The Carlyle Group
Carlyle Group L.P. (Form: 8-K, Received: 10/31/2017 06:33:54)


 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
 
 
 
FORM 8-K
 
 
 
 
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 31, 2017
 
 
 
 
 
The Carlyle Group L.P.
(Exact name of registrant as specified in its charter)
 
 
 
 
 

 
 
 
 
 
Delaware
 
001-35538
 
45-2832612
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
 
1001 Pennsylvania Avenue, NW
Washington, D.C.
 
20004-2505
(Address of Principal Executive Offices)
 
(Zip Code)
(202) 729-5626
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 
 
 
 
 






Item 2.02
Results of Operations and Financial Condition.
On October 31, 2017, The Carlyle Group L.P. issued a summary press release and a detailed earnings presentation announcing financial results for its third quarter ended September 30, 2017. The summary press release and the earnings presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report.
As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibits 99.1 and 99.2 incorporated in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information or Exhibits 99.1 and 99.2 be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits.







SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
THE CARLYLE GROUP L.P.
 
 
 
 
 
 
 
 
By:
 
Carlyle Group Management L.L.C.,
 
 
 
 
 
 
its general partner
 
 
 
 
Date: October 31, 2017
 
 
 
By:
 
/s/ Curtis L. Buser
 
 
 
 
Name:
 
Curtis L. Buser
 
 
 
 
Title:
 
Chief Financial Officer







Exhibit 99.1
CARLYLEBLUE300DPIJPGA12.JPG  

The Carlyle Group Announces Third Quarter 2017 Financial Results
Washington, DC, October 31, 2017 – Global alternative asset manager The Carlyle Group L.P. (NASDAQ: CG) today reported its unaudited results for the third quarter ended September 30, 2017 .

Carlyle Co-CEO David M. Rubenstein said, “Carlyle is performing well across all metrics enabling us to declare a third quarter common unitholder distribution of $0.56. We are pleased to have resolved and put behind us all of the major challenges that we have faced over the past few years. This is the right time to announce a change in leadership, and we believe the best days for Carlyle are ahead of us.”
 
Carlyle Co-CEO William E. Conway, Jr. said, “Our carry fund portfolio continued to generate solid returns, with appreciation of 3% in the quarter and up 19% over the past twelve months. Our global investment teams invested nearly $7 billion of capital during the third quarter, the highest quarterly level since our IPO, into a diverse mix of new assets and have deployed over $20 billion of capital during the past twelve months.”

U.S. GAAP results for Q3 2017 included income before provision for income taxes of $ 166 million , and net income attributable to the common unitholders through The Carlyle Group L.P. of $45 million , or net income per common unit of $0.43 , on a diluted basis. U.S. GAAP results for the twelve months ended September 30, 2017 included income before provision for income taxes of $749 million and net income attributable to The Carlyle Group L.P. of $176 million . Total balance sheet assets were $12 billion as of September 30, 2017 .

In addition to this release, Carlyle issued a full detailed presentation of its third quarter 2017 results, which can be viewed on the investor relations section of our website at ir.carlyle.com .

Notable Impacts on Q3 2017 Results
Carlyle's Q3 2017 results reflect the financial impacts from commodities related insurance recoveries, the disposal of Urbplan Desenvolvimento Urbano S.A. (“Urbplan”) and a litigation related reserve release:

Commodities Related Insurance Recovery : Third quarter results included incremental net insurance recoveries related to commodities of $74 million, reducing the cumulative net losses related to this matter that were previously recognized in 2016 and in the first half of 2017. This amount is included in general, administrative and other expense in Global Market Strategies and completes our recovery of general liability insurance proceeds related to this matter, though we continue to pursue additional recoveries of commodity assets and proceeds from marine cargo insurance policies on behalf of affected fund investors. The full amount of the net recovery affected GAAP earnings, Economic Net Income, Fee Related Earnings and Distributable Earnings.

Disposal of Urbplan : During Q3 2017, Carlyle disposed of its ownership interest in Urbplan, the Brazilian residential subdivision and land development company that had been consolidated into Carlyle's results since 2013. With this transaction, Urbplan has been deconsolidated from Carlyle's financial results. As a result, we recognized a pre-tax loss of $65 million in Real Assets. The GAAP and ENI loss net of related tax benefits was $54 million and $26 million, respectively.  The smaller GAAP tax benefit reflects that The Carlyle Group L.P. owns 29% of Carlyle Holdings whereas ENI assumes that all of the Carlyle Holdings partnership units are converted into common units.

Carlyle Capital Corporation Litigation Reserve Release: Third quarter results included a $25 million reserve reversal related to the resolution of the Carlyle Capital Corporation (“CCC”) litigation. During the third quarter,

Page | 1



Carlyle prevailed in the litigation before the Royal Court of Guernsey involving the 2008 insolvency of CCC. The Guernsey trial court decided that Carlyle and Directors of CCC acted reasonably and appropriately in the management and governance of CCC. A reserve had been initiated in 2015 related to this matter, and this reserve was reversed during Q3 2017. This resolution impacts each of our business segments in the line item for Reserve for Litigation and Contingencies, and affects GAAP earnings and Economic Net Income, but not Fee Related Earnings or Distributable Earnings, as the timing of future payment was uncertain at the time the reserve was initiated.
Distributions
The Board of Directors has declared a quarterly distribution of $0.56 per common unit to holders of record at the close of business on November 10, 2017, payable on November 16, 2017.

On September 13, 2017, Carlyle issued 16 million of 5.875% Series A Preferred Units at a price of $25.00 per unit for total gross proceeds of $400 million. Distributions on the Series A Preferred Units, when and if declared, will be payable quarterly on the 15 th day of March, June, September and December of each year, beginning December 15, 2017.   Distributions on the Series A Preferred Units are discretionary and non-cumulative. The Board of Directors has declared a quarterly distribution of $0.375347 per Series A Preferred Unit to holders of record at the close of business on December 1, 2017, payable on December 15, 2017. The first distribution on the Series A Preferred Units is calculated based on the date of original issuance.
Conference Call
Carlyle will host a conference call at 8:30 a.m. EDT on Tuesday, October 31, 2017, to announce its third quarter 2017 financial results. The call may be accessed by dialing +1 (800) 850-2903 (U.S.) or +1 (253) 237-1169 (international) and referencing “The Carlyle Group Financial Results Call.” The conference call will be webcast simultaneously via a link on Carlyle’s investor relations website at ir.carlyle.com and an archived replay of the webcast also will be available on the website soon after the live call.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $174 billion of assets under management across 306 investment vehicles as of September 30, 2017 . Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,550 people in 31 offices across six continents.

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Forward Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, our distribution policy, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 16, 2017, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
This release does not constitute an offer for any Carlyle fund.
Contacts:
Public Market Investor Relations
  
Media
Daniel Harris
  
Elizabeth Gill
Phone: +1 (212) 813-4527
  
Phone: +1 (202) 729-5385
daniel.harris@carlyle.com
  
elizabeth.gill@carlyle.com
 
 
Web: www.carlyle.com
  
 
Videos: www.youtube.com/onecarlyle
  
 
Tweets: www.twitter.com/onecarlyle
  
 
Podcasts: www.carlyle.com/about-carlyle/market-commentary

Page | 3


Exhibit 99.2

CARLYLEBLUE300DPIJPGA12.JPG

For Immediate Release
October 31, 2017

The Carlyle Group Announces Third Quarter 2017 Financial Results

U.S. GAAP results included income before provision for income taxes of $166 million and net income attributable to The Carlyle Group L.P. of $45 million , or $0.43 per common unit on a diluted basis, for Q3 2017

$260 million of Distributable Earnings on a pre-tax basis for Q3 2017 and $0.75 per common unit on a post-tax basis in Q3 2017

Declared a quarterly distribution of $0.56 per common unit for Q3 2017

Economic Net Income of $203 million on a pre-tax basis and $0.56 per Adjusted Unit on a post-tax basis in Q3 2017 , driven by 3% carry fund portfolio appreciation

Net accrued performance fees of $1.5 billion as of Q3 2017 , up 28% over the last twelve months

$8.4 billion in realized proceeds in Q3 2017 and $26.5 billion realized over the last twelve months
$6.9 billion of invested capital in Q3 2017 and $20.8 billion invested over the last twelve months
$7.1 billion in gross capital raised in Q3 2017 and $22.1 billion raised over the last twelve months
Washington, DC – Global alternative asset manager The Carlyle Group L.P. (NASDAQ: CG) today reported its unaudited results for the third quarter ended September 30, 2017 .

Carlyle Co-CEO David M. Rubenstein said, “Carlyle is performing well across all metrics enabling us to declare a third quarter common unitholder distribution of $0.56. We are pleased to have resolved and put behind us all of the major challenges that we have faced over the past few years. This is the right time to announce a change in leadership, and we believe the best days for Carlyle are ahead of us.”
 
Carlyle Co-CEO William E. Conway, Jr. said, “Our carry fund portfolio continued to generate solid returns, with appreciation of 3% in the quarter and up 19% over the past twelve months. Our global investment teams invested nearly $7 billion of capital during the third quarter, the highest quarterly level since our IPO, into a diverse mix of new assets and have deployed over $20 billion of capital during the past twelve months.”

U.S. GAAP results for Q3 2017 included income before provision for income taxes of $ 166 million , and net income attributable to the common unitholders through The Carlyle Group L.P. of $45 million , or net income per common unit of $0.43 , on a diluted basis. U.S. GAAP results for the twelve months ended September 30, 2017 included income before

Page | 1



provision for income taxes of $749 million and net income attributable to The Carlyle Group L.P. of $176 million . Total balance sheet assets were $12 billion as of September 30, 2017 .

Notable Impacts on Q3 2017 Results
Carlyle's Q3 2017 results reflect the financial impacts from commodities related insurance recoveries, the disposal of Urbplan Desenvolvimento Urbano S.A. (“Urbplan”) and a litigation related reserve release:

Commodities Related Insurance Recovery : Third quarter results included incremental net insurance recoveries related to commodities of $74 million, reducing the cumulative net losses related to this matter that were previously recognized in 2016 and in the first half of 2017. This amount is included in general, administrative and other expense in Global Market Strategies and completes our recovery of general liability insurance proceeds related to this matter, though we continue to pursue additional recoveries of commodity assets and proceeds from marine cargo insurance policies on behalf of affected fund investors. The full amount of the net recovery affected GAAP earnings, Economic Net Income, Fee Related Earnings and Distributable Earnings.

Disposal of Urbplan : During Q3 2017, Carlyle disposed of its ownership interest in Urbplan, the Brazilian residential subdivision and land development company that had been consolidated into Carlyle's results since 2013. With this transaction, Urbplan has been deconsolidated from Carlyle's financial results. As a result, we recognized a pre-tax loss of $65 million in Real Assets. The GAAP and ENI loss net of related tax benefits was $54 million and $26 million, respectively.  The smaller GAAP tax benefit reflects that The Carlyle Group L.P. owns 29% of Carlyle Holdings whereas ENI assumes that all of the Carlyle Holdings partnership units are converted into common units.

Carlyle Capital Corporation Litigation Reserve Release: Third quarter results included a $25 million reserve reversal related to the resolution of the Carlyle Capital Corporation (“CCC”) litigation. During the third quarter, Carlyle prevailed in the litigation before the Royal Court of Guernsey involving the 2008 insolvency of CCC. The Guernsey trial court decided that Carlyle and Directors of CCC acted reasonably and appropriately in the management and governance of CCC. A reserve had been initiated in 2015 related to this matter, and this reserve was reversed during Q3 2017. This resolution impacts each of our business segments in the line item for Reserve for Litigation and Contingencies, and affects GAAP earnings and Economic Net Income, but not Fee Related Earnings or Distributable Earnings, as the timing of future payment was uncertain at the time the reserve was initiated.
Distributions
The Board of Directors has declared a quarterly distribution of $0.56 per common unit to holders of record at the close of business on November 10, 2017, payable on November 16, 2017.

On September 13, 2017, Carlyle issued 16 million of 5.875% Series A Preferred Units at a price of $25.00 per unit for total gross proceeds of $400 million. Distributions on the Series A Preferred Units, when and if declared, will be payable quarterly on the 15 th day of March, June, September and December of each year, beginning December 15, 2017.   Distributions on the Series A Preferred Units are discretionary and non-cumulative. The Board of Directors has declared a quarterly distribution of $0.375347 per Series A Preferred Unit to holders of record at the close of business on December 1, 2017, payable on December 15, 2017. The first distribution on the Series A Preferred Units is calculated based on the date of original issuance.
Distribution Policy
It is Carlyle’s intention to cause Carlyle Holdings to make quarterly distributions to its partners, including The Carlyle Group L.P.’s wholly owned subsidiaries, that will enable The Carlyle Group L.P. to pay a quarterly distribution of approximately 75% of Distributable Earnings Attributable to Common Unitholders for the quarter. Carlyle’s general partner may adjust the distribution for amounts determined to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and its funds or to comply with applicable law or any of its financing agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and distributions to unitholders for any ensuing quarter. The amount to be distributed could also be adjusted upward in any one quarter. The declaration and payment of any distributions is at the sole discretion of Carlyle’s general partner, which may change or eliminate the distribution policy at any time.

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Carlyle Consolidated GAAP Results
 
The Carlyle Group L.P.
Summary U.S. GAAP Condensed Consolidated Statements of Operations (Unaudited)
 
 
Three Months Ended           
 
LTM
 
 
Sep 30, 2016
Dec 31, 2016
Mar 31, 2017
Jun 30, 2017
Sep 30,
2017
 
Sep 30,
2017
 
 
(Dollars in millions, except per unit data)
 
 
 
Revenues
 
 
 
 
 
 
 
 
Fund management fees
 
$
255.1

$
259.0

$
246.3

$
238.8

$
262.5

 
$
1,006.6

Total performance fees
 
214.7

181.0

681.6

543.6

285.6

 
1,691.8

Total investment income
 
70.5

34.3

46.3

59.0

37.2

 
176.8

Revenue from consolidated entities
 
61.7

92.7

135.5

5.6

44.7

 
278.5

All other revenues
 
5.3

8.9

10.4

61.4

9.9

 
90.6

Total revenues
 
607.3

575.9

1,120.1

908.4

639.9

 
3,244.3

 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
Base compensation
 
154.3

176.6

146.0

151.0

174.1

 
647.7

Equity-based compensation
 
81.4

68.8

72.8

88.0

81.0

 
310.6

Total performance fee related compensation
 
110.9

76.2

317.1

257.1

137.6

 
788.0

General, administrative and other expenses
 
188.9

158.5

93.8

95.8

(18.7
)
 
329.4

Expenses from consolidated entities and loss on deconsolidation of Urbplan
 
114.4

90.9

164.8

96.9

101.7

 
454.3

Interest and other nonoperating expenses
 
11.9

3.0

15.0

16.6

16.9

 
51.5

Total expenses
 
661.8

574.0

809.5

705.4

492.6

 
2,581.5

 
 
 
 
 
 
 
 
 
Net investment gains of consolidated funds
 
4.8

10.0

17.1

40.7

18.6

 
86.4

Income (loss) before provision for income taxes
 
(49.7
)
11.9

327.7

243.7

165.9

 
749.2

Provision (benefit) for income taxes
 
1.0

(2.7
)
5.8

13.2

(1.3
)
 
15.0

Net income (loss)
 
(50.7
)
14.6

321.9

230.5

167.2

 
734.2

Net income (loss) attributable to non-controlling interests in consolidated entities
 
(29.1
)
70.8

3.3

16.5

27.6

 
118.2

Net income (loss) attributable to Carlyle Holdings
 
(21.6
)
(56.2
)
318.6

214.0

139.6

 
616.0

Net income (loss) attributable to non-controlling interests in Carlyle Holdings
 
(22.4
)
(47.3
)
235.6

156.4

95.0

 
439.7

Net income (loss) attributable to The Carlyle Group L.P.
 
$
0.8

$
(8.9
)
$
83.0

$
57.6

$
44.6

 
$
176.3

 
 
 
 
 
 
 
 
 
Net income (loss) attributable to The Carlyle Group L.P. per common unit
 
 
 
 
 
 
 
 
   Basic
 
$
0.01

$
(0.11
)
$
0.97

$
0.65

$
0.47

 
 
   Diluted
 
$
(0.02
)
$
(0.16
)
$
0.90

$
0.59

$
0.43

 
 
 
 
 
 
 
 
 
 
 

Income (loss) before provision for income taxes (1) was $ 166 million for Q3 2017 , compared to $(50) million for Q3 2016. The increase in income before provision for income taxes in Q3 2017 compared to Q3 2016 was primarily due to a $208 million decrease in general, administrative and other expenses and a $44 million increase in net performance fees, partially offset by lower investment income of $33 million. The variance in general, administrative and other expenses from Q3 2016 primarily reflects the $100 million commodities charge in Q3 2016 as compared to the $74 million net insurance recovery in Q3 2017 and the $25 million reversal of the CCC litigation reserve in Q3 2017.

Net income (loss) attributable to The Carlyle Group L.P. was $45 million , or $0.43 per common unit on a diluted basis for Q3 2017 , compared to $1 million , or $(0.02) per common unit on a diluted basis for Q3 2016.

(1) Income (loss) before provision for income taxes is the GAAP measure that is most directly comparable to Economic Net Income (ENI) and Distributable Earnings, which management uses to measure the performance of the business.  In most periods, income (loss) before provision for income taxes will be lower than ENI principally due to excluding from ENI equity compensation from awards issued in conjunction with the initial public offering, acquisitions and strategic investments, as well as other acquisition-related charges, including amortization of intangibles and impairment.  In periods of positive earnings, net income (loss) attributable to The Carlyle Group L.P. typically will be lower than ENI as net income (loss) attributable to The Carlyle Group L.P. only includes the portion of earnings (approximately 29% before taxes as of September 30, 2017 ) that is attributable to the public unitholders whereas the calculation of ENI reflects the adjusted earnings attributable to all unitholders.  A full reconciliation is included on page 34. See "Non-GAAP Financial Information and Other Key Terms" for additional information.





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Non-GAAP Operating Results

Carlyle Group Summary  ($ in millions, except unit and per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LTM
 
% Change    
$ in millions, except per unit data and where noted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2016
 
Q4 2016
 
Q1 2017
 
Q2 2017
 
Q3 2017
 
Q4 16 - Q3 17
 
QoQ  
 
YoY
 
LTM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Economic Net Income
 
$
53.5

 
$
5.6

 
$
400.1

 
$
300.1

 
$
202.7

 
$908.5
 
(32)%
 
279%
 
144%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Related Earnings
 
30.8

 
(145.2
)
 
25.5

 
6.2

 
96.4

 
(17.1)
 
1,455%
 
213%
 
NM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Performance Fees
 
142.3

 
60.7

 
394.1

 
299.4

 
147.0

 
901.2
 
(51)%
 
3%
 
104%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Net Performance Fees
 
186.3

 
135.6

 
35.3

 
182.1

 
216.9

 
569.9
 
19%
 
16%
 
(3)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
 
228.2

 
7.4

 
55.4

 
198.9

 
259.9

 
521.6
 
31%
 
14%
 
(34)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Economic Net Income, Tax and Per Unit Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Economic Net Income (pre-tax)
 
$
53.5

 
$
5.6

 
$
400.1

 
$
300.1

 
$
202.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less (Add): Provision (Benefit) for income taxes (1)
 
(16.2
)
 
(0.8
)
 
35.5

 
25.3

 
10.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Economic Net Income, After Taxes
 
$
69.7

 
$
6.4

 
$
364.6

 
$
274.8

 
$
192.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Adjusted Units (in millions)
 
330.2

 
330.2

 
333.7

 
337.5

 
342.8

(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Economic Net Income, After Taxes per Adjusted Unit
 
$
0.21

 
$
0.02

 
$
1.09

 
$
0.81

 
$
0.56

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings, Tax and Per Unit Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
 
$
228.2

 
$
7.4

 
$
55.4

 
$
198.9

 
$
259.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: Estimated foreign, state, and local taxes (3)
 
5.6

 
5.4

 
6.8

 
5.6

 
5.4

 
 
 
 
 
 
 
 
 
 


 


 


 
 
 
 

 
 
 
 
 
 
 
 
Distributable Earnings, After Taxes
 
$
222.6

 
$
2.0

 
$
48.6

 
$
193.3

 
$
254.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allocating Distributable Earnings for only public unitholders of The Carlyle Group L.P.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings to The Carlyle Group L.P.
 
$
57.8

 
$
0.5

 
$
13.0

 
$
55.6

 
$
74.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: Estimated current corporate income taxes (4)
 
1.4

 
1.2

 
1.5

 
1.8

 
1.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings to The Carlyle Group L.P. net of corporate income taxes
 
$
56.4

 
$
(0.7
)
 
$
11.5

 
$
53.8

 
$
73.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Units in public float (in millions)
 
85.0

 
85.7

 
88.1

 
96.2

 
98.3

(5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings, net, per The Carlyle Group L.P. common unit outstanding
 
$
0.66

 
$
0.00

 
$
0.13

 
$
0.56

 
$
0.75

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution per common unit
 
$
0.50

 
$
0.16

 
$
0.10

 
$
0.42

 
$
0.56

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Totals may not sum due to rounding. 

(1) Represents the implied provision for income taxes that was calculated using a similar methodology as that used in calculating the provision for income taxes for The Carlyle Group L.P., without any reduction for non-controlling interests.
(2) For information regarding our calculation of Adjusted Units as of September 30, 2017 , please see page 35.
(3) Represents the implied provision for current income taxes that was calculated using a similar methodology as that used in calculating the provision for current income taxes for The Carlyle Group L.P., without any reduction for non-controlling interests.
(4) Represents current corporate income taxes payable on Distributable Earnings allocated to Carlyle Holdings I GP Inc. and estimated current Tax Receivable Agreement payments owed.
(5) Includes 498,592 common units that were issued in October and November 2017 in connection with the vesting of deferred restricted common units. For purposes of this calculation, these common units have been added to the common units outstanding as of September 30, 2017 because they will participate in the unitholder distribution that will be paid on the common units in November 2017.


Page | 4




Carry Fund Appreciation and Net Accrued Performance Fees
Carlyle's carry fund portfolio appreciated 3% during Q3 2017 and 19% over the past twelve months. Carlyle's private carry fund portfolio appreciated 3% and the public carry fund portfolio appreciated 2% during Q3 2017 , excluding Investment Solutions. Carry fund valuations for Q3 2017 were primarily impacted by strength in our latest vintage U.S. Buyout (CP VI), Europe Buyout (CEP IV) and Europe Technology (CETP III) funds, as well as the prior generation U.S. Buyout fund (CP V) and several U.S. Real Estate funds, among others. The net accrued performance fee balance declined 4% during the quarter to $1.5 billion, and increased 29% over the LTM.
 
 
 
 
LTM
 
Net Accrued
Performance Fees
Fund Valuations ($ in millions)
 
Q3 2016
 
Q4 2016
 
Q1 2017
 
Q2 2017
 
Q3 2017
 
Q4 2016 - Q3 2017
 
Q3 2017
Overall Carry Fund Appreciation/(Depreciation) (1)
 
3%
 
5%
 
6%
 
5%
 
3%
 
19%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate Private Equity (2)
 
3%
 
4%
 
9%
 
8%
 
4%
 
27%
 
$967
Buyout
 
3%
 
4%
 
9%
 
9%
 
3%
 
27%
 
$929
Growth Capital
 
0%
 
3%
 
7%
 
4%
 
6%
 
22%
 
$38
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Assets (2)
 
4%
 
4%
 
5%
 
6%
 
2%
 
18%
 
$423
Real Estate
 
0%
 
3%
 
5%
 
6%
 
3%
 
19%
 
$304
Natural Resources (3)
 
12%
 
0%
 
7%
 
6%
 
5%
 
20%
 
$135
Legacy Energy
 
1%
 
9%
 
3%
 
4%
 
(3)%
 
14%
 
$(16)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Market Strategies Carry Funds (2)
 
0%
 
2%
 
7%
 
0%
 
0%
 
11%
 
$44
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Solutions Carry Funds (2)
 
2%
 
7%
 
3%
 
1%
 
3%
 
14%
 
$63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Accrued Performance Fees
 
 
 
 
 
 
 
 
 
 
 
 
 
$1,497
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Q317PFRFNAPF.JPG

Note: The sum of quarters may not equal LTM.
(1) Appreciation/(Depreciation) represents unrealized gain/(loss) for the period on a total return basis before fees and expenses. The percentage of return is calculated as: ending remaining investment fair market value plus net investment outflow (sales proceeds minus net purchases) minus beginning remaining investment fair market value divided by beginning remaining investment fair market value. Fund only, does not include co-investment.
(2) We generally earn performance fees (or carried interest) from our carry funds representing a 20% allocation of profits generated on third-party capital, and on which the general partner receives a special residual allocation of income from limited partners, which we refer to as carried interest, in the event that specified investment returns are achieved by the fund. Disclosures referring to carry funds also include the impact of certain commitments that do not earn carried interest, but are either part of, or associated with our carry funds. The rate of carried interest, as well as the share of carried interest allocated to Carlyle, may vary across the carry fund platform. See "Non-GAAP Financial Information and Other Key Terms" for more information.
(3) Natural Resources is comprised of NGP, infrastructure, power and international energy funds.
(4) Other primarily reflects the impact of foreign exchange.


Page | 5



Carlyle All Segment Results
Net Funds Raised
 
Invested Capital
 
Realized Proceeds
 
Fund Appreciation
Q3
$7.1 billion
 
Q3
$6.9 billion
 
Q3
$8.4 billion
 
Q3
3%
YTD:
$18.5 bn
LTM:
$21.2 bn
 
YTD:
$14.8 bn
LTM:
$20.8 bn
 
YTD:
$18.0 bn
LTM:
$26.5 bn
 
YTD:
14%
LTM:
19%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

$ in millions, unless noted
 
Q3 2016
 
Q3 2017
 
Prior LTM
 
LTM
 
Commentary
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Related Earnings (FRE)
 
$31
 
$96
 
$170
 
$(17)
 
Q3 2017 FRE  was positively impacted by the $74 million net insurance recovery related to our commodities business. Excluding the recovery, FRE would have been $22 million in Q3 2017. Management fees increased due to a higher average fee rate despite lower Fee-Earning AUM, but were offset by higher compensation expense.

Net Realized Performance Fees  in Q3 2017 were primarily driven by the final gains on the sale of Pharmaceutical Product Development (CP V), Natures Bounty (CP V, CEP III), BTI Studios (CETP II) and realizations in our U.S. Real Estate carry funds.

Realized Investment Loss  in Q3 2017 was driven by the $65 million charge related to the disposal of Urbplan, partially offset by gains in Corporate Private Equity and U.S. Structured Credit investments.
 
 
 
 
 
 
 
 
 
 
 
+
Net Realized Performance Fees
 
186
 
217
 
590
 
570
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Investment Income/(Loss)
 
11
 
(53)
 
30
 
(31)
 
 
 
 
 
 
 
 
 
 
 
 
=
Distributable Earnings (DE)
 
$228
 
$260
 
$789
 
$522
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Related Earnings (FRE)
 
$31
 
$96
 
$170
 
$(17)
 
Net Performance Fees  were driven by appreciation of 3% in our carry funds in Q3 2017 and 19% LTM. Corporate Private Equity carry funds appreciated 4% in the quarter, and have appreciated 27% over the LTM. The In-Carry ratio for CPE, Real Assets and GMS carry funds increased to 68% in Q3 2017 from 63% last quarter and 56% in Q3 2016.

Q3 2017 Investment Loss  owed primarily to the charge for Urbplan, partially offset by gains on investments in U.S. Buyout, Real Estate and energy investments. Net of the tax benefit, the ENI loss related to Urbplan in Q3 2017 was $26 million.

Equity-based Compensation  declined relative to Q3 2016.
 
 
 
 
 
 
 
 
 
 
 
+
Net Performance Fees
 
142
 
147
 
442
 
901
 
 
 
 
 
 
 
 
 
 
 
 
+
Investment Income/(Loss)
 
13
 
(35)
 
37
 
21
 
 
 
 
 
 
 
 
 
 
 
 
Equity-based Compensation
 
33
 
30
 
126
 
122
 
 
 
 
 
 
 
 
 
 
 
 
Other 1
 
100
 
(25)
 
150
 
(125)
 
 
 
 
 
 
 
 
 
 
 
 
=
Economic Net Income
 
$54
 
$203
 
$373
 
$909
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Earning Assets Under Management
($ bn)
 
$123.8
 
$121.8
 
 
 
 
 
Fee-Earning AUM  declined relative to Q3 2016 primarily due to $5 billion of divestments/outflows in our former hedge fund platform. Fundraising of $7.1 billion during Q3 2017 included follow-on closings in our new opportunistic U.S. Real Estate fund, AlpInvest Co-investment program and global infrastructure fund, as well as over $1.1 billion in new CLOs, among others. As of the end of Q3 2017, pending Fee-Earning AUM, which represents funds raised but not yet earning fees,was $5 billion, compared to $9 billion at the end of Q2 2017 as we initiated fees on several new funds in the quarter that had previously been pending.
 
 
 
 
 
 
 
 
 
 
 
 

Note: LTM, or last twelve months, refers to the period Q4 2016 through Q3 2017 . Prior LTM, or the prior rolling 12-month period, refers to the period Q4 2015 through Q3 2016 .
(1) Includes a $100 million reserve for ongoing litigation and contingencies taken in Q3 2016, which was allocated to the segments in the following manner: Corporate Private Equity ($50 million), Real Assets ($21 million), Global Market Strategies ($19 million) and Investment Solutions ($10 million) and includes a $50 million reserve for ongoing litigation and contingencies taken in Q4 2015, which was allocated to the segments in the following manner: Corporate Private Equity ($27 million), Real Assets ($9 million), Global Market Strategies ($9 million) and Investment Solutions ($5 million). Additionally, Includes a $(25) million reduction to the reserve for ongoing litigation and contingencies taken in Q3 2017, which was allocated to the segments in the following manner: Corporate Private Equity ($(13) million), Real Assets ($(6) million), Global Market Strategies ($(4) million) and Investment Solutions ($(2) million).

Page | 6




Corporate Private Equity (CPE)
Net Funds Raised
 
Invested Capital
 
Realized Proceeds
 
Fund Appreciation
Q3
$0.9 billion
 
Q3
$3.6 billion
 
Q3
$4.0 billion
 
Q3
4%
YTD:
$1.4 bn
LTM:
$1.4 bn
 
YTD:
$7.5 bn
LTM:
$10.1 bn
 
YTD:
$7.7 bn
LTM:
$11.4 bn
 
YTD:
23%
LTM:
27%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

$ in millions, unless noted
 
Q3 2016
 
Q3 2017
 
Prior LTM
 
LTM
 
Commentary
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Related Earnings (FRE)
 
$17
 
$3
 
$89
 
$45
 
Compared to Q3 2016, the decline in FRE  was driven by higher compensation expenses. The LTM decline in FRE was primarily driven by lower management fees related to lower average Fee-Earning AUM. Fundraising costs in Q4 2017 are likely to increase significantly as several large CPE funds are expected to have first closes in the quarter.

CPE Net Realized Performance Fees  in Q3 2017 were primarily driven by exits in Carlyle Partners V, Carlyle Europe Partners III and Carlyle Europe Technology Partners II.

Realized Investment Income  was driven by gains on investments in our Europe Buyout, U.S. Growth and Financial Services funds.
 
 
 
 
 
 
 
 
 
 
 
+
Net Realized Performance Fees
 
168
 
198
 
492
 
532
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Investment Income
 
24
 
7
 
48
 
29
 
 
 
 
 
 
 
 
 
 
 
 
=
Distributable Earnings (DE)
 
$209
 
$207
 
$629
 
$607
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Related Earnings (FRE)
 
$17
 
$3
 
$89
 
$45
 
Net Performance Fees  were driven by carry fund appreciation in CPE of 4% in the quarter and 27% over the LTM.

During the quarter, Carlyle Partners VI appreciated 4%, Carlyle Europe Partners IV appreciated 8%, and Carlyle Europe Technology Partners III appreciated 29%. Several of these funds are in accrued carry and positively impacted Net Performance Fees and Accrued Performance Fees for the quarter.



 
 
 
 
 
 
 
 
 
 
 
+
Net Performance Fees
 
101
 
81
 
241
 
617
 
 
 
 
 
 
 
 
 
 
 
 
+
Investment Income
 
15
 
11
 
35
 
54
 
 
 
 
 
 
 
 
 
 
 
 
Equity-based Compensation
 
20
 
15
 
72
 
61
 
 
 
 
 
 
 
 
 
 
 
 
Other 1
 
50
 
(13)
 
77
 
(62)
 
 
 
 
 
 
 
 
 
 
 
 
=
Economic Net Income
 
$63
 
$92
 
$216
 
$718
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Earning Assets Under Management
($ bn)
 
$37.8
 
$35.6
 
 
 
 
 
Fee-Earning AUM  declined relative to Q3 2016 primarily due to a strong level of realizations and modest levels of fundraising. Fundraising during Q3 2017 included a follow on closing in our third Financial Services fund and several coinvestments.
 
 
 
 
 
 
 
 
 
 
 
 
(1) For a description of the "Other" amount, please see page 6.
Corporate Private Equity
 
Quarter
 
LTM
 
% Change    
$ in millions, except per unit data and where noted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2016
 
Q4 2016
 
Q1 2017
 
Q2 2017
 
Q3 2017
 
Q4 16 - Q3 17
 
QoQ  
 
YoY
 
LTM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Economic Net Income
 
63
 
71
 
313
 
242
 
92
 
718
 
(62)%
 
46%
 
233%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Related Earnings
 
17
 
19
 
10
 
13
 
3
 
45
 
(78)%
 
(83)%
 
(49)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Performance Fees
 
101
 
0
 
313
 
224
 
81
 
617
 
(64)%
 
(20)%
 
157%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Net Performance Fees
 
168
 
159
 
25
 
151
 
198
 
532
 
31%
 
18%
 
8%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
 
209
 
191
 
35
 
173
 
207
 
607
 
20%
 
(1)%
 
(4)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets Under Management ($ in billions)
 
54.6
 
50.9
 
53.0
 
54.3
 
55.7
 
 
 
3%
 
2%
 
2%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Earning Assets Under Management ($ in billions)
 
37.8
 
36.3
 
36.9
 
36.2
 
35.6
 
 
 
(2)%
 
(6)%
 
(6)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Totals may not sum due to rounding.


Page | 7




Real Assets
Net Funds Raised
 
Invested Capital
 
Realized Proceeds
 
Fund Appreciation
Q3
$2.4 billion
 
Q3
$1.3 billion
 
Q3
$1.7 billion
 
Q3
2%
YTD:
$7.0 bn
LTM:
$7.3 bn
 
YTD:
$2.8 bn
LTM:
$5.0 bn
 
YTD:
$3.2 bn
LTM:
$5.2 bn
 
YTD:
14%
LTM:
18%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Invested capital, realized proceeds, and fund appreciation are for carry funds only.
$ in millions, unless noted
 
Q3 2016
 
Q3 2017
 
Prior LTM
 
LTM
 
Commentary
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Related Earnings (FRE)
 
$14
 
$13
 
$67
 
$16
 
Compared to Q3 2016, FRE  declined modestly as a $12 million increase in management fees was offset by higher expenses, including a $5 million increase in fundraising costs. During Q3 2017, management fees were initiated on capital raised for the latest vintage U.S. Real Estate and NGP carry funds. The LTM decline in FRE was primarily driven by a decline in catch up management fees, as well as an $18 million increase in fundraising costs.

Net Realized Performance Fees  in Q3 2017 were primarily driven by U.S. Real Estate.

Realized Investment Loss  was driven by the $65 million charge related to Urbplan.
 
 
 
 
 
 
 
 
 
 
 
+
Net Realized Performance Fees
 
11
 
11
 
73
 
11
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Investment Loss
 
(14)
 
(65)
 
(20)
 
(72)
 
 
 
 
 
 
 
 
 
 
 
 
=
Distributable Earnings (DE)
 
$10
 
$(41)
 
$120
 
$(45)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Related Earnings (FRE)
 
$14
 
$13
 
$67
 
$16
 
Net Performance Fees  were driven by fund appreciation in Real Assets of 2% in the quarter and 18% over the LTM.

Real Estate funds appreciated 3% in the quarter and 19% LTM. Natural Resources funds appreciated 5% in the quarter and 20% LTM. Partially offsetting Real Estate and Natural Resources appreciation, Legacy Energy carry funds declined 2% in the quarter, though this decline had minimal impact on net performance fees due to lower carry ownership in those funds.

Investment Loss  in Q3 2017 was primarily attributable to the charge related to Urbplan, partially offset by unrealized gains on investments in U.S. and Europe Real Estate funds, NGP funds and other investments.


 
 
 
 
 
 
 
 
 
 
 
+
Net Performance Fees
 
28
 
50
 
182
 
232
 
 
 
 
 
 
 
 
 
 
 
 
+
Investment Loss
 
(10)
 
(52)
 
(9)
 
(52)
 
 
 
 
 
 
 
 
 
 
 
 
Equity-based Compensation
 
7
 
9
 
26
 
33
 
 
 
 
 
 
 
 
 
 
 
 
Other 1
 
22
 
(6)
 
31
 
(27)
 
 
 
 
 
 
 
 
 
 
 
 
=
Economic Net Income
 
$4
 
$8
 
$183
 
$190
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Earning Assets Under Management
($ bn)
 
$28.9
 
$29.8
 
 
 
 
 
Fee-Earning AUM  increased modestly relative to Q3 2016 due to inflows and the fee initiation on our latest vintage U.S. Real Estate fund and NGP fund, both of which initiated fees in Q3 2017 and remain in the process of raising additional capital. In Q3 2017, the twelfth NGP fund held a first close and we held follow on closes in our U.S. Real Estate and infrastructure funds. Pending Fee-Earning AUM declined to $1 billion from $4 billion last quarter.
 
 
 
 
 
 
 
 
 
 
 
 
(1) For a description of the "Other" amount, please see page 6.
Real Assets
 
Quarter
 
LTM
 
% Change
$ in millions, except per unit data and where noted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2016
 
Q4 2016
 
Q1 2017
 
Q2 2017
 
Q3 2017
 
Q4 16 - Q3 17
 
QoQ  
 
YoY
 
LTM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Economic Net Income
 
4
 
73
 
59
 
51
 
8
 
190
 
(85)%
 
105%
 
4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee-Related Earnings
 
14
 
9
 
5
 
(11)
 
13
 
16
 
216%
 
(10)%
 
(76)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Performance Fees
 
28
 
52
 
66
 
64
 
50
 
232
 
(21)%
 
79%
 
28%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Net Performance Fees
 
11
 
(30)
 
7
 
22
 
11
 
11
 
(50)%
 
7%
 
(85)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
 
10
 
(20)
 
4
 
12
 
(41)
 
(45)
 
NM
 
NM
 
NM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets Under Management ($ in billions)
 
35.7
 
34.3
 
35.6
 
38.9
 
39.8