Private equity firm Carlyle Group L.P. (CG.O) reported lower-than-expected third-quarter earnings on Wednesday, after some of its investments failed to beat gains in the broader U.S. stock market and despite a strong rebound in oil prices.

Carlyle said it had earned economic net income — a key metric for U.S. private equity firms that accounts for unrealized gains or losses in investments — of $69.7 million after taxes.

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