The Carlyle Group . 4.625% Subordinated Notes Due 2061 Stock Earnings Reports

Carlyle reported a strong Q1 2026 driven by record U.S. buyout realizations (> $12B), robust inflows ($13B total with $6.8B to AlpInvest and $3.9B to Global Credit), $300M fee-related earnings at a 47% margin, and $327M distributable earnings ($0.89/sh). Key operational highlights: record AlpInvest AUM ($107B) and inflows, Global Credit AUM $209B with strengthened credit metrics (direct lending nonaccrual 1%, structured credit default ~50 bps), $10B deployments in the quarter, and notable announced transactions including an $8B BASF coatings carve-out and a $3B MAI Capital acquisition. Carlyle closed an innovative, capital-efficient solution anchored by a $5B-plus cornerstone commitment tied to the next vintage U.S. buyout fund, demonstrating product innovation and LP demand. Realizations accelerated capital returns (record returns to U.S. buyout investors, CP VII DPI >70%), but near-term realized carry was modest due to the composition of exits (many from funds not yet in carry). Balance sheet remains healthy (~$5B of balance sheet assets attributable to shareholders, ~$14/sh), dividend maintained at $0.35/share, and $205M in share repurchases in the quarter with $1.9B remaining authorization. Management reaffirmed confidence in previously stated medium-term targets (by end-2028: ~$200B inflows, $1.9B FRE, $6+ DE/sh) and expects FRE growth to accelerate as fundraising and signed transactions drive higher management and transaction fees in coming quarters.