CG - Earnings call transcript Q1 2024 | The Carlyle Group Inc.

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Operator

Good day, and thank you for standing by. Welcome to The Carlyle Group's First Quarter 2024 Earnings Conference Call. [Operator Instructions]

Please be advised that today's conference is being recorded.

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

Daniel Harris

quarter Financial is our Good to Executive John Officer, me Norma. Redett. and and Chief Head the XXXX our of Schwartz; first Strategy, Chief on morning you, With and earnings this Thank call Harvey call. Officer morning, Carlyle's welcome Corporate

Relations detailed website. we issued call be on a earnings a presentation, morning, and available will which this webcast Earlier our being release Investor This is replay and also is press a available.

non-GAAP We will or refer measures in accordance call. to be prepared isolation measures certain These not measures from considered with for in financial should generally principles. today's accounting substitute a as during accepted

of earnings these in available. reconciliation extent reasonably GAAP to release the provided our measures have to We

in statements undue and including These management Any and inherent Report future do on time. could on statements indicated. update any reliance are the forward-looking risks should today assumes differ to no Form expectations our based forward-looking guarantee them. from Carlyle materially be any Annual on of actual results identified current that obligation cause placed involve statements not performance, made at XX-K to and Factors those not section Risk uncertainties, those

those me let our to the that, Schwartz. queue to call return the order additional yourself by line And Executive question the all with Chief ensure then and to Harvey over on for In participation today, X Officer, please limit turn follow-ups. to any

Harvey Schwartz

X joining touch and morning, I Good for areas want on everyone, Dan. today. Thanks, us. you to thank

update an financial performance First, on our and XXXX our targets.

macroeconomic strategic to areas. on third, capitalize progress And ability environment. Carlyle's on an improving Second, key

performance. our First,

in the increase targeting including to continued FRE are of billion targeting billion, Our XXXX. momentum range of importantly, targets, achieve to to $X.X of to inflows firm, first XX%, we quarter FRE targeting and our XXXX a financial XX% results and reflect $XX track margins on across

operational and same the We records increase our time quarterly while $XXX to prioritize this several pickup than us results of and financial our for than realization These growth. year, near FRE a model, including first more XXXX. invest year. last XX% set last over and margin business ability of fundraising, year for we in the anticipate optimize confident excellence deployment We to of quarter, at remain throughout efforts a achieve outcome to enabling XX%, FRE higher XX% in the once our financial again quarter record million, our are record targets and

$X.X billion closing With after respect quarter near with fundraising, to record out expectations, line quarter, the we in raised XXXX. a in capital our new in

the target. we over Looking a expect in few line quarters, us to forward, keeping pickup again, with next see our fundraising in

this that environment we loan banking remains private macroeconomic the the Equity levels. more signs While syndicated see are tight continue and credit investment somewhat from interest level long-term These system deal if improvements driving of activity. investor and averages. which increased rates And to confidence, generally and continues have are last we and environment to improving. the readily is time volatility stabilized. is steadily Private fragile, inflation clear historically credit higher a from improve, available. at spreads year, expect under is is Capital sentiment

$X.X effects this billion quarter. improved of Our of already realized to proceeds market We the deal are sentiment. knock-on teams see starting had

quarters. in the to the announced of coming fourth to a back already XXXX various strategies number. that see will quarter go to We've close exits have in We additional higher

We net have our accrued across carry $X.X in to our portfolio, and global continues increase. billion pipeline

coming months. market improving to well-positioned is conditions Carlyle these the capitalize on over

ready portfolio be global dry and deployed across billion ready to powder high-quality in be our $XX assets monetized our have franchise. We to in

wealth, Global on update an focus. raised In provide momentum. inception, nearly to $XX Since want I assets. of strong gears, billion strategic of wealth we Switching have our we areas

a scale firsthand to global I in have interactions distribution rapidly with wealth my this ensure We alongside our personal the in witnessed efficient channel. funds our funds and the advisers. quality growing us competitive for brand we're end advantage alternative brand want most our markets access and give the providing best of Our to importance of clients.

secondary have quarter, credit Our another product, strong historically These for funds in provided CTAC CAPM, investors. saw solutions had strong fund sales. our and focused ramp-up a performance investment our

our distribution near expand partners to the wealth continue in footprint, We new term. adding

in that finance on we're asset-backed continue growth focused persist Credit, to look like to a Carlyle see We years More market address to participants their scale broadly firms for to capital Global increasingly trend may offering, share. our partner opportunity solutions. driving and as capturing with

and have opportunity. mobilized credit in strategic growth. opportunity this our to $X team solutions to for scaled has strategy grown more We assets good continued This address billion with than

us And to continue institutional both in is CAPM channel the momentum. the This rest of our helping business finally, in Solutions, the as well channel And in with franchise. secondary strong focused Investment countercyclical Global somewhat as fund. is the wealth this to we obviously, see

up, To XXXX with entered momentum. solid we wrap things

We financial targets against strategic and our execute areas focus. to continue of

positions of this significant All value. shareholder growth deliver to and us

call the John. With to me over that, let now turn

John Redett

Thanks, Good Harvey. morning, everyone.

we line financial quarter's remain call. last the we were our first our in track targets expectations, XXXX quarter on on outlined to achieve said, Harvey and As with results

the record FRE XX% quarter than quarter, FRE in first $XXX of QX year. nearly For XXXX. margin higher up the from a first of also last record XX% we was and generated XX% million,

result best with DE assets under the billion first of We per quarter $XXX our quarterly or year-over-year. management, finished up XX% $X.XX produced $XXX million in We in DE since XXXX. DE share,

McDonald's first China and attractive and our sales produce for the Neptune shareholders. completed of for revenues the quarter, both which performance strong we of Energy, In LPs returns

capital difficult returned Over the in ability opportunities $XX markets. challenging teams have liquidity our to highlighting and the investment past of capital billion find LPs, year, we our to in

target of inflows quarter billion We confident achieving of for raised $X.X in our year. $XX the capital the billion in of and remain

In have global industry, co-investment our to market. in to success as product, of CAPM. Solutions, the had billion last nearly largest strategies. priced $X.X X an where secondaries investors starting And quarter and active over including We we we active and XX new the CLO the one to Global are wealth in is very we we $XX attracting Credit, our in building continue the raised In X platform in billion momentum see quarter CLOs, months, our issue CLOs. a

capital We strategy. global wealth activity for our our product, to and strong also finance saw inflow continue a see raise asset-backed into CTAC,

remains do in we strength of And like some see in but Global estate somewhat Private real Equity, the pockets environment Japan. challenging, fundraising

Management fees up compared to about in the million $XXX totaled the year. quarter, prior first X%

that of to increased from has than constrained, activate $XX billion fees. $XX advisory quarter but activity is more signs showing and remains have fee-earning markets XX% of the Capital million We Transaction AUM revenues of it year. last yet pending first improvement.

expenses as expense of and quarter that benefited last onetime discipline had compared from first year G&A items G&A $XX million to were lowered some we lower level. quarterly the the

to second in We shift the towards rate recent the run back quarter. expect G&A expense

at per level billion to fund of carry declined accrued due And $X source it relative and lower of last share, a carry quarter funds. net relatively remains realizations appreciation a $X.X earnings. balance in substantial our to Our of future

decreasing X%. adjusted by stock, shares of million XXX our repurchased We outstanding

approximately of active is stock. share billion, repurchase remain our $X.XX remaining authorization and buyers Our we

Wrapping conditions we for track targets operator up, XXXX. our we me the on the With are about to to are optimistic financial questions. your let market and over turn for meet that, improving, call

Operator

from come line will question the with first Our Instructions] [Operator Bank. Deutsche Brian Bedell of

Brian Bedell

trajectory FRE could XXXX, of just viewing and that. the you Maybe talk how the just components for the you're maybe about on balance

if G&A the in move and expenses can the through moving as you year, then revenue. see that classify where Given from with the lower the expenses, maybe lower the and XQ you fee-related contrasting expense help we

how underlying you the the really improving the see during sort of year? So FRE the of components

Harvey Schwartz

Brian. Thanks,

very as look, margin we're the FRE last The year. last It over pleased same for record. to a strong So period It the very year. $XXX was XX% quarter million. compared up that XX% well; was was with

XX%, I lower of alluded this G&A, margin comments from terms at G&A. on my the In a to the and we benefit did in

was that our of Some on expense end. discipline

seasonality. is QX, and was typically did little in have one-off items. it Historically, little G&A at couple lighter you we look of a first our of a if quarter, a Some

So the in I levels expect quarter. the second rate run G&A increase to number more normalized to

of So in the expect to FRE I the financial the to And we right would our the XXXX targets out range XX%. in be XX% put the in margin the next the of of XX%. mid-XXs middle mid-XXs is quarters couple in look, versus

So at we XX%. pretty feel good

terms think pending quarter fee surprises, have fundraising, I throughout on start -- and billion, through $XX paying expected. positive I had of to the accelerate nearly accelerate In I say our a paying came and And think that terms year, I end. strong AUM, the of that to do management would number in were $XX year, fourth will growth number that fees, There given of as expect well. negative, we fee really or billion no we in exactly the as would

Operator

will Worthington question Kenneth next Our from come with of JPMorgan Securities. the line

Kenneth Worthington

both of activations outflows paying and elevated And in this private as this can fee-paying both credit you fee I some AUM Maybe we how the equity And straight through based in release. credit a and AUM, about in developing fund think realizations, kind highlighted private the should we current paying Fee your quarter. equity decline things move year? of and migrate AUM the drivers line. in private talk about fundraising, on lower from know so, you levels first, credit don't in think quarter? the we

John Redett

of we in terms have good very Ken, momentum Yes. fundraising.

in We real that the market products have demand. have some

secondaries real business, our to would continue. good secondaries both I Our in we're co-investment. business, Solutions demand, that expect seeing and

point we'll Real As is to expect where We'll fundraise. area said do momentum in past, demand. well, strong really a year. fundraise in We'll the as year that successful that another good Japan. had some have and that be we at think be this one start this we we've we up wrapping estate

AUM to I expect acceleration the growth as So in an would well. see in fee-paying

kind of fee terms just in the funds. slight runoff. again, outside decline was carry of AUM the And in course runoff paying credit, In normal it of is

of was normal course So small runoff. a just amount business-as-usual it

Operator

the will Our Budish from of line Barclays. next Ben come question with

Benjamin Budish

the great. on billion is would pieces? the John, comments the know PE just in pending that color side? in Maybe lot We That just there? much of billion us How on funds unpack the fundraises solutions a for What pieces are confidence of the achieving little Can major AUM, up credit a be of you can $XX sort following the doing? plus the market. key the the and there's left give on you you're year, of $XX your fee-paying

Harvey Schwartz

I'll Maybe Yes. jump in.

which fund, sure pockets But as been by so we're world the traveling in you feel really that fund I'm not to past And and going John can strength I've hit X walk on. through the the John the said, understand. you months, of momentum

Wealth the to in of terms Solutions, partners my channel across CAPM coming in be platforms, CTAC. I credit, expect in So wealth joining additional and we mentioned as on new comments, in

around I would private say, John And a lot and and maybe so equity headwinds. environment, you industry pockets private the the and some there's segment momentum generally Wealth, expect in mentioned, as across secondaries, areas, real estate equity of in credit, this should of other

a the next channel several course, channel institutional over-allocated, wealth years, might Now but over under-allocated. the be think clearly of the is I little

year. the look bringing first forward to in product we private out equity next also so And half of our wealth

so And year. that's targets feels is for like why franchise this and quite across reiterate it we the the momentum good,

really also, for We about it the on we a other thing how quarter-to-quarter. I'll fundraising. business, running is say think we on And focus the the not focus the just understand

said, John perfectly was for us. on plan As this

Operator

next Blostein the line Our with Sachs. question comes of Goldman Alexander from

Alexander Blostein

year? more Can billion outlook maybe in rest the I on on to billion, year. now think kind a call, your the specific the the on $X.X a being for for the a get last can years. not quarters, little outlook of it's hoping share we you we talked Harvey, spend authorization, for here I of was $X.X of the repurchases up function of minute about rest

stepped to And related it should about that thinking quite well? we here, as on up guess, a meaningfully quarterly basis that, equity-based how be from compensation I given

John Redett

my roughly million repurchased of we've said historically, year, Alex, it's annum. per in John. I stock, We XXX averaged million per $XXX as remarks,

on just stock pretty significant should have quarter in And we've what billion past. assume the active first the left We was the repurchase done we're relative authorization. going still So share forward. to purchasers $X.XX the of you

key the the team to these elevated bit of that -- globally. growth. accountable the instruments are people that granted comp, terms are senior a is are teams, growth. units In driving our to accounting equity-based we due the members These on the of really are for performance investment people it are these And this And stock got our different.

little a bit stock from those seeing you're unit elevation performance grants. So of

Remember, these have only we stock meaningful price vest appreciation. if

So would to I I think alignment. expect the next start trending these are down number instruments, very, great equity-based shareholder-friendly comp year. very

Operator

next of comes line question JMP. with Citizens Our from Brian the Mckenna

Brian Mckenna

on increase the capacity there's earnings to the commentary seems remain dividend if realizations like some the appreciate I forward, given But buyback. outlook the moving specifically healthy. it

So are an time? payout forward? opportunity moving the dividend increase do thinking see you how ratio about the to over you And

Harvey Schwartz

It's Harvey.

capital again methodology how step So here. as a John allocation thinking go taking maybe back and just said, about and through the we're

couple opportunities to opportunities the But gives next of decision because the in flexibility. And return to about so remain to very was also see shareholders. business to And really the because capital that strategic with that flexible years. it significant we're us very we going over invest the see going buyback, we

In we to term, the expect immediate no the dividend. changes

course, math allocation. here, But move we're for is it ourselves about on Of in dynamic forward. now, around really the not how flexibility depending right again, capital ourselves tying positioning things

can which said, to value can should invest the in we business the return And John see you in currently to the active as and opportunities, we doing, accretive when we see So most expect be stock. us also shareholders. we're

Operator

Our next comes Brennan from UBS. Hawken with question

Brennan Hawken

in there's flagged CLO U.S. performance You rates. guys an default the slide in European investment and uptick that

exposure fee in that of and the And as as the Altice CLO is business. should deterioration about or thinking business? your So be deferrals to defaults management European we about global what curious the the I'm in how risk potential far for increased

John Redett

it's Brennan, John. Yes,

margins. kind when So you in good. X the CLO we're it the in world. of have time, look, the platform, attractive we At track this really highly Look, like great look credit very still a business. X. business any at our And long-term, They given largest very, We're or one looks has record. of

are of U.S., good Our not than are X/X business in still as average. are the Europe as averages. European default rates in industry the U.S. our industry but better stats credit they The quite

good So about a quality from quality perspective, credit our very credit we the business. feel CLO in

Harvey Schwartz

It really team. a world-class franchise is a world-class with

Operator

with Our Jefferies. next will question Daniel come of from line Fannon the

Daniel Fannon

were for give number distribution flows which the You channel. wealth and Can channel kind increasing driving see through from that this of going and and wealth the forward? about talked products you quarter, that what and see partnerships are the you us that of flows outlook those where you

Harvey Schwartz

business, really we've been I've cold to personally name tell really of The iconic the track brand advisers. you, on our firm the wealth can time in record, this, wealth my increasing and partners, I received. pretty spending the a Carlyle, I'm amounts just been history long case resonates well close the with our our recognition, of aspect with the

long for been time. Now wealth in we've very a channel of course, the

we assets. is receiving how you this call days of shift really whatever mentioned, new of raised the cetera. to the I As et democratization, market of But early nearly in terms in it, billion want $XX

some of I And new next really here. of of spending wealth CAPM making momentum, a near the first equity secondaries But truly about to obviously, understanding some the targeting CTAC can advisers, them. feel with I'm the momentum good our year, best product. partnership close with trying value we lot get the product, in term up we're steadily, partner growing very to And private to be personally picking be will half announcements we how launches, time again,

the going being industry, I long-term really our received. is a long about This journey I business but optimistic be about feel our is growth really to good So feel trajectory. for how

Operator

question from will Our the Kotowski Chris next Oppenheimer. line come of with

Christoph Kotowski

I tables, by realize look Europe but in steps fund your down you fund, I and Fund fund didn't when want like looks September. Asia in to the then June V go V it at

fund Asia? new flagship you Or of not and dates expecting kind a be should those we have in vehicle after around So those dates? a effectively launch do Europe

Harvey Schwartz

little regions. have A vehicles we flagship confused. no, those in But,

think this, it good in really a way fees year. We're rest everything more And across management you throughout plan. given way the happy I think, on about with into get he's is Chris, it, a of expect the platform pickup you the the is John addressed again, pretty -- we remains on which to the color to offline. detail

Christoph Kotowski

waterfalls of think, on Okay. color performance what And Page, there said happened related then I reversals can -- were give XX, it there? happened? to us some some you also, color any Is style European give Can us allocations. you what -- that just on like prior or that

John Redett

the say I business never we on Chris, came several took don't of terms spent in is, I'd business mean, years, funds XX where the long-term private I quarter-to-quarter the from there. equity manage kind I what first the trajectory. of quarter-to-quarter view, performance. is a look, focused honestly I side ran performance. a thing long-term the of always I really

know movement, really you manage guys that the I focus we quarter-to-quarter So don't but way. business

was out So quarter. carry of this carry in It VII the previous fell CP quarter. barely --

So We've look, returns that's equity for you're the their period, the our very X.Xx private impact seeing. for in been LPs, business, money. business, XX strong this that over XX% years. generated we've But

So returns. we're proud those of very

very focused continue performance. focused will The you thing on to not surprisingly, we've forward, been is only on tell very I'd be performance. always very, going we And

Operator

will with Autonomous question the line come next Davitt Patrick from Research. Our of

Patrick Davitt

flow commentary. billion of to but year understand this $XX target. want I billion some there's $XX seasonality, to flow versus I on run-rating back about circle the just obviously

that the and biggest what as the and rest So understand building this, between the incremental you year of think maybe contributions could budget to the billion you through you you that of maybe us billion $XX billion cadence will be? closing to $XX see gap what when $XX help

John Redett

Yes. Again, for stuff Patrick, fundraising tough first fundraising as forward. Harvey number at a came very slips, on what in the quarter-by-quarter expected. said, the Again, stuff look it's to moves basis, quarter

So in get the billion. $XX that we can should you $XX billion. terms to tell something the think we confident of how We're still in

And I color think around gave fundraising Harvey from. coming you is that some where

Private some We continue our going co-investment. secondaries, a business, to for demand lot we'll our both product. of -- have strong in we're have estate In -- Solutions interest to real demand some see Equity,

has to platform nothing demand our have Japan. almost in from for good X We asset-backed Credit, In gone years. upsize

On solutions in wealth more starting getting just side, but that's our product, really of momentum CTAC, Wealth momentum. to we're CAPM, good see the kind starting,

really, So specific it's say outlier. an segment platform. one wouldn't really across the I is

Harvey Schwartz

if in Yes, we, risk -- X. take we the you misguiding have be that, to any I that we'd quarter like make way, multiplied suggest if you by wouldn't should first

our point that's think I here.

You should say when This was we significant on we in us momentum us. really expect a hear plan exactly that. for

Operator

next Our of Research. Steven Chubak Wolfe the from question comes with line

Steven Chubak

had about see improvement of recent activity, to you hoping to the So significance you durable or could is in the to whether PE inflection? early But realization IPO supports spoken environment, some pickup green speak in transaction market was an I past, the reopening. that more starting shoots. Certainly still concerning too the just call it

John Redett

John. It's

through I've has very, career helpful team having set to in it been able equity, I environment. And more our where one complex We're was realizations my out to period that in of a seen. we just are. level very pretty generate of some it's think $XX coming of billion the environments choppy Yet of most spent private of markets. complex kind

Energy. in had and I lot momentum like know the And about portfolios noted I good time business. quarter said have. well. realizations. of comments, feel these spent I terms really I we I that strong these portfolios. also my we in I Neptune McDonald's then of China a in a

I the I So continue would momentum dependent, expect improve, But if accelerate. that to mean it's market to markets obviously.

I say on open. they lot your open, markets, a bankers I In but they're terms IPO comments the of say and think would know are opening. are kind of of the IPO headlines the markets I

Operator

Schorr of Our Glenn Evercore the line next question from comes with ISI.

Glenn Schorr

on side. insurance the Question

many about talk -- places. insurance manage block trades asking lightening and have companies capacity back expect And talking them business. couple is more I'm the sure Just it's new from themselves, some We much that but what the and reason didn't I'm themselves. I heard not of terms yet in capital of have it trying to up that about to we how it raise today. pulling than should of of from raise and the on third-party a been

your So curious insurance what on thoughts we from on deal environment the and your should expect business?

Harvey Schwartz

of the feels But and National flows pipeline economics here, good about we pretty the and saw through and pretty the year, you last that Lincoln terms in feels talked transaction how The execute close term. us pipeline good. the Glenn, FRE over medium --

But be think in flow think are the going be partner. X and to has dynamically insurers term well it's great there of the to look long really been is I you I quarter and a positioned to terms manage partner I times to going over need great think a when their if ebb marketplace. capital, in really,

So pipeline. about I the feel pretty good

optimize broadly, more looking remains momentum. real lot needed, of better in -- us their to I credit, here a flywheel insurance space capital with performance would more increasingly cross-section important to say at between effect structures. private capital generate ability a a optimized an and terms enhanced of banks the There's In

of the thick lot a in we're here. so And of flows

persistent. And on there's lot out pretty to and to is calls, like multiyear a is is my a but for here never I these feels bring crystal going this it It feels this go of a while. I momentum like think like on this ball trend.

Operator

comes of from Cowen. Bill Katz with the line TD question next Our

William Katz

then maybe there's in Maybe that mentioned real little could with if associated bit. broader good estate. back, you the question wondering in that demand some unpack a just you was a And I big step participate And Carlyle be how or infrastructure? positioned is pretty in the you how class seems segment asset are about what maybe the to is thinking a total the opportunity? opportunity to

Harvey Schwartz

lot They'll now. been a before, tenth And think exceptional. fundraise. discussed world-class The in is space lot I team really They're in performance with is not drawing a estate, in in of which be the they as So a market we've a of their real are capital, really extraordinary has franchise. momentum.

the see assets quite rest whether the And across the we optimistically of infrastructure, energy. renewables, it's opportunity real in platform,

I you whether there demand bode things geopolitics, think grow. globe, what's security, the for energy energy And happening look well. platforms natural really think around which are will demands these I transition, continue at of energy, the all to

so you have, see and to And pretty continue should us look build to the continue we we to good too. on platforms there but invest feel

Operator

question comes Morgan from Our Michael Stanley. Cyprys with next

Michael Cyprys

wanted was is see Just And to of exits nearly quantify pipeline portfolio XX% XX of we circle the hoping the seems may you as back portfolio, the alluding look be which to the that you could do that I it realization exit were phase commentary. suggest when portion activity about to exit help able But for to. overall market at a pickup we just the you aged and curious could in meaningful just depending. waiting years, maybe backdrop. view what in right

John Redett

that That's you I'd mean terms stat. I older, if quantify really to don't years specific that's that's stat of know Carlyle. or And to of in an I industry-wide alluded Yes. percentage portfolio. not X

companies to improve. be have ready, We markets ready the really to a will need to So open That We are up. look, IPO we of lot great helpful. markets to just monetize. need we're continue that

hardest of aspects project. continue trajectory, markets business I to to if to this activity of the the current pick on expect I realization as do the up. It's move said, one But

months, But very give If in way just it specific you a could where the markets you we're realizations are answer. X probably could optimistic will I today, looks don't accelerate. pretty that me know. tell I

Michael Cyprys

Sorry, age That's private not with billion in years. to $XXX AUM just to XX, note was next On saying plus a XX% industry? Carlyle, the for for the chart clarify. equity Page of a that's X there

John Redett

our I is at stat, all. industry that think we're the outlier Yes, somewhat don't an but stats similar. think I are

Operator

question of Bank line from Siegenthaler with Craig of next comes Our the America.

Craig Siegenthaler

well. is Hope everyone doing

had given the follow-up on that a rising CLO we commentary in question, defaults are Europe. So your just

around of fees, met. can about if I quick half CLO they is not $XX think are those and AUM billion, subordinated European certain are So tests be math, and deferred

rate, So margins. math near will XXX% about the in in $XX being default earnings run And those I'm met met are curious, also, that rise be or release? then still correct? the FRE is commentary given incremental tests million

John Redett

the John. the it's you business. Look, low. with the U.S. credit are stats business CLO CLO U.S., I stats the relative concerned industry. would Craig, the quality And are They not still credit although the European Yes, we're in extremely elevated European to in below are tell

I think this recognize for XX-plus it's we've to in business years. important been

great We have a long-term track record.

team of the and very have we fees. and period, leading that XXX% management subordinated collected We a this over effort. investment And the XX-year have fees deep management talented

Operator

Our next from question Hawken with UBS. Brennan will come the of line

Brennan Hawken

million when movement off there Totally think right is stock-based comp XXXX, of could about rate this to But expected run level? be drop that appreciate $XXX in think this Or XXXX. is quarterly we year? the way to about this

John Redett

might a far I details stock accounting it around happy -- give don't this up equity think The and a accounting. will different it's traditional in but to offline bit. offline. you you off. we to it take bit little is around can Again, material It relative awards, units think way. up a performance creep and I'm with the don't move take I it's the

Harvey Schwartz

again is that thing important the The talked alignment John about.

to have very You a uptick have meaningful share the price. in

And so take is little accounting the leadership for a this aligns But accounting. bit the shareholders. the as with the the of senior really offline we've it you. discussed, It's firm we'll

Operator

closing Mr. this to hand for Daniel conference At to portion. this like Harris Q&A remarks. over our the time, I'd back concludes

Daniel Harris

today. for you, time your thank attention And and operator. Thanks, everyone,

follow-ups, you again If quarter. you Relations have after look this contact any next to or talking Investor please questions with call, forward and we

Operator

today's for This Thank call. concludes participation. conference you your

have disconnect. wonderful day. a You Everyone, may now

The Carlyle Group Inc. (CG) 1 May 242024 Q1 Earnings call transcript