The Carlyle Group, a U.S. alternative-asset manager, reported fee-related earnings of US$312 million in Q3 2025, just above expectations of US$311 million, and inflows of US$17 billion raised its assets-under-management to US$474 billion. However, distributable earnings (profit available to shareholders) fell short — at US$368 million (~US$0.96/share) vs analysts’ expected ~US$1.01/share — because deal exits and performance-fee revenue lagged. CEO Harvey Schwartz said the firm expects more deals in the pipeline and remains confident in full-year targets, but shares dropped ~7% on the mixed numbers.