In conjunction with his retirement, the company will redeem or purchase all of his beneficially owned shares. These consisted of about 51.3 million Class A shares as of Dec. 21. The company will repurchase these shares at a price equivalent to $3.50 per share, immediately reducing its dividend-playing share count by approximately 10%. Fortress said it would fund the repurchase with a combination of cash and a 14-month note.
Kauffman co-founded the company with co-chair and director Wes Edens and interim CEO and director Randal Nandone. He held a range of leadership roles at the company, most recently overseeing at board level its long-only fixed-income business, Logan Circle Partners.