Shares of The Carlyle Group (CG) dropped in intraday trading Monday after the private-equity firm reported lower-than-expected distributable earnings (DE).
The company reported second-quarter DE of $343.2 million, or 78 cents per share, down almost 12% year-over-year and below expectations of $364.5 million, or 83 cents per share.
Separately, Carlyle also announced plans to sell natural-gas producer Cogentrix Energy to Quantum Capital Group for about $3 billion.
Shares of Carlyle declined 6.4% to $41.40 as of 1:45 p.m. ET Monday. They are down nearly 17% in the last three sessions.