Carlyle(US:CG)2025-05-07 21:46Financial Performance - Carlyle reported net income attributable to common stockholders of $130 million for Q1 2025, or $0.35 per share on a diluted basis[17]. - Total revenues for Q1 2025 were $973.1 million, a significant increase from $688.4 million in Q1 2024, representing an increase of approximately 41.4%[17]. - Distributable Earnings for Q1 2025 were $455 million, compared to $431 million in Q1 2024, marking an increase of 6%[29]. - The margin on income before provision for income taxes was 17.6% for Q1 2025, slightly up from 17.5% in Q1 2024[17]. - Net income attributable to The Carlyle Group Inc. for 1Q'25 was $130.0 million, compared to $210.9 million in 4Q'24, reflecting a decrease of 38.2%[144]. - The company reported a net investment income (loss) of $6.1 million for 1Q'25, compared to $33.6 million in 4Q'24[144]. Assets Under Management (AUM) - Total assets under management reached $453 billion, up 6% year-over-year, with fee-earning assets under management increasing by 3% to $314 billion[20]. - Total Assets Under Management (AUM) reached $453 billion as of March 31, 2025, up 3% from the previous quarter and 6% year-over-year[45]. - Total AUM in Global Credit reached $199 billion as of March 31, 2025, a 4% increase from the prior quarter and a 7% increase year-over-year[73]. - Total AUM includes Legacy Energy funds, although their impact on overall results has diminished[169]. - Total investments in Carlyle AlpInvest as of March 31, 2025, amounted to $175.6 billion, with a gross IRR of 14% and a net IRR of 13%[112]. Earnings and Dividends - Carlyle declared a quarterly dividend of $0.35 per common share, payable on May 27, 2025[6]. - The estimated distributable earnings per common share for Q1 2025 was $1.14, consistent with the dividend per common share of $0.35[118]. - The company’s dividend policy is set at an annual rate of $1.40 per share, with quarterly payments of $0.35[152]. Investment Activity - Inflows for Q1 2025 amounted to $14.2 billion, contributing to a total of $49.6 billion for the LTM[20]. - Deployment in Q1 2025 was $11.1 billion, with LTM deployment increasing by 45% to $45.9 billion[60]. - Notable Q1 2025 investments included Vantive and deployment in U.S. real estate funds, with realized proceeds from significant transactions totaling $5.0 billion[67]. - The company experienced a 4% increase in Global Credit driven by inflows in insurance solutions and deployment across the platform[55]. Performance Metrics - Fee Related Earnings (FRE) for Q1 2025 were $311 million, with a total of $1.1 billion for the last twelve months (LTM)[20]. - Realized Net Performance Revenues in Q1 2025 were $127 million, down from $142 million in Q1 2024, reflecting a decrease of 11%[29]. - The company reported a significant unrealized performance revenue loss of $564.4 million in Q3 2024, impacting overall performance metrics[123]. - The Corporate Private Equity segment reported a cumulative invested capital of $151.022 billion, with a gross internal rate of return (IRR) of 25% and a net IRR of 17%[102]. Share Repurchase and Capital Management - Carlyle repurchased or withheld 3.3 million shares of common stock in Q1 2025, with $0.7 billion of repurchase capacity remaining under its $1.4 billion repurchase authorization[21]. - The total cost of shares repurchased and retired during the period was $176.5 million, with a remaining repurchase capacity of approximately $0.7 billion as of March 31, 2025[122]. Market and Economic Factors - The company reported foreign exchange gains of $1.795 billion during the quarter, contributing positively to the overall AUM[97]. - The average annual default rate for U.S. CLOs was reported at 0.1%, while European CLOs had a default rate of 0.0% as of Q1 2025[109]. - Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments, affecting overall AUM[174].