Exhibit 99.1

Contact:

Gordon E. Runté

212-798-6082

Fortress Reports Fourth Quarter & Year End 2011 Financial Results and

Announces Fourth Quarter 2011 Dividend of $0.05 per share

New York, NY.  February 28, 2012 — Fortress Investment Group LLC (NYSE: FIG) today reported its fourth quarter and year end 2011 financial results.

HIGHLIGHTS

·                  Fortress declared a fourth quarter 2011 dividend of $0.05 per share.  The dividend will be paid on March 15, 2012 to holders of record as of the close of business on March 12, 2012.

·                  Assets under management of $43.7 billion as of December 31, 2011, down 2% from $44.6 billion as of December 31, 2010.

·                  2011 GAAP net loss of $1.1 billion, an increase of 43% from a net loss of $782 million in 2010.  GAAP net loss attributable to Class A shareholders in 2011 was $432 million, an increase of 52% from a net loss of $285 million in 2010; 2011 GAAP net loss of $2.36 per diluted share, an increase of 29% from a net loss of $1.83 per diluted share in 2010.

·                  Pre-tax distributable earnings (DE) of $242 million in 2011, down 35% from $372 million in 2010; pre-tax DE of $0.46 per dividend paying share in 2011, down 36% from $0.72 per dividend paying share in 2010.

·                  Fund management DE of $253 million in 2011, down 29% from $358 million in 2010.

·                  GAAP book value per share of $2.14 as of December 31, 2011, up 8% from $1.98 per share as of December 31, 2010.  Net cash and investments of $2.17 per dividend paying share as of December 31, 2011, up 19% from $1.82 per dividend paying share as of December 31, 2010.

·                  Raised $4.2 billion of new third-party capital during 2011, $2.0 billion of which was included in assets under management as of December 31, 2011.  The remaining $2.2 billion is capital committed to our funds by investors that will become assets under management when called.  Of the $4.2 billion raised, $2.2 billion was in Credit Private Equity Funds, $1.3 billion was in Liquid Hedge Funds, $434 million was in Credit Hedge Funds, $220 million was in Castles and $51 million was in Private Equity.

“In a challenging market, we maintained assets under management, attracted substantial new capital commitments, deepened our client base globally and delivered positive financial performance,” said Randal Nardone, Fortress’s Interim Chief Executive Officer.  “We continue to benefit from a highly diversified business model. Levels of activity are strong across our businesses, and we believe investment opportunities continue to align with our deepest wells of experience and expertise.”

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Please see the exhibits to this press release for a reconciliation of non-GAAP measures referred to in this press release to the related GAAP measures.

CONSOLIDATED RESULTS — GAAP

Fortress had a GAAP net loss of $1.1 billion in 2011, an increase of 43% from a net loss of $782 million in 2010.  In 2011, GAAP net loss attributable to Class A shareholders was $432 million, an increase of 52% from a net loss of $285 million in 2010.   GAAP net loss attributable to Class A shareholders was $2.36 per diluted share in 2011, an increase of 29% from  a net loss of $1.83 per diluted share in 2010.

The $335 million increase in GAAP net loss was driven by (i) a $137 million increase in GAAP expenses, (ii) a $126 million net decrease in other income and (iii) a $91 million decrease in GAAP revenues. These increases to GAAP net loss were partially offset by a $19 million decrease in income tax expense.

Total GAAP revenues were $859 million in 2011, down 10% from $950 million in 2010.  This decrease was primarily attributable to a decrease of $168 million in GAAP incentive income and partially offset by increases of $53 million and $26 million in GAAP management fees and expense reimbursements from affiliates, respectively.  Management fees increased as a result of an increase in average assets under management while expense reimbursements primarily increased as a result of an increase in general, administrative and other expenses.  Incentive income decreased as a result of lower performance within our Credit and Liquid Hedge Funds and fewer realizations within our Private Equity and Credit Private Equity Funds.

Total GAAP expenses were $2.0 billion in 2011, an increase of 8% from $1.8 billion in 2010.  This increase was primarily attributable to an increase of $99 million in principals agreement compensation, an increase of $33 million in general, administrative and other expenses, and an increase of $21 million in depreciation and amortization (including impairment).  These increases were partially offset by a decrease of $15 million in compensation and benefits and a $1 million decrease in interest expense.

Other income was $15 million in 2011, down 89% from $141 million in 2010.  This change was primarily due to lower performance in our funds, which resulted in a decrease in earnings from equity method investees and an increase in net unrealized losses primarily related to our direct investment in GAGFAH and our investment in the options of one of our Castles.

CONSOLIDATED RESULTS — ASSETS UNDER MANAGEMENT AND SEGMENTS

As of December 31, 2011, assets under management totaled $43.7 billion, up 0.2% from $43.6 billion as of September 30, 2011 and down 2% from $44.6 billion as of December 31, 2010.  During 2011, Fortress  invested approximately $3.5 billion of capital and raised over $2.0 billion of capital, directly adding to assets under management.  These increases to assets under management were offset by (i) $2.3 billion of return of capital distributions to investors, (ii) $1.9 billion of Hedge Fund redemptions and (iii) $1.2 billion of RCA payments to Credit Hedge Funds investors.

Pre-tax DE was $242 million in 2011, down 35% from $372 million in 2010.  On a dividend paying share basis, pre-tax DE was $0.46 per share in 2011, down 36% from $0.72 per share in 2010.  The year-over-year decline in pre-tax DE was driven by lower incentive income from our funds, and a decline in investment income from our principal investments, partially offset by a net increase in management fees from our Castles, Liquid Hedge Funds and Credit Private Equity Funds.

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In 2011, fund management DE was $253 million, down 29% from $358 million in 2010.  This decrease was driven by a $133 million decline in total segment revenues, partially offset by a $28 million decrease in total segment expenses.

Total segment revenues were $707 million in 2011, down 16% from $840 million in 2010.  Total management fee revenues increased by $38 million.  This increase was offset by a $171 million decrease in incentive income.

Total segment expenses were $454 million in 2011, down 6% from $482 million in 2010, driven by a decrease of $57 million in profit sharing compensation expenses, partially offset by an increase of $29 million in operating expenses, primarily general and administrative related.

The Company’s annual segment revenues and distributable earnings will fluctuate materially depending upon the performance of its funds and the realization events within its private equity businesses, as well as other factors.  Accordingly, the revenues and profits in any particular year should not be expected to be indicative of future results.

SUMMARY FINANCIAL RESULTS

The table below details Fortress’s operating results for the three months and full year ended December 31, 2011 and 2010:

The discussion of Fortress’s operating results under “Business Segment Results” below is based on segment reporting as presented in its Annual Report on Form 10-K.  Fortress does not manage, or report on, its segments based on GAAP. The consolidated GAAP statement of operations and balance sheet are presented following this discussion.

BUSINESS SEGMENT RESULTS

Private Equity — Funds

Assets under management for the Private Equity Funds was $9.3 billion as of December 31, 2011, down 2% from $9.5 billion as of September 30, 2011 and down 22% from $11.9 billion as of December 31, 2010.  During the first quarter of 2011, three of Fortress’s Private Equity Funds reached the end of their investment periods, which reset the basis upon which management fees are earned.  This reset occurs in the ordinary course pursuant to the Funds’ governing documentation and is typical for similarly structured private equity funds.  The basis was

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reduced from committed capital to the lower of invested capital or net asset value.  These resets resulted in a $2.0 billion decrease and were the primary driver of the decline in assets under management.

With respect to investments held during the period, the carrying value of the assets in our Private Equity Funds increased by 9.3% in the full year 2011, which includes the fourth quarter 2011 increase of 2.6%.  The increase in the year was primarily related to our senior living and financial services investments.

The Private Equity Funds generated pre-tax DE of $93 million in 2011, down 27% from $127 million in 2010, as a result of a decrease in segment revenues of $50 million, partially offset by a decrease in segment expenses of $16 million.

Segment revenues were $130 million in 2011, down 28% from $180 million in 2010.  The year-over-year decrease in segment revenue was driven by a $43 million decrease in incentive income and a $7 million decrease in management fees.

Private Equity — Castles

Assets under management for the Castles, which are comprised of two managed publicly traded companies (Newcastle Investment Corp. and Eurocastle Investment Limited), was $3.2 billion as of December 31, 2011, flat compared to $3.2 billion as of September 30, 2011 and up 5% from $3.0 billion as of December 31, 2010.  In 2011, Newcastle Investment Corp. raised approximately $211 million of permanent capital.

The Castles generated pre-tax DE of $25 million in 2011, up 38% from $18 million in 2010, as a result of an increase in management fees of $5 million and a reduction in operating expenses of $2 million.

Liquid Hedge Funds

Assets under management (AUM) for the Liquid Hedge Funds was $5.5 billion as of December 31, 2011, down 11% from $6.2 billion as of September 30, 2011 and down 13% from $6.4 billion as of December 31, 2010.  In 2011, we paid out $1.7 billion in redemptions and had $406 million of performance-related AUM reduction, which were partially offset by $1.3 billion of new third-party capital raised.  As of December 31, 2011, the Liquid Hedge Funds had $1.0 billion of redemption notices outstanding, which will primarily be distributed in the first quarter of 2012.

The following table shows net returns by fund:(1)

(1)  The performance data contained herein reflects returns for a “new issue eligible,” single investor class as of the close of business on the last day of the relevant period.  Net returns reflect performance data after taking into account management fees borne by the Fund and incentive allocations.

(2)  The Fortress Asia Macro Funds were launched on March 1, 2011.    Accordingly, the full year returns actually represent the ten-month period beginning on March 1, 2011 through December 31, 2011.  The full year 2011 and three months ended December 31, 2011 returns represent returns for Class B investors; Class B is now closed to new investors.  Estimated one-month ended January 31, 2012 returns represent returns for Class A investors; Class A remains open to new investors.  Certain fees payable by investors in Class B differ from the fees payable by the investors in Class A that remains open, and the returns for the different classes will vary.

(3)  The returns for the Fortress Partners Funds include gains and losses from Special Investments. Investors’ specific performance may vary dependent upon their ownership in one or more Special Investments.

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The Liquid Hedge Funds generated pre-tax DE of $14 million in 2011, down 78% from pre-tax DE of $64 million in 2010, as a result of a decrease in segment revenues of $53 million, partially offset by a decrease in segment expenses of $3 million.

Segment revenues were $113 million in 2011, down 32% from $166 million in 2010.  The year-over-year decrease in segment revenues was a result of a $63 million decrease in incentive income primarily related to negative performance in Fortress’s flagship Liquid Hedge Funds in 2011, partially offset by a $10 million increase in management fees primarily due to capital raises.

Credit — Hedge Funds

Assets under management for the Credit Hedge Funds was $6.0 billion as of December 31, 2011, down 4% from $6.2 billion as of September 30, 2011 and down 12% from $6.8 billion as of December 31, 2010.  Excluding the Value Recovery Funds, which are third-party originated funds for which Fortress was engaged to manage the orderly liquidation of existing portfolios, assets under management was $5.2 billion as of December 31, 2011, flat compared to $5.2 billion as of September 30, 2011 and down 6% from $5.5 billion as of December 31, 2010.   Effective December 31, 2011 the Credit Hedge Funds, which primarily have an annual notice date for redemptions, received redemption notices for fee-paying capital of approximately $786 million, using December 31, 2011 values, compared to a total of approximately $722 million of notices in 2010.   At the end of the year, this capital was transferred into redeeming capital accounts (RCAs), which will be paid out over time as the underlying investments are realized.  During this period, such amounts continue to be subject to management fees and, as applicable, incentive income.

The following table shows net returns by fund:(4)

The Credit Hedge Funds generated pre-tax DE of $37 million in 2011, down 49% from pre-tax DE of $72 million in 2010, as a result of a decrease in segment revenues of $27 million and an increase in segment expenses of $8 million.

Segment revenues were $200 million in 2011, down 12% from $227 million in 2010. The year-over-year decrease in segment revenues resulted from a $25 million decrease in incentive income related to lower positive fund performance and a $2 million decrease in management fees.  As of December 31, 2011, virtually all of the Credit Hedge Funds’ capital that is eligible to earn incentive income exceeded performance high water marks.

Credit — Private Equity Funds

Assets under management for the Credit Private Equity Funds was $6.2 billion as of December 31, 2011, up 11% from $5.6 billion as of September 30, 2011 and up 29% from $4.8 billion as of December 31, 2010.  As of December 31, 2011, the Credit Private Equity Funds had approximately $3.7 billion of uncalled or recallable committed capital that will become assets under management when invested.

(4)  The performance data contained herein reflects returns for a “new issue eligible,” single investor class as of the close of business on the last day of the relevant period.  Net returns reflect performance data after taking into account management fees borne by the Fund and incentive allocations.  Specific performance may vary based on, among other things, whether fund investors are invested in one or more special investments.  The returns for the Drawbridge Special Opportunities Funds reflect the performance of each fund excluding the performance of the redeeming capital accounts which relate to December 31, 2008, December 31, 2009, and December 31, 2010 redemptions.

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The Credit Private Equity Funds generated pre-tax DE of $101 million in 2011, up 5% from $96 million in 2010, as a result of a decrease in segment expenses of $20 million, partially offset by a decrease in segment revenues of $15 million.

Segment revenues were $191 million in 2011, down 7% from $206 million in 2010.  The year-over-year decrease in segment revenues was driven by a $40 million decrease in incentive income due to fewer realizations, partially offset by a $25 million increase in management fees primarily from net capital called and raised in these funds over the last year.

Principal Investments

As of December 31, 2011, Principal Investments, which is composed of Fortress’s investments in its funds, had segment assets (excluding cash and cash equivalents) totaling $1.1 billion, flat compared to $1.1 billion as of September 30, 2011 and an increase of 8% from $1.0 billion as of December 31, 2010.  As of December 31, 2011, Fortress’s share of the net asset value of its direct and indirect investments exceeded its segment cost basis by $291 million, representing net unrealized gains for segment reporting purposes.

Principal Investments generated a pre-tax DE loss of $11 million in 2011, down from pre-tax DE of $14 million in 2010, as a result of a decrease in investment income of $26 million, partially offset by a decrease in interest expense of $1 million.

As of December 31, 2011, Fortress had a total of $101 million of outstanding commitments to its funds as detailed in the table below.

LIQUIDITY & CAPITAL

As of December 31, 2011, Fortress had cash on hand of $333 million and debt obligations of $261 million.  As of December 31, 2011, Fortress had $57 million available for further borrowing under its revolving credit facility.

DIVIDEND

The Company’s Board of Directors declared a fourth quarter 2011 dividend of $0.05 per share. The dividend will be paid on March 15, 2012 to holders of record as of the close of business on March 12, 2012.

Under Fortress’s dividend policy, the Company intends to make quarterly dividends to Class A shareholders based upon its annual distributable earnings. Any dividend declared by the Company will be subject to the need to: maintain prudent working capital reserves to provide for the conduct of its business, make investments in its businesses and funds, and comply with applicable law and its debt instruments and other obligations.

Since annual distributable earnings are not finalized until the end of a given year, Fortress intends to base the first three quarterly dividends for any given year upon management fee revenues net of related expenses, subject to the reserves discussed above. Fortress intends to base the final quarterly dividend for each year upon this amount plus an adjustment based on full-year incentive income.

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The declaration and payment of any distributions are at the sole discretion of our Board of Directors, which may decide to change our distribution policy at any time.  Dividends paid to Class A shareholders depend upon the Board’s assessment of a number of factors, including general economic and business conditions, strategic plans and prospects, business and investment opportunities, the Company’s financial condition, liquidity and operating results, working capital requirements and anticipated cash needs, contractual restrictions and obligations including fulfilling its current and future capital commitments, legal, tax and regulatory restrictions and other factors that the Board of Directors may deem relevant.

For U.S. federal income tax purposes, the dividend will be treated as a partnership distribution. Based on the best information currently available, when calculating withholding taxes, 3.00 cents of the per share dividend will be treated as U.S. source interest income.

Accordingly, for non-U.S. holders of Class A shares, unless an exception to withholding tax applies, the dividend will be subject to a U.S. federal withholding tax of 0.90 cents per share.

Non-U.S. holders of Class A shares are generally subject to U.S. federal withholding tax at a rate of 30% (subject to reduction by applicable treaty or other exception) on certain types of U.S. source income realized by the Company. With respect to interest, however, no withholding is generally required if proper certification (on an IRS Form W-8) of a beneficial owner’s foreign status has been filed with the withholding agent. In addition, non-U.S. holders must generally provide the withholding agent with a properly completed IRS Form W-8 to obtain any reduction in withholding.

NON-GAAP INFORMATION

Fortress discloses certain non-GAAP financial information, which management believes provides a meaningful basis for comparison among present and future periods.  The following are non-GAAP measures used in this press release and the accompanying financial information:

·                  Pre-tax DE and pre-tax DE per dividend paying share

·                  Fund management DE

·                  Segment revenues

·                  Segment expenses

·                  Weighted average dividend paying shares and units outstanding (Used for DEPS)

·                  Net cash and investments per dividend paying share

The Company urges you to read the reconciliation of such data to the related GAAP measures appearing in the exhibits to this release.

CONFERENCE CALL

Management will host a conference call today, Tuesday, February 28, 2012 at 8:30 A.M. Eastern Time. A copy of the earnings release is posted to the Investor Relations section of Fortress’s website, www.fortress.com.

All interested parties are welcome to participate on the live call.  The conference call may be accessed by dialing 1-877-717-3044 (from within the U.S.) or 1-706-679-1521 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Fortress Year End Earnings Call.”

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fortress.com.  Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

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A telephonic replay of the conference call will also be available until 11:59 P.M. Eastern Time on Monday, March 5, 2012 by dialing 1-855-859-2056 (from within the U.S.) or 1-404-537-3406  (from outside of the U.S.); please reference access code “51255403.”

ABOUT FORTRESS

Fortress is a leading, diversified global investment manager with approximately $43.7 billion in assets under management as of December 31, 2011.  Fortress offers alternative and traditional investment products and was founded in 1998.  For more information regarding Fortress Investment Group LLC or to be added to its e-mail distribution list, please visit www.fortress.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS — Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Fortress’s sources of management fees, incentive income and investment income (loss), estimated fund performance, the amount and source of expected capital commitments and amount of redemptions.  These statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the sources and amounts of management fees, incentive income and investment income, the amount and source of expected capital commitments for any new fund or redemption amounts may differ, possibly materially, from these forward-looking statements, and any such differences could cause the Company’s actual results to differ materially from the results expressed or implied by these forward-looking statements. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, which is, or will be, available on the Company’s website (www.fortress.com).  In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements.  Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. The Company can give no assurance that the expectations of any forward-looking statement will be obtained. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

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Fortress Investment Group LLC

Consolidated Statements of Operations

(dollars in thousands, except share data)

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Fortress Investment Group LLC

Consolidated Balance Sheets

(dollars in thousands)

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Fortress Investment Group LLC

Exhibit 1

Supplemental Data for the Three Months Ended December 31, 2011 and 2010

(5)  Total includes Logan Circle Partners, which is not a segment.

(6)  Represents distributions from (i) assets held by redeeming capital accounts in the Drawbridge Special Opportunities Funds, and (ii) the Value Recovery Funds.

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Fortress Investment Group LLC

Exhibit 1

Supplemental Data for the Year Ended December 31, 2011 and 2010