Carlyle Group posted a loss in the second quarter as the value of its private equity holdings declined.
The shortfall, excluding some costs related to its May IPO, was $58.9 million compared with a profit of $236.8 million a year earlier, Carlyle said Wednesday in an earnings statement.
Carlyle had distributable earnings of $116.7 million, or 32 cents a share, in the second quarter, compared with $89.3 million a year earlier. The firm said it would pay a quarterly distribution of 11 cents a share to public investors. Fee-related earnings of $36 million was up 4% from three months earlier and 16% higher than a year earlier as fund management fee revenue increased while direct compensation increased at a slower pace, according to the statement.
However, overall revenue for the second quarter was $61 million, down 93% from the first quarter and 90% less than a year ago.