Core Viewpoint - Axcap Ventures Inc. has entered into a definitive Mineral Property Purchase Agreement to acquire a 100% interest in Carlyle Commodities Corp.'s Newton Gold Project located in British Columbia, Canada, which is expected to enhance Axcap's portfolio and provide Carlyle with ongoing exposure to the project's future success [2][10]. Summary by Relevant Sections Transaction Overview - The agreement was signed on May 23, 2025, and involves Axcap acquiring the Newton Gold Project, which consists of 62 claims over approximately 23,003 hectares [2][3]. - Carlyle holds a 100% interest in the mineral claims, subject to a 2% net smelter return royalty and an annual advance royalty payment of $25,000 [3]. Resource Details - The Newton Project has an inferred mineral resource of 842,900 ounces of gold (Au) and 4,506,100 ounces of silver (Ag), with an average grade of 0.64 g/t Au across 41,071,100 tonnes [4][6]. Financial Terms of the Agreement - Carlyle will receive a total consideration of $500,000 in cash, 500,000 common share purchase warrants, and 3,750,000 common shares of Axcap upon closing [7]. - An additional $1,250,000 in common shares will be issued 12 months after closing, based on a 20-day VWAP [7]. Milestone Payments - Axcap will make milestone payments contingent on achieving specific resource targets and completing feasibility studies, including up to 10,000,000 shares and $1,000,000 in cash for completing a Bankable Feasibility Study [8]. Share Restrictions - The shares issued to Carlyle will have voluntary resale restrictions, with 25% becoming tradable two months after closing, and similar restrictions apply to the secondary payment shares [8]. Finder's Fee - Axcap will issue 1,212,500 common shares as a finder's fee, with a portion issued at closing and the remainder upon issuance of secondary payment shares [9]. Management Statements - Carlyle's CEO expressed confidence in Axcap's ability to advance the Newton Project, highlighting its potential in a bullish gold market [10]. - Axcap's Co-Founder noted the significant untested upside of the Newton Project and its potential to create value [10]. Company Backgrounds - Axcap Ventures focuses on acquiring gold projects in North America, aiming for established resources with expansion potential [15]. - Carlyle Commodities is engaged in mineral exploration and development, owning multiple projects in British Columbia [16].

Group 1 - The current Chinese economy is showing a recovery trend, with strong resilience and vitality across primary, secondary, and tertiary industries [1] - China is focused on building a unified national market and is committed to expanding high-level opening-up, aligning with international high-standard economic and trade rules [1] - The government is optimizing the business environment and encouraging foreign investment, providing ample opportunities for multinational companies to develop in China [1] Group 2 - Citigroup's chairman expressed the intention to deepen investment cooperation in China, particularly in securities, futures, and financial derivatives [1] - Carlyle Group's CEO highlighted confidence in China's economic prospects and a commitment to expanding investment in the country [1]

Core Insights - Resonetics has acquired the nitinol gun drilling operations and related assets from Medical Component Specialists (MCS) to enhance its U.S.-based nitinol strategy and strengthen supply chain resilience [1][3] - The acquisition is part of Resonetics' initiative to improve material availability and reduce lead times for customers, which is critical for the production of high-performance nitinol tubing [3][2] - This investment builds on previous expansions in nitinol tubing capabilities, ensuring precision and control for rapid prototyping and scalable manufacturing of complex medical implants [3][4] Company Overview - Resonetics, founded in 1987, specializes in advanced engineering and manufacturing solutions for the medical device industry, focusing on laser processing, nitinol manufacturing, and photochemical machining [4] - The company operates 17 facilities with over 3,000 associates across multiple countries, including the U.S., Canada, and Switzerland, and is backed by private equity firms Carlyle and GTCR [4] - Resonetics is committed to being an open-source supplier to medical device OEMs and contract manufacturers, emphasizing quality, responsiveness, and innovation [4]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for being a forward-looking and enthusiastic adopter of technology, utilizing decades of expertise and experience among its content creators [4] - The company employs automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]

Financial Performance - Carlyle Group reported revenue of $1.04 billion for the quarter ended March 2025, reflecting a 2% increase year-over-year [1] - Earnings per share (EPS) for the quarter was $1.14, up from $1.01 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $970.32 million by 7.51% [1] - The company delivered an EPS surprise of 17.53%, with the consensus EPS estimate being $0.97 [1] Key Metrics - Total Assets Under Management (AUM) for Global Private Equity at the end of the period was $164.21 billion, slightly below the average estimate of $164.35 billion [4] - Total AUM for Global Investment Solutions was $89.23 billion, surpassing the average estimate of $84.21 billion [4] - Total AUM at the end of the period was $452.61 billion, exceeding the average estimate of $446.97 billion [4] Segment Revenues - Realized principal investment income was $30 million, above the average estimate of $28.05 million, but down 11% year-over-year [4] - Realized performance revenues were $355.10 million, compared to the estimated $316.07 million, representing a 10.7% decrease year-over-year [4] - Fund management fees totaled $525.50 million, slightly above the estimate of $522.96 million, marking a 1.9% increase year-over-year [4] - Transaction and portfolio advisory fees were $77.90 million, significantly exceeding the average estimate of $46.27 million, with a year-over-year increase of 191.8% [4] - Total segment fee revenues reached $642.90 million, surpassing the estimate of $605.80 million, reflecting a 12.5% increase year-over-year [4] - Global Credit fund management fees were $139.60 million, slightly above the estimate of $139.06 million, showing a 2% year-over-year change [4] - Total fee revenues for Global Credit were $231.80 million, exceeding the average estimate of $205.42 million, representing a 28.3% increase year-over-year [4] Stock Performance - Carlyle's shares returned 12.6% over the past month, compared to the S&P 500 composite's return of 13.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

AUM and Performance Metrics - The company reported a total of Fee-earning AUM, which includes the fair value of investments in carry funds and related co-investment vehicles, as well as capital entitled to be called from investors[20]. - The calculation of AUM includes third-party capital raised for investment in Fortitude, reflecting the net asset value of investments in Carlyle products[22]. - Performance Fee Eligible AUM represents the AUM of funds for which the company is entitled to receive performance allocations, inclusive of fair value investments[28]. - Perpetual Capital includes assets managed under strategic advisory services agreements, business development companies, and certain structured credit products[29]. - The company’s calculations of AUM and Fee-earning AUM may differ from those of other asset managers, affecting comparability[24]. Internal Controls and Risk Management - The company maintains effective disclosure controls and procedures to ensure timely reporting of required information[635]. - There were no material changes in market risks during the three months ended March 31, 2025[634]. - The company’s internal control over financial reporting has not materially changed during the fiscal quarter ended March 31, 2025[637]. Investment Process - The investment process involves comprehensive due diligence, including review of management reputation and business sector risks[633]. Legacy Funds - Legacy Energy Funds, which include Energy III, Energy IV, and Renew II, are no longer significant to the company’s results of operations[30].

Core Viewpoint - Carlyle Group Inc. reported strong first-quarter 2025 earnings, exceeding estimates and showing year-over-year growth in net income and segmental revenues, supported by an increase in assets under management and a decline in expenses [1][2][3]. Financial Performance - Post-tax distributable earnings per share for Q1 2025 were $1.14, surpassing the Zacks Consensus Estimate of 97 cents and up from $1.01 in the same quarter last year [1]. - Net income attributable to Carlyle was $130 million, a significant increase from $65.6 million in the prior-year quarter [2]. - Total segmental revenues reached $1.04 billion, reflecting a 1.9% increase year-over-year, although it fell short of the Zacks Consensus Estimate by 7.2% [3]. - Total segment fee revenues increased by 12.5% year-over-year to $642.9 million, driven by higher transaction and portfolio advisory fees [3]. - Realized performance revenues decreased by 10.7% from the previous year to $355.1 million [3]. - Total segmental expenses slightly decreased to $587.8 million [4]. Assets Under Management - As of March 31, 2025, total assets under management (AUM) were $453 billion, marking a 6.6% increase from the prior-year quarter [5]. - Fee-earning AUM was $314 billion, which rose by 3% year-over-year [5]. Capital Distribution Activities - In the reported quarter, Carlyle repurchased or withheld 3.3 million shares of common stock for $177 million, with $0.7 billion worth of shares remaining under authorization [6]. - The company declared a quarterly dividend of 35 cents per share, payable on May 27, 2025, to shareholders of record as of May 19, 2025 [6]. Industry Context - The competitive financial environment and volatile macroeconomic backdrop present challenges for Carlyle, despite the positive trends in AUM and revenue growth [7]. - Comparatively, other asset managers like Invesco and KKR also reported strong earnings, indicating a generally positive trend in the asset management industry [9][10].

Financial Data and Key Metrics Changes - The company reported record fee-related earnings (FRE) of $311 million, up 17% year-over-year [6][20] - The FRE margin reached 48%, the highest level in several years [6][19] - Distributable earnings (DE) were at a record $455 million [6][19] - Assets under management (AUM) increased to $453 billion, a 6% year-over-year growth [20] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated record FRE in Q1, nearly double from the previous year, with AUM growing 12% to $89 billion [12] - Global Credit's quarterly FRE surpassed $100 million for the first time, a nearly 50% increase from last year [13] - Global Private Equity results were in line with expectations, with significant capital returned to investors [23][24] Market Data and Key Metrics Changes - The company noted strong inflows of $50 billion over the past year, including $14 billion in Q1 alone [20] - European private credit deployment increased by 150% year-over-year, reflecting strong demand for private credit solutions [13] Company Strategy and Development Direction - The company is well-positioned to capitalize on new investment opportunities due to its long-term investment horizon and capital-light model [10] - Carlyle is focusing on diversifying its client solutions and enhancing its global wealth strategy [15][24] - The company aims to leverage its brand and platform to drive growth in key areas, particularly in private equity and credit [56] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macro environment, noting that while there are uncertainties, the long-term trends driving demand for private capital remain strong [10][11] - The company is actively engaging with limited partners (LPs) and remains open for business despite market volatility [34][36] Other Important Information - The company has $84 billion of dry powder available for investment [10] - Carlyle's diversified platform allows it to mobilize resources effectively during market volatility [17][24] Q&A Session Summary Question: Impact of trade policy and tariffs on investment activity - Management discussed the cautious optimism among LPs and the need for thoughtful capital deployment in light of trade policy changes [30][34] Question: Corporate private equity franchise outlook - Management indicated no major adjustments to the timing of CP9, driven by deployment pace [38][39] Question: Insurance wins and fundraising guidance - Management clarified that the $40 billion flow guidance includes the recent insurance wins and strong performance in wealth products [46][48] Question: FRE margin and expense outlook - Management expressed satisfaction with the 48% FRE margin and indicated that expenses are well-planned for the year [51][52] Question: Fundraising for AlpInvest and future growth - Management highlighted the strong performance of AlpInvest and the expected continuation of fundraising efforts [55][60] Question: Endowment sector stress and its implications - Management downplayed the potential impact of endowment shifts on private capital allocation, viewing it as isolated [62][64] Question: Inorganic growth opportunities in insurance - Management expressed a preference for organic growth but remains open to accretive acquisitions if they make sense [68][70] Question: Opportunities in Japan - Management noted the dynamic nature of the Japanese market and the company's strong position there [76][78] Question: Capital markets and deployment strategy - Management emphasized a capital-light approach while focusing on execution activity levels across the platform [84][86] Question: Real estate fund updates - Management confirmed that the activation of fees on the real estate fund would lead to growth in management fees in Q2 [90]

Financial Data and Key Metrics Changes - The company reported record fee-related earnings (FRE) of $311 million, up 17% year over year [5][20] - FRE margin reached 48%, the highest level in several years [5][20] - Distributable earnings (DE) were $455 million, marking a record start to the year [18] - Assets under management (AUM) increased to $453 billion, up 6% year over year, driven by $50 billion of inflows over the past year [19][20] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated record FRE in the first quarter, nearly double from the same period last year, with AUM growing 12% to a record $89 billion [11] - Global Credit saw quarterly fee-related earnings surpassing $100 million for the first time, an increase of nearly 50% from last year [12] - Global Private Equity results were in line with expectations, with significant capital returned to investors, totaling nearly $8 billion over the past year [23] Market Data and Key Metrics Changes - The company noted strong momentum in private credit solutions, particularly in European lending, where deployment increased by 150% year over year [12] - The number of public companies in the U.S. has decreased nearly by half over the past two decades, while the number of private companies has increased more than fivefold, indicating a shift towards private market access [10] Company Strategy and Development Direction - The company is well-positioned to capitalize on new investment opportunities with $84 billion of dry powder available [8] - Carlyle is focusing on diversifying its business lines and leveraging its global brand to drive growth, particularly in wealth management and private equity [14][55] - The strategic initiative to grow capital markets is accelerating, with a record $150 million in fees generated over the past six months [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macro environment, noting that while there are uncertainties, the long-term trends driving demand for private capital remain strong [9][19] - The impact of recent trade policies on investor sentiment and risk appetite was discussed, with management indicating that the majority of their portfolio is U.S.-based and less affected by tariffs [6][7] Other Important Information - The company has seen a doubling of evergreen inflows over the past year, indicating strong performance in its global wealth strategy [14] - Carlyle's diversified platform allows it to mobilize resources effectively during periods of market volatility [16] Q&A Session Summary Question: Impact of trade policy and tariffs on investment activity - Management noted that while there is a cautious approach among investors, there remains a willingness to deploy capital as long as policy implementation progresses positively [30][32] Question: Future of private equity franchise and fundraising - Management indicated no major adjustments to the timing of Fund IX, with a focus on performance and deployment in Fund VIII [36][91] Question: Insurance wins and fundraising guidance - The $40 billion flow guidance includes the recent insurance transactions, with strong performance in wealth products noted [45][96] Question: Endowment sector stress and its implications - Management does not foresee a significant decline in allocations to private capital from endowments, viewing potential opportunities for capital deployment [61][62] Question: Strategic alternatives in the insurance space - Management expressed a preference for organic growth but remains open to accretive acquisitions if they make sense [68][72] Question: Opportunities in Japan - The company highlighted a strong position in Japan, with expectations for continued growth in the market due to evolving corporate stewardship and asset management capabilities [76][78]

Carlyle Reports First Quarter 2025 Financial Results MAY 8, 2025 Carlyle Reports First Quarter 2025 Financial Results WASHINGTON, D.C. AND NEW YORK – May 8, 2025 – Global investment firm The Carlyle Group Inc. (NASDAQ: CG) today reported its unaudited results for the first quarter ended March 31, 2025. U.S. GAAP Results U.S. GAAP results for Q1 2025 included income before provision for income taxes of $171 million and a margin on income before provision for income taxes of 17.6%. Dividend The Board of Direc ...