Carlyle Group LP's board declared a quarterly distribution of 33 cents per common unit, down from the previous payout of 56 cents per common unit.
The distribution is payable Feb. 27 to holders of record at the close of business as of Feb. 20.
The company also reported fourth-quarter 2017 pretax economic net income of $366.4 million, an increase from $5.6 million in the fourth quarter of 2016.
On a post-tax basis, the company reported economic net income per adjusted unit of $1.01 for the quarter, compared with 2 cents in the year-ago period.
On a GAAP basis, Carlyle Group reported net income attributable to the company of $58.9 million, or 49 cents per common unit, versus a net loss attributable to the company of $8.9 million, or a loss of 16 cents per common unit, in the prior-year quarter.
Carlyle said that the tax reform resulted in a net charge in fourth-quarter 2017 GAAP earnings of $42 million. The revaluation of the company's net deferred tax assets increased provision for income taxes by $113 million in the quarter, while the revaluation of tax receivable liability resulted in $71 million of other non-operating income in the quarter. The noncash charge did not affect economic income or distributable earnings.
For full year 2017, the company had pretax economic net income of $1.27 billion, compared with $305.9 million a year ago.
On an after-tax basis, economic net income per adjusted unit was $3.47.
On a GAAP basis, Carlyle Group reported net income attributable to the company of $244.1 million, or $2.38 per common unit, for 2017, versus $6.4 million, or a loss of 8 cents per common unit, in 2016.
