Carlyle Group swung to a third-quarter profit as rising markets buoyed its portfolio and offered a continued opening to sell out of investments of years past.

The Washington, D.C. private equity firm reported a profit of $800,000 for the period ended September 30. On a per-share basis, Carlyle lost 2 cents, because of the accounting treatment of certain ownership units held by Carlyle's founders, which didn't receive a tax benefit. In the same period a year earlier, Carlyle lost $83.9 million, or $1.11 a share.