||||
Less: Fortress's investment in, options and receivables from Non-Investment | (36,977 | ) | — | ||||||||||||||||||||||||||||||
Manager - consolidated VIEs | |||||||||||||||||||||||||||||||||
Less: Fortress's investment in and receivables from Investment Company - | (4,839 | ) | — | ||||||||||||||||||||||||||||||
consolidated VIEs | |||||||||||||||||||||||||||||||||
Add: Total assets of Non-Investment Manager - consolidated VIEs | 3,384,444 | — | |||||||||||||||||||||||||||||||
Add: Total assets of Investment Company - consolidated VIEs | 91,659 | — | |||||||||||||||||||||||||||||||
Total assets (GAAP) | $ | 5,934,886 | $ | 2,674,432 | |||||||||||||||||||||||||||||
Schedule of reconciliation of revenues | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Segment revenues | $ | 1,061,618 | $ | 1,032,641 | $ | 757,414 | |||||||||||||||||||||||||||
Adjust management fees | 1,349 | 917 | 522 | ||||||||||||||||||||||||||||||
Adjust management fees for Non-Investment Manager - consolidated VIEs | (8,460 | ) | — | — | |||||||||||||||||||||||||||||
Adjust management fees for Investment Company - consolidated VIEs | (279 | ) | — | — | |||||||||||||||||||||||||||||
Adjust incentive income* | (96,590 | ) | (28,785 | ) | (5,153 | ) | |||||||||||||||||||||||||||
Adjust income from the receipt of options | 3,346 | 42,516 | 21,524 | ||||||||||||||||||||||||||||||
Adjust other revenues (including expense reimbursements)** | 224,356 | 217,694 | 195,562 | ||||||||||||||||||||||||||||||
Add: Total revenues - Non-Investment Manager - consolidated VIEs | 626,196 | — | — | ||||||||||||||||||||||||||||||
Add: Total revenues - Investment Company - consolidated VIEs | 281 | — | — | ||||||||||||||||||||||||||||||
Total revenues (GAAP) | $ | 1,811,817 | $ | 1,264,983 | $ | 969,869 | |||||||||||||||||||||||||||
* | Incentive income received from third parties, not subject to contingent repayment of $0.9 million, $0.0 million and $0.3 million during the years ended December 31, 2014, 2013 and 2012 are included in segment measures as part of incentive income, while included in GAAP as part of other revenues. | ||||||||||||||||||||||||||||||||
** | Segment revenues do not include GAAP other revenues, except to the extent they represent management fees or incentive income; such revenues are included elsewhere in the calculation of distributable earnings. | ||||||||||||||||||||||||||||||||
Schedule of Fortress's depreciation and amortization expense by segment | Fortress’s depreciation and amortization expense by segment prior to the allocation of corporate and intra-segment depreciation and amortization expenses to the business segments was as follows. Amortization expense, related to intangible assets, is not a component of distributable earnings. | ||||||||||||||||||||||||||||||||
Private Equity | Credit | ||||||||||||||||||||||||||||||||
Year Ended December 31, | Funds | Permanent Capital Vehicles | Liquid | Hedge | PE | Logan | Corporate | Total | |||||||||||||||||||||||||
Hedge | Funds | Funds | Circle | ||||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Depreciation | $ | 1,585 | $ | 851 | $ | 7,436 | $ | 5,462 | $ | 1,125 | $ | 334 | $ | 2,955 | $ | 19,748 | |||||||||||||||||
Amortization | — | — | — | — | — | 81 | — | 81 | |||||||||||||||||||||||||
Total | $ | 1,585 | $ | 851 | $ | 7,436 | $ | 5,462 | $ | 1,125 | $ | 415 | $ | 2,955 | $ | 19,829 | |||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Depreciation | $ | 1,525 | $ | 606 | $ | 2,223 | $ | 5,557 | $ | 422 | $ | 271 | $ | 3,040 | $ | 13,644 | |||||||||||||||||
Amortization | — | — | — | — | — | 46 | — | 46 | |||||||||||||||||||||||||
Total | $ | 1,525 | $ | 606 | $ | 2,223 | $ | 5,557 | $ | 422 | $ | 317 | $ | 3,040 | $ | 13,690 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Depreciation | $ | 1,868 | $ | 484 | $ | 2,218 | $ | 5,996 | $ | 386 | $ | 329 | $ | 3,604 | $ | 14,885 | |||||||||||||||||
Amortization | — | — | — | — | — | 46 | — | 46 | |||||||||||||||||||||||||
Total | $ | 1,868 | $ | 484 | $ | 2,218 | $ | 5,996 | $ | 386 | $ | 375 | $ | 3,604 | $ | 14,931 | |||||||||||||||||
CONSOLIDATING_FINANCIAL_INFORM1
CONSOLIDATING FINANCIAL INFORMATION (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Consolidating Financial Information | ||||||||||||||||||||||||||||
Schedule of consolidating balance sheet information | The consolidating balance sheet information as of December 31, 2013 is as follows: | |||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 362,620 | $ | 1,336 | $ | — | $ | 627 | $ | — | $ | 364,583 | ||||||||||||||||
Due from affiliates | 405,491 | 1,864 | (231 | ) | 4,979 | (4,979 | ) | 407,124 | ||||||||||||||||||||
Investments | 1,253,266 | 175 | (175 | ) | 699,863 | (699,863 | ) | 1,253,266 | ||||||||||||||||||||
Investments in options | 104,338 | — | — | — | — | 104,338 | ||||||||||||||||||||||
Deferred tax asset, net | — | — | — | 354,526 | — | 354,526 | ||||||||||||||||||||||
Other assets | 184,023 | 494 | — | 6,078 | — | 190,595 | ||||||||||||||||||||||
$ | 2,309,738 | $ | 3,869 | $ | (406 | ) | $ | 1,066,073 | $ | (704,842 | ) | $ | 2,674,432 | |||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Accrued compensation and benefits | $ | 415,024 | $ | 2,285 | $ | — | $ | — | $ | — | $ | 417,309 | ||||||||||||||||
Due to affiliates | 108,805 | 231 | (231 | ) | 241,006 | (4,979 | ) | 344,832 | ||||||||||||||||||||
Deferred incentive income | 247,556 | — | — | — | — | 247,556 | ||||||||||||||||||||||
Debt obligations payable | — | — | — | — | — | — | ||||||||||||||||||||||
Other liabilities | 49,767 | 63 | — | — | — | 49,830 | ||||||||||||||||||||||
821,152 | 2,579 | (231 | ) | 241,006 | (4,979 | ) | 1,059,527 | |||||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Paid-in capital | 5,703,328 | 3,575 | (175 | ) | 2,112,720 | (5,706,728 | ) | 2,112,720 | ||||||||||||||||||||
Retained earnings (accumulated deficit) | (4,274,573 | ) | (2,285 | ) | — | (1,286,131 | ) | 4,276,858 | (1,286,131 | ) | ||||||||||||||||||
Accumulated other comprehensive | (4,583 | ) | — | — | (1,522 | ) | 4,583 | (1,522 | ) | |||||||||||||||||||
income (loss) | ||||||||||||||||||||||||||||
Total Fortress shareholders' equity (C) | 1,424,172 | 1,290 | (175 | ) | 825,067 | (1,425,287 | ) | 825,067 | ||||||||||||||||||||
Principals' and others' interests in equity of | 64,414 | — | — | — | 725,424 | 789,838 | ||||||||||||||||||||||
consolidated subsidiaries | ||||||||||||||||||||||||||||
Total Equity | 1,488,586 | 1,290 | (175 | ) | 825,067 | (699,863 | ) | 1,614,905 | ||||||||||||||||||||
$ | 2,309,738 | $ | 3,869 | $ | (406 | ) | $ | 1,066,073 | $ | (704,842 | ) | $ | 2,674,432 | |||||||||||||||
The consolidating balance sheet information as of December 31, 2014 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 389,782 | $ | 950 | $ | — | $ | — | $ | 357 | $ | — | $ | 391,089 | ||||||||||||||
Due from affiliates | 326,230 | 2,654 | — | (8,566 | ) | — | — | 320,318 | ||||||||||||||||||||
Investments | 1,115,212 | 2,175 | — | (6,844 | ) | 511,927 | (511,927 | ) | 1,110,543 | |||||||||||||||||||
Investments in options | 71,844 | — | — | (26,110 | ) | — | — | 45,734 | ||||||||||||||||||||
Deferred tax asset, net | — | — | — | — | 417,623 | — | 417,623 | |||||||||||||||||||||
Other assets | 174,201 | 2,020 | — | (4,747 | ) | 2,002 | — | 173,476 | ||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 303 | — | — | — | 303 | |||||||||||||||||||||
Investments, at fair value | — | — | 91,125 | — | — | — | 91,125 | |||||||||||||||||||||
Other assets | — | — | 231 | — | — | — | 231 | |||||||||||||||||||||
2,077,269 | 7,799 | 91,659 | (46,267 | ) | 931,909 | (511,927 | ) | 2,550,442 | ||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 350,086 | — | — | — | 350,086 | |||||||||||||||||||||
Investments in senior housing real estate, net | — | — | 1,799,848 | — | — | — | 1,799,848 | |||||||||||||||||||||
Fixed assets, net | — | — | 283,786 | — | — | — | 283,786 | |||||||||||||||||||||
Goodwill | — | — | 370,375 | — | — | — | 370,375 | |||||||||||||||||||||
Intangible assets, net | — | — | 423,819 | — | — | — | 423,819 | |||||||||||||||||||||
Other assets, net | — | — | 156,530 | — | — | — | 156,530 | |||||||||||||||||||||
— | — | 3,384,444 | — | — | — | 3,384,444 | ||||||||||||||||||||||
Total Assets | $ | 2,077,269 | $ | 7,799 | $ | 3,476,103 | $ | (46,267 | ) | $ | 931,909 | $ | (511,927 | ) | $ | 5,934,886 | ||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Accrued compensation and benefits | $ | 371,563 | $ | 3,146 | $ | — | $ | (1,964 | ) | $ | — | $ | — | $ | 372,745 | |||||||||||||
Due to affiliates | 86,100 | 2,274 | — | (2,274 | ) | 289,324 | — | 375,424 | ||||||||||||||||||||
Deferred incentive income | 304,526 | — | — | — | — | — | 304,526 | |||||||||||||||||||||
Debt obligations payable | 75,000 | — | — | — | — | — | 75,000 | |||||||||||||||||||||
Other liabilities | 87,905 | 82 | — | — | — | — | 87,987 | |||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Other liabilities | — | — | 138 | (35 | ) | — | — | 103 | ||||||||||||||||||||
925,094 | 5,502 | 138 | (4,273 | ) | 289,324 | — | 1,215,785 | |||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Mortgage notes payable | — | — | 1,259,430 | — | — | — | 1,259,430 | |||||||||||||||||||||
Debt obligations payable | — | — | 222,052 | — | — | — | 222,052 | |||||||||||||||||||||
Deferred revenue | — | — | 35,933 | — | — | — | 35,933 | |||||||||||||||||||||
Accrued expenses and other liabilities | — | — | 140,108 | (6,257 | ) | — | — | 133,851 | ||||||||||||||||||||
— | — | 1,657,523 | (6,257 | ) | — | — | 1,651,266 | |||||||||||||||||||||
Total Liabilities | 925,094 | 5,502 | 1,657,661 | (10,530 | ) | 289,324 | — | 2,867,051 | ||||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||||||
Redeemable Non-controlling Interests, | — | — | — | 1,717 | — | — | 1,717 | |||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Paid-in capital | 5,747,295 | 5,628 | 1,830,566 | (1,832,794 | ) | 1,996,137 | (5,750,695 | ) | 1,996,137 | |||||||||||||||||||
Retained earnings (accumulated deficit) | (4,670,253 | ) | (3,331 | ) | (7,198 | ) | 5,251 | (1,351,126 | ) | 4,675,531 | (1,351,126 | ) | ||||||||||||||||
Accumulated other comprehensive income (loss) | (7,503 | ) | — | (4,926 | ) | 4,916 | (2,426 | ) | 7,513 | (2,426 | ) | |||||||||||||||||
Total Fortress shareholders’ equity (D) | 1,069,539 | 2,297 | 1,818,442 | (1,822,627 | ) | 642,585 | (1,067,651 | ) | 642,585 | |||||||||||||||||||
Principals’ and others’ interests in equity of | 82,636 | — | — | — | — | 555,724 | 638,360 | |||||||||||||||||||||
consolidated subsidiaries | ||||||||||||||||||||||||||||
Non-controlling interests in equity of Investment | — | — | — | 85,001 | — | — | 85,001 | |||||||||||||||||||||
Company - consolidated VIEs | ||||||||||||||||||||||||||||
Non-controlling interests in equity of Non- | — | — | — | 1,700,172 | — | — | 1,700,172 | |||||||||||||||||||||
Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Total Equity | 1,152,175 | 2,297 | 1,818,442 | (37,454 | ) | 642,585 | (511,927 | ) | 3,066,118 | |||||||||||||||||||
Total Liabilities Redeemable Non-controlling | $ | 2,077,269 | $ | 7,799 | $ | 3,476,103 | $ | (46,267 | ) | $ | 931,909 | $ | (511,927 | ) | $ | 5,934,886 | ||||||||||||
Interests and Equity | ||||||||||||||||||||||||||||
(A) | Excluding FOE II (New) LP and certain consolidated entities. | |||||||||||||||||||||||||||
(B) | Comprised of the Investment Company and Non-Investment Manager. | |||||||||||||||||||||||||||
(C) | Other than Fortress Operating Group. | |||||||||||||||||||||||||||
(D) | Includes the Principals’ (and one former senior employee's) equity in the Fortress Operating Group column, which is eliminated in consolidation. | |||||||||||||||||||||||||||
Schedule of consolidating statement of operations information | The consolidating statement of operations information for the year ended December 31, 2014 is as follows: | |||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Management fees: affiliates | $ | 534,293 | $ | 5,330 | $ | — | $ | (11,701 | ) | $ | — | $ | — | $ | 527,922 | |||||||||||||
Management fees: non-affiliates | 68,649 | 299 | — | — | — | — | 68,948 | |||||||||||||||||||||
Incentive income: affiliates | 362,578 | — | — | (198 | ) | — | — | 362,380 | ||||||||||||||||||||
Incentive income: non-affiliates | 1,734 | — | — | — | — | — | 1,734 | |||||||||||||||||||||
Expense reimbursements: affiliates | 180,563 | 32,485 | — | (8,003 | ) | — | — | 205,045 | ||||||||||||||||||||
Expense reimbursements: non-affiliates | 10,376 | 3,053 | — | — | — | — | 13,429 | |||||||||||||||||||||
Other revenues (affiliate portion disclosed in | 5,962 | — | — | (80 | ) | — | — | 5,882 | ||||||||||||||||||||
Note 7) | ||||||||||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Interest and dividend income | — | — | 281 | — | — | — | 281 | |||||||||||||||||||||
1,164,155 | 41,167 | 281 | (19,982 | ) | — | — | 1,185,621 | |||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Advertising | — | — | 346,613 | — | — | — | 346,613 | |||||||||||||||||||||
Circulation | — | — | 173,436 | — | — | — | 173,436 | |||||||||||||||||||||
Commercial printing and other | — | — | 64,062 | — | — | — | 64,062 | |||||||||||||||||||||
Rental revenue, resident fees and services | — | — | 42,085 | — | — | — | 42,085 | |||||||||||||||||||||
— | — | 626,196 | — | — | — | 626,196 | ||||||||||||||||||||||
Total Revenues | 1,164,155 | 41,167 | 626,477 | (19,982 | ) | — | — | 1,811,817 | ||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Compensation and benefits | 755,680 | 39,681 | — | 741 | — | — | 796,102 | |||||||||||||||||||||
General, administrative and other | 169,922 | 2,246 | — | — | (1 | ) | — | 172,167 | ||||||||||||||||||||
Depreciation and amortization | 19,756 | 73 | — | — | — | — | 19,829 | |||||||||||||||||||||
Interest expense | 3,214 | 55 | — | (53 | ) | 227 | — | 3,443 | ||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Other | — | — | 1,289 | (278 | ) | — | — | 1,011 | ||||||||||||||||||||
948,572 | 42,055 | 1,289 | 410 | 226 | — | 992,552 | ||||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Media operating costs | — | — | 327,130 | — | — | — | 327,130 | |||||||||||||||||||||
General, administrative and other | — | — | 198,129 | (9,228 | ) | — | — | 188,901 | ||||||||||||||||||||
Depreciation and amortization | — | — | 61,395 | — | — | — | 61,395 | |||||||||||||||||||||
Interest expense | — | — | 23,718 | — | — | — | 23,718 | |||||||||||||||||||||
Loss on extinguishment of debt | — | — | 9,047 | — | — | — | 9,047 | |||||||||||||||||||||
Property operating costs | — | — | 18,500 | (7,433 | ) | — | — | 11,067 | ||||||||||||||||||||
— | — | 637,919 | (16,661 | ) | — | — | 621,258 | |||||||||||||||||||||
Total Expenses | 948,572 | 42,055 | 639,208 | (16,251 | ) | 226 | — | 1,613,810 | ||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Other Income (Loss) | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Gains (losses) (affiliate portion disclosed | (10,269 | ) | — | — | 1,956 | — | — | (8,313 | ) | |||||||||||||||||||
in Note 4) | ||||||||||||||||||||||||||||
Tax receivable agreement liability adjustment | — | — | — | — | (33,116 | ) | — | (33,116 | ) | |||||||||||||||||||
Earnings (losses) from equity method | 76,731 | — | — | 1,462 | 122,779 | (122,779 | ) | 78,193 | ||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Gains (losses) | — | — | 8,442 | — | — | — | 8,442 | |||||||||||||||||||||
Total Other Income (Loss) | 66,462 | — | 8,442 | 3,418 | 89,663 | (122,779 | ) | 45,206 | ||||||||||||||||||||
Income (Loss) Before Income Taxes | 282,045 | (888 | ) | (4,289 | ) | (313 | ) | 89,437 | (122,779 | ) | 243,213 | |||||||||||||||||
Income tax benefit (expense) - Investment | (17,465 | ) | (7 | ) | — | — | 10,525 | — | (6,947 | ) | ||||||||||||||||||
Manager | ||||||||||||||||||||||||||||
Income tax benefit (expense) - Non- | — | — | (2,909 | ) | — | — | — | (2,909 | ) | |||||||||||||||||||
Investment Manager - consolidated VIE | ||||||||||||||||||||||||||||
Total Income Tax Benefit (Expense) | (17,465 | ) | (7 | ) | (2,909 | ) | — | 10,525 | — | (9,856 | ) | |||||||||||||||||
Net Income (Loss) | $ | 264,580 | $ | (895 | ) | $ | (7,198 | ) | $ | (313 | ) | $ | 99,962 | $ | (122,779 | ) | $ | 233,357 | ||||||||||
Allocation of Net Income (Loss) | ||||||||||||||||||||||||||||
Principals’ and Others’ Interests in Income | $ | 4,927 | $ | — | $ | — | $ | — | $ | — | $ | 134,033 | $ | 138,960 | ||||||||||||||
(Loss) of Consolidated Subsidiaries | ||||||||||||||||||||||||||||
Redeemable Non-controlling Interests in | — | — | — | (709 | ) | — | — | (709 | ) | |||||||||||||||||||
Income (Loss) of Investment Company | ||||||||||||||||||||||||||||
- consolidated VIE | ||||||||||||||||||||||||||||
Non-controlling Interests in Income (Loss) of | — | — | — | 9,737 | — | — | 9,737 | |||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Non-controlling Interests in Income (Loss) of | — | — | — | (14,593 | ) | — | — | (14,593 | ) | |||||||||||||||||||
Non-Investment Manager - consolidated | ||||||||||||||||||||||||||||
VIE | ||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Class A | 259,653 | (895 | ) | (7,198 | ) | 5,252 | 99,962 | (256,812 | ) | 99,962 | ||||||||||||||||||
Shareholders (D) | ||||||||||||||||||||||||||||
$ | 264,580 | $ | (895 | ) | $ | (7,198 | ) | $ | (313 | ) | $ | 99,962 | $ | (122,779 | ) | $ | 233,357 | |||||||||||
(A) | Excluding FOE II (New) LP and certain consolidated entities. | |||||||||||||||||||||||||||
(B) | Comprised of the Investment Company and Non-Investment Manager. | |||||||||||||||||||||||||||
(C) | Other than Fortress Operating Group. | |||||||||||||||||||||||||||
(D) | Includes the net income (loss) attributable to the Principals’ (and a former senior employee's) interests in the Fortress Operating Group column, which is eliminated in consolidation. | |||||||||||||||||||||||||||
The consolidating statement of operations information for the year ended December 31, 2013 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Management fees: affiliates | $ | 516,773 | $ | 3,510 | $ | — | $ | — | $ | — | $ | 520,283 | ||||||||||||||||
Management fees: non-affiliates | 62,240 | 555 | — | — | — | 62,795 | ||||||||||||||||||||||
Incentive income: affiliates | 419,828 | — | — | — | — | 419,828 | ||||||||||||||||||||||
Incentive income: non-affiliates | 44,383 | — | — | — | — | 44,383 | ||||||||||||||||||||||
Expense reimbursements: affiliates | 179,874 | 26,578 | — | — | — | 206,452 | ||||||||||||||||||||||
Expense reimbursements: non-affiliates | 7,209 | — | — | — | — | 7,209 | ||||||||||||||||||||||
Other revenues (affiliate portion disclosed in | 4,241 | 2 | — | 3,423 | (3,633 | ) | 4,033 | |||||||||||||||||||||
Note 7) | ||||||||||||||||||||||||||||
1,234,548 | 30,645 | — | 3,423 | (3,633 | ) | 1,264,983 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Compensation and benefits | 711,897 | 29,864 | — | — | — | 741,761 | ||||||||||||||||||||||
General, administrative and other | 135,203 | 1,566 | — | 1 | — | 136,770 | ||||||||||||||||||||||
Depreciation and amortization | 13,630 | 60 | — | — | — | 13,690 | ||||||||||||||||||||||
Interest expense | 5,147 | 34 | — | 3,834 | (3,633 | ) | 5,382 | |||||||||||||||||||||
865,877 | 31,524 | — | 3,835 | (3,633 | ) | 897,603 | ||||||||||||||||||||||
Other Income (Loss) | ||||||||||||||||||||||||||||
Gains (losses) (affiliate portion disclosed in | 53,938 | (5 | ) | — | — | — | 53,933 | |||||||||||||||||||||
Note 7) | ||||||||||||||||||||||||||||
Tax receivable agreement liability adjustment | — | — | — | (8,787 | ) | — | (8,787 | ) | ||||||||||||||||||||
Earnings (losses) from equity method investees | 136,866 | — | — | 262,479 | (262,479 | ) | 136,866 | |||||||||||||||||||||
190,804 | (5 | ) | — | 253,692 | (262,479 | ) | 182,012 | |||||||||||||||||||||
Income (Loss) Before Income Taxes | 559,475 | (884 | ) | — | 253,280 | (262,479 | ) | 549,392 | ||||||||||||||||||||
Income tax benefit (expense) - Investment | (13,024 | ) | 56 | — | (52,833 | ) | — | (65,801 | ) | |||||||||||||||||||
Manager | ||||||||||||||||||||||||||||
Net Income (Loss) | $ | 546,451 | $ | (828 | ) | $ | — | $ | 200,447 | $ | (262,479 | ) | $ | 483,591 | ||||||||||||||
Principals' and Others' Interests in Income | $ | 6,461 | $ | — | $ | — | $ | — | $ | 276,683 | $ | 283,144 | ||||||||||||||||
(Loss) of Consolidated Subsidiaries | ||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Class A | $ | 539,990 | $ | (828 | ) | $ | — | $ | 200,447 | $ | (539,162 | ) | $ | 200,447 | ||||||||||||||
Shareholders (C) | ||||||||||||||||||||||||||||
(A) | Excluding FOE II (New) LP. | |||||||||||||||||||||||||||
(B) | Other than Fortress Operating Group. | |||||||||||||||||||||||||||
(C) | Includes net income (loss) attributable to the Principals’ (and a former senior employee’s) interests in the Fortress Operating Group column, which is eliminated in consolidation. | |||||||||||||||||||||||||||
The consolidating statement of operations information for the year ended December 31, 2012 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Management fees: affiliates | $ | 455,008 | $ | 1,082 | $ | — | $ | — | $ | — | $ | 456,090 | ||||||||||||||||
Management fees: non-affiliates | 45,322 | 295 | — | — | — | 45,617 | ||||||||||||||||||||||
Incentive income: affiliates | 246,438 | — | — | — | — | 246,438 | ||||||||||||||||||||||
Incentive income: non-affiliates | 26,162 | — | — | — | — | 26,162 | ||||||||||||||||||||||
Expense reimbursements: affiliates | 176,938 | 9,654 | — | — | — | 186,592 | ||||||||||||||||||||||
Expense reimbursements: non-affiliates | 4,580 | — | — | — | — | 4,580 | ||||||||||||||||||||||
Other revenues (affiliate portion disclosed in | 4,355 | 25 | — | 180 | (170 | ) | 4,390 | |||||||||||||||||||||
Note 7) | ||||||||||||||||||||||||||||
958,803 | 11,056 | — | 180 | (170 | ) | 969,869 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Compensation and benefits | 739,805 | 10,554 | — | — | — | 750,359 | ||||||||||||||||||||||
General, administrative and other | 126,075 | 1,073 | — | 1 | — | 127,149 | ||||||||||||||||||||||
Depreciation and amortization | 14,907 | 24 | — | — | — | 14,931 | ||||||||||||||||||||||
Interest expense | 15,477 | 4 | — | 470 | (170 | ) | 15,781 | |||||||||||||||||||||
896,264 | 11,655 | — | 471 | (170 | ) | 908,220 | ||||||||||||||||||||||
Other Income (Loss) | ||||||||||||||||||||||||||||
Gains (losses) (affiliate portion disclosed in | 48,921 | — | — | — | — | 48,921 | ||||||||||||||||||||||
Note 7) | ||||||||||||||||||||||||||||
Tax receivable agreement liability | — | — | — | (8,870 | ) | — | (8,870 | ) | ||||||||||||||||||||
adjustment | ||||||||||||||||||||||||||||
Earnings (losses) from equity method | 156,530 | — | — | 115,232 | (115,232 | ) | 156,530 | |||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
205,451 | — | — | 106,362 | (115,232 | ) | 196,581 | ||||||||||||||||||||||
Income (Loss) Before Income Taxes | 267,990 | (599 | ) | — | 106,071 | (115,232 | ) | 258,230 | ||||||||||||||||||||
Income tax benefit (expense) - Investment | (11,621 | ) | — | — | (27,787 | ) | — | (39,408 | ) | |||||||||||||||||||
Manager | ||||||||||||||||||||||||||||
Net Income (Loss) | $ | 256,369 | $ | (599 | ) | $ | — | $ | 78,284 | $ | (115,232 | ) | $ | 218,822 | ||||||||||||||
Principals' and Others' Interests in Income | $ | 7,588 | $ | — | $ | — | $ | — | $ | 132,950 | $ | 140,538 | ||||||||||||||||
(Loss) of Consolidated Subsidiaries | ||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Class A | $ | 248,781 | $ | (599 | ) | $ | — | $ | 78,284 | $ | (248,182 | ) | $ | 78,284 | ||||||||||||||
Shareholders (C) | ||||||||||||||||||||||||||||
(A) | Excluding FOE II (New) LP. | |||||||||||||||||||||||||||
(B) | Other than Fortress Operating Group. | |||||||||||||||||||||||||||
(C) | Includes net income (loss) attributable to the Principals’ (and a former senior employee’s) interests in the Fortress Operating Group column, which is eliminated in consolidation. | |||||||||||||||||||||||||||
Schedule of consolidating statement of cash flows information | The consolidating statement of cash flows information for the year ended December 31, 2012 is as follows: | |||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||||
Net income (loss) | $ | 256,369 | $ | (599 | ) | $ | — | $ | 78,284 | $ | (115,232 | ) | $ | 218,822 | ||||||||||||||
Adjustments to reconcile net income (loss) to net | ||||||||||||||||||||||||||||
cash provided by (used in) operating activities | ||||||||||||||||||||||||||||
Depreciation and amortization | 14,907 | 24 | — | — | — | 14,931 | ||||||||||||||||||||||
Other amortization and accretion (included | 2,942 | — | — | — | — | 2,942 | ||||||||||||||||||||||
in interest expense) | ||||||||||||||||||||||||||||
(Earnings) losses from equity method | (156,530 | ) | — | — | (115,232 | ) | 115,232 | (156,530 | ) | |||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Distributions of earnings from equity | 59,785 | — | — | — | — | 59,785 | ||||||||||||||||||||||
method investees | ||||||||||||||||||||||||||||
(Gains) losses | (48,921 | ) | — | — | — | — | (48,921 | ) | ||||||||||||||||||||
Deferred incentive income | (77,993 | ) | — | — | — | — | (77,993 | ) | ||||||||||||||||||||
Deferred tax (benefit) expense | 1,306 | — | — | 28,136 | — | 29,442 | ||||||||||||||||||||||
Options received from affiliates | (21,524 | ) | — | — | — | — | (21,524 | ) | ||||||||||||||||||||
Tax receivable agreement liability | — | — | — | 8,870 | — | 8,870 | ||||||||||||||||||||||
adjustment | ||||||||||||||||||||||||||||
Equity-based compensation | 213,274 | — | — | — | — | 213,274 | ||||||||||||||||||||||
Options in affiliates granted to | 10,134 | — | — | — | — | 10,134 | ||||||||||||||||||||||
employees | ||||||||||||||||||||||||||||
Other | (895 | ) | — | — | — | — | (895 | ) | ||||||||||||||||||||
Cash flows due to changes in | ||||||||||||||||||||||||||||
Due from affiliates | (76,660 | ) | (1,434 | ) | 2,524 | (162 | ) | 16,805 | (58,927 | ) | ||||||||||||||||||
Other assets | (19,015 | ) | (684 | ) | — | (699 | ) | — | (20,398 | ) | ||||||||||||||||||
Accrued compensation and benefits | (77,100 | ) | 1,710 | — | — | — | (75,390 | ) | ||||||||||||||||||||
Due to affiliates | 16,906 | 1,664 | (2,524 | ) | (17,482 | ) | (16,805 | ) | (18,241 | ) | ||||||||||||||||||
Deferred incentive income | 65,255 | 106 | — | — | — | 65,361 | ||||||||||||||||||||||
Other liabilities | (2,955 | ) | — | — | 163 | — | (2,792 | ) | ||||||||||||||||||||
Net cash provided by (used in) operating | 159,285 | 787 | — | (18,122 | ) | — | 141,950 | |||||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||||
Contributions to equity method investees | (63,798 | ) | — | — | (49,328 | ) | 49,328 | (63,798 | ) | |||||||||||||||||||
Distributions of capital from equity method | 140,712 | — | — | 27,592 | (27,592 | ) | 140,712 | |||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Purchase of fixed assets | (10,375 | ) | — | — | — | — | (10,375 | ) | ||||||||||||||||||||
Net cash provided by (used in) investing | 66,539 | — | — | (21,736 | ) | 21,736 | 66,539 | |||||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||||
Repayments of debt obligations | (261,250 | ) | — | — | — | — | (261,250 | ) | ||||||||||||||||||||
Issuance (purchase) of Class A shares (RSU | (49,328 | ) | — | — | 49,328 | — | — | |||||||||||||||||||||
settlements) | ||||||||||||||||||||||||||||
Repurchase of shares and RSUs | (37,776 | ) | — | — | — | — | (37,776 | ) | ||||||||||||||||||||
Capital contributions (distributions) | 49,328 | — | — | — | (49,328 | ) | — | |||||||||||||||||||||
Dividends and dividend equivalents paid | (29,385 | ) | — | — | (42,377 | ) | 27,592 | (44,170 | ) | |||||||||||||||||||
Principals' and others' interests in equity of | 431 | — | — | — | — | 431 | ||||||||||||||||||||||
consolidated subsidiaries - contributions | ||||||||||||||||||||||||||||
Principals' and others' interests in equity of | (94,648 | ) | — | — | — | — | (94,648 | ) | ||||||||||||||||||||
consolidated subsidiaries - distributions | ||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (422,628 | ) | — | — | 6,951 | (21,736 | ) | (437,413 | ) | |||||||||||||||||||
Net Increase (Decrease) in Cash and Cash | (196,804 | ) | 787 | — | (32,907 | ) | — | (228,924 | ) | |||||||||||||||||||
Equivalents | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, Beginning | 300,166 | — | — | 33,000 | — | 333,166 | ||||||||||||||||||||||
of Period | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 103,362 | $ | 787 | $ | — | $ | 93 | $ | — | $ | 104,242 | ||||||||||||||||
The consolidating statement of cash flows information for the year ended December 31, 2013 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||||
Net income (loss) | $ | 546,451 | $ | (828 | ) | $ | — | $ | 200,447 | $ | (262,479 | ) | $ | 483,591 | ||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||||||||||||||||||||||||||
Depreciation and amortization | 13,630 | 60 | — | — | — | 13,690 | ||||||||||||||||||||||
Other amortization and accretion (included | 900 | — | — | — | — | 900 | ||||||||||||||||||||||
in interest expense) | ||||||||||||||||||||||||||||
(Earnings) losses from equity method | (136,866 | ) | — | — | (262,479 | ) | 262,479 | (136,866 | ) | |||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Distributions of earnings from equity | 84,548 | — | — | — | — | 84,548 | ||||||||||||||||||||||
method investees | ||||||||||||||||||||||||||||
(Gains) losses | (53,938 | ) | 5 | — | — | — | (53,933 | ) | ||||||||||||||||||||
Deferred incentive income | (107,276 | ) | — | — | — | — | (107,276 | ) | ||||||||||||||||||||
Deferred tax (benefit) expense | 2,716 | — | — | 51,715 | — | 54,431 | ||||||||||||||||||||||
Options received from affiliates | (42,516 | ) | — | — | — | — | (42,516 | ) | ||||||||||||||||||||
Tax receivable agreement liability | — | — | — | 8,787 | — | 8,787 | ||||||||||||||||||||||
adjustment | ||||||||||||||||||||||||||||
Equity-based compensation | 39,266 | — | — | — | — | 39,266 | ||||||||||||||||||||||
Options in affiliates granted to employees | 8,190 | — | — | — | — | 8,190 | ||||||||||||||||||||||
Other | 863 | — | — | — | — | 863 | ||||||||||||||||||||||
Cash flows due to changes in | ||||||||||||||||||||||||||||
Due from affiliates | (329,175 | ) | (430 | ) | (1,694 | ) | 149,615 | (166,258 | ) | (347,942 | ) | |||||||||||||||||
Other assets | (18,303 | ) | 101 | — | 120 | — | (18,082 | ) | ||||||||||||||||||||
Accrued compensation and benefits | 330,332 | 575 | — | — | — | 330,907 | ||||||||||||||||||||||
Due to affiliates | (130,117 | ) | (2,291 | ) | 1,694 | (38,211 | ) | 166,258 | (2,667 | ) | ||||||||||||||||||
Deferred incentive income | 118,765 | — | — | — | — | 118,765 | ||||||||||||||||||||||
Other liabilities | (2,304 | ) | (43 | ) | — | 582 | — | (1,765 | ) | |||||||||||||||||||
Net cash provided by (used in) operating | 325,166 | (2,851 | ) | — | 110,576 | — | 432,891 | |||||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||||
Contributions to equity method investees | (37,084 | ) | — | — | (72,515 | ) | 72,515 | (37,084 | ) | |||||||||||||||||||
Distributions of capital from equity method | 281,481 | — | — | 97,475 | (97,475 | ) | 281,481 | |||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Proceeds from sale of direct investments | 18,849 | — | — | — | — | 18,849 | ||||||||||||||||||||||
Purchase of equity securities | (20,043 | ) | — | — | — | — | (20,043 | ) | ||||||||||||||||||||
Purchase of digital currency (Bitcoin) | (20,000 | ) | — | — | — | — | (20,000 | ) | ||||||||||||||||||||
Purchase of fixed assets | (11,471 | ) | — | — | — | — | (11,471 | ) | ||||||||||||||||||||
Net cash provided by (used in) investing activities | 211,732 | — | — | 24,960 | (24,960 | ) | 211,732 | |||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | |||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (B) | ||||||||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||||
Repayments of debt obligations | — | — | — | (149,453 | ) | — | (149,453 | ) | ||||||||||||||||||||
Payment of deferred financing costs | (2,367 | ) | — | — | — | — | (2,367 | ) | ||||||||||||||||||||
Issuance (purchase) of Class A shares (RSU | (70,850 | ) | — | — | 70,850 | — | — | |||||||||||||||||||||
settlements) | ||||||||||||||||||||||||||||
Repurchase of shares and RSUs | — | — | — | — | — | — | ||||||||||||||||||||||
Capital contributions (distributions) | 67,450 | 3,400 | — | — | (70,850 | ) | — | |||||||||||||||||||||
Dividends and dividend equivalents paid | (97,337 | ) | — | — | (56,399 | ) | 95,810 | (57,926 | ) | |||||||||||||||||||
Principals' and others' interests in equity of | 401 | — | — | — | — | 401 | ||||||||||||||||||||||
consolidated subsidiaries - contributions | ||||||||||||||||||||||||||||
Principals' and others' interests in equity of | (174,937 | ) | — | — | — | — | (174,937 | ) | ||||||||||||||||||||
consolidated subsidiaries - distributions | ||||||||||||||||||||||||||||
Net cash provided by (used in) financing | (277,640 | ) | 3,400 | — | (135,002 | ) | 24,960 | (384,282 | ) | |||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash | 259,258 | 549 | — | 534 | — | 260,341 | ||||||||||||||||||||||
Equivalents | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, Beginning | 103,362 | 787 | — | 93 | — | 104,242 | ||||||||||||||||||||||
of Period | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 362,620 | $ | 1,336 | $ | — | $ | 627 | $ | — | $ | 364,583 | ||||||||||||||||
(A) | Excluding FOE II (New) LP. | |||||||||||||||||||||||||||
The consolidating statement of cash flows information for the year ended December 31, 2014 is as follows: | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||||
Net income (loss) | $ | 264,580 | $ | (895 | ) | $ | (7,198 | ) | $ | (313 | ) | $ | 99,962 | $ | (122,779 | ) | $ | 233,357 | ||||||||||
Adjustments to reconcile net income (loss) to | ||||||||||||||||||||||||||||
net cash provided by (used in) operating activities | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Depreciation and amortization | 19,756 | 73 | — | — | — | — | 19,829 | |||||||||||||||||||||
Other amortization (included in interest expense) | 781 | — | — | — | — | — | 781 | |||||||||||||||||||||
(Earnings) losses from equity method investees | (76,731 | ) | — | — | (1,462 | ) | (122,779 | ) | 122,779 | (78,193 | ) | |||||||||||||||||
Distributions of earnings from equity method | 110,967 | — | — | — | — | — | 110,967 | |||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
(Gains) losses | 10,269 | — | — | (1,956 | ) | — | — | 8,313 | ||||||||||||||||||||
Deferred incentive income | (171,387 | ) | — | — | — | — | — | (171,387 | ) | |||||||||||||||||||
Deferred tax (benefit) expense | 1,527 | — | — | — | (19,571 | ) | — | (18,044 | ) | |||||||||||||||||||
Options received from affiliates | (6,310 | ) | — | — | 2,964 | — | — | (3,346 | ) | |||||||||||||||||||
Tax receivable agreement liability adjustment | — | — | — | — | 33,116 | — | 33,116 | |||||||||||||||||||||
Equity-based compensation | 38,157 | — | — | — | 38,157 | |||||||||||||||||||||||
Options in affiliates granted to employees | 701 | — | — | 741 | — | — | 1,442 | |||||||||||||||||||||
Other | (616 | ) | — | — | 79 | — | — | (537 | ) | |||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
(Gains) losses | — | — | (8,442 | ) | — | — | — | (8,442 | ) | |||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 61,395 | — | — | — | 61,395 | |||||||||||||||||||||
Loss on extinguishment of debt | — | — | 5,949 | — | — | — | 5,949 | |||||||||||||||||||||
Amortization (including deferred financing costs) | — | — | 1,018 | — | — | — | 1,018 | |||||||||||||||||||||
Deferred tax (benefit) expense | — | — | 3,750 | — | — | — | 3,750 | |||||||||||||||||||||
Deferred rental income | — | — | (4,348 | ) | — | — | — | (4,348 | ) | |||||||||||||||||||
Other | — | — | 1,047 | — | — | — | 1,047 | |||||||||||||||||||||
Cash flows due to changes in | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Due from affiliates | (166,016 | ) | (790 | ) | — | 8,335 | — | — | (158,471 | ) | ||||||||||||||||||
Other assets | 44,370 | (1,546 | ) | — | (53 | ) | 4,767 | — | 47,538 | |||||||||||||||||||
Accrued compensation and benefits | 89,014 | 861 | — | — | — | — | 89,875 | |||||||||||||||||||||
Due to affiliates | (10,285 | ) | 2,043 | — | (2,043 | ) | (23,853 | ) | — | (34,138 | ) | |||||||||||||||||
Deferred incentive income | 216,493 | — | — | — | — | — | 216,493 | |||||||||||||||||||||
Other liabilities | 5,164 | 18 | — | — | — | — | 5,182 | |||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Purchases of investments and payments to cover | — | — | (718,013 | ) | — | — | — | (718,013 | ) | |||||||||||||||||||
securities sold not yet purchased | ||||||||||||||||||||||||||||
Proceeds from sale of investments and | — | — | 608,228 | — | — | — | 608,228 | |||||||||||||||||||||
securities sold not yet purchased | ||||||||||||||||||||||||||||
Receivables from brokers and counterparties | — | — | (44,904 | ) | — | — | — | (44,904 | ) | |||||||||||||||||||
Other assets | — | — | (8,487 | ) | — | — | — | (8,487 | ) | |||||||||||||||||||
Due to brokers and counterparties | — | — | 12,031 | — | — | — | 12,031 | |||||||||||||||||||||
Other liabilities | — | — | 2,910 | (35 | ) | — | — | 2,875 | ||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Other assets | — | — | 5,434 | — | — | — | 5,434 | |||||||||||||||||||||
Due to affiliates | — | — | 1,793 | — | — | — | 1,793 | |||||||||||||||||||||
Deferred revenue | — | — | (426 | ) | — | — | — | (426 | ) | |||||||||||||||||||
Accrued expenses and other liabilities | — | — | (13,712 | ) | (6,257 | ) | — | — | (19,969 | ) | ||||||||||||||||||
Net cash provided by (used in) operating | 370,434 | (236 | ) | (101,975 | ) | — | (28,358 | ) | — | 239,865 | ||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Contributions to equity method investees | (86,113 | ) | — | — | 50,053 | (36,876 | ) | 36,876 | (36,060 | ) | ||||||||||||||||||
Distributions of capital from equity method | 379,940 | — | — | — | 126,414 | (126,414 | ) | 379,940 | ||||||||||||||||||||
investees | ||||||||||||||||||||||||||||
Purchase of securities | (16,664 | ) | — | — | — | — | — | (16,664 | ) | |||||||||||||||||||
Proceeds from sale of equity investments | 84,852 | — | — | — | — | — | 84,852 | |||||||||||||||||||||
Purchase of fixed assets | (12,445 | ) | — | — | — | — | — | (12,445 | ) | |||||||||||||||||||
Purchase of software and technology-related | (25,976 | ) | — | — | — | — | — | (25,976 | ) | |||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Existing cash on deconsolidation date | — | — | (12,024 | ) | — | — | — | (12,024 | ) | |||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Existing cash on consolidation date | — | — | 269,089 | — | — | — | 269,089 | |||||||||||||||||||||
Purchase of fixed assets | — | — | (6,104 | ) | — | — | — | (6,104 | ) | |||||||||||||||||||
Acquisitions, net of cash acquired | — | — | (77,618 | ) | — | — | — | (77,618 | ) | |||||||||||||||||||
Acquisitions of real estate | — | — | (15,691 | ) | — | — | — | (15,691 | ) | |||||||||||||||||||
Deposits paid for investments | — | — | (4,855 | ) | — | — | — | (4,855 | ) | |||||||||||||||||||
Other | — | — | 888 | — | — | — | 888 | |||||||||||||||||||||
Net cash provided by (used in) investing | 323,594 | — | 153,685 | 50,053 | 89,538 | (89,538 | ) | 527,332 | ||||||||||||||||||||
activities | ||||||||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||||
Investment Manager | ||||||||||||||||||||||||||||
Repayments of debt obligations | (50,000 | ) | — | — | — | — | — | (50,000 | ) | |||||||||||||||||||
Borrowing under debt obligations | 125,000 | — | — | — | — | — | 125,000 | |||||||||||||||||||||
Proceeds from public offering (Note 9) | — | — | — | — | 186,551 | — | 186,551 | |||||||||||||||||||||
Repurchase of Class B shares (Note 9) | — | — | — | — | (186,551 | ) | — | (186,551 | ) | |||||||||||||||||||
Issuance (purchase) of Class A shares (RSU | (36,876 | ) | — | — | — | 36,876 | — | — | ||||||||||||||||||||
settlements) | ||||||||||||||||||||||||||||
Repurchase of Class A shares (Note 9) | (363,260 | ) | (150 | ) | — | — | — | — | (363,410 | ) | ||||||||||||||||||
Repurchase of shares and RSUs (Note 9) | (3,611 | ) | — | — | — | — | — | (3,611 | ) | |||||||||||||||||||
Capital contributions (distributions) | 36,876 | — | — | — | — | (36,876 | ) | — | ||||||||||||||||||||
Dividends and dividend equivalents paid | (130,410 | ) | — | — | — | (101,864 | ) | 126,414 | (105,860 | ) | ||||||||||||||||||
Principals’ and others’ interests in equity of | 876 | — | — | — | — | — | 876 | |||||||||||||||||||||
consolidated subsidiaries - contributions | ||||||||||||||||||||||||||||
Principals’ and others’ interests in equity of | (245,461 | ) | — | — | — | — | — | (245,461 | ) | |||||||||||||||||||
consolidated subsidiaries - distributions | ||||||||||||||||||||||||||||
Excess tax benefits from delivery of RSUs | — | — | — | — | 3,538 | — | 3,538 | |||||||||||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||||||||||
Redeemable non-controlling interests - | — | — | 86,255 | (50,003 | ) | — | — | 36,252 | ||||||||||||||||||||
contributions | ||||||||||||||||||||||||||||
Non-redeemable non-controlling interests | — | — | 75,315 | (50 | ) | — | — | 75,265 | ||||||||||||||||||||
in Investment Company - contributions | ||||||||||||||||||||||||||||
Continued on next page. | ||||||||||||||||||||||||||||
Fortress Operating Group Combined (A) | FOE II | Certain Consolidated Entities (B) | Fortress Operating Group Eliminations | Fortress | Elimination Adjustments | Fortress Investment Group LLC Consolidated | ||||||||||||||||||||||
(New) LP | Investment | |||||||||||||||||||||||||||
Group LLC | ||||||||||||||||||||||||||||
Consolidated (C) | ||||||||||||||||||||||||||||
Non-Investment Manager - consolidated VIEs | ||||||||||||||||||||||||||||
Repayments of debt obligations | — | — | (199,969 | ) | — | — | — | (199,969 | ) | |||||||||||||||||||
Borrowings under debt obligations | — | — | 241,843 | — | — | — | 241,843 | |||||||||||||||||||||
Payment of debt issuance costs | — | — | (2,569 | ) | — | — | — | (2,569 | ) | |||||||||||||||||||
Proceeds from public offering (net of offering | — | — | 115,874 | — | — | — | 115,874 | |||||||||||||||||||||
costs) | ||||||||||||||||||||||||||||
Capital contributions | — | — | 142 | — | — | — | 142 | |||||||||||||||||||||
Dividends and dividend equivalents paid | — | — | (18,212 | ) | — | — | — | (18,212 | ) | |||||||||||||||||||
Net cash provided by (used in) financing | (666,866 | ) | (150 | ) | 298,679 | (50,053 | ) | (61,450 | ) | 89,538 | (390,302 | ) | ||||||||||||||||
activities | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash | 27,162 | (386 | ) | 350,389 | — | (270 | ) | — | 376,895 | |||||||||||||||||||
Equivalents | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, Beginning of | 362,620 | 1,336 | — | — | 627 | — | 364,583 | |||||||||||||||||||||
Period | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 389,782 | $ | 950 | $ | 350,389 | $ | — | $ | 357 | $ | — | $ | 741,478 | ||||||||||||||
Cash and Cash Equivalents - Investment | $ | 389,782 | $ | 950 | $ | — | $ | — | $ | 357 | $ | — | $ | 391,089 | ||||||||||||||
Manager, End of Period | ||||||||||||||||||||||||||||
Cash and Cash Equivalents - Investment | $ | — | $ | — | $ | 303 | $ | — | $ | — | $ | — | $ | 303 | ||||||||||||||
Company - consolidated VIEs, End of Period | ||||||||||||||||||||||||||||
Cash and Cash Equivalents - Non-Investment | $ | — | $ | — | $ | 350,086 | $ | — | $ | — | $ | — | $ | 350,086 | ||||||||||||||
Manager - consolidated VIEs, End of Period | ||||||||||||||||||||||||||||
(A) | Excluding FOE II (New) LP and certain consolidated entities. | |||||||||||||||||||||||||||
(B) | Comprised of the Investment Company and Non-Investment Manager. | |||||||||||||||||||||||||||
(C) | Other than Fortress Operating Group. |
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Summary of financial quarterly operations | The following is unaudited summary information on Fortress’s quarterly operations. | |||||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | December 31 | ||||||||||||||||
2014 | ||||||||||||||||||||
Total revenues | $ | 310,166 | $ | 427,313 | $ | 403,760 | $ | 670,578 | (A) | $ | 1,811,817 | |||||||||
Total expenses | 307,370 | 378,995 | 397,947 | 529,498 | 1,613,810 | |||||||||||||||
Total other income (loss) | 9,130 | 27,380 | 10,542 | (1,846 | ) | 45,206 | ||||||||||||||
Income (Loss) Before Income Taxes | 11,926 | 75,698 | 16,355 | 139,234 | 243,213 | |||||||||||||||
Income tax benefit (expense) | (5,755 | ) | (6,743 | ) | (6,140 | ) | 8,782 | (9,856 | ) | |||||||||||
Net Income (Loss) | $ | 6,171 | $ | 68,955 | $ | 10,215 | $ | 148,016 | $ | 233,357 | ||||||||||
Principals’ and Others’ Interests in (Income) Loss of Consolidated | $ | 5,969 | $ | 42,135 | $ | 10,842 | $ | 80,014 | $ | 138,960 | ||||||||||
Subsidiaries | ||||||||||||||||||||
Redeemable Non-controlling Interests in Income (Loss) of | — | 157 | (2,042 | ) | 1,176 | (709 | ) | |||||||||||||
Investment Company - consolidated VIEs | ||||||||||||||||||||
Non-controlling Interests in Income (Loss) of Investment | — | — | (9 | ) | 9,746 | 9,737 | ||||||||||||||
Company - consolidated VIEs | ||||||||||||||||||||
Non-controlling Interests in Income (Loss) of Non-Investment | (2,734 | ) | (4,557 | ) | (3,014 | ) | (4,288 | ) | (14,593 | ) | ||||||||||
Manager - consolidated VIEs | ||||||||||||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 2,936 | 31,220 | 4,438 | 61,368 | 99,962 | |||||||||||||||
$ | 6,171 | $ | 68,955 | $ | 10,215 | $ | 148,016 | $ | 233,357 | |||||||||||
Net income (loss) per Class A share, basic | $ | 0.01 | $ | 0.15 | $ | 0.02 | $ | 0.29 | $ | 0.47 | ||||||||||
Net income (loss) per Class A share, diluted (B) | $ | 0.01 | $ | 0.12 | $ | 0.02 | $ | 0.24 | $ | 0.43 | ||||||||||
Weighted average number of Class A shares outstanding, basic | 216,934,917 | 207,783,751 | 208,014,692 | 208,607,680 | 210,303,241 | |||||||||||||||
Weighted average number of Class A shares outstanding, diluted | 229,033,778 | 444,566,847 | 220,792,711 | 449,618,855 | 455,154,136 | |||||||||||||||
(A) Includes incentive income from hedge funds, which is recognized in the fourth quarter as annual performance criteria are achieved, as well as from non-clawbackable and “tax distributions” from credit PE funds, as described in Note 3. | ||||||||||||||||||||
(B) | Fortress's diluted income (loss) per share for all periods presented includes the income tax effects to net income (loss) attributable to Class A shareholders from the assumed conversion of Fortress Operating Group Units (see Note 8). | |||||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | December 31 | ||||||||||||||||
2013 | ||||||||||||||||||||
Total revenues | $ | 244,355 | $ | 223,074 | $ | 232,019 | $ | 565,535 | (A) | $ | 1,264,983 | |||||||||
Total expenses | 220,611 | 249,849 | 184,051 | 243,092 | 897,603 | |||||||||||||||
Total other income (loss) | 69,838 | 25,505 | 68,011 | 18,658 | 182,012 | |||||||||||||||
Income (Loss) Before Income Taxes | 93,582 | (1,270 | ) | 115,979 | 341,101 | 549,392 | ||||||||||||||
Income tax benefit (expense) | (26,276 | ) | (1,166 | ) | (14,794 | ) | (23,565 | ) | (65,801 | ) | ||||||||||
Net Income (Loss) | $ | 67,306 | $ | (2,436 | ) | $ | 101,185 | $ | 317,536 | $ | 483,591 | |||||||||
Principals’ and Others’ Interests in (Income) Loss of | $ | 52,977 | $ | (360 | ) | $ | 58,804 | $ | 171,723 | $ | 283,144 | |||||||||
Consolidated Subsidiaries | ||||||||||||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 14,329 | (2,076 | ) | 42,381 | 145,813 | 200,447 | ||||||||||||||
$ | 67,306 | $ | (2,436 | ) | $ | 101,185 | $ | 317,536 | $ | 483,591 | ||||||||||
Net income (loss) per Class A share, basic | $ | 0.06 | $ | (0.01 | ) | $ | 0.17 | $ | 0.59 | $ | 0.83 | |||||||||
Net income (loss) per Class A share, diluted (B) | $ | 0.05 | $ | (0.01 | ) | $ | 0.12 | $ | 0.49 | $ | 0.79 | |||||||||
Weighted average number of Class A shares outstanding, basic | 227,287,102 | 237,426,903 | 239,404,587 | 240,684,662 | 236,246,296 | |||||||||||||||
Weighted average number of Class A shares outstanding, diluted | 496,294,600 | 237,426,903 | 502,091,166 | 503,803,432 | 500,631,423 | |||||||||||||||
(A) Includes incentive income from hedge funds, which is recognized in the fourth quarter as annual performance criteria are achieved, as well as “tax distributions” from credit PE funds, as described in Note 3. | ||||||||||||||||||||
(B) | Fortress's diluted income (loss) per share for all periods presented includes the income tax effects to net income (loss) attributable to Class A shareholders from the assumed conversion of Fortress Operating Group Units and fully vested Restricted Partnership Units to Class A shares (see Note 8). |
CONCENTRATION_OF_CREDIT_RISKS_
CONCENTRATION OF CREDIT RISKS (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Risks and Uncertainties [Abstract] | ||||
Schedule of future minimum payments receivable | Minimum future rental payments (excluding expense escalations) related to New Media’s non-cancelable operating lease commitments are as follows: | |||
2015 | $ | 6,800 | ||
2016 | 4,985 | |||
2017 | 4,801 | |||
2018 | 3,671 | |||
2019 | 1,450 | |||
Thereafter | 3,449 | |||
Total minimum lease payments | $ | 25,156 | ||
Minimum future rental payments (excluding expense escalations) under these leases are as follows: | ||||
Investment Manager | ||||
Year Ending December 31, | ||||
2015 | $ | 25,483 | ||
2016 | 23,253 | |||
2017 | 12,462 | |||
2018 | 20,234 | |||
2019 | 19,612 | |||
Thereafter | 279,382 | |||
Total | $ | 380,426 | ||
The following table sets forth future contracted minimum rental receipts, excluding contingent payment escalations for all of New Senior's triple net leases properties as of December 31, 2014. | ||||
Total | ||||
2015 | $ | 82,439 | ||
2016 | 86,040 | |||
2017 | 89,799 | |||
2018 | 92,882 | |||
2019 | 95,972 | |||
Thereafter | 1,269,839 | |||
Total | $ | 1,716,971 | ||
ORGANIZATION_AND_BASIS_OF_PRES2
ORGANIZATION AND BASIS OF PRESENTATION (Investment Manager Narrative) (Details) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | |
USD ($) | USD ($) | USD ($) | Investment Manager [Member] | Investment Manager [Member] | Investment Manager [Member] | Liquid Hedge Funds [Member] | Liquid Hedge Funds [Member] | Liquid Hedge Funds [Member] | Liquid Hedge Funds [Member] | Liquid Hedge Funds [Member] | Graticule Asset Management [Member] | Graticule Asset Management [Member] | Investment Vehicles [Member] | Computer Software and Technology Equipment [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | Graticule Asset Management [Member] | |
category | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Investment Manager [Member] | Investment Manager [Member] | Investment Manager [Member] | Investment Manager [Member] | Investment Manager [Member] | Investment Manager [Member] | Investment Manager [Member] | Liquid Hedge Funds [Member] | Scenario, Forecast [Member] | |||
employee | USD ($) | USD ($) | During 2014 [Member] | After 2014 [Member] | EUR (€) | USD ($) | USD ($) | Investment Manager [Member] | USD ($) | |||||||||
source | USD ($) | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Number of primary sources of income from the Fortress Funds | 3 | |||||||||||||||||
Investment in consolidated subsidiaries (as a percent) | 48.00% | 49.10% | 30.00% | 27.00% | ||||||||||||||
Net realized gains (losses) from affiliate investments | $47,624,000 | $12,030,000 | ($80,000) | $135,000,000 | ||||||||||||||
Non-cash compensation expense | 101,000,000 | |||||||||||||||||
Investments | 1,110,543,000 | 1,253,266,000 | 1,211,684,000 | 1,110,543,000 | 1,253,266,000 | 167,630,000 | 158,920,000 | 180,664,000 | 167,630,000 | 158,920,000 | 48,500,000 | 34,000,000 | ||||||
Purchase price | 26,000,000 | |||||||||||||||||
Intangible asset, useful life | 5 years | |||||||||||||||||
Number of principal categories in a family of real assets funds focused on investing in tangible and intangible assets | 4 | |||||||||||||||||
Non-cash Redeemable Non-controlling Interests, Distributions | 56,500,000 | |||||||||||||||||
Number of senior employees holding ownership interests in Fortress Operating Group | 1 | |||||||||||||||||
Maximum borrowing amount (up to 300 million euro) | € 300,000,000 |
ORGANIZATION_AND_BASIS_OF_PRES3
ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION (Summary of Redeemable Non-controlling Interest Activity) (Details) (Variable Interest Entity, Primary Beneficiary 1 [Member], Investment Manager [Member], USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity, Primary Beneficiary 1 [Member] | Investment Manager [Member] | |||||||
Increase (Decrease) In Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Beginning balance | $0 | $0 | |||||
Capital contributions | 56,771 | ||||||
Consolidation of Redeemable Non-Controlling interest of Investment Company | 2,179 | ||||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | 1,176 | -2,042 | 157 | 0 | -709 | 0 | 0 |
Deconsolidation of Redeemable Non-Controlling interests in income (loss) of Investment Company | -56,524 | ||||||
Ending balance | $1,717 | $1,717 | $0 |
ORGANIZATION_AND_BASIS_OF_PRES4
ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION (Non-Investment Manager Narrative) (Details) (Non-Investment Manager [Member], USD $) | 12 Months Ended | 11 Months Ended | 1 Months Ended | 2 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jan. 31, 2015 | Dec. 31, 2014 | |
acquisition | acquisition | ||||
property | |||||
state | |||||
Business Acquisition [Line Items] | |||||
Number of weeks in fiscal year | 364 days | ||||
Increase in total revenue | $789,400,000 | $1,367,700,000 | |||
Increase (decrease) in net income | -75,300,000 | 697,500,000 | |||
Increase (decrease) in bankruptcy plan adjustments | 844,100,000 | ||||
Increase (decrease) in impairment charges | 159,300,000 | ||||
New Media [Member] | |||||
Business Acquisition [Line Items] | |||||
Management fee per annum of equity and incentive income (percent) | 1.50% | 1.50% | 1.50% | ||
Percentage of parent owned outstanding common stock | 0.20% | 0.20% | 0.20% | ||
Number of markets in which entity operates | 379 | 379 | 379 | ||
Number of states in which entity operates | 27 | 27 | 27 | ||
Number of community publications in which entity operates | 452 | 452 | 452 | ||
Number of websites in which entity operates | 379 | 379 | 379 | ||
Number of mobile sites in which entity operates | 360 | 360 | 360 | ||
Number of yellow pages in which entity operates | 6 | 6 | 6 | ||
Number of people per week reached by entity's media (over 14 million) | 14,000,000 | 14,000,000 | 14,000,000 | ||
Number of business customers (over 130,000) | 140,000 | 140,000 | 140,000 | ||
Original issue discount | 7,385,000 | 7,385,000 | 7,385,000 | ||
New Media [Member] | Regional Media Outlets [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of regional media assets acquired | 5 | ||||
Purchase price | 77,800,000 | ||||
New Media [Member] | Halifax Media Group [Member] | Subsequent event [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price | 280,000,000 | ||||
New Media [Member] | Halifax Media Group [Member] | Term Loan And Revolving Debt [Member] | New Media Credit Agreement [Member] | Subsequent event [Member] | |||||
Business Acquisition [Line Items] | |||||
Liabilities incurred | 152,000,000 | ||||
Interest rate floor | 1.00% | ||||
Original issue discount | 1,500,000 | ||||
New Media [Member] | Halifax Media Group [Member] | Term Loan And Revolving Debt [Member] | New Media Credit Agreement [Member] | LIBOR [Member] | Subsequent event [Member] | |||||
Business Acquisition [Line Items] | |||||
Contractual Interest Rate, spread (as a percent) | 6.25% | ||||
New Media [Member] | Halifax Media Group [Member] | Term Loan Facility [Member] | $18.0 million term loan [Member] | Subsequent event [Member] | |||||
Business Acquisition [Line Items] | |||||
Principle amount | 18,000,000 | ||||
New Media [Member] | Halifax Media Group [Member] | Term Loan Facility [Member] | $10.0 million term loan due December 2016 [Member] | Subsequent event [Member] | |||||
Business Acquisition [Line Items] | |||||
Principle amount | 10,000,000 | ||||
Stated interest rate | 5.25% | ||||
New Media [Member] | Halifax Media Group [Member] | Term Loan Facility [Member] | $8.0 million term loan due December 2019 [Member] | Subsequent event [Member] | |||||
Business Acquisition [Line Items] | |||||
Principle amount | 8,000,000 | ||||
New Media [Member] | Halifax Media Group [Member] | Term Loan Facility [Member] | $8.0 million term loan due December 2019 [Member] | LIBOR [Member] | Subsequent event [Member] | |||||
Business Acquisition [Line Items] | |||||
Contractual Interest Rate, spread (as a percent) | 6.25% | ||||
New Senior [Member] | |||||
Business Acquisition [Line Items] | |||||
Management fee per annum of equity and incentive income (percent) | 1.50% | 1.50% | 1.50% | ||
Number of states in which entity operates | 27 | 27 | 27 | ||
Purchase price | 15,700,000 | ||||
Number of properties | 100 | 100 | 100 | ||
Number of businesses acquired | 1 | ||||
New Senior [Member] | Triple Net Lease Properties [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of properties | 57 | 57 | 57 | ||
Number of tenants | 2 | 2 | 2 | ||
Number of property managers | 3 | 3 | 3 | ||
New Senior [Member] | Triple Net Lease Properties [Member] | Continuing Care Retirement Communities [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of properties | 4 | 4 | 4 | ||
New Senior [Member] | Triple Net Lease Properties [Member] | Independent Living Facility [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of properties | 52 | 52 | 52 | ||
New Senior [Member] | Triple Net Lease Properties [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of properties | 1 | 1 | 1 | ||
New Senior [Member] | Managed Properties [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of properties | 43 | 43 | 43 | ||
New Senior [Member] | Managed Properties [Member] | Independent Living Facility [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of properties | 4 | 4 | 4 | ||
New Senior [Member] | Managed Properties [Member] | Assisted Living And/Or Memory Care Facilities [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of properties | 39 | 39 | 39 | ||
New Senior [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Property management fee, percent | 6.00% | ||||
New Senior [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Property management fee, percent | 7.00% | ||||
New Senior [Member] | Four Independent Living Properties [Member] | Subsequent event [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $36,300,000 |
ORGANIZATION_AND_BASIS_OF_PRES5
ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION (Assets and Liabilities Assumed) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 14, 2014 | Nov. 07, 2014 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Non-controlling interests in equity of New Media | $638,360 | $789,838 | ||
Non-Investment Manager [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 370,375 | 0 | ||
Non-controlling interests in equity of New Media | 1,700,172 | 0 | ||
New Media [Member] | Non-Investment Manager [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 23,845 | |||
Fixed assets | 266,385 | |||
Goodwill | 118,847 | |||
Intangibles assets | 144,664 | |||
Other assets | 108,072 | |||
Total assets | 661,813 | |||
Debt obligations payable | -177,955 | |||
Accrued expenses and other liabilities | 99,858 | |||
Net assets | 384,000 | |||
Non-controlling interests in equity of New Media | 383,040 | |||
New Senior [Member] | Non-Investment Manager [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 245,244 | |||
Investments in senior housing real estate | 1,792,166 | |||
Goodwill | 243,402 | |||
Intangibles assets | 282,059 | |||
Other assets | 35,932 | |||
Total assets | 2,598,803 | |||
Mortgage notes payable | 1,260,633 | |||
Accrued expenses and other liabilities | 56,653 | |||
Net assets | 1,281,517 | |||
Non-controlling interests in equity of New Media | $1,254,784 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2014 | |
type | ||
Risks and Uncertainties | ||
Number of significant types of economic risks | 2 | |
Minimum [Member] | ||
Product Information [Line Items] | ||
Investment in consolidated subsidiaries (as a percent) | 50.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Investment Manager - Narrative) (Details) (Investment Manager [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Assets and Other Liabilities | ||||
Allowances for uncollectable amounts | $2,300,000 | $2,300,000 | $3,300,000 | |
Impairment charge on Digital Currency/Bitcoin | 11,500,000 | 11,500,000 | ||
Unrealized loss on digital currency /Bitcoin | ($1,700,000) | ($9,470,000) | ($3,702,000) | $0 |
Income Tax Other Disclosure [Abstract] | ||||
Unincorporated business statutory tax rate applicable to certain subsidiaries of Fortress (as a percent) | 4.00% | |||
Minimum [Member] | ||||
Fixed Assets, Depreciation and Amortization | ||||
Estimated useful lives of fixed assets | 3 years | |||
Maximum [Member] | ||||
Fixed Assets, Depreciation and Amortization | ||||
Estimated useful lives of fixed assets | 7 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Non-Investment Manager - Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 11 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization | $81,000 | $46,000 | $46,000 | ||
Non-Investment Manager [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Notice period to cancel lease agreements | 30 days | ||||
Straight-line rent receivables, net | 4,300,000 | 4,300,000 | 4,300,000 | ||
Allowances for uncollectable amounts | 5,000,000 | 5,000,000 | 5,000,000 | ||
Non-Investment Manager [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 15 years 9 months 18 days | ||||
Amortization | 22,400,000 | ||||
Depreciation expense | $30,800,000 | ||||
Non-Investment Manager [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 4 years 10 months 10 days | ||||
Non-Investment Manager [Member] | Advertiser Relationships [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 15 years 8 months 18 days | ||||
Non-Investment Manager [Member] | Customer Relationships [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 15 years 10 months 24 days | ||||
Non-Investment Manager [Member] | Subscriber Relationships [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 15 years 10 months 24 days | ||||
Non-Investment Manager [Member] | Trade Names [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 10 years | ||||
Non-Investment Manager [Member] | Non-compete agreements [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 5 years | ||||
Non-Investment Manager [Member] | Above or below market lease [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 23 years 6 months | ||||
Non-Investment Manager [Member] | In-place lease intangibles [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 2 years | ||||
Non-Investment Manager [Member] | Other Intangible Assets [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 8 years 6 months | ||||
Non-Investment Manager [Member] | During 2014 [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Percent of newsprint inventory purchased from one vendor | 95.00% | ||||
Number of vendors newsprint inventory is purchased from | 1 | ||||
Non-Investment Manager [Member] | Building [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 40 years | ||||
Non-Investment Manager [Member] | Minimum [Member] | Advertiser Relationships [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 14 years | ||||
Non-Investment Manager [Member] | Minimum [Member] | Customer Relationships [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 14 years | ||||
Non-Investment Manager [Member] | Minimum [Member] | Subscriber Relationships [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 13 years | ||||
Non-Investment Manager [Member] | Minimum [Member] | Above or below market lease [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 17 years | ||||
Non-Investment Manager [Member] | Minimum [Member] | In-place lease intangibles [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 2 years | ||||
Non-Investment Manager [Member] | Minimum [Member] | Other Intangible Assets [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 5 years | ||||
Non-Investment Manager [Member] | Minimum [Member] | Building [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 21 years | ||||
Non-Investment Manager [Member] | Minimum [Member] | Building Improvements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 4 years | ||||
Non-Investment Manager [Member] | Minimum [Member] | Building Improvements [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 3 years | ||||
Non-Investment Manager [Member] | Minimum [Member] | Machinery and Equipment [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 1 year | ||||
Non-Investment Manager [Member] | Minimum [Member] | Furniture, Fixtures, and Computer Software [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 1 year | ||||
Non-Investment Manager [Member] | Minimum [Member] | Other Fixed Assets [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 3 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | Advertiser Relationships [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 16 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | Customer Relationships [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 16 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | Subscriber Relationships [Member] | New Media [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 16 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | Above or below market lease [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 82 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | In-place lease intangibles [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 3 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | Other Intangible Assets [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period | 13 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | Building [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 38 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | Building Improvements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 10 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | Building Improvements [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 10 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | Machinery and Equipment [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 15 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | Furniture, Fixtures, and Computer Software [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 9 years | ||||
Non-Investment Manager [Member] | Maximum [Member] | Other Fixed Assets [Member] | New Senior [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of fixed assets | 5 years | ||||
Assisted Living And/Or Memory Care Facilities [Member] | Non-Investment Manager [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Average length of stay of residents | 24 months | ||||
Independent Living Facility [Member] | Non-Investment Manager [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Average length of stay of residents | 33 months | ||||
Triple Net Lease Properties [Member] | Non-Investment Manager [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Lease term | 15 years | ||||
Triple Net Lease Properties [Member] | Non-Investment Manager [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Lease term | 17 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Investment Manager - Other Assets and Other Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets | ||
Other assets | $190,595 | |
Investment Manager [Member] | ||
Other Assets | ||
Fixed assets | 154,525 | 115,392 |
Accumulated depreciation | -99,412 | -81,548 |
Receivables | 24,997 | 65,545 |
Equity securities | 17,627 | 23,005 |
Digital currency (Bitcoin) | 6,828 | 16,298 |
Prepaid compensation, net | 13,091 | 16,626 |
Prepaid expense | 17,418 | 14,486 |
Goodwill and intangibles | 10,417 | 9,421 |
Accumulated amortization | -8,345 | -8,264 |
Derivatives | 27,105 | 9,749 |
Miscellaneous assets, net | 9,225 | 9,885 |
Other assets | 173,476 | 190,595 |
Other Liabilities | ||
Current taxes payable | 4,204 | 1,941 |
Accrued expenses and accounts payable | 25,634 | 16,790 |
Deferred rent | 7,459 | 7,531 |
Deferred revenue | 10,694 | 10,811 |
Derivatives | 932 | 1,820 |
Accrued fee liability | 30,000 | 0 |
Miscellaneous liabilities | 9,064 | 10,937 |
Total other liabilities | $87,987 | $49,830 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Comprehensive Income (Loss)) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Direct - Investment Manager | ||
Net foreign currency translation adjustments | ($2,416) | ($1,522) |
Direct - Non-Investment Manager - consolidated VIEs | ||
Other | -10 | 0 |
Accumulated other comprehensive income (loss) | ($2,426) | ($1,522) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Non-Investment Manager - Estimated Useful Life) (Details) (Non-Investment Manager [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
New Media [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 15 years 9 months 18 days |
New Media [Member] | Advertiser Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 15 years 8 months 18 days |
New Media [Member] | Advertiser Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 14 years |
New Media [Member] | Advertiser Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 16 years |
New Media [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 15 years 10 months 24 days |
New Media [Member] | Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 14 years |
New Media [Member] | Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 16 years |
New Media [Member] | Subscriber Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 15 years 10 months 24 days |
New Media [Member] | Subscriber Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 13 years |
New Media [Member] | Subscriber Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 16 years |
New Media [Member] | Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 10 years |
New Media [Member] | Non-compete agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 5 years |
New Senior [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 4 years 10 months 10 days |
New Senior [Member] | Above or below market lease [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 23 years 6 months |
New Senior [Member] | Above or below market lease [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 17 years |
New Senior [Member] | Above or below market lease [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 82 years |
New Senior [Member] | In-place lease intangibles [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 2 years |
New Senior [Member] | In-place lease intangibles [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 2 years |
New Senior [Member] | In-place lease intangibles [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 3 years |
New Senior [Member] | Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 8 years 6 months |
New Senior [Member] | Other Intangible Assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 5 years |
New Senior [Member] | Other Intangible Assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 13 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Goodwill and Intangible Assets) (Details) (Non-Investment Manager [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 14, 2014 | Nov. 07, 2014 |
In Thousands, unless otherwise specified | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $394,470 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | -22,396 | |||
Total | 372,074 | |||
Goodwill | 370,375 | 0 | ||
New Media [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 111,419 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | -5,922 | |||
Total | 105,497 | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 423,819 | |||
Goodwill | 118,847 | |||
New Media [Member] | Advertiser Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 64,271 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | -3,445 | |||
Total | 60,826 | |||
New Media [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 7,763 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | -369 | |||
Total | 7,394 | |||
New Media [Member] | Subscriber Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 38,923 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | -2,084 | |||
Total | 36,839 | |||
New Media [Member] | Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 262 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | -24 | |||
Total | 238 | |||
New Media [Member] | Non-compete agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 200 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | |||
Total | 200 | |||
New Senior [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 283,051 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | -16,474 | |||
Total | 266,577 | |||
Goodwill | 243,402 | |||
New Senior [Member] | Above or below market lease [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 32,950 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | -262 | |||
Total | 32,688 | |||
New Senior [Member] | In-place lease intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 245,675 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | -16,121 | |||
Total | 229,554 | |||
New Senior [Member] | Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 4,426 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | -91 | |||
Total | 4,335 | |||
Mastheads [Member] | New Media [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 51,245 | |||
Other Nonamortized Intangible Assets [Member] | New Media [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 500 | |||
Goodwill [Member] | New Media [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $370,375 |
Recovered_Sheet1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Future Amortization Expense) (Details) (Non-Investment Manager [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Total | $372,074 |
New Media [Member] | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | 7,195 |
2016 | 7,195 |
2017 | 7,195 |
2018 | 7,195 |
2019 | 7,195 |
Thereafter | 69,522 |
Total | 105,497 |
New Senior [Member] | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | 112,217 |
2016 | 101,203 |
2017 | 23,283 |
2018 | 2,187 |
2019 | 2,069 |
Thereafter | 25,618 |
Total | $266,577 |
Recovered_Sheet2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Non-Investment Manager - Other Assets and Other Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets | ||
Other assets | $190,595 | |
Non-Investment Manager [Member] | ||
Other Assets | ||
Receivables | 87,659 | |
Deferred financing costs | 3,252 | |
Prepaid expense | 12,346 | |
Escrows held by lender | 10,768 | |
Deposits | 8,582 | |
Inventory | 9,824 | |
Miscellaneous assets, net | 24,099 | |
Other assets | 156,530 | 0 |
Other Liabilities | ||
Accrued expenses and accounts payable | 59,617 | |
Security deposits payable | 22,695 | |
Dividends payable | 15,284 | |
Pension and other post retirement benefit obligations | 13,794 | |
Miscellaneous liabilities | 22,461 | |
Total other liabilities | $133,851 |
Recovered_Sheet3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Net Periodic Benefit Cost (Income)) (Details) (Non-Investment Manager [Member], USD $) | 11 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $300 | |
Interest cost | 1,191 | |
Expected return on plan assets | -1,624 | |
Net periodic benefit cost (income) | -133 | |
Components of changes in plan assets and benefit obligations recognized in other comprehensive income: | ||
Net actuarial (gain) loss | 4,549 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 21 | |
Interest cost | 245 | |
Expected return on plan assets | 0 | |
Net periodic benefit cost (income) | 266 | |
Components of changes in plan assets and benefit obligations recognized in other comprehensive income: | ||
Net actuarial (gain) loss | $377 |
Recovered_Sheet4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Assumptions Used to Calculated Net Periodic Benefit Cost (Income)) (Details) (Non-Investment Manager [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.00% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.50% |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.80% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.80% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2025 |
Recovered_Sheet5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fixed Assets) (Details) (Non-Investment Manager [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total | $283,786 | $0 |
New Media [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | 314,558 | |
Less: accumulated depreciation | -30,772 | |
Total | 283,786 | |
New Media [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | 25,813 | |
New Media [Member] | Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | 127,428 | |
New Media [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | 144,203 | |
New Media [Member] | Furniture, Fixtures, and Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | 15,051 | |
New Media [Member] | Construction in progress and other non-depreciating assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | $2,063 |
MANAGEMENT_AGREEMENTS_AND_FORT2
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
source | |||
Management and Agreement Fortress Funds [Abstract] | |||
Number of principal sources of income from agreements with the Fortress Funds | 2 | ||
Incentive income recognized on achieving annual performance criteria | $108.70 | $271.20 | $184.40 |
Incentive income distributions from credit PE funds which represented tax distributions | 147.9 | 78.3 | 72.6 |
Management fees waived on employees' investments | 6 | 4.7 | 3.9 |
Incentive income waived on employees' investments | $4 | $6 | $4.90 |
MANAGEMENT_AGREEMENTS_AND_FORT3
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Management Fees and Incentive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Management Agreements [Line Items] | |||
Management fees: affil. | $527,922 | $520,283 | $456,090 |
Management fees, options: affil. | 3,346 | 42,516 | 21,524 |
Management fees: non-affil. | 68,948 | 62,795 | 45,617 |
Incentive income: affil. | 362,380 | 419,828 | 246,438 |
Incentive income: non-affil. | 1,734 | 44,383 | 26,162 |
Private Equity Funds [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Management fees: affil. | 135,549 | 133,725 | 118,617 |
Management fees: non-affil. | 364 | 493 | 394 |
Incentive income: affil. | 22,094 | 27,790 | 2,612 |
Permanent Capital Vehicle [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Management fees: affil. | 59,178 | 58,206 | 53,355 |
Management fees, options: affil. | 3,346 | 42,516 | 21,524 |
Management fees: non-affil. | 2,910 | 3,807 | 3,902 |
Incentive income: affil. | 56,299 | 15,653 | 0 |
Liquid Hedge Funds [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Management fees: affil. | 116,526 | 85,807 | 63,509 |
Management fees: non-affil. | 21,365 | 24,815 | 14,023 |
Incentive income: affil. | 15,835 | 107,463 | 43,089 |
Incentive income: non-affil. | 232 | 43,238 | 24,556 |
Credit Hedge Funds [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Management fees: affil. | 113,712 | 101,699 | 100,835 |
Management fees: non-affil. | 146 | 191 | 359 |
Incentive income: affil. | 120,255 | 190,581 | 126,832 |
Incentive income: non-affil. | 0 | 0 | 130 |
Credit PE Funds [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Management fees: affil. | 96,586 | 95,787 | 98,250 |
Management fees: non-affil. | 129 | 138 | 143 |
Incentive income: affil. | 147,897 | 78,341 | 73,905 |
Incentive income: non-affil. | 1,396 | 1,145 | 1,476 |
Logan Circle [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Management fees: affil. | 3,025 | 2,543 | 0 |
Management fees: non-affil. | 44,034 | 33,351 | 26,796 |
Incentive income: non-affil. | $106 | $0 | $0 |
MANAGEMENT_AGREEMENTS_AND_FORT4
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Deferred Incentive Income) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Distributed-Recognized (A) | |||
Recognition of previously deferred incentive income | ($171,387,000) | ($107,276,000) | ($77,993,000) |
Distributed-Unrecognized (B) | |||
Recognition of previously deferred incentive income | -171,387,000 | -107,276,000 | -77,993,000 |
Undistributed, net of intrinsic clawback (C) (D) | |||
Deferred incentive income as of the end of the period | 868,500,000 | ||
Gross undistributed incentive income | 935,400,000 | ||
Intrinsic clawback | 66,900,000 | ||
Compensation expense paid under employee profit sharing arrangements in connection with distributed incentive income | 578,400,000 | ||
Portion of compensation expense paid under employee profit sharing arrangements in connection with distributed incentive income which has not been expensed | 21,500,000 | ||
Additional expense which would be recognized and paid if gross undistributed incentive income were realized | 479,100,000 | ||
Investment Manager [Member] | |||
Distributed-Gross | |||
Deferred incentive income as of the beginning of the period | 1,015,084,000 | 894,278,000 | |
Fortress Funds which matured (no longer subject to clawback) | 0 | 2,180,000 | |
Distribution of private equity funds and Credit PE funds incentive income | 226,780,000 | 124,235,000 | |
Distribution of private permanent capital vehicle incentive income | 217,000 | 527,000 | |
Changes in foreign exchange rates | -1,360,000 | -1,776,000 | |
Deferred incentive income as of the end of the period | 1,243,441,000 | 1,015,084,000 | 894,278,000 |
Deferred incentive income including Fortress Funds which matured | 1,297,097,000 | ||
Distributed-Recognized (A) | |||
Deferred incentive income as of the beginning of the period | -767,528,000 | -662,432,000 | |
Fortress Funds which matured (no longer subject to clawback) | 0 | 2,180,000 | |
Recognition of previously deferred incentive income | -171,387,000 | -107,276,000 | -77,993,000 |
Deferred incentive income as of the end of the period | -938,915,000 | -767,528,000 | -662,432,000 |
Deferred incentive income including Fortress Funds which matured, recognized | -992,571,000 | ||
Distributed-Unrecognized (B) | |||
Deferred incentive income as of the beginning of the period | 247,556,000 | 231,846,000 | |
Distribution of private equity funds and Credit PE funds incentive income | 226,780,000 | 124,235,000 | |
Distribution of private permanent capital vehicle incentive income | 217,000 | 527,000 | |
Recognition of previously deferred incentive income | -171,387,000 | -107,276,000 | -77,993,000 |
Changes in foreign exchange rates | -1,360,000 | -1,776,000 | |
Deferred incentive income as of the end of the period | 304,526,000 | 247,556,000 | 231,846,000 |
Undistributed, net of intrinsic clawback (C) (D) | |||
Deferred incentive income as of the beginning of the period | 696,333,000 | 527,432,000 | |
Share of income (loss) of Fortress Funds | 399,213,000 | 293,663,000 | |
Distribution of private equity funds and Credit PE funds incentive income | 226,780,000 | 124,235,000 | |
Distribution of private permanent capital vehicle incentive income | 217,000 | 527,000 | |
Deferred incentive income as of the end of the period | 868,549,000 | 696,333,000 | 527,432,000 |
Gross undistributed incentive income | 935,400,000 | ||
Clawback Obligations Recovered From Individuals | $6,400,000 |
MANAGEMENT_AGREEMENTS_AND_FORT5
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Distributed Incentive Income) (Details) (Investment Manager [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Schedule of Management Agreements [Line Items] | |||
Deferred Incentive Income Distributed Gross | $1,243,441 | $1,015,084 | $894,278 |
Private Equity Funds [Member] | Outside of Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Deferred Incentive Income Distributed Gross | 846,671 | ||
Private Equity Funds [Member] | In Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Deferred Incentive Income Distributed Gross | 0 | ||
Credit PE Funds [Member] | Outside of Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Deferred Incentive Income Distributed Gross | 621,356 | ||
Credit PE Funds [Member] | In Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Deferred Incentive Income Distributed Gross | 103,855 | ||
Private Permanent Capital Vehicle [Member] | In Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Deferred Incentive Income Distributed Gross | 744 | ||
NIH (1998) [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Deferred Incentive Income Distributed Gross | 94,513 | ||
Fortress Funds which are not subject to a clawback provision: | -94,513 | ||
GAGACQ Fund (2004) [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Deferred Incentive Income Distributed Gross | 51,476 | ||
Fortress Funds which are not subject to a clawback provision: | -51,476 | ||
Fund I (1999) [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Deferred Incentive Income Distributed Gross | 344,939 | ||
Portion of Fund I distributed incentive income that Fortress is not entitled to | ($183,196) |
MANAGEMENT_AGREEMENTS_AND_FORT6
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Undistributed Incentive Income) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Schedule of Management Agreements [Line Items] | |||
Less: Gross intrinsic clawback per incentive income threshold tables - Private Equity Funds | ($66,900) | ||
Undistributed, net of intrinsic clawback | 868,500 | ||
Investment Manager [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed, net of intrinsic clawback | 868,549 | 696,333 | 527,432 |
Investment Manager [Member] | Private Equity Funds [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Less: Gross intrinsic clawback per incentive income threshold tables - Private Equity Funds | -66,903 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed incentive income, gross | 15,910 | ||
Less: Gross intrinsic clawback per incentive income threshold tables - Private Equity Funds | -66,903 | ||
Investment Manager [Member] | Private Equity Funds [Member] | In Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed incentive income, gross | 1,777 | ||
Less: Gross intrinsic clawback per incentive income threshold tables - Private Equity Funds | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed incentive income, gross | 574,448 | ||
Less: Gross intrinsic clawback per incentive income threshold tables - Private Equity Funds | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | In Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed incentive income, gross | 249,945 | ||
Less: Gross intrinsic clawback per incentive income threshold tables - Private Equity Funds | 0 | ||
Investment Manager [Member] | Private Permanent Capital Vehicle [Member] | In Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed incentive income, gross | 6,266 | ||
Investment Manager [Member] | Hedge Funds Business [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed incentive income, gross | 87,106 | ||
Investment Manager [Member] | Logan Circle [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed incentive income, gross | $0 |
MANAGEMENT_AGREEMENTS_AND_FORT7
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (HWM) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Management Agreements [Line Items] | |||
Undistributed Incentive Income | $935,400 | ||
Gross Intrinsic Clawback | 66,900 | ||
Net Intrinsic Clawback | 45,108 | ||
Investment Manager [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed Incentive Income | 935,400 | ||
Distributed Incentive Income | 1,243,441 | 1,015,084 | 894,278 |
Distributed Incentive Income Subject to Clawback | 304,526 | 247,556 | 231,846 |
Investment Manager [Member] | Newcastle [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Equity Eligible for Incentive Income | 839,147 | ||
Life to Date Incentive Income Crystallized | 41,283 | ||
Investment Manager [Member] | Eurocastle [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Gain to Cross Incentive Income Threshold | 178,400 | ||
Equity Eligible for Incentive Income | 488,562 | ||
Life to Date Incentive Income Crystallized | 39,217 | ||
Investment Manager [Member] | New Residential [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Gain to Cross Incentive Income Threshold | 0 | ||
Equity Eligible for Incentive Income | 1,372,498 | ||
Life to Date Incentive Income Crystallized | 71,952 | ||
Investment Manager [Member] | New Media [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Gain to Cross Incentive Income Threshold | 0 | ||
Equity Eligible for Incentive Income | 492,807 | ||
Life to Date Incentive Income Crystallized | 198 | ||
Investment Manager [Member] | New Senior [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Gain to Cross Incentive Income Threshold | 4,824 | ||
Equity Eligible for Incentive Income | 811,782 | ||
Life to Date Incentive Income Crystallized | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Gross Intrinsic Clawback | 66,903 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed Incentive Income | 15,910 | ||
Distributed Incentive Income | 846,671 | ||
Distributed Incentive Income Subject to Clawback | 66,903 | ||
Gross Intrinsic Clawback | 66,903 | ||
Net Intrinsic Clawback | 45,108 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | NIH (1998) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 415,574 | ||
Inception to Date Distributions | -823,588 | ||
Net Asset Value (“NAVâ€) | 0 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 94,513 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | Fund I (1999) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 1,015,943 | ||
Inception to Date Distributions | -2,847,929 | ||
Net Asset Value (“NAVâ€) | 0 | ||
Distributed Incentive Income | 344,939 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | Fund II (2002) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 1,974,298 | ||
Inception to Date Distributions | -3,442,900 | ||
Net Asset Value (“NAVâ€) | 2,875 | ||
NAV Surplus (Deficit) | 1,471,477 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 566 | ||
Distributed Incentive Income | 288,840 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | Fund III (2004) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 2,762,992 | ||
Inception to Date Distributions | -2,138,525 | ||
Net Asset Value (“NAVâ€) | 1,346,591 | ||
NAV Surplus (Deficit) | 722,124 | ||
Current Preferred Return Threshold | 2,023,927 | ||
Gain to Cross Incentive Income Threshold | 1,301,803 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 66,903 | ||
Distributed Incentive Income Subject to Clawback | 66,903 | ||
Gross Intrinsic Clawback | 66,903 | ||
Net Intrinsic Clawback | 45,108 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | Fund III Coinvestment (2004) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 273,649 | ||
Inception to Date Distributions | -225,188 | ||
Net Asset Value (“NAVâ€) | 71,586 | ||
NAV Surplus (Deficit) | 23,125 | ||
Current Preferred Return Threshold | 239,034 | ||
Gain to Cross Incentive Income Threshold | 215,909 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | Fund IV (2006) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 3,639,561 | ||
Inception to Date Distributions | -1,311,000 | ||
Net Asset Value (“NAVâ€) | 2,767,275 | ||
NAV Surplus (Deficit) | 438,714 | ||
Current Preferred Return Threshold | 2,729,927 | ||
Gain to Cross Incentive Income Threshold | 2,291,213 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | Fund IV Coinvestment (2006) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 762,696 | ||
Inception to Date Distributions | -257,811 | ||
Net Asset Value (“NAVâ€) | 459,208 | ||
NAV Surplus (Deficit) | -45,677 | ||
Current Preferred Return Threshold | 583,050 | ||
Gain to Cross Incentive Income Threshold | 628,727 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | Fund V (2007) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 4,103,713 | ||
Inception to Date Distributions | -1,354,986 | ||
Net Asset Value (“NAVâ€) | 4,647,500 | ||
NAV Surplus (Deficit) | 1,898,773 | ||
Current Preferred Return Threshold | 2,424,873 | ||
Gain to Cross Incentive Income Threshold | 579,099 | ||
Undistributed Incentive Income | 4,599 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | Fund V Coinvestment (2007) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 990,480 | ||
Inception to Date Distributions | -173,409 | ||
Net Asset Value (“NAVâ€) | 491,723 | ||
NAV Surplus (Deficit) | -325,348 | ||
Current Preferred Return Threshold | 651,340 | ||
Gain to Cross Incentive Income Threshold | 976,688 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | GAGACQ Fund (2004) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 545,663 | ||
Inception to Date Distributions | -595,401 | ||
Distributed Incentive Income | 51,476 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | FRID (2005) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 1,220,229 | ||
Inception to Date Distributions | -1,202,153 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | FRIC (2006) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 328,754 | ||
Inception to Date Distributions | -291,330 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | FICO (2006) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 724,525 | ||
Inception to Date Distributions | -5 | ||
Net Asset Value (“NAVâ€) | -62,741 | ||
NAV Surplus (Deficit) | -787,261 | ||
Current Preferred Return Threshold | 605,276 | ||
Gain to Cross Incentive Income Threshold | 1,392,537 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | FHIF (2006) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 1,543,463 | ||
Inception to Date Distributions | -541,152 | ||
Net Asset Value (“NAVâ€) | 1,927,349 | ||
NAV Surplus (Deficit) | 925,038 | ||
Current Preferred Return Threshold | 1,165,531 | ||
Gain to Cross Incentive Income Threshold | 240,493 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | FECI (2007) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 982,779 | ||
Inception to Date Distributions | -344 | ||
Net Asset Value (“NAVâ€) | 976,402 | ||
NAV Surplus (Deficit) | -6,033 | ||
Current Preferred Return Threshold | 751,758 | ||
Gain to Cross Incentive Income Threshold | 757,791 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | MSR Opportunities Fund I A (2012) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 332,966 | ||
Inception to Date Distributions | -109,339 | ||
Net Asset Value (“NAVâ€) | 312,781 | ||
NAV Surplus (Deficit) | 89,154 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 8,606 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | Outside of Investment Period [Member] | MSR Opportunities Fund I B (2012) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 80,781 | ||
Inception to Date Distributions | -26,479 | ||
Net Asset Value (“NAVâ€) | 75,699 | ||
NAV Surplus (Deficit) | 21,397 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 2,139 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | In Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed Incentive Income | 1,777 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | In Investment Period [Member] | MSR Opportunities Fund II A (2013) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 55,761 | ||
Inception to Date Distributions | -10,492 | ||
Net Asset Value (“NAVâ€) | 54,944 | ||
NAV Surplus (Deficit) | 9,675 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 1,430 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | In Investment Period [Member] | MSR Opportunities Fund II B (2013) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 797 | ||
Inception to Date Distributions | -149 | ||
Net Asset Value (“NAVâ€) | 778 | ||
NAV Surplus (Deficit) | 130 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 19 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | In Investment Period [Member] | MSR Opportunities Fund II MA I (2013) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 12,785 | ||
Inception to Date Distributions | -2,409 | ||
Net Asset Value (“NAVâ€) | 12,600 | ||
NAV Surplus (Deficit) | 2,224 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 328 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Equity Funds [Member] | In Investment Period [Member] | Italian NPL Opportunities (2013) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 36,199 | ||
Inception to Date Distributions | -3,417 | ||
Net Asset Value (“NAVâ€) | 29,972 | ||
NAV Surplus (Deficit) | -2,810 | ||
Current Preferred Return Threshold | 616 | ||
Gain to Cross Incentive Income Threshold | 3,426 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed Incentive Income | 574,448 | ||
Distributed Incentive Income | 621,356 | ||
Distributed Incentive Income Subject to Clawback | 202,795 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Long Dated Value Fund I (2005) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 267,325 | ||
Inception to Date Distributions | -89,887 | ||
Net Asset Value (“NAVâ€) | 310,314 | ||
NAV Surplus (Deficit) | 132,876 | ||
Current Preferred Return Threshold | 146,299 | ||
Gain to Cross Incentive Income Threshold | 13,423 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Long Dated Value Fund II (2005) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 274,280 | ||
Inception to Date Distributions | -147,790 | ||
Net Asset Value (“NAVâ€) | 202,378 | ||
NAV Surplus (Deficit) | 75,888 | ||
Current Preferred Return Threshold | 114,886 | ||
Gain to Cross Incentive Income Threshold | 38,998 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 412 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Long Dated Value Fund III (2007) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 343,156 | ||
Inception to Date Distributions | -272,641 | ||
Net Asset Value (“NAVâ€) | 201,352 | ||
NAV Surplus (Deficit) | 130,837 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 17,835 | ||
Distributed Incentive Income | 6,473 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | LDVF Patent Fund (2007) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 40,664 | ||
Inception to Date Distributions | -37,913 | ||
Net Asset Value (“NAVâ€) | 35,316 | ||
NAV Surplus (Deficit) | 32,565 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 1,640 | ||
Distributed Incentive Income | 1,471 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Real Assets Fund (2007) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 359,024 | ||
Inception to Date Distributions | -335,000 | ||
Net Asset Value (“NAVâ€) | 131,430 | ||
NAV Surplus (Deficit) | 107,406 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 11,439 | ||
Distributed Incentive Income | 5,285 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Credit Opportunities Fund (2008) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 5,548,858 | ||
Inception to Date Distributions | -6,964,273 | ||
Net Asset Value (“NAVâ€) | 1,259,585 | ||
NAV Surplus (Deficit) | 2,675,000 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 183,519 | ||
Distributed Incentive Income | 342,110 | ||
Distributed Incentive Income Subject to Clawback | 148,313 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Credit Opportunities Fund II (2009) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 2,266,715 | ||
Inception to Date Distributions | -2,348,963 | ||
Net Asset Value (“NAVâ€) | 1,092,635 | ||
NAV Surplus (Deficit) | 1,174,883 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 136,472 | ||
Distributed Incentive Income | 93,964 | ||
Distributed Incentive Income Subject to Clawback | 25,089 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | FCO Managed Account (2010) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 576,608 | ||
Inception to Date Distributions | -553,732 | ||
Net Asset Value (“NAVâ€) | 338,493 | ||
NAV Surplus (Deficit) | 315,617 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 47,585 | ||
Distributed Incentive Income | 12,347 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | SIP Managed Account (2010) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 11,000 | ||
Inception to Date Distributions | -35,747 | ||
Net Asset Value (“NAVâ€) | 15,098 | ||
NAV Surplus (Deficit) | 39,845 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 2,537 | ||
Distributed Incentive Income | 4,949 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Japan Opportunity Fund (2009) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 907,787 | ||
Inception to Date Distributions | -1,313,907 | ||
Net Asset Value (“NAVâ€) | 553,606 | ||
NAV Surplus (Deficit) | 959,726 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 89,132 | ||
Distributed Incentive Income | 116,662 | ||
Distributed Incentive Income Subject to Clawback | 19,771 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Net Lease Fund I (2010) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 152,851 | ||
Inception to Date Distributions | -225,489 | ||
Net Asset Value (“NAVâ€) | 1,646 | ||
NAV Surplus (Deficit) | 74,284 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 221 | ||
Distributed Incentive Income | 9,528 | ||
Distributed Incentive Income Subject to Clawback | 5,896 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Real Estate Opportunities Fund (2011) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 534,278 | ||
Inception to Date Distributions | -243,376 | ||
Net Asset Value (“NAVâ€) | 420,747 | ||
NAV Surplus (Deficit) | 129,845 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 9,432 | ||
Distributed Incentive Income | 1,906 | ||
Distributed Incentive Income Subject to Clawback | 490 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Global Opportunities Fund (2010) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 327,399 | ||
Inception to Date Distributions | -154,539 | ||
Net Asset Value (“NAVâ€) | 244,829 | ||
NAV Surplus (Deficit) | 71,969 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 12,053 | ||
Distributed Incentive Income | 1,979 | ||
Distributed Incentive Income Subject to Clawback | 1,979 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Japan Opportunity Fund II (Yen) (2011) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 651,640 | ||
Inception to Date Distributions | -233,544 | ||
Net Asset Value (“NAVâ€) | 623,193 | ||
NAV Surplus (Deficit) | 205,097 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 32,556 | ||
Distributed Incentive Income | 9,811 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Japan Opportunity Fund II (Dollar) (2011) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 633,667 | ||
Inception to Date Distributions | -215,901 | ||
Net Asset Value (“NAVâ€) | 628,910 | ||
NAV Surplus (Deficit) | 211,144 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 28,906 | ||
Distributed Incentive Income | 11,812 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | Outside of Investment Period [Member] | Real Estate Opportunities REOC Fund (2011) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 56,692 | ||
Inception to Date Distributions | -36,018 | ||
Net Asset Value (“NAVâ€) | 39,612 | ||
NAV Surplus (Deficit) | 18,938 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 1,121 | ||
Distributed Incentive Income | 2,647 | ||
Distributed Incentive Income Subject to Clawback | 1,257 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | In Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Undistributed Incentive Income | 249,945 | ||
Distributed Incentive Income | 103,855 | ||
Distributed Incentive Income Subject to Clawback | 34,084 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | In Investment Period [Member] | Credit Opportunities Fund III (2011) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 3,088,327 | ||
Inception to Date Distributions | -1,284,092 | ||
Net Asset Value (“NAVâ€) | 2,386,123 | ||
NAV Surplus (Deficit) | 581,888 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 93,056 | ||
Distributed Incentive Income | 20,852 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | In Investment Period [Member] | FCO Managed Accounts (2008-2012) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 3,843,062 | ||
Inception to Date Distributions | -2,679,311 | ||
Net Asset Value (“NAVâ€) | 2,379,452 | ||
NAV Surplus (Deficit) | 1,215,701 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 156,889 | ||
Distributed Incentive Income | 83,003 | ||
Distributed Incentive Income Subject to Clawback | 34,084 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | In Investment Period [Member] | Life Settlements Fund (2010) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 397,361 | ||
Inception to Date Distributions | -299,330 | ||
Net Asset Value (“NAVâ€) | 72,534 | ||
NAV Surplus (Deficit) | -25,497 | ||
Current Preferred Return Threshold | 74,266 | ||
Gain to Cross Incentive Income Threshold | 99,763 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | In Investment Period [Member] | Life Settlements Fund MA (2010) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 32,525 | ||
Inception to Date Distributions | -24,482 | ||
Net Asset Value (“NAVâ€) | 5,731 | ||
NAV Surplus (Deficit) | -2,312 | ||
Current Preferred Return Threshold | 6,100 | ||
Gain to Cross Incentive Income Threshold | 8,412 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Credit PE Funds [Member] | In Investment Period [Member] | Real Estate Opportunities Fund II 2014 [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 147,138 | ||
Inception to Date Distributions | 0 | ||
Net Asset Value (“NAVâ€) | 147,190 | ||
NAV Surplus (Deficit) | 52 | ||
Current Preferred Return Threshold | 4,021 | ||
Gain to Cross Incentive Income Threshold | 3,969 | ||
Undistributed Incentive Income | 0 | ||
Distributed Incentive Income | 0 | ||
Distributed Incentive Income Subject to Clawback | 0 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | 0 | ||
Investment Manager [Member] | Private Permanent Capital Vehicle [Member] | In Investment Period [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Distributed Incentive Income | 744 | ||
Investment Manager [Member] | Private Permanent Capital Vehicle [Member] | In Investment Period [Member] | WWTAI (2011) [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Inception to Date Capital Invested | 699,189 | ||
Inception to Date Distributions | -117,824 | ||
Net Asset Value (“NAVâ€) | 653,724 | ||
NAV Surplus (Deficit) | 72,360 | ||
Current Preferred Return Threshold | 0 | ||
Undistributed Incentive Income | 6,266 | ||
Distributed Incentive Income | 744 | ||
Distributed Incentive Income Subject to Clawback | 744 | ||
Gross Intrinsic Clawback | 0 | ||
Net Intrinsic Clawback | $0 |
MANAGEMENT_AGREEMENTS_AND_FORT8
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Liquid Hedge Funds and Credit Hedge Funds) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Schedule of Management Agreements [Line Items] | |
Undistributed Incentive Income | $935,400,000 |
Portion of amount due to employees under profit shareing arragnements withheld as reserve against future clawback | 32,100,000 |
Percentage of undistributed and distributed income which the entity is entitled | 50.00% |
NAV of fund excluded | 191,000,000 |
Liquid Hedge Funds [Member] | Main fund investments [Member] | Macro Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 1,501,833,000 |
Gain to Cross Incentive Income Threshold | 20,016,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 19.90% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 2,647,000 |
Liquid Hedge Funds [Member] | Main fund investments [Member] | Asia Macro Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 3,019,082,000 |
Gain to Cross Incentive Income Threshold | 14,238,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 58.50% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 8,892,000 |
Liquid Hedge Funds [Member] | Main fund investments [Member] | Fortress Convex Asia Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 183,679,000 |
Gain to Cross Incentive Income Threshold | 9,806,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 0.00% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 0 |
Liquid Hedge Funds [Member] | Main fund investments [Member] | Fortress Partners Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 21,915,000 |
Gain to Cross Incentive Income Threshold | 10,911,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 0.20% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 1,354,000 |
Liquid Hedge Funds [Member] | Single investor funds [Member] | Macro Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 991,070,000 |
Gain to Cross Incentive Income Threshold | 17,998,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 16.40% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 1,142,000 |
Liquid Hedge Funds [Member] | Sidepocket investments [Member] | Macro Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 10,545,000 |
Gain to Cross Incentive Income Threshold | 8,053,000 |
Undistributed Incentive Income | 147,000 |
Year to Date Incentive Income Crystallized | 334,000 |
Liquid Hedge Funds [Member] | Sidepocket investments [Member] | Fortress Partners Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 91,106,000 |
Gain to Cross Incentive Income Threshold | 4,576,000 |
Undistributed Incentive Income | 5,440,000 |
Year to Date Incentive Income Crystallized | 0 |
Liquid Hedge Funds [Member] | Sidepocket investments - redeemers [Member] | Macro Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 115,567,000 |
Gain to Cross Incentive Income Threshold | 65,589,000 |
Undistributed Incentive Income | 982,000 |
Year to Date Incentive Income Crystallized | 1,217,000 |
Liquid Hedge Funds [Member] | Managed accounts [Member] | Macro Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 543,196,000 |
Gain to Cross Incentive Income Threshold | 19,393,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 0.40% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 17,000 |
Liquid Hedge Funds [Member] | Managed accounts [Member] | Asia Macro Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 289,840,000 |
Gain to Cross Incentive Income Threshold | 2,280,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 40.60% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 172,000 |
Credit Hedge Funds [Member] | Main fund investments [Member] | Special Opportunities Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 4,711,782,000 |
Gain to Cross Incentive Income Threshold | 0 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 100.00% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 90,797,000 |
Credit Hedge Funds [Member] | Main fund investments [Member] | Worden Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 259,111,000 |
Gain to Cross Incentive Income Threshold | 590,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 91.70% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 3,445,000 |
Credit Hedge Funds [Member] | Sidepocket investments [Member] | Special Opportunities Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 65,899,000 |
Gain to Cross Incentive Income Threshold | 7,000 |
Undistributed Incentive Income | 4,974,000 |
Year to Date Incentive Income Crystallized | 0 |
Credit Hedge Funds [Member] | Sidepocket investments - redeemers [Member] | Special Opportunities Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 193,687,000 |
Gain to Cross Incentive Income Threshold | 49,014,000 |
Undistributed Incentive Income | 5,679,000 |
Year to Date Incentive Income Crystallized | 1,217,000 |
Credit Hedge Funds [Member] | Main fund investments (liquidating) [Member] | Special Opportunities Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 511,918,000 |
Gain to Cross Incentive Income Threshold | 0 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 100.00% |
Undistributed Incentive Income | 69,884,000 |
Year to Date Incentive Income Crystallized | 24,833,000 |
Credit Hedge Funds [Member] | Managed accounts [Member] | Special Opportunities Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 3,674,000 |
Gain to Cross Incentive Income Threshold | 46,214,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 0.00% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 0 |
Credit Hedge Funds [Member] | Managed accounts [Member] | Value Recovery Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 8,523,000 |
Gain to Cross Incentive Income Threshold | 8,199,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 0.00% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 0 |
Investment Manager [Member] | |
Schedule of Management Agreements [Line Items] | |
Undistributed Incentive Income | 935,400,000 |
Investment Manager [Member] | Liquid Hedge Funds [Member] | Main fund investments [Member] | Fortress Centaurus Global Funds [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 32,628,000 |
Gain to Cross Incentive Income Threshold | 0 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 100.00% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 173,000 |
Investment Manager [Member] | Credit Hedge Funds [Member] | Main fund investments [Member] | Fortress Japan Income Fund [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 44,362,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 0.00% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 0 |
Investment Manager [Member] | Logan Circle [Member] | Main fund investments [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 68,088,000 |
Gain to Cross Incentive Income Threshold | 0 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 0.00% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | 0 |
Investment Manager [Member] | Logan Circle [Member] | Managed accounts [Member] | |
Schedule of Management Agreements [Line Items] | |
Incentive Income Eligible NAV | 277,986,000 |
Gain to Cross Incentive Income Threshold | 3,347,000 |
Percentage of Incentive Income Eligible NAV Above Incentive Income Threshold | 20.40% |
Undistributed Incentive Income | 0 |
Year to Date Incentive Income Crystallized | $106,000 |
MANAGEMENT_AGREEMENTS_AND_FORT9
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Private Equity Funds) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Private Equity Funds Formed During the Period [Line Items] | |||
Investments | $1,110,543 | $1,253,266 | $1,211,684 |
Private Equity Funds [Member] | |||
Schedule of Private Equity Funds Formed During the Period [Line Items] | |||
Capital commitments | 20,059,994 | ||
Investments | 677,365 | ||
Percent of Capital Commitments Drawn | 88.40% | ||
Capital commitments period | 3 years | ||
Private Equity Funds [Member] | Other Funds [Member] | |||
Schedule of Private Equity Funds Formed During the Period [Line Items] | |||
Capital commitments | 819,106 | ||
Private Equity Funds [Member] | Fortress's Affiliates [Member] | |||
Schedule of Private Equity Funds Formed During the Period [Line Items] | |||
Capital commitments | 1,552,845 | ||
Private Equity Funds [Member] | Fortress [Member] | |||
Schedule of Private Equity Funds Formed During the Period [Line Items] | |||
Capital commitments | 685,843 | ||
Private Equity Funds [Member] | Parent and Affiliates [Member] | |||
Schedule of Private Equity Funds Formed During the Period [Line Items] | |||
Capital commitments | 2,238,688 | ||
Private Equity Funds [Member] | Minimum [Member] | |||
Schedule of Private Equity Funds Formed During the Period [Line Items] | |||
Annual management fees rate | 1.00% | ||
Incentive Income | 10.00% | ||
Incentive Income Threshold Return | 8.00% | ||
Private Equity Funds [Member] | Maximum [Member] | |||
Schedule of Private Equity Funds Formed During the Period [Line Items] | |||
Annual management fees rate | 1.50% | ||
Incentive Income | 20.00% | ||
Incentive Income Threshold Return | 10.00% | ||
Private Equity Funds [Member] | Weighted Average [Member] | |||
Schedule of Private Equity Funds Formed During the Period [Line Items] | |||
Annual management fees rate | 1.20% | ||
Incentive Income | 19.70% | ||
Incentive Income Threshold Return | 8.20% | ||
Private Equity Funds [Member] | Employees, former employees and BOD Members [Member] | |||
Schedule of Private Equity Funds Formed During the Period [Line Items] | |||
Capital commitments | 165,637 | ||
Private Equity Funds [Member] | Principals [Member] | |||
Schedule of Private Equity Funds Formed During the Period [Line Items] | |||
Capital commitments | $568,102 |
Recovered_Sheet6
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Private Equity Funds - Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | |
Schedule of Private Equity Funds Formed During the Period [Line Items] | ||||
Fortress's Investment | $1,110,543,000 | $1,253,266,000 | $1,211,684,000 | |
Incentive income: affiliates | 362,380,000 | 419,828,000 | 246,438,000 | |
Private Equity Funds [Member] | ||||
Schedule of Private Equity Funds Formed During the Period [Line Items] | ||||
Fortress's Investment | 677,365,000 | |||
Incentive income: affiliates | 22,094,000 | 27,790,000 | 2,612,000 | |
Weighted Average [Member] | Private Equity Funds [Member] | ||||
Schedule of Private Equity Funds Formed During the Period [Line Items] | ||||
Portion of incentive income entitled by employees as weighted average percentage | 26.50% | |||
Eurocastle and Credit Hedge Fund [Member] | ||||
Schedule of Private Equity Funds Formed During the Period [Line Items] | ||||
Fortress's Investment | 2,700,000 | |||
Fortress [Member] | ||||
Schedule of Private Equity Funds Formed During the Period [Line Items] | ||||
Additional incentive income | 900,000 | |||
Fortress [Member] | Frid [Member] | ||||
Schedule of Private Equity Funds Formed During the Period [Line Items] | ||||
Incentive income distribution | 16,400,000 | |||
Net incentive income, net of employee amounts | $10,000,000 |
Recovered_Sheet7
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Permanent Capital Vehicles) (Details) (Permanent Capital Vehicle [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Fortress Funds Formed, or those which Fortress Became Manager Of [Line Items] | |
Fortress's Investment | $19,456 |
Minimum [Member] | |
Schedule of Fortress Funds Formed, or those which Fortress Became Manager Of [Line Items] | |
Annual management fees rate | 1.25% |
Incentive Income | 10.00% |
Incentive Income Threshold Return | 8.00% |
Maximum [Member] | |
Schedule of Fortress Funds Formed, or those which Fortress Became Manager Of [Line Items] | |
Annual management fees rate | 1.50% |
Incentive Income | 25.00% |
Incentive Income Threshold Return | 10.00% |
Recovered_Sheet8
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Permanent Capital Vehicles - Narrative) (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 30, 2013 | Apr. 02, 2013 | Apr. 02, 2013 |
USD ($) | Permanent Capital Vehicle [Member] | Permanent Capital Vehicle [Member] | Permanent Capital Vehicle [Member] | Fortress [Member] | New Senior [Member] | Eurocastle [Member] | AUM used to compute fees, pre-restructuring [Member] | AUM used to compute fees, post-restructuring [Member] | |
USD ($) | Maximum [Member] | Minimum [Member] | Permanent Capital Vehicle [Member] | Permanent Capital Vehicle [Member] | Permanent Capital Vehicle [Member] | Eurocastle [Member] | Eurocastle [Member] | ||
senior_living_property | USD ($) | senior_living_property | Permanent Capital Vehicle [Member] | Permanent Capital Vehicle [Member] | |||||
employee | EUR (€) | EUR (€) | |||||||
Schedule of Fortress Funds Formed, or those which Fortress Became Manager Of [Line Items] | |||||||||
Equity Method Investments Equity Eliminated In Consolidation | $4,600,000 | ||||||||
Management agreements initial period | 10 years | ||||||||
Management agreements automatic extensions period | 3 years | 1 year | |||||||
Capital commitments | 994,600,000 | 8,000,000 | |||||||
Capital commitments drawn percentage | 59.90% | ||||||||
Number of properties to be managed | 24 | ||||||||
Number of properties owned by investee | 22 | ||||||||
Number of properties owned by third parties | 2 | ||||||||
Management fees to be received expressed as percentage of revenues for first two years | 6.00% | ||||||||
Management fees to be received expressed as percentage of revenues after year two | 7.00% | ||||||||
Number of on site employees whose expenses to be received as reimbursement | 1,674 | ||||||||
Assets under management | € 1,500,000,000 | € 300,000,000 | |||||||
Stock split conversion ratio | 0.005 | ||||||||
Reverse stock split | one for two hundred |
Recovered_Sheet9
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Liquid Hedge Funds, Credit Hedge Funds, Credit PE Funds) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Management Agreements [Line Items] | |||
Investments | $1,110,543,000 | $1,253,266,000 | $1,211,684,000 |
Liquid Hedge Funds [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Assets under management | 8,127,688,000 | ||
Investments | 167,630,000 | 158,920,000 | 180,664,000 |
Liquid Hedge Funds [Member] | Minimum [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Annual management fees rate | 1.00% | ||
Incentive income rate | 15.00% | ||
Management fees rate charged to new investor | 1.00% | ||
Liquid Hedge Funds [Member] | Maximum [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Annual management fees rate | 2.00% | ||
Incentive income rate | 25.00% | ||
Management fees rate charged to new investor | 2.00% | ||
Liquid Hedge Funds [Member] | Weighted Average [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Annual management fees rate | 1.80% | ||
Incentive income rate | 20.00% | ||
Credit Hedge Funds [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Investments | 57,224,000 | 58,825,000 | 58,507,000 |
Credit Hedge Funds [Member] | Weighted Average [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Annual management fees rate | 1.00% | ||
Credit Hedge Funds [Member] | Credit Hedge Funds self originated [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Assets under management | 5,973,116,000 | ||
Credit Hedge Funds [Member] | Credit Hedge Funds self originated [Member] | Minimum [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Annual management fees rate | 1.00% | ||
Incentive income rate | 10.00% | ||
Credit Hedge Funds [Member] | Credit Hedge Funds self originated [Member] | Maximum [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Annual management fees rate | 2.75% | ||
Incentive income rate | 20.00% | ||
Credit Hedge Funds [Member] | Credit Hedge Funds originated by others [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Assets under management | 200,285,000 | ||
Investments | 0 | ||
Annual management fees rate | 1.00% | ||
Incentive income rate | 5.00% | ||
Credit Hedge Funds [Member] | Credit Hedge Funds originated by others [Member] | Weighted Average [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Annual management fees rate | 2.00% | ||
Credit PE Funds [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Capital commitments | 15,855,192,000 | ||
Investments | 183,127,000 | 159,044,000 | 166,482,000 |
Capital commitments drawn percentage | 67.30% | ||
Amount of longest fund termination extended beyond specified date | 1,900,000,000 | ||
Capital Commitments Period | 3 years | ||
Portion of incentive income entitled by employees as weighted average percentage | 51.40% | ||
Credit PE Funds [Member] | Employees, former employees and BOD Members [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Capital commitments | 97,164,000 | ||
Credit PE Funds [Member] | Principals [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Capital commitments | 160,720,000 | ||
Credit PE Funds [Member] | Minimum [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Annual management fees rate | 0.75% | ||
Incentive income rate | 10.00% | ||
Incentive income threshold return rate | 0.00% | ||
Credit PE Funds [Member] | Maximum [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Annual management fees rate | 2.25% | ||
Incentive income rate | 20.00% | ||
Incentive income threshold return rate | 9.00% | ||
Credit PE Funds [Member] | Weighted Average [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Annual management fees rate | 1.40% | ||
Incentive income rate | 19.90% | ||
Incentive income threshold return rate | 7.60% | ||
Credit PE Funds [Member] | Fortress [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Capital commitments | 269,714,000 | ||
Credit PE Funds [Member] | Fortress's Affiliates [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Capital commitments | 663,288,000 | ||
Credit PE Funds [Member] | Parent and Affiliates [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Capital commitments | 933,002,000 | ||
Credit PE Funds [Member] | Other Funds [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Capital commitments | 405,404,000 | ||
Extend Beyond December 2016 [Member] | Credit PE Funds [Member] | |||
Schedule of Management Agreements [Line Items] | |||
Capital commitments | $1,100,000,000 |
Recovered_Sheet10
MANAGEMENT AGREEMENTS AND FORTRESS FUNDS (Traditional Asset Management Business) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
fund | |
Logan Circle [Member] | |
Schedule of Management Agreements [Line Items] | |
Assets under management | $32,300,000 |
Logan Circle [Member] | Weighted Average [Member] | |
Schedule of Management Agreements [Line Items] | |
Annual management fees rate | 0.16% |
Investment Manager [Member] | Fixed Income Funds [Member] | Investments Made in Current Year [Member] | |
Schedule of Management Agreements [Line Items] | |
Number of new funds under management | 2 |
Net asset value | $110,500 |
INVESTMENTS_AND_FAIR_VALUE_Inv
INVESTMENTS AND FAIR VALUE (Investment Manager Narrative) (Details) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 31, 2014 | Jan. 31, 2014 | Nov. 30, 2013 | Jun. 30, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Jul. 31, 2012 | 31-May-12 | Apr. 30, 2012 | Sep. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Apr. 30, 2014 | Jan. 31, 2014 | Feb. 28, 2013 | Jan. 31, 2013 | Jul. 31, 2012 | 31-May-12 | Apr. 30, 2012 | Sep. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2014 | 31-May-13 | Dec. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
USD ($) | USD ($) | GAGFAH [Member] | GAGFAH [Member] | GAGFAH [Member] | GAGFAH [Member] | GAGFAH [Member] | GAGFAH [Member] | GAGFAH [Member] | GAGFAH [Member] | Investment Manager [Member] | Investment Manager [Member] | Investment Manager [Member] | Voting Interest Entities [Member] | Classified as VIEs [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Media [Member] | Newcastle, New Residential, New Media and New Senior [Member] | Eurocastle [Member] | Eurocastle [Member] | Subsequent event [Member] | Subsequent event [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Investments Made in Current Year [Member] | Investments Made in Current Year [Member] | Investments Made in Current Year [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Investment Manager [Member] | entity | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | New Residential [Member] | New Media [Member] | Private Equity Funds [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||
entity | entity | USD ($) | USD ($) | USD ($) | Investment Manager [Member] | Investment Manager [Member] | Investment Manager [Member] | |||||||||||||||||||||||||||||||||||||||
Private Equity Funds [Member] | Private Equity Funds [Member] | Liquid Hedge Funds [Member] | ||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
Gross assets | $131,393,000 | $52,976,000 | $6,600,000 | |||||||||||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates, Balance, Principal Amount | 15,900,000 | |||||||||||||||||||||||||||||||||||||||||||||
Tandem Options held by Employees | 300,000 | 500,000 | 1,100,000 | 300,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Options at Grant Date | 360,000 | 1,500,000 | 1,249,000 | 795,000 | 784,000 | 1,685,000 | 777,000 | 715,000 | 525,000 | 525,000 | 657,000 | 8,100,000 | 1,604,000 | 2,600,000 | 4,583,000 | 9,845,000 | 4,538,000 | 4,160,000 | 3,070,000 | 3,055,000 | 3,843,000 | 2,963,000 | 4,807,000 | 300,000 | 600,000 | |||||||||||||||||||||
Exercisable period | 30 months | |||||||||||||||||||||||||||||||||||||||||||||
Number of unconsolidated entities | 203 | 142 | 61 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of equity method investments in a fund with a single investment which focuses on the U.S. rail transportation and real estate sectors | 26.00% | |||||||||||||||||||||||||||||||||||||||||||||
Sale of stock, number of shares issued in transaction | 4,190,761 | 641,465 | 862,383 | |||||||||||||||||||||||||||||||||||||||||||
Gain on sale of investments | 44,700,000 | 5,400,000 | 5,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment Fair Value Adjustment | -2,137,000 | -18,513,000 | 41,000,000 | 6,200,000 | 4,700,000 | |||||||||||||||||||||||||||||||||||||||||
(Gains) losses | -8,442,000 | 0 | -3,700,000 | 700,000 | -700,000 | 8,313,000 | -53,933,000 | -48,921,000 | ||||||||||||||||||||||||||||||||||||||
Term | 10 years | 10 years | ||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $362,500,000 |
INVESTMENTS_AND_FAIR_VALUE_Inv1
INVESTMENTS AND FAIR VALUE (Investments, Gains (Losses) and Generation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment [Line Items] | ||||
Realized Investment Gains (Losses) | ($7,492) | $0 | ||
Investments | ||||
Equity method investees, held at fair value (A) | 10,595 | 10,595 | 78,388 | |
Total equity method investments | 1,110,543 | 1,110,543 | 1,253,266 | 1,211,684 |
Options in equity method investees | 104,338 | |||
Gains (losses) from investments | ||||
Net unrealized gains (losses) | 15,934 | 0 | ||
Total gains (losses) | 8,442 | 0 | ||
Gains (losses) | ||||
Total gains (losses) | 8,442 | 0 | ||
Investment Manager [Member] | ||||
Investments | ||||
Equity method investees | 1,099,948 | 1,099,948 | 1,174,878 | |
Equity method investees, held at fair value (A) | 10,595 | 10,595 | 78,388 | |
Total equity method investments | 1,110,543 | 1,110,543 | 1,253,266 | |
Options in equity method investees | 45,734 | 45,734 | 104,338 | |
Gains (losses) from investments | ||||
Net realized gains (losses) | -939 | 1,247 | 1,101 | |
Net realized gains (losses) from affiliate investments | 47,624 | 12,030 | -80 | |
Net unrealized gains (losses) | 19,790 | 6,273 | 332 | |
Net unrealized gains (losses) from affiliate investments | -74,788 | 34,383 | 47,568 | |
Total gains (losses) | -8,313 | 53,933 | 48,921 | |
Gains (losses) | ||||
Mark to fair value on affiliate investments and options | -26,768 | 46,371 | 47,506 | |
Mark to fair value on derivatives | 26,715 | 8,402 | 264 | |
Mark to fair value on equity securities | 1,395 | 2,962 | 0 | |
Unrealized gains (losses) on digital currency (Bitcoin) | -1,700 | -9,470 | -3,702 | 0 |
Other | -185 | -100 | 1,151 | |
Total gains (losses) | -8,313 | 53,933 | 48,921 | |
Variable Interest Entity, Primary Beneficiary 1 [Member] | Investment Manager [Member] | ||||
Gains (losses) from investments | ||||
Total gains (losses) | 8,442 | 0 | 0 | |
Gains (losses) | ||||
Total gains (losses) | 8,442 | 0 | 0 | |
Mark to fair value on investments and options [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | Investment Manager [Member] | ||||
Gains (losses) from investments | ||||
Total gains (losses) | 9,633 | 0 | ||
Gains (losses) | ||||
Total gains (losses) | 9,633 | 0 | ||
Mark to fair value on derivatives [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | Investment Manager [Member] | ||||
Gains (losses) from investments | ||||
Total gains (losses) | -1,191 | 0 | ||
Gains (losses) | ||||
Total gains (losses) | ($1,191) | $0 |
INVESTMENTS_AND_FAIR_VALUE_Sum
INVESTMENTS AND FAIR VALUE (Summary Financial Information Related to Investments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | $1,110,543 | $1,253,266 | $1,211,684 |
Fortress's investment at fair value | 10,595 | 78,388 | |
Earnings (losses) from equity method investees | 78,193 | 136,866 | |
Private equity funds, excluding NIH [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 677,309 | 786,093 | 715,742 |
Earnings (losses) from equity method investees | 36,407 | 82,024 | 104,562 |
NIH [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 0 | 0 | 1,177 |
Earnings (losses) from equity method investees | -554 | ||
Newcastle [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's investment at fair value | 776 | 5,953 | |
New Residential [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's investment at fair value | 6,622 | 6,928 | |
Eurocastle [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's investment at fair value | 2,162 | 2,506 | |
Liquid Hedge Funds [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 167,630 | 158,920 | 180,664 |
Earnings (losses) from equity method investees | 3,844 | 13,124 | 17,505 |
Credit Hedge Funds [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 57,224 | 58,825 | 58,507 |
Earnings (losses) from equity method investees | 8,236 | 12,242 | 11,469 |
Credit PE Funds [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 183,127 | 159,044 | 166,482 |
Earnings (losses) from equity method investees | 28,693 | 29,824 | 22,176 |
Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 9,374 | 8,195 | 7,682 |
Earnings (losses) from equity method investees | 943 | -250 | |
Investment Manager [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 1,110,543 | 1,253,266 | |
Fortress's investment at fair value | 10,595 | 78,388 | |
Earnings (losses) from equity method investees | 78,193 | 136,866 | 156,530 |
Investment Manager [Member] | Private equity funds, excluding NIH [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 677,309 | 786,093 | |
Earnings (losses) from equity method investees | 36,407 | 82,024 | 104,562 |
Investment Manager [Member] | NIH [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 0 | 0 | |
Earnings (losses) from equity method investees | 0 | -554 | 230 |
Investment Manager [Member] | Publicly traded portfolio companies [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 1,035 | 63,001 | 67,312 |
Fortress's investment at fair value | 1,035 | 63,001 | |
Investment Manager [Member] | WWTAI (2011) [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's investment at fair value | 5,284 | 3,801 | |
Earnings (losses) from equity method investees | 70 | 456 | 183 |
Investment Manager [Member] | Total Private Equity [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 693,188 | 868,282 | |
Earnings (losses) from equity method investees | 36,477 | 81,926 | 104,975 |
Investment Manager [Member] | Liquid Hedge Funds [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 167,630 | 158,920 | |
Earnings (losses) from equity method investees | 3,844 | 13,124 | 17,505 |
Investment Manager [Member] | Credit Hedge Funds [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 57,224 | 58,825 | |
Earnings (losses) from equity method investees | 8,236 | 12,242 | 11,469 |
Investment Manager [Member] | Credit PE Funds [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 183,127 | 159,044 | |
Earnings (losses) from equity method investees | 28,693 | 29,824 | 22,176 |
Investment Manager [Member] | Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fortress's Investment | 9,374 | 8,195 | |
Earnings (losses) from equity method investees | ($250) | $405 |
INVESTMENTS_AND_FAIR_VALUE_Sum1
INVESTMENTS AND FAIR VALUE (Summary of Changes in Fortresss Investments in Equity Method Investees) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in investments in equity method investees | |||
Investment, beginning | $1,253,266 | $1,211,684 | |
Earnings (losses) from equity method investees | 78,193 | 136,866 | |
Other comprehensive income from equity method investees | 0 | 12 | |
Contributions to equity method investees | 310,534 | 286,246 | |
Distributions of earnings from equity method investees | -110,967 | -84,548 | |
Distributions of capital from equity method investees | -399,103 | -300,919 | |
Total distributions from equity method investees | -510,070 | -385,467 | |
Mark to fair value - during period | 2,137 | 18,513 | |
Translation adjustment | -3,367 | 2,064 | |
Dispositions | -66,636 | -18,849 | |
Reclassification to Due to Affiliates | 2,232 | 2,197 | |
Variable Interest Entity, Initial Consolidation, Gain (Loss) | -4,280 | ||
Deconsolidation of Investment Company | 48,534 | ||
Investment, ending | 1,110,543 | 1,253,266 | |
Ending balance of undistributed earnings | 68,056 | ||
NIH [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 0 | 1,177 | |
Earnings (losses) from equity method investees | -554 | ||
Other comprehensive income from equity method investees | 0 | 12 | |
Contributions to equity method investees | 0 | 0 | |
Distributions of earnings from equity method investees | 0 | 0 | |
Distributions of capital from equity method investees | 0 | -635 | |
Total distributions from equity method investees | 0 | -635 | |
Translation adjustment | 0 | 0 | |
Dispositions | 0 | 0 | |
Reclassification to Due to Affiliates | 0 | 0 | |
Deconsolidation of Investment Company | 0 | ||
Investment, ending | 0 | 0 | |
Ending balance of undistributed earnings | 0 | ||
Private equity funds, excluding NIH [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 786,093 | 715,742 | |
Earnings (losses) from equity method investees | 36,407 | 82,024 | 104,562 |
Other comprehensive income from equity method investees | 0 | 0 | |
Contributions to equity method investees | 2,944 | 18,242 | |
Distributions of earnings from equity method investees | -70,409 | -27,721 | |
Distributions of capital from equity method investees | -78,155 | -5,193 | |
Total distributions from equity method investees | -148,564 | -32,914 | |
Mark to fair value - during period | -1,795 | 802 | |
Translation adjustment | -8 | 0 | |
Dispositions | 0 | 0 | |
Reclassification to Due to Affiliates | 2,232 | 2,197 | |
Deconsolidation of Investment Company | 0 | ||
Investment, ending | 677,309 | 786,093 | 715,742 |
Ending balance of undistributed earnings | 51,882 | ||
Permanent Capital Vehicle [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 19,188 | 14,118 | |
Earnings (losses) from equity method investees | 70 | 456 | |
Other comprehensive income from equity method investees | 0 | 0 | |
Contributions to equity method investees | 5,640 | -1,018 | |
Distributions of earnings from equity method investees | -79 | -560 | |
Distributions of capital from equity method investees | -4,148 | -153 | |
Total distributions from equity method investees | -4,227 | -713 | |
Mark to fair value - during period | -1,268 | 6,150 | |
Translation adjustment | -279 | 195 | |
Dispositions | 0 | ||
Reclassification to Due to Affiliates | 0 | 0 | |
Variable Interest Entity, Initial Consolidation, Gain (Loss) | -4,280 | ||
Deconsolidation of Investment Company | 0 | ||
Investment, ending | 14,844 | 19,188 | |
Ending balance of undistributed earnings | 0 | ||
Liquid Hedge Funds [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 158,920 | 180,664 | |
Earnings (losses) from equity method investees | 3,844 | 13,124 | 17,505 |
Other comprehensive income from equity method investees | 0 | 0 | |
Contributions to equity method investees | 89,324 | 61,084 | |
Distributions of earnings from equity method investees | -4,487 | -22,159 | |
Distributions of capital from equity method investees | -128,505 | -73,793 | |
Total distributions from equity method investees | -132,992 | -95,952 | |
Translation adjustment | 0 | 0 | |
Dispositions | 0 | 0 | |
Reclassification to Due to Affiliates | 0 | 0 | |
Deconsolidation of Investment Company | 48,534 | ||
Investment, ending | 167,630 | 158,920 | 180,664 |
Ending balance of undistributed earnings | 1,110 | ||
Credit Hedge Funds [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 58,825 | 58,507 | |
Earnings (losses) from equity method investees | 8,236 | 12,242 | 11,469 |
Other comprehensive income from equity method investees | 0 | 0 | |
Contributions to equity method investees | 168,699 | 166,457 | |
Distributions of earnings from equity method investees | -7,483 | -12,365 | |
Distributions of capital from equity method investees | -171,053 | -166,016 | |
Total distributions from equity method investees | -178,536 | -178,381 | |
Translation adjustment | 0 | 0 | |
Dispositions | 0 | 0 | |
Reclassification to Due to Affiliates | 0 | 0 | |
Deconsolidation of Investment Company | 0 | ||
Investment, ending | 57,224 | 58,825 | 58,507 |
Ending balance of undistributed earnings | 2,739 | ||
Credit PE Funds [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 159,044 | 166,482 | |
Earnings (losses) from equity method investees | 28,693 | 29,824 | 22,176 |
Other comprehensive income from equity method investees | 0 | 0 | |
Contributions to equity method investees | 43,331 | 40,251 | |
Distributions of earnings from equity method investees | -28,477 | -21,731 | |
Distributions of capital from equity method investees | -17,124 | -54,994 | |
Total distributions from equity method investees | -45,601 | -76,725 | |
Translation adjustment | -2,338 | -764 | |
Dispositions | -2 | -24 | |
Reclassification to Due to Affiliates | 0 | 0 | |
Deconsolidation of Investment Company | 0 | ||
Investment, ending | 183,127 | 159,044 | 166,482 |
Ending balance of undistributed earnings | 9,440 | ||
Other [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 8,195 | 7,682 | |
Earnings (losses) from equity method investees | 943 | -250 | |
Other comprehensive income from equity method investees | 0 | 0 | |
Contributions to equity method investees | 596 | 910 | |
Distributions of earnings from equity method investees | -32 | -12 | |
Distributions of capital from equity method investees | -118 | -135 | |
Total distributions from equity method investees | -150 | -147 | |
Translation adjustment | 0 | 0 | |
Dispositions | -210 | 0 | |
Reclassification to Due to Affiliates | 0 | 0 | |
Deconsolidation of Investment Company | 0 | ||
Investment, ending | 9,374 | 8,195 | |
Ending balance of undistributed earnings | 2,885 | ||
Investment Manager [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 1,253,266 | ||
Earnings (losses) from equity method investees | 78,193 | 136,866 | 156,530 |
Investment, ending | 1,110,543 | 1,253,266 | |
Investment Manager [Member] | NIH [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 0 | ||
Earnings (losses) from equity method investees | 0 | -554 | 230 |
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 0 | ||
Investment, ending | 0 | 0 | |
Investment Manager [Member] | Private equity funds, excluding NIH [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 786,093 | ||
Earnings (losses) from equity method investees | 36,407 | 82,024 | 104,562 |
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 0 | ||
Investment, ending | 677,309 | 786,093 | |
Investment Manager [Member] | Publicly Traded Private Equity Portfolio Companies [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 63,001 | 67,312 | |
Contributions to equity method investees | 320 | ||
Mark to fair value - during period | 5,200 | 11,561 | |
Translation adjustment | -742 | -2,633 | |
Dispositions | -66,424 | -18,825 | |
Reclassification to Due to Affiliates | 0 | 0 | |
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 0 | ||
Deconsolidation of Investment Company | 0 | ||
Investment, ending | 1,035 | 63,001 | |
Investment Manager [Member] | Liquid Hedge Funds [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 158,920 | ||
Earnings (losses) from equity method investees | 3,844 | 13,124 | 17,505 |
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 0 | ||
Investment, ending | 167,630 | 158,920 | |
Investment Manager [Member] | Credit Hedge Funds [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 58,825 | ||
Earnings (losses) from equity method investees | 8,236 | 12,242 | 11,469 |
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 0 | ||
Investment, ending | 57,224 | 58,825 | |
Investment Manager [Member] | Credit PE Funds [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 159,044 | ||
Earnings (losses) from equity method investees | 28,693 | 29,824 | 22,176 |
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 0 | ||
Investment, ending | 183,127 | 159,044 | |
Investment Manager [Member] | Other [Member] | |||
Changes in investments in equity method investees | |||
Investment, beginning | 8,195 | ||
Earnings (losses) from equity method investees | -250 | 405 | |
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 0 | ||
Investment, ending | $9,374 | $8,195 |
INVESTMENTS_AND_FAIR_VALUE_Amo
INVESTMENTS AND FAIR VALUE (Amounts Presented on the Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Contributions | |||
Per Consolidated Statements of Cash Flows | $36,060 | $37,084 | |
Investments of incentive receivable amounts into Fortress Funds | 258,023 | 227,091 | 80,523 |
Net funded | 16,451 | 18,714 | |
Noncontrolling Interest From Consolidation Of Private Equity Liquidating Entity | 0 | 2,553 | |
Other | 0 | 804 | |
Per Above | 310,534 | 286,246 | |
Distributions of Capital | |||
Per Consolidated Statements of Cash Flows | -379,940 | -281,481 | |
Change in distributions payable out of Fortress Funds | 172 | -184 | |
Net funded | -16,451 | -18,714 | |
Other | -2,884 | -540 | |
Per Above | -399,103 | -300,919 | |
Investment Manager [Member] | |||
Contributions | |||
Per Consolidated Statements of Cash Flows | 36,060 | 37,084 | 63,798 |
Investments of Incentive Receivable Amounts into Investment Funds, Distributions | 0 | 0 | |
Distributions of Capital | |||
Per Consolidated Statements of Cash Flows | ($379,940) | ($281,481) | ($140,712) |
INVESTMENTS_AND_FAIR_VALUE_Own
INVESTMENTS AND FAIR VALUE (Ownership Percentages) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fortress's Investment | $1,110,543 | $1,110,543 | $1,253,266 | $1,211,684 |
Fortress’s equity in net income (loss) | 78,193 | 136,866 | ||
Private equity funds, excluding NIH [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Assets | 13,399,280 | 13,399,280 | 16,982,954 | |
Debt | -3,251 | -3,251 | -1,626 | |
Other liabilities | -143,328 | -143,328 | -185,144 | |
Equity | 13,252,701 | 13,252,701 | 16,796,184 | |
Fortress's Investment | 677,309 | 677,309 | 786,093 | 715,742 |
Ownership (A) | 5.10% | 5.10% | 4.70% | |
Revenues and gains (losses) on investments | 721,512 | 2,335,934 | 3,382,194 | |
Expenses | -194,189 | -208,301 | -187,580 | |
Net Income (Loss) | 527,323 | 2,127,633 | 3,194,614 | |
Fortress’s equity in net income (loss) | 36,407 | 82,024 | 104,562 | |
Number Of Entities Reported Using Lagging Financial Information | 4 | |||
Lag in Preparation of Summary Financial Information Number of Quarters | 3 months | |||
Liquid Hedge Funds [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Assets | 13,132,531 | 13,132,531 | 13,167,316 | |
Debt | 0 | 0 | 0 | |
Other liabilities | -5,733,970 | -5,733,970 | -6,735,989 | |
Non-controlling interest | 0 | 0 | 0 | |
Equity | 7,398,561 | 7,398,561 | 6,431,327 | |
Fortress's Investment | 167,630 | 167,630 | 158,920 | 180,664 |
Ownership (A) | 2.30% | 2.30% | 2.50% | |
Revenues and gains (losses) on investments | 220,958 | 838,506 | 579,050 | |
Expenses | -219,303 | -159,892 | -130,466 | |
Net Income (Loss) | 1,655 | 678,614 | 448,584 | |
Fortress’s equity in net income (loss) | 3,844 | 13,124 | 17,505 | |
Credit Hedge Funds [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Assets | 11,349,879 | 11,349,879 | 10,226,023 | |
Debt | -4,621,360 | -4,621,360 | -3,918,692 | |
Other liabilities | -283,818 | -283,818 | -332,510 | |
Non-controlling interest | -14,406 | -14,406 | -6,470 | |
Equity | 6,430,295 | 6,430,295 | 5,968,351 | |
Fortress's Investment | 57,224 | 57,224 | 58,825 | 58,507 |
Ownership (A) | 0.90% | 0.90% | 1.00% | |
Revenues and gains (losses) on investments | 1,011,969 | 1,295,945 | 1,244,449 | |
Expenses | -340,373 | -255,222 | -271,565 | |
Net Income (Loss) | 671,596 | 1,040,723 | 972,884 | |
Fortress’s equity in net income (loss) | 8,236 | 12,242 | 11,469 | |
Credit PE Funds [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Assets | 11,992,369 | 11,992,369 | 10,544,754 | |
Debt | -67,618 | -67,618 | -161,225 | |
Other liabilities | -824,837 | -824,837 | -311,538 | |
Non-controlling interest | -4,852 | -4,852 | -3,461 | |
Equity | 11,095,062 | 11,095,062 | 10,068,530 | |
Fortress's Investment | 183,127 | 183,127 | 159,044 | 166,482 |
Ownership (A) | 1.70% | 1.70% | 1.60% | |
Revenues and gains (losses) on investments | 2,381,032 | 1,835,118 | 2,011,139 | |
Expenses | -369,653 | -325,436 | -312,549 | |
Net Income (Loss) | 2,011,379 | 1,509,682 | 1,698,590 | |
Fortress’s equity in net income (loss) | 28,693 | 29,824 | 22,176 | |
Number Of Entities Reported Using Lagging Financial Information | 1 | |||
Lag in Preparation of Summary Financial Information Number of Quarters | 3 months | |||
Investment Manager [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fortress's Investment | 1,110,543 | 1,110,543 | 1,253,266 | |
Fortress’s equity in net income (loss) | 78,193 | 136,866 | 156,530 | |
Investment Manager [Member] | Private equity funds, excluding NIH [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fortress's Investment | 677,309 | 677,309 | 786,093 | |
Fortress’s equity in net income (loss) | 36,407 | 82,024 | 104,562 | |
Investment Manager [Member] | Liquid Hedge Funds [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fortress's Investment | 167,630 | 167,630 | 158,920 | |
Fortress’s equity in net income (loss) | 3,844 | 13,124 | 17,505 | |
Investment Manager [Member] | Credit Hedge Funds [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fortress's Investment | 57,224 | 57,224 | 58,825 | |
Fortress’s equity in net income (loss) | 8,236 | 12,242 | 11,469 | |
Investment Manager [Member] | Credit PE Funds [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fortress's Investment | 183,127 | 183,127 | 159,044 | |
Fortress’s equity in net income (loss) | $28,693 | $29,824 | $22,176 | |
Foreign Entity Recorded on Lag Period | 1 month |
INVESTMENTS_AND_FAIR_VALUE_Ent
INVESTMENTS AND FAIR VALUE (Entities Information) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
variable_interest_entity | variable_interest_entity | |
Fortress is not Primary Beneficiary [Member] | ||
Investments in Variable Interest Entities | ||
Management fees receivable | $4,700,000 | $5,600,000 |
Incentive income receivable | 79,600,000 | 100,900,000 |
Expense reimbursements and other receivables | 8,700,000 | 9,500,000 |
Fortress is not Primary Beneficiary [Member] | Private Equity Funds [Member] | ||
Investments in Variable Interest Entities | ||
Number of VIEs | 1 | 1 |
Gross Assets | 460,000 | 789,000 |
Financial Obligations | 0 | 0 |
Fortress Investment | 0 | 155,000 |
Fortress is not Primary Beneficiary [Member] | Permanent Capital Vehicle [Member] | ||
Investments in Variable Interest Entities | ||
Number of VIEs | 3 | 3 |
Gross Assets | 11,711,522,000 | 13,950,294,000 |
Financial Obligations | 8,854,725,000 | 9,804,741,000 |
Fortress Investment | 117,329,000 | 145,472,000 |
Financial borrowings included in financial obligations | 8,430,000,000 | 9,381,900,000 |
Weighted average maturity period of financial borrowings | 1 year 2 months 12 days | 1 year 8 months 12 days |
Management fees receivable | 3,300,000 | 4,800,000 |
Incentive income receivable | 55,100,000 | 15,700,000 |
Expense reimbursements and other receivables | 3,700,000 | 5,300,000 |
Fortress is not Primary Beneficiary [Member] | Liquid Hedge Funds [Member] | ||
Investments in Variable Interest Entities | ||
Number of VIEs | 2 | 2 |
Gross Assets | 3,070,203,000 | 4,897,650,000 |
Financial Obligations | 432,580,000 | 2,343,406,000 |
Fortress Investment | 7,094,000 | 40,816,000 |
Incentive income receivable | 2,600,000 | 37,600,000 |
Expense reimbursements and other receivables | 3,800,000 | 2,600,000 |
Fortress is not Primary Beneficiary [Member] | Credit Hedge Funds [Member] | ||
Investments in Variable Interest Entities | ||
Number of VIEs | 9 | 6 |
Gross Assets | 2,132,650,000 | 1,966,802,000 |
Financial Obligations | 152,806,000 | 370,607,000 |
Fortress Investment | 25,474,000 | 50,945,000 |
Financial borrowings included in financial obligations | 151,700,000 | 289,400,000 |
Weighted average maturity period of financial borrowings | 7 years 7 months 6 days | 6 years 7 months 6 days |
Management fees receivable | 500,000 | 700,000 |
Incentive income receivable | 21,900,000 | 47,600,000 |
Expense reimbursements and other receivables | 1,100,000 | 900,000 |
Fortress is not Primary Beneficiary [Member] | Credit PE Funds [Member] | ||
Investments in Variable Interest Entities | ||
Number of VIEs | 33 | 33 |
Gross Assets | 801,877,000 | 1,229,250,000 |
Financial Obligations | 143,743,000 | 362,642,000 |
Fortress Investment | 5,985,000 | 5,350,000 |
Financial borrowings included in financial obligations | 143,700,000 | 362,600,000 |
Weighted average maturity period of financial borrowings | 2 years 3 months 18 days | 1 year 4 months 24 days |
Management fees receivable | 500,000 | 100,000 |
Expense reimbursements and other receivables | 100,000 | 700,000 |
Fortress is not Primary Beneficiary [Member] | Logan Circle [Member] | ||
Investments in Variable Interest Entities | ||
Number of VIEs | 5 | |
Gross Assets | 441,905,000 | |
Financial Obligations | 0 | |
Fortress Investment | 384,000 | |
Management fees receivable | 400,000 | 100,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Investments in Variable Interest Entities | ||
Management fees receivable | 2,900,000 | |
Incentive income receivable | 200,000 | |
Expense reimbursements and other receivables | 13,500,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | Private Equity Funds [Member] | ||
Investments in Variable Interest Entities | ||
Expense reimbursements and other receivables | 10,300,000 | |
Investments in and Advances to Affiliates, Balance, Principal Amount | 15,900,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | Permanent Capital Vehicle [Member] | ||
Investments in Variable Interest Entities | ||
Financial borrowings included in financial obligations | 1,481,500,000 | |
Weighted average maturity period of financial borrowings | 5 years 6 months | |
Management fees receivable | 2,800,000 | |
Expense reimbursements and other receivables | 3,200,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | Logan Circle [Member] | ||
Investments in Variable Interest Entities | ||
Management fees receivable | 100,000 | |
Investment Manager [Member] | Fortress is not Primary Beneficiary [Member] | Logan Circle [Member] | ||
Investments in Variable Interest Entities | ||
Number of VIEs | 1 | |
Gross Assets | 244,828,000 | |
Financial Obligations | 0 | |
Fortress Investment | 144,000 | |
Investments Made in Current Year [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Private Equity Funds [Member] | ||
Investments in Variable Interest Entities | ||
Number of VIEs | 2 | 1 |
Gross assets | 131,393,000 | 52,976,000 |
Financial obligations | 0 | 0 |
Fortress Investment | 10,380,000 | 15,868,000 |
Investments Made in Current Year [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Liquid Hedge Funds [Member] | ||
Investments in Variable Interest Entities | ||
Gross assets | 6,600,000 | |
Investments Made in Current Year [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Credit Hedge Funds [Member] | ||
Investments in Variable Interest Entities | ||
Number of VIEs | 3 | |
Gross assets | 0 | |
Financial obligations | 0 | |
Fortress Investment | 0 | |
Investments Made in Current Year [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Logan Circle [Member] | ||
Investments in Variable Interest Entities | ||
Number of VIEs | 1 | |
Gross assets | 6,566,000 | |
Financial obligations | 0 | |
Fortress Investment | 4,783,000 | |
Investments Made in Current Year [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 2 [Member] | Private Equity Funds [Member] | ||
Investments in Variable Interest Entities | ||
Gross assets | 85,100,000 | |
Investments Made in Current Year [Member] | Non-Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Permanent Capital Vehicle [Member] | ||
Investments in Variable Interest Entities | ||
Number of VIEs | 2 | |
Gross assets | 3,384,444,000 | |
Financial obligations | 1,481,482,000 | |
Fortress Investment | $36,977,000 |
INVESTMENTS_AND_FAIR_VALUE_Fai
INVESTMENTS AND FAIR VALUE (Fair Value of Financial Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets (within Investments) | ||
Total equity method investments carried at fair value | $10,595 | $78,388 |
Newcastle, New Residential and Eurocastle options (A) | 104,338 | |
Level 1 [Member] | Newcastle, New Residential and Eurocastle [Member] | Common Stock [Member] | ||
Assets (within Investments) | ||
Total equity method investments carried at fair value | 9,560 | 15,387 |
Level 1 [Member] | Publicly traded portfolio companies [Member] | Common Stock [Member] | ||
Assets (within Investments) | ||
Total equity method investments carried at fair value | 1,035 | 63,001 |
Level 1 [Member] | Logan Circle [Member] | ||
Assets (within Other Assets) | ||
Equity Securities (B) | 17,627 | 23,005 |
Level 2 [Member] | ||
Assets (within Investments) | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 27,105 | 9,749 |
Liabilities (within Accrued Compensation and Benefits) | ||
Options in affiliates granted to employees | -6,393 | -16,390 |
Liabilities (within Other Liabilities) [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | -932 | -1,820 |
Level 2 [Member] | Newcastle, New Residential and Eurocastle [Member] | ||
Assets (within Investments) | ||
Newcastle, New Residential and Eurocastle options (A) | $45,734 | $104,338 |
INVESTMENTS_AND_FAIR_VALUE_Val
INVESTMENTS AND FAIR VALUE (Valuation Assumptions) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Options due to expire prior to expected payment of future dividends [Member] | |
Investments and Fair Value [Line Items] | |
Dividend Yield (as a percent) | 0.00% |
Newcastle [Member] | Minimum [Member] | |
Investments and Fair Value [Line Items] | |
Risk-Free Rate (as a percent) | 0.26% |
Dividend Yield (as a percent) | 9.17% |
Volatility (as a percent) | 25.93% |
Newcastle [Member] | Maximum [Member] | |
Investments and Fair Value [Line Items] | |
Risk-Free Rate (as a percent) | 2.29% |
Dividend Yield (as a percent) | 15.85% |
Volatility (as a percent) | 28.00% |
New Residential [Member] | Minimum [Member] | |
Investments and Fair Value [Line Items] | |
Risk-Free Rate (as a percent) | 0.26% |
Dividend Yield (as a percent) | 0.00% |
Volatility (as a percent) | 22.52% |
New Residential [Member] | Maximum [Member] | |
Investments and Fair Value [Line Items] | |
Risk-Free Rate (as a percent) | 2.27% |
Dividend Yield (as a percent) | 15.88% |
Volatility (as a percent) | 24.26% |
New Media [Member] | |
Investments and Fair Value [Line Items] | |
Risk-Free Rate (as a percent) | 2.30% |
Dividend Yield (as a percent) | 3.10% |
Volatility (as a percent) | 34.17% |
New Senior [Member] | Minimum [Member] | |
Investments and Fair Value [Line Items] | |
Risk-Free Rate (as a percent) | 0.26% |
Dividend Yield (as a percent) | 3.38% |
Volatility (as a percent) | 19.85% |
New Senior [Member] | Maximum [Member] | |
Investments and Fair Value [Line Items] | |
Risk-Free Rate (as a percent) | 2.29% |
Dividend Yield (as a percent) | 7.07% |
Volatility (as a percent) | 25.24% |
Eurocastle [Member] | Minimum [Member] | |
Investments and Fair Value [Line Items] | |
Risk-Free Rate (as a percent) | 0.16% |
Dividend Yield (as a percent) | 3.64% |
Volatility (as a percent) | 25.30% |
Eurocastle [Member] | Maximum [Member] | |
Investments and Fair Value [Line Items] | |
Risk-Free Rate (as a percent) | 0.67% |
Dividend Yield (as a percent) | 7.11% |
Volatility (as a percent) | 27.78% |
INVESTMENTS_AND_FAIR_VALUE_Sum2
INVESTMENTS AND FAIR VALUE (Summary of Common Stock Offerings and Option Grants) (Details) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Aug. 31, 2014 | Jan. 31, 2014 | Nov. 30, 2013 | Jun. 30, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Jul. 31, 2012 | 31-May-12 | Apr. 30, 2012 | Sep. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Feb. 28, 2013 | Jan. 31, 2013 | Jul. 31, 2012 | 31-May-12 | Apr. 30, 2012 | Sep. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | Jun. 30, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Jul. 31, 2012 | 31-May-12 | Apr. 30, 2012 | Sep. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | 31-May-13 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2015 |
Newcastle, New Residential, New Media and New Senior [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | Newcastle [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Residential [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Senior [Member] | New Media [Member] | New Media [Member] | Eurocastle [Member] | Eurocastle [Member] | Eurocastle [Member] | Subsequent event [Member] | Subsequent event [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | March 2011 [Member] | September 2011 [Member] | April 2012 [Member] | May 2012 [Member] | July 2012 [Member] | January 2013 [Member] | February 2013 [Member] | June 2013 [Member] | November 2013 [Member] | August 2014 [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | March 2011 [Member] | September 2011 [Member] | April 2012 [Member] | May 2012 [Member] | July 2012 [Member] | January 2013 [Member] | February 2013 [Member] | April 2014 [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | March 2011 [Member] | September 2011 [Member] | April 2012 [Member] | May 2012 [Member] | July 2012 [Member] | January 2013 [Member] | February 2013 [Member] | June 2013 [Member] | November 2013 [Member] | August 2014 [Member] | USD ($) | September 2014 [Member] | EUR (€) | May 2013 [Member] | New Residential [Member] | New Media [Member] | ||||||
USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercisable period | 30 months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term | 10 years | 10 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | 765,416 | 965,849 | 670,833 | 383,333 | 958,333 | 421,667 | 383,333 | 316,250 | 431,250 | 287,500 | 1,437,500 | 1,150,000 | 2,875,000 | 1,265,000 | 1,150,000 | 948,750 | 1,269,917 | 838,417 | 765,416 | 965,849 | 670,833 | 383,333 | 958,333 | 421,667 | 383,333 | 316,250 | 431,250 | 287,500 | 745,062 | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||
Public Offering Price/Option Strike Price (per share) | $5.45 | $5.01 | $4.67 | $4.39 | $3.76 | $2.27 | $2.29 | $2 | $1.07 | $1.88 | $12.20 | $11.48 | $10.24 | $7.34 | $7.34 | $6.82 | $4.98 | $6.58 | $20.89 | $19.23 | $17.89 | $16.85 | $14.42 | $8.71 | $8.75 | $7.66 | $4.09 | $7.18 | $16.25 | € 7.25 | ||||||||||||||||||||||||||||||||||||||||
Fair Value of Options at Grant Date | $360 | $1,500 | $1,249 | $795 | $784 | $1,685 | $777 | $715 | $525 | $525 | $657 | $8,100 | $1,604 | $2,600 | $4,583 | $9,845 | $4,538 | $4,160 | $3,070 | $3,055 | $3,843 | $1,383 | $4,797 | $3,054 | $3,009 | $6,468 | $2,983 | $2,743 | $2,013 | $2,014 | $2,521 | $2,963 | € 4,807 | $300 | $600 | |||||||||||||||||||||||||||||||||||
Options Held by Fortress | 157,791 | 182,527 | 283,305 | 306,991 | 372,440 | 411,589 | 958,331 | 383,331 | 670,829 | 965,847 | 765,416 | 473,377 | 547,583 | 849,916 | 920,983 | 1,117,333 | 1,234,783 | 2,874,998 | 1,149,998 | 1,437,500 | 157,791 | 182,527 | 283,305 | 306,991 | 372,440 | 411,589 | 958,331 | 383,331 | 670,829 | 965,847 | 765,416 | 745,062 | 21,407 | 1,500,000 | ||||||||||||||||||||||||||||||||||||
Tandem Options held by Employees | 300,000 | 500,000 | 0 | 0 | 56,330 | 69,163 | 74,495 | 85,803 | 34,320 | 60,059 | 86,475 | 0 | 1,100,000 | 0 | 0 | 169,000 | 207,500 | 223,500 | 786,070 | 314,427 | 0 | 0 | 0 | 56,330 | 69,163 | 74,495 | 85,803 | 34,320 | 60,059 | 86,475 | 0 | 0 | 0 | 300,000 | 100,000 | |||||||||||||||||||||||||||||||||||
Available to Fortress | 182,527 | 283,305 | 250,661 | 303,277 | 337,094 | 872,528 | 349,011 | 610,770 | 879,372 | 765,416 | 547,583 | 849,916 | 751,983 | 909,833 | 1,011,283 | 2,088,928 | 835,571 | 1,437,500 | 182,527 | 283,305 | 250,661 | 303,277 | 337,094 | 872,528 | 349,011 | 610,770 | 879,372 | 765,416 | 745,062 | 1,500,000 |
INVESTMENTS_AND_FAIR_VALUE_Opt
INVESTMENTS AND FAIR VALUE (Options in Permanent Capital Vehicles) (Details) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
Newcastle [Member] | New Senior [Member] | New Residential [Member] | Eurocastle [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | |
Investments and Fair Value [Line Items] | ||||
Weighted Average Option Strike Price | $14.69 | $14.69 | $31.49 | € 5,833.59 |
Options Held by Fortress | 157,791 | 157,791 | 473,377 | 21,407 |
INVESTMENTS_AND_FAIR_VALUE_Der
INVESTMENTS AND FAIR VALUE (Derivatives Not Designated as Hedges) (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | Foreign Exchange Option [Member] | Foreign Exchange Option [Member] | Foreign Exchange Option [Member] | Foreign Exchange Option [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] |
Other Assets [Member] | Other Assets [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Assets [Member] | Other Assets [Member] | Other Liabilities [Member] | Other Liabilities [Member] | ||
JPY (¥) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | USD ($) | ||
Derivatives | |||||||||
Fair Value, Assets | $24,864 | $2,241 | |||||||
Fair Value, Liabilities | -841 | -91 | |||||||
Notional Amount | 362,500 | 39,309,229 | 1,223,582 | 2,853,587 | 912,500 | ||||
Gains/(Losses) | ¥ 21,283 | ¥ 12 | ¥ 2,241 | ¥ (91) |
iNVESTMENTS_AND_FAIR_VALUE_Cos
iNVESTMENTS AND FAIR VALUE (Cost and Fair Value of Assets) (Details) (Variable Interest Entity, Primary Beneficiary 1 [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Equity Method Investments [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Percentage of Investment Company | 93.00% |
Equity Method Investments [Member] | Cost [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investment Owned, at Cost | 74,730 |
Equity Method Investments [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, fair value disclosure | 84,792 |
Fixed Income Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Percentage of Investment Company | 7.00% |
Fixed Income Securities [Member] | Cost [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investment Owned, at Cost | 6,758 |
Fixed Income Securities [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, fair value disclosure | 6,333 |
INVESTMENTS_AND_FAIR_VALUE_Fai1
INVESTMENTS AND FAIR VALUE (Fair Value on a Recurring Basis) (Details) (Variable Interest Entity, Primary Beneficiary 1 [Member], Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Equity Method Investments [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments, fair value disclosure | $84,792 |
Equity Method Investments [Member] | Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments, fair value disclosure | 0 |
Equity Method Investments [Member] | Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments, fair value disclosure | 0 |
Equity Method Investments [Member] | Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments, fair value disclosure | 84,792 |
Fixed Income Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments, fair value disclosure | 6,333 |
Fixed Income Securities [Member] | Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments, fair value disclosure | 0 |
Fixed Income Securities [Member] | Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments, fair value disclosure | 6,333 |
Fixed Income Securities [Member] | Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments, fair value disclosure | $0 |
Recovered_Sheet11
INVESTMENTS AND FAIR VALUE INVESTMENTS AND FAIR VALUE (Level 3 Reconciliation) (Details) (Variable Interest Entity, Primary Beneficiary 1 [Member], Equity Method Investments [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Variable Interest Entity, Primary Beneficiary 1 [Member] | Equity Method Investments [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $0 |
Transfers in | 0 |
Transfers out | 0 |
Investment purchases | 74,730 |
Investment sales | 0 |
Net realized and unrealized gains (losses) of consolidated funds | 10,062 |
Ending balance | $84,792 |
INVESTMENTS_AND_FAIR_VALUE_Lev
INVESTMENTS AND FAIR VALUE (Level 3 Inputs) (Details) (Variable Interest Entity, Primary Beneficiary 1 [Member], Equity Method Investments [Member], Level 3 [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Market Approach [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, fair value | 25,772 |
Discounted Cash Flow [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, fair value | 59,020 |
Weighted Average [Member] | Discounted Cash Flow [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 22.50% |
Minimum [Member] | Discounted Cash Flow [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Enterprise value/EBITDA | 9.6 |
Maximum [Member] | Discounted Cash Flow [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Enterprise value/EBITDA | 10 |
INVESTMENTS_AND_FAIR_VALUE_Rea
INVESTMENTS AND FAIR VALUE (Real Estate Investments, Net) (Details) (USD $) | 12 Months Ended | 2 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Accumulated depreciation | ||||
Depreciation expense | $19,748 | $13,644 | $14,885 | |
Non-Investment Manager [Member] | ||||
Gross carrying amount | ||||
Balance as of November 7, 2014 | 1,792,166 | |||
Acquisition of real estate investments | 14,209 | |||
Additions to real estate investments | 1,560 | |||
Balance as of December 31, 2014 | 1,807,935 | 1,807,935 | ||
Accumulated depreciation | ||||
Balance as of November 7, 2014 | 0 | |||
Depreciation expense | 8,087 | |||
Balance as of December 31, 2014 | 8,087 | 8,087 | ||
Investments in senior housing real estate, net | $1,799,848 | $1,799,848 |
INVESTMENTS_AND_FAIR_VALUE_Der1
INVESTMENTS AND FAIR VALUE (Derivative Offsets) (Details) (Citibank N.A. [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Offsetting Assets [Line Items] | |
Gross amounts of recognized assets | $30,036 |
Gross amounts offset in the Consolidated Balance Sheet | -2,931 |
Net amounts of assets presented in the Consolidated Balance Sheet | 27,105 |
Gross amounts of recognized liabilities | -961 |
Gross amounts offset in the Consolidated Balance Sheet | 29 |
Net amounts of liabilities presented in the Consolidated Balance Sheet | -932 |
Foreign Exchange Option [Member] | |
Offsetting Assets [Line Items] | |
Gross amounts of recognized assets | 27,795 |
Gross amounts offset in the Consolidated Balance Sheet | -2,931 |
Net amounts of assets presented in the Consolidated Balance Sheet | 24,864 |
Gross amounts of recognized liabilities | -870 |
Gross amounts offset in the Consolidated Balance Sheet | 29 |
Net amounts of liabilities presented in the Consolidated Balance Sheet | -841 |
Foreign Exchange Forward [Member] | |
Offsetting Assets [Line Items] | |
Gross amounts of recognized assets | 2,241 |
Gross amounts offset in the Consolidated Balance Sheet | 0 |
Net amounts of assets presented in the Consolidated Balance Sheet | 2,241 |
Gross amounts of recognized liabilities | -91 |
Gross amounts offset in the Consolidated Balance Sheet | 0 |
Net amounts of liabilities presented in the Consolidated Balance Sheet | ($91) |
DEBT_OBLIGATIONS_AND_MORTGAGE_2
DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLES (Investment Manager Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended |
Dec. 31, 2014 | Feb. 28, 2013 | |
Debt Instrument [Line Items] | ||
Fair value of outstanding debt | $75,100,000 | |
Excess proceeds lent as intercompany debt | 756,600,000 | |
Intercompany debt | 663,400,000 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Covenant assets under management | 25,000,000,000 | |
Covenant consolidated leverage ratio | 2 | |
Consolidated interest coverage ratio | 4 | |
Revolving debt [Member] | ||
Debt Instrument [Line Items] | ||
Extinguishment of debt | 60,000,000 | |
Maximum borrowing amount | 150,000,000 | 150,000,000 |
Letter of credit subfacility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing amount | $15,000,000 | $15,000,000 |
DEBT_OBLIGATIONS_AND_MORTGAGE_3
DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLES (Debt Obligation Payable) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Feb. 28, 2013 | Dec. 31, 2013 | |
Revolving debt [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Final Stated Maturity | 28-Feb-16 | |||
Maximum borrowing amount | $150,000,000 | $150,000,000 | $150,000,000 | |
Unused commitment fees (as a percent) | 0.40% | |||
Letter of credit subfacility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing amount | 15,000,000 | 15,000,000 | 15,000,000 | |
Amount utilized | 2,700,000 | 2,700,000 | ||
LIBOR [Member] | Revolving debt [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Contractual Interest Rate, spread (as a percent) | 2.50% | |||
Investment Manager [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt obligations payable | 75,000,000 | 75,000,000 | 0 | |
Investment Manager [Member] | Revolving debt [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt obligations payable | 75,000,000 | 75,000,000 | 0 | |
Amount Available for Draws | $72,332,000 | $72,332,000 |
DEBT_OBLIGATIONS_AND_MORTGAGE_4
DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLES (Financial Covenant Requirements) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
AUM, as defined | $25,000,000,000 |
Consolidated Leverage Ratio | 2 |
Consolidated Interest Coverage Ratio | 4 |
Investment Manager [Member] | |
Debt Instrument [Line Items] | |
AUM, as defined | 45,964,000,000 |
Consolidated Leverage Ratio | 0.22 |
Consolidated Interest Coverage Ratio | 101.89 |
Number of trailing quarters in calculation of Consolidated Leverage Ratio | 12 years |
Number of trailing quarters used in the calculation of the Consolidated Interest Coverage Ratio | 12 years |
Investment Manager [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Assets under management, covenant requirement | $25,000,000,000 |
Consolidated interest coverage ratio, covenant requirement | 4 |
Investment Manager [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Consolidated leverage ratio, covenant requirement | 2 |
DEBT_OBLIGATIONS_AND_MORTGAGE_5
DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLES DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLES (Non-Investment Manager Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 04, 2014 | Feb. 28, 2013 | Sep. 03, 2013 | Nov. 26, 2013 | Nov. 20, 2014 | |
Line of Credit Facility [Line Items] | |||||||||
Fair value of outstanding debt | $75,100,000 | ||||||||
Revolving debt [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing amount | 150,000,000 | 150,000,000 | |||||||
Non-Investment Manager [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt obligations payable | 222,052,000 | 0 | |||||||
Deferred financing costs | 3,252,000 | ||||||||
Loss on extinguishment of debt | 9,047,000 | 0 | 0 | ||||||
Non-Investment Manager [Member] | New Media [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt obligations payable | 222,052,000 | ||||||||
Original issue discount | 7,385,000 | ||||||||
Debt issuance fees and expenses | 10,200,000 | ||||||||
Loss on extinguishment of debt | 9,000,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | New Media Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Unamortized discount | 6,700,000 | ||||||||
Deferred financing costs | 1,700,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | New Media Credit Agreement [Member] | New Media Credit Agreement Incremental Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Principle amount | 25,000,000 | ||||||||
Issuance fee (as a percent) | 2.00% | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Local Media Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Principle amount | 33,000,000 | ||||||||
Fair value of outstanding debt | 229,400,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Local Media Credit Facility [Member] | Revolving debt [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing amount | 10,000,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Local Media Credit Facility [Member] | Swing Loans [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing amount | 4,000,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Local Media Credit Facility [Member] | Letter of credit subfacility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing amount | 3,000,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | New Media Credit Facility and GateHouse Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Difference between present value of cash flows under two credit facilities (less than 10%) | 10.00% | ||||||||
Non-Investment Manager [Member] | New Media [Member] | GateHouse Credit Facilities [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Unamortized discount | 900,000 | ||||||||
Deferred financing costs | 900,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | GateHouse Credit Facilities [Member] | Revolving debt [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing amount | 40,000,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | GateHouse Credit Facilities [Member] | Term Loan A [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Principle amount | 25,000,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | GateHouse Credit Facilities [Member] | Term Loan B [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Principle amount | 50,000,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Term Loan Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
All-in yield, basis point threshold | 0.50% | ||||||||
All-in yield, basis point adjustment | 0.50% | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Term Loan Facility [Member] | New Media Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Principle amount | 200,000,000 | ||||||||
Debt obligations payable | 200,000,000 | ||||||||
Original issue discount | 6,700,000 | ||||||||
Repayment percent | 1.00% | ||||||||
Payment frequency | quarterly | ||||||||
Prepayment penalty period after agreement closing date | 6 months | ||||||||
Percentage of excess cash flows to be paid - alternative 1 | 100.00% | 1.00% | |||||||
Percentage of excess cash flows to be paid - alternative 2 | 50.00% | ||||||||
Percentage of excess cash flows to be paid - alternative 3 | 25.00% | ||||||||
Percentage of excess cash flows to be paid - alternative 4 | 0.00% | ||||||||
Leverage Ratio | 3.25 | ||||||||
Deferred financing costs | 1,700,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Term Loan Facility [Member] | New Media Credit Agreement [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Leverage Ratio - alternative 1 | 3 | ||||||||
Leverage Ratio - alternative 3 | 2.75 | ||||||||
Leverage Ratio - alternative 5 | 2.5 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Term Loan Facility [Member] | New Media Credit Agreement [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Leverage Ratio - alternative 2 | 2.75 | ||||||||
Leverage Ratio - alternative 4 | 2.5 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Term Loan Facility [Member] | New Media Credit Agreement [Member] | Eurodollar [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Fixed interest rate | 6.25% | ||||||||
Variable interest rate | 1.00% | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Term Loan Facility [Member] | New Media Credit Agreement [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Fixed interest rate | 5.25% | ||||||||
Variable interest rate | 2.00% | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Term Loan Facility [Member] | GateHouse Credit Facilities [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Deferred financing costs | 1,900,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Revolving debt [Member] | New Media Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing amount | 25,000,000 | ||||||||
Amount borrowed | 5,000,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Revolving debt [Member] | New Media Credit Agreement [Member] | Eurodollar [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Fixed interest rate | 5.25% | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Revolving debt [Member] | New Media Credit Agreement [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Fixed interest rate | 4.25% | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Swing Loans [Member] | New Media Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing amount | 5,000,000 | ||||||||
Non-Investment Manager [Member] | New Media [Member] | Incremental Facility [Member] | New Media Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing amount | $75,000,000 | $225,000,000 | |||||||
Number of new commitments that can be requested | 1 |
DEBT_OBLIGATIONS_AND_MORTGAGE_6
DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLES DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLES (Payment Schedule) (Details) (Non-Investment Manager [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Long-term Debt | $222,052,000 | $0 |
New Media [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 2,250,000 | |
2016 | 2,250,000 | |
2017 | 2,250,000 | |
2018 | 2,250,000 | |
Thereafter (year four) | 220,437,000 | |
Long-term Debt, Including Unamortized Discount | 229,437,000 | |
Less: Original issue discount | -7,385,000 | |
Long-term Debt | 222,052,000 | |
New Senior [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 17,046,000 | |
2016 | 42,302,000 | |
2017 | 204,128,000 | |
2018 | 206,774,000 | |
2019 | 140,657,000 | |
Thereafter (year five) | 647,663,000 | |
Long-term Debt | $1,258,570,000 |
DEBT_OBLIGATIONS_AND_MORTGAGE_7
DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLES DEBT OBLIGATIONS AND MORTGAGE NOTES PAYABLES (Mortgage Notes Payable) (Details) (Non-Investment Manager [Member], New Senior [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Managed Properties [Member] | Mortgage Loan, Face Amount $11.4 Million [Member] | |
Debt Instrument [Line Items] | |
Outstanding face amount | 11,400,000 |
Managed Properties [Member] | Fixed Rate [Member] | Mortgage Loans, Face Amounts of $40.6 Million [Member] | |
Debt Instrument [Line Items] | |
Outstanding face amount | 40,600,000 |
Managed Properties [Member] | Fixed Rate [Member] | Mortgage Loans, Face Amounts of $40.6 Million [Member] | Debt Instrument, Redemption, Period First Two Years [Member] | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.00% |
Managed Properties [Member] | Fixed Rate [Member] | Mortgage Loans, Face Amounts of $40.6 Million [Member] | After Year 2 [Member] | |
Debt Instrument [Line Items] | |
Stated interest rate, minimum | 5.99% |
Stated interest rate, maximum | 6.76% |
Managed Properties [Member] | Floating Rate [Member] | Mortgage Loans, Carrying Value of $165.0 Million [Member] | |
Debt Instrument [Line Items] | |
Carrying value | 165,000,000 |
Managed Properties [Member] | Floating Rate [Member] | Mortgage Loans, Carrying Value of $165.0 Million [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Contractual Interest Rate, spread (as a percent) | 1.00% |
Triple Net Lease Properties [Member] | Fixed Rate [Member] | Mortgage Loans, Face Amounts of $356.8 Million [Member] | |
Debt Instrument [Line Items] | |
Outstanding face amount | 356,800,000 |
Stated interest rate, minimum | 4.00% |
Stated interest rate, maximum | 4.99% |
Triple Net Lease Properties [Member] | Fixed Rate [Member] | Mortgage Loans, Face Amounts of $312.2 Million [Member] | |
Debt Instrument [Line Items] | |
Outstanding face amount | 312,200,000 |
Stated interest rate, minimum | 3.83% |
Stated interest rate, maximum | 4.56% |
Mortgages [Member] | |
Debt Instrument [Line Items] | |
Outstanding face amount | 1,258,570,000 |
Carrying value | 1,259,430,000 |
Weighted average maturity (years) | 5 years 6 months |
Fair value of mortgage payables | 1,283,100,000 |
Mortgages [Member] | Fixed Rate [Member] | |
Debt Instrument [Line Items] | |
Carrying value | 1,382,000,000 |
Mortgages [Member] | Floating Rate [Member] | |
Debt Instrument [Line Items] | |
Carrying value | 659,000,000 |
Mortgages [Member] | Managed Properties [Member] | Fixed Rate [Member] | |
Debt Instrument [Line Items] | |
Outstanding face amount | 156,763,000 |
Carrying value | 157,623,000 |
Stated interest rate, minimum | 1.60% |
Stated interest rate, maximum | 4.93% |
Weighted average maturity (years) | 4 years 3 months 26 days |
Mortgages [Member] | Managed Properties [Member] | Fixed Rate [Member] | Mortgage Loan, Face Amount $11.4 Million [Member] | Year 3 [Member] | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.50% |
Mortgages [Member] | Managed Properties [Member] | Fixed Rate [Member] | Mortgage Loan, Face Amount $11.4 Million [Member] | Year 4 [Member] | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.75% |
Mortgages [Member] | Managed Properties [Member] | Fixed Rate [Member] | Mortgage Loan, Face Amount $11.4 Million [Member] | Year 5 [Member] | |
Debt Instrument [Line Items] | |
Stated interest rate | 5.00% |
Mortgages [Member] | Managed Properties [Member] | Floating Rate [Member] | |
Debt Instrument [Line Items] | |
Outstanding face amount | 278,424,000 |
Carrying value | 278,424,000 |
Weighted average maturity (years) | 3 years 3 months 26 days |
Mortgages [Member] | Managed Properties [Member] | Floating Rate [Member] | LIBOR [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Contractual Interest Rate, spread (as a percent) | 2.75% |
Mortgages [Member] | Managed Properties [Member] | Floating Rate [Member] | LIBOR [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Contractual Interest Rate, spread (as a percent) | 3.75% |
Mortgages [Member] | Triple Net Lease Properties [Member] | Fixed Rate [Member] | |
Debt Instrument [Line Items] | |
Outstanding face amount | 708,383,000 |
Carrying value | 708,383,000 |
Stated interest rate, minimum | 3.83% |
Stated interest rate, maximum | 8.00% |
Weighted average maturity (years) | 7 years 0 months 18 days |
Mortgages [Member] | Triple Net Lease Properties [Member] | Floating Rate [Member] | |
Debt Instrument [Line Items] | |
Outstanding face amount | 115,000,000 |
Carrying value | 115,000,000 |
Weighted average maturity (years) | 2 years 9 months 18 days |
Mortgages [Member] | Triple Net Lease Properties [Member] | Floating Rate [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Contractual Interest Rate, spread (as a percent) | 3.25% |
INCOME_TAXES_AND_TAX_RELATED_P2
INCOME TAXES AND TAX RELATED PAYMENTS (Investment Manager Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Line Items] | |||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $7,800,000 | $26,000,000 | $13,900,000 |
Excess tax benefits from delivery of RSUs | 24,600,000 | 32,100,000 | |
Current income tax benefit credited to paid-in capital, related to dividend equivalent payments on RSUs, as applicable, and distributions to Fortress Operating Group restricted partnership unit holders | 700,000 | 0 | 600,000 |
Percentage of expected cash tax savings resulting from the increase in tax basis deductions | 85.00% | 85.00% | 85.00% |
Current income tax expense debited to paid-in capital related to equity-based compensation | 1,000,000 | ||
Income tax receivable agreement expected payments term | 15 years | ||
Capital decrease in connection with certain equity transactions that occurred prior to Fortress's initial public offering, and related tax effects | 393,000,000 | ||
Tax paid under the tax receivable agreement relating to a tax return in the prior year | 23,900,000 | 21,600,000 | |
Tax paid under the tax receivable agreement relating to a tax return two years prior | 16,500,000 | ||
Payments pursuant to the tax receivable agreement | 26,600,000 | ||
Income Tax Expense Due To Increase In Tax Receivable Agreement Liability | 33,100,000 | ||
Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Increase in tax liability for the tax receivable agreement to represent 85% of the expected cash tax savings resulting from the increase in tax basis deduction | 39,100,000 | 100,000 | 100,000 |
Due to change in ownership and other [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax asset, change in amount | -8,000,000 | 2,700,000 | 16,000,000 |
Valuation allowance for deferred tax asset, change in amount | -3,500,000 | 500,000 | 800,000 |
Due to step up in tax basis due to share exchanges [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax asset, change in amount | 48,500,000 | 12,100,000 | 11,700,000 |
Valuation allowance for deferred tax asset, change in amount | 900,000 | 900,000 | 1,000,000 |
Equity method investee [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred income tax expense (benefit) | 500,000 | -700,000 | 200,000 |
Investment Manager [Member] | |||
Income Tax Disclosure [Line Items] | |||
Excess tax benefits from delivery of RSUs | 3,538,000 | 0 | 0 |
Deferred income tax expense (benefit) | -18,044,000 | 54,431,000 | 29,442,000 |
Restricted Stock Units (RSUs) [Member] | Investment Manager [Member] | |||
Income Tax Disclosure [Line Items] | |||
Excess tax benefits from delivery of RSUs | $3,500,000 | ||
Class A Shares [Member] | |||
Income Tax Disclosure [Line Items] | |||
Stock exchange conversion ratio | 1 |
INCOME_TAXES_AND_TAX_RELATED_P3
INCOME TAXES AND TAX RELATED PAYMENTS (Provision for Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 11 Months Ended | 2 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 |
Deferred | |||||||||||||
Total expense (benefit) | ($8,782) | $6,140 | $6,743 | $5,755 | $23,565 | $14,794 | $1,166 | $26,276 | $9,856 | $65,801 | $39,408 | ||
Investment Manager [Member] | |||||||||||||
Current | |||||||||||||
Federal income tax expense (benefit) | 7,558 | 1,185 | -223 | ||||||||||
Foreign income tax expense (benefit) | 12,258 | 8,875 | 9,550 | ||||||||||
State and local income tax expense (benefit) | 5,175 | 1,310 | 639 | ||||||||||
Total current tax expense | 24,991 | 11,370 | 9,966 | ||||||||||
Deferred | |||||||||||||
Federal income tax expense (benefit) | -1,051 | 47,953 | 27,559 | ||||||||||
Foreign income tax expense (benefit) | 1,115 | 65 | 1,718 | ||||||||||
State and local income tax expense (benefit) | -18,108 | 6,413 | 165 | ||||||||||
Deferred income tax expense (benefit) | -18,044 | 54,431 | 29,442 | ||||||||||
Total expense (benefit) | 6,947 | 65,801 | 39,408 | ||||||||||
Non-Investment Manager [Member] | |||||||||||||
Deferred | |||||||||||||
Deferred income tax expense (benefit) | 3,750 | 0 | 0 | ||||||||||
Total expense (benefit) | 2,909 | 0 | 0 | ||||||||||
New Media [Member] | Non-Investment Manager [Member] | |||||||||||||
Current | |||||||||||||
Federal income tax expense (benefit) | 0 | ||||||||||||
State and local income tax expense (benefit) | -108 | ||||||||||||
Total current tax expense | -108 | ||||||||||||
Deferred | |||||||||||||
Federal income tax expense (benefit) | 2,256 | ||||||||||||
State and local income tax expense (benefit) | 565 | ||||||||||||
Deferred income tax expense (benefit) | 2,821 | ||||||||||||
Total expense (benefit) | 2,713 | ||||||||||||
New Senior [Member] | Non-Investment Manager [Member] | |||||||||||||
Current | |||||||||||||
Federal income tax expense (benefit) | -766 | ||||||||||||
State and local income tax expense (benefit) | 33 | ||||||||||||
Total current tax expense | -733 | ||||||||||||
Deferred | |||||||||||||
Federal income tax expense (benefit) | 927 | ||||||||||||
State and local income tax expense (benefit) | 2 | ||||||||||||
Deferred income tax expense (benefit) | 929 | ||||||||||||
Total expense (benefit) | $196 |
INCOME_TAXES_AND_TAX_RELATED_P4
INCOME TAXES AND TAX RELATED PAYMENTS (Federal Taxible Income) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Tax Disclosure [Abstract] | |||||
Federal taxable income | $90.70 | $80.90 | $53.50 | $77.60 | |
Federal taxable income 2013: Estimated | 127.4 | ||||
Federal taxable income 2014 - 2021: Average Required | $91.70 |
INCOME_TAXES_AND_TAX_RELATED_P5
INCOME TAXES AND TAX RELATED PAYMENTS (Tax Effect of Temporary Differences) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Principals’ (and one senior employee’s) exchanges - tax basis adjustment | |||
Net deferred tax assets | $417,600 | $354,526 | |
Investment Manager [Member] | |||
Pre-IPO equity transaction - tax basis adjustment | |||
Tax basis goodwill and other intangible assets | 235,372 | 239,910 | |
Other assets | 19,161 | 19,341 | |
Principals’ (and one senior employee’s) exchanges - tax basis adjustment | |||
Tax basis goodwill and other intangible assets | 76,390 | 31,788 | |
Other assets | 2,417 | 1,558 | |
Public offering basis difference | -922 | 15,725 | |
Compensation and benefits | 11,017 | 8,557 | |
Options in affiliates | 3,558 | 6,975 | |
Partnership basis differences | 77,158 | 70,581 | |
Other | 15,008 | 26,592 | |
Total deferred tax assets | 439,159 | 421,027 | |
Valuation allowance | -13,072 | -49,805 | -83,025 |
Deferred tax liabilities | -8,464 | -16,696 | |
Net deferred tax assets | $417,623 | $354,526 |
INCOME_TAXES_AND_TAX_RELATED_P6
INCOME TAXES AND TAX RELATED PAYMENTS (Changes in Deferred Tax Asset Valuation Allowance) (Details) (Investment Manager [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets, Valuation Allowance [Roll Forward] | |||
Balance at the beginning of the period | $83,025 | ||
Balance at the end of the period | 13,072 | 49,805 | 83,025 |
Due to change in ownership [Member] | |||
Deferred Tax Assets, Valuation Allowance [Roll Forward] | |||
Valuation allowance for deferred tax asset, change in amount | -2,575 | 1,461 | |
Due to factors other than change in ownership [Member] | |||
Deferred Tax Assets, Valuation Allowance [Roll Forward] | |||
Valuation allowance for deferred tax asset, change in amount | ($34,158) | ($34,681) |
INCOME_TAXES_AND_TAX_RELATED_P7
INCOME TAXES AND TAX RELATED PAYMENTS (Reconciliation of the U.S. Federal Statutory Income Tax Expense Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
(Income) loss passed through to stockholders | -17.95% | -13.30% | -25.66% |
State and local income taxes | 6.08% | 4.33% | 3.52% |
Change in tax rate on certain deferred tax benefits | -16.08% | -0.60% | -2.06% |
Tax receivable agreement liability adjustment | 10.74% | 1.16% | 2.64% |
Foreign taxes | 6.54% | 1.55% | 7.03% |
Deferred tax asset write-off | 14.00% | 8.41% | 24.29% |
Valuation allowance | -31.65% | -11.95% | -9.02% |
Other | -0.24% | 0.11% | -2.26% |
Effective income tax rate | 6.44% | 24.71% | 33.48% |
INCOME_TAXES_AND_TAX_RELATED_P8
INCOME TAXES AND TAX RELATED PAYMENTS INCOME TAXES AND TAX RELATED PAYMENTS (Non-Investment Manager Temporary Differences) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Less: | ||
Net deferred tax assets | $417,600 | $354,526 |
New Media [Member] | Non-Investment Manager [Member] | ||
Deferred tax assets: | ||
Definite and indefinite lived intangible assets | 65,729 | |
Net operating losses | 79,522 | |
Other | 27,696 | |
Total deferred tax assets | 172,947 | |
Less: | ||
Valuation allowance | -138,316 | |
Deferred tax liabilities | -37,452 | |
Deferred tax liabilities, net | -2,821 | |
New Senior [Member] | Non-Investment Manager [Member] | ||
Deferred tax assets: | ||
Depreciation and amortization | 1,123 | |
Prepaid fees and rent | 1,170 | |
Net operating losses | 2,838 | |
Other | 22 | |
Total deferred tax assets | 5,153 | |
Less: | ||
Valuation allowance | 0 | |
Net deferred tax assets | $5,153 |
INCOME_TAXES_AND_TAX_RELATED_P9
INCOME TAXES AND TAX RELATED PAYMENTS INCOME TAXES AND TAX RELATED PAYMENT (Non-Investment Manager Narrative) (Details) (USD $) | 7 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2014 | |
Non-Investment Manager [Member] | ||
Product Information [Line Items] | ||
Valuation allowance for deferred tax asset, change in amount | $138,300,000 | |
Net operating loss carryforwards | 79,500,000 | |
Uncertain tax positions | 1,000,000 | |
State and Local Jurisdiction [Member] | Minimum [Member] | ||
Product Information [Line Items] | ||
Statue of limitations | 3 years | |
State and Local Jurisdiction [Member] | Maximum [Member] | ||
Product Information [Line Items] | ||
Statue of limitations | 6 years |
RELATED_PARTY_TRANSACTIONS_AND2
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLICATED SUBSIDIARIES (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Feb. 26, 2015 | |
subsidiary | |||||
Related Party Transaction [Line Items] | |||||
Past due management fees receivable | $33,600,000 | ||||
Allowances for uncollectible management fees | 12,200,000 | 12,200,000 | |||
Private equity general and administrative expenses advanced on behalf of certain Fortress Funds | 11,300,000 | ||||
Allowances for uncollectible expense reimbursements | 6,600,000 | 6,300,000 | |||
Unreserved amount as percentage of NAV, both individually and in the aggregate (less than 5%) | 5.00% | ||||
Interest waived by the entity owed from its private equity funds related to management fees paid in arrears | 1,500,000 | 1,800,000 | 3,800,000 | ||
Number of consolidated subsidiaries that act as loan origination platform | 1 | ||||
One of the consolidated subsidiaries (not a Fortress Fund) [Member] | |||||
Related Party Transaction [Line Items] | |||||
Fees received from related party for loan origination duties | 100,000 | 100,000 | 100,000 | ||
Principals [Member] | |||||
Related Party Transaction [Line Items] | |||||
Compensation and other indirect expenses of personnel hired | 3,500,000 | 3,100,000 | 2,700,000 | ||
Due to affiliates | 100,000 | ||||
Aggregate reimbursement due for personal use of certain company assets | 400,000 | 0 | 200,000 | ||
Principal one [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cost of aircraft charter charges | 2,200,000 | 1,800,000 | 1,800,000 | ||
Principal two [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cost of aircraft charter charges | 600,000 | 400,000 | 300,000 | ||
Investment Manager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenues from affiliates included in other revenues | 2,400,000 | 1,700,000 | 2,500,000 | ||
Due to affiliates | 375,424,000 | 344,832,000 | |||
Investment Manager [Member] | Senior Employee [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amount outstanding | 4,700,000 | 3,900,000 | |||
Subsequent event [Member] | Investment Manager [Member] | Senior Employee [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amount outstanding | $1,800,000 | ||||
Spread over interest rate on advances (as a percent) | 4.00% | ||||
LIBOR [Member] | Investment Manager [Member] | Maximum [Member] | Senior Employee [Member] | |||||
Related Party Transaction [Line Items] | |||||
Spread over interest rate on advances (as a percent) | 4.25% | 4.25% |
RELATED_PARTY_TRANSACTIONS_AND3
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED SUBSIDIARIES (Affiliate Receivables and Payables) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Due from Affiliates | ||
Total | $407,124,000 | |
Allowances for uncollectible management fees | 12,200,000 | 12,200,000 |
Allowances for uncollectible expense reimbursements | 6,600,000 | 6,300,000 |
Investment Manager [Member] | ||
Due from Affiliates | ||
Management fees and incentive income | 230,090,000 | 315,138,000 |
Expense reimbursements | 36,982,000 | 35,779,000 |
Expense reimbursements - FCF | 34,709,000 | 42,972,000 |
Dividends and distributions | 295,000 | 405,000 |
Other | 18,242,000 | 12,830,000 |
Total | 320,318,000 | 407,124,000 |
Due to Affiliates | ||
Principals - tax receivable agreement | 289,324,000 | 241,006,000 |
Principals - Principal Performance Payments | 30,659,000 | 45,524,000 |
Distributions payable on Fortress Operating Group units | 0 | 5,160,000 |
Other | 11,411,000 | 11,345,000 |
General partner liability | 44,030,000 | 41,797,000 |
Total | 375,424,000 | 344,832,000 |
Investment Manager [Member] | Private Equity Funds [Member] | ||
Due from Affiliates | ||
Management fees and incentive income | 35,970,000 | 40,456,000 |
Expense reimbursements | 1,335,000 | 2,599,000 |
Expense reimbursements - FCF | 34,660,000 | 42,872,000 |
Dividends and distributions | 0 | 0 |
Other | 0 | 0 |
Total | 71,965,000 | 85,927,000 |
Investment Manager [Member] | Permanent Capital Vehicle [Member] | ||
Due from Affiliates | ||
Management fees and incentive income | 62,008,000 | 21,701,000 |
Expense reimbursements | 3,202,000 | 4,905,000 |
Expense reimbursements - FCF | 49,000 | 100,000 |
Dividends and distributions | 295,000 | 405,000 |
Other | 1,346,000 | 698,000 |
Total | 66,900,000 | 27,809,000 |
Investment Manager [Member] | Liquid Hedge Funds [Member] | ||
Due from Affiliates | ||
Management fees and incentive income | 15,634,000 | 89,400,000 |
Expense reimbursements | 12,940,000 | 6,437,000 |
Expense reimbursements - FCF | 0 | 0 |
Dividends and distributions | 0 | 0 |
Other | 0 | 0 |
Total | 28,574,000 | 95,837,000 |
Investment Manager [Member] | Credit Hedge Funds [Member] | ||
Due from Affiliates | ||
Management fees and incentive income | 96,996,000 | 144,749,000 |
Expense reimbursements | 9,264,000 | 7,118,000 |
Expense reimbursements - FCF | 0 | 0 |
Dividends and distributions | 0 | 0 |
Other | 0 | 0 |
Total | 106,260,000 | 151,867,000 |
Investment Manager [Member] | Credit PE Funds [Member] | ||
Due from Affiliates | ||
Management fees and incentive income | 18,393,000 | 18,143,000 |
Expense reimbursements | 10,077,000 | 14,656,000 |
Expense reimbursements - FCF | 0 | 0 |
Dividends and distributions | 0 | 0 |
Other | 0 | 4,000 |
Total | 28,470,000 | 32,803,000 |
Investment Manager [Member] | Logan Circle [Member] | ||
Due from Affiliates | ||
Management fees and incentive income | 1,089,000 | 689,000 |
Expense reimbursements | 164,000 | 64,000 |
Expense reimbursements - FCF | 0 | 0 |
Dividends and distributions | 0 | 0 |
Other | 0 | 0 |
Total | 1,253,000 | 753,000 |
Investment Manager [Member] | Other [Member] | ||
Due from Affiliates | ||
Management fees and incentive income | 0 | 0 |
Expense reimbursements | 0 | 0 |
Expense reimbursements - FCF | 0 | 0 |
Dividends and distributions | 0 | 0 |
Other | 16,896,000 | 12,128,000 |
Total | 16,896,000 | 12,128,000 |
New Media And New Senior [Member] | Non-Investment Manager [Member] | ||
Due from Affiliates | ||
Management fees and incentive income | 3,000,000 | |
Expense reimbursements | $3,200,000 |
RELATED_PARTY_TRANSACTIONS_AND4
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED SUBSIDIARIES (Advances to Senior Employees) (Details) (Investment Manager [Member], Senior Employee [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 26, 2015 |
In Millions, unless otherwise specified | |||
Related Party Transaction [Line Items] | |||
Amount outstanding | $4.70 | $3.90 | |
LIBOR [Member] | Minimum [Member] | |||
Related Party Transaction [Line Items] | |||
Spread over interest rate on advances (as a percent) | 4.00% | 4.00% | |
LIBOR [Member] | Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Spread over interest rate on advances (as a percent) | 4.25% | 4.25% | |
Subsequent event [Member] | |||
Related Party Transaction [Line Items] | |||
Spread over interest rate on advances (as a percent) | 4.00% | ||
Amount outstanding | $1.80 |
RELATED_PARTY_TRANSACTIONS_AND5
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED SUBSIDIARIES (Balance Sheet Caption) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ||
Total | $638,360 | $789,838 |
Investment Manager [Member] | ||
Related Party Transaction [Line Items] | ||
Fortress Operating Group units held by the principals and a former senior employee | 555,724 | 725,424 |
Employee interests in majority owned and controlled fund advisor and general partner entities | 80,333 | 62,381 |
Other | 2,303 | 2,033 |
Total | $638,360 | $789,838 |
RELATED_PARTY_TRANSACTIONS_AND6
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED SUBSIDIARIES (Fortress Operating Group Balance Sheet Interests) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | employee | |||
Non Controlling Interest in the Equity of the Consolidated Subsidiary | ||||
Fortress Operating Group entity | $3,066,118 | $1,614,905 | $1,216,650 | $1,062,392 |
Less: Other's interests in equity of consolidated subsidiaries | -638,360 | -789,838 | ||
Total Fortress shareholders’ equity | 642,585 | 825,067 | ||
Number of senior employees holding ownership interests in Fortress Operating Group RPUs | 1 | |||
Class B Shares [Member] | ||||
Non Controlling Interest in the Equity of the Consolidated Subsidiary | ||||
Common Stock, Shares Outstanding | 226,331,513 | 249,534,372 | 249,534,372 | 305,857,751 |
Class A Shares [Member] | ||||
Non Controlling Interest in the Equity of the Consolidated Subsidiary | ||||
Common Stock, Shares Outstanding | 208,535,157 | 240,741,920 | 218,286,342 | 189,824,053 |
Fortress Operating Group portion of interests [Member] | ||||
Non Controlling Interest in the Equity of the Consolidated Subsidiary | ||||
Fortress Operating Group entity | 2,935,460 | 1,489,701 | ||
Less: Other's interests in equity of consolidated subsidiaries | -82,636 | -64,414 | ||
Total Fortress shareholders’ equity | 1,067,651 | 1,425,287 | ||
Equity of Fortress Operating Group units held by the Principals and a former senior employee | 555,724 | 725,424 | ||
Fortress Operating Group portion of interests [Member] | Class B Shares [Member] | ||||
Non Controlling Interest in the Equity of the Consolidated Subsidiary | ||||
Common Stock, Shares Outstanding | 226,331,513 | 249,534,372 | ||
Fortress Operating Group portion of interests [Member] | Class A Shares [Member] | ||||
Non Controlling Interest in the Equity of the Consolidated Subsidiary | ||||
Common Stock, Shares Outstanding | 208,535,157 | 240,741,920 | ||
Fortress Operating Group portion of interests [Member] | Class A and Class B Shares [Member] | ||||
Non Controlling Interest in the Equity of the Consolidated Subsidiary | ||||
Common Stock, Shares Outstanding | 434,866,670 | 490,276,292 | ||
Non-Investment Manager [Member] | ||||
Non Controlling Interest in the Equity of the Consolidated Subsidiary | ||||
Less: Other's interests in equity of consolidated subsidiaries | -1,700,172 | 0 | ||
Non-Investment Manager [Member] | Fortress Operating Group portion of interests [Member] | ||||
Non Controlling Interest in the Equity of the Consolidated Subsidiary | ||||
Noncontrolling Interest in Income (Loss) | -1,700,172 | 0 | ||
Investment Manager [Member] | ||||
Non Controlling Interest in the Equity of the Consolidated Subsidiary | ||||
Less: Other's interests in equity of consolidated subsidiaries | -638,360 | -789,838 | ||
Equity of Fortress Operating Group units held by the Principals and a former senior employee | 555,724 | 725,424 | ||
Shares owned by registrant (as a percent) | 48.00% | 49.10% | ||
Investment Manager [Member] | Fortress Operating Group portion of interests [Member] | ||||
Non Controlling Interest in the Equity of the Consolidated Subsidiary | ||||
Noncontrolling Interest in Income (Loss) | ($85,001) | $0 | ||
Fortress Operating Group units as a percent of total | 52.00% | 50.90% |
RELATED_PARTY_TRANSACTIONS_AND7
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED SUBSIDIARIES (Statement of Operations Caption) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||||||||||
Fortress Operating Group units held by the Principals and a former senior employee | $134,033 | $276,683 | $132,950 | ||||||||
Total | 80,014 | 10,842 | 42,135 | 5,969 | 171,723 | 58,804 | -360 | 52,977 | 138,960 | 283,144 | 140,538 |
Investment Manager [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Fortress Operating Group units held by the Principals and a former senior employee | 134,033 | 276,683 | 132,950 | ||||||||
Employee interests in majority owned and controlled fund advisor and general partner entities | 4,657 | 6,456 | 7,402 | ||||||||
Other | 270 | 5 | 186 | ||||||||
Total | $138,960 | $283,144 | $140,538 |
RELATED_PARTY_TRANSACTIONS_AND8
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED SUBSIDIARIES (Computation of Fortress Operating Group Interest) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
employee | employee | ||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of senior employees holding ownership interests in Fortress Operating Group RPUs | 1 | 1 | |||||||||
Schedule of Interest Computation [Abstract] | |||||||||||
Net income (loss) | $148,016 | $10,215 | $68,955 | $6,171 | $317,536 | $101,185 | ($2,436) | $67,306 | $233,357 | $483,591 | $218,822 |
Less: Others' interests in net income (loss) of consolidated subsidiaries | -80,014 | -10,842 | -42,135 | -5,969 | -171,723 | -58,804 | 360 | -52,977 | -138,960 | -283,144 | -140,538 |
Non-controlling interests in (income) loss | -248,932 | -149,532 | -99,786 | ||||||||
Fortress Operating Group units held by the Principals and a former senior employee | 134,033 | 276,683 | 132,950 | ||||||||
Investment Manager [Member] | |||||||||||
Schedule of Interest Computation [Abstract] | |||||||||||
Less: Others' interests in net income (loss) of consolidated subsidiaries | -138,960 | -283,144 | -140,538 | ||||||||
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 | ||||||||
Fortress Operating Group units held by the Principals and a former senior employee | 134,033 | 276,683 | 132,950 | ||||||||
Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Schedule of Interest Computation [Abstract] | |||||||||||
Less: Others' interests in net income (loss) of consolidated subsidiaries | -9,746 | 9 | 0 | 0 | -9,737 | 0 | 0 | ||||
Non-Investment Manager [Member] | |||||||||||
Schedule of Interest Computation [Abstract] | |||||||||||
Less: Others' interests in net income (loss) of consolidated subsidiaries | 4,288 | 3,014 | 4,557 | 2,734 | 14,593 | 0 | 0 | ||||
Fortress Operating Group portion of interests [Member] | |||||||||||
Schedule of Interest Computation [Abstract] | |||||||||||
Net income (loss) | 256,174 | 545,623 | 255,770 | ||||||||
Net Income (Loss) Attributable to Class A Shareholders | 256,812 | 539,162 | 248,182 | ||||||||
Fortress Operating Group as a percent of total | 52.20% | 51.30% | 53.60% | ||||||||
Fortress Operating Group portion of interests [Member] | Investment Manager [Member] | |||||||||||
Schedule of Interest Computation [Abstract] | |||||||||||
Less: Others' interests in net income (loss) of consolidated subsidiaries | -4,927 | -6,461 | -7,588 | ||||||||
Fortress Operating Group portion of interests [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Schedule of Interest Computation [Abstract] | |||||||||||
Redeemable Non-controlling interests in (income) loss of Investment Company - consolidated VIE | 709 | 0 | 0 | ||||||||
Non-controlling interests in (income) loss | -9,737 | 0 | 0 | ||||||||
Fortress Operating Group portion of interests [Member] | Non-Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Schedule of Interest Computation [Abstract] | |||||||||||
Non-controlling interests in (income) loss | $14,593 | $0 | $0 |
RELATED_PARTY_TRANSACTIONS_AND9
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED SUBSIDIARIES (Fortress's Ownership in Fortress Operating Group) (Details) (Investment Manager [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment Manager [Member] | |||
Related Party Transaction [Line Items] | |||
Net Income (Loss) Attributable to Class A Shareholders | $99,962 | $200,447 | $78,284 |
Transfers (to) from the Principals' and Others' Interests: | |||
Increase in Fortress’s shareholders’ equity for the conversion of Fortress Operating Group units by the Principals and a former senior employee | 0 | 10,143 | 22,166 |
Increase in Fortress’s shareholders’ equity for the purchase of Fortress Operating Group units from one Principal | 0 | 0 | 44,242 |
Increase in Fortress’s shareholders’ equity for the delivery of Class A shares primarily in connection with vested RSUs and RPUs | 5,835 | 14,005 | 14,769 |
Increase in Fortress's shareholders' equity for the public offering of Class A shares and repurchase of Class B shares and FOGUs | 53,510 | 0 | 0 |
Decrease in Fortress's shareholders' equity for the repurchase and cancellation of Class A shares and FOGUs | -101,156 | 0 | 0 |
Change from net income (loss) attributable to Fortress and transfers (to) from Principals’ and Others' Interests | $58,151 | $224,595 | $159,461 |
EQUITYBASED_AND_OTHER_COMPENSA2
EQUITY-BASED AND OTHER COMPENSATION (Compensation and Benefits Expense) (Details) (Investment Manager [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment Manager [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation, per below | $38,157 | $39,266 | $213,274 |
Profit-sharing expense, per below | 269,903 | 263,436 | 154,658 |
Discretionary bonuses | 239,561 | 220,114 | 197,677 |
Other payroll, taxes and benefits | 248,481 | 218,945 | 184,750 |
Total compensation and benefit expense | $796,102 | $741,761 | $750,359 |
EQUITYBASED_AND_OTHER_COMPENSA3
EQUITY-BASED AND OTHER COMPENSATION (Equity-Based Compensation) (Details) (Investment Manager [Member]) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
meeting | ||||
item | ||||
Employee awards made at the time of the initial public offering [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, beginning year | 3 | |||
Vesting period, ending year | 6 | |||
Subsequent employee awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, beginning year | 2 | |||
Vesting period, ending year | 3 | |||
Vesting period (in years) | 3 years | 3 years | 3 years | 2 years 6 months |
Number of annual dates in vesting period | 3 | |||
Fortress Operating Group Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of employees who received awards | 1 | |||
Employees [Member] | RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/Units Outstanding | 20,153,746 | 19,228,466 | 21,754,544 | 34,670,464 |
Issued (in shares) | 8,415,043 | 8,950,696 | 6,821,847 | |
Employees [Member] | RSUs [Member] | Fair value at grant date expensed over service period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/Units Outstanding | 7,196,292 | |||
Employees [Member] | RSUs [Member] | Fair value at grant date discounted for the non-entitlement to dividends, expensed over service period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/Units Outstanding | 12,957,454 | |||
Employees [Member] | RPUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/Units Outstanding | 0 | 0 | 10,333,334 | 20,666,667 |
Issued (in shares) | 0 | 0 | 0 | |
Employees [Member] | RPUs [Member] | Fair value at grant date expensed over service period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/Units Outstanding | 0 | |||
Director [Member] | Restricted shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/Units Outstanding | 1,045,134 | 955,744 | 828,211 | 570,293 |
Issued (in shares) | 89,390 | 127,533 | 257,918 | |
Director [Member] | Restricted shares [Member] | Fair value at grant date expensed over service period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/Units Outstanding | 1,045,134 | |||
Non-Employees [Member] | RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/Units Outstanding | 396,874 | 14,500 | 1,246,406 | 787,046 |
Issued (in shares) | 237,498 | 0 | 0 | |
Non-Employees [Member] | RSUs [Member] | Fair value at grant date discounted for the non-entitlement to dividends, expensed over service period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/Units Outstanding | 396,874 | |||
Initial Public Offering, Third Year of Service [Member] | Employee awards made at the time of the initial public offering [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Initial Public Offering, Fourth Year of Service [Member] | Employee awards made at the time of the initial public offering [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Initial Public Offering, Fifth Year of Service [Member] | Employee awards made at the time of the initial public offering [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Initial Public Offering, Sixth Year of Service [Member] | Employee awards made at the time of the initial public offering [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Awards Made Through December 31, 2011, 33% in Year 1 [Member] | Subsequent employee awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Awards Made Through December 31, 2011, 33% in Year 2 [Member] | Subsequent employee awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Awards Made Through December 31, 2011, 33% in Year 3 [Member] | Subsequent employee awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Awards Made Through December 31, 2012, 50% in Year 2 [Member] | Subsequent employee awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
Awards Made Through December 31, 2012, 50% in Year 3 [Member] | Subsequent employee awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
Awards Made Through December 31, 2013, 50% in Year 2 [Member] | Subsequent employee awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
Awards Made Through December 31, 2013, 50% in Year 3 [Member] | Subsequent employee awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
Awards Made Through December 31, 2014, 50% in Year 2 [Member] | Subsequent employee awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
Awards Made Through December 31, 2014, 50% in Year 3 [Member] | Subsequent employee awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
January 2011 [Member] | Fortress Operating Group Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
January 2012 [Member] | Fortress Operating Group Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
January 2013 [Member] | Fortress Operating Group Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Maximum [Member] | Employees [Member] | RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of delivery (no more than 6 months) | 6 months |
EQUITYBASED_AND_OTHER_COMPENSA4
EQUITY-BASED AND OTHER COMPENSATION (Estimated Forfeiture Factors) (Details) (Investment Manager [Member]) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Minimum [Member] | Non-Dividend Paying RSU Awards Granted Prior To 2010 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated forfeiture factors rate (as a percent) | 38.00% | 38.00% | 38.00% |
Minimum [Member] | Non-Dividend Paying RSU Awards Granted From 2010 To 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated forfeiture factors rate (as a percent) | 8.00% | 11.00% | 11.00% |
Minimum [Member] | Dividend Paying RSU Awards Granted In 2010 And 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated forfeiture factors rate (as a percent) | 8.00% | 8.00% | 8.00% |
Maximum [Member] | Non-Dividend Paying RSU Awards Granted Prior To 2010 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated forfeiture factors rate (as a percent) | 39.00% | 39.00% | 39.00% |
Maximum [Member] | Non-Dividend Paying RSU Awards Granted From 2010 To 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated forfeiture factors rate (as a percent) | 30.00% | 30.00% | 30.00% |
Maximum [Member] | Dividend Paying RSU Awards Granted In 2010 And 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated forfeiture factors rate (as a percent) | 25.00% | 25.00% | 25.00% |
EQUITYBASED_AND_OTHER_COMPENSA5
EQUITY-BASED AND OTHER COMPENSATION (Restricted Stock Unit Valuation Assumptions) (Details) (Investment Manager [Member], RSUs [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investment Manager [Member] | RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Initial dividend rate | 4.00% | 5.00% | 6.00% |
Dividend growth rate | 5.00% | 3.64% | 0.00% |
Risk-free discount rate | 0.28% | 0.18% | 0.13% |
EQUITYBASED_AND_OTHER_COMPENSA6
EQUITY-BASED AND OTHER COMPENSATION (Equity-Based Compensation Activity) (Details) (Investment Manager [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employees [Member] | RSUs [Member] | |||
Shares | |||
Outstanding at the beginning of the period (in shares) | 19,228,466 | 21,754,544 | 34,670,464 |
Issued (in shares) | 8,415,043 | 8,950,696 | 6,821,847 |
Transfers (in shares) | -152,313 | 0 | -1,794,043 |
Forfeited (in shares) | -1,745,596 | -713,969 | -4,446,835 |
Outstanding at the end of the period (in shares) | 20,153,746 | 19,228,466 | 21,754,544 |
Value | |||
Outstanding at the beginning of the period (in dollars per share) | $4.14 | $9.44 | $10.49 |
Issued (in dollars per share) | $7.19 | $5.10 | $2.96 |
Transfers (in dollars per share) | $5.09 | $0 | $3.09 |
Forfeited (in dollars per share) | $3.87 | $3.72 | $3.68 |
Outstanding at the end of the period (in dollars per share) | $5.52 | $4.14 | $9.44 |
Employees [Member] | RSUs [Member] | Class A Shares [Member] | |||
Shares | |||
Converted (in shares) | -5,591,854 | -10,762,805 | -13,496,889 |
Value | |||
Converted (in dollars per share) | $3.81 | $12.52 | $11.60 |
Employees [Member] | RSUs [Member] | Class B Shares [Member] | |||
Shares | |||
Converted (in shares) | 0 | ||
Value | |||
Converted (in dollars per share) | $0 | ||
Employees [Member] | RPUs [Member] | |||
Shares | |||
Outstanding at the beginning of the period (in shares) | 0 | 10,333,334 | 20,666,667 |
Issued (in shares) | 0 | 0 | 0 |
Transfers (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | 0 | 0 |
Outstanding at the end of the period (in shares) | 0 | 0 | 10,333,334 |
Value | |||
Outstanding at the beginning of the period (in dollars per share) | $0 | $13.75 | $13.75 |
Issued (in dollars per share) | $0 | $0 | $0 |
Transfers (in dollars per share) | $0 | $0 | $0 |
Forfeited (in dollars per share) | $0 | $0 | $0 |
Outstanding at the end of the period (in dollars per share) | $0 | $0 | $13.75 |
Employees [Member] | RPUs [Member] | Class A Shares [Member] | |||
Shares | |||
Converted (in shares) | 0 | -10,333,334 | -4,340,000 |
Value | |||
Converted (in dollars per share) | $0 | $13.75 | $13.75 |
Employees [Member] | RPUs [Member] | Class B Shares [Member] | |||
Shares | |||
Converted (in shares) | -5,993,333 | ||
Value | |||
Converted (in dollars per share) | $13.75 | ||
Non-Employees [Member] | RSUs [Member] | |||
Shares | |||
Outstanding at the beginning of the period (in shares) | 14,500 | 1,246,406 | 787,046 |
Issued (in shares) | 237,498 | 0 | 0 |
Transfers (in shares) | 152,313 | 0 | 1,794,043 |
Forfeited (in shares) | 0 | 0 | -40,990 |
Outstanding at the end of the period (in shares) | 396,874 | 14,500 | 1,246,406 |
Value | |||
Outstanding at the beginning of the period (in dollars per share) | $3.12 | $5.51 | $11.33 |
Issued (in dollars per share) | $7.18 | $0 | $0 |
Transfers (in dollars per share) | $5.64 | $0 | $3.09 |
Forfeited (in dollars per share) | $0 | $0 | $8.03 |
Outstanding at the end of the period (in dollars per share) | $6.51 | $3.12 | $5.51 |
Non-Employees [Member] | RSUs [Member] | Class A Shares [Member] | |||
Shares | |||
Converted (in shares) | -7,437 | -1,231,906 | -1,293,693 |
Value | |||
Converted (in dollars per share) | $3.28 | $5.53 | $5.62 |
Non-Employees [Member] | RSUs [Member] | Class B Shares [Member] | |||
Shares | |||
Converted (in shares) | 0 | ||
Value | |||
Converted (in dollars per share) | $0 | ||
Issued to Directors [Member] | Restricted shares [Member] | |||
Shares | |||
Outstanding at the beginning of the period (in shares) | 955,744 | 828,211 | 570,293 |
Issued (in shares) | 89,390 | 127,533 | 257,918 |
Transfers (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | 0 | 0 |
Outstanding at the end of the period (in shares) | 1,045,134 | 955,744 | 828,211 |
Value | |||
Outstanding at the beginning of the period (in dollars per share) | $5.41 | $5.29 | $6.24 |
Issued (in dollars per share) | $7.38 | $6.21 | $3.18 |
Transfers (in dollars per share) | $0 | $0 | $0 |
Forfeited (in dollars per share) | $0 | $0 | $0 |
Outstanding at the end of the period (in dollars per share) | $5.58 | $5.41 | $5.29 |
Issued to Directors [Member] | Restricted shares [Member] | Class A Shares [Member] | |||
Shares | |||
Converted (in shares) | 0 | 0 | 0 |
Value | |||
Converted (in dollars per share) | $0 | $0 | $0 |
Issued to Directors [Member] | Restricted shares [Member] | Class B Shares [Member] | |||
Shares | |||
Converted (in shares) | 0 | ||
Value | |||
Converted (in dollars per share) | $0 |
EQUITYBASED_AND_OTHER_COMPENSA7
EQUITY-BASED AND OTHER COMPENSATION (Equity-Based Compensation Expenses) (Details) (Investment Manager [Member], USD $) | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $38,157,000 | $39,266,000 | $213,274,000 |
Unrecognized compensation expense on non-vested equity based awards | 53,200,000 | ||
Weighted average recognition period (in years) | 2 years 2 months 8 days | ||
Class A Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 497,000 | 0 | 0 |
Principal Performance Payments [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 13,307,000 | 16,396,000 | 5,422,000 |
RSUs [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 22,925,000 | 22,869,000 | 116,339,000 |
RSUs [Member] | Employees [Member] | Principal Performance Payments [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards expected to be granted on the basis of year-to-date performance (in shares) | 0.5 | 3.2 | 2.9 |
RSUs [Member] | Non-Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 1,428,000 | 1,000 | 734,000 |
Restricted shares [Member] | General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 500,000 | 600,000 | 800,000 |
Restricted shares [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 0 | 0 | 24,000 |
RPUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $0 | $0 | $90,755,000 |
EQUITYBASED_AND_OTHER_COMPENSA8
EQUITY-BASED AND OTHER COMPENSATION (Principal Performance Payments) (Details) (Investment Manager [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-Based Compensation | $38,157 | $39,266 | $213,274 |
Profit Sharing Expense | 269,903 | 263,436 | 154,658 |
Liquid Hedge Funds [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Profit Sharing Expense | 29,347 | 51,886 | 21,350 |
Principal Performance Payments [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-Based Compensation | 13,307 | 16,396 | 5,422 |
Profit Sharing Expense | 29,381 | 34,613 | 20,151 |
Total | 42,688 | 51,009 | |
Principal Performance Payments [Member] | Total Private Equity [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-Based Compensation | 0 | 0 | |
Profit Sharing Expense | 5,588 | 2,401 | |
Total | 5,588 | 2,401 | |
Principal Performance Payments [Member] | Liquid Hedge Funds [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-Based Compensation | 3,730 | 5,019 | |
Profit Sharing Expense | 1,591 | 12,548 | |
Total | 5,321 | 17,567 | |
Principal Performance Payments [Member] | Credit Business [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-Based Compensation | 9,577 | 11,377 | |
Profit Sharing Expense | 22,202 | 19,664 | |
Total | $31,779 | $31,041 |
EQUITYBASED_AND_OTHER_COMPENSA9
EQUITY-BASED AND OTHER COMPENSATION (Profit Sharing Compensation Expense) (Details) (Investment Manager [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Profit sharing expense | $269,903 | $263,436 | $154,658 |
Principal Performance Payments [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Profit sharing expense | 29,381 | 34,613 | 20,151 |
Private Equity Funds [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Profit sharing expense | 303 | 2,135 | 966 |
Permanent Capital Vehicle [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Profit sharing expense | 13,962 | 10,690 | 10,134 |
Liquid Hedge Funds [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Profit sharing expense | 29,347 | 51,886 | 21,350 |
Liquid Hedge Funds [Member] | Principal Performance Payments [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Profit sharing expense | 1,591 | 12,548 | |
Credit Hedge Funds [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Profit sharing expense | 59,819 | 95,229 | 65,298 |
Credit PE Funds [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Profit sharing expense | $137,091 | $68,883 | $36,759 |
Recovered_Sheet12
EQUITY-BASED AND OTHER COMPENSATION (Investment Manager Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2011 | Jan. 31, 2012 | |
RSUs with service conditions [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Change in RSU expense due to changes in the estimated forfeiture rates | $0 | ||||
Investment Manager [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | 213,274,000 | 38,157,000 | 39,266,000 | ||
Expected future benefit payments in next twelve months | 4,800,000 | ||||
Defined contribution plan, cost recognized | 3,900,000 | 4,200,000 | |||
Investment Manager [Member] | Class A Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized for issuance | 181,593,848 | ||||
Equity-based compensation | 0 | 497,000 | 0 | ||
Investment Manager [Member] | RSUs with service conditions [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Change in RSU expense due to changes in the estimated forfeiture rates | 2,200,000 | 1,200,000 | |||
Investment Manager [Member] | Principals [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Principals extended employment term | 5 years | ||||
Annual compensation | 200,000 | ||||
Investment Manager [Member] | CEO [Member] | RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | 5,000,000 | ||||
Outstanding | 1,800,000 | ||||
Forfeited (in shares) | 4,000,000 | ||||
Investment Manager [Member] | Principal Performance Payments [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of incentive income earned to be paid to principals on existing AUM | 20.00% | ||||
Percent of fund management distributable earnings for new flagship hedge fund AUM | 20.00% | ||||
Maximum percentage of principal performance payments payable in cash | 10.00% | ||||
Vesting period (in years) | 3 years | ||||
Percentage of after tax cash portion of principal performance payments subject to mandatory investment | 50.00% | ||||
Equity-based compensation | $5,422,000 | $13,307,000 | $16,396,000 | ||
Investment Manager [Member] | Principal Performance Payments [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of fund management distributable earnings to be paid | 10.00% | ||||
Investment Manager [Member] | Principal Performance Payments [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of fund management distributable earnings to be paid | 20.00% | ||||
Investment Manager [Member] | Permanent Capital Vehicle [Member] | Principal Performance Payments [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of fund management distributable earnings above a threshold | 20.00% |
Recovered_Sheet13
EQUITY-BASED AND OTHER COMPENSATION EQUITY-BASED AND OTHER COMPENSATION (Non-Investment Manager Narrative) (Details) (Non-Investment Manager [Member], New Media [Member], USD $) | 12 Months Ended | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 14, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee contribution threshold (up to 100%) | 100.00% | |
Employer contributions | $1 | |
Restricted shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issued (in shares) | 15,870 | |
Grant date fair value | $0.20 |
EARNINGS_PER_SHARE_AND_DISTRIB2
EARNINGS PER SHARE AND DISTRIBUTIONS (Computations of Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Weighted average shares outstanding | |||||||||||
Class A shares outstanding | 207,907,352 | 233,117,423 | 210,467,733 | ||||||||
Fully vested restricted Class A share units with dividend equivalent rights | 1,379,649 | 2,207,612 | 3,194,380 | ||||||||
Fully vested restricted Class A shares | 1,016,240 | 921,261 | 737,309 | ||||||||
Total weighted average shares outstanding | 208,607,680 | 208,014,692 | 207,783,751 | 216,934,917 | 240,684,662 | 239,404,587 | 237,426,903 | 227,287,102 | 210,303,241 | 236,246,296 | 214,399,422 |
Basic net income (loss) per Class A share | |||||||||||
Dilution in earnings due to RPUs treated as a participating security of Fortress Operating Group and fully vested restricted Class A share units with dividend equivalent rights treated as outstanding Fortress Operating Group units | $0 | $0 | ($14,240) | ||||||||
Dividend equivalents declared on, and undistributed earnings allocated to, non-vested restricted Class A shares and restricted Class A share units | -1,296 | -3,365 | -1,063 | ||||||||
Net income (loss) available to Class A shareholders | 98,666 | 197,082 | 62,981 | ||||||||
Total weighted average shares outstanding | 208,607,680 | 208,014,692 | 207,783,751 | 216,934,917 | 240,684,662 | 239,404,587 | 237,426,903 | 227,287,102 | 210,303,241 | 236,246,296 | 214,399,422 |
Basic net income (loss) per Class A share (in dollars per share) | $0.29 | $0.02 | $0.15 | $0.01 | $0.59 | $0.17 | ($0.01) | $0.06 | $0.47 | $0.83 | $0.29 |
Weighted average shares outstanding | |||||||||||
Class A shares outstanding | 207,907,352 | 233,117,423 | 210,467,733 | ||||||||
Fully vested restricted Class A share units with dividend equivalent rights | 1,379,649 | 2,207,612 | 3,194,380 | ||||||||
Fully vested restricted Class A shares | 1,016,240 | 921,261 | 737,309 | ||||||||
Fortress Operating Group units and fully vested RPUs exchangeable into Class A shares | 231,162,793 | 251,969,075 | 302,044,370 | ||||||||
Class A restricted shares and Class A restricted share units granted to employees and directors (eligible for dividend and dividend equivalent payments) | 4,670,736 | 2,318,202 | 1,697,705 | ||||||||
Class A restricted share units granted to employees (not eligible for dividend and dividend equivalent payments) | 9,017,366 | 10,097,850 | 6,758,635 | ||||||||
Weighted average shares outstanding | 449,618,855 | 220,792,711 | 444,566,847 | 229,033,778 | 503,803,432 | 502,091,166 | 237,426,903 | 496,294,600 | 455,154,136 | 500,631,423 | 524,900,132 |
Diluted net income (loss) per Class A share | |||||||||||
Dilution in earnings due to RPUs treated as a participating security of Fortress Operating Group and fully vested restricted Class A share units with dividend equivalent rights treated as outstanding Fortress Operating Group units | 0 | 0 | -14,240 | ||||||||
Dividend equivalents declared on, and undistributed earnings allocated to, non-vested restricted Class A shares and restricted Class A share units | -1,296 | -3,365 | -1,063 | ||||||||
Add back Principals’ and others’ interests in income of Fortress Operating Group, net of assumed income taxes at enacted rates, attributable to Fortress Operating Group units and fully vested RPUs exchangeable into Class A shares | 96,867 | 196,272 | 79,687 | ||||||||
Net income (loss) available to Class A shareholders | 195,533 | 393,354 | 142,668 | ||||||||
Weighted average shares outstanding | 449,618,855 | 220,792,711 | 444,566,847 | 229,033,778 | 503,803,432 | 502,091,166 | 237,426,903 | 496,294,600 | 455,154,136 | 500,631,423 | 524,900,132 |
Diluted net income (loss) per Class A share (in dollars per share) | $0.24 | $0.02 | $0.12 | $0.01 | $0.49 | $0.12 | ($0.01) | $0.05 | $0.43 | $0.79 | $0.27 |
Weighted average restricted Class A share units | 13,310,978 | 15,321,401 | 18,419,024 | ||||||||
Number of FOG units, along with each class B share, which are exchangeable for one Class A share | 1 | 1 | |||||||||
Number of Class A shares for which each Fortress Operating Group unit may be exchanged | 1 | 1 | |||||||||
Class A Shares [Member] | |||||||||||
Basic net income (loss) per Class A share | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 61,368 | 4,438 | 31,220 | 2,936 | 145,813 | 42,381 | -2,076 | 14,329 | 99,962 | 200,447 | 78,284 |
Diluted net income (loss) per Class A share | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | $61,368 | $4,438 | $31,220 | $2,936 | $145,813 | $42,381 | ($2,076) | $14,329 | $99,962 | $200,447 | $78,284 |
EARNINGS_PER_SHARE_AND_DISTRIB3
EARNINGS PER SHARE AND DISTRIBUTIONS (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
Dec. 21, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Feb. 26, 2015 | Feb. 13, 2014 | |
principal | category | principal | |||||||||||||
employee | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of general categories of potentially dilutive equity instruments | 2 | ||||||||||||||
Number of senior employees holding ownership interests in Fortress Operating Group RPUs | 1 | ||||||||||||||
Number of FOG units, along with each class B share, which are exchangeable for one Class A share | 1 | ||||||||||||||
Number of Class A shares for which each Fortress Operating Group unit may be exchanged | 1 | ||||||||||||||
Withholding tax paid on behalf of employees | $3,600,000 | $7,800,000 | |||||||||||||
Number of Principals retired | 1 | ||||||||||||||
Aggregate value of shares and units agreed to be purchased | 0 | 0 | 149,453,000 | ||||||||||||
Number of principals contributing Class A shares to charitable organizations | 2 | ||||||||||||||
Number of Class A shares contributed by principals to charitable organizations | 1,859,283 | ||||||||||||||
Promissory note [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Aggregate amount of shares and units agreed to be purchased | 179,500,000 | ||||||||||||||
Aggregate value of shares and units agreed to be purchased | 149,500,000 | ||||||||||||||
Fortress Operating Group unit holders [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Aggregate number of FOG units and Class B shares exchanged for equal number of Class A shares | 10,333,334 | 17,467,232 | |||||||||||||
Units agreed to be purchased | 49,189,480 | ||||||||||||||
Repurchase price per share (in dollars per share) | 3.5 | ||||||||||||||
Amount paid in cash | 30,000,000 | ||||||||||||||
RSUs [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Restricted Stock Units exchanged for Class A shares (in shares) | 1,100,000 | 5,600,000 | |||||||||||||
Class A Shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares issued, net of employees' income tax withholding obligations | 500,000 | 3,700,000 | |||||||||||||
Shares agreed to be purchased | 2,082,684 | ||||||||||||||
Units agreed to be purchased | 60,568,275 | ||||||||||||||
Shares issued during period | 23,202,859 | ||||||||||||||
Cash dividend declared (in dollars per share) | $0.08 | $0.08 | $0.08 | $0.08 | $0.06 | $0.06 | $0.06 | $0.06 | |||||||
Base cash dividend declared (in dollars per share) | $0.08 | ||||||||||||||
Special cash dividend declared (in dollars per share) | $0.18 | ||||||||||||||
Dividends payable | 86,400,000 | ||||||||||||||
Class A Shares [Member] | Common Stock [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares agreed to be purchased | 2,082,684 | ||||||||||||||
Treasury shares held | 2,082,684 | ||||||||||||||
Shares issued during period | 23,202,859 | ||||||||||||||
Proceeds from the issuance of common shares | 186,600,000 | ||||||||||||||
Class A Shares [Member] | Subsequent event [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Cash dividend declared (in dollars per share) | $0.08 | ||||||||||||||
Special cash dividend declared (in dollars per share) | $0.30 | ||||||||||||||
Total ordinary and special cash dividend declared (in dollars per share) | $0.38 | ||||||||||||||
Nomura [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Repurchase of Common Stock | 60,568,275 | ||||||||||||||
Payments for repurchase of common shares | 363,400,000 | ||||||||||||||
Contingent consideration liability | 12,000,000 | ||||||||||||||
Accrued fee liability | $30,000,000 |
EARNINGS_PER_SHARE_AND_DISTRIB4
EARNINGS PER SHARE AND DISTRIBUTIONS (Dividend Paying Shares and Units) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividend paying shares and units | |||
Weighted average dividend paying shares and units | 448,483,081 | 493,098,557 | 533,397,979 |
Dividend paying shares and units | 442,062,960 | 495,515,532 | |
Fortress Operating Group units (Principals and one senior employee) [Member] | |||
Dividend paying shares and units | |||
Weighted average dividend paying shares and units | 231,162,793 | 249,534,372 | 299,559,853 |
Dividend paying shares and units | 226,331,513 | 249,534,372 | |
Restricted Class A shares (directors) [Member] | |||
Dividend paying shares and units | |||
Weighted average dividend paying shares and units | 1,016,240 | 921,261 | 749,007 |
Dividend paying shares and units | 1,045,134 | 955,744 | |
Restricted Class A share units fully vested (employees) [Member] | |||
Dividend paying shares and units | |||
Weighted average dividend paying shares and units | 1,379,649 | 2,207,612 | 3,194,380 |
Dividend paying shares and units | 194,287 | 6,704 | |
Restricted Class A share units nonvested (employees) [Member] | |||
Dividend paying shares and units | |||
Weighted average dividend paying shares and units | 7,017,047 | 4,883,186 | 6,609,155 |
Dividend paying shares and units | 7,002,003 | 5,232,536 | |
Fortress Operating Group RPUs (one senior employee) [Member] | |||
Dividend paying shares and units | |||
Weighted average dividend paying shares and units | 0 | 2,434,703 | 12,817,851 |
Dividend paying shares and units | 0 | 0 | |
Class A Shares [Member] | |||
Dividend paying shares and units | |||
Weighted average dividend paying shares and units | 207,907,352 | 233,117,423 | 210,467,733 |
Dividend paying shares and units | 207,490,023 | 239,786,176 |
EARNINGS_PER_SHARE_AND_DISTRIB5
EARNINGS PER SHARE AND DISTRIBUTIONS (Dividends and Distributions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
employee | |||
EARNINGS PER SHARE AND DITRIBUTIONS | |||
Number of senior employees holding ownership interests in Fortress Operating Group RPUs | 1 | ||
Dividends and distributions | |||
Declared in Prior Year, Paid Current Year | $5,160 | $31,997 | $29,423 |
Declared and Paid, Declared in Current Year | 242,608 | 130,622 | 60,608 |
Declared but not yet Paid, Declared in Current Year | 0 | 5,160 | 31,997 |
Total | 242,608 | 135,782 | 92,605 |
Fortress Operating Group unit holders [Member] | |||
Dividends and distributions | |||
Declared in Prior Year, Paid Current Year | 5,160 | 30,725 | 27,561 |
Declared and Paid, Declared in Current Year | 136,748 | 72,295 | 15,895 |
Declared but not yet Paid, Declared in Current Year | 0 | 5,160 | 30,725 |
Total | 136,748 | 77,455 | 46,620 |
Restricted Class A share units [Member] | |||
Dividends and distributions | |||
Declared in Prior Year, Paid Current Year | 0 | 0 | 0 |
Declared and Paid, Declared in Current Year | 3,996 | 1,652 | 1,795 |
Declared but not yet Paid, Declared in Current Year | 0 | 0 | 0 |
Total | 3,996 | 1,652 | 1,795 |
Fortress Operating Group RPU holders [Member] | |||
Dividends and distributions | |||
Declared in Prior Year, Paid Current Year | 1,272 | 1,862 | |
Declared and Paid, Declared in Current Year | 401 | 540 | |
Declared but not yet Paid, Declared in Current Year | 0 | 1,272 | |
Total | 401 | 1,812 | |
Class A Shares [Member] | |||
Dividends and distributions | |||
Declared in Prior Year, Paid Current Year | 0 | 0 | 0 |
Declared and Paid, Declared in Current Year | 101,864 | 56,274 | 42,378 |
Declared but not yet Paid, Declared in Current Year | 0 | 0 | 0 |
Total | $101,864 | $56,274 | $42,378 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Investment Manager Narrative) (Details) (Investment Manager [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
General Partner Liability | |||
Amount of negative equity recorded | $44 | $41.80 | |
Private Equity Fund and Credit PE Fund Capital Commitments | |||
Aggregate remaining capital commitments to certain of the Fortress Funds | 146.9 | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Rent expense, including operating expense escalations | 23.7 | 23.6 | 24.4 |
General, Administrative, and Other Expense [Member] | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Lease related charges for subleasing its office at a loss | $0.80 | $3.30 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Major Lease Terms) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
New York Leases [Member] | |
Operating Leased Assets [Line Items] | |
Leasehold improvement incentives | $12,499 |
Renewal periods | 5 years |
Other Leases [Member] | |
Operating Leased Assets [Line Items] | |
Leasehold improvement incentives | $2,351 |
Other Leases [Member] | Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Renewal periods | 5 years |
Other Leases [Member] | Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Free rent periods | 1 month |
Other Leases [Member] | Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Free rent periods | 16 months 15 days |
New York Leases [Member] | Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Free rent periods | 5 months |
New York Leases [Member] | Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Free rent periods | 12 months |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Minimum Future Rental Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Investment Manager [Member] | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $25,483 |
2016 | 23,253 |
2017 | 12,462 |
2018 | 20,234 |
2019 | 19,612 |
Thereafter | 279,382 |
Total | 380,426 |
Non-Investment Manager [Member] | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | 6,800 |
2016 | 4,985 |
2017 | 4,801 |
2018 | 3,671 |
2019 | 1,450 |
Thereafter | 3,449 |
Total | $25,156 |
COMMITMENTS_AND_CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES (Non-Investment Manager Narrative) (Details) (New Media [Member], Non-Investment Manager [Member], USD $) | 11 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
Operating Leases, Rent Expense, Net [Abstract] | ||
Rent expense, including operating expense escalations | $6.70 | |
Longest lease term | 99 years | |
Minimum [Member] | ||
Operating Leases, Rent Expense, Net [Abstract] | ||
Typical lease term | 1 year | |
Maximum [Member] | ||
Operating Leases, Rent Expense, Net [Abstract] | ||
Typical lease term | 10 years |
SEGMENT_REPORTING_Narrative_De
SEGMENT REPORTING (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ||||
Impairment on direct and indirect investments | $2,701,000 | $1,117,000 | $1,338,000 | |
Unrealized losses on certain investments that have not been recorded as impairment for DE purposes | 7,600,000 | 7,600,000 | ||
Unrealized gains on investments | 553,500,000 | 553,500,000 | ||
Amount of net reversal of clawback reserve for DE purpose | 11,375,000 | |||
Gross undistributed incentive income | 935,400,000 | 935,400,000 | ||
Deferred Incentive Income Undistributed Net of Intrinsic Clawback | 868,500,000 | 868,500,000 | ||
Permanent Capital Vehicle [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross additional distributable earnings on exercise of in money options | 64,000,000 | |||
Net additional distributable earnings on exercise of in money options | 55,900,000 | |||
Fund II [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Amount of net reversal of clawback reserve for DE purpose | 1,300,000 | 1,334,000 | 4,700,000 | 5,400,000 |
Investment Manager [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Digital currency impairment charge | 11,500,000 | |||
Gross undistributed incentive income | 935,400,000 | 935,400,000 | ||
Deferred Incentive Income Undistributed Net of Intrinsic Clawback | $868,549,000 | $868,549,000 | $696,333,000 | $527,432,000 |
SEGMENT_REPORTING_Clawback_Res
SEGMENT REPORTING (Clawback Reserve on Incentive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||
Net Intrinsic Clawback | $45,108 | $45,108 | ||
Clawback Reserve on Incentive Income for Distributable Earning Purposes [Roll Forward] | ||||
Prior Year End Inception-to-Date Net DE Reserve | 56,483 | |||
Current Year-to-Date Gross DE Reserve (Reversal) | -18,446 | |||
Current Year-to-Date Net DE Reserve (Reversal) | -11,375 | |||
Inception-to-Date Net DE Reserve | 45,108 | 45,108 | ||
Fund II [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Intrinsic Clawback | 0 | 0 | ||
Clawback Reserve on Incentive Income for Distributable Earning Purposes [Roll Forward] | ||||
Prior Year End Inception-to-Date Net DE Reserve | 1,334 | |||
Current Year-to-Date Gross DE Reserve (Reversal) | -1,999 | -7,397 | -8,380 | |
Current Year-to-Date Net DE Reserve (Reversal) | -1,300 | -1,334 | -4,700 | -5,400 |
Inception-to-Date Net DE Reserve | 0 | 0 | 1,334 | |
Fund III [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Intrinsic Clawback | 45,108 | 45,108 | ||
Periods in Intrinsic Clawback | 84 months | |||
Clawback Reserve on Incentive Income for Distributable Earning Purposes [Roll Forward] | ||||
Prior Year End Inception-to-Date Net DE Reserve | 45,108 | |||
Current Year-to-Date Gross DE Reserve (Reversal) | 0 | |||
Current Year-to-Date Net DE Reserve (Reversal) | 0 | |||
Inception-to-Date Net DE Reserve | 45,108 | 45,108 | ||
Frid [Member] | ||||
Clawback Reserve on Incentive Income for Distributable Earning Purposes [Roll Forward] | ||||
Prior Year End Inception-to-Date Net DE Reserve | 10,041 | |||
Current Year-to-Date Gross DE Reserve (Reversal) | -16,447 | |||
Current Year-to-Date Net DE Reserve (Reversal) | -10,041 | |||
Inception-to-Date Net DE Reserve | $0 | $0 |
SEGMENT_REPORTING_Segment_Resu
SEGMENT REPORTING (Segment Results of Operations) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment revenues | |||
Management fees | $600,914,000 | $539,646,000 | $479,661,000 |
Incentive income | 460,704,000 | 492,995,000 | 277,753,000 |
Segment revenues - total | 1,061,618,000 | 1,032,641,000 | 757,414,000 |
Fund management distributable earnings (loss) before Principal Performance Payments | 369,307,000 | 438,083,000 | 296,955,000 |
Fund management distributable earnings (loss) | 340,349,000 | 403,471,000 | 276,803,000 |
Pre-tax distributable earnings (loss) | 446,058,000 | 434,386,000 | 277,511,000 |
Total segment assets | 2,526,758,000 | 2,701,377,000 | |
Cash | 382,200,000 | ||
Deferred tax asset, net | 417,600,000 | 354,526,000 | |
Private Equity Funds [Member] | |||
Segment revenues | |||
Management fees | 136,110,000 | 134,176,000 | 118,990,000 |
Incentive income | 2,854,000 | 13,211,000 | 10,993,000 |
Segment revenues - total | 138,964,000 | 147,387,000 | 129,983,000 |
Fund management distributable earnings (loss) before Principal Performance Payments | 88,081,000 | 95,547,000 | 87,952,000 |
Fund management distributable earnings (loss) | 88,081,000 | 95,547,000 | 87,952,000 |
Pre-tax distributable earnings (loss) | 183,078,000 | 109,089,000 | 88,962,000 |
Total segment assets | 763,115,000 | 950,195,000 | |
Permanent Capital Vehicle [Member] | |||
Segment revenues | |||
Management fees | 69,360,000 | 61,200,000 | 56,757,000 |
Incentive income | 65,448,000 | 18,101,000 | 242,000 |
Segment revenues - total | 134,808,000 | 79,301,000 | 56,999,000 |
Fund management distributable earnings (loss) before Principal Performance Payments | 44,577,000 | 32,235,000 | 27,306,000 |
Fund management distributable earnings (loss) | 38,990,000 | 29,834,000 | 26,246,000 |
Pre-tax distributable earnings (loss) | 40,976,000 | 31,319,000 | 27,310,000 |
Total segment assets | 173,627,000 | 160,877,000 | |
Liquid Hedge Funds [Member] | |||
Segment revenues | |||
Management fees | 137,908,000 | 110,622,000 | 77,531,000 |
Incentive income | 16,067,000 | 150,700,000 | 67,645,000 |
Segment revenues - total | 153,975,000 | 261,322,000 | 145,176,000 |
Fund management distributable earnings (loss) before Principal Performance Payments | 25,443,000 | 125,482,000 | 50,316,000 |
Fund management distributable earnings (loss) | 23,851,000 | 112,934,000 | 45,284,000 |
Pre-tax distributable earnings (loss) | 22,371,000 | 116,488,000 | 48,533,000 |
Total segment assets | 235,409,000 | 316,173,000 | |
Credit Hedge Funds [Member] | |||
Segment revenues | |||
Management fees | 113,825,000 | 101,890,000 | 101,194,000 |
Incentive income | 121,768,000 | 190,846,000 | 130,305,000 |
Segment revenues - total | 235,593,000 | 292,736,000 | 231,499,000 |
Fund management distributable earnings (loss) before Principal Performance Payments | 106,346,000 | 139,339,000 | 105,999,000 |
Fund management distributable earnings (loss) | 87,244,000 | 120,863,000 | 92,523,000 |
Pre-tax distributable earnings (loss) | 85,988,000 | 127,450,000 | 97,525,000 |
Total segment assets | 143,428,000 | 185,677,000 | |
Credit PE Funds [Member] | |||
Segment revenues | |||
Management fees | 96,715,000 | 95,925,000 | 98,393,000 |
Incentive income | 254,461,000 | 120,137,000 | 68,568,000 |
Segment revenues - total | 351,176,000 | 216,062,000 | 166,961,000 |
Fund management distributable earnings (loss) before Principal Performance Payments | 111,442,000 | 57,299,000 | 34,599,000 |
Fund management distributable earnings (loss) | 108,765,000 | 56,112,000 | 34,015,000 |
Pre-tax distributable earnings (loss) | 121,669,000 | 63,766,000 | 38,394,000 |
Total segment assets | 277,907,000 | 245,655,000 | |
Logan Circle [Member] | |||
Segment revenues | |||
Management fees | 46,996,000 | 35,833,000 | 26,796,000 |
Incentive income | 106,000 | 0 | 0 |
Segment revenues - total | 47,102,000 | 35,833,000 | 26,796,000 |
Fund management distributable earnings (loss) before Principal Performance Payments | -6,582,000 | -11,819,000 | -9,793,000 |
Fund management distributable earnings (loss) | -6,582,000 | -11,819,000 | -9,793,000 |
Pre-tax distributable earnings (loss) | -5,267,000 | -8,542,000 | -9,793,000 |
Total segment assets | 63,413,000 | 59,783,000 | |
Unallocated [Member] | |||
Segment revenues | |||
Management fees | 0 | 0 | 0 |
Incentive income | 0 | 0 | 0 |
Segment revenues - total | 0 | 0 | 0 |
Fund management distributable earnings (loss) before Principal Performance Payments | 0 | 0 | 576,000 |
Fund management distributable earnings (loss) | 0 | 0 | 576,000 |
Pre-tax distributable earnings (loss) | -2,757,000 | -5,184,000 | -13,420,000 |
Total segment assets | $869,859,000 | $783,017,000 |
SEGMENT_REPORTING_Reconciling_
SEGMENT REPORTING (Reconciling Items Between Segment Measures and GAAP Measures) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciling items between segment measures and GAAP measures: | |||||||||||
Fund management distributable earnings | $340,349 | $403,471 | $276,803 | ||||||||
Investment income (loss) | 108,914 | 36,082 | 16,211 | ||||||||
Interest expense | -3,205 | -5,167 | -15,503 | ||||||||
Pre-tax distributable earnings | 446,058 | 434,386 | 277,511 | ||||||||
Adjust incentive income | |||||||||||
Incentive income received from private equity funds and credit PE funds, subject to contingent repayment | -255,533 | -126,479 | -71,181 | ||||||||
Incentive income received from third parties, subject to contingent repayment | -652 | -264 | -3,023 | ||||||||
Incentive income accrued from private equity funds and credit PE funds, not subject to contingent repayment | 171,387 | 107,276 | 77,993 | ||||||||
Incentive income received from the sale of shares related to options | -8,735 | -1,921 | -242 | ||||||||
Reserve for clawback, gross (see discussion above) | -18,446 | ||||||||||
Adjust incentive income | -95,730 | -28,785 | -4,833 | ||||||||
Adjust other income | |||||||||||
Distributions of earnings from equity method investees | -71,888 | -15,316 | -6,028 | ||||||||
Earnings (losses) from equity method investees | 68,452 | 124,401 | 141,697 | ||||||||
Earnings (losses) from equity method investees | 78,193 | 136,866 | |||||||||
Gains (losses) on options in equity method investees | -27,758 | 25,295 | 6,040 | ||||||||
Gains (losses) on other investments | -14,401 | 14,774 | 41,224 | ||||||||
Impairment of investments (see discussion above) | 2,701 | 1,117 | 1,338 | ||||||||
Adjust income from the receipt of options | 3,346 | 42,516 | 21,524 | ||||||||
Adjust other income | -37,953 | 192,787 | 205,795 | ||||||||
Adjust employee, Principal and director compensation | |||||||||||
Adjust employee, Principal and director equity-based compensation expense (including Castle options assigned) | -31,351 | -45,947 | -221,975 | ||||||||
Adjust employee portion of incentive income from private equity funds accrued prior to the realization of incentive income | -5,550 | -790 | 3,015 | ||||||||
Adjust employee, Principal and director compensation | -36,901 | -46,737 | -218,960 | ||||||||
Adjust amortization of intangible assets and impairment of goodwill and intangible assets | -81 | -46 | -46 | ||||||||
Adjust non-controlling interests related to Fortress Operating Group units | -134,033 | -276,683 | -132,950 | ||||||||
Adjust consolidated Investment Company income (loss) allocable to Class A Shareholders | -1,595 | 0 | 0 | ||||||||
Total adjustments | -346,096 | -233,939 | -199,227 | ||||||||
Principals’ and Others’ Interests in Income (Loss) of Consolidated Subsidiaries | 80,014 | 10,842 | 42,135 | 5,969 | 171,723 | 58,804 | -360 | 52,977 | 138,960 | 283,144 | 140,538 |
Net Income (Loss) | 148,016 | 10,215 | 68,955 | 6,171 | 317,536 | 101,185 | -2,436 | 67,306 | 233,357 | 483,591 | 218,822 |
Non-Investment Manager [Member] | |||||||||||
Adjust incentive income | |||||||||||
Incentive income related to Consolidated Non-Investment Manager | -198 | 0 | 0 | ||||||||
Adjust employee, Principal and director compensation | |||||||||||
Adjust consolidated Non-Investment Manager income (loss) allocable to Class A Shareholders | 158 | 0 | 0 | ||||||||
Principals’ and Others’ Interests in Income (Loss) of Consolidated Subsidiaries | -4,288 | -3,014 | -4,557 | -2,734 | -14,593 | 0 | 0 | ||||
Investment Manager [Member] | |||||||||||
Adjust incentive income | |||||||||||
Incentive income accrued from private equity funds and credit PE funds, not subject to contingent repayment | 171,387 | 107,276 | 77,993 | ||||||||
Adjust other income | |||||||||||
Earnings (losses) from equity method investees | 78,193 | 136,866 | 156,530 | ||||||||
Adjust employee, Principal and director compensation | |||||||||||
Adjust non-controlling interests related to Fortress Operating Group units | -134,033 | -276,683 | -132,950 | ||||||||
Tax receivable agreement liability adjustment | -33,116 | -8,787 | -8,870 | ||||||||
Adjust income taxes | -6,845 | -65,688 | -39,363 | ||||||||
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 | ||||||||
Principals’ and Others’ Interests in Income (Loss) of Consolidated Subsidiaries | 138,960 | 283,144 | 140,538 | ||||||||
Fund II [Member] | |||||||||||
Adjust incentive income | |||||||||||
Reserve for clawback, gross (see discussion above) | -1,999 | -7,397 | -8,380 | ||||||||
Class A Shares [Member] | |||||||||||
Adjust employee, Principal and director compensation | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 61,368 | 4,438 | 31,220 | 2,936 | 145,813 | 42,381 | -2,076 | 14,329 | 99,962 | 200,447 | 78,284 |
Class A Shares [Member] | Investment Manager [Member] | |||||||||||
Adjust employee, Principal and director compensation | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 | ||||||||
Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Adjust other income | |||||||||||
Earnings (losses) from equity method investees | 1,595 | 0 | 0 | ||||||||
Variable Interest Entity, Primary Beneficiary 1 [Member] | Investment Manager [Member] | |||||||||||
Adjust employee, Principal and director compensation | |||||||||||
Principals’ and Others’ Interests in Income (Loss) of Consolidated Subsidiaries | 9,746 | -9 | 0 | 0 | 9,737 | 0 | 0 | ||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | $1,176 | ($2,042) | $157 | $0 | ($709) | $0 | $0 |
SEGMENT_REPORTING_SEGMENT_REPO
SEGMENT REPORTING SEGMENT REPORTING (Reconciling Items Between Segment Measures and GAAP Measures - Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Total Segment Assets | $2,526,758 | $2,701,377 |
Adjust equity investments from segment carrying amount | -37,169 | -42,811 |
Adjust investments gross of employees' and others' portion | 33,847 | 38,621 |
Adjust intangible assets to cost | -22,837 | -22,755 |
Total Assets | 5,934,886 | 2,674,432 |
Non-Investment Manager [Member] | ||
Segment Reporting Information [Line Items] | ||
Investments and Account Receivables | -36,977 | 0 |
Total Assets | 3,384,444 | 0 |
Investment Manager [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 2,550,442 | 2,674,432 |
Variable Interest Entity, Primary Beneficiary 1 [Member] | Investment Manager [Member] | ||
Segment Reporting Information [Line Items] | ||
Investments and Account Receivables | -4,839 | 0 |
Total Assets | $91,659 | $0 |
SEGMENT_REPORTING_Reconciling_1
SEGMENT REPORTING (Reconciling Items Between Segment Measures and GAAP Measures - Revenues) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment revenues | |||||||||||
Segment revenues | $1,061,618,000 | $1,032,641,000 | $757,414,000 | ||||||||
Adjust management fees | 1,349,000 | 917,000 | 522,000 | ||||||||
Adjust incentive income | -96,590,000 | -28,785,000 | -5,153,000 | ||||||||
Adjust income from the receipt of options | 3,346,000 | 42,516,000 | 21,524,000 | ||||||||
Adjust other revenues (including expense reimbursements) | 224,356,000 | 217,694,000 | 195,562,000 | ||||||||
Total revenues | 670,578,000 | 403,760,000 | 427,313,000 | 310,166,000 | 565,535,000 | 232,019,000 | 223,074,000 | 244,355,000 | 1,811,817,000 | 1,264,983,000 | 969,869,000 |
Incentive income received from third parties, not subject to contingent repayment | 900,000 | 0 | 300,000 | ||||||||
Investment Manager [Member] | |||||||||||
Segment revenues | |||||||||||
Total revenues | 1,185,621,000 | 1,264,983,000 | 969,869,000 | ||||||||
Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Segment revenues | |||||||||||
Adjust management fees | -279,000 | 0 | 0 | ||||||||
Total revenues | 281,000 | 0 | 0 | ||||||||
Non-Investment Manager [Member] | |||||||||||
Segment revenues | |||||||||||
Adjust management fees | -8,460,000 | ||||||||||
Total revenues | 626,196,000 | 0 | 0 | ||||||||
Non-Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Segment revenues | |||||||||||
Adjust management fees | $0 | $0 |
SEGMENT_REPORTING_Depreciation
SEGMENT REPORTING (Depreciation and Amortization Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Depreciation | $19,748 | $13,644 | $14,885 |
Amortization | 81 | 46 | 46 |
Total depreciation and amortization | 19,829 | 13,690 | 14,931 |
Private Equity Funds [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 1,585 | 1,525 | 1,868 |
Amortization | 0 | 0 | 0 |
Total depreciation and amortization | 1,585 | 1,525 | 1,868 |
Permanent Capital Vehicle [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 851 | 606 | 484 |
Amortization | 0 | 0 | 0 |
Total depreciation and amortization | 851 | 606 | 484 |
Liquid Hedge Funds [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 7,436 | 2,223 | 2,218 |
Amortization | 0 | 0 | 0 |
Total depreciation and amortization | 7,436 | 2,223 | 2,218 |
Credit Hedge Funds [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 5,462 | 5,557 | 5,996 |
Amortization | 0 | 0 | 0 |
Total depreciation and amortization | 5,462 | 5,557 | 5,996 |
Credit PE Funds [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 1,125 | 422 | 386 |
Amortization | 0 | 0 | 0 |
Total depreciation and amortization | 1,125 | 422 | 386 |
Logan Circle [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 334 | 271 | 329 |
Amortization | 81 | 46 | 46 |
Total depreciation and amortization | 415 | 317 | 375 |
Unallocated [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 2,955 | 3,040 | 3,604 |
Amortization | 0 | 0 | 0 |
Total depreciation and amortization | $2,955 | $3,040 | $3,604 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent event [Member]) | 1 Months Ended | 2 Months Ended |
Jan. 31, 2015 | Feb. 26, 2015 | |
RSUs [Member] | ||
Subsequent events | ||
Shares granted | 11,300,000 | |
Shares vested | 6,700,000 | |
Time delivery after vesting | 6 months | |
RSUs [Member] | Minimum [Member] | ||
Subsequent events | ||
Vesting period (in years) | 3 years | |
RSUs [Member] | Maximum [Member] | ||
Subsequent events | ||
Vesting period (in years) | 6 years | |
Restricted Stock Units (RSU), Dividend Paying [Member] | ||
Subsequent events | ||
Shares granted | 6,500,000 |
CONSOLIDATING_FINANCIAL_INFORM2
CONSOLIDATING FINANCIAL INFORMATION (Consolidating Balance Sheet Information) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
employee | ||||
Assets | ||||
Cash and cash equivalents | $741,478,000 | $364,583,000 | $104,242,000 | $333,166,000 |
Due from affiliates | 407,124,000 | |||
Investments in senior housing real estate, net | 1,799,848,000 | |||
Investments | 1,110,543,000 | 1,253,266,000 | 1,211,684,000 | |
Investments in options | 104,338,000 | |||
Deferred tax asset, net | 417,600,000 | 354,526,000 | ||
Other assets | 190,595,000 | |||
Total Assets | 5,934,886,000 | 2,674,432,000 | ||
Liabilities | ||||
Total Liabilities | 2,867,051,000 | 1,059,527,000 | ||
Commitments and Contingencies | ||||
Equity | ||||
Paid-in capital | 1,996,137,000 | 2,112,720,000 | ||
Retained earnings (accumulated deficit) | -1,351,126,000 | -1,286,131,000 | ||
Accumulated other comprehensive income (loss) | -2,426,000 | -1,522,000 | ||
Total Fortress shareholders’ equity (D) | 642,585,000 | 825,067,000 | ||
Non-controlling interests in equity | 638,360,000 | 789,838,000 | ||
Total Equity | 3,066,118,000 | 1,614,905,000 | 1,216,650,000 | 1,062,392,000 |
Total Liabilities Redeemable Non-controlling Interests and Equity | 5,934,886,000 | 2,674,432,000 | ||
Number of senior employees whose net income (loss) is attributable to interests in FOG and is included into the Net Income (loss) attributable to Class A Shareholders | 1 | |||
Senior employee [Member] | ||||
Equity | ||||
Number of senior employees whose net income (loss) is attributable to interests in FOG and is included into the Net Income (loss) attributable to Class A Shareholders | 1 | |||
Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 391,089,000 | 364,583,000 | 104,242,000 | |
Due from affiliates | 320,318,000 | 407,124,000 | ||
Investments | 1,110,543,000 | 1,253,266,000 | ||
Investments in options | 45,734,000 | 104,338,000 | ||
Deferred tax asset, net | 417,623,000 | 354,526,000 | ||
Other assets | 173,476,000 | 190,595,000 | ||
Total Assets | 2,550,442,000 | 2,674,432,000 | ||
Liabilities | ||||
Accrued compensation and benefits | 372,745,000 | 417,309,000 | ||
Due to affiliates | 375,424,000 | 344,832,000 | ||
Deferred incentive income | 304,526,000 | 247,556,000 | 231,846,000 | |
Debt obligations payable | 75,000,000 | 0 | ||
Deferred revenue | 10,694,000 | 10,811,000 | ||
Other liabilities | 87,987,000 | 49,830,000 | ||
Total Liabilities | 1,215,785,000 | 1,059,527,000 | ||
Equity | ||||
Non-controlling interests in equity | 638,360,000 | 789,838,000 | ||
Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 303,000 | 0 | 0 | |
Investments, at fair value | 91,125,000 | 0 | ||
Other assets | 231,000 | 0 | ||
Total Assets | 91,659,000 | 0 | ||
Liabilities | ||||
Other liabilities | 103,000 | 0 | ||
Redeemable Non-controlling Interests, Investment Company - consolidated VIEs | 1,717,000 | 0 | ||
Equity | ||||
Non-controlling interests in equity | 85,001,000 | 0 | ||
Non-Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 350,086,000 | 0 | 0 | |
Investments in senior housing real estate, net | 1,799,848,000 | 0 | ||
Fixed assets, net | 283,786,000 | 0 | ||
Goodwill | 370,375,000 | 0 | ||
Intangible assets, net | 423,819,000 | 0 | ||
Other assets | 156,530,000 | 0 | ||
Total Assets | 3,384,444,000 | 0 | ||
Liabilities | ||||
Mortgage notes payable | 1,259,430,000 | 0 | ||
Debt obligations payable | 222,052,000 | 0 | ||
Deferred revenue | 35,933,000 | 0 | ||
Accrued expenses and other liabilities | 133,851,000 | 0 | ||
Other liabilities | 133,851,000 | |||
Total Liabilities | 1,651,266,000 | 0 | ||
Equity | ||||
Non-controlling interests in equity | 1,700,172,000 | 0 | ||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | ||||
Assets | ||||
Cash and cash equivalents | 389,782,000 | 362,620,000 | 103,362,000 | 300,166,000 |
Due from affiliates | 405,491,000 | |||
Investments | 1,253,266,000 | |||
Investments in options | 104,338,000 | |||
Deferred tax asset, net | 0 | |||
Other assets | 184,023,000 | |||
Total Assets | 2,077,269,000 | 2,309,738,000 | ||
Liabilities | ||||
Total Liabilities | 925,094,000 | |||
Commitments and Contingencies | ||||
Equity | ||||
Paid-in capital | 5,747,295,000 | 5,703,328,000 | ||
Retained earnings (accumulated deficit) | -4,670,253,000 | -4,274,573,000 | ||
Accumulated other comprehensive income (loss) | -7,503,000 | -4,583,000 | ||
Total Fortress shareholders’ equity (D) | 1,069,539,000 | 1,424,172,000 | ||
Non-controlling interests in equity | 82,636,000 | 64,414,000 | ||
Total Equity | 1,152,175,000 | 1,488,586,000 | ||
Total Liabilities Redeemable Non-controlling Interests and Equity | 2,077,269,000 | 2,309,738,000 | ||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 389,782,000 | |||
Due from affiliates | 326,230,000 | |||
Investments | 1,115,212,000 | |||
Investments in options | 71,844,000 | |||
Deferred tax asset, net | 0 | |||
Other assets | 174,201,000 | |||
Total Assets | 2,077,269,000 | |||
Liabilities | ||||
Accrued compensation and benefits | 371,563,000 | 415,024,000 | ||
Due to affiliates | 86,100,000 | 108,805,000 | ||
Deferred incentive income | 304,526,000 | 247,556,000 | ||
Debt obligations payable | 75,000,000 | 0 | ||
Other liabilities | 87,905,000 | 49,767,000 | ||
Total Liabilities | 925,094,000 | 821,152,000 | ||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Investments, at fair value | 0 | |||
Other assets | 0 | |||
Liabilities | ||||
Other liabilities | 0 | |||
Redeemable Non-controlling Interests, Investment Company - consolidated VIEs | 0 | |||
Equity | ||||
Non-controlling interests in equity | 0 | |||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Non-Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Investments in senior housing real estate, net | 0 | |||
Fixed assets, net | 0 | |||
Goodwill | 0 | |||
Intangible assets, net | 0 | |||
Other assets | 0 | |||
Total Assets | 0 | |||
Liabilities | ||||
Mortgage notes payable | 0 | |||
Debt obligations payable | 0 | |||
Deferred revenue | 0 | |||
Accrued expenses and other liabilities | 0 | |||
Total Liabilities | 0 | |||
Equity | ||||
Non-controlling interests in equity | 0 | |||
FOE II LP [Member] | ||||
Assets | ||||
Cash and cash equivalents | 950,000 | 1,336,000 | 787,000 | 0 |
Due from affiliates | 1,864,000 | |||
Investments | 175,000 | |||
Investments in options | 0 | |||
Deferred tax asset, net | 0 | |||
Other assets | 494,000 | |||
Total Assets | 7,799,000 | 3,869,000 | ||
Liabilities | ||||
Total Liabilities | 5,502,000 | |||
Commitments and Contingencies | ||||
Equity | ||||
Paid-in capital | 5,628,000 | 3,575,000 | ||
Retained earnings (accumulated deficit) | -3,331,000 | -2,285,000 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total Fortress shareholders’ equity (D) | 2,297,000 | 1,290,000 | ||
Non-controlling interests in equity | 0 | 0 | ||
Total Equity | 2,297,000 | 1,290,000 | ||
Total Liabilities Redeemable Non-controlling Interests and Equity | 7,799,000 | 3,869,000 | ||
FOE II LP [Member] | Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 950,000 | |||
Due from affiliates | 2,654,000 | |||
Investments | 2,175,000 | |||
Investments in options | 0 | |||
Deferred tax asset, net | 0 | |||
Other assets | 2,020,000 | |||
Total Assets | 7,799,000 | |||
Liabilities | ||||
Accrued compensation and benefits | 3,146,000 | 2,285,000 | ||
Due to affiliates | 2,274,000 | 231,000 | ||
Deferred incentive income | 0 | 0 | ||
Debt obligations payable | 0 | 0 | ||
Other liabilities | 82,000 | 63,000 | ||
Total Liabilities | 5,502,000 | 2,579,000 | ||
FOE II LP [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Investments, at fair value | 0 | |||
Other assets | 0 | |||
Liabilities | ||||
Other liabilities | 0 | |||
Redeemable Non-controlling Interests, Investment Company - consolidated VIEs | 0 | |||
Equity | ||||
Non-controlling interests in equity | 0 | |||
FOE II LP [Member] | Non-Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Investments in senior housing real estate, net | 0 | |||
Fixed assets, net | 0 | |||
Goodwill | 0 | |||
Intangible assets, net | 0 | |||
Other assets | 0 | |||
Total Assets | 0 | |||
Liabilities | ||||
Mortgage notes payable | 0 | |||
Debt obligations payable | 0 | |||
Deferred revenue | 0 | |||
Accrued expenses and other liabilities | 0 | |||
Total Liabilities | 0 | |||
Equity | ||||
Non-controlling interests in equity | 0 | |||
Certain Consolidated Entities [Member] | ||||
Assets | ||||
Cash and cash equivalents | 350,389,000 | 0 | ||
Total Assets | 3,476,103,000 | |||
Liabilities | ||||
Total Liabilities | 1,657,661,000 | |||
Commitments and Contingencies | ||||
Equity | ||||
Paid-in capital | 1,830,566,000 | |||
Retained earnings (accumulated deficit) | -7,198,000 | |||
Accumulated other comprehensive income (loss) | -4,926,000 | |||
Total Fortress shareholders’ equity (D) | 1,818,442,000 | |||
Non-controlling interests in equity | 0 | |||
Total Equity | 1,818,442,000 | |||
Total Liabilities Redeemable Non-controlling Interests and Equity | 3,476,103,000 | |||
Certain Consolidated Entities [Member] | Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Due from affiliates | 0 | |||
Investments | 0 | |||
Investments in options | 0 | |||
Deferred tax asset, net | 0 | |||
Other assets | 0 | |||
Total Assets | 91,659,000 | |||
Liabilities | ||||
Accrued compensation and benefits | 0 | |||
Due to affiliates | 0 | |||
Deferred incentive income | 0 | |||
Debt obligations payable | 0 | |||
Other liabilities | 0 | |||
Total Liabilities | 138,000 | |||
Certain Consolidated Entities [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 303,000 | |||
Investments, at fair value | 91,125,000 | |||
Other assets | 231,000 | |||
Liabilities | ||||
Other liabilities | 138,000 | |||
Redeemable Non-controlling Interests, Investment Company - consolidated VIEs | 0 | |||
Equity | ||||
Non-controlling interests in equity | 0 | |||
Certain Consolidated Entities [Member] | Non-Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 350,086,000 | |||
Investments in senior housing real estate, net | 1,799,848,000 | |||
Fixed assets, net | 283,786,000 | |||
Goodwill | 370,375,000 | |||
Intangible assets, net | 423,819,000 | |||
Other assets | 156,530,000 | |||
Total Assets | 3,384,444,000 | |||
Liabilities | ||||
Mortgage notes payable | 1,259,430,000 | |||
Debt obligations payable | 222,052,000 | |||
Deferred revenue | 35,933,000 | |||
Accrued expenses and other liabilities | 140,108,000 | |||
Total Liabilities | 1,657,523,000 | |||
Equity | ||||
Non-controlling interests in equity | 0 | |||
Fortress Operating Group Eliminations [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Due from affiliates | -231,000 | |||
Investments in senior housing real estate, net | 0 | |||
Investments | -175,000 | |||
Investments in options | 0 | |||
Deferred tax asset, net | 0 | |||
Other assets | 0 | |||
Total Assets | -46,267,000 | -406,000 | ||
Liabilities | ||||
Total Liabilities | -10,530,000 | |||
Commitments and Contingencies | ||||
Equity | ||||
Paid-in capital | -1,832,794,000 | -175,000 | ||
Retained earnings (accumulated deficit) | 5,251,000 | 0 | ||
Accumulated other comprehensive income (loss) | 4,916,000 | 0 | ||
Total Fortress shareholders’ equity (D) | -1,822,627,000 | -175,000 | ||
Non-controlling interests in equity | 0 | 0 | ||
Total Equity | -37,454,000 | -175,000 | ||
Total Liabilities Redeemable Non-controlling Interests and Equity | -46,267,000 | -406,000 | ||
Fortress Operating Group Eliminations [Member] | Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Due from affiliates | -8,566,000 | |||
Investments | -6,844,000 | |||
Investments in options | -26,110,000 | |||
Deferred tax asset, net | 0 | |||
Other assets | -4,747,000 | |||
Total Assets | -46,267,000 | |||
Liabilities | ||||
Accrued compensation and benefits | -1,964,000 | 0 | ||
Due to affiliates | -2,274,000 | -231,000 | ||
Deferred incentive income | 0 | 0 | ||
Debt obligations payable | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total Liabilities | -4,273,000 | -231,000 | ||
Fortress Operating Group Eliminations [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Investments, at fair value | 0 | |||
Other assets | 0 | |||
Liabilities | ||||
Other liabilities | -35,000 | |||
Redeemable Non-controlling Interests, Investment Company - consolidated VIEs | 1,717,000 | |||
Equity | ||||
Non-controlling interests in equity | 85,001,000 | |||
Fortress Operating Group Eliminations [Member] | Non-Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Fixed assets, net | 0 | |||
Goodwill | 0 | |||
Intangible assets, net | 0 | |||
Other assets | 0 | |||
Total Assets | 0 | |||
Liabilities | ||||
Mortgage notes payable | 0 | |||
Debt obligations payable | 0 | |||
Deferred revenue | 0 | |||
Accrued expenses and other liabilities | -6,257,000 | |||
Total Liabilities | -6,257,000 | |||
Equity | ||||
Non-controlling interests in equity | 1,700,172,000 | |||
Fortress Investment Group Consolidated Llc [Member] | ||||
Assets | ||||
Cash and cash equivalents | 357,000 | 627,000 | 93,000 | 33,000,000 |
Due from affiliates | 4,979,000 | |||
Investments in senior housing real estate, net | 0 | |||
Investments | 699,863,000 | |||
Investments in options | 0 | |||
Deferred tax asset, net | 354,526,000 | |||
Other assets | 6,078,000 | |||
Total Assets | 931,909,000 | 1,066,073,000 | ||
Liabilities | ||||
Total Liabilities | 289,324,000 | |||
Commitments and Contingencies | ||||
Equity | ||||
Paid-in capital | 1,996,137,000 | 2,112,720,000 | ||
Retained earnings (accumulated deficit) | -1,351,126,000 | -1,286,131,000 | ||
Accumulated other comprehensive income (loss) | -2,426,000 | -1,522,000 | ||
Total Fortress shareholders’ equity (D) | 642,585,000 | 825,067,000 | ||
Non-controlling interests in equity | 0 | 0 | ||
Total Equity | 642,585,000 | 825,067,000 | ||
Total Liabilities Redeemable Non-controlling Interests and Equity | 931,909,000 | 1,066,073,000 | ||
Fortress Investment Group Consolidated Llc [Member] | Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 357,000 | |||
Due from affiliates | 0 | |||
Investments | 511,927,000 | |||
Investments in options | 0 | |||
Deferred tax asset, net | 417,623,000 | |||
Other assets | 2,002,000 | |||
Total Assets | 931,909,000 | |||
Liabilities | ||||
Accrued compensation and benefits | 0 | 0 | ||
Due to affiliates | 289,324,000 | 241,006,000 | ||
Deferred incentive income | 0 | 0 | ||
Debt obligations payable | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total Liabilities | 289,324,000 | 241,006,000 | ||
Fortress Investment Group Consolidated Llc [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Investments, at fair value | 0 | |||
Other assets | 0 | |||
Liabilities | ||||
Other liabilities | 0 | |||
Redeemable Non-controlling Interests, Investment Company - consolidated VIEs | 0 | |||
Equity | ||||
Non-controlling interests in equity | 0 | |||
Fortress Investment Group Consolidated Llc [Member] | Non-Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Fixed assets, net | 0 | |||
Goodwill | 0 | |||
Intangible assets, net | 0 | |||
Other assets | 0 | |||
Total Assets | 0 | |||
Liabilities | ||||
Mortgage notes payable | 0 | |||
Debt obligations payable | 0 | |||
Deferred revenue | 0 | |||
Accrued expenses and other liabilities | 0 | |||
Total Liabilities | 0 | |||
Equity | ||||
Non-controlling interests in equity | 0 | |||
Consolidation, Eliminations [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Due from affiliates | -4,979,000 | |||
Investments in senior housing real estate, net | 0 | |||
Investments | -699,863,000 | |||
Investments in options | 0 | |||
Deferred tax asset, net | 0 | |||
Other assets | 0 | |||
Total Assets | -511,927,000 | -704,842,000 | ||
Liabilities | ||||
Total Liabilities | 0 | |||
Commitments and Contingencies | ||||
Equity | ||||
Paid-in capital | -5,750,695,000 | -5,706,728,000 | ||
Retained earnings (accumulated deficit) | 4,675,531,000 | 4,276,858,000 | ||
Accumulated other comprehensive income (loss) | 7,513,000 | 4,583,000 | ||
Total Fortress shareholders’ equity (D) | -1,067,651,000 | -1,425,287,000 | ||
Non-controlling interests in equity | 555,724,000 | 725,424,000 | ||
Total Equity | -511,927,000 | -699,863,000 | ||
Total Liabilities Redeemable Non-controlling Interests and Equity | -511,927,000 | -704,842,000 | ||
Consolidation, Eliminations [Member] | Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Due from affiliates | 0 | |||
Investments | -511,927,000 | |||
Investments in options | 0 | |||
Deferred tax asset, net | 0 | |||
Other assets | 0 | |||
Total Assets | -511,927,000 | |||
Liabilities | ||||
Accrued compensation and benefits | 0 | 0 | ||
Due to affiliates | 0 | -4,979,000 | ||
Deferred incentive income | 0 | 0 | ||
Debt obligations payable | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total Liabilities | 0 | -4,979,000 | ||
Consolidation, Eliminations [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Investments, at fair value | 0 | |||
Other assets | 0 | |||
Liabilities | ||||
Other liabilities | 0 | |||
Redeemable Non-controlling Interests, Investment Company - consolidated VIEs | 0 | |||
Equity | ||||
Non-controlling interests in equity | 0 | |||
Consolidation, Eliminations [Member] | Non-Investment Manager [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Fixed assets, net | 0 | |||
Goodwill | 0 | |||
Intangible assets, net | 0 | |||
Other assets | 0 | |||
Total Assets | 0 | |||
Liabilities | ||||
Mortgage notes payable | 0 | |||
Debt obligations payable | 0 | |||
Deferred revenue | 0 | |||
Accrued expenses and other liabilities | 0 | |||
Total Liabilities | 0 | |||
Equity | ||||
Non-controlling interests in equity | $0 |
CONSOLIDATING_FINANCIAL_INFORM3
CONSOLIDATING FINANCIAL INFORMATION (Consolidating Statement of Operations Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
employee | |||||||||||
Revenues | |||||||||||
Management fees: affiliates | $527,922 | $520,283 | $456,090 | ||||||||
Management fees: non-affiliates | 68,948 | 62,795 | 45,617 | ||||||||
Incentive income: affiliates | 362,380 | 419,828 | 246,438 | ||||||||
Incentive income: non-affiliates | 1,734 | 44,383 | 26,162 | ||||||||
Total Revenues | 670,578 | 403,760 | 427,313 | 310,166 | 565,535 | 232,019 | 223,074 | 244,355 | 1,811,817 | 1,264,983 | 969,869 |
Expenses | |||||||||||
Total Expenses | 529,498 | 397,947 | 378,995 | 307,370 | 243,092 | 184,051 | 249,849 | 220,611 | 1,613,810 | 897,603 | 908,220 |
Other Income (Loss) | |||||||||||
Gains (losses) | 8,442 | 0 | |||||||||
Earnings (losses) from equity method investees | 78,193 | 136,866 | |||||||||
Total Other Income (Loss) | -1,846 | 10,542 | 27,380 | 9,130 | 18,658 | 68,011 | 25,505 | 69,838 | 45,206 | 182,012 | 196,581 |
Income (Loss) Before Income Taxes | 139,234 | 16,355 | 75,698 | 11,926 | 341,101 | 115,979 | -1,270 | 93,582 | 243,213 | 549,392 | 258,230 |
Income Tax Expense (Benefit) | 8,782 | -6,140 | -6,743 | -5,755 | -23,565 | -14,794 | -1,166 | -26,276 | -9,856 | -65,801 | -39,408 |
Net Income (Loss) | 148,016 | 10,215 | 68,955 | 6,171 | 317,536 | 101,185 | -2,436 | 67,306 | 233,357 | 483,591 | 218,822 |
Non-controlling Interests in Income (Loss) | 80,014 | 10,842 | 42,135 | 5,969 | 171,723 | 58,804 | -360 | 52,977 | 138,960 | 283,144 | 140,538 |
Number of senior employees whose net income (loss) is attributable to interests in FOG and is included into the Net Income (loss) attributable to Class A Shareholders | 1 | ||||||||||
Senior employee [Member] | |||||||||||
Other Income (Loss) | |||||||||||
Number of senior employees whose net income (loss) is attributable to interests in FOG and is included into the Net Income (loss) attributable to Class A Shareholders | 1 | ||||||||||
Class A Shares [Member] | |||||||||||
Other Income (Loss) | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 61,368 | 4,438 | 31,220 | 2,936 | 145,813 | 42,381 | -2,076 | 14,329 | 99,962 | 200,447 | 78,284 |
Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Other Income (Loss) | |||||||||||
Earnings (losses) from equity method investees | 1,595 | 0 | 0 | ||||||||
Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Management fees: affiliates | 527,922 | 520,283 | 456,090 | ||||||||
Management fees: non-affiliates | 68,948 | 62,795 | 45,617 | ||||||||
Incentive income: affiliates | 362,380 | 419,828 | 246,438 | ||||||||
Incentive income: non-affiliates | 1,734 | 44,383 | 26,162 | ||||||||
Expense reimbursements: affiliates | 205,045 | 206,452 | 186,592 | ||||||||
Expense reimbursements: non-affiliates | 13,429 | 7,209 | 4,580 | ||||||||
Other revenues | 5,882 | 4,033 | 4,390 | ||||||||
Total Revenues | 1,185,621 | 1,264,983 | 969,869 | ||||||||
Expenses | |||||||||||
Compensation and benefits | 796,102 | 741,761 | 750,359 | ||||||||
General, administrative and other | 172,167 | 136,770 | 127,149 | ||||||||
Depreciation and amortization | 19,829 | 13,690 | 14,931 | ||||||||
Interest expense | 3,443 | 5,382 | 15,781 | ||||||||
Total Expenses | 992,552 | 897,603 | 908,220 | ||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | -8,313 | 53,933 | 48,921 | ||||||||
Tax receivable agreement liability adjustment | -33,116 | -8,787 | -8,870 | ||||||||
Earnings (losses) from equity method investees | 78,193 | 136,866 | 156,530 | ||||||||
Total Other Income (Loss) | 45,206 | 182,012 | 196,581 | ||||||||
Income (Loss) Before Income Taxes | 549,392 | ||||||||||
Income Tax Expense (Benefit) | -6,947 | -65,801 | -39,408 | ||||||||
Non-controlling Interests in Income (Loss) | 138,960 | 283,144 | 140,538 | ||||||||
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 | ||||||||
Investment Manager [Member] | Class A Shares [Member] | |||||||||||
Other Income (Loss) | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 | ||||||||
Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Revenues | |||||||||||
Interest and dividend income | 281 | 0 | 0 | ||||||||
Total Revenues | 281 | 0 | 0 | ||||||||
Expenses | |||||||||||
Other | 1,011 | 0 | 0 | ||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 8,442 | 0 | 0 | ||||||||
Non-controlling Interests in Income (Loss) | 9,746 | -9 | 0 | 0 | 9,737 | 0 | 0 | ||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | 1,176 | -2,042 | 157 | 0 | -709 | 0 | 0 | ||||
Non-Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Advertising | 346,613 | 0 | 0 | ||||||||
Circulation | 173,436 | 0 | 0 | ||||||||
Commercial printing and other | 64,062 | 0 | 0 | ||||||||
Rental revenue, resident fees and services | 42,085 | 0 | 0 | ||||||||
Total Revenues | 626,196 | 0 | 0 | ||||||||
Expenses | |||||||||||
Media operating costs | 327,130 | 0 | 0 | ||||||||
General, administrative and other | 188,901 | 0 | 0 | ||||||||
Depreciation and amortization | 61,395 | 0 | 0 | ||||||||
Interest expense | 23,718 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 9,047 | 0 | 0 | ||||||||
Property operating costs | 11,067 | 0 | 0 | ||||||||
Total Expenses | 621,258 | 0 | 0 | ||||||||
Other Income (Loss) | |||||||||||
Income Tax Expense (Benefit) | -2,909 | 0 | 0 | ||||||||
Non-controlling Interests in Income (Loss) | -4,288 | -3,014 | -4,557 | -2,734 | -14,593 | 0 | 0 | ||||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | |||||||||||
Revenues | |||||||||||
Total Revenues | 1,164,155 | ||||||||||
Expenses | |||||||||||
Total Expenses | 948,572 | ||||||||||
Other Income (Loss) | |||||||||||
Total Other Income (Loss) | 205,451 | ||||||||||
Income (Loss) Before Income Taxes | 282,045 | 267,990 | |||||||||
Income Tax Expense (Benefit) | -17,465 | ||||||||||
Net Income (Loss) | 264,580 | 546,451 | 256,369 | ||||||||
Non-controlling Interests in Income (Loss) | 4,927 | 6,461 | 7,588 | ||||||||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Class A Shares [Member] | |||||||||||
Other Income (Loss) | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 259,653 | 539,990 | 248,781 | ||||||||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Management fees: affiliates | 534,293 | 516,773 | 455,008 | ||||||||
Management fees: non-affiliates | 68,649 | 62,240 | 45,322 | ||||||||
Incentive income: affiliates | 362,578 | 419,828 | 246,438 | ||||||||
Incentive income: non-affiliates | 1,734 | 44,383 | 26,162 | ||||||||
Expense reimbursements: affiliates | 180,563 | 179,874 | 176,938 | ||||||||
Expense reimbursements: non-affiliates | 10,376 | 7,209 | 4,580 | ||||||||
Other revenues | 5,962 | 4,241 | 4,355 | ||||||||
Total Revenues | 1,164,155 | 1,234,548 | 958,803 | ||||||||
Expenses | |||||||||||
Compensation and benefits | 755,680 | 711,897 | 739,805 | ||||||||
General, administrative and other | 169,922 | 135,203 | 126,075 | ||||||||
Depreciation and amortization | 19,756 | 13,630 | 14,907 | ||||||||
Interest expense | 3,214 | 5,147 | 15,477 | ||||||||
Total Expenses | 948,572 | 865,877 | 896,264 | ||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | -10,269 | 53,938 | 48,921 | ||||||||
Tax receivable agreement liability adjustment | 0 | 0 | 0 | ||||||||
Earnings (losses) from equity method investees | 76,731 | 136,866 | 156,530 | ||||||||
Total Other Income (Loss) | 66,462 | 190,804 | |||||||||
Income (Loss) Before Income Taxes | 559,475 | ||||||||||
Income Tax Expense (Benefit) | -17,465 | -13,024 | -11,621 | ||||||||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Revenues | |||||||||||
Interest and dividend income | 0 | ||||||||||
Expenses | |||||||||||
Other | 0 | ||||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 0 | ||||||||||
Non-controlling Interests in Income (Loss) | 0 | ||||||||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | 0 | ||||||||||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Non-Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Advertising | 0 | ||||||||||
Circulation | 0 | ||||||||||
Commercial printing and other | 0 | ||||||||||
Rental revenue, resident fees and services | 0 | ||||||||||
Total Revenues | 0 | ||||||||||
Expenses | |||||||||||
Media operating costs | 0 | ||||||||||
General, administrative and other | 0 | ||||||||||
Depreciation and amortization | 0 | ||||||||||
Interest expense | 0 | ||||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Property operating costs | 0 | ||||||||||
Total Expenses | 0 | ||||||||||
Other Income (Loss) | |||||||||||
Income Tax Expense (Benefit) | 0 | ||||||||||
Non-controlling Interests in Income (Loss) | 0 | ||||||||||
FOE II LP [Member] | |||||||||||
Revenues | |||||||||||
Total Revenues | 41,167 | ||||||||||
Expenses | |||||||||||
Total Expenses | 42,055 | ||||||||||
Other Income (Loss) | |||||||||||
Total Other Income (Loss) | 0 | ||||||||||
Income (Loss) Before Income Taxes | -888 | -599 | |||||||||
Income Tax Expense (Benefit) | -7 | ||||||||||
Net Income (Loss) | -895 | -828 | -599 | ||||||||
Non-controlling Interests in Income (Loss) | 0 | 0 | 0 | ||||||||
FOE II LP [Member] | Class A Shares [Member] | |||||||||||
Other Income (Loss) | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | -895 | -828 | -599 | ||||||||
FOE II LP [Member] | Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Management fees: affiliates | 5,330 | 3,510 | 1,082 | ||||||||
Management fees: non-affiliates | 299 | 555 | 295 | ||||||||
Incentive income: affiliates | 0 | 0 | 0 | ||||||||
Incentive income: non-affiliates | 0 | 0 | 0 | ||||||||
Expense reimbursements: affiliates | 32,485 | 26,578 | 9,654 | ||||||||
Expense reimbursements: non-affiliates | 3,053 | 0 | 0 | ||||||||
Other revenues | 0 | 2 | 25 | ||||||||
Total Revenues | 41,167 | 30,645 | 11,056 | ||||||||
Expenses | |||||||||||
Compensation and benefits | 39,681 | 29,864 | 10,554 | ||||||||
General, administrative and other | 2,246 | 1,566 | 1,073 | ||||||||
Depreciation and amortization | 73 | 60 | 24 | ||||||||
Interest expense | 55 | 34 | 4 | ||||||||
Total Expenses | 42,055 | 31,524 | 11,655 | ||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 0 | -5 | 0 | ||||||||
Tax receivable agreement liability adjustment | 0 | 0 | 0 | ||||||||
Earnings (losses) from equity method investees | 0 | 0 | 0 | ||||||||
Total Other Income (Loss) | 0 | -5 | |||||||||
Income (Loss) Before Income Taxes | -884 | ||||||||||
Income Tax Expense (Benefit) | -7 | 56 | 0 | ||||||||
FOE II LP [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Revenues | |||||||||||
Interest and dividend income | 0 | ||||||||||
Expenses | |||||||||||
Other | 0 | ||||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 0 | ||||||||||
Non-controlling Interests in Income (Loss) | 0 | ||||||||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | 0 | ||||||||||
FOE II LP [Member] | Non-Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Advertising | 0 | ||||||||||
Circulation | 0 | ||||||||||
Commercial printing and other | 0 | ||||||||||
Rental revenue, resident fees and services | 0 | ||||||||||
Total Revenues | 0 | ||||||||||
Expenses | |||||||||||
Media operating costs | 0 | ||||||||||
General, administrative and other | 0 | ||||||||||
Depreciation and amortization | 0 | ||||||||||
Interest expense | 0 | ||||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Property operating costs | 0 | ||||||||||
Total Expenses | 0 | ||||||||||
Other Income (Loss) | |||||||||||
Income Tax Expense (Benefit) | 0 | ||||||||||
Non-controlling Interests in Income (Loss) | 0 | ||||||||||
Certain Consolidated Entities [Member] | |||||||||||
Revenues | |||||||||||
Total Revenues | 626,477 | ||||||||||
Expenses | |||||||||||
Total Expenses | 639,208 | ||||||||||
Other Income (Loss) | |||||||||||
Income (Loss) Before Income Taxes | -4,289 | ||||||||||
Income Tax Expense (Benefit) | -2,909 | ||||||||||
Net Income (Loss) | -7,198 | ||||||||||
Non-controlling Interests in Income (Loss) | 0 | ||||||||||
Certain Consolidated Entities [Member] | Class A Shares [Member] | |||||||||||
Other Income (Loss) | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | -7,198 | ||||||||||
Certain Consolidated Entities [Member] | Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Management fees: affiliates | 0 | ||||||||||
Management fees: non-affiliates | 0 | ||||||||||
Incentive income: affiliates | 0 | ||||||||||
Incentive income: non-affiliates | 0 | ||||||||||
Expense reimbursements: affiliates | 0 | ||||||||||
Expense reimbursements: non-affiliates | 0 | ||||||||||
Other revenues | 0 | ||||||||||
Total Revenues | 281 | ||||||||||
Expenses | |||||||||||
Compensation and benefits | 0 | ||||||||||
General, administrative and other | 0 | ||||||||||
Depreciation and amortization | 0 | ||||||||||
Interest expense | 0 | ||||||||||
Total Expenses | 1,289 | ||||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 0 | ||||||||||
Tax receivable agreement liability adjustment | 0 | ||||||||||
Earnings (losses) from equity method investees | 0 | ||||||||||
Total Other Income (Loss) | 8,442 | ||||||||||
Income Tax Expense (Benefit) | 0 | ||||||||||
Certain Consolidated Entities [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Revenues | |||||||||||
Interest and dividend income | 281 | ||||||||||
Expenses | |||||||||||
Other | 1,289 | ||||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 8,442 | ||||||||||
Non-controlling Interests in Income (Loss) | 0 | ||||||||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | 0 | ||||||||||
Certain Consolidated Entities [Member] | Non-Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Advertising | 346,613 | ||||||||||
Circulation | 173,436 | ||||||||||
Commercial printing and other | 64,062 | ||||||||||
Rental revenue, resident fees and services | 42,085 | ||||||||||
Total Revenues | 626,196 | ||||||||||
Expenses | |||||||||||
Media operating costs | 327,130 | ||||||||||
General, administrative and other | 198,129 | ||||||||||
Depreciation and amortization | 61,395 | ||||||||||
Interest expense | 23,718 | ||||||||||
Loss on extinguishment of debt | 9,047 | ||||||||||
Property operating costs | 18,500 | ||||||||||
Total Expenses | 637,919 | ||||||||||
Other Income (Loss) | |||||||||||
Income Tax Expense (Benefit) | -2,909 | ||||||||||
Non-controlling Interests in Income (Loss) | 0 | ||||||||||
Fortress Operating Group Eliminations [Member] | |||||||||||
Revenues | |||||||||||
Total Revenues | -19,982 | ||||||||||
Expenses | |||||||||||
Total Expenses | -16,251 | ||||||||||
Other Income (Loss) | |||||||||||
Total Other Income (Loss) | 0 | ||||||||||
Income (Loss) Before Income Taxes | -313 | 0 | |||||||||
Income Tax Expense (Benefit) | 0 | ||||||||||
Net Income (Loss) | -313 | 0 | 0 | ||||||||
Non-controlling Interests in Income (Loss) | 0 | 0 | 0 | ||||||||
Fortress Operating Group Eliminations [Member] | Class A Shares [Member] | |||||||||||
Other Income (Loss) | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 5,252 | 0 | 0 | ||||||||
Fortress Operating Group Eliminations [Member] | Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Management fees: affiliates | -11,701 | 0 | 0 | ||||||||
Management fees: non-affiliates | 0 | 0 | 0 | ||||||||
Incentive income: affiliates | -198 | 0 | 0 | ||||||||
Incentive income: non-affiliates | 0 | 0 | 0 | ||||||||
Expense reimbursements: affiliates | -8,003 | 0 | 0 | ||||||||
Expense reimbursements: non-affiliates | 0 | 0 | 0 | ||||||||
Other revenues | -80 | 0 | 0 | ||||||||
Total Revenues | -19,982 | 0 | 0 | ||||||||
Expenses | |||||||||||
Compensation and benefits | 741 | 0 | 0 | ||||||||
General, administrative and other | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Interest expense | -53 | 0 | 0 | ||||||||
Total Expenses | 410 | 0 | 0 | ||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 1,956 | 0 | 0 | ||||||||
Tax receivable agreement liability adjustment | 0 | 0 | 0 | ||||||||
Earnings (losses) from equity method investees | 1,462 | 0 | 0 | ||||||||
Total Other Income (Loss) | 3,418 | 0 | |||||||||
Income (Loss) Before Income Taxes | 0 | ||||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | ||||||||
Fortress Operating Group Eliminations [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Revenues | |||||||||||
Interest and dividend income | 0 | ||||||||||
Expenses | |||||||||||
Other | -278 | ||||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 0 | ||||||||||
Non-controlling Interests in Income (Loss) | 9,737 | ||||||||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | -709 | ||||||||||
Fortress Operating Group Eliminations [Member] | Non-Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Advertising | 0 | ||||||||||
Circulation | 0 | ||||||||||
Commercial printing and other | 0 | ||||||||||
Rental revenue, resident fees and services | 0 | ||||||||||
Total Revenues | 0 | ||||||||||
Expenses | |||||||||||
Media operating costs | 0 | ||||||||||
General, administrative and other | -9,228 | ||||||||||
Depreciation and amortization | 0 | ||||||||||
Interest expense | 0 | ||||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Property operating costs | -7,433 | ||||||||||
Total Expenses | -16,661 | ||||||||||
Other Income (Loss) | |||||||||||
Income Tax Expense (Benefit) | 0 | ||||||||||
Non-controlling Interests in Income (Loss) | -14,593 | ||||||||||
Fortress Investment Group Consolidated Llc [Member] | |||||||||||
Revenues | |||||||||||
Total Revenues | 0 | ||||||||||
Expenses | |||||||||||
Total Expenses | 226 | ||||||||||
Other Income (Loss) | |||||||||||
Total Other Income (Loss) | 106,362 | ||||||||||
Income (Loss) Before Income Taxes | 89,437 | 106,071 | |||||||||
Income Tax Expense (Benefit) | 10,525 | ||||||||||
Net Income (Loss) | 99,962 | 200,447 | 78,284 | ||||||||
Non-controlling Interests in Income (Loss) | 0 | 0 | 0 | ||||||||
Fortress Investment Group Consolidated Llc [Member] | Class A Shares [Member] | |||||||||||
Other Income (Loss) | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 | ||||||||
Fortress Investment Group Consolidated Llc [Member] | Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Management fees: affiliates | 0 | 0 | 0 | ||||||||
Management fees: non-affiliates | 0 | 0 | 0 | ||||||||
Incentive income: affiliates | 0 | 0 | 0 | ||||||||
Incentive income: non-affiliates | 0 | 0 | 0 | ||||||||
Expense reimbursements: affiliates | 0 | 0 | 0 | ||||||||
Expense reimbursements: non-affiliates | 0 | 0 | 0 | ||||||||
Other revenues | 0 | 3,423 | 180 | ||||||||
Total Revenues | 0 | 3,423 | 180 | ||||||||
Expenses | |||||||||||
Compensation and benefits | 0 | 0 | 0 | ||||||||
General, administrative and other | -1 | 1 | 1 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Interest expense | 227 | 3,834 | 470 | ||||||||
Total Expenses | 226 | 3,835 | 471 | ||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 0 | 0 | 0 | ||||||||
Tax receivable agreement liability adjustment | -33,116 | -8,787 | -8,870 | ||||||||
Earnings (losses) from equity method investees | 122,779 | 262,479 | 115,232 | ||||||||
Total Other Income (Loss) | 89,663 | 253,692 | |||||||||
Income (Loss) Before Income Taxes | 253,280 | ||||||||||
Income Tax Expense (Benefit) | 10,525 | -52,833 | -27,787 | ||||||||
Fortress Investment Group Consolidated Llc [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Revenues | |||||||||||
Interest and dividend income | 0 | ||||||||||
Expenses | |||||||||||
Other | 0 | ||||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 0 | ||||||||||
Non-controlling Interests in Income (Loss) | 0 | ||||||||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | 0 | ||||||||||
Fortress Investment Group Consolidated Llc [Member] | Non-Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Advertising | 0 | ||||||||||
Circulation | 0 | ||||||||||
Commercial printing and other | 0 | ||||||||||
Rental revenue, resident fees and services | 0 | ||||||||||
Total Revenues | 0 | ||||||||||
Expenses | |||||||||||
Media operating costs | 0 | ||||||||||
General, administrative and other | 0 | ||||||||||
Depreciation and amortization | 0 | ||||||||||
Interest expense | 0 | ||||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Property operating costs | 0 | ||||||||||
Total Expenses | 0 | ||||||||||
Other Income (Loss) | |||||||||||
Income Tax Expense (Benefit) | 0 | ||||||||||
Non-controlling Interests in Income (Loss) | 0 | ||||||||||
Consolidation, Eliminations [Member] | |||||||||||
Revenues | |||||||||||
Total Revenues | 0 | ||||||||||
Expenses | |||||||||||
Total Expenses | 0 | ||||||||||
Other Income (Loss) | |||||||||||
Total Other Income (Loss) | -115,232 | ||||||||||
Income (Loss) Before Income Taxes | -122,779 | -115,232 | |||||||||
Income Tax Expense (Benefit) | 0 | ||||||||||
Net Income (Loss) | -122,779 | -262,479 | -115,232 | ||||||||
Non-controlling Interests in Income (Loss) | 134,033 | 276,683 | 132,950 | ||||||||
Consolidation, Eliminations [Member] | Class A Shares [Member] | |||||||||||
Other Income (Loss) | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | -256,812 | -539,162 | -248,182 | ||||||||
Consolidation, Eliminations [Member] | Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Management fees: affiliates | 0 | 0 | 0 | ||||||||
Management fees: non-affiliates | 0 | 0 | 0 | ||||||||
Incentive income: affiliates | 0 | 0 | 0 | ||||||||
Incentive income: non-affiliates | 0 | 0 | 0 | ||||||||
Expense reimbursements: affiliates | 0 | 0 | 0 | ||||||||
Expense reimbursements: non-affiliates | 0 | 0 | 0 | ||||||||
Other revenues | 0 | -3,633 | -170 | ||||||||
Total Revenues | 0 | -3,633 | -170 | ||||||||
Expenses | |||||||||||
Compensation and benefits | 0 | 0 | 0 | ||||||||
General, administrative and other | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Interest expense | 0 | -3,633 | -170 | ||||||||
Total Expenses | 0 | -3,633 | -170 | ||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 0 | 0 | 0 | ||||||||
Tax receivable agreement liability adjustment | 0 | 0 | 0 | ||||||||
Earnings (losses) from equity method investees | -122,779 | -262,479 | -115,232 | ||||||||
Total Other Income (Loss) | -122,779 | -262,479 | |||||||||
Income (Loss) Before Income Taxes | -262,479 | ||||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | ||||||||
Consolidation, Eliminations [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||||||||||
Revenues | |||||||||||
Interest and dividend income | 0 | ||||||||||
Expenses | |||||||||||
Other | 0 | ||||||||||
Other Income (Loss) | |||||||||||
Gains (losses) | 0 | ||||||||||
Non-controlling Interests in Income (Loss) | 0 | ||||||||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | 0 | ||||||||||
Consolidation, Eliminations [Member] | Non-Investment Manager [Member] | |||||||||||
Revenues | |||||||||||
Advertising | 0 | ||||||||||
Circulation | 0 | ||||||||||
Commercial printing and other | 0 | ||||||||||
Rental revenue, resident fees and services | 0 | ||||||||||
Total Revenues | 0 | ||||||||||
Expenses | |||||||||||
Media operating costs | 0 | ||||||||||
General, administrative and other | 0 | ||||||||||
Depreciation and amortization | 0 | ||||||||||
Interest expense | 0 | ||||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Property operating costs | 0 | ||||||||||
Total Expenses | 0 | ||||||||||
Other Income (Loss) | |||||||||||
Income Tax Expense (Benefit) | 0 | ||||||||||
Non-controlling Interests in Income (Loss) | $0 |
CONSOLIDATING_FINANCIAL_INFORM4
CONSOLIDATING FINANCIAL INFORMATION (Consolidating Statement of Cash Flows Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities | |||
Net income (loss) | $233,357 | $483,591 | $218,822 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Earnings) losses from equity method investees | -78,193 | -136,866 | |
(Gains) losses | -8,442 | 0 | |
Deferred incentive income | -171,387 | -107,276 | -77,993 |
Other | -895 | ||
Cash flows due to changes in | |||
Net cash provided by (used in) operating activities | 239,865 | 432,891 | 141,950 |
Cash Flows From Investing Activities | |||
Contributions to equity method investees | -36,060 | -37,084 | |
Distributions of capital from equity method investees | 379,940 | 281,481 | |
Net cash provided by (used in) investing activities | 527,332 | 211,732 | 66,539 |
Cash Flows From Financing Activities | |||
Excess tax benefits from delivery of RSUs | 24,600 | 32,100 | |
Net cash provided by (used in) financing activities | -390,302 | -384,282 | -437,413 |
Net Increase (Decrease) in Cash and Cash Equivalents | 376,895 | 260,341 | -228,924 |
Cash and Cash Equivalents, Beginning of Period | 364,583 | 104,242 | 333,166 |
Cash and Cash Equivalents, End of Period | 741,478 | 364,583 | 104,242 |
Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Earnings) losses from equity method investees | -1,595 | 0 | 0 |
Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 19,829 | 13,690 | 14,931 |
Other amortization (included in interest expense) | 781 | 900 | 2,942 |
(Earnings) losses from equity method investees | -78,193 | -136,866 | -156,530 |
Distributions of earnings from equity method investees | 110,967 | 84,548 | 59,785 |
(Gains) losses | 8,313 | -53,933 | -48,921 |
Deferred incentive income | -171,387 | -107,276 | -77,993 |
Deferred tax (benefit) expense | -18,044 | 54,431 | 29,442 |
Options received from affiliates | -3,346 | -42,516 | -21,524 |
Tax receivable agreement liability adjustment | 33,116 | 8,787 | 8,870 |
Equity-based compensation | 38,157 | 39,266 | 213,274 |
Options in affiliates granted to employees | 1,442 | 8,190 | 10,134 |
Other | -537 | 863 | -895 |
Cash flows due to changes in | |||
Due from affiliates | -158,471 | -347,942 | -58,927 |
Other assets | 47,538 | -18,082 | -20,398 |
Accrued compensation and benefits | 89,875 | 330,907 | -75,390 |
Due to affiliates | -34,138 | -2,667 | -18,241 |
Deferred incentive income | 216,493 | 118,765 | 65,361 |
Other liabilities | 5,182 | -1,765 | -2,792 |
Cash Flows From Investing Activities | |||
Contributions to equity method investees | -36,060 | -37,084 | -63,798 |
Distributions of capital from equity method investees | 379,940 | 281,481 | 140,712 |
Purchase of securities | -16,664 | -20,043 | 0 |
Proceeds from sale of equity investments | 84,852 | 18,849 | 0 |
Purchase of digital currency (Bitcoin) | 0 | -20,000 | 0 |
Purchase of fixed assets | -12,445 | -11,471 | -10,375 |
Purchase of software and technology-related assets | 25,976 | 0 | 0 |
Cash Flows From Financing Activities | |||
Repayments of debt obligations | -50,000 | -149,453 | -261,250 |
Borrowing under debt obligations | 125,000 | 0 | 0 |
Payment of debt issuance costs | 0 | -2,367 | 0 |
Proceeds from public offering (net of offering costs) | 186,551 | 0 | 0 |
Issuance (purchase) of Class A shares (RSU settlements) | 0 | 0 | 0 |
Repurchase of shares and RSUs | -3,611 | 0 | -37,776 |
Capital contributions | 0 | 0 | |
Dividends and dividend equivalents paid | 105,860 | 57,926 | 44,170 |
Principals' and others' interests in equity of consolidated subsidiaries - contributions | 876 | 401 | 431 |
Principals' and others' interests in equity of consolidated subsidiaries - distributions | -245,461 | -174,937 | -94,648 |
Excess tax benefits from delivery of RSUs | 3,538 | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 364,583 | 104,242 | |
Cash and Cash Equivalents, End of Period | 391,089 | 364,583 | 104,242 |
Investment Manager [Member] | Class B Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | -186,551 | 0 | 0 |
Capital contributions | 0 | ||
Investment Manager [Member] | Class A Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | -363,410 | 0 | 0 |
Dividends and dividend equivalents paid | 57,926 | ||
Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Gains) losses | -8,442 | 0 | 0 |
Cash flows due to changes in | |||
Purchases of investments and payments to cover securities sold not yet purchased | -718,013 | 0 | 0 |
Proceeds from sale of investments and securities sold not yet purchased | 608,228 | 0 | 0 |
Receivables from brokers and counterparties | -44,904 | 0 | 0 |
Other assets | -8,487 | 0 | 0 |
Due to brokers and counterparties | 12,031 | 0 | 0 |
Other liabilities | 2,875 | 0 | 0 |
Cash Flows From Investing Activities | |||
Existing cash on deconsolidation date | -12,024 | 0 | 0 |
Cash Flows From Financing Activities | |||
Redeemable non-controlling interests - contributions | 36,252 | 0 | 0 |
Non-redeemable non-controlling interests in Investment Company - contributions | 75,265 | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 0 | 0 | |
Cash and Cash Equivalents, End of Period | 303 | 0 | 0 |
Non-Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 61,395 | 0 | 0 |
Loss on extinguishment of debt | 5,949 | 0 | 0 |
Other amortization (included in interest expense) | 1,018 | 0 | 0 |
Deferred tax (benefit) expense | 3,750 | 0 | 0 |
Deferred rental income | -4,348 | 0 | 0 |
Other | 1,047 | 0 | 0 |
Cash flows due to changes in | |||
Other assets | 5,434 | 0 | 0 |
Due to affiliates | 1,793 | 0 | 0 |
Deferred revenue | -426 | 0 | 0 |
Accrued expenses and other liabilities | -19,969 | 0 | 0 |
Cash Flows From Investing Activities | |||
Existing cash on consolidation date | 269,089 | 0 | 0 |
Purchase of fixed assets | -6,104 | 0 | 0 |
Acquisitions, net of cash acquired | 77,618 | 0 | 0 |
Acquisitions of real estate | -15,691 | 0 | 0 |
Deposits paid for investments | -4,855 | ||
Other | 888 | 0 | 0 |
Cash Flows From Financing Activities | |||
Repayments of debt obligations | -199,969 | 0 | 0 |
Borrowing under debt obligations | 241,843 | 0 | 0 |
Payment of debt issuance costs | -2,569 | 0 | 0 |
Proceeds from public offering (net of offering costs) | 115,874 | 0 | 0 |
Capital contributions | 142 | 0 | 0 |
Dividends and dividend equivalents paid | 18,212 | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 0 | 0 | |
Cash and Cash Equivalents, End of Period | 350,086 | 0 | 0 |
Fortress Operating Group Combined, Excluding FOE II LP [Member] | |||
Cash Flows From Operating Activities | |||
Net income (loss) | 264,580 | 546,451 | 256,369 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Other | -895 | ||
Cash flows due to changes in | |||
Net cash provided by (used in) operating activities | 370,434 | 325,166 | 159,285 |
Cash Flows From Investing Activities | |||
Net cash provided by (used in) investing activities | 323,594 | 211,732 | 66,539 |
Cash Flows From Financing Activities | |||
Net cash provided by (used in) financing activities | -666,866 | -277,640 | -422,628 |
Net Increase (Decrease) in Cash and Cash Equivalents | 27,162 | 259,258 | -196,804 |
Cash and Cash Equivalents, Beginning of Period | 362,620 | 103,362 | 300,166 |
Cash and Cash Equivalents, End of Period | 389,782 | 362,620 | 103,362 |
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 19,756 | 13,630 | 14,907 |
Other amortization (included in interest expense) | 781 | 900 | 2,942 |
(Earnings) losses from equity method investees | -76,731 | -136,866 | -156,530 |
Distributions of earnings from equity method investees | 110,967 | 84,548 | 59,785 |
(Gains) losses | 10,269 | -53,938 | -48,921 |
Deferred incentive income | -171,387 | -107,276 | -77,993 |
Deferred tax (benefit) expense | 1,527 | 2,716 | 1,306 |
Options received from affiliates | -6,310 | -42,516 | -21,524 |
Tax receivable agreement liability adjustment | 0 | 0 | 0 |
Equity-based compensation | 38,157 | 39,266 | 213,274 |
Options in affiliates granted to employees | 701 | 8,190 | 10,134 |
Other | -616 | 863 | |
Cash flows due to changes in | |||
Due from affiliates | -166,016 | -329,175 | -76,660 |
Other assets | 44,370 | -18,303 | -19,015 |
Accrued compensation and benefits | 89,014 | 330,332 | -77,100 |
Due to affiliates | -10,285 | -130,117 | 16,906 |
Deferred incentive income | 216,493 | 118,765 | 65,255 |
Other liabilities | 5,164 | -2,304 | -2,955 |
Cash Flows From Investing Activities | |||
Contributions to equity method investees | -86,113 | -37,084 | -63,798 |
Distributions of capital from equity method investees | 379,940 | 281,481 | 140,712 |
Purchase of securities | -16,664 | -20,043 | |
Proceeds from sale of equity investments | 84,852 | 18,849 | |
Purchase of digital currency (Bitcoin) | -20,000 | ||
Purchase of fixed assets | -12,445 | -11,471 | -10,375 |
Purchase of software and technology-related assets | 25,976 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | -50,000 | 0 | -261,250 |
Borrowing under debt obligations | 125,000 | ||
Payment of debt issuance costs | -2,367 | ||
Proceeds from public offering (net of offering costs) | 0 | ||
Issuance (purchase) of Class A shares (RSU settlements) | -36,876 | -70,850 | -49,328 |
Repurchase of shares and RSUs | -3,611 | 0 | -37,776 |
Capital contributions | 36,876 | 49,328 | |
Dividends and dividend equivalents paid | 130,410 | 29,385 | |
Principals' and others' interests in equity of consolidated subsidiaries - contributions | 876 | 401 | 431 |
Principals' and others' interests in equity of consolidated subsidiaries - distributions | -245,461 | -174,937 | -94,648 |
Excess tax benefits from delivery of RSUs | 0 | ||
Cash and Cash Equivalents, End of Period | 389,782 | ||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Investment Manager [Member] | Class B Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | 0 | ||
Capital contributions | 67,450 | ||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Investment Manager [Member] | Class A Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | -363,260 | ||
Dividends and dividend equivalents paid | 97,337 | ||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Gains) losses | 0 | ||
Cash flows due to changes in | |||
Purchases of investments and payments to cover securities sold not yet purchased | 0 | ||
Proceeds from sale of investments and securities sold not yet purchased | 0 | ||
Receivables from brokers and counterparties | 0 | ||
Other assets | 0 | ||
Due to brokers and counterparties | 0 | ||
Other liabilities | 0 | ||
Cash Flows From Investing Activities | |||
Existing cash on deconsolidation date | 0 | ||
Cash Flows From Financing Activities | |||
Redeemable non-controlling interests - contributions | 0 | ||
Non-redeemable non-controlling interests in Investment Company - contributions | 0 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
Fortress Operating Group Combined, Excluding FOE II LP [Member] | Non-Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 0 | ||
Loss on extinguishment of debt | 0 | ||
Other amortization (included in interest expense) | 0 | ||
Deferred tax (benefit) expense | 0 | ||
Deferred rental income | 0 | ||
Other | 0 | ||
Cash flows due to changes in | |||
Other assets | 0 | ||
Due to affiliates | 0 | ||
Deferred revenue | 0 | ||
Accrued expenses and other liabilities | 0 | ||
Cash Flows From Investing Activities | |||
Existing cash on consolidation date | 0 | ||
Purchase of fixed assets | 0 | ||
Acquisitions, net of cash acquired | 0 | ||
Acquisitions of real estate | 0 | ||
Deposits paid for investments | 0 | ||
Other | 0 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | 0 | ||
Borrowing under debt obligations | 0 | ||
Payment of debt issuance costs | 0 | ||
Proceeds from public offering (net of offering costs) | 0 | ||
Capital contributions | 0 | ||
Dividends and dividend equivalents paid | 0 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
FOE II LP [Member] | |||
Cash Flows From Operating Activities | |||
Net income (loss) | -895 | -828 | -599 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Other | 0 | ||
Cash flows due to changes in | |||
Net cash provided by (used in) operating activities | -236 | -2,851 | 787 |
Cash Flows From Investing Activities | |||
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Cash Flows From Financing Activities | |||
Net cash provided by (used in) financing activities | -150 | 3,400 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | -386 | 549 | 787 |
Cash and Cash Equivalents, Beginning of Period | 1,336 | 787 | 0 |
Cash and Cash Equivalents, End of Period | 950 | 1,336 | 787 |
FOE II LP [Member] | Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 73 | 60 | 24 |
Other amortization (included in interest expense) | 0 | 0 | 0 |
(Earnings) losses from equity method investees | 0 | 0 | 0 |
Distributions of earnings from equity method investees | 0 | 0 | 0 |
(Gains) losses | 0 | 5 | 0 |
Deferred incentive income | 0 | 0 | 0 |
Deferred tax (benefit) expense | 0 | 0 | 0 |
Options received from affiliates | 0 | 0 | 0 |
Tax receivable agreement liability adjustment | 0 | 0 | 0 |
Equity-based compensation | 0 | 0 | 0 |
Options in affiliates granted to employees | 0 | 0 | 0 |
Other | 0 | 0 | |
Cash flows due to changes in | |||
Due from affiliates | -790 | -430 | -1,434 |
Other assets | -1,546 | 101 | -684 |
Accrued compensation and benefits | 861 | 575 | 1,710 |
Due to affiliates | 2,043 | -2,291 | 1,664 |
Deferred incentive income | 0 | 0 | 106 |
Other liabilities | 18 | -43 | 0 |
Cash Flows From Investing Activities | |||
Contributions to equity method investees | 0 | 0 | 0 |
Distributions of capital from equity method investees | 0 | 0 | 0 |
Purchase of securities | 0 | 0 | |
Proceeds from sale of equity investments | 0 | 0 | |
Purchase of digital currency (Bitcoin) | 0 | ||
Purchase of fixed assets | 0 | 0 | 0 |
Purchase of software and technology-related assets | 0 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | 0 | 0 | 0 |
Borrowing under debt obligations | 0 | ||
Payment of debt issuance costs | 0 | ||
Proceeds from public offering (net of offering costs) | 0 | ||
Issuance (purchase) of Class A shares (RSU settlements) | 0 | 0 | 0 |
Repurchase of shares and RSUs | 0 | 0 | 0 |
Capital contributions | 0 | 0 | |
Dividends and dividend equivalents paid | 0 | 0 | |
Principals' and others' interests in equity of consolidated subsidiaries - contributions | 0 | 0 | 0 |
Principals' and others' interests in equity of consolidated subsidiaries - distributions | 0 | 0 | 0 |
Excess tax benefits from delivery of RSUs | 0 | ||
Cash and Cash Equivalents, End of Period | 950 | ||
FOE II LP [Member] | Investment Manager [Member] | Class B Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | 0 | ||
Capital contributions | 3,400 | ||
FOE II LP [Member] | Investment Manager [Member] | Class A Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | -150 | ||
Dividends and dividend equivalents paid | 0 | ||
FOE II LP [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Gains) losses | 0 | ||
Cash flows due to changes in | |||
Purchases of investments and payments to cover securities sold not yet purchased | 0 | ||
Proceeds from sale of investments and securities sold not yet purchased | 0 | ||
Receivables from brokers and counterparties | 0 | ||
Other assets | 0 | ||
Due to brokers and counterparties | 0 | ||
Other liabilities | 0 | ||
Cash Flows From Investing Activities | |||
Existing cash on deconsolidation date | 0 | ||
Cash Flows From Financing Activities | |||
Redeemable non-controlling interests - contributions | 0 | ||
Non-redeemable non-controlling interests in Investment Company - contributions | 0 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
FOE II LP [Member] | Non-Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 0 | ||
Loss on extinguishment of debt | 0 | ||
Other amortization (included in interest expense) | 0 | ||
Deferred tax (benefit) expense | 0 | ||
Deferred rental income | 0 | ||
Other | 0 | ||
Cash flows due to changes in | |||
Other assets | 0 | ||
Due to affiliates | 0 | ||
Deferred revenue | 0 | ||
Accrued expenses and other liabilities | 0 | ||
Cash Flows From Investing Activities | |||
Existing cash on consolidation date | 0 | ||
Purchase of fixed assets | 0 | ||
Acquisitions, net of cash acquired | 0 | ||
Acquisitions of real estate | 0 | ||
Deposits paid for investments | 0 | ||
Other | 0 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | 0 | ||
Borrowing under debt obligations | 0 | ||
Payment of debt issuance costs | 0 | ||
Proceeds from public offering (net of offering costs) | 0 | ||
Capital contributions | 0 | ||
Dividends and dividend equivalents paid | 0 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
Certain Consolidated Entities [Member] | |||
Cash Flows From Operating Activities | |||
Net income (loss) | -7,198 | ||
Cash flows due to changes in | |||
Net cash provided by (used in) operating activities | -101,975 | ||
Cash Flows From Investing Activities | |||
Net cash provided by (used in) investing activities | 153,685 | ||
Cash Flows From Financing Activities | |||
Net cash provided by (used in) financing activities | 298,679 | ||
Net Increase (Decrease) in Cash and Cash Equivalents | 350,389 | ||
Cash and Cash Equivalents, Beginning of Period | 0 | ||
Cash and Cash Equivalents, End of Period | 350,389 | ||
Certain Consolidated Entities [Member] | Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 0 | ||
Other amortization (included in interest expense) | 0 | ||
(Earnings) losses from equity method investees | 0 | ||
Distributions of earnings from equity method investees | 0 | ||
(Gains) losses | 0 | ||
Deferred incentive income | 0 | ||
Deferred tax (benefit) expense | 0 | ||
Options received from affiliates | 0 | ||
Tax receivable agreement liability adjustment | 0 | ||
Equity-based compensation | 0 | ||
Options in affiliates granted to employees | 0 | ||
Other | 0 | ||
Cash flows due to changes in | |||
Due from affiliates | 0 | ||
Other assets | 0 | ||
Accrued compensation and benefits | 0 | ||
Due to affiliates | 0 | ||
Deferred incentive income | 0 | ||
Other liabilities | 0 | ||
Cash Flows From Investing Activities | |||
Contributions to equity method investees | 0 | ||
Distributions of capital from equity method investees | 0 | ||
Purchase of securities | 0 | ||
Proceeds from sale of equity investments | 0 | ||
Purchase of fixed assets | 0 | ||
Purchase of software and technology-related assets | 0 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | 0 | ||
Borrowing under debt obligations | 0 | ||
Proceeds from public offering (net of offering costs) | 0 | ||
Issuance (purchase) of Class A shares (RSU settlements) | 0 | ||
Repurchase of shares and RSUs | 0 | ||
Capital contributions | 0 | ||
Dividends and dividend equivalents paid | 0 | ||
Principals' and others' interests in equity of consolidated subsidiaries - contributions | 0 | ||
Principals' and others' interests in equity of consolidated subsidiaries - distributions | 0 | ||
Excess tax benefits from delivery of RSUs | 0 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
Certain Consolidated Entities [Member] | Investment Manager [Member] | Class B Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | 0 | ||
Certain Consolidated Entities [Member] | Investment Manager [Member] | Class A Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | 0 | ||
Certain Consolidated Entities [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Gains) losses | -8,442 | ||
Cash flows due to changes in | |||
Purchases of investments and payments to cover securities sold not yet purchased | -718,013 | ||
Proceeds from sale of investments and securities sold not yet purchased | 608,228 | ||
Receivables from brokers and counterparties | -44,904 | ||
Other assets | -8,487 | ||
Due to brokers and counterparties | 12,031 | ||
Other liabilities | 2,910 | ||
Cash Flows From Investing Activities | |||
Existing cash on deconsolidation date | -12,024 | ||
Cash Flows From Financing Activities | |||
Redeemable non-controlling interests - contributions | 86,255 | ||
Non-redeemable non-controlling interests in Investment Company - contributions | 75,315 | ||
Cash and Cash Equivalents, End of Period | 303 | ||
Certain Consolidated Entities [Member] | Non-Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 61,395 | ||
Loss on extinguishment of debt | 5,949 | ||
Other amortization (included in interest expense) | 1,018 | ||
Deferred tax (benefit) expense | 3,750 | ||
Deferred rental income | -4,348 | ||
Other | 1,047 | ||
Cash flows due to changes in | |||
Other assets | 5,434 | ||
Due to affiliates | 1,793 | ||
Deferred revenue | -426 | ||
Accrued expenses and other liabilities | -13,712 | ||
Cash Flows From Investing Activities | |||
Existing cash on consolidation date | 269,089 | ||
Purchase of fixed assets | -6,104 | ||
Acquisitions, net of cash acquired | 77,618 | ||
Acquisitions of real estate | -15,691 | ||
Deposits paid for investments | -4,855 | ||
Other | 888 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | -199,969 | ||
Borrowing under debt obligations | 241,843 | ||
Payment of debt issuance costs | -2,569 | ||
Proceeds from public offering (net of offering costs) | 115,874 | ||
Capital contributions | 142 | ||
Dividends and dividend equivalents paid | 18,212 | ||
Cash and Cash Equivalents, End of Period | 350,086 | ||
Fortress Operating Group Eliminations [Member] | |||
Cash Flows From Operating Activities | |||
Net income (loss) | -313 | 0 | 0 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Other | 0 | ||
Cash flows due to changes in | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Cash Flows From Investing Activities | |||
Net cash provided by (used in) investing activities | 50,053 | 0 | 0 |
Cash Flows From Financing Activities | |||
Net cash provided by (used in) financing activities | -50,053 | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 0 | 0 | 0 |
Cash and Cash Equivalents, End of Period | 0 | 0 | 0 |
Fortress Operating Group Eliminations [Member] | Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 0 | 0 | 0 |
Other amortization (included in interest expense) | 0 | 0 | 0 |
(Earnings) losses from equity method investees | -1,462 | 0 | 0 |
Distributions of earnings from equity method investees | 0 | 0 | 0 |
(Gains) losses | -1,956 | 0 | 0 |
Deferred incentive income | 0 | 0 | 0 |
Deferred tax (benefit) expense | 0 | 0 | 0 |
Options received from affiliates | 2,964 | 0 | 0 |
Tax receivable agreement liability adjustment | 0 | 0 | 0 |
Equity-based compensation | 0 | 0 | 0 |
Options in affiliates granted to employees | 741 | 0 | 0 |
Other | 79 | 0 | |
Cash flows due to changes in | |||
Due from affiliates | 8,335 | -1,694 | 2,524 |
Other assets | -53 | 0 | 0 |
Accrued compensation and benefits | 0 | 0 | 0 |
Due to affiliates | -2,043 | 1,694 | -2,524 |
Deferred incentive income | 0 | 0 | 0 |
Other liabilities | 0 | 0 | 0 |
Cash Flows From Investing Activities | |||
Contributions to equity method investees | 50,053 | 0 | 0 |
Distributions of capital from equity method investees | 0 | 0 | 0 |
Purchase of securities | 0 | 0 | |
Proceeds from sale of equity investments | 0 | 0 | |
Purchase of digital currency (Bitcoin) | 0 | ||
Purchase of fixed assets | 0 | 0 | 0 |
Purchase of software and technology-related assets | 0 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | 0 | 0 | 0 |
Borrowing under debt obligations | 0 | ||
Payment of debt issuance costs | 0 | ||
Proceeds from public offering (net of offering costs) | 0 | ||
Issuance (purchase) of Class A shares (RSU settlements) | 0 | 0 | 0 |
Repurchase of shares and RSUs | 0 | 0 | 0 |
Capital contributions | 0 | 0 | |
Dividends and dividend equivalents paid | 0 | 0 | |
Principals' and others' interests in equity of consolidated subsidiaries - contributions | 0 | 0 | 0 |
Principals' and others' interests in equity of consolidated subsidiaries - distributions | 0 | 0 | 0 |
Excess tax benefits from delivery of RSUs | 0 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
Fortress Operating Group Eliminations [Member] | Investment Manager [Member] | Class B Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | 0 | ||
Capital contributions | 0 | ||
Fortress Operating Group Eliminations [Member] | Investment Manager [Member] | Class A Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | 0 | ||
Dividends and dividend equivalents paid | 0 | ||
Fortress Operating Group Eliminations [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Gains) losses | 0 | ||
Cash flows due to changes in | |||
Purchases of investments and payments to cover securities sold not yet purchased | 0 | ||
Proceeds from sale of investments and securities sold not yet purchased | 0 | ||
Receivables from brokers and counterparties | 0 | ||
Other assets | 0 | ||
Due to brokers and counterparties | 0 | ||
Other liabilities | -35 | ||
Cash Flows From Investing Activities | |||
Existing cash on deconsolidation date | 0 | ||
Cash Flows From Financing Activities | |||
Redeemable non-controlling interests - contributions | -50,003 | ||
Non-redeemable non-controlling interests in Investment Company - contributions | -50 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
Fortress Operating Group Eliminations [Member] | Non-Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 0 | ||
Loss on extinguishment of debt | 0 | ||
Other amortization (included in interest expense) | 0 | ||
Deferred tax (benefit) expense | 0 | ||
Deferred rental income | 0 | ||
Other | 0 | ||
Cash flows due to changes in | |||
Other assets | 0 | ||
Due to affiliates | 0 | ||
Deferred revenue | 0 | ||
Accrued expenses and other liabilities | -6,257 | ||
Cash Flows From Investing Activities | |||
Existing cash on consolidation date | 0 | ||
Purchase of fixed assets | 0 | ||
Acquisitions, net of cash acquired | 0 | ||
Acquisitions of real estate | 0 | ||
Deposits paid for investments | 0 | ||
Other | 0 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | 0 | ||
Borrowing under debt obligations | 0 | ||
Payment of debt issuance costs | 0 | ||
Proceeds from public offering (net of offering costs) | 0 | ||
Capital contributions | 0 | ||
Dividends and dividend equivalents paid | 0 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
Fortress Investment Group Consolidated Llc [Member] | |||
Cash Flows From Operating Activities | |||
Net income (loss) | 99,962 | 200,447 | 78,284 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Other | 0 | ||
Cash flows due to changes in | |||
Net cash provided by (used in) operating activities | -28,358 | 110,576 | -18,122 |
Cash Flows From Investing Activities | |||
Net cash provided by (used in) investing activities | 89,538 | 24,960 | -21,736 |
Cash Flows From Financing Activities | |||
Net cash provided by (used in) financing activities | -61,450 | -135,002 | 6,951 |
Net Increase (Decrease) in Cash and Cash Equivalents | -270 | 534 | -32,907 |
Cash and Cash Equivalents, Beginning of Period | 627 | 93 | 33,000 |
Cash and Cash Equivalents, End of Period | 357 | 627 | 93 |
Fortress Investment Group Consolidated Llc [Member] | Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 0 | 0 | 0 |
Other amortization (included in interest expense) | 0 | 0 | 0 |
(Earnings) losses from equity method investees | -122,779 | -262,479 | -115,232 |
Distributions of earnings from equity method investees | 0 | 0 | 0 |
(Gains) losses | 0 | 0 | 0 |
Deferred incentive income | 0 | 0 | 0 |
Deferred tax (benefit) expense | -19,571 | 51,715 | 28,136 |
Options received from affiliates | 0 | 0 | 0 |
Tax receivable agreement liability adjustment | 33,116 | 8,787 | 8,870 |
Equity-based compensation | 0 | 0 | |
Options in affiliates granted to employees | 0 | 0 | 0 |
Other | 0 | 0 | |
Cash flows due to changes in | |||
Due from affiliates | 0 | 149,615 | -162 |
Other assets | 4,767 | 120 | -699 |
Accrued compensation and benefits | 0 | 0 | 0 |
Due to affiliates | -23,853 | -38,211 | -17,482 |
Deferred incentive income | 0 | 0 | 0 |
Other liabilities | 0 | 582 | 163 |
Cash Flows From Investing Activities | |||
Contributions to equity method investees | -36,876 | -72,515 | -49,328 |
Distributions of capital from equity method investees | 126,414 | 97,475 | 27,592 |
Purchase of securities | 0 | 0 | |
Proceeds from sale of equity investments | 0 | 0 | |
Purchase of digital currency (Bitcoin) | 0 | ||
Purchase of fixed assets | 0 | 0 | 0 |
Purchase of software and technology-related assets | 0 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | 0 | -149,453 | 0 |
Borrowing under debt obligations | 0 | ||
Payment of debt issuance costs | 0 | ||
Proceeds from public offering (net of offering costs) | 186,551 | ||
Issuance (purchase) of Class A shares (RSU settlements) | 36,876 | 70,850 | 49,328 |
Repurchase of shares and RSUs | 0 | 0 | 0 |
Capital contributions | 0 | 0 | |
Dividends and dividend equivalents paid | 101,864 | 42,377 | |
Principals' and others' interests in equity of consolidated subsidiaries - contributions | 0 | 0 | 0 |
Principals' and others' interests in equity of consolidated subsidiaries - distributions | 0 | 0 | 0 |
Excess tax benefits from delivery of RSUs | 3,538 | ||
Cash and Cash Equivalents, End of Period | 357 | ||
Fortress Investment Group Consolidated Llc [Member] | Investment Manager [Member] | Class B Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | -186,551 | ||
Capital contributions | 0 | ||
Fortress Investment Group Consolidated Llc [Member] | Investment Manager [Member] | Class A Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | 0 | ||
Dividends and dividend equivalents paid | 56,399 | ||
Fortress Investment Group Consolidated Llc [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Gains) losses | 0 | ||
Cash flows due to changes in | |||
Purchases of investments and payments to cover securities sold not yet purchased | 0 | ||
Proceeds from sale of investments and securities sold not yet purchased | 0 | ||
Receivables from brokers and counterparties | 0 | ||
Other assets | 0 | ||
Due to brokers and counterparties | 0 | ||
Other liabilities | 0 | ||
Cash Flows From Investing Activities | |||
Existing cash on deconsolidation date | 0 | ||
Cash Flows From Financing Activities | |||
Redeemable non-controlling interests - contributions | 0 | ||
Non-redeemable non-controlling interests in Investment Company - contributions | 0 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
Fortress Investment Group Consolidated Llc [Member] | Non-Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 0 | ||
Loss on extinguishment of debt | 0 | ||
Other amortization (included in interest expense) | 0 | ||
Deferred tax (benefit) expense | 0 | ||
Deferred rental income | 0 | ||
Other | 0 | ||
Cash flows due to changes in | |||
Other assets | 0 | ||
Due to affiliates | 0 | ||
Deferred revenue | 0 | ||
Accrued expenses and other liabilities | 0 | ||
Cash Flows From Investing Activities | |||
Existing cash on consolidation date | 0 | ||
Purchase of fixed assets | 0 | ||
Acquisitions, net of cash acquired | 0 | ||
Acquisitions of real estate | 0 | ||
Deposits paid for investments | 0 | ||
Other | 0 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | 0 | ||
Borrowing under debt obligations | 0 | ||
Payment of debt issuance costs | 0 | ||
Proceeds from public offering (net of offering costs) | 0 | ||
Capital contributions | 0 | ||
Dividends and dividend equivalents paid | 0 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
Consolidation, Eliminations [Member] | |||
Cash Flows From Operating Activities | |||
Net income (loss) | -122,779 | -262,479 | -115,232 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Other | 0 | ||
Cash flows due to changes in | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Cash Flows From Investing Activities | |||
Net cash provided by (used in) investing activities | -89,538 | -24,960 | 21,736 |
Cash Flows From Financing Activities | |||
Net cash provided by (used in) financing activities | 89,538 | 24,960 | -21,736 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 0 | 0 | 0 |
Cash and Cash Equivalents, End of Period | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 0 | 0 | 0 |
Other amortization (included in interest expense) | 0 | 0 | 0 |
(Earnings) losses from equity method investees | 122,779 | 262,479 | 115,232 |
Distributions of earnings from equity method investees | 0 | 0 | 0 |
(Gains) losses | 0 | 0 | 0 |
Deferred incentive income | 0 | 0 | 0 |
Deferred tax (benefit) expense | 0 | 0 | 0 |
Options received from affiliates | 0 | 0 | 0 |
Tax receivable agreement liability adjustment | 0 | 0 | 0 |
Equity-based compensation | 0 | 0 | |
Options in affiliates granted to employees | 0 | 0 | 0 |
Other | 0 | 0 | |
Cash flows due to changes in | |||
Due from affiliates | 0 | -166,258 | 16,805 |
Other assets | 0 | 0 | 0 |
Accrued compensation and benefits | 0 | 0 | 0 |
Due to affiliates | 0 | 166,258 | -16,805 |
Deferred incentive income | 0 | 0 | 0 |
Other liabilities | 0 | 0 | 0 |
Cash Flows From Investing Activities | |||
Contributions to equity method investees | 36,876 | 72,515 | 49,328 |
Distributions of capital from equity method investees | -126,414 | -97,475 | -27,592 |
Purchase of securities | 0 | 0 | |
Proceeds from sale of equity investments | 0 | 0 | |
Purchase of digital currency (Bitcoin) | 0 | ||
Purchase of fixed assets | 0 | 0 | 0 |
Purchase of software and technology-related assets | 0 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | 0 | 0 | 0 |
Borrowing under debt obligations | 0 | ||
Payment of debt issuance costs | 0 | ||
Proceeds from public offering (net of offering costs) | 0 | ||
Issuance (purchase) of Class A shares (RSU settlements) | 0 | 0 | 0 |
Repurchase of shares and RSUs | 0 | 0 | 0 |
Capital contributions | -36,876 | -49,328 | |
Dividends and dividend equivalents paid | -126,414 | -27,592 | |
Principals' and others' interests in equity of consolidated subsidiaries - contributions | 0 | 0 | 0 |
Principals' and others' interests in equity of consolidated subsidiaries - distributions | 0 | 0 | 0 |
Excess tax benefits from delivery of RSUs | 0 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
Consolidation, Eliminations [Member] | Investment Manager [Member] | Class B Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | 0 | ||
Capital contributions | -70,850 | ||
Consolidation, Eliminations [Member] | Investment Manager [Member] | Class A Shares [Member] | |||
Cash Flows From Financing Activities | |||
Repurchase of common shares | 0 | ||
Dividends and dividend equivalents paid | -95,810 | ||
Consolidation, Eliminations [Member] | Investment Manager [Member] | Variable Interest Entity, Primary Beneficiary 1 [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
(Gains) losses | 0 | ||
Cash flows due to changes in | |||
Purchases of investments and payments to cover securities sold not yet purchased | 0 | ||
Proceeds from sale of investments and securities sold not yet purchased | 0 | ||
Receivables from brokers and counterparties | 0 | ||
Other assets | 0 | ||
Due to brokers and counterparties | 0 | ||
Other liabilities | 0 | ||
Cash Flows From Investing Activities | |||
Existing cash on deconsolidation date | 0 | ||
Cash Flows From Financing Activities | |||
Redeemable non-controlling interests - contributions | 0 | ||
Non-redeemable non-controlling interests in Investment Company - contributions | 0 | ||
Cash and Cash Equivalents, End of Period | 0 | ||
Consolidation, Eliminations [Member] | Non-Investment Manager [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 0 | ||
Loss on extinguishment of debt | 0 | ||
Other amortization (included in interest expense) | 0 | ||
Deferred tax (benefit) expense | 0 | ||
Deferred rental income | 0 | ||
Other | 0 | ||
Cash flows due to changes in | |||
Other assets | 0 | ||
Due to affiliates | 0 | ||
Deferred revenue | 0 | ||
Accrued expenses and other liabilities | 0 | ||
Cash Flows From Investing Activities | |||
Existing cash on consolidation date | 0 | ||
Purchase of fixed assets | 0 | ||
Acquisitions, net of cash acquired | 0 | ||
Acquisitions of real estate | 0 | ||
Deposits paid for investments | 0 | ||
Other | 0 | ||
Cash Flows From Financing Activities | |||
Repayments of debt obligations | 0 | ||
Borrowing under debt obligations | 0 | ||
Payment of debt issuance costs | 0 | ||
Proceeds from public offering (net of offering costs) | 0 | ||
Capital contributions | 0 | ||
Dividends and dividend equivalents paid | 0 | ||
Cash and Cash Equivalents, End of Period | $0 |
QUARTERLY_FINANCIAL_INFORMATIO2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total revenues | $670,578 | $403,760 | $427,313 | $310,166 | $565,535 | $232,019 | $223,074 | $244,355 | $1,811,817 | $1,264,983 | $969,869 |
Total expenses | 529,498 | 397,947 | 378,995 | 307,370 | 243,092 | 184,051 | 249,849 | 220,611 | 1,613,810 | 897,603 | 908,220 |
Total Other Income (Loss) | -1,846 | 10,542 | 27,380 | 9,130 | 18,658 | 68,011 | 25,505 | 69,838 | 45,206 | 182,012 | 196,581 |
Income (Loss) Before Income Taxes | 139,234 | 16,355 | 75,698 | 11,926 | 341,101 | 115,979 | -1,270 | 93,582 | 243,213 | 549,392 | 258,230 |
Total Income Tax Benefit (Expense) | 8,782 | -6,140 | -6,743 | -5,755 | -23,565 | -14,794 | -1,166 | -26,276 | -9,856 | -65,801 | -39,408 |
Net Income (Loss) | 148,016 | 10,215 | 68,955 | 6,171 | 317,536 | 101,185 | -2,436 | 67,306 | 233,357 | 483,591 | 218,822 |
Principals' and Others' Interests in (Income) Loss of Consolidated Subsidiaries | 80,014 | 10,842 | 42,135 | 5,969 | 171,723 | 58,804 | -360 | 52,977 | 138,960 | 283,144 | 140,538 |
Net income (loss) per Class A share, basic (in dollars per share) | $0.29 | $0.02 | $0.15 | $0.01 | $0.59 | $0.17 | ($0.01) | $0.06 | $0.47 | $0.83 | $0.29 |
Net income (loss) per Class A share, diluted (in dollars per share) | $0.24 | $0.02 | $0.12 | $0.01 | $0.49 | $0.12 | ($0.01) | $0.05 | $0.43 | $0.79 | $0.27 |
Weighted average number of Class A shares outstanding, basic | 208,607,680 | 208,014,692 | 207,783,751 | 216,934,917 | 240,684,662 | 239,404,587 | 237,426,903 | 227,287,102 | 210,303,241 | 236,246,296 | 214,399,422 |
Weighted average number of Class A shares outstanding, diluted | 449,618,855 | 220,792,711 | 444,566,847 | 229,033,778 | 503,803,432 | 502,091,166 | 237,426,903 | 496,294,600 | 455,154,136 | 500,631,423 | 524,900,132 |
Investment Manager [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total revenues | 1,185,621 | 1,264,983 | 969,869 | ||||||||
Total expenses | 992,552 | 897,603 | 908,220 | ||||||||
Total Other Income (Loss) | 45,206 | 182,012 | 196,581 | ||||||||
Income (Loss) Before Income Taxes | 549,392 | ||||||||||
Total Income Tax Benefit (Expense) | -6,947 | -65,801 | -39,408 | ||||||||
Principals' and Others' Interests in (Income) Loss of Consolidated Subsidiaries | 138,960 | 283,144 | 140,538 | ||||||||
Net Income (Loss) Attributable to Class A Shareholders | 99,962 | 200,447 | 78,284 | ||||||||
Non-Investment Manager [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total revenues | 626,196 | 0 | 0 | ||||||||
Total expenses | 621,258 | 0 | 0 | ||||||||
Total Income Tax Benefit (Expense) | -2,909 | 0 | 0 | ||||||||
Principals' and Others' Interests in (Income) Loss of Consolidated Subsidiaries | -4,288 | -3,014 | -4,557 | -2,734 | -14,593 | 0 | 0 | ||||
Variable Interest Entity, Primary Beneficiary 1 [Member] | Investment Manager [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total revenues | 281 | 0 | 0 | ||||||||
Principals' and Others' Interests in (Income) Loss of Consolidated Subsidiaries | 9,746 | -9 | 0 | 0 | 9,737 | 0 | 0 | ||||
Redeemable Non-controlling Interests in income (loss) of Investment Company | 1,176 | -2,042 | 157 | 0 | -709 | 0 | 0 | ||||
Class A Shares [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | 61,368 | 4,438 | 31,220 | 2,936 | 145,813 | 42,381 | -2,076 | 14,329 | 99,962 | 200,447 | 78,284 |
Class A Shares [Member] | Investment Manager [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net Income (Loss) Attributable to Class A Shareholders | $99,962 | $200,447 | $78,284 |
CONCENTRATION_OF_CREDIT_RISKS_1
CONCENTRATION OF CREDIT RISKS - Narrative (Details) (Non-Investment Manager [Member], USD $) | 12 Months Ended | 2 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Nov. 07, 2014 | |
Concentration Risk [Line Items] | |||
Security deposit | 8,582,000 | 8,582,000 | |
New Senior [Member] | |||
Concentration Risk [Line Items] | |||
Number of states in which properties are located | 27 | 27 | |
New Senior [Member] | Holiday Portfolios [Member] | |||
Concentration Risk [Line Items] | |||
Security deposit | 43,400,000 | ||
Security deposit payable | 18,900,000 | 18,900,000 | |
New Senior [Member] | Senior Housing Real Estate [Member] | Manager Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percent | 35.00% | ||
New Senior [Member] | Triple Net Lease Properties [Member] | Manager Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percent | 56.00% | ||
New Senior [Member] | Revenue [Member] | Geographic Concentration Risk [Member] | FLORIDA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percent | 34.00% | ||
New Senior [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percent | 32.00% | ||
New Senior [Member] | Net Operating Income [Member] | Geographic Concentration Risk [Member] | FLORIDA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percent | 32.00% | ||
New Senior [Member] | Net Operating Income [Member] | Holiday Portfolios [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percent | 58.00% |
CONCENTRATION_OF_CREDIT_RISKS_2
CONCENTRATION OF CREDIT RISKS - Future Minimum Payments Receivable (Details) (Non-Investment Manager [Member], New Senior [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Non-Investment Manager [Member] | New Senior [Member] | |
Concentration Risk [Line Items] | |
2015 | $82,439 |
2016 | 86,040 |
2017 | 89,799 |
2018 | 92,882 |
2019 | 95,972 |
Thereafter | 1,269,839 |
Total | $1,716,971 |
SCHEDULE_III_REAL_ESTATE_AND_A1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,259,430,000 |
Initial Cost to the Company | |
Land | 139,470,000 |
Buildings and Improvements | 1,613,646,000 |
Furniture, Fixtures, and Equipment | 53,259,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 1,560,000 |
Gross Amount Carried at Close of Period | |
Land | 139,470,000 |
Buildings and Improvements | 1,614,506,000 |
Furniture, Fixtures, and Equipment | 53,959,000 |
Total (A) | 1,807,935,000 |
Accumulated Depreciation | -8,087,000 |
Net Book Value | 1,799,848,000 |
Managed Properties [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 436,044,000 |
Initial Cost to the Company | |
Land | 61,690,000 |
Buildings and Improvements | 560,825,000 |
Furniture, Fixtures, and Equipment | 22,501,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 1,560,000 |
Gross Amount Carried at Close of Period | |
Land | 61,690,000 |
Buildings and Improvements | 561,684,000 |
Furniture, Fixtures, and Equipment | 23,200,000 |
Total (A) | 646,574,000 |
Accumulated Depreciation | -3,028,000 |
Net Book Value | 643,546,000 |
Managed Properties [Member] | Desert Flower [Member] | Scottsdale, Arizona [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,074,000 |
Initial Cost to the Company | |
Land | 2,240,000 |
Buildings and Improvements | 15,174,000 |
Furniture, Fixtures, and Equipment | 91,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 46,000 |
Gross Amount Carried at Close of Period | |
Land | 2,240,000 |
Buildings and Improvements | 15,182,000 |
Furniture, Fixtures, and Equipment | 128,000 |
Total (A) | 17,550,000 |
Accumulated Depreciation | -64,000 |
Net Book Value | 17,486,000 |
Managed Properties [Member] | Desert Flower [Member] | Scottsdale, Arizona [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Desert Flower [Member] | Scottsdale, Arizona [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Sun Oak [Member] | Citrus Heights, California [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,082,000 |
Initial Cost to the Company | |
Land | 800,000 |
Buildings and Improvements | 5,938,000 |
Furniture, Fixtures, and Equipment | 67,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | -3,000 |
Gross Amount Carried at Close of Period | |
Land | 800,000 |
Buildings and Improvements | 5,955,000 |
Furniture, Fixtures, and Equipment | 47,000 |
Total (A) | 6,802,000 |
Accumulated Depreciation | -26,000 |
Net Book Value | 6,776,000 |
Managed Properties [Member] | Sun Oak [Member] | Citrus Heights, California [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Sun Oak [Member] | Citrus Heights, California [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Orchard Park [Member] | Clovis, California [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,734,000 |
Initial Cost to the Company | |
Land | 1,090,000 |
Buildings and Improvements | 19,889,000 |
Furniture, Fixtures, and Equipment | 89,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 18,000 |
Gross Amount Carried at Close of Period | |
Land | 1,090,000 |
Buildings and Improvements | 19,907,000 |
Furniture, Fixtures, and Equipment | 88,000 |
Total (A) | 21,085,000 |
Accumulated Depreciation | -81,000 |
Net Book Value | 21,004,000 |
Managed Properties [Member] | Orchard Park [Member] | Clovis, California [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Orchard Park [Member] | Clovis, California [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Sunshine Villa [Member] | Santa Cruz, California [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 20,821,000 |
Initial Cost to the Company | |
Land | 2,320,000 |
Buildings and Improvements | 25,424,000 |
Furniture, Fixtures, and Equipment | 134,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 47,000 |
Gross Amount Carried at Close of Period | |
Land | 2,320,000 |
Buildings and Improvements | 25,432,000 |
Furniture, Fixtures, and Equipment | 174,000 |
Total (A) | 27,926,000 |
Accumulated Depreciation | -101,000 |
Net Book Value | 27,825,000 |
Managed Properties [Member] | Sunshine Villa [Member] | Santa Cruz, California [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Sunshine Villa [Member] | Santa Cruz, California [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Bradenton Oaks [Member] | Bradenton, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,675,000 |
Initial Cost to the Company | |
Land | 1,180,000 |
Buildings and Improvements | 10,601,000 |
Furniture, Fixtures, and Equipment | 877,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 52,000 |
Gross Amount Carried at Close of Period | |
Land | 1,180,000 |
Buildings and Improvements | 10,611,000 |
Furniture, Fixtures, and Equipment | 920,000 |
Total (A) | 12,711,000 |
Accumulated Depreciation | -69,000 |
Net Book Value | 12,642,000 |
Managed Properties [Member] | Bradenton Oaks [Member] | Bradenton, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Bradenton Oaks [Member] | Bradenton, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Summerfield [Member] | Bradenton, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,428,000 |
Initial Cost to the Company | |
Land | 1,390,000 |
Buildings and Improvements | 20,252,000 |
Furniture, Fixtures, and Equipment | 1,159,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 64,000 |
Gross Amount Carried at Close of Period | |
Land | 1,390,000 |
Buildings and Improvements | 20,268,000 |
Furniture, Fixtures, and Equipment | 1,207,000 |
Total (A) | 22,865,000 |
Accumulated Depreciation | -123,000 |
Net Book Value | 22,742,000 |
Managed Properties [Member] | Summerfield [Member] | Bradenton, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Summerfield [Member] | Bradenton, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | The Grande [Member] | Brooksville, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,547,000 |
Initial Cost to the Company | |
Land | 1,920,000 |
Buildings and Improvements | 17,845,000 |
Furniture, Fixtures, and Equipment | 575,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 10,000 |
Gross Amount Carried at Close of Period | |
Land | 1,920,000 |
Buildings and Improvements | 17,848,000 |
Furniture, Fixtures, and Equipment | 582,000 |
Total (A) | 20,350,000 |
Accumulated Depreciation | -93,000 |
Net Book Value | 20,257,000 |
Managed Properties [Member] | The Grande [Member] | Brooksville, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | The Grande [Member] | Brooksville, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Spring Oaks [Member] | Brooksville, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,701,000 |
Initial Cost to the Company | |
Land | 710,000 |
Buildings and Improvements | 5,020,000 |
Furniture, Fixtures, and Equipment | 421,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 14,000 |
Gross Amount Carried at Close of Period | |
Land | 710,000 |
Buildings and Improvements | 5,020,000 |
Furniture, Fixtures, and Equipment | 435,000 |
Total (A) | 6,165,000 |
Accumulated Depreciation | -38,000 |
Net Book Value | 6,127,000 |
Managed Properties [Member] | Spring Oaks [Member] | Brooksville, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Spring Oaks [Member] | Brooksville, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Barkley Place [Member] | Fort Myers, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 10,688,000 |
Initial Cost to the Company | |
Land | 1,750,000 |
Buildings and Improvements | 10,419,000 |
Furniture, Fixtures, and Equipment | 1,068,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 49,000 |
Gross Amount Carried at Close of Period | |
Land | 1,750,000 |
Buildings and Improvements | 10,468,000 |
Furniture, Fixtures, and Equipment | 1,068,000 |
Total (A) | 13,286,000 |
Accumulated Depreciation | -77,000 |
Net Book Value | 13,209,000 |
Managed Properties [Member] | Barkley Place [Member] | Fort Myers, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Barkley Place [Member] | Fort Myers, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Emerald Park [Member] | Hollywood, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,010,000 |
Initial Cost to the Company | |
Land | 990,000 |
Buildings and Improvements | 4,998,000 |
Furniture, Fixtures, and Equipment | 566,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 144,000 |
Gross Amount Carried at Close of Period | |
Land | 990,000 |
Buildings and Improvements | 5,034,000 |
Furniture, Fixtures, and Equipment | 675,000 |
Total (A) | 6,699,000 |
Accumulated Depreciation | -41,000 |
Net Book Value | 6,658,000 |
Managed Properties [Member] | Emerald Park [Member] | Hollywood, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Emerald Park [Member] | Hollywood, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | The Plaza at Pembroke [Member] | Hollywood, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,253,000 |
Initial Cost to the Company | |
Land | 940,000 |
Buildings and Improvements | 4,179,000 |
Furniture, Fixtures, and Equipment | 445,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 3,000 |
Gross Amount Carried at Close of Period | |
Land | 940,000 |
Buildings and Improvements | 4,179,000 |
Furniture, Fixtures, and Equipment | 449,000 |
Total (A) | 5,568,000 |
Accumulated Depreciation | -33,000 |
Net Book Value | 5,535,000 |
Managed Properties [Member] | The Plaza at Pembroke [Member] | Hollywood, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | The Plaza at Pembroke [Member] | Hollywood, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Balmoral [Member] | Lake Placid, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,699,000 |
Initial Cost to the Company | |
Land | 1,200,000 |
Buildings and Improvements | 5,502,000 |
Furniture, Fixtures, and Equipment | 753,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 5,000 |
Gross Amount Carried at Close of Period | |
Land | 1,200,000 |
Buildings and Improvements | 5,505,000 |
Furniture, Fixtures, and Equipment | 756,000 |
Total (A) | 7,461,000 |
Accumulated Depreciation | -51,000 |
Net Book Value | 7,410,000 |
Managed Properties [Member] | Balmoral [Member] | Lake Placid, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Balmoral [Member] | Lake Placid, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Lake Morton Plaza [Member] | Lakeland, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,348,000 |
Initial Cost to the Company | |
Land | 1,110,000 |
Buildings and Improvements | 22,207,000 |
Furniture, Fixtures, and Equipment | 801,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 7,000 |
Gross Amount Carried at Close of Period | |
Land | 1,110,000 |
Buildings and Improvements | 22,210,000 |
Furniture, Fixtures, and Equipment | 805,000 |
Total (A) | 24,125,000 |
Accumulated Depreciation | -114,000 |
Net Book Value | 24,011,000 |
Managed Properties [Member] | Lake Morton Plaza [Member] | Lakeland, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Lake Morton Plaza [Member] | Lakeland, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Bayside Terrace [Member] | Pinellas Park, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,836,000 |
Initial Cost to the Company | |
Land | 1,380,000 |
Buildings and Improvements | 9,377,000 |
Furniture, Fixtures, and Equipment | 803,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 43,000 |
Gross Amount Carried at Close of Period | |
Land | 1,380,000 |
Buildings and Improvements | 9,379,000 |
Furniture, Fixtures, and Equipment | 844,000 |
Total (A) | 11,603,000 |
Accumulated Depreciation | -66,000 |
Net Book Value | 11,537,000 |
Managed Properties [Member] | Bayside Terrace [Member] | Pinellas Park, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Bayside Terrace [Member] | Pinellas Park, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Village Place [Member] | Port Charlotte, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,437,000 |
Initial Cost to the Company | |
Land | 1,110,000 |
Buildings and Improvements | 9,239,000 |
Furniture, Fixtures, and Equipment | 689,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 3,000 |
Gross Amount Carried at Close of Period | |
Land | 1,110,000 |
Buildings and Improvements | 9,240,000 |
Furniture, Fixtures, and Equipment | 691,000 |
Total (A) | 11,041,000 |
Accumulated Depreciation | -62,000 |
Net Book Value | 10,979,000 |
Managed Properties [Member] | Village Place [Member] | Port Charlotte, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Village Place [Member] | Port Charlotte, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Royal Palm [Member] | Port Charlotte, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,250,000 |
Initial Cost to the Company | |
Land | 2,010,000 |
Buildings and Improvements | 14,650,000 |
Furniture, Fixtures, and Equipment | 1,206,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 16,000 |
Gross Amount Carried at Close of Period | |
Land | 2,010,000 |
Buildings and Improvements | 14,659,000 |
Furniture, Fixtures, and Equipment | 1,213,000 |
Total (A) | 17,882,000 |
Accumulated Depreciation | -103,000 |
Net Book Value | 17,779,000 |
Managed Properties [Member] | Royal Palm [Member] | Port Charlotte, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Royal Palm [Member] | Port Charlotte, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Renaissance [Member] | Sanford, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,722,000 |
Initial Cost to the Company | |
Land | 1,490,000 |
Buildings and Improvements | 9,389,000 |
Furniture, Fixtures, and Equipment | 558,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 44,000 |
Gross Amount Carried at Close of Period | |
Land | 1,490,000 |
Buildings and Improvements | 9,400,000 |
Furniture, Fixtures, and Equipment | 591,000 |
Total (A) | 11,481,000 |
Accumulated Depreciation | -61,000 |
Net Book Value | 11,420,000 |
Managed Properties [Member] | Renaissance [Member] | Sanford, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Renaissance [Member] | Sanford, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Forest Oaks [Member] | Spring Hill, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,828,000 |
Initial Cost to the Company | |
Land | 830,000 |
Buildings and Improvements | 6,587,000 |
Furniture, Fixtures, and Equipment | 457,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 6,000 |
Gross Amount Carried at Close of Period | |
Land | 830,000 |
Buildings and Improvements | 6,588,000 |
Furniture, Fixtures, and Equipment | 461,000 |
Total (A) | 7,879,000 |
Accumulated Depreciation | -44,000 |
Net Book Value | 7,835,000 |
Managed Properties [Member] | Forest Oaks [Member] | Spring Hill, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Forest Oaks [Member] | Spring Hill, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Sunset Lake Village [Member] | Venice, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,871,000 |
Initial Cost to the Company | |
Land | 1,060,000 |
Buildings and Improvements | 13,741,000 |
Furniture, Fixtures, and Equipment | 730,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 5,000 |
Gross Amount Carried at Close of Period | |
Land | 1,060,000 |
Buildings and Improvements | 13,743,000 |
Furniture, Fixtures, and Equipment | 733,000 |
Total (A) | 15,536,000 |
Accumulated Depreciation | -81,000 |
Net Book Value | 15,455,000 |
Managed Properties [Member] | Sunset Lake Village [Member] | Venice, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Sunset Lake Village [Member] | Venice, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Spring Haven [Member] | Winter Haven, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 19,774,000 |
Initial Cost to the Company | |
Land | 3,540,000 |
Buildings and Improvements | 36,989,000 |
Furniture, Fixtures, and Equipment | 1,360,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 40,000 |
Gross Amount Carried at Close of Period | |
Land | 3,540,000 |
Buildings and Improvements | 36,998,000 |
Furniture, Fixtures, and Equipment | 1,392,000 |
Total (A) | 41,930,000 |
Accumulated Depreciation | -206,000 |
Net Book Value | 41,724,000 |
Managed Properties [Member] | Spring Haven [Member] | Winter Haven, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Spring Haven [Member] | Winter Haven, Florida [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Willow Park [Member] | Boise, Idaho [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,293,000 |
Initial Cost to the Company | |
Land | 1,290,000 |
Buildings and Improvements | 17,748,000 |
Furniture, Fixtures, and Equipment | 99,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | -72,000 |
Gross Amount Carried at Close of Period | |
Land | 1,290,000 |
Buildings and Improvements | 17,706,000 |
Furniture, Fixtures, and Equipment | 70,000 |
Total (A) | 19,066,000 |
Accumulated Depreciation | -72,000 |
Net Book Value | 18,994,000 |
Managed Properties [Member] | Willow Park [Member] | Boise, Idaho [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Willow Park [Member] | Boise, Idaho [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Grandview [Member] | Peoria, Illinois [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Cost to the Company | |
Land | 1,640,000 |
Buildings and Improvements | 12,289,000 |
Furniture, Fixtures, and Equipment | 280,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,640,000 |
Buildings and Improvements | 12,289,000 |
Furniture, Fixtures, and Equipment | 280,000 |
Total (A) | 14,209,000 |
Accumulated Depreciation | -33,000 |
Net Book Value | 14,176,000 |
Managed Properties [Member] | Grandview [Member] | Peoria, Illinois [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Grandview [Member] | Peoria, Illinois [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Ashford Court [Member] | Westland, Michigan [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,858,000 |
Initial Cost to the Company | |
Land | 1,530,000 |
Buildings and Improvements | 10,257,000 |
Furniture, Fixtures, and Equipment | 420,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 20,000 |
Gross Amount Carried at Close of Period | |
Land | 1,530,000 |
Buildings and Improvements | 10,268,000 |
Furniture, Fixtures, and Equipment | 429,000 |
Total (A) | 12,227,000 |
Accumulated Depreciation | -56,000 |
Net Book Value | 12,171,000 |
Managed Properties [Member] | Ashford Court [Member] | Westland, Michigan [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Ashford Court [Member] | Westland, Michigan [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | The Gardens [Member] | Ocean Springs, Mississippi [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Cost to the Company | |
Land | 850,000 |
Buildings and Improvements | 6,970,000 |
Furniture, Fixtures, and Equipment | 537,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 850,000 |
Buildings and Improvements | 6,970,000 |
Furniture, Fixtures, and Equipment | 537,000 |
Total (A) | 8,357,000 |
Accumulated Depreciation | -46,000 |
Net Book Value | 8,311,000 |
Managed Properties [Member] | The Gardens [Member] | Ocean Springs, Mississippi [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | The Gardens [Member] | Ocean Springs, Mississippi [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Courtyards at Berne Village [Member] | New Bern, North Carolina [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,266,000 |
Initial Cost to the Company | |
Land | 1,910,000 |
Buildings and Improvements | 13,136,000 |
Furniture, Fixtures, and Equipment | 1,002,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 14,000 |
Gross Amount Carried at Close of Period | |
Land | 1,910,000 |
Buildings and Improvements | 13,143,000 |
Furniture, Fixtures, and Equipment | 1,009,000 |
Total (A) | 16,062,000 |
Accumulated Depreciation | -92,000 |
Net Book Value | 15,970,000 |
Managed Properties [Member] | Courtyards at Berne Village [Member] | New Bern, North Carolina [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Courtyards at Berne Village [Member] | New Bern, North Carolina [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Kirkwood Corners [Member] | Lee, New Hampshire [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,412,000 |
Initial Cost to the Company | |
Land | 650,000 |
Buildings and Improvements | 2,034,000 |
Furniture, Fixtures, and Equipment | 173,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 32,000 |
Gross Amount Carried at Close of Period | |
Land | 650,000 |
Buildings and Improvements | 2,062,000 |
Furniture, Fixtures, and Equipment | 176,000 |
Total (A) | 2,888,000 |
Accumulated Depreciation | -16,000 |
Net Book Value | 2,872,000 |
Managed Properties [Member] | Kirkwood Corners [Member] | Lee, New Hampshire [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Kirkwood Corners [Member] | Lee, New Hampshire [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Pines of New Market [Member] | Newmarket, New Hampshire [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,496,000 |
Initial Cost to the Company | |
Land | 700,000 |
Buildings and Improvements | 5,447,000 |
Furniture, Fixtures, and Equipment | 363,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 19,000 |
Gross Amount Carried at Close of Period | |
Land | 700,000 |
Buildings and Improvements | 5,487,000 |
Furniture, Fixtures, and Equipment | 343,000 |
Total (A) | 6,530,000 |
Accumulated Depreciation | -34,000 |
Net Book Value | 6,496,000 |
Managed Properties [Member] | Pines of New Market [Member] | Newmarket, New Hampshire [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Pines of New Market [Member] | Newmarket, New Hampshire [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Pine Rock Manor [Member] | Warner, New Hampshire [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,698,000 |
Initial Cost to the Company | |
Land | 730,000 |
Buildings and Improvements | 8,003,000 |
Furniture, Fixtures, and Equipment | 386,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 12,000 |
Gross Amount Carried at Close of Period | |
Land | 730,000 |
Buildings and Improvements | 8,024,000 |
Furniture, Fixtures, and Equipment | 375,000 |
Total (A) | 9,129,000 |
Accumulated Depreciation | -50,000 |
Net Book Value | 9,079,000 |
Managed Properties [Member] | Pine Rock Manor [Member] | Warner, New Hampshire [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Pine Rock Manor [Member] | Warner, New Hampshire [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Manor at Woodside [Member] | Poughkeepsie, New York [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,100,000 |
Initial Cost to the Company | |
Land | 710,000 |
Buildings and Improvements | 27,552,000 |
Furniture, Fixtures, and Equipment | 544,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 16,000 |
Gross Amount Carried at Close of Period | |
Land | 710,000 |
Buildings and Improvements | 27,562,000 |
Furniture, Fixtures, and Equipment | 551,000 |
Total (A) | 28,823,000 |
Accumulated Depreciation | -126,000 |
Net Book Value | 28,697,000 |
Managed Properties [Member] | Manor at Woodside [Member] | Poughkeepsie, New York [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Manor at Woodside [Member] | Poughkeepsie, New York [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Lamplight [Member] | Dayton, Ohio [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,136,000 |
Initial Cost to the Company | |
Land | 1,100,000 |
Buildings and Improvements | 7,172,000 |
Furniture, Fixtures, and Equipment | 716,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 14,000 |
Gross Amount Carried at Close of Period | |
Land | 1,100,000 |
Buildings and Improvements | 7,177,000 |
Furniture, Fixtures, and Equipment | 724,000 |
Total (A) | 9,001,000 |
Accumulated Depreciation | -54,000 |
Net Book Value | 8,947,000 |
Managed Properties [Member] | Lamplight [Member] | Dayton, Ohio [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Lamplight [Member] | Dayton, Ohio [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Regent Court [Member] | Corvallis, Oregon [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,626,000 |
Initial Cost to the Company | |
Land | 1,070,000 |
Buildings and Improvements | 5,077,000 |
Furniture, Fixtures, and Equipment | 47,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 36,000 |
Gross Amount Carried at Close of Period | |
Land | 1,070,000 |
Buildings and Improvements | 5,107,000 |
Furniture, Fixtures, and Equipment | 53,000 |
Total (A) | 6,230,000 |
Accumulated Depreciation | -22,000 |
Net Book Value | 6,208,000 |
Managed Properties [Member] | Regent Court [Member] | Corvallis, Oregon [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Regent Court [Member] | Corvallis, Oregon [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Sheldon Park [Member] | Eugene, Oregon [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,168,000 |
Initial Cost to the Company | |
Land | 940,000 |
Buildings and Improvements | 20,650,000 |
Furniture, Fixtures, and Equipment | 59,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 20,000 |
Gross Amount Carried at Close of Period | |
Land | 940,000 |
Buildings and Improvements | 20,659,000 |
Furniture, Fixtures, and Equipment | 69,000 |
Total (A) | 21,668,000 |
Accumulated Depreciation | -82,000 |
Net Book Value | 21,586,000 |
Managed Properties [Member] | Sheldon Park [Member] | Eugene, Oregon [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Sheldon Park [Member] | Eugene, Oregon [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Glen Riddle [Member] | Media, Pennsylvania [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,875,000 |
Initial Cost to the Company | |
Land | 2,060,000 |
Buildings and Improvements | 18,539,000 |
Furniture, Fixtures, and Equipment | 785,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 18,000 |
Gross Amount Carried at Close of Period | |
Land | 2,060,000 |
Buildings and Improvements | 18,556,000 |
Furniture, Fixtures, and Equipment | 786,000 |
Total (A) | 21,402,000 |
Accumulated Depreciation | -104,000 |
Net Book Value | 21,298,000 |
Managed Properties [Member] | Glen Riddle [Member] | Media, Pennsylvania [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Glen Riddle [Member] | Media, Pennsylvania [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Schenley Gardens [Member] | Pittsburgh, Pennsylvania [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,250,000 |
Initial Cost to the Company | |
Land | 2,720,000 |
Buildings and Improvements | 20,099,000 |
Furniture, Fixtures, and Equipment | 487,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 43,000 |
Gross Amount Carried at Close of Period | |
Land | 2,720,000 |
Buildings and Improvements | 20,144,000 |
Furniture, Fixtures, and Equipment | 485,000 |
Total (A) | 23,349,000 |
Accumulated Depreciation | -93,000 |
Net Book Value | 23,256,000 |
Managed Properties [Member] | Schenley Gardens [Member] | Pittsburgh, Pennsylvania [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Schenley Gardens [Member] | Pittsburgh, Pennsylvania [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Raintree [Member] | Knoxville, Tennessee [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,626,000 |
Initial Cost to the Company | |
Land | 640,000 |
Buildings and Improvements | 8,594,000 |
Furniture, Fixtures, and Equipment | 500,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 71,000 |
Gross Amount Carried at Close of Period | |
Land | 640,000 |
Buildings and Improvements | 8,608,000 |
Furniture, Fixtures, and Equipment | 556,000 |
Total (A) | 9,804,000 |
Accumulated Depreciation | -60,000 |
Net Book Value | 9,744,000 |
Managed Properties [Member] | Raintree [Member] | Knoxville, Tennessee [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Raintree [Member] | Knoxville, Tennessee [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Powell [Member] | Powell, Tennessee [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,912,000 |
Initial Cost to the Company | |
Land | 760,000 |
Buildings and Improvements | 6,430,000 |
Furniture, Fixtures, and Equipment | 355,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 10,000 |
Gross Amount Carried at Close of Period | |
Land | 760,000 |
Buildings and Improvements | 6,437,000 |
Furniture, Fixtures, and Equipment | 358,000 |
Total (A) | 7,555,000 |
Accumulated Depreciation | -38,000 |
Net Book Value | 7,517,000 |
Managed Properties [Member] | Powell [Member] | Powell, Tennessee [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Powell [Member] | Powell, Tennessee [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Windsor [Member] | Dallas, Texas [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 33,750,000 |
Initial Cost to the Company | |
Land | 5,630,000 |
Buildings and Improvements | 31,571,000 |
Furniture, Fixtures, and Equipment | 1,270,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 39,000 |
Gross Amount Carried at Close of Period | |
Land | 5,630,000 |
Buildings and Improvements | 31,603,000 |
Furniture, Fixtures, and Equipment | 1,277,000 |
Total (A) | 38,510,000 |
Accumulated Depreciation | -158,000 |
Net Book Value | 38,352,000 |
Managed Properties [Member] | Windsor [Member] | Dallas, Texas [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Windsor [Member] | Dallas, Texas [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Windsor [Member] | Taylorsville, Utah [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
Gross Amount Carried at Close of Period | |
Net Book Value | 4,911,000 |
Managed Properties [Member] | Courtyards [Member] | Fort Worth, Texas [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,101,000 |
Initial Cost to the Company | |
Land | 2,090,000 |
Buildings and Improvements | 20,426,000 |
Furniture, Fixtures, and Equipment | 252,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 109,000 |
Gross Amount Carried at Close of Period | |
Land | 2,090,000 |
Buildings and Improvements | 20,506,000 |
Furniture, Fixtures, and Equipment | 282,000 |
Total (A) | 22,878,000 |
Accumulated Depreciation | -103,000 |
Net Book Value | 22,775,000 |
Managed Properties [Member] | Courtyards [Member] | Fort Worth, Texas [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Courtyards [Member] | Fort Worth, Texas [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Heritage Place [Member] | Bountiful, Utah [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,862,000 |
Initial Cost to the Company | |
Land | 620,000 |
Buildings and Improvements | 10,470,000 |
Furniture, Fixtures, and Equipment | 229,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 316,000 |
Gross Amount Carried at Close of Period | |
Land | 620,000 |
Buildings and Improvements | 10,628,000 |
Furniture, Fixtures, and Equipment | 388,000 |
Total (A) | 11,636,000 |
Accumulated Depreciation | -51,000 |
Net Book Value | 11,585,000 |
Managed Properties [Member] | Heritage Place [Member] | Bountiful, Utah [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Heritage Place [Member] | Bountiful, Utah [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Canyon Creek [Member] | Cottonwood Heights, Utah [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,948,000 |
Initial Cost to the Company | |
Land | 1,470,000 |
Buildings and Improvements | 18,370,000 |
Furniture, Fixtures, and Equipment | 175,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 7,000 |
Gross Amount Carried at Close of Period | |
Land | 1,470,000 |
Buildings and Improvements | 18,423,000 |
Furniture, Fixtures, and Equipment | 128,000 |
Total (A) | 20,021,000 |
Accumulated Depreciation | -77,000 |
Net Book Value | 19,944,000 |
Managed Properties [Member] | Canyon Creek [Member] | Cottonwood Heights, Utah [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Canyon Creek [Member] | Cottonwood Heights, Utah [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Chateau Brickyard [Member] | Salt Lake City, Utah [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,316,000 |
Initial Cost to the Company | |
Land | 740,000 |
Buildings and Improvements | 3,361,000 |
Furniture, Fixtures, and Equipment | 136,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 125,000 |
Gross Amount Carried at Close of Period | |
Land | 740,000 |
Buildings and Improvements | 3,427,000 |
Furniture, Fixtures, and Equipment | 194,000 |
Total (A) | 4,361,000 |
Accumulated Depreciation | -20,000 |
Net Book Value | 4,341,000 |
Managed Properties [Member] | Chateau Brickyard [Member] | Salt Lake City, Utah [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Chateau Brickyard [Member] | Salt Lake City, Utah [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Golden Living [Member] | Taylorsville, Utah [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,798,000 |
Initial Cost to the Company | |
Land | 1,110,000 |
Buildings and Improvements | 3,585,000 |
Furniture, Fixtures, and Equipment | 157,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 82,000 |
Gross Amount Carried at Close of Period | |
Land | 1,110,000 |
Buildings and Improvements | 3,639,000 |
Furniture, Fixtures, and Equipment | 184,000 |
Total (A) | 4,933,000 |
Accumulated Depreciation | -22,000 |
Managed Properties [Member] | Golden Living [Member] | Taylorsville, Utah [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Golden Living [Member] | Taylorsville, Utah [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Managed Properties [Member] | Heritage Oaks [Member] | Richmond, Virginia [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,775,000 |
Initial Cost to the Company | |
Land | 1,670,000 |
Buildings and Improvements | 15,625,000 |
Furniture, Fixtures, and Equipment | 680,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 16,000 |
Gross Amount Carried at Close of Period | |
Land | 1,670,000 |
Buildings and Improvements | 15,633,000 |
Furniture, Fixtures, and Equipment | 687,000 |
Total (A) | 17,990,000 |
Accumulated Depreciation | -85,000 |
Net Book Value | 17,905,000 |
Managed Properties [Member] | Heritage Oaks [Member] | Richmond, Virginia [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Managed Properties [Member] | Heritage Oaks [Member] | Richmond, Virginia [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 823,386,000 |
Initial Cost to the Company | |
Land | 77,780,000 |
Buildings and Improvements | 1,052,821,000 |
Furniture, Fixtures, and Equipment | 30,758,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 77,780,000 |
Buildings and Improvements | 1,052,822,000 |
Furniture, Fixtures, and Equipment | 30,759,000 |
Total (A) | 1,161,361,000 |
Accumulated Depreciation | -5,059,000 |
Net Book Value | 1,156,302,000 |
Triple Net Lease Properties [Member] | Vista de la Montana [Member] | Surprise, Arizona [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,167,000 |
Initial Cost to the Company | |
Land | 1,170,000 |
Buildings and Improvements | 11,609,000 |
Furniture, Fixtures, and Equipment | 524,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,170,000 |
Buildings and Improvements | 11,609,000 |
Furniture, Fixtures, and Equipment | 524,000 |
Total (A) | 13,303,000 |
Accumulated Depreciation | -64,000 |
Net Book Value | 13,239,000 |
Triple Net Lease Properties [Member] | Vista de la Montana [Member] | Surprise, Arizona [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Vista de la Montana [Member] | Surprise, Arizona [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | The Westmont [Member] | Santa Clara, California [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,171,000 |
Initial Cost to the Company | |
Land | 0 |
Buildings and Improvements | 22,845,000 |
Furniture, Fixtures, and Equipment | 622,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 0 |
Buildings and Improvements | 22,845,000 |
Furniture, Fixtures, and Equipment | 622,000 |
Total (A) | 23,467,000 |
Accumulated Depreciation | -109,000 |
Net Book Value | 23,358,000 |
Triple Net Lease Properties [Member] | The Westmont [Member] | Santa Clara, California [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | The Westmont [Member] | Santa Clara, California [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Simi Hills [Member] | Simi Valley, California [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,422,000 |
Initial Cost to the Company | |
Land | 3,120,000 |
Buildings and Improvements | 20,906,000 |
Furniture, Fixtures, and Equipment | 603,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 3,120,000 |
Buildings and Improvements | 20,906,000 |
Furniture, Fixtures, and Equipment | 603,000 |
Total (A) | 24,629,000 |
Accumulated Depreciation | -101,000 |
Net Book Value | 24,528,000 |
Triple Net Lease Properties [Member] | Simi Hills [Member] | Simi Valley, California [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Simi Hills [Member] | Simi Valley, California [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Parkwood Estates [Member] | Fort Collins, Colorado [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,016,000 |
Initial Cost to the Company | |
Land | 630,000 |
Buildings and Improvements | 17,252,000 |
Furniture, Fixtures, and Equipment | 518,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 630,000 |
Buildings and Improvements | 17,252,000 |
Furniture, Fixtures, and Equipment | 518,000 |
Total (A) | 18,400,000 |
Accumulated Depreciation | -83,000 |
Net Book Value | 18,317,000 |
Triple Net Lease Properties [Member] | Parkwood Estates [Member] | Fort Collins, Colorado [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Parkwood Estates [Member] | Fort Collins, Colorado [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Greeley Place [Member] | Greeley, Colorado [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 10,611,000 |
Initial Cost to the Company | |
Land | 230,000 |
Buildings and Improvements | 14,278,000 |
Furniture, Fixtures, and Equipment | 492,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 230,000 |
Buildings and Improvements | 14,278,000 |
Furniture, Fixtures, and Equipment | 492,000 |
Total (A) | 15,000,000 |
Accumulated Depreciation | -71,000 |
Net Book Value | 14,929,000 |
Triple Net Lease Properties [Member] | Greeley Place [Member] | Greeley, Colorado [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Greeley Place [Member] | Greeley, Colorado [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Courtyard at Lakewood [Member] | Lakewood, Colorado [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,713,000 |
Initial Cost to the Company | |
Land | 1,290,000 |
Buildings and Improvements | 17,806,000 |
Furniture, Fixtures, and Equipment | 289,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,290,000 |
Buildings and Improvements | 17,806,000 |
Furniture, Fixtures, and Equipment | 289,000 |
Total (A) | 19,385,000 |
Accumulated Depreciation | -77,000 |
Net Book Value | 19,308,000 |
Triple Net Lease Properties [Member] | Courtyard at Lakewood [Member] | Lakewood, Colorado [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Courtyard at Lakewood [Member] | Lakewood, Colorado [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Pueblo Regent [Member] | Pueblo, Colorado [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,394,000 |
Initial Cost to the Company | |
Land | 450,000 |
Buildings and Improvements | 12,871,000 |
Furniture, Fixtures, and Equipment | 311,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 450,000 |
Buildings and Improvements | 12,871,000 |
Furniture, Fixtures, and Equipment | 311,000 |
Total (A) | 13,632,000 |
Accumulated Depreciation | -59,000 |
Net Book Value | 13,573,000 |
Triple Net Lease Properties [Member] | Pueblo Regent [Member] | Pueblo, Colorado [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Pueblo Regent [Member] | Pueblo, Colorado [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Village Gate [Member] | Farmington, Connecticut [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 27,663,000 |
Initial Cost to the Company | |
Land | 3,590,000 |
Buildings and Improvements | 36,333,000 |
Furniture, Fixtures, and Equipment | 221,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 3,590,000 |
Buildings and Improvements | 36,333,000 |
Furniture, Fixtures, and Equipment | 221,000 |
Total (A) | 40,144,000 |
Accumulated Depreciation | -145,000 |
Net Book Value | 39,999,000 |
Triple Net Lease Properties [Member] | Village Gate [Member] | Farmington, Connecticut [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Village Gate [Member] | Farmington, Connecticut [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Lodge at Cold Spring [Member] | Rocky Hill, Connecticut [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,904,000 |
Initial Cost to the Company | |
Land | 0 |
Buildings and Improvements | 26,933,000 |
Furniture, Fixtures, and Equipment | 500,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 0 |
Buildings and Improvements | 26,933,000 |
Furniture, Fixtures, and Equipment | 500,000 |
Total (A) | 27,433,000 |
Accumulated Depreciation | -118,000 |
Net Book Value | 27,315,000 |
Triple Net Lease Properties [Member] | Lodge at Cold Spring [Member] | Rocky Hill, Connecticut [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Lodge at Cold Spring [Member] | Rocky Hill, Connecticut [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Regency Residence [Member] | Port Richey, Florida [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,093,000 |
Initial Cost to the Company | |
Land | 1,070,000 |
Buildings and Improvements | 19,630,000 |
Furniture, Fixtures, and Equipment | 637,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,070,000 |
Buildings and Improvements | 19,630,000 |
Furniture, Fixtures, and Equipment | 637,000 |
Total (A) | 21,337,000 |
Accumulated Depreciation | -98,000 |
Net Book Value | 21,239,000 |
Triple Net Lease Properties [Member] | Regency Residence [Member] | Port Richey, Florida [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Regency Residence [Member] | Port Richey, Florida [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Desoto Beach Club [Member] | Sarasota, Florida [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,512,000 |
Initial Cost to the Company | |
Land | 650,000 |
Buildings and Improvements | 24,968,000 |
Furniture, Fixtures, and Equipment | 552,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 650,000 |
Buildings and Improvements | 24,968,000 |
Furniture, Fixtures, and Equipment | 552,000 |
Total (A) | 26,170,000 |
Accumulated Depreciation | -114,000 |
Net Book Value | 26,056,000 |
Triple Net Lease Properties [Member] | Desoto Beach Club [Member] | Sarasota, Florida [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Desoto Beach Club [Member] | Sarasota, Florida [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Cherry Laurel [Member] | Tallahassee, Florida [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,979,000 |
Initial Cost to the Company | |
Land | 1,000,000 |
Buildings and Improvements | 22,451,000 |
Furniture, Fixtures, and Equipment | 552,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,000,000 |
Buildings and Improvements | 22,451,000 |
Furniture, Fixtures, and Equipment | 552,000 |
Total (A) | 24,003,000 |
Accumulated Depreciation | -105,000 |
Net Book Value | 23,898,000 |
Triple Net Lease Properties [Member] | Cherry Laurel [Member] | Tallahassee, Florida [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Cherry Laurel [Member] | Tallahassee, Florida [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Palmer Hills [Member] | Bettendorf, Iowa [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,128,000 |
Initial Cost to the Company | |
Land | 1,430,000 |
Buildings and Improvements | 11,431,000 |
Furniture, Fixtures, and Equipment | 385,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,430,000 |
Buildings and Improvements | 11,431,000 |
Furniture, Fixtures, and Equipment | 385,000 |
Total (A) | 13,246,000 |
Accumulated Depreciation | -57,000 |
Net Book Value | 13,189,000 |
Triple Net Lease Properties [Member] | Palmer Hills [Member] | Bettendorf, Iowa [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Palmer Hills [Member] | Bettendorf, Iowa [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Illahee Hills [Member] | Urbandale, Iowa [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,261,000 |
Initial Cost to the Company | |
Land | 700,000 |
Buildings and Improvements | 10,895,000 |
Furniture, Fixtures, and Equipment | 393,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 700,000 |
Buildings and Improvements | 10,895,000 |
Furniture, Fixtures, and Equipment | 393,000 |
Total (A) | 11,988,000 |
Accumulated Depreciation | -55,000 |
Net Book Value | 11,933,000 |
Triple Net Lease Properties [Member] | Illahee Hills [Member] | Urbandale, Iowa [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Illahee Hills [Member] | Urbandale, Iowa [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Blair House [Member] | Normal, Illinois [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,733,000 |
Initial Cost to the Company | |
Land | 320,000 |
Buildings and Improvements | 18,575,000 |
Furniture, Fixtures, and Equipment | 518,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 320,000 |
Buildings and Improvements | 18,575,000 |
Furniture, Fixtures, and Equipment | 518,000 |
Total (A) | 19,413,000 |
Accumulated Depreciation | -88,000 |
Net Book Value | 19,325,000 |
Triple Net Lease Properties [Member] | Blair House [Member] | Normal, Illinois [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Blair House [Member] | Normal, Illinois [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Thornton Place [Member] | Topeka, Kansas [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,957,000 |
Initial Cost to the Company | |
Land | 320,000 |
Buildings and Improvements | 16,425,000 |
Furniture, Fixtures, and Equipment | 606,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 320,000 |
Buildings and Improvements | 16,425,000 |
Furniture, Fixtures, and Equipment | 606,000 |
Total (A) | 17,351,000 |
Accumulated Depreciation | -84,000 |
Net Book Value | 17,267,000 |
Triple Net Lease Properties [Member] | Thornton Place [Member] | Topeka, Kansas [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Thornton Place [Member] | Topeka, Kansas [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Grasslands Estates [Member] | Wichita, Kansas [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,009,000 |
Initial Cost to the Company | |
Land | 490,000 |
Buildings and Improvements | 17,238,000 |
Furniture, Fixtures, and Equipment | 662,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 490,000 |
Buildings and Improvements | 17,238,000 |
Furniture, Fixtures, and Equipment | 662,000 |
Total (A) | 18,390,000 |
Accumulated Depreciation | -89,000 |
Net Book Value | 18,301,000 |
Triple Net Lease Properties [Member] | Grasslands Estates [Member] | Wichita, Kansas [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Grasslands Estates [Member] | Wichita, Kansas [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Jackson Oaks [Member] | Paducah, Kentucky [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,347,000 |
Initial Cost to the Company | |
Land | 260,000 |
Buildings and Improvements | 22,135,000 |
Furniture, Fixtures, and Equipment | 713,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 260,000 |
Buildings and Improvements | 22,135,000 |
Furniture, Fixtures, and Equipment | 713,000 |
Total (A) | 23,108,000 |
Accumulated Depreciation | -109,000 |
Net Book Value | 22,999,000 |
Triple Net Lease Properties [Member] | Jackson Oaks [Member] | Paducah, Kentucky [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Jackson Oaks [Member] | Paducah, Kentucky [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Summerfield Estates [Member] | Shreveport, Louisiana [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,953,000 |
Initial Cost to the Company | |
Land | 510,000 |
Buildings and Improvements | 4,934,000 |
Furniture, Fixtures, and Equipment | 144,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 510,000 |
Buildings and Improvements | 4,934,000 |
Furniture, Fixtures, and Equipment | 144,000 |
Total (A) | 5,588,000 |
Accumulated Depreciation | -24,000 |
Net Book Value | 5,564,000 |
Triple Net Lease Properties [Member] | Summerfield Estates [Member] | Shreveport, Louisiana [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Summerfield Estates [Member] | Shreveport, Louisiana [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Blue Water Lodge [Member] | Fort Gratiot, Michigan [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,704,000 |
Initial Cost to the Company | |
Land | 90,000 |
Buildings and Improvements | 18,595,000 |
Furniture, Fixtures, and Equipment | 688,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 90,000 |
Buildings and Improvements | 18,595,000 |
Furniture, Fixtures, and Equipment | 688,000 |
Total (A) | 19,373,000 |
Accumulated Depreciation | -95,000 |
Net Book Value | 19,278,000 |
Triple Net Lease Properties [Member] | Blue Water Lodge [Member] | Fort Gratiot, Michigan [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Blue Water Lodge [Member] | Fort Gratiot, Michigan [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Briarcrest Estates [Member] | Ballwin, Missouri [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,474,000 |
Initial Cost to the Company | |
Land | 1,150,000 |
Buildings and Improvements | 16,051,000 |
Furniture, Fixtures, and Equipment | 433,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,150,000 |
Buildings and Improvements | 16,051,000 |
Furniture, Fixtures, and Equipment | 433,000 |
Total (A) | 17,634,000 |
Accumulated Depreciation | -76,000 |
Net Book Value | 17,558,000 |
Triple Net Lease Properties [Member] | Briarcrest Estates [Member] | Ballwin, Missouri [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Briarcrest Estates [Member] | Ballwin, Missouri [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Country Squire [Member] | St Joseph, Missouri [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,664,000 |
Initial Cost to the Company | |
Land | 840,000 |
Buildings and Improvements | 17,959,000 |
Furniture, Fixtures, and Equipment | 518,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 840,000 |
Buildings and Improvements | 17,959,000 |
Furniture, Fixtures, and Equipment | 518,000 |
Total (A) | 19,317,000 |
Accumulated Depreciation | -87,000 |
Net Book Value | 19,230,000 |
Triple Net Lease Properties [Member] | Country Squire [Member] | St Joseph, Missouri [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Country Squire [Member] | St Joseph, Missouri [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Orchid Terrace [Member] | St Louis, Missouri [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,640,000 |
Initial Cost to the Company | |
Land | 1,060,000 |
Buildings and Improvements | 23,851,000 |
Furniture, Fixtures, and Equipment | 688,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,060,000 |
Buildings and Improvements | 23,851,000 |
Furniture, Fixtures, and Equipment | 688,000 |
Total (A) | 25,599,000 |
Accumulated Depreciation | -114,000 |
Net Book Value | 25,485,000 |
Triple Net Lease Properties [Member] | Orchid Terrace [Member] | St Louis, Missouri [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Orchid Terrace [Member] | St Louis, Missouri [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Chateau Ridgeland [Member] | Ridgeland, Mississippi [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,301,000 |
Initial Cost to the Company | |
Land | 920,000 |
Buildings and Improvements | 11,786,000 |
Furniture, Fixtures, and Equipment | 442,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 920,000 |
Buildings and Improvements | 11,786,000 |
Furniture, Fixtures, and Equipment | 442,000 |
Total (A) | 13,148,000 |
Accumulated Depreciation | -60,000 |
Net Book Value | 13,088,000 |
Triple Net Lease Properties [Member] | Chateau Ridgeland [Member] | Ridgeland, Mississippi [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Chateau Ridgeland [Member] | Ridgeland, Mississippi [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Grizzly Peak [Member] | Missoula, Montana [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,285,000 |
Initial Cost to the Company | |
Land | 300,000 |
Buildings and Improvements | 16,523,000 |
Furniture, Fixtures, and Equipment | 543,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 300,000 |
Buildings and Improvements | 16,523,000 |
Furniture, Fixtures, and Equipment | 543,000 |
Total (A) | 17,366,000 |
Accumulated Depreciation | -81,000 |
Net Book Value | 17,285,000 |
Triple Net Lease Properties [Member] | Grizzly Peak [Member] | Missoula, Montana [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Grizzly Peak [Member] | Missoula, Montana [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Jordan Oaks [Member] | Cary, North Carolina [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,162,000 |
Initial Cost to the Company | |
Land | 2,120,000 |
Buildings and Improvements | 20,696,000 |
Furniture, Fixtures, and Equipment | 639,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 2,120,000 |
Buildings and Improvements | 20,696,000 |
Furniture, Fixtures, and Equipment | 639,000 |
Total (A) | 23,455,000 |
Accumulated Depreciation | -102,000 |
Net Book Value | 23,353,000 |
Triple Net Lease Properties [Member] | Jordan Oaks [Member] | Cary, North Carolina [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Jordan Oaks [Member] | Cary, North Carolina [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Durham Regent [Member] | Durham, North Carolina [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,174,000 |
Initial Cost to the Company | |
Land | 1,070,000 |
Buildings and Improvements | 21,902,000 |
Furniture, Fixtures, and Equipment | 500,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,070,000 |
Buildings and Improvements | 21,902,000 |
Furniture, Fixtures, and Equipment | 500,000 |
Total (A) | 23,472,000 |
Accumulated Depreciation | -101,000 |
Net Book Value | 23,371,000 |
Triple Net Lease Properties [Member] | Durham Regent [Member] | Durham, North Carolina [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Durham Regent [Member] | Durham, North Carolina [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Sky Peaks [Member] | Reno, Nevada [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,026,000 |
Initial Cost to the Company | |
Land | 1,100,000 |
Buildings and Improvements | 20,205,000 |
Furniture, Fixtures, and Equipment | 500,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,100,000 |
Buildings and Improvements | 20,205,000 |
Furniture, Fixtures, and Equipment | 500,000 |
Total (A) | 21,805,000 |
Accumulated Depreciation | -94,000 |
Net Book Value | 21,711,000 |
Triple Net Lease Properties [Member] | Sky Peaks [Member] | Reno, Nevada [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Sky Peaks [Member] | Reno, Nevada [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Maple Downs [Member] | Fayetteville, New York [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,458,000 |
Initial Cost to the Company | |
Land | 740,000 |
Buildings and Improvements | 24,802,000 |
Furniture, Fixtures, and Equipment | 552,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 740,000 |
Buildings and Improvements | 24,802,000 |
Furniture, Fixtures, and Equipment | 552,000 |
Total (A) | 26,094,000 |
Accumulated Depreciation | -113,000 |
Net Book Value | 25,981,000 |
Triple Net Lease Properties [Member] | Maple Downs [Member] | Fayetteville, New York [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Maple Downs [Member] | Fayetteville, New York [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Fleming Point [Member] | Greece, New York [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,577,000 |
Initial Cost to the Company | |
Land | 700,000 |
Buildings and Improvements | 23,596,000 |
Furniture, Fixtures, and Equipment | 552,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 700,000 |
Buildings and Improvements | 23,596,000 |
Furniture, Fixtures, and Equipment | 552,000 |
Total (A) | 24,848,000 |
Accumulated Depreciation | -109,000 |
Net Book Value | 24,739,000 |
Triple Net Lease Properties [Member] | Fleming Point [Member] | Greece, New York [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Fleming Point [Member] | Greece, New York [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | The Regent [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,916,000 |
Initial Cost to the Company | |
Land | 1,090,000 |
Buildings and Improvements | 8,758,000 |
Furniture, Fixtures, and Equipment | 188,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,090,000 |
Buildings and Improvements | 8,758,000 |
Furniture, Fixtures, and Equipment | 188,000 |
Total (A) | 10,036,000 |
Accumulated Depreciation | -40,000 |
Net Book Value | 9,996,000 |
Triple Net Lease Properties [Member] | The Regent [Member] | Corvallis, Oregon [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | The Regent [Member] | Corvallis, Oregon [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Stoneybrook Lodge [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,461,000 |
Initial Cost to the Company | |
Land | 1,460,000 |
Buildings and Improvements | 23,942,000 |
Furniture, Fixtures, and Equipment | 696,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,460,000 |
Buildings and Improvements | 23,942,000 |
Furniture, Fixtures, and Equipment | 696,000 |
Total (A) | 26,098,000 |
Accumulated Depreciation | -116,000 |
Net Book Value | 25,982,000 |
Triple Net Lease Properties [Member] | Stoneybrook Lodge [Member] | Corvallis, Oregon [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Stoneybrook Lodge [Member] | Corvallis, Oregon [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Sheldon Oaks [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,312,000 |
Initial Cost to the Company | |
Land | 1,510,000 |
Buildings and Improvements | 20,153,000 |
Furniture, Fixtures, and Equipment | 557,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,510,000 |
Buildings and Improvements | 20,153,000 |
Furniture, Fixtures, and Equipment | 557,000 |
Total (A) | 22,220,000 |
Accumulated Depreciation | -96,000 |
Net Book Value | 22,124,000 |
Triple Net Lease Properties [Member] | Sheldon Oaks [Member] | Eugene, Oregon [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Sheldon Oaks [Member] | Eugene, Oregon [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Rock Creek [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 10,034,000 |
Initial Cost to the Company | |
Land | 1,570,000 |
Buildings and Improvements | 12,590,000 |
Furniture, Fixtures, and Equipment | 401,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,570,000 |
Buildings and Improvements | 12,590,000 |
Furniture, Fixtures, and Equipment | 401,000 |
Total (A) | 14,561,000 |
Accumulated Depreciation | -62,000 |
Net Book Value | 14,499,000 |
Triple Net Lease Properties [Member] | Rock Creek [Member] | Hillsboro, Oregon [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Rock Creek [Member] | Hillsboro, Oregon [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Hidden Lakes [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,872,000 |
Initial Cost to the Company | |
Land | 1,400,000 |
Buildings and Improvements | 19,445,000 |
Furniture, Fixtures, and Equipment | 737,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,400,000 |
Buildings and Improvements | 19,445,000 |
Furniture, Fixtures, and Equipment | 737,000 |
Total (A) | 21,582,000 |
Accumulated Depreciation | -100,000 |
Net Book Value | 21,482,000 |
Triple Net Lease Properties [Member] | Hidden Lakes [Member] | Salem, Oregon [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Hidden Lakes [Member] | Salem, Oregon [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Fountains at Hidden Lakes [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,990,000 |
Initial Cost to the Company | |
Land | 960,000 |
Buildings and Improvements | 6,282,000 |
Furniture, Fixtures, and Equipment | 0 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 960,000 |
Buildings and Improvements | 6,282,000 |
Furniture, Fixtures, and Equipment | 0 |
Total (A) | 7,242,000 |
Accumulated Depreciation | -24,000 |
Net Book Value | 7,218,000 |
Triple Net Lease Properties [Member] | Fountains at Hidden Lakes [Member] | Salem, Oregon [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Fountains at Hidden Lakes [Member] | Salem, Oregon [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Walnut Woods [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,568,000 |
Initial Cost to the Company | |
Land | 300,000 |
Buildings and Improvements | 26,236,000 |
Furniture, Fixtures, and Equipment | 409,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 300,000 |
Buildings and Improvements | 26,236,000 |
Furniture, Fixtures, and Equipment | 409,000 |
Total (A) | 26,945,000 |
Accumulated Depreciation | -112,000 |
Net Book Value | 26,833,000 |
Triple Net Lease Properties [Member] | Walnut Woods [Member] | Boyertown, Pennsylvania [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Walnut Woods [Member] | Boyertown, Pennsylvania [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Manor at Oakridge [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,771,000 |
Initial Cost to the Company | |
Land | 1,020,000 |
Buildings and Improvements | 22,687,000 |
Furniture, Fixtures, and Equipment | 631,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,020,000 |
Buildings and Improvements | 22,687,000 |
Furniture, Fixtures, and Equipment | 631,000 |
Total (A) | 24,338,000 |
Accumulated Depreciation | -108,000 |
Net Book Value | 24,230,000 |
Triple Net Lease Properties [Member] | Manor at Oakridge [Member] | Harrisburg, Pennsylvania [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Manor at Oakridge [Member] | Harrisburg, Pennsylvania [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Essex House [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,860,000 |
Initial Cost to the Company | |
Land | 960,000 |
Buildings and Improvements | 25,150,000 |
Furniture, Fixtures, and Equipment | 552,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 960,000 |
Buildings and Improvements | 25,150,000 |
Furniture, Fixtures, and Equipment | 552,000 |
Total (A) | 26,662,000 |
Accumulated Depreciation | -115,000 |
Net Book Value | 26,547,000 |
Triple Net Lease Properties [Member] | Essex House [Member] | Lemoyne, Pennsylvania [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Essex House [Member] | Lemoyne, Pennsylvania [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Uffelman Estates [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,660,000 |
Initial Cost to the Company | |
Land | 620,000 |
Buildings and Improvements | 11,702,000 |
Furniture, Fixtures, and Equipment | 246,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 620,000 |
Buildings and Improvements | 11,702,000 |
Furniture, Fixtures, and Equipment | 246,000 |
Total (A) | 12,568,000 |
Accumulated Depreciation | -53,000 |
Net Book Value | 12,515,000 |
Triple Net Lease Properties [Member] | Uffelman Estates [Member] | Clarksville, Tennessee [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Uffelman Estates [Member] | Clarksville, Tennessee [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Arlington Plaza [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,224,000 |
Initial Cost to the Company | |
Land | 300,000 |
Buildings and Improvements | 9,590,000 |
Furniture, Fixtures, and Equipment | 323,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 300,000 |
Buildings and Improvements | 9,590,000 |
Furniture, Fixtures, and Equipment | 323,000 |
Total (A) | 10,213,000 |
Accumulated Depreciation | -47,000 |
Net Book Value | 10,166,000 |
Triple Net Lease Properties [Member] | Arlington Plaza [Member] | Arlington, Texas [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Arlington Plaza [Member] | Arlington, Texas [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Parkwood Healthcare [Member] | Continuing Care Retirement Communities [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,688,000 |
Initial Cost to the Company | |
Land | 2,900,000 |
Buildings and Improvements | 16,414,000 |
Furniture, Fixtures, and Equipment | 679,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 2,900,000 |
Buildings and Improvements | 16,414,000 |
Furniture, Fixtures, and Equipment | 679,000 |
Total (A) | 19,993,000 |
Accumulated Depreciation | -85,000 |
Net Book Value | 19,908,000 |
Triple Net Lease Properties [Member] | Parkwood Healthcare [Member] | Bedford, Texas [Member] | Continuing Care Retirement Communities [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Parkwood Healthcare [Member] | Bedford, Texas [Member] | Continuing Care Retirement Communities [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Parkwood Retirement [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,413,000 |
Initial Cost to the Company | |
Land | 3,030,000 |
Buildings and Improvements | 12,505,000 |
Furniture, Fixtures, and Equipment | 283,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 3,030,000 |
Buildings and Improvements | 12,505,000 |
Furniture, Fixtures, and Equipment | 283,000 |
Total (A) | 15,818,000 |
Accumulated Depreciation | -58,000 |
Net Book Value | 15,760,000 |
Triple Net Lease Properties [Member] | Parkwood Retirement [Member] | Bedford, Texas [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Parkwood Retirement [Member] | Bedford, Texas [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | The Bentley [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,844,000 |
Initial Cost to the Company | |
Land | 2,210,000 |
Buildings and Improvements | 17,446,000 |
Furniture, Fixtures, and Equipment | 434,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 2,210,000 |
Buildings and Improvements | 17,446,000 |
Furniture, Fixtures, and Equipment | 434,000 |
Total (A) | 20,090,000 |
Accumulated Depreciation | -81,000 |
Net Book Value | 20,009,000 |
Triple Net Lease Properties [Member] | The Bentley [Member] | Dallas, Texas [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | The Bentley [Member] | Dallas, Texas [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Whiterock Court [Member] [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,452,000 |
Initial Cost to the Company | |
Land | 2,860,000 |
Buildings and Improvements | 17,744,000 |
Furniture, Fixtures, and Equipment | 369,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 2,860,000 |
Buildings and Improvements | 17,744,000 |
Furniture, Fixtures, and Equipment | 369,000 |
Total (A) | 20,973,000 |
Accumulated Depreciation | -81,000 |
Net Book Value | 20,892,000 |
Triple Net Lease Properties [Member] | Whiterock Court [Member] [Member] | Dallas, Texas [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Whiterock Court [Member] [Member] | Dallas, Texas [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Autumn Leaves [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,559,000 |
Initial Cost to the Company | |
Land | 3,850,000 |
Buildings and Improvements | 18,780,000 |
Furniture, Fixtures, and Equipment | 1,021,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 3,850,000 |
Buildings and Improvements | 18,780,000 |
Furniture, Fixtures, and Equipment | 1,021,000 |
Total (A) | 23,651,000 |
Accumulated Depreciation | -104,000 |
Net Book Value | 23,547,000 |
Triple Net Lease Properties [Member] | Autumn Leaves [Member] | Dallas, Texas [Member] | Continuing Care Retirement Communities [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Autumn Leaves [Member] | Dallas, Texas [Member] | Continuing Care Retirement Communities [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Monticello West [Member] | Dallas, Texas [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 19,965,000 |
Initial Cost to the Company | |
Land | 3,300,000 |
Buildings and Improvements | 21,009,000 |
Furniture, Fixtures, and Equipment | 1,135,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 3,300,000 |
Buildings and Improvements | 21,009,000 |
Furniture, Fixtures, and Equipment | 1,135,000 |
Total (A) | 25,444,000 |
Accumulated Depreciation | -114,000 |
Net Book Value | 25,330,000 |
Triple Net Lease Properties [Member] | Monticello West [Member] | Dallas, Texas [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Monticello West [Member] | Dallas, Texas [Member] | Combination Of Independent Living, Assisted Living Or Memory Care Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Signature Pointe [Member] | Dallas, Texas [Member] | Continuing Care Retirement Communities [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 28,857,000 |
Initial Cost to the Company | |
Land | 5,270,000 |
Buildings and Improvements | 30,004,000 |
Furniture, Fixtures, and Equipment | 1,500,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 5,270,000 |
Buildings and Improvements | 30,004,000 |
Furniture, Fixtures, and Equipment | 1,500,000 |
Total (A) | 36,774,000 |
Accumulated Depreciation | -160,000 |
Net Book Value | 36,614,000 |
Triple Net Lease Properties [Member] | Signature Pointe [Member] | Dallas, Texas [Member] | Continuing Care Retirement Communities [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Signature Pointe [Member] | Dallas, Texas [Member] | Continuing Care Retirement Communities [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Walnut Place [Member] | Dallas, Texas [Member] | Continuing Care Retirement Communities [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 19,518,000 |
Initial Cost to the Company | |
Land | 5,350,000 |
Buildings and Improvements | 18,694,000 |
Furniture, Fixtures, and Equipment | 830,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 5,350,000 |
Buildings and Improvements | 18,694,000 |
Furniture, Fixtures, and Equipment | 830,000 |
Total (A) | 24,874,000 |
Accumulated Depreciation | -97,000 |
Net Book Value | 24,777,000 |
Triple Net Lease Properties [Member] | Walnut Place [Member] | Dallas, Texas [Member] | Continuing Care Retirement Communities [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Walnut Place [Member] | Dallas, Texas [Member] | Continuing Care Retirement Communities [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Dogwood Estates [Member] | Denton, Texas [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,386,000 |
Initial Cost to the Company | |
Land | 1,010,000 |
Buildings and Improvements | 19,277,000 |
Furniture, Fixtures, and Equipment | 590,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,010,000 |
Buildings and Improvements | 19,277,000 |
Furniture, Fixtures, and Equipment | 590,000 |
Total (A) | 20,877,000 |
Accumulated Depreciation | -93,000 |
Net Book Value | 20,784,000 |
Triple Net Lease Properties [Member] | Dogwood Estates [Member] | Denton, Texas [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Dogwood Estates [Member] | Denton, Texas [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Pinewood Hills [Member] | Flower Mounds, Texas [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,633,000 |
Initial Cost to the Company | |
Land | 2,010,000 |
Buildings and Improvements | 18,643,000 |
Furniture, Fixtures, and Equipment | 581,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 2,010,000 |
Buildings and Improvements | 18,643,000 |
Furniture, Fixtures, and Equipment | 581,000 |
Total (A) | 21,234,000 |
Accumulated Depreciation | -91,000 |
Net Book Value | 21,143,000 |
Triple Net Lease Properties [Member] | Pinewood Hills [Member] | Flower Mounds, Texas [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Pinewood Hills [Member] | Flower Mounds, Texas [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Ventura Place [Member] | Lubbock, Texas [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 19,344,000 |
Initial Cost to the Company | |
Land | 990,000 |
Buildings and Improvements | 25,575,000 |
Furniture, Fixtures, and Equipment | 781,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 990,000 |
Buildings and Improvements | 25,575,000 |
Furniture, Fixtures, and Equipment | 781,000 |
Total (A) | 27,346,000 |
Accumulated Depreciation | -125,000 |
Net Book Value | 27,221,000 |
Triple Net Lease Properties [Member] | Ventura Place [Member] | Lubbock, Texas [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Ventura Place [Member] | Lubbock, Texas [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | The El Dorado [Member] | Richardson, Texas [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 10,161,000 |
Initial Cost to the Company | |
Land | 1,280,000 |
Buildings and Improvements | 12,498,000 |
Furniture, Fixtures, and Equipment | 586,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,280,000 |
Buildings and Improvements | 12,498,000 |
Furniture, Fixtures, and Equipment | 586,000 |
Total (A) | 14,364,000 |
Accumulated Depreciation | -69,000 |
Net Book Value | 14,295,000 |
Triple Net Lease Properties [Member] | The El Dorado [Member] | Richardson, Texas [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | The El Dorado [Member] | Richardson, Texas [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Madison Estates [Member] | San Antonio, Texas [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,769,000 |
Initial Cost to the Company | |
Land | 1,540,000 |
Buildings and Improvements | 19,672,000 |
Furniture, Fixtures, and Equipment | 221,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,540,000 |
Buildings and Improvements | 19,672,000 |
Furniture, Fixtures, and Equipment | 221,000 |
Total (A) | 21,433,000 |
Accumulated Depreciation | -83,000 |
Net Book Value | 21,350,000 |
Triple Net Lease Properties [Member] | Madison Estates [Member] | San Antonio, Texas [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Madison Estates [Member] | San Antonio, Texas [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Pioneer Valley Lodge [Member] | North Logan, Utah [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,154,000 |
Initial Cost to the Company | |
Land | 1,000,000 |
Buildings and Improvements | 16,984,000 |
Furniture, Fixtures, and Equipment | 611,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 1,000,000 |
Buildings and Improvements | 16,984,000 |
Furniture, Fixtures, and Equipment | 611,000 |
Total (A) | 18,595,000 |
Accumulated Depreciation | -87,000 |
Net Book Value | 18,508,000 |
Triple Net Lease Properties [Member] | Pioneer Valley Lodge [Member] | North Logan, Utah [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Pioneer Valley Lodge [Member] | North Logan, Utah [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Colonial Harbor [Member] | Yorktown, Virginia [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,511,000 |
Initial Cost to the Company | |
Land | 2,150,000 |
Buildings and Improvements | 17,795,000 |
Furniture, Fixtures, and Equipment | 569,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 2,150,000 |
Buildings and Improvements | 17,795,000 |
Furniture, Fixtures, and Equipment | 569,000 |
Total (A) | 20,514,000 |
Accumulated Depreciation | -89,000 |
Net Book Value | 20,425,000 |
Triple Net Lease Properties [Member] | Colonial Harbor [Member] | Yorktown, Virginia [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Colonial Harbor [Member] | Yorktown, Virginia [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
Triple Net Lease Properties [Member] | Oakwood Hills [Member] | Eau Claire, Wisconsin [Member] | Independent Living Facility [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,966,000 |
Initial Cost to the Company | |
Land | 520,000 |
Buildings and Improvements | 17,765,000 |
Furniture, Fixtures, and Equipment | 531,000 |
Costs Capitalized Subsequent to Acquisition | |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount Carried at Close of Period | |
Land | 520,000 |
Buildings and Improvements | 17,766,000 |
Furniture, Fixtures, and Equipment | 532,000 |
Total (A) | 18,818,000 |
Accumulated Depreciation | -87,000 |
Net Book Value | 18,731,000 |
Triple Net Lease Properties [Member] | Oakwood Hills [Member] | Eau Claire, Wisconsin [Member] | Independent Living Facility [Member] | Minimum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 3 years |
Triple Net Lease Properties [Member] | Oakwood Hills [Member] | Eau Claire, Wisconsin [Member] | Independent Living Facility [Member] | Maximum [Member] | |
Gross Amount Carried at Close of Period | |
Life in Which Depreciation in Income Statement is Computed | 40 years |
New Senior [Member] | |
Gross Amount Carried at Close of Period | |
Federal income tax basis | 1,700,000,000 |