Shares in the Fortress Investment Group plummeted 25 percent, to $1.87, after the firm said that it had temporarily suspended redemptions at its largest fund.

The Fortress Investment Group, one of a handful of publicly traded hedge and private equity firms, reported a wider-than-expected quarterly loss, as heavy redemptions hurt returns.

The Fortress Investment Group said that second-quarter profit fell 59 percent, hurt by lower incentive fees.

Penn National Gaming has extended the deadline for the completion of its $6.1 billion sale to Fortress Investment Group and Centerbridge Partners to Oct. 13.

The buyers of Penn National Gaming and their lenders are working to negotiate the final terms of the financing commitments, people briefed on the matter said.

The Fortress Investment Group, a hedge fund and private equity firm, reported a quarterly loss on Thursday.