The Carlyle Group Inc. (NASDAQ:CG) Q3 2023 Results Conference Call November 7, 2023 8:30 AM ET

Company Participants

Daniel Harris - Head of Investor Relations

Harvey Schwartz - Chief Executive Officer

John Redett - Chief Financial Officer

Conference Call Participants

Patrick Davitt - Autonomous Research

Alex Blostein - Goldman Sachs

Craig Siegenthaler - Bank of America

Ken Worthington - JPMorgan

Glenn Schorr - Evercore ISI

Michael Cyprys - Morgan Stanley

Brennan Hawken - UBS

Brian Bedell - Deutsche Bank

Brian Mckenna - JMP Securities

Steven Chubak - Wolfe Research

Dan Fannon - Jefferies

Ben Budish - Barclays

Operator

Good day and thank you for standing by. Welcome to the Carlyle Group Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Daniel Harris, Head of Investor Relations.

Daniel Harris

Thank you, Josh. Good morning, and welcome to Carlyle's third quarter 2023 earnings call. With me on the call this morning is our Chief Executive Officer, Harvey Schwartz; and Chief Financial Officer, John Redett. Earlier this morning, we issued a press release and a detailed earnings presentation, which is also available on our Investor Relations website. This call is being webcast, and a replay will be available on our website.

We will refer to certain non-GAAP financial measures during today's call. These measures should not be considered in isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles. We have provided a reconciliation of these measures to GAAP in our earnings release to the extent reasonably available. Any forward-looking statements made today do not guarantee future performance, and undue reliance should not be placed on them.

These statements are based on current management expectations and involve inherent risks and uncertainties, including those identified in the Risk Factors section of our annual report on Form 10-K that could cause actual results to differ materially from those indicated. Carlyle assumes no obligation to update any forward-looking statements at any time.

So turning to our results. For the third quarter, we generated $205 million in fee-related earnings and $367 million in distributable earnings with DE per common share of $0.87. Our net accrued carry balance was $3.5 billion as of the end of the quarter, and we declared a quarterly dividend of $0.35 per common share. In order to ensure participation by all those on the call today, please limit yourself to one question and return to the queue for any additional follow-ups.