Buyout firm Carlyle Group Inc CG.O reported on Thursday a smaller-than-expected 6% drop in third quarter distributable earnings as growth in its private equity and credit businesses partly offset a decline in asset sales from its real estate and energy divisions.
Carlyle said distributable earnings (DE) – the cash available for paying dividends – fell to $151.8 million from $160.7 million a year earlier. This translated to DE per share of 40 cents, which surpassed the Wall Street consensus average of 36 cents, according to data from Refinitiv.
The Washington, D.C.-based firm said its overall fund portfolio rose by 5% during the quarter, driven by private equity funds, which climbed 5%, while credit funds appreciated by 4%. Its real estate and energy funds rose 3% and 1% respectively.
By contrast, Blackstone Group Inc BX.N, the world’s largest private equity firm, said its private equity portfolio appreciated 12.2% in the quarter, while opportunistic and core real estate funds rose 6.4% and 3.5% respectively.
Under generally accepted accounting principles (GAAP), Carlyle reported a net income of $295.5 million, driven by a steep rise in investment income.
The firm said its total assets under management totaled $230 billion at the end of September, up from $221 billion three months earlier. It also closed the quarter with $74 billion in unspent capital.