The Carlyle Group Inc. reported its financial results for the third quarter of 2025, revealing a significant decline in overall revenues and net income compared to the same period in 2024. Total revenues for the three months ended September 30, 2025, amounted to $332.7 million, a decrease of 87% from $2.6 billion in the prior year. This decline was primarily driven by a substantial drop in performance allocations, which fell to a loss of $606.7 million from a gain of $1.8 billion in the previous year. For the nine months ended September 30, 2025, total revenues were $2.9 billion, down 34% from $4.4 billion in 2024.
The company's net income attributable to common stockholders was $0.9 million for the third quarter of 2025, a stark contrast to $595.7 million reported in the same quarter of 2024. For the nine-month period, net income decreased to $450.6 million from $809.5 million year-over-year. The decline in net income was attributed to the significant reversal of performance allocations, particularly in the Global Private Equity segment, which saw a loss of $781.4 million compared to a gain of $1.6 billion in the prior year.
Carlyle's assets under management (AUM) reached $474 billion as of September 30, 2025, reflecting a 3% increase from the previous quarter. The firm reported inflows of $16.9 billion during the third quarter, driven by strong fundraising efforts, particularly in its liquid credit products and reinsurance transactions at Fortitude. However, outflows of $11.7 billion were noted, primarily due to realizations in funds that charge fees based on invested capital.
In terms of operational metrics, Carlyle's fee-earning assets under management (Fee-earning AUM) stood at $332 billion, up 6% from the previous quarter. The company also reported a total of $5.3 billion in cash and cash equivalents, a significant increase from $1.3 billion at the end of 2024. The firm continues to maintain a strong liquidity position, with a senior revolving credit facility of $1 billion available as of September 30, 2025.
Looking ahead, Carlyle's management expressed cautious optimism regarding market conditions, noting the potential for continued growth in private equity and credit markets. However, they acknowledged the challenges posed by economic uncertainties, including the ongoing U.S. federal government shutdown and its potential impact on investment activity. The company remains focused on leveraging its diverse investment strategies to navigate these challenges and capitalize on emerging opportunities.
About Carlyle Group Inc.
The Carlyle Group is a global investment firm specializing in private equity, credit, and investment solutions. It manages diversified assets across buyouts, real estate, infrastructure, natural resources, and credit strategies, serving institutional and high-net-worth investors worldwide. Leveraging industry expertise, local insights, and a broad platform, Carlyle aims to generate attractive long-term returns through disciplined investment processes, value creation, and strategic portfolio management.
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