Core Insights - Carlyle Group Inc. (CG) shares reached a 52-week high of $64.09, closing at $61.57, with a 57.5% increase over the past year, outperforming the industry growth of 22.9% [1][7] - The strong performance is attributed to solid Q2 2025 results, with post-tax distributable earnings per share of 91 cents, a 16.7% increase year-over-year, and segmental revenues rising 24.7% [4][5] Price Performance - CG's stock has shown significant growth, gaining 55.6% over the past year [7] - The stock's performance reflects investor optimism following strong earnings and revenue growth [4][5] Revenue and Earnings Growth - Fee Related Earnings (FRE) reached a record high of $323 million, up 18.3% year-over-year, prompting an increase in the full-year 2025 FRE growth outlook from 6% to approximately 10% [5] - The company's revenues have shown a CAGR of 10.8% over the past four years, continuing to grow in the first half of 2025 [10] Assets Under Management (AUM) - Fee-earning AUM and total AUM have demonstrated strong growth, with a CAGR of 15.6% and 15.7% respectively from 2020 to 2024 [6] - Strategic partnerships, including those with Citigroup and Fortitude Re, have significantly boosted AUM, adding approximately $50 billion and $24 billion respectively [9][8] Capital Distribution Activities - The company has a share repurchase program authorized for up to $1.4 billion, with $0.6 billion available as of June 30, 2025 [12] - CG raised its quarterly dividend by 14.3% to 40 cents per share, with a current dividend yield of 2.23% [13] Return on Equity (ROE) - CG's trailing 12-month ROE stands at 23.60%, significantly above the industry average of 12.46% [15] Valuation Analysis - CG is trading at a trailing P/E ratio of 13.74X, lower than the industry average of 17.41X, indicating it may be undervalued compared to peers like BlackRock and Lazard [20]

Group 1 - Shares of the Carlyle Group (NASDAQ: CG) have increased by 58% over the past year, driven by strong asset flows and positive regulatory outlook [1] - The company's stock is approaching a 52-week high, indicating strong market performance [1] - The solid performance is attributed to the company's strategic positioning and macroeconomic factors [1]

Core Viewpoint - Carlyle Group Inc. reported strong second-quarter 2025 results with post-tax distributable earnings per share of 91 cents, matching estimates and showing an increase from 78 cents in the prior year [1][10] Financial Performance - Net income attributable to Carlyle was $319.7 million, significantly up from $148.2 million in the year-ago quarter [2] - Total segmental revenues reached $984 million, a 24.7% increase year over year, surpassing the Zacks Consensus Estimate by 2.8% [3][10] - Total segment fee revenues increased by 15.1% year over year to $676.2 million, driven by higher transaction and portfolio advisory fees [3] - Realized performance revenues surged 66% from the previous year to $259.8 million [3] Expenses and AUM - Total segmental expenses rose 24.1% to $553 million [4] - As of June 30, 2025, total assets under management (AUM) were $465 billion, up 6.9% from the prior year, with fee-earning AUM increasing by 5.9% to $325 billion [5][10] Capital Distribution - In the reported quarter, Carlyle repurchased or withheld 2.3 million shares for $104 million, with $0.6 billion worth of shares remaining under authorization [6] - The company declared a quarterly dividend of 35 cents per share, payable on August 28, 2025 [6] Future Outlook - The rising total AUM and efforts to expand investment platforms are expected to support long-term revenue growth, although increasing expenses present a challenge [7]

Core Viewpoint - Centerra Gold Inc. has completed a technical study for its Goldfield project in Nevada, confirming strong economic metrics including an after-tax NPV5% of $245 million and an IRR of 30% based on a long-term gold price of $2,500 per ounce [2][4][6]. Project Economics - The Goldfield project is expected to yield an after-tax NPV5% of $245 million and an IRR of 30%, utilizing a long-term gold price assumption of $2,500 per ounce [4][6]. - The initial capital investment required for the project is approximately $252 million, which includes about $40 million in pre-production stripping and other costs [4][12]. - Average annual gold production is projected to be around 100,000 ounces during peak production years, with an all-in sustaining cost (AISC) of approximately $1,392 per ounce [3][6]. Production Timeline - First production from the Goldfield project is anticipated by the end of 2028, contributing to Centerra's near-term gold production profile [3][6]. - The project has an estimated mine life of approximately seven years, with production expected to ramp up significantly during the initial years [4][6]. Gold Hedging Strategy - Centerra has implemented a gold hedging strategy covering 50% of production in 2029 and 2030, with a price floor of $3,200 per ounce and average price caps of $4,435 and $4,705 for those years, respectively [10][11]. - This strategy aims to lock in strong margins and safeguard project economics while allowing for exposure to rising gold prices for the life of the mine [10][11]. Technical Optimizations - Recent technical work has optimized the project’s processing strategy, improving average recoveries from mid-60% to approximately 76% [5][4]. - The project will utilize a three-stage semi-portable crushing circuit for high-grade material and run-of-mine processing for lower-grade material, enhancing overall project returns [5][4]. Community and Economic Impact - The Goldfield project is expected to create approximately 300 to 400 jobs during construction and 250 to 300 jobs during operations, contributing over $300 million on labor, supplies, and services over its life [25][24]. - The project is projected to generate approximately $100 million in direct taxes, supporting local community initiatives and sustainable development [25][24]. Mineral Resource Estimates - As of June 30, 2025, the Goldfield project has a total measured and indicated gold mineral resource of 794,000 ounces, with proven and probable reserves totaling 706,000 ounces [18][19]. - The mineral reserves consist of 334,000 ounces proven and 372,000 ounces probable, with a total of 33,348 kt at an average grade of 0.66 g/t [19][18].

Financial Data and Key Metrics Changes - The company reported record FRE of $323 million, an 18% increase year over year, with a FRE margin of 48% for the first half [7][22] - Total AUM reached a record $465 billion, with first half inflows totaling $28 billion and $51 billion over the last twelve months, reflecting a 12% organic growth rate [23][24] - Management fees for the quarter were $590 million, a 7% increase year to date, while capital market fees were $48 million in the second quarter, more than double from last year [22][23] Business Line Data and Key Metrics Changes - Carlyle Alpinvest experienced a record quarter with fee revenues up more than 50% and FRE nearly doubling over the past year [17] - Global Credit delivered strong performance with FRE of $111 million, a 37% year over year increase, and asset-backed finance AUM up 40% year over year [25][26] - The U.S. Buyout funds appreciated approximately 20% over the past twelve months, while the tenth vintage U.S. Real Estate fund closed at $9 billion, nearly 15% larger than its predecessor [13][27] Market Data and Key Metrics Changes - The macro environment showed improved sentiment, with equity markets near record highs and increased M&A activity due to reduced uncertainty from tariff negotiations and tax policy [9][10] - The company deployed $26 billion in 2025, up almost 50% year over year, indicating strong demand for private capital [10][11] Company Strategy and Development Direction - The company is focused on expanding its wealth management capabilities, with a partnership with UBS to provide private equity secondary solutions for their international wealth clients [20][110] - The strategic emphasis is on leveraging brand recognition and diversification of the platform to enhance growth in wealth management and private equity [111][112] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, expecting full year FRE growth of approximately 10%, up from a prior outlook of 6% [30] - The leadership transition is seen as a natural evolution to enhance operational scale and agility in executing the company's strategy [21][88] Other Important Information - The company returned nearly $15 billion to investors over the last twelve months, which is three times the industry average [11][29] - The firm is actively pursuing opportunities in the capital markets, generating over $230 million in fees over the last twelve months, with expectations for further growth as M&A and IPO activities increase [20][21] Q&A Session Summary Question: Drivers of FRE growth and future guidance - Management indicated that the revised outlook reflects strong momentum across the platform, with organic growth at Alpinvest being exceptional [41][42] Question: Retail commentary and fundraising potential - Management highlighted the systematic strategy for engaging wealth clients and the expected positive impact of the upcoming CPAP launch [52][56] Question: Outlook for the credit business - The company sees significant growth potential in the credit business, particularly in private credit and asset-based finance, driven by increasing demand for capital [66][67] Question: Near-term outlook for Alpenvest and Solutions business - Management noted that the business has evolved to generate consistent growth, with CAPM being a significant driver [73][76] Question: Capital markets fees growth and strategy - The company expects capital markets fees to continue growing, driven by organic opportunities and the scale of the platform [101][106] Question: Wealth products and future vision - Management emphasized the importance of brand recognition and diversification in driving success in wealth management [110][112]

Financial Data and Key Metrics Changes - The company reported record FRE of $323 million, an 18% increase year over year, with a FRE margin of 48% for the first half [6][19] - Total DE for the first six months was $2.5 per share, marking a record start for the firm [19] - Management fees reached $590 million for the quarter, a 7% increase year over year, while capital market fees were $48 million, more than double last year [20][19] - Firm-wide AUM ended the quarter at $465 billion, with inflows totaling $28 billion for the first half and $51 billion over the last twelve months, reflecting a 12% organic growth rate [20][6] Business Line Data and Key Metrics Changes - Global Credit and Carlyle Alpinvest delivered record FRE, together accounting for 55% of firm-wide FRE, up from less than 30% two years ago [21] - Carlyle Alpinvest FRE reached a record $68 million for the second quarter, with year-to-date FRE of $134 million, up more than 80% [21] - Global Credit FRE was $111 million for the quarter, a 37% year-over-year increase, with strong capital markets activity driving performance [22][23] - The U.S. Buyout funds appreciated approximately 20% over the past twelve months, with the tenth vintage U.S. Real Estate fund closing at $9 billion, nearly 15% larger than its predecessor [11][24] Market Data and Key Metrics Changes - The macro environment showed improved sentiment, with markets functioning well and activity accelerating, particularly in M&A and deal activity [7][8] - The company deployed $26 billion in 2025, up almost 50% year over year, indicating strong demand for private capital [8] - Asset-backed finance AUM increased by 40% year over year, reflecting significant growth in this area [14] Company Strategy and Development Direction - The company is focused on leveraging its global brand and diversified investment platform to drive growth, particularly in wealth management and capital markets [16][17] - A partnership with UBS was launched to provide private equity secondary solutions for their international wealth clients, expected to be a strong growth driver [17] - The company aims to enhance its capabilities in credit and private equity, with a focus on organic growth and strategic partnerships [58][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's momentum and performance, expecting full-year FRE growth of approximately 10%, up from a prior outlook of 6% [26] - The company anticipates full-year inflows of $50 billion, compared to a previous estimate of $40 billion, indicating strong fundraising momentum [26] - Management highlighted the importance of collaboration across the Carlyle platform to drive better outcomes and performance [78] Other Important Information - The company returned nearly $15 billion to investors over the last twelve months, significantly exceeding the industry average [10][25] - Leadership appointments were announced, including John Ruddett as Co-President and Justin Bluff as the new CFO, aimed at enhancing operational scale and agility [18][26] Q&A Session All Questions and Answers Question: Drivers of FRE growth and outlook for 2026 - Management noted that the revised outlook reflects strong momentum across the platform, with organic growth at Alpinvest being exceptional [39][40] - They acknowledged the desire for longer-term guidance but emphasized the unpredictability of forecasting five years ahead [36][41] Question: Retail commentary and fundraising potential - Management discussed the systematic strategy for engaging wealth globally, highlighting the importance of brand recognition and partnerships [48][49] Question: Credit business growth outlook - Management emphasized the convergence of insurance and private credit as a significant growth opportunity, with a focus on collaborative partnerships [58][60] Question: Near-term outlook for Alpenvest and Solutions business - Management expressed confidence in consistent growth for Alpenvest, driven by new fund launches and partnerships [71][73] Question: Transition back to global private equity and collaboration - Management highlighted the strong collaborative culture within Carlyle and the exceptional performance of the corporate private equity business [78][81] Question: Net IRR of CP7 and realization performance - Management indicated that CP7 is not expected to be the best fund, but performance improvements are being made, with a focus on driving realizations [91][92] Question: Capital markets fees growth and strategy - Management discussed the strategic development of capital markets fees, emphasizing high-quality revenue streams and organic growth opportunities [98][102] Question: Wealth products and future product development - Management outlined the importance of client-centric solutions in the wealth space, with a focus on developing products that meet long-term needs [127][128]

Financial Performance - Carlyle reported income before provision for income taxes of $441 million, with a margin of 280% for Q2 2025[3] - Net income attributable to The Carlyle Group Inc common stockholders was $320 million, or $087 per share on a diluted basis for Q2 2025[13] - Distributable Earnings (DE) were $431 million for Q2 2025, or $091 per common share on a post-tax basis[18] - Fee Related Earnings (FRE) were $323 million for Q2 2025[18] - Realized Net Performance Revenues were $88 million for Q2 2025[18] Assets Under Management (AUM) - Total Assets Under Management reached $465 billion as of June 30, 2025, a 7% increase year-over-year[6, 18] - Fee-earning Assets Under Management totaled $325 billion, up 6% year-over-year[18] - Perpetual Capital Fee-earning AUM was $101 billion, representing 31% of total Fee-earning AUM[18] Capital Management - A quarterly dividend of $035 per common share was declared, payable on August 28, 2025[4, 18] - The company repurchased or withheld 23 million shares of common stock in Q2 2025, totaling $104 million[18] - As of June 30, 2025, $06 billion of repurchase capacity remained under the $14 billion repurchase authorization[18]

CARLYLE Carlyle Reports Second Quarter 2025 Financial Results AUGUST 6, 2025 AUGUST 6, 2025 Carlyle Reports Second Quarter 2025 Financial Results Carlyle Reports Second Quarter 2025 Financial Results WASHINGTON, D.C. AND NEW YORK - August 6, 2025 - Global investment firm The Carlyle Group Inc. (NASDAQ: CG) today reported its unaudited results for the second quarter ended June 30, 2025, U.S. GAAP Results U.S. GAAP results for Q2 2025 included income before provision for income taxes of $44l million and a mar ...

Core Insights - Carlyle Secured Lending, Inc. reported a record quarter of originations despite market uncertainty, positioning itself well for an expected increase in deal volume in the second half of 2025 [1] - The company achieved a Net Investment Income of $0.39 per common share for the second quarter of 2025 [1] Financial Performance - Net asset value per common share decreased by 1.2% to $16.43 from $16.63 as of March 31, 2025 [2] - The total fair value of investments increased to $2.3 billion as of June 30, 2025 [2] - The Board of Directors declared a quarterly common dividend of $0.40 per share, payable on October 17, 2025 [3] Non-GAAP Financial Measures - Adjusted Net Investment Income Per Common Share is disclosed as a non-GAAP financial measure, providing additional insights into financial performance [5] - The adjustment for the second quarter reflects management's view of economic yield on acquired assets, consistent with internal performance evaluation [6] Company Overview - Carlyle Secured Lending, Inc. is focused on lending to middle-market companies and has invested approximately $9.9 billion since its inception in May 2013 [8] - The company aims to generate current income and capital appreciation primarily through debt investments in U.S. middle market companies [9]

Core Viewpoint - Carlyle Group (CG) is expected to report quarterly earnings of $0.91 per share, reflecting a 16.7% increase year-over-year, with revenues projected at $957.66 million, a 21.4% increase compared to the previous year [1]. Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised downward by 0.6%, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts predict 'Segment Revenues- Realized principal investment income (loss)' at $28.84 million, an increase of 8.4% year-over-year [5]. - 'Segment Revenues- Realized performance revenues' is expected to reach $287.63 million, suggesting an 83.8% increase compared to the prior year [5]. - 'Segment Revenues- Fund management fees' is forecasted at $549.04 million, indicating a 4.5% year-over-year change [6]. - 'Segment Revenues- Transaction and portfolio advisory fees, net and other' is estimated to be $35.26 million, reflecting a 22% increase from the previous year [6]. Assets Under Management (AUM) Projections - 'Total AUM Roll Forward - Global Private Equity - EOP' is projected to be $163.92 billion, slightly down from $164.23 billion year-over-year [7]. - 'Total AUM Roll Forward - Global Investment Solutions - EOP' is expected to reach $88.23 billion, up from $80.63 billion in the same quarter last year [7]. - 'Total AUM Roll Forward - EOP' is anticipated to be $456.52 billion, compared to $434.62 billion reported in the same quarter last year [8]. - 'Fee-earning AUM Roll Forward - Global Private Equity - EOP' is projected at $103.54 billion, slightly down from $103.66 billion year-over-year [8]. - 'Fee-earning AUM Roll Forward - Global Credit - EOP' is expected to reach $164.74 billion, up from $155.44 billion in the same quarter last year [9]. - 'Total AUM Roll Forward - Global Credit - EOP' is projected at $204.37 billion, compared to $189.76 billion year-over-year [9]. - 'Fee-earning AUM Roll Forward - Global Investment Solutions - EOP' is estimated at $55.70 billion, up from $48.25 billion in the same quarter last year [10]. - 'Total Fee-earning AUM Roll Forward - EOP' is expected to be $323.98 billion, compared to $307.35 billion reported in the same quarter last year [10]. Stock Performance - Over the past month, Carlyle shares have increased by 9.9%, outperforming the Zacks S&P 500 composite, which saw a 1% change [11].