$CG · Carlyle Group Inc.
Carlyle reported Q3 2026 results (period ended September 30, 2026). Distributable Earnings were $433M pre-tax ($1.12/share post-tax), with Fee Related Earnings of $293M and Realized Net Performance Revenues of $100M. U.S. GAAP results showed a loss before provision for income taxes of $77M and a net loss attributable to Carlyle of $8M ($0.02/share diluted). AUM was $479B, up 1% YoY; Pending Fee-earning AUM was $28B, up 48% YoY. The board declared a $0.35/share quarterly dividend.
- Distributable Earnings of $433M in Q3 2026, or $1.12 per share post-tax.
- GAAP net loss attributable to Carlyle of $8M, or $0.02 per diluted share.
- Total AUM of $479B, up 1% YoY; Pending Fee-earning AUM of $28B, up 48% YoY.
- Quarterly dividend of $0.35 per share declared, payable November 23, 2026.
- Net Accrued Performance Revenues of $2.1B as of September 30, 2026.
Extended-hours last trade $41.91, down 1.96% vs the $42.75 regular close, despite a +4.52% regular-session gain. The after-hours fade suggests investors weighed the GAAP net loss against strong Distributable Earnings.
Carlyle delivered record-level Distributable Earnings per share while GAAP swung to a loss, underscoring the divergence between cash earnings and mark-to-market results.
Carlyle's results highlight the gap between GAAP losses (driven by unrealized performance allocation reversals) and Distributable Earnings, a common dynamic across alternative asset managers.
A consolidated infrastructure fund in Global Private Equity carried a cumulative unrealized loss of ~$222M attributable to Carlyle, expected to be realized upon disposition in Q4 2026. Fund management fees declined YoY on lower catch-up fees and net investment realization activity.