Core Insights - Carlyle's Q3 results fell short of Wall Street expectations, with a 12.6% year-over-year decline in revenue and weaker private equity performance [1][6] - Management attributed the underperformance to a quieter quarter for private equity exits and volatile public markets, while noting strength in credit and secondary solutions [1][6] - CEO Harvey Schwartz emphasized the long-term focus of the private equity business, acknowledging the inherent variability in deal closings [1] Financial Performance - Revenue reported at $782.5 million, significantly below analyst estimates of $987.3 million, marking a 12.6% decline year-over-year and a 20.7% miss [6] - Adjusted EPS was $0.87 compared to expectations of $1.02, reflecting a 15% miss [6] - Adjusted EBITDA was reported at -$23.4 million, missing estimates of $449.5 million, with an operating margin of -4.8%, down from 87.8% in the same quarter last year [6] Market and Business Outlook - Market capitalization stands at $18.9 billion [6] - CFO John Redett indicated strong momentum in credit and AlpInvest, expressing confidence in achieving revised full-year inflow targets [6] - CEO Harvey Schwartz highlighted growth opportunities in credit, insurance, and new wealth products, indicating broad-based momentum [6] Analyst Insights - Questions from analysts focused on inflows, growth priorities, private equity realizations, fee rate dynamics, and global wealth flows [4][5] - CFO John Redett discussed the variability of deal closings but emphasized a robust pipeline for future capital returns [6] - Plans for new flagship wealth funds in 2026 were outlined, showcasing early progress in the strategy [6]