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Carlyle Group and Its Mixed 3Q17 Results

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Part 7
Carlyle Group and Its Mixed 3Q17 Results PART 7 OF 9

Carlyle Group Witnessed Decline in Total 3Q17 Expenses

Rise in total compensation and benefits expenses

The Carlyle Group (CG) managed to reduce its total expenses from $661.8 million in 3Q16 to $492.6 million in 3Q17. However, it saw a rise in total compensation and benefits expenses, from $346.6 million in 3Q16 to $392.7 million in 3Q17. The rise was mainly due to an increase in base compensation.

Carlyle Group Witnessed Decline in Total 3Q17 Expenses

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The YoY (year-over-year) rise in base compensation came from increased bonuses and a higher headcount (except related to the hedge fund) of $16.7 million. Increased expenses related to fundraising also contributed to the rise.

The Carlyle Group has a forward annual dividend yield of 5.6%. Here are the yields of some other alternative asset managers (XLF):

  • Blackstone Group (BX): 5.3%
  • Apollo Global Management (APO): 6.5%
  • KKR & Co. (KKR): 3.4%

General, administrative, and other expenses

In 3Q17, the Carlyle Group (CG) saw a decline of $207.6 million on a YoY basis for its general, administrative, and other expenses. The decline was mainly due to lower expenses related to contingencies and litigation.

In 3Q17, the company witnessed a rise of $4.9 million YoY in interest and other expenses related to consolidated funds. The YoY rise was mostly because of consolidated collateralized loan obligations.

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