Fortress Investment Group

The Caribbean Journal reports that tourism is booming across the Virgin Islands, helping revive the respective post-pandemic economies. Fortress is proud to play its part by financing the revitalization of the Frenchman Reef in St. Thomas, which has received glowing reviews (Conde Nast Traveler recently declared “this spot is special”) upon reopening earlier this year.

On September 25th, Fortress Managing Director Steve Stuart will be the closing keynote speaker at the 26th Real Estate Private Equity Summit in Los Angeles. The discussion, titled "Shaping the Future of Real Estate Investments," will cover global investment opportunities, uncover potential in international markets, and share strategies for navigating today's economic uncertainties.

Fortress is pleased to join the founding ownership group of the Texas Stock Exchange (TXSE). From an Op-Ed by co-CEOs Drew McKnight and Joshua Pack in the Dallas Morning News: “At Fortress, while we expect that our co-headquarters in New York and our offices in other long-established world financial centers such as London and Tokyo will always be hubs of our global operations, more companies every day are considering locating, or relocating, their headquarters to Texas—and for good reason… In the 22 years since Fortress established our first office in DFW, our commitment to the region has been validated and rewarded at every turn…The time, the place and the vision are right for TXSE. It is time to push our ambitions beyond establishing a toehold for our city and state as the “Wall Street of the South.” It is time to protect and enshrine all of the advantages that have powered our ascent as a financial center of the nation and the global economy. It is time to rally behind TXSE and other ambitious efforts that can propel our city and state to new heights and to cement our region’s place as “A New Capital of Capital.”

Congratulations to the Majestic Wine team on their well-deserved recognition, reclaiming the IWC Industry Awards’ Large Multiple Retailer of the Year award. Over the last year, Majestic Wine has continued to grow its physical footprint, sales, product offerings, and reputation as a premier retailer. 

Excellent news. Congratulations to the Mammoth Freighters’ team on the terrific progress in building one of the world’s premier passenger-to-freighter conversion platforms.

In 2020, to the dismay of thousands of loyal customers, it was announced that the decades-old brand, Logan's Roadhouse, was set to close indefinitely, furloughing almost all of its 18,000 employees. Backed by Fortress, SPB Hospitality acquired the beloved brand and quickly set to reopen more than a hundred locations and franchises. Today, the brand continues to thrive under the stewardship of the SPB Hospitality team led by Josh Kern. Earlier this year, we spoke with Kern about the pandemic’s impact on SPB’s portfolio of hospitality brands and the role SPB plays in reviving these beloved businesses. 

Last week, First Foundation announced it received a $225+ million equity investment anchored by Fortress affiliates. Fortress co-CEO Drew McKnight stated, “Our due diligence over the past few months confirms First Foundation has built a banking franchise with significant competitive advantages, including a leading presence in dynamic and expanding markets…. This investment provides First Foundation with the financial strength and flexibility to improve its net interest margin and strengthen its balance sheet while refocusing on opportunities to profitably build the Company’s deposit base, loan portfolio and high-performing wealth management business.” For additional details, please read the linked press release.

TFOA has announced that on September 11th, 2024, Fortress co-CEO Drew McKnight will join former Citi Wealth CIO David Bailin for a keynote fireside discussion on the macroeconomic factors shaping the future of private credit and lending.

Earlier this month, Fortress Managing Director and Head of Structured Liabilities Jonathan Horowitz spoke at the CLO Investor Summit in New York. The discussion considered the future of CLO issuance including the expectations for downgrades and how the landscape is generally evolving.

Recently, Fortress announced the completion of two industrial outdoor storage (“IOS”) refinancings totaling $708 million. The transactions included a $493 million first-of-its-kind single-asset, single-borrower (“SASB”) CMBS loan, in addition to a $215 million balance sheet loan. The SASB CMBS is a landmark transaction representing a significant validation of IOS assets as an institutional asset class. In a note published on June 11, 2024, leading real estate research firm Green Street stated, “The IOS sector has grown in popularity among institutions in recent years, primarily on the equity side. Fortress’ SASB deal is a notable milestone of the institutionalization of IOS among debt underwriters and investors.”