Carlyle 1 Quarter 2025 Earnings Comment

Carlyle Group Inc reported 130 million USDs in net profit in 1Q 2025 compared with 65.6 million USDs in net profit in 1Q 2024.

Revenue for 1Q 2025 was 973 million USDs compared with revenue of 688 million USDs for 1Q 2024.

With 453 billion USDs of assets under management Carlyle's main business lines of global private equity with 164 billion USDs and global credit with 199 billion USDs of assets under management continue to be booming, according to Wolfteam Ltd.'s projections and estimates.

Carlyle continues to benefit from the private markets boom wave of private equity and private credit growth.

Carlyle with market capitalization of 17.1 billion USDs is undervalued by public markets in Wolfteam Ltd.'s view.

Here is Carlyle's 1Q 2025 statement of comprehensive income:

EVENUES
Fund management fees $ 523.6 $ 586.1 $ 2,066.0 $ 2,250.6
Incentive fees 26.2 43.2 100.1 150.5
Investment income (loss), including performance allocations (83.9) 159.8 (211.6) 2,498.1
Revenue from consolidated entities 164.9 133.4 613.1 600.1
All other revenues 57.6 50.6 225.7 211.2
Total Revenues 688.4 973.1 2,793.3 5,710.5
EXPENSES
Cash-based compensation and benefits 221.9 218.4 985.4 872.0
Equity-based compensation 108.3 103.5 303.0 463.1
Performance allocations and incentive fee related compensation (72.8) 171.4 925.2 1,605.7
General, administrative and other expenses 147.7 173.6 640.6 691.5
Expenses from consolidated entities 124.6 113.5 450.0 553.8
Interest and other non-operating expenses 31.0 27.8 125.2 117.5
Total Expenses 560.7 808.2 3,429.4 4,303.6
Net investment income (loss) of consolidated funds (7.0) 6.1 (3.7) 37.1
Income (loss) before provision for income taxes1 120.7 171.0 (639.8) 1,444.0
Provision (benefit) for income taxes 21.9 12.4 (116.6) 293.1
Net income (loss) 98.8 158.6 (523.2) 1,150.9
Net income attributable to non-controlling interests 33.2 28.6 120.3 66.1
Net income (loss) attributable to The Carlyle Group Inc. Common Stockholders $ 65.6 $ 130.0 $ (643.5) $ 1,084.8
Net income (loss) attributable to The Carlyle Group Inc. per common share:
Basic $ 0.18 $ 0.36 $ (1.78) $ 3.03
Diluted $ 0.18 $ 0.35 $ (1.78) $ 2.95
Margin on income (loss) before provision for taxes2 17.5 % 17.6 % (22.9) % 25.3 %
Effective tax rate 18.1 % 7.3 % 18.2 % 20.3 %
Net performance revenues3 $ (84.2) $ 51.5 $ (1,331.6) $ 789.9