Carlyle Group Slips To Loss In Q3 - Quick Facts

(RTTNews) - Carlyle Group LP (CG) reported that its net loss attributable to the company for the third-quarter was $83.9 million and $1.11 per unit, compared to net income of $25.4 million and $0.35 per unit in the same quarter last year.

U.S. GAAP financial results for third-quarter 2015 included the effect of a previously reported non-cash impairment charge related to the intangible assets associated with the credit hedge funds managed by Claren Road Asset Management L.L.C. within Global Market Strategies segment.

When including the reduction of the related liabilities for contingent consideration associated with Claren Road, the pre-tax net charge in Carlyle's U.S. GAAP financial results for the third quarter was $162 million.

Economic net loss was $128 million on a pre-tax basis and $0.43 per Adjusted Unit on a post-tax basis, driven by 4% carry fund portfolio depreciation in third-quarter of 2015.

Total revenues for the quarter dropped to $297.5 million from $755 million in the prior year.

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 16, 2015, payable on November 24, 2015.

The Carlyle Group also announced that Jay Fishman has resigned as a member of the Board of Directors of Carlyle Group Management L.L.C., effective October 27, 2015. Mr. Fishman had served as a member of the Board of Directors since Carlyle's initial public offering in May 2012. He resigned due to previously announced health issues.

The Carlyle Group has named Anthony Welters, Executive Chairman of the Black Ivy Group, L.L.C. and Senior Adviser to the Office of the CEO of UnitedHealth Group, as an independent director.