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Inside Carlyle Group's 2Q17 Results

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Part 6
Inside Carlyle Group's 2Q17 Results PART 6 OF 8

Behind Carlyle Group’s Latest Quarterly Dividend

Quarterly distribution

Carlyle Group (CG) declared a quarterly dividend of $0.42 per share on August 2, 2017, to be paid on August 21, 2017. For 2Q17, the company reported DE (distributable earnings) amounting to $199 million, compared with $288 million in 2Q16, mainly due to a decline in FRE (fee-related earnings).

For 2Q17, Carlyle reported FRE amounting to $6 million, compared with $45 million in 2Q16, primarily due to a $15-million increase in fundraising expenses. The company incurred a charge of $6 million related to a legacy commodities issue, and this also led to a fall in FRE in 2Q17.

Behind Carlyle Group&#8217;s Latest Quarterly Dividend

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Carlyle’s net realized performance fees in 2Q17 came in at $182 million, compared with $233 million in 2Q16. In 2Q17, the company’s fee-generating AUM (assets under management) stood at $116.1 billion, compared with $125.3 billion in 2Q16.

Payout ratios

Carlyle’s payout ratio stood at 105.30%, compared with the following payout ratios of peer alternative asset managers (XLF):

  • KKR & Company (KKR): 34.78%
  • Blackstone (BX): 75.25%
  • Apollo Global Management (APO): 46.56%
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