Financial Performance - Carlyle reported Q4 2025 net income attributable to common stockholders of $358 million, translating to $0.96 per diluted share, and full-year net income of $809 million, or $2.18 per diluted share[15]. - Total revenues for Q4 2025 reached $1.9 billion, a significant increase from $1.03 billion in Q4 2024, while full-year revenues were $4.78 billion, down from $5.43 billion in FY 2024[15]. - Distributable Earnings ("DE") were $436 million for Q4 2025, or $1.01 per common share, and $1.7 billion, or $4.02 per common share for FY 2025[21]. - Fee Related Earnings ("FRE") of $290 million for Q4 2025, up 1% year-over-year, and $1.2 billion for FY 2025, up 12% from FY 2024[34]. - Total segment revenues for FY 2025 were $3,901.5 million, compared to $3,655.4 million in FY 2024, reflecting a growth of 6.7%[84]. - Distributable earnings for FY 2025 were $1,691.2 million, up from $1,525.5 million in FY 2024[84]. - Net income attributable to The Carlyle Group Inc. for FY'25 is projected to be $1,020.4 million, a recovery from a loss of $608.4 million in FY'24[136]. Revenue Sources - Fund management fees increased to $606.8 million in Q4 2025, up from $597.4 million in Q4 2024, and full-year fees rose to $2.40 billion from $2.19 billion[15]. - Incentive fees for Q4 2025 were $55.4 million, compared to $37.3 million in Q4 2024, with full-year incentive fees increasing to $190.5 million from $133.5 million[15]. - Total investment income for FY'25 is projected at $1,341.7 million, compared to $2,254.4 million in FY'24, showing a decrease of 40.5%[136]. Assets Under Management - Carlyle's assets under management stood at $477 billion as of December 31, 2025, reflecting strong investor confidence and disciplined execution of strategy[7]. - Total Assets Under Management reached $477 billion, an 8% increase year-over-year, with Fee-earning Assets Under Management at $337 billion, up 11% year-over-year[22]. - Performance Fee Eligible AUM increased by 3% to $236 billion, primarily due to inflows in Alplnvest funds and an 8% appreciation across the carry fund portfolio[47]. - Total AUM for Global Private Equity was flat at $164 billion as of December 31, 2025, with inflows of $1.3 billion offset by realizations[67]. - Total AUM reached $211 billion as of December 31, 2025, a 1% increase from the prior quarter, driven by inflows of $5.4 billion and market activity[73]. Expenses and Compensation - Total expenses for Q4 2025 were $1.38 billion, up from $800.7 million in Q4 2024, with significant increases in cash-based and equity-based compensation[15]. - The total compensation and benefits for FY'25 are projected to be $2,206.2 million, a decrease from $2,704.9 million in FY'24, reflecting a reduction of approximately 18.4%[136]. - Equity-based compensation expenses for FY'25 are expected to be $376.6 million, a decrease from $476.5 million in FY'24, reflecting a reduction of approximately 21%[123]. Shareholder Returns - The company declared a quarterly dividend of $0.35 per common share, payable on February 20, 2026[4]. - The dividend per common share for FY 2025 was $1.40, with a consistent quarterly dividend of $0.35[116]. - The total cost of shares repurchased and retired during the period was $686.5 million[117]. Market Outlook and Strategy - Carlyle anticipates entering 2026 with strong momentum and a focus on long-term value creation for investors and portfolio companies[6]. - The company has indicated plans for market expansion and new product development, although specific details were not disclosed in the earnings call[126]. - Future outlook includes continued market expansion and potential acquisitions to drive growth[157]. Performance Metrics - The gross multiple on invested capital (MOIC) for various funds ranged from 1.1x to 2.9x, indicating strong performance across different vintages[112]. - The Net Internal Rate of Return (Net IRR) represents an annualized return on Limited Partner invested capital after the impact of all management fees and expenses, with certain funds potentially generating accrued performance revenues below the preferred return hurdle[171]. - The estimated effective tax rate for distributable earnings was 13.9% for FY 2025, influenced by tax deductions from restricted stock units[116].

Core Viewpoint - Investors are evaluating Invesco (IVZ) and Carlyle Group (CG) to determine which stock represents a better undervalued investment opportunity [1] Group 1: Zacks Rank and Earnings Outlook - Invesco has a Zacks Rank of 1 (Strong Buy), while Carlyle Group has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank indicates that IVZ has a positive earnings estimate revision trend, suggesting an improving earnings outlook [3] Group 2: Valuation Metrics - Invesco's forward P/E ratio is 10.07, compared to Carlyle Group's forward P/E of 12.56 [5] - Invesco has a PEG ratio of 0.48, while Carlyle Group's PEG ratio is 1.04, indicating that IVZ is expected to grow earnings at a better rate relative to its price [5] - Invesco's P/B ratio is 0.92, significantly lower than Carlyle Group's P/B of 3.09, suggesting that IVZ is undervalued compared to its book value [6] Group 3: Overall Value Assessment - Based on various valuation metrics, Invesco holds a Value grade of A, while Carlyle Group has a Value grade of C [6] - The solid earnings outlook and favorable valuation figures position Invesco as the superior value option at this time [6]

Group 1 - At least two companies, including Chevron, are competing for Lukoil's global assets [1] - Lukoil had initially agreed to sell its portfolio to U.S. private equity firm Carlyle [1]

Core Viewpoint - Carlyle Commodities Corp. has successfully upsized its non-brokered private placement by an additional $400,000, bringing the total gross proceeds to $4,150,000 due to strong investor demand [1][2]. Group 1: Private Placement Details - The additional third tranche of the private placement is expected to generate approximately $400,000, subject to customary closing conditions and regulatory approvals [2]. - The private placement involves the issuance of subscription receipts at a price of $0.01 per receipt, which will convert into units upon satisfaction of the closing conditions [3]. - Each unit consists of one common share and one-half of a common share purchase warrant, with the warrant allowing the purchase of an additional share at an exercise price of $0.015 for 18 months [3]. Group 2: Use of Proceeds - The net proceeds from the private placement will be held in escrow and are intended for exploration work on the Silver Pony Resources Trout Lake Projects and general working capital [5]. - If the escrow release condition is not met within 180 days, the net proceeds will be returned to subscribers [5]. Group 3: Company Overview - Carlyle is a mineral exploration company focused on acquiring, exploring, and developing mineral resource properties, including the Quesnel Gold Project and the Nicola East Mining Project [8].

Core Insights - Revera Energy has successfully completed an expanded US$150 million credit facility to enhance its financing capacity for energy projects in Australia and the UK [1][2] - The facility reflects strong institutional confidence in Revera's development capabilities and positions the company to meet the growing demand for grid-scale energy infrastructure [2][6] Financial Overview - The credit facility amounts to US$150 million, equivalent to A$222 million or £111 million, aimed at accelerating project development [1] - Nomura acts as the Sole Bookrunner and Lead Arranger for the new credit facility, indicating strong financial backing and strategic partnerships [2][8] Project Development - The additional capital will enable Revera to fast-track key projects, including: - Supporting the construction of the 150MW / 300MWh Bungama Stage 1 battery storage project in South Australia, expected to reach commercial operation in Q2 2026 [7] - Accelerating the development of at least 600MW / 2,400MWh of additional battery storage capacity across the National Energy Market (NEM) [7] - Optimizing 158MW of operational solar farms in New South Wales [7] - Developing at least 1,000MW / 2,000MWh of late-stage battery storage projects, with the first 200MW project expected to hit notice to proceed in Q1 2026 [7] Market Positioning - Revera is positioned to capitalize on the increasing demand for grid-scale storage and renewable generation capacity in Australia and the UK, both of which are among the top five global markets for battery storage assets [2][6] - The company's integrated approach across battery storage and renewable generation supports decarbonization objectives while providing essential grid services [9][10] Strategic Partnerships - Revera benefits from strategic partnerships with leading financial institutions, enhancing its ability to secure premium development sites and navigate complex approval processes [10][11] - Nomura's involvement underscores its commitment to delivering effective capital solutions and supporting Revera's growth trajectory [7][8]

Core Insights - The UAE, particularly Abu Dhabi and Dubai, is emerging as a strategic hub for capital flows related to sanctioned entities, providing financial and geopolitical leverage for firms like Carlyle and companies such as Lukoil [1][6][14] - Carlyle's investment strategy focuses on navigating fragmented markets and capitalizing on geopolitical dynamics rather than outright ownership of energy assets, positioning itself as a key player in the evolving energy landscape [2][9][14] - The relationship between Carlyle, Lukoil, and the UAE illustrates a shift in global energy geopolitics, where control over capital pathways and strategic partnerships is becoming more critical than traditional production metrics [3][13][14] Group 1: Carlyle's Strategy and Positioning - Carlyle's approach to energy investments emphasizes structuring exposure to cash flows and optionality, particularly in politically sensitive regions [2][5] - The firm is leveraging dislocation in the market caused by sanctions and geopolitical tensions to extract value from mispriced assets, focusing on minority stakes and structured finance [9][12] - Carlyle's interest in Lukoil is not a bet on Russia's resurgence but rather a strategic move to navigate a fragmented energy landscape [5][11] Group 2: Lukoil's Market Dynamics - Lukoil's international assets remain valuable despite constraints imposed by Western sanctions, with the company seeking to monetize these assets in a politically charged environment [4][10] - The demand for Lukoil's assets is influenced by the need for flexibility in logistics and trading, as buyers are increasingly seeking discounts in a competitive market [4][5] - Lukoil's relative autonomy and willingness to restructure holdings make it an attractive counterparty for investors looking to engage without overt political branding [5][9] Group 3: UAE's Strategic Role - The UAE is repositioning itself as a global allocator of capital, focusing on influence across energy supply chains rather than merely on resource extraction [6][8] - By facilitating access to Lukoil's opportunities, the UAE aims to strengthen ties with Russia while maintaining a neutral stance in the geopolitical landscape [6][10] - The UAE's financial infrastructure is being utilized to manage politically complex assets, positioning it as a key player in the future of global energy markets [6][14]

Core Insights - Carlyle will host a Shareholder Update on February 26, 2026, featuring presentations from senior leadership regarding the company's growth outlook and financial objectives [1] - The event will include a Q&A session and will be accessible via a live webcast, with materials available on the company's investor relations website [2] Company Overview - Carlyle is a global investment firm with $474 billion in assets under management as of September 30, 2025, operating across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest [3] - The firm employs over 2,400 people across 27 offices on four continents, focusing on investing wisely to create value for investors and communities [3]

Core Viewpoint - U.S. private equity firm Carlyle is engaging in exploratory discussions with UAE investors to potentially bring in partners for the acquisition of Russian firm Lukoil's international assets, contingent on the success of the initial agreement [1] Group 1 - Carlyle is considering partnerships with UAE investors as part of its strategy to acquire Lukoil's international assets [1] - The discussions are in the exploratory phase, indicating that no formal agreements have been reached yet [1] - The acquisition of Lukoil's assets is significant, reflecting Carlyle's interest in expanding its portfolio in the energy sector [1]

Acquisition Announcement - Reddy Ice, LLC announced an agreement to acquire Arctic Glacier, LLC, a North American provider of premium ice products and services, from Carlyle [1] - The terms of the transaction were not disclosed [1] Strategic Vision - Reddy Ice aims to create increased operational efficiency across a diverse footprint in the US, Mexico, and Canada through this acquisition [2] - The combined companies are expected to enhance customer service and operational capabilities, aligning with Reddy Ice's vision to improve health, welfare, and quality of life through superior products and services [2] Company Profiles - Reddy Ice is the largest manufacturer and distributor of packaged ice products in North America, operating over 115 manufacturing and distribution centers [4] - Arctic Glacier has been in operation for over 140 years, producing and delivering over 2.5 billion pounds of premium ice annually, with 77 manufacturing facilities and distribution centers across the US and Canada [5][6] Leadership Statements - Reddy Ice's CEO expressed pride in welcoming Arctic Glacier and emphasized the commitment to exceeding customer expectations [2] - Arctic Glacier's CEO highlighted the company's focus on innovative ice solutions and operational excellence [2] Financial and Legal Advisory - Latham & Watkins LLP served as legal advisors for Reddy Ice, while BMO Capital Markets Corp. acted as financial advisor [3] - For Arctic Glacier, Debevoise & Plimpton LLP and Rule Garza Howley LLP served as legal advisors, with Deutsche Bank as financial advisor [3] Regulatory Considerations - The acquisition is subject to customary closing conditions, including regulatory approvals, and Reddy Ice will divest four facilities and associated customer contracts as part of the DOJ Antitrust Division's review [2]

Core Viewpoint - Centerra Gold Inc. has suspended operations at its Langeloth Metallurgical Facility due to an explosion caused by an uncontrolled chemical reaction, with no fatalities reported but several injuries [1] Group 1: Incident Details - The explosion occurred on January 29, 2026, at approximately 6:15 p.m. Eastern Time [1] - Two contractors were hospitalized with injuries, and two employees were taken to the hospital for precautionary reasons [1] - There is currently no indication of a significant environmental release, and relevant regulatory agencies have been notified [1] Group 2: Company Overview - Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring, and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide [2] - The company operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye [2] - Centerra also owns the Kemess Project in British Columbia, the Goldfield Project in Nevada, and operates a Molybdenum Business Unit in the United States and Canada [2]