The Carlyle Group Inc. (CG)

Executive Summary

We at T&T Capital Management have spent considerable time on The Carlyle Group (CG), one of the original publicly traded alternative asset managers, and we come away constructive but clear-eyed. At roughly $49.44 per share, Carlyle trades near the lower end of its 52-week range of $39.48 to $69.85, valued at only about 12 times our estimate of 2026 distributable earnings (DE) and roughly 10-11 times the more durable fee-related earnings (FRE) the company now produces. That is a striking discount to Blackstone, which fetches close to 30 times DE, and a meaningful discount to KKR, Apollo and Ares.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers