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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2025

OR

 

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO                     

Commission File Number: 001-35538

 

The Carlyle Group Inc.

(Exact name of registrant as specified in its charter)

Delaware		45-2832612
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1001 Pennsylvania Avenue, NW

Washington, DC, 20004-2505

(Address of principal executive offices) (Zip Code)

(202) 729-5626

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	CG	The Nasdaq Global Select Market
4.625% Subordinated Notes due 2061 of Carlyle Finance L.L.C.	CGABL	The Nasdaq Global Select Market

As of May 6, 2025, there were 361,135,881 shares of common stock of the registrant outstanding.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during

the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for

the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of

Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such

files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging

growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule

12b-2 of the Exchange Act.

Large accelerated filer		☒		Accelerated filer		☐
Non-accelerated filer		☐		Smaller reporting company		☐
				Emerging growth company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or

revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒   

1

TABLE OF CONTENTS

 

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements	5
	Unaudited Condensed Consolidated Financial Statements – March 31, 2025 and 2024:
	Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	5
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024	6
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024	7
	Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2025 and 2024	8
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	9
	Notes to the Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	64
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	118
Item 4.	Controls and Procedures	119
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	120
Item 1A.	Risk Factors	120
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	120
Item 3.	Defaults Upon Senior Securities	120
Item 4.	Mine Safety Disclosures	120
Item 5.	Other Information	120
Item 6.	Exhibits	121
SIGNATURES		122

 

2

Table of Contents

Forward-Looking Statements

This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements

include, but are not limited to, statements related to our expectations, estimates, beliefs, projections, future plans and strategies,

anticipated events or trends, and similar expressions and statements that are not historical facts, including our expectations

regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, and our

dividend policy. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,”

“expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,”

“estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements

are subject to various risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause

actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those

described in this Quarterly Report on Form 10-Q and under the section entitled “Risk Factors” in our Annual Report on Form

10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27,

2025, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s

website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other

cautionary statements that are included in this Quarterly Report on Form 10-Q and in our other periodic filings with the SEC.

We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new

information, future developments, or otherwise, except as required by applicable law.

Website and Social Media Disclosure

We use our website (www.carlyle.com), our corporate Facebook page (www.facebook.com/onecarlyle), our corporate X

account (@OneCarlyle or www.x.com/onecarlyle), our corporate Instagram account (@onecarlyle or www.instagram.com/

onecarlyle), our corporate LinkedIn account (www.linkedin.com/company/the-carlyle-group), our corporate YouTube channel

(www.youtube.com/user/onecarlyle), and our corporate WeChat account (ID: gh_3e34f090ec20) as channels of distribution of

material company information. For example, financial and other material information regarding our company is routinely

posted on and accessible at www.carlyle.com. Accordingly, investors should monitor these channels, in addition to following

our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email

alerts and other information about Carlyle when you enroll your email address by visiting the “Email Alerts” section at http://

ir.carlyle.com/email-alerts. The contents of our website and social media channels are not, however, a part of this Quarterly

Report on Form 10-Q and are not incorporated by reference herein.

Carlyle does not conduct any public solicitations (including print and online articles, advertisements, or postings on social

media sites, messaging applications such as Telegram, WeChat, or WhatsApp, or other public platforms) with respect to

investments, fundraising, cryptocurrency, or opening accounts on social media sites. Any investment-related communication

received from these platforms purporting to be from a Carlyle professional is fraudulent and should be reported to authorities.

On January 1, 2020, we completed our conversion from a Delaware limited partnership named The Carlyle Group L.P.

into a Delaware Corporation named The Carlyle Group Inc. (the conversion, together with such restructuring steps and related

transactions, the “Conversion”).

Unless the context suggests otherwise, references in this report to “Carlyle,” the “Company,” “we,” “us” and “our” refer

to The Carlyle Group Inc. and its consolidated subsidiaries. When we refer to our “senior Carlyle professionals,” we are

referring to the partner-level personnel of our firm.  References in this report to the ownership of the senior Carlyle

professionals include the ownership of personal planning vehicles of these individuals. When we refer to the “Carlyle Holdings

partnerships” or “Carlyle Holdings,” we are referring to Carlyle Holdings I L.P., Carlyle Holdings II L.P., and Carlyle Holdings

III L.P., which prior to the Conversion were the holding partnerships through which the Company and our senior Carlyle

professionals and other holders of Carlyle Holdings partnership units owned their respective interests in our business.

“Carlyle funds,” “our funds” and “our investment funds” refer to the investment funds and vehicles advised by Carlyle.

“Carry funds” generally refers to closed-end investment vehicles, in which commitments are drawn down over a specified

investment period, and in which the general partner receives a special residual allocation of income from limited partners,

which we refer to as carried interest, in the event that specified investment returns are achieved by the fund. Disclosures

referring to carry funds will also include the impact of certain commitments that do not earn carried interest, but are either part

of or associated with our carry funds. The rate of carried interest, as well as the share of carried interest allocated to Carlyle,

3

Table of Contents

may vary across the carry fund platform. Carry funds generally include the following investment vehicles across our three

business segments:

•Global Private Equity: Buyout, growth, real estate, infrastructure and natural resources funds advised by Carlyle, as

well as certain energy funds advised by our strategic partner NGP Energy Capital Management (“NGP”) in which

Carlyle is entitled to receive a share of carried interest (“NGP Carry Funds”);

•Global Credit: Opportunistic credit, aviation finance, and other closed-end credit funds advised by Carlyle; and 

•Carlyle AlpInvest (formerly, Global Investment Solutions): Funds and vehicles advised by AlpInvest Partners B.V.

and its affiliates (“AlpInvest”), which include global private equity programs that pursue secondary purchases and

financing of existing portfolios, managed co-investment programs, and primary fund investments.

Carry funds specifically exclude certain legacy Abingworth funds in which Carlyle is not entitled to receive a share of

carried interest, collateralized loan obligation vehicles (“CLOs”), our business development companies and associated managed

accounts, as well as capital raised from strategic third-party investors which directly invest in Fortitude (defined below)

alongside a carry fund.

For an explanation of the fund acronyms used throughout this Quarterly Report on Form 10-Q, refer to “Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operation – Our Global Investment Offerings.”

“Fortitude” refers to FGH Parent, L.P. (“FGH Parent”), the direct parent of Fortitude Group Holdings, LLC (“Fortitude

Holdings”). See Note 4, Investments, to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly

Report on Form 10-Q for more information regarding the Company’s strategic investment in Fortitude.

“Fee-earning assets under management” or “Fee-earning AUM” refers to the assets we manage or advise from which we

derive recurring fund management fees. Our Fee-earning AUM is generally based on one of the following, once fees have been

activated:

(a)the amount of limited partner capital commitments, generally for carry funds where the original investment period

has not expired and for AlpInvest carry funds during the commitment fee period;

(b)the remaining amount of limited partner invested capital at cost, generally for carry funds and certain co-investment

vehicles where the original investment period has expired;

(c)the amount of aggregate fee-earning collateral balance of our CLOs and other securitization vehicles, as defined in

the fund indentures (pre-2020 CLO vintages are generally exclusive of equities and defaulted positions) as of the

quarterly cut-off date;

(d)the external investor portion of the net asset value of certain carry funds;

(e)the fair value of Fortitude’s general account assets invested under the strategic advisory services agreement;

(f)the gross assets (including assets acquired with leverage) of certain cross-platform credit and direct lending

products, excluding cash and cash equivalents for one of our business development companies (included in “Fee-

earning AUM based on fair value and other” in the table below); and

(g)the lower of cost or fair value of invested capital, generally for AlpInvest carry funds where the commitment fee

period has expired and certain carry funds where the investment period has expired.

“Assets under management” or “AUM” refers to the assets we manage or advise. Our AUM generally equals the sum of

the following:

(a)the aggregate fair value of our carry funds and related co-investment vehicles, and separately managed accounts,

plus the capital that Carlyle is entitled to call from investors in those funds and vehicles (including Carlyle

commitments to those funds and vehicles and those of senior Carlyle professionals and employees) pursuant to the

terms of their capital commitments to those funds and vehicles;

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(b) the amount of aggregate collateral balance and principal cash or aggregate principal amount of the notes of our

CLOs and other structured products (inclusive of all positions);

(c) the net asset value of certain carry funds;

(d)the fair value of Fortitude’s general account assets covered by the strategic advisory services agreement; and

(e) the gross assets (including assets acquired with leverage) of certain cross-platform credit and direct lending

products, plus the capital that Carlyle is entitled to call from investors in those vehicles pursuant to the terms of their

capital commitments to those vehicles.

We include in our calculation of AUM and Fee-earning AUM the NGP Carry Funds that are advised by NGP. Our

calculation of AUM also includes third-party capital raised for the investment in Fortitude through a Carlyle-affiliated

investment fund and from strategic investors which directly invest in Fortitude alongside the fund. The total AUM and Fee-

earning AUM related to the strategic advisory services agreement with Fortitude is inclusive of the net asset value of

investments in Carlyle products. These amounts are also reflected in the AUM and Fee-earning AUM of the strategy in which

they are invested.

For most of our carry funds, total AUM includes the fair value of the capital invested, whereas Fee-earning AUM

includes the amount of capital commitments or the remaining amount of invested capital, depending on whether the original

investment period for the fund has expired. As such, Fee-earning AUM may be greater than total AUM when the aggregate fair

value of the remaining investments is less than the cost of those investments.

Our calculations of AUM and Fee-earning AUM may differ from the calculations of other asset managers. As a result,

these measures may not be comparable to similar measures presented by other asset managers. In addition, our calculation of

AUM (but not Fee-earning AUM) includes uncalled commitments to, and the fair value of invested capital in, our investment

funds from Carlyle and our personnel, regardless of whether such commitments or invested capital are subject to management

fees, incentive fees or performance allocations. Our calculations of AUM or Fee-earning AUM are not based on any definition

of AUM or Fee-earning AUM that is set forth in the agreements governing the investment funds that we manage or advise.

“Performance Fee Eligible AUM” represents the AUM of funds for which we are entitled to receive performance

allocations, inclusive of the fair value of investments in those funds (which we refer to as “Performance Fee Eligible Fair

Value”) and their Available Capital. Performance Fee Eligible Fair Value is “Performance Fee-Generating” when the associated

fund has achieved the specified investment returns required under the terms of the fund’s agreement and is accruing

performance revenue as of the quarter-end reporting date. Funds whose performance allocations are treated as fee related

performance allocations are excluded from these metrics.

“Perpetual Capital” refers to the assets we manage or advise which have an indefinite term and for which there is no

immediate requirement to return capital to investors upon the realization of investments made with such capital, except as

required by applicable law. Perpetual Capital may be materially reduced or terminated under certain conditions, including

reductions from changes in valuations and payments to investors, including through elections by investors to redeem their

investments, dividend payments, and other payment obligations, as well as the termination of or failure to renew the respective

investment advisory agreements. Perpetual Capital includes: (a) assets managed under the strategic advisory services agreement

with Fortitude, (b) our Core Plus real estate fund, (c) our business development companies and certain other direct lending

products, (d) Carlyle Tactical Private Credit Fund (“CTAC”), (e) our closed-end tender offer Carlyle AlpInvest Private Markets

(“CAPM”) funds, and (f) certain other structured credit products.

“Legacy Energy Funds” include Energy III, Energy IV, and Renew II and are managed with Riverstone and its affiliates.

The investment periods for these funds have expired and the remaining investments in each fund are being disposed of in the

ordinary course of business. The impact of these funds is no longer significant to our results of operations.

“Metropolitan” or “MRE” refers to Metropolitan Real Estate Management, LLC, which was included in the Carlyle

AlpInvest business segment prior to its sale on April 1, 2021.

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PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

The Carlyle Group Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

	March 31, 2025		December 31, 2024
	(Unaudited)
Assets
Cash and cash equivalents	$1,190.3		$1,266.0
Cash and cash equivalents held at Consolidated Funds	570.9		830.4
Restricted cash	9.0		0.5
Investments, including accrued performance allocations of $6,985.8 and $7,053.5 as of March 31, 2025 and December 31, 2024, respectively	10,739.9		10,936.7
Investments of Consolidated Funds	9,329.8		7,782.4
Due from affiliates and other receivables, net	790.2		805.6
Due from affiliates and other receivables of Consolidated Funds, net	228.3		237.1
Fixed assets, net	188.2		185.3
Lease right-of-use assets, net	356.1		341.4
Deposits and other	67.4		56.4
Intangible assets, net	603.2		634.1
Deferred tax assets	22.2		27.6
Total assets	$24,095.5		$23,103.5
Liabilities and equity
Debt obligations	$2,156.1		$2,143.5
Loans payable of Consolidated Funds	7,801.7		6,864.2
Accounts payable, accrued expenses and other liabilities	367.1		389.8
Accrued compensation and benefits	5,063.5		5,446.6
Due to affiliates	292.8		241.9
Deferred revenue	421.5		138.7
Deferred tax liabilities	106.0		137.0
Other liabilities of Consolidated Funds	955.9		861.6
Lease liabilities	501.1		488.6
Accrued giveback obligations	44.6		44.0
Total liabilities	17,710.3		16,755.9
Commitments and contingencies
Common stock, $0.01 par value, 100,000,000,000 shares authorized (360,881,683 and 357,183,632 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)	3.6		3.6
Additional paid-in-capital	3,997.7		3,892.3
Retained earnings	1,864.8		2,040.8
Accumulated other comprehensive loss	(288.7)		(329.8)
Non-controlling interests in consolidated entities	807.8		740.7
Total equity	6,385.2		6,347.6
Total liabilities and equity	$24,095.5		$23,103.5

See accompanying notes.

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The Carlyle Group Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in millions, except share and per share data)

	Three Months Ended March 31,
	2025		2024
Revenues
Fund management fees	$586.1		$523.6
Incentive fees	43.2		26.2
Investment income (loss)
Performance allocations	222.9		(157.0)
Principal investment income (loss)	(63.1)		73.1
Total investment income (loss)	159.8		(83.9)
Interest and other income	50.6		57.6
Interest and other income of Consolidated Funds	133.4		164.9
Total revenues	973.1		688.4
Expenses
Compensation and benefits
Cash-based compensation and benefits	218.4		221.9
Equity-based compensation	103.5		108.3
Performance allocations and incentive fee related compensation	171.4		(72.8)
Total compensation and benefits	493.3		257.4
General, administrative and other expenses	173.6		147.7
Interest	27.8		30.8
Interest and other expenses of Consolidated Funds	113.5		124.6
Other non-operating expenses	—		0.2
Total expenses	808.2		560.7
Other income (loss)
Net investment income (loss) of Consolidated Funds	6.1		(7.0)
Income before provision for income taxes	171.0		120.7
Provision for income taxes	12.4		21.9
Net income	158.6		98.8
Net income attributable to non-controlling interests in consolidated entities	28.6		33.2
Net income attributable to The Carlyle Group Inc.	$130.0		$65.6
Net income attributable to The Carlyle Group Inc. per common share (see Note 12)
Basic	$0.36		$0.18
Diluted	$0.35		$0.18
Weighted-average common shares
Basic	359,464,272		360,908,247
Diluted	366,336,892		369,343,601

Substantially all revenue is earned from affiliates of the Company. See accompanying notes.

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The Carlyle Group Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in millions)

 

	Three Months Ended March 31,
	2025		2024
Net income	$158.6		$98.8
Other comprehensive income (loss)
Foreign currency translation adjustments	47.0		(20.7)
Defined benefit plans
Unrealized income (loss) for the period	(1.1)		0.4
Reclassification adjustment for gain during the period, included in cash-based compensation and benefits expense	(0.1)		(0.1)
Other comprehensive income (loss)	45.8		(20.4)
Comprehensive income	204.4		78.4
Comprehensive income attributable to non-controlling interests in consolidated entities	33.3		30.5
Comprehensive income attributable to The Carlyle Group Inc.	$171.1		$47.9

See accompanying notes.

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The Carlyle Group Inc.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

(Dollars and shares in millions)

	Common Shares		Common Stock		Additional Paid-in- Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Non- controlling Interests in Consolidated Entities		Total Equity
Balance at December 31, 2024	357.2		$3.6		$3,892.3		$2,040.8		$(329.8)		$740.7		$6,347.6
Shares repurchased	(0.5)		—		—		(25.0)		—		—		(25.0)
Initial consolidation of a Consolidated Entity	—		—		—		—		—		35.0		35.0
Net shares issued for equity-based awards	4.2		—		—		(151.5)		—		—		(151.5)
Equity-based compensation	—		—		102.3		—		—		—		102.3
Dividend-equivalent rights on certain equity- based awards	—		—		3.1		(3.1)		—		—		—
Contributions	—		—		—		—		—		163.0		163.0
Dividends and distributions	—		—		—		(126.4)		—		(164.2)		(290.6)
Net income	—		—		—		130.0		—		28.6		158.6
Currency translation adjustments	—		—		—		—		42.3		4.7		47.0
Defined benefit plans, net	—		—		—		—		(1.2)		—		(1.2)
Balance at March 31, 2025	360.9		$3.6		$3,997.7		$1,864.8		$(288.7)		$807.8		$6,385.2

	Common Shares		Common Stock		Additional Paid-in- Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Non- controlling Interests in Consolidated Entities		Total Equity
Balance at December 31, 2023	361.3		$3.6		$3,403.0		$2,082.1		$(297.3)		$593.1		$5,784.5
Shares repurchased	(2.8)		—		—		(131.2)		—		—		(131.2)
Net shares issued for equity-based awards	0.8		—		—		(19.4)		—		—		(19.4)
Equity-based compensation	—		—		108.7		—		—		—		108.7
Dividend-equivalent rights on certain equity- based awards	—		—		2.2		(2.2)		—		—		—
Contributions	—		—		—		—		—		64.7		64.7
Dividends and distributions	—		—		—		(126.7)		—		(19.0)		(145.7)
Net income	—		—		—		65.6		—		33.2		98.8
Currency translation adjustments	—		—		—		—		(18.0)		(2.7)		(20.7)
Defined benefit plans, net	—		—		—		—		0.3		—		0.3
Balance at March 31, 2024	359.3		$3.6		$3,513.9		$1,868.2		$(315.0)		$669.3		$5,740.0

See accompanying notes.

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The Carlyle Group Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in millions)

	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities
Net income	$158.6		$98.8
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	46.9		45.3
Equity-based compensation	103.5		108.3
Non-cash performance allocations and incentive fees, net	15.0		190.9
Non-cash principal investment income	72.7		(70.0)
Other non-cash amounts	12.6		(2.9)
Consolidated Funds related:
Realized/unrealized (gain) loss on investments of Consolidated Funds	(7.0)		(82.7)
Realized/unrealized (gain) loss from loans payable of Consolidated Funds	0.9		89.7
Purchases of investments by Consolidated Funds	(2,425.5)		(1,477.3)
Proceeds from sales and settlements of investments by Consolidated Funds	1,430.8		1,276.3
Non-cash interest income, net	(4.1)		(6.7)
Change in cash and cash equivalents held at Consolidated Funds	270.9		(80.0)
Change in other receivables held at Consolidated Funds	8.3		(65.0)
Change in other liabilities held at Consolidated Funds	(2.5)		227.9
Purchases of investments	(78.3)		(145.1)
Proceeds from the sale of investments	144.8		102.1
Payments of contingent consideration	(1.0)		(1.5)
Changes in deferred taxes, net	(29.4)		(47.1)
Change in due from affiliates and other receivables	10.7		6.7
Change in deposits and other	(10.8)		(19.7)
Change in accounts payable, accrued expenses and other liabilities	(25.4)		41.5
Change in accrued compensation and benefits	(327.7)		(365.6)
Change in due to affiliates	6.5		(2.2)
Change in lease right-of-use assets and lease liabilities	(2.8)		(2.2)
Change in deferred revenue	280.2		251.6
Net cash (used in) provided by operating activities	(352.1)		71.1
Cash flows from investing activities
Purchases of fixed assets, net	(16.7)		(14.2)
Net cash used in investing activities	(16.7)		(14.2)

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	Three Months Ended March 31,
	2025		2024
Cash flows from financing activities
Payments on CLO borrowings	(14.6)		(13.9)
Proceeds from CLO borrowings, net of financing costs	15.1		—
Net borrowings on loans payable of Consolidated Funds	559.4		45.3
Dividends to common stockholders	(126.4)		(126.7)
Payment of deferred consideration for Carlyle Holdings units	—		(68.8)
Contributions from non-controlling interest holders	163.0		64.7
Distributions to non-controlling interest holders	(164.2)		(19.0)
Common shares repurchased and net share settlement of equity-based awards	(176.5)		(150.0)
Change in due to/from affiliates financing activities	40.8		51.7
Net cash provided by (used in) financing activities	296.6		(216.7)
Effect of foreign exchange rate changes	5.0		(4.4)
Decrease in cash, cash equivalents and restricted cash	(67.2)		(164.2)
Cash, cash equivalents and restricted cash, beginning of period	1,266.5		1,442.1
Cash, cash equivalents and restricted cash, end of period	$1,199.3		$1,277.9
Supplemental non-cash disclosures
Initial consolidation of Consolidated Funds	$57.0		$—
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$1,190.3		$1,276.5
Restricted cash	9.0		1.4
Total cash, cash equivalents and restricted cash, end of period	$1,199.3		$1,277.9
Cash and cash equivalents held at Consolidated Funds	$570.9		$426.0

See accompanying notes.

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

1. Organization

Carlyle is one of the world’s largest global investment firms that deploys private capital across its business and conducts

its operations through three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest (see Note 15,

Segment Reporting). In the Global Private Equity segment, Carlyle advises buyout, growth, real estate, infrastructure, and

natural resources funds. The Global Private Equity segment also includes the NGP Carry Funds advised by NGP. The Global

Credit segment advises funds and vehicles that pursue investment strategies including insurance solutions, liquid credit,

opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure credit, cross-platform credit products,

and global capital markets. The Carlyle AlpInvest segment (formerly, Global Investment Solutions) advises global private

equity programs that pursue secondary purchases and financing of existing portfolios, managed co-investment programs, and

primary fund investments. Carlyle typically serves as the general partner, investment manager or collateral manager, making

day-to-day investment decisions concerning the assets of these products.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles

generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its consolidated

subsidiaries. In addition, certain Carlyle-affiliated funds, related co-investment entities and certain CLOs managed by the

Company (collectively, the “Consolidated Funds”) have been consolidated in the accompanying financial statements. The

consolidation of the Consolidated Funds generally has a gross-up effect on assets, liabilities and cash flows, and generally has

no effect on the net income attributable to the Company. The economic ownership interests of the other investors in the

Consolidated Funds are reflected as non-controlling interests in consolidated entities in the accompanying condensed

consolidated financial statements. All of the investments held and notes issued by the Consolidated Funds are presented at their

estimated fair values in the Company’s condensed consolidated balance sheets. Interest and other income of the Consolidated

Funds, interest expense and other expenses of the Consolidated Funds, and net investment income (losses) of Consolidated

Funds are included in the Company’s condensed consolidated statements of operations.

Management has determined that the Company’s funds are investment companies under U.S. GAAP for the purposes

of financial reporting. U.S. GAAP for an investment company requires investments to be recorded at estimated fair value and

the unrealized gains and/or losses in an investment’s fair value are recognized on a current basis in the statements of operations.

Additionally, the funds do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). In the

preparation of these condensed consolidated financial statements, the Company has retained the specialized accounting for the

funds.

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for

interim financial information. These statements, including notes, have not been audited, exclude some of the disclosures

required for annual financial statements, and should be read in conjunction with the audited consolidated financial statements

included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities

and Exchange Commission (“SEC”) on February 27, 2025. The operating results presented for interim periods are not

necessarily indicative of the results that may be expected for any other interim period or for the entire year. In the opinion of

management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals,

which are necessary for the fair presentation of the financial condition and results of operations for the interim periods

presented.

Principles of Consolidation

The Company consolidates all entities that it controls either through a majority voting interest or as the primary

beneficiary of variable interest entities (“VIEs”).

The Company evaluates (1) whether it holds a variable interest in an entity, (2) whether the entity is a VIE, and (3)

whether the Company’s involvement would make it the primary beneficiary. In evaluating whether the Company holds a

variable interest, fees (including management fees, incentive fees and performance allocations) that are customary and

commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable

interests. The Company considers all economic interests, including indirect interests, to determine if a fee is considered a

variable interest.

For those entities where the Company holds a variable interest, the Company determines whether each of these entities

qualifies as a VIE and, if so, whether or not the Company is the primary beneficiary. The assessment of whether the entity is a

VIE is generally performed qualitatively, which requires judgment. These judgments include: (a) determining whether the

equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial

support, (b) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the economic

performance of the entity, (c) determining whether two or more parties’ equity interests should be aggregated, and (d)

determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to

receive returns from an entity.

For entities that are determined to be VIEs, the Company consolidates those entities where it has concluded it is the

primary beneficiary. The primary beneficiary is defined as the variable interest holder with (a) the power to direct the activities

of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity

or the right to receive benefits from the entity that could potentially be significant to the VIE. In evaluating whether the

Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly

by the Company.

As of March 31, 2025, assets and liabilities of the consolidated VIEs reflected in the condensed consolidated balance

sheets were $10.1 billion and $8.8 billion, respectively. As of December 31, 2024, assets and liabilities of the consolidated

VIEs reflected in the consolidated balance sheets were $8.9 billion and $7.7 billion, respectively. Except to the extent of the

consolidated assets of the VIEs, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Company. 

The Company’s Consolidated Funds are primarily CLOs, which are VIEs that issue loans payable that are backed by

diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral

for the CLOs, the Company earns investment management fees, including in some cases subordinated management fees and

contingent incentive fees. In cases where the Company consolidates the CLOs (primarily because of a retained interest that is

significant to the CLO), those management fees and contingent incentive fees have been eliminated as intercompany

transactions. As of March 31, 2025, the Company held $329.3 million of investments in these CLOs which represents its

maximum risk of loss. The Company’s investments in these CLOs are generally subordinated to other interests in the entities

and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs

have no recourse against the Company for any losses sustained in the CLO structure. The Company’s Consolidated Funds also

include certain investment funds in the Global Private Equity segment that are accounted for as consolidated VIEs due to the

Company providing financing to bridge investment purchases. As of March 31, 2025, the Company held $663.6 million of

notes receivable and investments related to these investment funds which represents its maximum risk of loss. The Company’s

Consolidated Funds also include certain funds in the Global Credit and Carlyle AlpInvest segments that are accounted for as

consolidated VIEs due to the Company having a significant indirect interest in these funds via the Company’s investment in

Fortitude (see Note 4, Investments).

Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities. Under the voting

interest entity model, the Company consolidates those entities it controls through a majority voting interest.

All significant inter-entity transactions and balances of entities consolidated have been eliminated.

Investments in Unconsolidated Variable Interest Entities

The Company holds variable interests in certain VIEs that are not consolidated because the Company is not the primary

beneficiary, including its investments in certain credit vehicles and certain AlpInvest vehicles, as well as its strategic investment

in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 4,

Investments, for information on the strategic investment in NGP. The Company’s involvement with such entities is in the form

of direct or indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets

recognized by the Company relating to its variable interests in these unconsolidated entities.

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

The assets recognized in the Company’s condensed consolidated balance sheets related to the Company’s variable

interests in these non-consolidated VIEs were as follows:

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Investments	$836.0		$942.6
Accrued performance allocations	640.2		580.8
Management fee receivables	70.7		62.4
Total	$1,546.9		$1,585.8

These amounts represent the Company’s maximum exposure to loss related to the unconsolidated VIEs as of March 31,

2025 and December 31, 2024.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and

estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of

the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting

period. Management’s estimates are based on historical experiences and other factors, including expectations of future events

that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the

process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and

their resulting impact on performance allocations and incentive fees involve a higher degree of judgment and complexity and

these assumptions and estimates may be significant to the condensed consolidated financial statements and the resulting impact

on performance allocations and incentive fees. Actual results could differ from these estimates and such differences could be

material.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is

recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to

which the Company expects to be entitled in exchange for those goods or services. ASC 606 includes a five-step framework

that requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the

consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the

performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the

performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation.

The Company accounts for performance allocations that represent a performance-based capital allocation from fund

limited partners to the Company (commonly known as “carried interest”) as earnings from financial assets within the scope of

ASC 323, Investments—Equity Method and Joint Ventures, and therefore are not in the scope of ASC 606. In accordance with

ASC 323, the Company records equity method income (losses) as a component of investment income based on the change in its

proportionate claim on net assets of the investment fund, including performance allocations, assuming the investment fund was

liquidated as of each reporting date pursuant to each fund’s governing agreements. See Note 4, Investments, for additional

information on the components of investments and investment income. Performance fees that do not meet the definition of

performance-based capital allocations are in the scope of ASC 606 and are included in incentive fees in the condensed

consolidated statements of operations. The calculation of unrealized performance revenues utilizes investment valuations of the

funds’ underlying investments, which are derived using the policies, methodologies and templates prepared by the Company’s

valuation group, as described in Note 3, Fair Value Measurement.

While the determination of who is the customer in a contractual arrangement will be made on a contract-by-contract

basis, the customer will generally be the investment fund for the Company’s significant management and advisory contracts.

The customer determination impacts the Company’s analysis of the accounting for contract costs. 

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Fund Management Fees

The Company provides management services to funds in which it holds a general partner interest or to funds or certain

portfolio companies with which it has an investment advisory or investment management agreement. The Company considers

the performance obligations in its contracts with its funds to be the promise to provide (or to arrange for third parties to provide)

investment management services related to the management, policies and operations of the funds.

As it relates to the Company’s performance obligation to provide investment management services, the Company

typically satisfies this performance obligation over time as the services are rendered, as the funds simultaneously receive and

consume the benefits provided as the Company performs the service. The transaction price is the amount of consideration to

which the Company expects to be entitled in exchange for transferring the promised services to the funds. Management fees

earned from each investment management contract over the contract life represent variable consideration because the

consideration the Company is entitled to varies based on fluctuations in the basis for the management fee, for example fund net

asset value (“NAV”) or assets under management (“AUM”). Given that the management fee basis is susceptible to market

factors outside of the Company’s influence, management fees are constrained and, therefore, estimates of future period

management fees are generally not included in the transaction price. Revenue recognized for the investment management

services provided is generally the amount determined at the end of the period because that is when the uncertainty for that

period is resolved.

For closed-end carry funds in the Global Private Equity segment, management fees generally range from 1.0% to 2.0% of

limited partners’ capital commitments during the fund’s commitment period. For closed-end carry funds in the Global Credit

segment, management fees generally range from 1.0% to 2.0% of limited partners’ invested capital. Following the expiration or

termination of the investment period, management fees generally are based on the lower of cost or fair value of invested capital

and the rate charged may also be reduced. These terms may vary for certain separately managed accounts, longer-dated carry

funds, and other closed-end funds. The Company will receive management fees during a specified period of time, which is

generally ten years from the initial closing date, or, in some instances, from the final closing date, but such termination date

may be earlier in certain limited circumstances or later if extended for successive one-year periods, typically up to a maximum

of two years. Depending upon the contracted terms of investment advisory or investment management and related agreements,

these fees are generally called semi-annually in advance and are recognized as earned over the subsequent six month period. 

For certain longer-dated carry funds and certain other closed-end funds, management fees are called quarterly over the life of

the funds.

Within the Global Credit segment, for CLOs and other structured products, management fees generally range from 0.4%

to 0.5% based on the total par amount of assets or the aggregate principal amount of the notes in the CLO and are generally due

quarterly in arrears based on the terms and recognized over the respective period. Management fees for the CLOs and other

structured products are governed by indentures and collateral management agreements. The Company will receive management

fees for the CLOs, generally five to ten years after issuance, including after the CLO redemption date until all eligible assets are

disposed of or at such time the collateral manager waives fees at its discretion. Management fees for the business development

companies are due quarterly in arrears at annual rates that range from 1.0% of capital under management to 1.5% of gross

assets, excluding cash and cash equivalents. Management fees for CTAC are due monthly in arrears at the annual rate of 1.0%

of the month-end value of the CTAC’s net assets. Carlyle Aviation Partners’ funds have varying management fee arrangements

depending on the strategy of the particular fund. Under the strategic advisory services agreement with Fortitude, the Company

earns a recurring management fee based on Fortitude’s general account assets, which adjusts within an agreed upon range based

on Fortitude’s overall profitability and is due quarterly in arrears. Management fees for certain of our perpetual capital

strategies and separately managed accounts in Global Credit have annual rates that generally range from 0.10% to 0.75%, which

are charged based on invested capital or the fair value of the underlying assets, though management fee arrangements vary

depending on the strategy of the particular account.

Management fees for the Company’s carry fund vehicles in the Carlyle AlpInvest segment generally range from 0.25% to

1.5% of the vehicle’s capital commitments during the commitment fee period of the relevant fund. Following the expiration of

the commitment fee period, the management fees generally range from 0.25% to 1.5% on (i) the net invested capital, (ii) the

lower of cost or net asset value of the capital invested, or (iii) the net asset value for unrealized investments. Management fees

for the Carlyle AlpInvest carry fund vehicles are generally due quarterly in advance and recognized over the related quarter.

The investment advisers to the CAPM funds are entitled to receive a monthly management fee equal to 1.25% on an annualized

basis of the fund’s net asset value as of the last day of the month.

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Notes to the Condensed Consolidated Financial Statements

(Unaudited)

The Company also provides transaction advisory and portfolio advisory services to the portfolio companies, and where

covered by separate contractual agreements, recognizes fees for these services when the performance obligation has been

satisfied and collection is reasonably assured. The Company is generally required to offset its fund management fees earned

from the funds that have invested in the portfolio companies to which the service has been provided by a percentage of the

transaction and advisory fees allocable to those funds. This amount is referred to as the “rebate offset,” and is generally 100%.

Transaction and advisory fees allocable to funds that do not pay fund management fees do not have a rebate offset. The

Company also recognizes underwriting fees from the Company’s loan syndication and capital markets business, Carlyle Global

Capital Markets. Fund management fees include transaction and portfolio advisory fees, as well as capital markets fees, of

$76.7 million and $23.8 million for the three months ended March 31, 2025 and 2024, respectively, net of rebate offsets as

defined in the respective fund limited partnership agreements.

Fund management fees exclude the reimbursement of any partnership expenses paid by the Company on behalf of the

Carlyle funds pursuant to the limited partnership agreements, including amounts related to the pursuit of actual, proposed, or

unconsummated investments, professional fees, expenses associated with the acquisition, holding and disposition of

investments, and other fund administrative expenses. For the professional fees that the Company arranges for the investment

funds, the Company concluded that the nature of its promise is to arrange for the services to be provided and it does not control

the services provided by third parties before they are transferred to the customer. Therefore, the Company concluded it is acting

in the capacity of an agent. Accordingly, the reimbursement for these professional fees paid on behalf of the investment funds is

presented on a net basis in general, administrative and other expenses in the condensed consolidated statements of operations.

The Company also incurs certain costs, primarily employee travel and entertainment costs, employee compensation and

systems costs, for which it receives reimbursement from the investment funds in connection with its performance obligation to

provide investment and management services. For reimbursable travel, compensation and systems costs, the Company

concluded it controls the services provided by its employees and the resources used to develop applicable systems before they

are transferred to the customer and therefore is a principal. Accordingly, the reimbursement for these costs incurred by the

Company to manage the fund limited partnerships are presented on a gross basis in interest and other income in the condensed

consolidated statements of operations and the expense in general, administrative and other expenses or cash-based

compensation and benefits expenses in the condensed consolidated statements of operations.

Incentive Fees

The Company is also entitled to receive performance-based incentive fees when the return on assets under management

exceeds certain benchmark returns or other performance targets. In such arrangements, incentive fees are recognized when the

performance benchmark has been achieved.  Incentive fees are variable consideration because they are contingent upon the

investment vehicle achieving stipulated investment return hurdles. Investment returns are highly susceptible to market factors

outside of the Company’s influence. Accordingly, incentive fees are constrained until all uncertainty is resolved. Estimates of

future period incentive fees are generally not included in the transaction price because these estimates are constrained. The

transaction price for incentive fees is generally the amount determined at the end of each accounting period to which they relate

because that is when the uncertainty for that period is resolved, as these fees are not subject to clawback. 

Investment Income (Loss), including Performance Allocations

Investment income (loss) represents the unrealized and realized gains and losses resulting from the Company’s equity

method investments, including any associated general partner performance allocations, and other principal investments,

including CLOs.

General partner performance allocations consist of the allocation of profits from certain of the funds to which the

Company is entitled (commonly known as carried interest).

For closed-end carry funds in the Global Private Equity and Global Credit segments, the Company is generally entitled to

a 20% allocation (or approximately 2% to 12.5% for most of the Carlyle AlpInvest segment carry fund vehicles) of the net

realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns of generally

7% to 9% and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership

agreement). These terms may vary on longer-dated funds, certain credit funds, and external co-investment vehicles. Carried

interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective

partnership agreement. The Company recognizes revenues attributable to performance allocations based upon the amount that

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date.

Accordingly, the amount recognized as investment income for performance allocations reflects the Company’s share of the

gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair

values as of the end of the prior period. Because of the inherent uncertainty, these estimated values may differ significantly

from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the

difference could be material.

Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne

by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return,

and (iv) the Company has decided to collect carry rather than return additional capital to limited partner investors. Realized

carried interest may be required to be returned by the Company in future periods if the fund’s investment values decline below

certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously

recognized performance allocations are reversed. In all cases, each fund is considered separately in this regard, and for a given

fund, performance allocations can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s

investments at their then-current fair values, previously recognized and distributed carried interest would be required to be

returned, a liability is established for the potential giveback obligation. As of March 31, 2025 and December 31, 2024, the

Company accrued $44.6 million and $44.0 million, respectively, for giveback obligations.

Principal investment income (loss) is realized when the Company redeems all or a portion of its investment or when the

Company receives or is due cash income, such as dividends or distributions. Unrealized principal investment income (loss)

results from the Company’s proportionate share of the investee’s unrealized earnings, including changes in the fair value of the

underlying investment, as well as the reversal of unrealized gain (loss) at the time an investment is realized. As it relates to the

Company’s investments in NGP (see Note 4, Investments), principal investment income includes the related amortization of the

basis difference between the Company’s carrying value of its investment and the Company’s share of underlying net assets of

the investee, as well as the compensation expense associated with compensatory arrangements provided by the Company to

employees of its equity method investee, and impairment charges.

Interest Income

Interest income is recognized when earned. For debt securities representing non-investment grade beneficial interests in

securitizations, the effective yield is determined based on the estimated cash flows of the security. Changes in the effective

yield of these securities due to changes in estimated cash flows are recognized on a prospective basis as adjustments to interest

income in future periods. Interest income earned by the Company is included in interest and other income in the accompanying

condensed consolidated statements of operations. Interest income of the Consolidated Funds was $123.0 million and $142.6

million for the three months ended March 31, 2025 and 2024, respectively, and is included in interest and other income of

Consolidated Funds in the accompanying condensed consolidated statements of operations.

Credit Losses

The Company measures all expected credit losses for financial assets held at the reporting date in accordance with ASC

326, Financial Instruments—Credit Losses, based on historical experience, current conditions, and reasonable and supportable

forecasts. The Company assesses the collection risk characteristics of the outstanding amounts in its due from affiliates balance

into the following pools of receivables:

•Reimbursable fund expenses receivables,

•Management fee receivables,

•Incentive fee receivables,

•Transaction fee receivables,

•Portfolio fee receivables, and

•Notes receivable.

The Company generally utilizes either historical credit loss information or discounted cash flows to calculate expected

credit losses for each pool. The Company’s receivables are predominantly with its investment funds, which have low risk of

credit loss based on the Company’s historical experience. Historical credit loss data may be adjusted for current conditions and

reasonable and supportable forecasts, including the Company’s expectation of near-term realization based on the liquidity of the

affiliated investment funds.

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Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Compensation and Benefits

Cash-Based Compensation and Benefits – Cash-based compensation and benefits includes salaries, bonuses

(discretionary awards and guaranteed amounts), performance payment arrangements and benefits paid and payable to Carlyle

employees. Bonuses are accrued over the service period to which they relate.

Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards is measured at fair

value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the

relevant service period on a straight-line basis. The compensation expense for awards that do not require future service is

recognized immediately. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each

reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable

that the performance conditions will be achieved. The compensation expense for awards that contain market conditions is based

on a grant-date fair value that factors in the probability that the market conditions will be achieved and is recognized over the

requisite service period on a straight-line basis.

Certain equity-based awards contain dividend-equivalent rights, which are subject to the same terms and conditions,

including with respect to vesting and settlement, that apply to the related award. Dividend-equivalents are accounted for as a

reclassification from retained earnings to additional paid-in capital at the time dividends are declared and do not result in

incremental compensation expense.

Equity-based awards issued to non-employees are generally recognized as general, administrative and other expenses,

except to the extent they are recognized as part of the Company’s equity method earnings because they are issued to employees

of equity method investees.

The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized

compensation expense for awards that vest based on service and/or performance conditions. The reduction in compensation

expense is determined based on the specific awards forfeited during that period.  Furthermore, the Company recognizes all

excess tax benefits and deficiencies as income tax benefit or expense in the condensed consolidated statements of operations.

For awards with a market condition (e.g., achievement of certain stock price hurdles) that are forfeited due to the market

condition not being achieved, the related equity-based compensation expense is not reversed.

Performance Allocations and Incentive Fee Related Compensation – A portion of the performance allocations and

incentive fees and certain other interests earned is due to employees and advisors of the Company. These amounts are

accounted for as profit sharing interests in compensation expense in a systematic and rational manner in conjunction with the

recognition of the related performance allocations and incentive fee revenue and, until paid, are recognized as a component of

the accrued compensation and benefits liability. The liability is measured assuming the hypothetical liquidation of the

associated funds’ underlying investments as of the measurement date. Accordingly, upon a reversal of performance allocations

or incentive fee revenue, the related compensation expense, if any, is also reversed. As any vesting requirement is accelerated

upon realization, the service period is not considered substantive when recording the liability based on the hypothetical

liquidation value. As of both March 31, 2025 and December 31, 2024, the Company recorded a liability of $4.8 billion related

to the portion of accrued performance allocations and incentive fees due to employees and advisors, respectively, which was

included in accrued compensation and benefits in the accompanying condensed consolidated balance sheets.

Income Taxes

The Carlyle Group Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and

local corporate income taxes. Tax positions taken by the Company are subject to periodic audit by U.S. federal, state, local and

foreign taxing authorities. The interim provision for income taxes is calculated using the discrete effective tax rate method as

allowed by ASC 740, Accounting for Income Taxes. The discrete method is applied when the application of the estimated

annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. In addition, the

discrete method treats the year-to-date period as if it was the annual period and determines the income tax expense or benefit on

that basis.

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred

tax assets and liabilities for the expected future consequences of events that have been included in the financial statements or

tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial

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Notes to the Condensed Consolidated Financial Statements

(Unaudited)

statement reporting and the tax basis of assets and liabilities using enacted tax rates in effect for the period in which the

difference is expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the

period of the change in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of

available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Company’s gross deferred

tax assets when it is “more likely than not” that such asset will not be realized. When evaluating the realizability of the

Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include

the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future

earnings. The Company accounts for the valuation allowance assessment on its deferred tax assets and without regard to the

Company’s potential future corporate alternative minimum tax (“CAMT”) status or global minimum tax status under the Pillar

Two Global Anti-Base Erosion (“GloBE”) model rules of the Organization for Economic Co-operation and Development

(“OECD”). Therefore, the Company accounts for CAMT and the global minimum tax in the period as incurred. Lastly, the

Company accounts for the tax on global intangible low-taxed income (“GILTI”) as incurred and therefore has not recorded

deferred taxes related to GILTI on its foreign subsidiaries.

Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is “more

likely than not” to be sustained upon examination. The Company analyzes its tax filing positions in all of the U.S. federal, state,

local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these

jurisdictions. If, based on this analysis, the Company determines that uncertainties in tax positions exist, a liability is

established, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated

financial statements. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the

provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in

the provision for income taxes.

Non-controlling Interests

Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third-

party investors. These interests are adjusted for general partner allocations which occur during the reporting period. Any change

in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between

the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a

subsidiary are recorded as a direct charge to equity.

Earnings Per Common Share

The Company computes earnings per common share in accordance with ASC 260, Earnings Per Share. Basic earnings

per common share is calculated by dividing net income (loss) attributable to the common shares of the Company by the

weighted-average number of common shares outstanding for the period. Diluted earnings per common share reflects the

assumed conversion of all dilutive securities. The Company applies the treasury stock method to determine the dilutive

weighted-average common shares outstanding for certain equity-based compensation awards. For certain equity-based

compensation awards that contain performance or market conditions, the number of contingently issuable common shares is

included in diluted earnings per common share based on the number of common shares, if any, that would be issuable under the

terms of the awards if the end of the reporting period were the end of the contingency period, if the result is dilutive.

Fair Value of Financial Instruments

The underlying entities that the Company manages and invests in (and in certain cases, consolidates) are primarily

investment companies which account for their investments at estimated fair value.

The fair value measurement accounting guidance under ASC 820, Fair Value Measurement, establishes a hierarchical

disclosure framework which ranks the observability of market price inputs used in measuring financial instruments at fair value.

The observability of inputs is impacted by a number of factors, including the type of financial instrument, the characteristics

specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions

between market participants. Financial instruments with readily available quoted prices, or for which fair value can be measured

from quoted prices in active markets, will generally have a higher degree of market price observability and a lesser degree of

judgment applied in determining fair value.

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs

used in the determination of fair values, as follows:

Level I – inputs to the valuation methodology are quoted prices available in active markets for identical

instruments as of the reporting date. The type of financial instruments in this category include unrestricted

securities, such as equities and derivatives, listed in active markets. The Company does not adjust the quoted price

for these instruments, even in situations where the Company holds a large position and a sale could reasonably

impact the quoted price.

Level II – inputs to the valuation methodology are other than quoted prices in active markets, which are either

directly or indirectly observable as of the reporting date. The types of financial instruments in this category

include less liquid and restricted securities listed in active markets, securities traded in other than active markets,

government and agency securities, and certain over-the-counter derivatives where the fair value is based on

observable inputs.

Level III – inputs to the valuation methodology are unobservable and significant to overall fair value

measurement. The inputs into the determination of fair value require significant management judgment or

estimation. The types of financial instruments in this category include investments in privately-held entities, non-

investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter

derivatives where the fair value is based on unobservable inputs. 

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such

cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is

based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the

significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to

the financial instrument.

In certain cases, debt and equity securities (including corporate treasury investments) are valued on the basis of prices

from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the

value of a particular investment, pricing services may use certain information with respect to transactions in such investments,

quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between

investments.

In the absence of observable market prices, the Company values its investments and its funds’ investments using

valuation methodologies applied on a consistent basis. For some investments little market activity may exist. Management’s

determination of fair value is then based on the best information available in the circumstances and may incorporate

management’s own assumptions and involve a significant degree of judgment, taking into consideration a combination of

internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for

which market prices are not observable include private investments in the equity and debt of operating companies and real

assets, CLO investments and CLO loans payable and fund investments. The valuation technique for each of these investments is

described below:

Investments in Operating Companies and Real Assets – The fair values of private investments in operating companies

and real assets are generally determined by reference to the income approach (including the discounted cash flow

method and the income capitalization method) and the market approach (including the comparable publicly traded

company method and the comparable transaction method). Valuations under these approaches are typically derived by

reference to investment-specific inputs (such as projected cash flows, earnings before interest, taxes, depreciation and

amortization (“EBITDA”), and net operating income) combined with market-based inputs (such as discount rates,

EBITDA multiples and capitalization rates). In many cases, the investment-specific inputs are unaudited at the time

received. Management may also adjust the market-based inputs to account for differences between the subject

investment and the companies, assets or investments used to derive the market-based inputs. Adjustments to

observable valuation measures are frequently made upon the initial investment to calibrate the initial investment

valuation to industry observable inputs. Such adjustments are made to align the investment to observable industry

inputs for differences in size, profitability, projected growth rates, geography, capital structure, and other factors as

applicable. The adjustments are then reviewed with each subsequent valuation to assess how the investment has

evolved relative to the observable inputs. Additionally, the investment may be subject to certain specific risks and/or

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Notes to the Condensed Consolidated Financial Statements

(Unaudited)

development milestones which are also taken into account in the valuation assessment. Option pricing models and

similar tools may also be considered but do not currently drive a significant portion of operating company or real asset

valuations and are used primarily to value warrants, derivatives, certain restrictions and other atypical investment

instruments.

Credit-Oriented Investments – The fair values of credit-oriented investments (including corporate treasury

investments) are generally determined on the basis of prices between market participants provided by reputable dealers

or pricing services. In determining the value of a particular investment, pricing services may use certain information

with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in

comparable investments and various relationships between investments. Specifically, for investments in distressed debt

and corporate loans and bonds, the fair values are generally determined by valuations of comparable investments. In

some instances, the Company may utilize other valuation techniques, including the discounted cash flow method.

CLO Investments and CLO Loans Payable – The Company measures the financial liabilities of its consolidated CLOs

based on the fair value of the financial assets of its consolidated CLOs, as the Company believes the fair value of the

financial assets are more observable. The fair values of the CLO loan and bond assets are primarily based on

quotations from reputable dealers or relevant pricing services. In situations where valuation quotations are unavailable,

the assets are valued based on similar securities, market index changes, and other factors. The Company performs

certain procedures to ensure the reliability of the quotations from pricing services for its CLO assets and CLO

structured asset positions, which generally includes corroborating prices with a discounted cash flow analysis.

Generally, the loan and bond assets of the CLOs are not publicly traded and are classified as Level III. The fair values

of the CLO structured asset positions are determined based on both discounted cash flow analyses and third party

quotes. Those analyses consider the position size, liquidity, current financial condition of the CLOs, the third party

financing environment, reinvestment rates, recovery lags, discount rates and default forecasts and are compared to

broker quotations from market makers and third party dealers. 

The Company measures the CLO loan payables held by third party beneficial interest holders on the basis of the fair

value of the financial assets of the CLO and the beneficial interests held by the Company. The Company continues to

measure the CLO loans payable that it holds at fair value based on relevant pricing services or discounted cash flow

analyses, as described above.

Fund Investments – The Company’s primary and secondary investments in external funds are generally valued as its

proportionate share of the most recent net asset value provided by the third-party general partners of the underlying

fund partnerships, adjusted for subsequent cash flows received from or distributed to the underlying fund partnerships.

The Company also adjusts for any changes in the market prices of public securities held by the underlying fund

partnerships and may also apply a market adjustment to reflect the estimated change in the fair value of the underlying

fund partnerships’ non-public investments from the date of the most recent net asset value provided by the third-party

general partners.

Investment professionals with responsibility for the underlying investments are responsible for preparing the investment

valuations pursuant to the policies, methodologies and templates prepared by the Company’s valuation group, which is a team

made up of dedicated valuation professionals reporting to the Company’s chief accounting officer. The valuation group is

responsible for maintaining the Company’s valuation policy and related guidance, templates and systems that are designed to be

consistent with the guidance found in ASC 820. These valuations, inputs and preliminary conclusions are reviewed by the fund

management teams. The valuations are then reviewed and approved by the respective fund valuation subcommittees, which

include the respective fund head(s), segment head, chief financial officer and chief accounting officer, as well as members of

the valuation group. The valuation group compiles the aggregate results and significant matters and presents them for review

and approval by the global valuation committee, which includes the Company’s Chief Executive Officer, Chief Risk Officer,

Chief Financial Officer, Chief Accounting Officer, and the business segment heads, and observed by the Chief Compliance

Officer, the Chief Audit Executive, the Company’s Audit Committee and others. Additionally, each quarter a sample of

valuations are reviewed by external valuation firms. Valuations of the funds’ investments are used in the calculation of accrued

performance allocations, or “carried interest.”

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Investments, at Fair Value

Investments include (i) the Company’s ownership interests (typically general partner interests) in the Funds, including the

Company’s investment in Fortitude held through Carlyle FRL (which are accounted for as equity method investments), (ii) the

Company’s investment in NGP (which is accounted for as an equity method investment), (iii) the investments held by the

Consolidated Funds (which are presented at fair value in the Company’s condensed consolidated financial statements), and (iv)

certain credit-oriented investments, including investments in the CLOs and the common shares of Carlyle Secured Lending,

Inc. (“CGBD,” see Note 4, Investments, and Note 9, Related Party Transactions, for more information) which are accounted for

as trading securities.

Upon the sale of a security or other investment, the realized net gain or loss is computed on a weighted average cost

basis, with the exception of the investments held by the CLOs, which compute the realized net gain or loss on a first in, first out

basis. Securities transactions are recorded on a trade date basis.

Equity Method Investments

The Company accounts for all investments in which it has or is otherwise presumed to have significant influence,

including investments in the unconsolidated Funds and the Company’s investment in NGP, using the equity method of

accounting. The carrying value of equity method investments is determined based on amounts invested by the Company,

adjusted for the equity in earnings or losses of the investee (including performance allocations) allocated based on the

respective partnership agreement, less distributions received. The Company evaluates its equity method investments for

impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be

recoverable.

Cash and Cash Equivalents

Cash and cash equivalents include cash held at banks and cash held for distributions, including investments with original

maturities of less than three months when purchased. The Company is subject to credit risk should a financial institution be

unable to fulfil its obligations and if balances held at a financial institution exceed insured limits.

Cash and Cash Equivalents Held at Consolidated Funds

Cash and cash equivalents held at Consolidated Funds consists of cash and cash equivalents held by the Consolidated

Funds, which, although not legally restricted, is not available to fund the general liquidity needs of the Company.

Restricted Cash

Restricted cash primarily represents cash held by the Company’s foreign subsidiaries due to certain government

regulatory capital requirements as well as certain amounts held on behalf of Carlyle funds.

Corporate Treasury Investments

Corporate treasury investments represent investments in U.S. Treasury and government agency obligations, commercial

paper, certificates of deposit, other investment grade securities and other investments with original maturities of greater than

three months when purchased. These investments are accounted for as trading securities in which changes in the fair value of

each investment are recorded through investment income (loss). Any interest earned on debt investments is recorded through

interest and other income.

Derivative Instruments

The Company uses derivative instruments primarily to reduce its exposure to changes in foreign currency exchange rates. 

Derivative instruments are recognized at fair value in the condensed consolidated balance sheets with changes in fair value

recognized in the condensed consolidated statements of operations for all derivatives not designated as hedging instruments.

22

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Securities Sold Under Agreements to Repurchase

As it relates to certain European CLOs sponsored by the Company, securities sold under agreements to repurchase

(“Repurchase Agreements”) are accounted for as collateralized financing transactions. The Company provides securities to

counterparties to collateralize amounts borrowed under Repurchase Agreements on terms that permit the counterparties to

repledge or resell the securities to others. As of March 31, 2025, $265.9 million of securities were transferred to counterparties

under Repurchase Agreements and are included within investments in the condensed consolidated balance sheets. Cash

received under Repurchase Agreements is recognized as a liability within debt obligations in the condensed consolidated

balance sheets. See Note 6, Borrowings, for additional information.

Fixed Assets

Fixed assets consist of furniture, fixtures and equipment, leasehold improvements, computer hardware and software, and

fractional shares in corporate aircraft, and are stated at cost, less accumulated depreciation and amortization. Depreciation is

recognized on a straight-line method over the assets’ estimated useful lives, which for leasehold improvements are the lesser of

the lease terms or the life of the asset, and three to seven years for other fixed assets. Fixed assets are reviewed for impairment

whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Leases

The Company accounts for its leases in accordance with ASC 842, Leases, and recognizes a lease liability and right-of-

use (“ROU”) asset in the condensed consolidated balance sheets for contracts that it determines are leases or contain a lease.

The Company’s leases primarily consist of operating leases for office space in various countries around the world. The

Company also has operating leases for office equipment and vehicles, which are not significant. The Company does not

separate non-lease components from lease components for its office space and equipment operating leases and instead accounts

for each separate lease component and its associated non-lease component as a single lease component. ROU assets represent

the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to

make lease payments arising from the leases. The Company’s ROU assets and lease liabilities are recognized at lease

commencement based on the present value of lease payments over the lease term. Lease ROU assets include initial direct costs

incurred by the Company and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the

lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information

available at commencement in determining the present value of lease payments. The Company’s lease terms may include

options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease

expense for lease payments is recognized on a straight-line basis over the lease term. Lease ROU assets are reviewed for

impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

The Company does not recognize a lease liability or ROU asset on the balance sheet for short-term leases. Instead, the

Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is

defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to

purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a

short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases.

ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount

of an asset may not be recoverable.

Intangible Assets and Goodwill

The Company’s intangible assets consist of acquired contractual rights to earn future fee income, including management

and advisory fees, customer relationships, and acquired trademarks. Finite-lived intangible assets are amortized over their

estimated useful lives, which range from four to eight years, and are reviewed for impairment whenever events or changes in

circumstances indicate that the carrying amount of the asset may not be recoverable.

Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the

functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of

October 1 and between annual tests when events and circumstances indicate that impairment may have occurred.

23

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Deferred Revenue

Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not

yet been earned. Deferred revenue also includes transaction and portfolio advisory fees received by the Company that are

required to offset fund management fees pursuant to the related fund agreements.

Accumulated Other Comprehensive Income (Loss)

The Company’s accumulated other comprehensive income (loss) comprise foreign currency translation adjustments and

gains and losses on defined benefit plans sponsored by AlpInvest. The components of accumulated other comprehensive

income (loss) as of March 31, 2025 and December 31, 2024 were as follows:

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Currency translation adjustments	$(285.6)		$(327.9)
Unrealized losses on defined benefit plans	(3.1)		(1.9)
Total	$(288.7)		$(329.8)

Foreign Currency Translation

Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the condensed

consolidated statements of operations are translated at rates of exchange in effect throughout the period. Foreign currency gains

(losses) resulting from transactions outside of the functional currency of an entity of $(4.3) million and $0.5 million for the

three months ended March 31, 2025 and 2024, respectively, are included in general, administrative and other expenses in the

condensed consolidated statements of operations.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial

Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or

expected to have minimal impact on the Company’s condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosure, which requires disclosure

of disaggregated information about a reporting entity’s effective tax rate reconciliation, using both percentages and reporting

currency amounts for specific standardized categories, as well as disclosure of income taxes paid disaggregated by jurisdiction.

The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company

does not expect the adoption of this guidance to have a material impact on the Company’s condensed consolidated financial

statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires

disaggregated disclosures of certain categories of expenses on an annual and interim basis including employee compensation,

depreciation, and intangible asset amortization for each income statement line item that contains those expenses. The guidance

is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The

Company is currently evaluating the impact of adopting this guidance on its condensed consolidated financial statements.

24

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

3. Fair Value Measurement

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the

fair value hierarchy levels as disclosed in Note 2, Summary of Significant Accounting Policies, as of March 31, 2025:

(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$—		$—		$821.7		$821.7
Bonds	—		—		495.8		495.8
Loans	—		—		7,632.6		7,632.6
	—		—		8,950.1		8,950.1
Investments in CLOs and other:
Investments in CLOs	—		—		365.5		365.5
Other investments(3)	83.2		21.2		63.7		168.1
	83.2		21.2		429.2		533.6
Foreign currency forward contracts	—		2.5		—		2.5
Subtotal	$83.2		$23.7		$9,379.3		$9,486.2
Investments measured at net asset value							387.0
Total							$9,873.2
Liabilities
Loans payable of Consolidated Funds(4)(5)	$—		$—		$7,680.3		$7,680.3
Foreign currency forward contracts	—		3.0		—		3.0
Total	$—		$3.0		$7,680.3		$7,683.3

(1)This balance excludes $379.2 million of Investments of Consolidated Funds that are included in Investments measured at net asset

value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest segment.

(2)This balance includes $684.8 million related to investments that have been bridged by the Company to investment funds and are

accounted for as consolidated VIEs as of March 31, 2025.

(3)The Level III balance excludes $55.6 million related to three corporate investments in equity securities which the Company has

elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to

ASC 321, Investments–Equity Securities. As a non-recurring fair value measurement, the fair value of these equity securities is

excluded from the tabular Level III rollforward disclosures.

(4)Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO financial

assets, less (i) the fair value of any beneficial interest held by the Company and (ii) the carrying value of any beneficial interests that

represent compensation for services.

(5)Loans payable of Consolidated Funds balance excludes a $121.4 million revolving credit balance.

25

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the

above fair value hierarchy levels as of December 31, 2024:

(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$—		$—		$572.0		$572.0
Bonds	—		—		465.1		465.1
Loans	—		—		6,431.4		6,431.4
Other	—		1.3		—		1.3
	—		1.3		7,468.5		7,469.8
Investments in CLOs and other:
Investments in CLOs	—		—		378.9		378.9
Other investments(3)	40.4		21.5		85.1		147.0
	40.4		21.5		464.0		525.9
Subtotal	$40.4		$22.8		$7,932.5		$7,995.7
Investments measured at net asset value							320.7
Total							$8,316.4
Liabilities
Loans payable of Consolidated Funds(4)(5)	$—		$—		$6,809.1		$6,809.1
Foreign currency forward contracts	—		0.6		—		0.6
Total	$—		$0.6		$6,809.1		$6,809.7

(1)This balance excludes $312.6 million of Investments of Consolidated Funds that are included in Investments measured at net asset

value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest segment.

(2)This balance includes $441.9 million related to investments that have been bridged by the Company to investment funds and are

accounted for as consolidated VIEs as of December 31, 2024.

(3)The Level III balance excludes $55.4 million related to three corporate investments in equity securities which the Company has

elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to

ASC 321, Investments–Equity Securities. As a non-recurring fair value measurement, the fair value of these equity securities is

excluded from the tabular Level III rollforward disclosures.

(4)Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO financial

assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that

represent compensation for services.

(5)Loans payable of Consolidated Funds balance excludes a $55.1 million revolving credit balance.

 

26

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

The changes in financial instruments measured at fair value for which the Company has used Level III inputs to

determine fair value are as follows (Dollars in millions):

	Financial Assets
	Three Months Ended March 31, 2025
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans		Investments in CLOs		Other investments		Total
Balance, beginning of period	$572.0		$465.1		$6,431.4		$378.9		$85.1		$7,932.5
Initial consolidation of funds(1)	—		24.0		167.9		1.0		—		192.9
Transfer out related to the Exchange(2)	—		—		—		—		(50.4)		(50.4)
Purchases	253.2		56.4		2,225.3		1.1		37.8		2,573.8
Sales and distributions	(9.0)		(72.6)		(943.9)		(36.2)		(11.2)		(1,072.9)
Settlements	—		—		(358.9)		—		—		(358.9)
Realized and unrealized gains (losses), net
Included in earnings	5.5		4.5		(10.9)		12.0		2.4		13.5
Included in other comprehensive income	—		18.4		121.7		8.7		—		148.8
Balance, end of period	$821.7		$495.8		$7,632.6		$365.5		$63.7		$9,379.3
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$4.8		$4.2		$0.6		$10.2		$5.1		$24.9
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$—		$15.5		$109.4		$9.7		$—		$134.6

	Financial Assets
	Three Months Ended March 31, 2024
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans		Investments in CLOs		Other investments		Total
Balance, beginning of period	$377.6		$522.5		$5,862.1		$532.6		$84.6		$7,379.4
Purchases	24.8		46.4		1,397.4		1.0		—		1,469.6
Sales and distributions	(6.1)		(72.8)		(729.5)		(24.0)		(0.9)		(833.3)
Settlements	—		—		(464.7)		—		—		(464.7)
Realized and unrealized gains (losses), net
Included in earnings	(9.0)		15.6		72.8		15.2		9.5		104.1
Included in other comprehensive income	—		(11.3)		(73.2)		(4.0)		—		(88.5)
Balance, end of period	$387.3		$500.4		$6,064.9		$520.8		$93.2		$7,566.6
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$(9.0)		$16.4		$60.8		$15.2		$8.6		$92.0
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$—		$(10.2)		$(68.9)		$(4.0)		$—		$(83.1)

(1)As a result of the initial consolidation of one fund during the three months ended March 31, 2025.

(2)Represents the exchange of the BDC Preferred Shares, which were valued using Level III inputs, for common shares of CGBD, which

are valued using Level I inputs. See Note 9, Related Party Transactions, for more information.

 

27

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

	Financial Liabilities
	Loans Payable of Consolidated Funds
	Three Months Ended March 31,
	2025		2024
Balance, beginning of period	$6,809.1		$6,298.6
Initial consolidation of funds(1)	193.8		—
Borrowings	782.1		546.7
Paydowns	(242.1)		(207.7)
Sales	(6.5)		(288.7)
Realized and unrealized (gains) losses, net
Included in earnings	1.2		89.4
Included in other comprehensive income	142.7		(86.0)
Balance, end of period	$7,680.3		$6,352.3
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$10.0		$91.1
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$133.5		$(87.9)

(1) As a result of the initial consolidation of one fund during the three months ended March 31, 2025.

Realized and unrealized gains and losses included in earnings for Level III investments for investments in CLOs and

other investments are included in investment income (loss), and such gains and losses for investments of Consolidated Funds

and loans payable of the Consolidated Funds are included in net investment gains (losses) of Consolidated Funds in the

condensed consolidated statements of operations.

Gains and losses included in other comprehensive income for all Level III financial asset and liabilities are included in

accumulated other comprehensive loss and non-controlling interests in consolidated entities.

The following table summarizes quantitative information about the Company’s Level III inputs as of March 31, 2025:

	Fair Value at		Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)		Impact to Valuation from Increase in Input
(Dollars in millions)	March 31, 2025
Assets
Investments of Consolidated Funds:
Equity securities	$4.6		Consensus Pricing		Indicative Quotes ($ per share)		0.00 - 79.83 (0.27)		Higher
	642.4		Discounted Cash Flow		Discount Rates		9% - 17% (11%)		Lower
					Terminal Growth Rate		0% - 7% (4%)		Higher
			Comparable Multiple		EBITDA Multiple		6.8x - 21.8x (12.3x)		Higher
					TCF Multiple		28.9x - 28.9x (28.9x)		Higher
	71.7		Discounted Cash Flow		Discount Rates		7% - 34% (21%)		Lower
					Constant Prepayment Rate		6% - 18% (9%)		Lower
					Constant Default Rate		0% - 6% (2%)		Lower
					Recovery Rate		0% - 40% (24%)		Higher
	103.0		Other(1)		N/A		N/A		N/A
Bonds	495.8		Consensus Pricing		Indicative Quotes (% of Par)		31 - 107 (95)		Higher
Loans	7,527.4		Consensus Pricing		Indicative Quotes (% of Par)		0 - 103 (98)		Higher
	97.4		Discounted Cash Flow		Discount Rates		7% - 17% (10%)		Lower
	6.5		Discounted Cash Flow		Discount Rates		15% - 15% (15%)		Lower
					Constant Prepayment Rate		8% - 14% (11%)		Lower
					Constant Default Rate		1% - 1% (1%)		Lower
					Recovery Rate		0% - 0% (0%)		Higher
	1.3		Other(1)		N/A		N/A		N/A

28

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

	8,950.1
Investments in CLOs:
Senior secured notes	305.7		Consensus Pricing with Discounted Cash Flow		Indicative Quotes (% of Par)		87 - 101 (100)		Higher
					Discount Margins (Basis Points)		86 - 1,355 (193)		Lower
					Default Rates		2% - 2% (2%)		Lower
					Recovery Rates		60% - 60% (60%)		Higher
Subordinated notes and preferred shares	59.8		Consensus Pricing with Discounted Cash Flow		Indicative Quotes (% of Par)		1 - 100 (42)		Higher
					Discount Rates		5% - 36% (15%)		Lower
					Default Rates		2% - 2% (2%)		Lower
					Recovery Rates		60% - 60% (60%)		Higher
Other investments:
Aviation subordinated notes	8.5		Discounted Cash Flow		Discount Rates		21% - 21% (21%)		Lower
Loans	55.2		Consensus Pricing with Discounted Cash Flow		Indicative Quotes (% of Par)		97 - 99 (98)		Higher
					Discount Rates		9% - 16% (11%)		Lower
			Comparable Multiple		EBITDA Multiple		6.0x - 6.0x (6.0x)		Higher
Total	$9,379.3
Liabilities
Loans payable of Consolidated  Funds:
Senior secured notes	$7,434.2		Other(2)		N/A		N/A		N/A
Subordinated notes and preferred shares	246.1		Consensus Pricing with Discounted Cash Flow		Indicative Quotes (% of Par)		15 - 89 (53)		Higher
					Discount Rates		(3)% - 35% (13%)		Lower
					Default Rates		1% - 2% (2%)		Lower
					Recovery Rates		60% - 60% (60%)		Higher
Total	$7,680.3

(1)Fair value approximates transaction price that was in close proximity to the reporting date.

(2)Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets,

less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent

compensation for services.

29

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

The following table summarizes quantitative information about the Company’s Level III inputs as of December 31, 2024:

	Fair Value at		Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)		Impact to Valuation from Increase in Input
(Dollars in millions)	December 31, 2024
Assets
Investments of Consolidated Funds:
Equity securities	$3.9		Consensus Pricing		Indicative Quotes ($ per share)		0.00 - 112.17 (0.01)		Higher
	485.0		Discounted Cash Flow		Discount Rates		10% - 13% (11%)		Lower
					Terminal Growth Rate		3% - 7% (6%)		Higher
			Comparable Multiple		EBITDA Multiple		7.7x - 23.2x (12.8x)		Higher
					TCF Multiple		26.0x - 26.0x (26.0x)		Higher
	38.2		Discounted Cash Flow		Discount Rates		14% - 34% (18%)		Lower
					Constant Prepayment Rate		6% - 16% (11%)		Lower
					Constant Default Rate		1% - 4% (2%)		Lower
					Recovery Rate		0% - 40% (17%)		Higher
	44.9		Other(1)		N/A		N/A		N/A
Bonds	465.1		Consensus Pricing		Indicative Quotes (% of Par)		30 - 103 (93)		Higher
Loans	6,408.2		Consensus Pricing		Indicative Quotes (% of Par)		0 - 105 (97)		Higher
	10.2		Discounted Cash Flow		Discount Rates		9% - 19% (18%)		Lower
	6.4		Discounted Cash Flow		Discount Rates		16% - 16% (16%)		Lower
					Constant Prepayment Rate		8% - 14% (11%)		Lower
					Constant Default Rate		1% - 1% (1%)		Lower
					Recovery Rate		0% - 0% (0%)		Higher
Other	6.6		Other(1)		N/A		N/A		N/A
	7,468.5
Investments in CLOs
Senior secured notes	321.8		Discounted Cash Flow with Consensus Pricing		Indicative Quotes (% of Par)		80 - 101 (99)		Higher
					Discount Margins (Basis Points)		113 - 1,535 (214)		Lower
					Default Rates		2% - 2% (2%)		Lower
					Recovery Rates		60% - 60% (60%)		Higher
Subordinated notes and preferred shares	57.1		Discounted Cash Flow with Consensus Pricing		Indicative Quotes (% of Par)		1 - 103 (38)		Higher
					Discount Rate		4% - 35% (16%)		Lower
					Default Rates		1% - 2% (2%)		Lower
					Recovery Rates		60% - 60% (60%)		Higher
Other investments:
BDC preferred shares	53.4		Other(2)		Net Asset Value per Share		16.80 - 16.80 (16.80)		Lower
Aviation subordinated notes	2.9		Discounted Cash Flow		Discount Rates		21% - 21% (21%)		Lower
Loans	28.8		Consensus Pricing		Indicative Quotes (% of Par)		99 - 99 (99)		Higher
Total	$7,932.5
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$6,598.8		Other(3)		N/A		N/A		N/A
Subordinated notes and preferred shares	210.3		Discounted Cash Flow with Consensus Pricing		Indicative Quotes (% of Par)		11 - 87 (34)		Higher
					Discount Rates		2% - 35% (15%)		Lower
					Default Rates		1% - 2% (2%)		Lower
					Recovery Rates		60% - 60% (60%)		Higher
Total	$6,809.1

(1)Fair value approximates transaction price that was in close proximity to the reporting date.

(2)See Note 9, Related Party Transactions, for more information.

30

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

(3)Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets,

less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent

compensation for services.

4. Investments

Investments consist of the following: 

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Accrued performance allocations	$6,985.8		$7,053.5
Principal equity method investments, excluding performance allocations	3,153.2		3,292.3
Principal investments in CLOs	365.5		378.9
Other investments	235.4		212.0
Total	$10,739.9		$10,936.7

Accrued Performance Allocations

The components of accrued performance allocations are as follows:

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Global Private Equity	$4,723.5		$4,910.2
Global Credit	589.8		527.1
Carlyle AlpInvest	1,672.5		1,616.2
Total	$6,985.8		$7,053.5

Approximately 23% and 20% of accrued performance allocations at March 31, 2025 and December 31, 2024,

respectively, was related to Carlyle Partners VII, L.P., one of the Company’s Global Private Equity funds.

Accrued performance allocations are shown gross of the Company’s accrued performance allocations and incentive fee

related compensation (see Note 7, Accrued Compensation and Benefits), and accrued giveback obligations, which are

separately presented in the condensed consolidated balance sheets. The components of the accrued giveback obligations are as

follows:

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Global Private Equity	$(19.1)		$(18.5)
Global Credit	(25.5)		(25.5)
Total	$(44.6)		$(44.0)

Principal Equity-Method Investments, Excluding Performance Allocations

The Company’s principal equity method investments (excluding performance allocations) include its fund investments in

Global Private Equity, Global Credit, and Carlyle AlpInvest typically as general partner interests, and its investments in

Fortitude through a Carlyle-affiliated fund (included within Global Credit) and NGP (included within Global Private Equity),

which are not consolidated. Principal investments are related to the following segments:

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Notes to the Condensed Consolidated Financial Statements

(Unaudited)

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Global Private Equity(1)	$1,660.0		$1,818.0
Global Credit(2)	1,188.4		1,157.0
Carlyle AlpInvest	304.8		317.3
Total	$3,153.2		$3,292.3

(1)The balance includes $766.3 million and $912.0 million as of March 31, 2025 and December 31, 2024, respectively, related to the

Company’s equity method investments in NGP.

(2)The balance includes $737.4 million and $723.5 million as of March 31, 2025 and December 31, 2024, respectively, related to the

Company’s investment in Fortitude.

Investment in Fortitude

In November 2018, the Company acquired a 19.9% interest in Fortitude Group Holdings, LLC (“Fortitude Holdings”), a

wholly owned subsidiary of American International Group, Inc. (“AIG”). Fortitude Holdings owns 100% of the outstanding

common shares of Fortitude Reinsurance Company Ltd., a Bermuda domiciled reinsurer (“Fortitude Re”). The Company paid

$381 million in cash at closing and paid $95 million in additional deferred consideration in 2024. In May 2020, the initial

purchase price was adjusted upward by $99.5 million in accordance with the purchase agreement as Fortitude Holdings chose

not to distribute a planned non-pro rata dividend to AIG, of which the Company paid $79.6 million in May 2020. The

remaining $19.9 million was paid in 2024.

In June 2020, Carlyle FRL, L.P. (“Carlyle FRL”), a Carlyle-affiliated investment fund, and T&D United Capital Co., Ltd.

(“T&D”), a strategic third-party investor, acquired a 51.6% ownership interest and 25.0% ownership interest, respectively, in

Fortitude Holdings from AIG. At closing, the Company contributed its existing 19.9% interest in Fortitude Holdings to Carlyle

FRL, such that Carlyle FRL held a 71.5% interest in Fortitude Holdings. Taken together, Carlyle FRL and T&D had 96.5%

ownership of Fortitude Holdings. In October 2021, Carlyle FRL, T&D and an affiliate of AIG contributed the entirety of their

interest in Fortitude Holdings to FGH Parent, L.P. (“FGH Parent”), a newly-formed entity interposed as the direct parent of

Fortitude Holdings, in exchange for an equivalent ownership interest in FGH Parent. References to “Fortitude” prior to this

restructuring refer to Fortitude Holdings and refer to FGH Parent for subsequent periods.

In March 2022, the Company raised $2.0 billion in third-party equity capital from certain investors in Carlyle FRL and

T&D, and committed $100 million from the Company for additional equity capital in Fortitude. Upon Fortitude calling the

remaining commitments from the capital raise in May 2023, the Company’s indirect ownership of Fortitude decreased to 

10.5%. Effective October 2023, a third-party investor in Carlyle FRL received a distribution in kind of its interest in FGH

Parent held indirectly through the fund, reducing Carlyle FRL’s ownership in FGH Parent to 38.5%. Following the additional

capital contributions in 2022 and 2023, Carlyle FRL and its strategic third-party investors collectively hold a 97.5% interest in

FGH Parent.

In November 2024, Fortitude declared and paid a $200.0 million dividend, of which Carlyle FRL’s share was

$76.9 million. The Company received a distribution from Carlyle FRL of $21.0 million related to this dividend, of which

$7.9 million was recognized as realized principal investment income, and the balance as return of capital. As of March 31,

2025, the carrying value of the Company’s investment in Carlyle FRL, which is an investment company that accounts for its

investment in Fortitude at fair value, was $737.4 million, relative to equity invested of $666.8 million.

The Company has an asset management relationship with Fortitude pursuant to which Fortitude committed to allocate

assets in asset management strategies and vehicles of the Company and its affiliates. As of March 31, 2025, Fortitude, its

affiliates and certain Fortitude reinsurance counterparties have committed approximately $20.6 billion of capital to-date to

various Carlyle strategies. On April 1, 2022, the Company entered into a strategic advisory services agreement with certain

subsidiaries of Fortitude through Carlyle Insurance Solutions Management L.L.C. (“CISM”), an investment adviser. Under the

agreement, CISM provides Fortitude with certain services, including business development and growth, transaction origination

and execution, and capital management services in exchange for a recurring management fee based on Fortitude’s general

account assets, which adjusts within an agreed range based on Fortitude’s overall profitability. Third-party investors who

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

participated in the March 2022 capital raise also made a minority investment in CISM, which is reflected as non-controlling

interest in consolidated entities in the condensed consolidated financial statements.

Investment in NGP

The Company has equity interests in NGP Management Company, L.L.C. (“NGP Management”), the general partners of

certain carry funds advised by NGP, and principal investments in certain NGP funds as described below. These investments are

included in the Global Private Equity segment. NGP Management serves as the investment advisor to the NGP Energy Funds.

The Company does not control NGP and accounts for its investments in NGP under the equity method of accounting.

The Company’s investments in NGP as of March 31, 2025 and December 31, 2024 are as follows:

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Investment in NGP Management	$275.7		$369.2
Investments in NGP general partners - accrued performance allocations	441.4		489.4
Principal investments in NGP funds	49.2		53.4
Total investments in NGP	$766.3		$912.0

NGP Restructuring. On March 31, 2025, the Company restructured the terms of its strategic investment in NGP (the

“Restructuring”) to further align the interests of the Company and NGP. The Restructuring eliminated previous restrictions on

the Company’s ability to pursue domestic energy strategies, established a new capital markets fees arrangement with NGP, and

terminated the Company’s obligation to grant up to $10 million of its common shares to NGP annually following a final grant

made with respect to 2030. Additionally, in order to facilitate the development of future funds while substantially maintaining

the Company’s economics on existing funds, the Restructuring reduced the Company’s allocation of the management fee

related revenues of NGP Management related to future funds, as well as its share of the performance allocations received by

current and future NGP fund general partners, as discussed further below.

Prior to the Restructuring, the Company’s equity interests in NGP Management entitled the Company to an allocation of

income equal to 55.0% of the management fee related revenues earned by NGP Management. Subsequent to the Restructuring,

for all funds that held an initial closing after December 31, 2024, the Company’s allocations of income for the management fee

related revenues will be based on a sliding scale of the total annual management fee related revenues accrued from all such

funds in the aggregate up to 55.0%, including all management fees being retained by NGP for the years 2025 through 2028 on

such future NGP funds. The Company identified the reduction of its allocation of the management fee related revenues of NGP

Management as an indicator of impairment and performed an impairment analysis. As a result of the Restructuring, the

Company concluded that the carrying value of its investment in NGP Management was impaired and recorded an impairment

charge of $92.5 million during the three months ended March 31, 2025, representing the difference in the carrying value of the

investment of $352.5 million and its fair value of $260.0 million at the time of Restructuring. The Company utilized a

discounted cash flow method for determining the fair value of its equity method investment, which is a Level III valuation

within the fair value hierarchy and utilizes significant unobservable assumptions, including discount rates and long-term growth

rates. The allocation of management fee related revenues for existing NGP funds remains unchanged, including the Company’s

interest in management fees from NGP XI, NGP XII, and NGP XIII.

The impairment charge created new basis differences with an estimated fair value of $165 million within the equity

method investment. These basis differences will be amortized over an estimated useful life ranging from five to seven years as a

reduction of principal investment income.

The Company’s investment in the general partners of the NGP Carry Funds entitled it to 47.5% (38.0% to 42.75% in the

case of certain funds) of the performance allocations received by certain current and future NGP fund general partners prior to

the Restructuring. In connection with the Restructuring, the Company’s allocation of the performance allocations from existing

NGP Carry Funds was reduced to a range of 35.1% to 43.8%, which resulted in a $38 million reduction in accrued performance

allocations during the three months ended March 31, 2025. The Company’s interest in the performance allocations from future

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Notes to the Condensed Consolidated Financial Statements

(Unaudited)

NGP Carry Funds will be based on a sliding scale of the fee paying capital raised in each future NGP Carry Fund, up to 47.5%

of the performance allocations received by future NGP Carry Funds.

The impairment charge related to the investment in NGP Management and the reduction in accrued performance

allocations from NGP Carry Funds are recorded in Principal investment income (loss) in the condensed consolidated statements

of operations and excluded from Distributable Earnings, as defined in Note 15, Segment Reporting.

Investment in NGP Management. As referenced above, the Company’s equity interests in NGP Management entitle the

Company to an allocation of income equal to 55.0% of the management fee related revenues earned by existing funds, and up to

55.0% of management fees earned on future NGP funds in the aggregate, including all management fees being retained by NGP

for the years 2025 through 2028 on such future NGP funds. The Company records investment income (loss) for its equity

income allocation from NGP management fee related revenues and also records its share of any allocated expenses from NGP

Management, as well as expenses associated with the compensatory elements of the investment and any impairment charges.

The net investment income (loss) recognized in the Company’s condensed consolidated statements of operations for the three

months ended March 31, 2025 and 2024 were as follows:

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Management fee related revenues from NGP Management	$16.1		$17.3
Expenses related to the investment in NGP Management	(3.6)		(3.2)
Impairment of investment in NGP Management	(92.5)		—
Net investment income from NGP Management	$(80.0)		$14.1

Management fee related revenues from NGP Management were primarily driven by NGP XI, NGP XII, and NGP XIII

during the three months ended March 31, 2025 and NGP XII and NGP XI during the three months ended March 31, 2024.

These funds calculate management fees as 1.5% of the limited partners’ commitments less any return of capital or write-offs

during the investment period. Following the investment period, the basis on which fund management fees are generally

calculated is further reduced by a reserve for future management fees and operating costs.

Investment in the General Partners of NGP Carry Funds. As referenced above, the Company’s investment in the general

partners of the NGP Carry Funds entitle it to up to 47.5% of the performance allocations received by NGP fund general

partners. The Company records its equity income allocation from NGP performance allocations in principal investment income

(loss) from equity method investments rather than performance allocations in its condensed consolidated statements of

operations. The Company recognized net investment earnings (losses) related to these performance allocations (including the

$38.0 million reduction related to the Restructuring) of $(28.5) million and $15.3 million for the three months ended March 31,

2025 and 2024, respectively, in its condensed consolidated statements of operations.

Principal Investments in NGP Funds. The Company also holds principal investments in the NGP Carry Funds. The

Company recognized net investment earnings (losses) related to principal investment income (loss) in its condensed

consolidated statements of operations of $1.3 million and $2.0 million for the three months ended March 31, 2025 and 2024,

respectively.

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Principal Investments in CLOs and Other Investments

Principal investments in CLOs as of March 31, 2025 and December 31, 2024 were $365.5 million and $378.9 million,

respectively, and consisted of investments in CLO senior and subordinated notes. A portion of the Company’s principal

investments in CLOs is collateral to CLO term loans (see Note 6, Borrowings). As of March 31, 2025 other investments include

the Company’s investment in common shares of CGBD at fair value of $48.6 million. As of December 31, 2024, other

investments include the Company’s investment in preferred shares of CGBD (the “BDC Preferred Shares”) at fair value of

$53.4 million, which were exchanged for common shares effective March 27, 2025 (see Note 9, Related Party Transactions).

Investment Income (Loss)

The components of investment income (loss) are as follows:

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Performance allocations
Realized	$332.9		$389.7
Unrealized	(110.0)		(546.7)
	222.9		(157.0)
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	(29.4)		53.7
Unrealized	(33.3)		(6.6)
	(62.7)		47.1
Principal investment income (loss) from investments in CLOs and other investments
Realized	(2.0)		2.2
Unrealized	1.6		23.8
	(0.4)		26.0
Total	$159.8		$(83.9)

The performance allocations included in revenues are derived from the following segments: 

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Global Private Equity	$85.0		$(363.5)
Global Credit	79.0		65.1
Carlyle AlpInvest	58.9		141.4
Total	$222.9		$(157.0)

The following tables summarize the funds that are the primary drivers of performance allocations for the three months

ended March 31, 2025 and 2024, as well as the total revenue recognized, including performance allocations as well as fund

management fees and principal investment income:

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Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Three Months Ended March 31, 2025
(Dollars in millions)
Global Private Equity	Carlyle Partners VII, L.P.	$234.1
Global Private Equity	Carlyle Asia Partners V, L.P.	(227.8)

Three Months Ended March 31, 2024
(Dollars in millions)
Global Private Equity	Carlyle Europe Partners V, L.P.	$(171.5)
Global Private Equity	Carlyle Partners VI, L.P.	(86.7)
Global Private Equity	Carlyle Partners VII, L.P.	(73.1)

Carlyle’s income (loss) from its principal equity method investments consists of:

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Global Private Equity	$(95.6)		$28.8
Global Credit	19.2		11.4
Carlyle AlpInvest	13.7		6.9
Total	$(62.7)		$47.1

Principal investment income for Global Private Equity for the three months ended March 31, 2025 included the 

impairment charge related to the investment in NGP Management of $92.5 million and the reduction in accrued performance

allocations from NGP Carry Funds of $38.0 million related to the Restructuring. Principal investment income for Global Private

Equity for the three months ended March 31, 2024 included the Company’s equity income allocation from NGP performance

allocations of $15.3 million.

Investments of Consolidated Funds

The Company consolidates the financial positions and results of operations of certain CLOs in which it is the primary

beneficiary. During the three months ended March 31, 2025, the Company became the primary beneficiary of one additional

CLO. Investments in Consolidated Funds as of March 31, 2025 also included $684.8 million related to investments that have

been bridged by the Company to investment funds and are accounted for as consolidated VIEs.

There were no individual investments with a fair value greater than five percent of the Company’s total assets for any

period presented.

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Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Interest and Other Income of Consolidated Funds

The components of interest and other income of Consolidated Funds are as follows:

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Interest income from investments	$123.0		$142.6
Other income	10.4		22.3
Total	$133.4		$164.9

Net Investment Income (Loss) of Consolidated Funds

Net investment income (loss) of Consolidated Funds includes net realized gains (losses) from sales of investments and

unrealized gains (losses) resulting from changes in fair value of the Consolidated Funds’ investments. The components of Net

investment income (loss) of Consolidated Funds are as follows: 

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Gains from investments of Consolidated Funds	$7.0		$82.7
Losses from liabilities of CLOs	(0.9)		(89.7)
Total	$6.1		$(7.0)

The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Realized gains (losses)	$(0.4)		$(21.2)
Net change in unrealized gains	7.4		103.9
Total	$7.0		$82.7

5. Intangible Assets and Goodwill

The following table summarizes the carrying amount of intangible assets as of March 31, 2025 and December 31, 2024:

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Acquired contractual rights	$925.0		$922.7
Accumulated amortization	(425.7)		(392.2)
Finite-lived intangible assets, net	499.3		530.5
Goodwill	103.9		103.6
Intangible Assets, net	$603.2		$634.1

As discussed in Note 2, Summary of Significant Accounting Policies, the Company reviews its intangible assets for

impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable,

and considers factors including, but not limited to, expected cash flows from its interest in future management fees and the

ability to raise new funds. The Company recorded no impairment losses of intangible assets for the periods presented.

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Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Intangible asset amortization expense was $32.6 million for both the three months ended March 31, 2025 and 2024, and

is included in general, administrative, and other expenses in the condensed consolidated statements of operations. Certain

intangible assets are held by entities of which the functional currency is not the U.S. dollar. Any corresponding currency

translation is recorded in accumulated other comprehensive income (loss).

The following table summarizes the expected amortization expense for 2025 through 2029 and thereafter (Dollars in

millions):

Year ending December 31,
2025 (excluding the three months ended March 31, 2025)	$98.6
2026	131.3
2027	121.1
2028	114.0
2029	31.8
Thereafter	2.5
	$499.3

6. Borrowings

The Company borrows and enters into credit agreements for its general operating and investment purposes. The

Company’s debt obligations consist of the following:

	March 31, 2025				December 31, 2024
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
	(Dollars in millions)
CLO Borrowings  (See below)	$309.1		$300.4		$289.4		$288.0
3.500% Senior Notes Due 9/19/2029	425.0		423.0		425.0		422.9
5.625% Senior Notes Due 3/30/2043	600.0		600.5		600.0		600.5
5.650% Senior Notes Due 9/15/2048	350.0		346.6		350.0		346.6
4.625% Subordinated Notes Due 5/15/2061	500.0		485.6		500.0		485.5
Total debt obligations	$2,184.1		$2,156.1		$2,164.4		$2,143.5

Senior Credit Facility

As of March 31, 2025, the senior credit facility included $1.0 billion in a revolving credit facility. The Company’s

borrowing capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill their respective

obligations under the revolving credit facility. The revolving credit facility is scheduled to mature on April 29, 2027, and

principal amounts outstanding under the revolving credit facility accrue interest, at the option of the borrowers, either (a) at an

alternate base rate plus an applicable margin not to exceed 0.50% per annum, or (b) at SOFR (or similar benchmark rate for

non-U.S. dollar borrowings) plus a 0.10% adjustment and an applicable margin not to exceed 1.50% per annum (at March 31,

2025, the interest rate was 5.42%). The Company made no borrowings under the revolving credit facility during the three

months ended March 31, 2025 and 2024, and there was no amount outstanding as of March 31, 2025.

Global Credit Revolving Credit Facility

Certain subsidiaries of the Company are parties to a revolving line of credit, primarily intended to support certain lending

activities within the Global Credit segment. As currently amended, the Global Credit Revolving Credit Facility provides for a

revolving line of credit with a capacity of $300 million, which matures in September 2027, and a second revolving line of credit

with a capacity of $200 million, which matures in August 2025. The Company’s borrowing capacity is subject to the ability of

the financial institutions in the banking syndicate to fulfill their respective obligations under the Global Credit Revolving Credit

Facility. Principal amounts outstanding accrue interest at applicable SOFR or Eurocurrency rates plus an applicable margin of

2.00% or an alternate base rate plus an applicable margin of 1.00%. During the three months ended March 31, 2025 and 2024,

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

the Company made no borrowings under the Global Credit Revolving Credit Facility. As of March 31, 2025, there was no

borrowing outstanding under the Global Credit Revolving Credit Facility.

CLO Borrowings

For certain of the Company’s CLOs, the Company finances a portion of its investment in the CLOs through the proceeds

received from term loans and other financing arrangements with financial institutions. The Company’s outstanding CLO

borrowings consist of the following (Dollars in millions):

Formation Date		Borrowing Outstanding March 31, 2025			Borrowing Outstanding December 31, 2024			Maturity Date (1)		Interest Rate as of March 31, 2025
February 28, 2017		$21.7			$23.5			September 21, 2029		5.20%	(2)
December 6, 2017		21.5			25.5			January 15, 2031		6.11%	(3)
March 15, 2019		1.8			1.7			March 15, 2032		10.61%	(4)
August 20, 2019		3.9			3.7			August 15, 2032		7.29%	(4)
September 15, 2020		19.2			18.4			April 15, 2033		4.37%	(4)
January 8, 2021		20.1			19.2			January 15, 2034		5.28%	(4)
March 30, 2021		16.9			16.5			March 15, 2032		4.24%	(4)
April 21, 2021		3.5			3.3			April 15, 2033		8.63%	(4)
May 21, 2021		10.2			11.6			November 17, 2031		3.98%	(4)
June 4, 2021		20.2			19.4			January 16, 2034		5.06%	(4)
June 10, 2021		1.3			1.2			November 17, 2031		5.41%	(4)
July 15, 2021		15.1			14.5			July 15, 2034		5.08%	(4)
July 20, 2021		20.2			19.3			July 20, 2031		5.02%	(4)
August 4, 2021		15.8			15.6			August 15, 2032		4.31%	(4)
October 27, 2021		23.5			22.5			October 15, 2035		5.19%	(4)
January 6, 2022		20.3			19.4			February 15, 2035		4.94%	(4)
February 22, 2022		20.3			19.5			November 10, 2035		4.99%	(4)
September 5, 2023		—			5.1			August 28, 2031		N/A	(5)
April 25, 2024		18.0			17.2			April 25, 2037		5.55%	(4)
December 19, 2024		15.3			12.3			January 15, 2039		5.39%	(4)
March 10, 2025		20.3			—			April 15, 2028		4.88%	(4)
		$309.1			$289.4

(1)Maturity date is earlier of date indicated or the date that the CLO is dissolved.

(2)Incurs interest at EURIBOR plus applicable margins as defined in the agreement.

(3)Incurs interest at SOFR plus 1.81%.

(4)Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50% spread percentage.

(5)Term loan was fully repaid during the three months ended March 31, 2025.

The CLO term loans are secured by the Company’s investments in the respective CLO, have a general unsecured interest

in the Carlyle entity that manages the CLO, and generally do not have recourse to any other Carlyle entity. Interest expense for

the three months ended March 31, 2025 and 2024 was $3.8 million and $6.8 million, respectively. The fair value of the

outstanding balance of the CLO term loans at March 31, 2025 approximated par value based on current market rates for similar

debt instruments. These CLO term loans are classified as Level III within the fair value hierarchy.

European CLO Financing - February 28, 2017

A subsidiary of the Company is a party to a financing agreement with several financial institutions. As of March 31,

2025, the financing agreement provided the Company with a term loan of €20.0 million ($21.7 million at March 31, 2025). This

term loan is secured by the Company’s investments in the retained notes in certain European CLOs that were formed in 2014

and 2015. This term loan will mature on the earlier of September 21, 2029 or the date that the certain European CLO retained

notes have been redeemed. The Company may prepay the term loan in whole or in part at any time. Interest on this term loan

accrues at EURIBOR plus applicable margins (5.20% at March 31, 2025).

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Master Credit Agreement - Term Loans

The Company assumed liabilities under master credit agreements previously entered into by CBAM under which a

financial institution provided term loans to CBAM for the purchase of eligible interests in CLOs. Term loans issued under these

master credit agreements are secured by the Company’s investment in the respective CLO as well as any senior management

fee and subordinated management fee payable by each CLO. Term loans generally bear interest at SOFR plus a weighted

average spread over SOFR on the CLO notes, which is due quarterly. As of March 31, 2025, term loans under these agreements

had $21.5 million outstanding. The master credit agreement matures in January 2031.

CLO Repurchase Agreements

On February 5, 2019, the Company entered into a master credit facility agreement (the “Carlyle CLO Financing Facility”)

to finance a portion of the risk retention investments in certain European CLOs managed by the Company. Each transaction

entered into under the Carlyle CLO Financing Facility will bear interest at a rate based on the weighted average effective

interest rate of each class of securities that have been sold plus a spread to be agreed upon by the parties. As of March 31, 2025,

€182.5 million ($197.3 million) was outstanding under the Carlyle CLO Financing Facility. Additional borrowings may be

made on terms agreed upon by the Company and the counterparty subject to the terms and conditions of the Carlyle CLO

Financing Facility.

Each transaction entered into under the CLO Financing Facility provides for payment netting and, in the case of a default

or similar event with respect to the counterparty to the CLO Financing Facility, provides for netting across transactions.

Generally, upon a counterparty default, the Company can terminate all transactions under the CLO Financing Facility and offset

amounts it owes in respect of any one transaction against collateral, if any, or other amounts it has received in respect of any

other transactions under the CLO Financing Facility; provided, however, that in the case of certain defaults, the Company may

only be able to terminate and offset solely with respect to the transaction affected by the default. During the term of a

transaction entered into under the CLO Financing Facility, the Company will deliver cash or additional securities acceptable to

the counterparty if the securities sold are in default. Upon termination of a transaction, the Company will repurchase the

previously sold securities from the counterparty at a previously determined repurchase price. The CLO Financing Facility may

be terminated at any time upon certain defaults or circumstances agreed upon by the parties.

The Repurchase Agreements may result in credit exposure in the event the counterparty to the transaction is unable to

fulfill its contractual obligations. The Company minimizes the credit risk associated with these activities by monitoring

counterparty credit exposure and collateral values. Other than margin requirements, the Company is not subject to additional

terms or contingencies which would expose the Company to additional obligations based upon the performance of the securities

pledged as collateral.

The Company assumed liabilities under a master credit facility agreement previously entered into by CBAM (the

“CBAM CLO Financing Facility,” together with the Carlyle CLO Financing Facility, the “CLO Financing Facilities”) to

finance a portion of the risk retention investments in certain European CLOs managed by CBAM. The maximum facility

amount is €100.0 million, but may be expanded on such terms agreed upon by the Company and the counterparty subject to the

terms and conditions of the CBAM CLO Financing Facility. Each transaction entered into under the CBAM CLO Financing

Facility will bear interest at a rate based on the weighted average effective interest rate of each class of securities that have been

sold plus a spread to be agreed upon by the parties. As of March 31, 2025, €63.4 million ($68.6 million) was outstanding under

the CBAM CLO Financing Facility.

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Senior Notes

Certain indirect subsidiaries of the Company have issued long term borrowings in the form of senior notes, on which

interest is payable semi-annually in arrears. The following table provides information regarding these senior notes (Dollars in

millions):

						Interest Expense
			Fair Value (1) As of				Three Months Ended March 31,
	Aggregate Principal Amount		March 31, 2025		December 31, 2024		2025		2024
3.500% Senior Notes Due 9/19/2029 (2)	$425.0		$404.3		$401.2		$3.8		$3.8
5.625% Senior Notes Due 3/30/2043 (3)	600.0		587.9		589.5		8.4		8.4
5.650% Senior Notes Due 9/15/2048 (4)	350.0		341.9		338.1		5.0		5.0
							$17.2		$17.2

(1)Including accrued interest. Fair value is based on indicative quotes and the notes are classified as Level II within the fair

value hierarchy.

(2)Issued in September 2019 at 99.841% of par.

(3)Issued $400.0 million in aggregate principal at 99.583% of par in March 2013. An additional $200.0 million in aggregate

principal was issued at 104.315% of par in March 2014, and is treated as a single class with the outstanding $400.0 million

in senior notes previously issued.

(4)Issued in September 2018 at 99.914% of par.

The issuers may redeem the senior notes, in whole at any time or in part from time to time, at a price equal to the greater

of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining

scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semiannual

basis at the Treasury Rate plus 40 basis points (30 basis points in the case of the 3.500% senior notes), plus in each case accrued

and unpaid interest on the principal amounts being redeemed.

Subordinated Notes

In May 2021, an indirect subsidiary of the Company issued $435.0 million aggregate principal amount of 4.625%

Subordinated Notes due May 15, 2061 (the “Subordinated Notes”), on which interest is payable quarterly accruing from May

11, 2021. In June 2021, an additional $65.0 million aggregate principal amount of these Subordinated Notes were issued and

are treated as a single series with the already outstanding $435.0 million aggregate principal amount. The Subordinated Notes

are unsecured and subordinated obligations of the issuer, and are fully and unconditionally guaranteed (the “Guarantees”),

jointly and severally, on a subordinated basis, by the Company, each of the Carlyle Holdings partnerships, and CG Subsidiary

Holdings L.L.C., an indirect subsidiary of the Company (collectively, the “Guarantors”). The Consolidated Funds are not

guarantors, and as such, the assets of the Consolidated Funds are not available to service the Subordinated Notes under the

Guarantee. The Subordinated Notes may be redeemed at the issuer’s option, in whole or in part, at any time and from time to

time on or after June 15, 2026, prior to their stated maturity, at a redemption price equal to their principal amount plus any

accrued and unpaid interest to, but excluding, the date of redemption. If interest due on the Subordinated Notes is deemed to no

longer be deductible in the U.S., a “Tax Redemption Event,” the Subordinated Notes may be redeemed, in whole, but not in

part, within 120 days of the occurrence of such event at a redemption price equal to their principal amount plus accrued and

unpaid interest to, but excluding, the date of redemption. In addition, the Subordinated Notes may be redeemed, in whole, but

not in part, at any time prior to May 15, 2026, within 90 days of the rating agencies determining that the Subordinated Notes

should no longer receive partial equity treatment pursuant to the rating agency’s criteria, a “rating agency event,” at a

redemption price equal to 102% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of

redemption.

As of March 31, 2025 and December 31, 2024, the fair value of the Subordinated Notes was $348.0 million and

$356.4 million, respectively. Fair value is based on active market quotes and the notes are classified as Level I within the fair

value hierarchy. For the three months ended March 31, 2025 and 2024, the Company incurred $5.9 million and $5.9 million,

respectively, of interest expense on the Subordinated Notes.

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Debt Covenants

The Company is subject to various financial covenants under its loan agreements including, among other items,

maintenance of a minimum amount of management fee-earning assets. The Company is also subject to various non-financial

covenants under its loan agreements and the indentures governing its senior notes. The Company was in compliance with all

financial and non-financial covenants under its various loan agreements as of March 31, 2025.

Loans Payable of Consolidated Funds

Loans payable of Consolidated Funds primarily represent amounts due to holders of debt securities issued by the CLOs.

As of March 31, 2025 and December 31, 2024, the following borrowings were outstanding (Dollars in millions):

	As of March 31, 2025
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate				Weighted Average Remaining Maturity in Years
Senior secured notes	$7,537.4		$7,434.2		5.64%				9.69
Subordinated notes	284.7		246.1		N/A		(2)		8.81
Revolving credit facilities(1)	121.4		121.4		7.10%				4.13
Total	$7,943.5		$7,801.7

 

	As of December 31, 2024
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate				Weighted Average Remaining Maturity in Years
Senior secured notes	$6,732.8		$6,598.8		5.72%				9.18
Subordinated notes	229.9		210.3		N/A		(2)		9.15
Revolving credit facilities(1)	55.1		55.1		7.01%				4.53
Total	$7,017.8		$6,864.2

(1)Fair Value as of March 31, 2025 and December 31, 2024 reflects the amortized cost of outstanding revolving credit balances which

approximates fair value.

(2)The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows of the

CLOs.

Loans payable of the CLOs are collateralized by the assets held by the CLOs and the assets of one CLO may not be used

to satisfy the liabilities of another. This collateral consisted of cash and cash equivalents, corporate loans, corporate bonds and

other securities. As of March 31, 2025 and December 31, 2024, the fair value of the CLO assets was $8.8 billion and $7.9

billion, respectively.

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

7. Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following: 

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Accrued performance allocations and incentive fee related compensation	$4,751.8		$4,819.7
Accrued bonuses	92.9		335.5
Realized performance allocations and incentive fee related compensation not yet paid	109.3		183.8
Other	109.5		107.6
Total	$5,063.5		$5,446.6

The following table presents realized and unrealized performance allocations and incentive fee related compensation: 

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Realized	$252.9		$266.8
Unrealized	(81.5)		(339.6)
Total	$171.4		$(72.8)

8. Commitments and Contingencies

Capital Commitments

The Company and its unconsolidated affiliates have unfunded commitments totaling $4.1 billion as of March 31, 2025, of

which approximately $3.4 billion is subscribed individually by senior Carlyle professionals, advisors and other professionals. In

addition to these unfunded commitments, the Company may from time to time exercise its right to purchase additional interests

in its investment funds that become available in the ordinary course of their operations.

Under the Carlyle Global Capital Markets platform, certain subsidiaries of the Company may act as an underwriter,

syndicator or placement agent for security offerings and loan originations. The Company earns fees in connection with these

activities and bears the risk of the sale of such securities and placement of such loans, which may be longer dated. As of

March 31, 2025, the Company had no material commitments related to the origination and syndication of loans and securities

under the Carlyle Global Capital Markets platform.

Guaranteed Loans 

From time to time, the Company or its subsidiaries may enter into agreements to guarantee certain obligations of the

investment funds related to, for example, credit facilities or equity commitments. Certain consolidated subsidiaries of the

Company are the guarantors of revolving credit facilities for certain funds in the Carlyle AlpInvest segment. The guarantee is

limited to the lesser of the total amount drawn under the credit facilities or the total of net asset value of the guarantor

subsidiaries plus any uncalled capital of the applicable general partner. The outstanding balances are secured by uncalled capital

commitments from the underlying funds and the Company believes the likelihood of any material funding under this guarantee

to be remote. The Company had no material outstanding guarantees under the credit facilities as of March 31, 2025.

Additionally, as of March 31, 2025, certain consolidated subsidiaries of the Company are the guarantors of a credit

agreement for a fund in the Carlyle AlpInvest segment, which is scheduled to expire in August 2025. The maximum potential

amount to be funded under this guarantee is $25.0 million. The outstanding balances under the credit agreement are

collateralized by the investments in the fund and the Company believes the likelihood of any material funding under this

guarantee to be remote.

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Contingent Obligations (Giveback)

A liability for potential repayment of previously received performance allocations of $44.6 million at March 31, 2025

was shown as accrued giveback obligations in the condensed consolidated balance sheets, representing the giveback obligation

that would need to be paid if the funds were liquidated at their current fair values at March 31, 2025. However, the ultimate

giveback obligation, if any, generally is not paid until the end of a fund’s life or earlier if the giveback becomes fixed and early

payment is agreed upon by the fund’s partners (see Note 2, Summary of Significant Accounting Policies). The Company had

$11.5 million of unbilled receivables from former and current employees and senior Carlyle professionals as of March 31, 2025

related to giveback obligations. Any such receivables are collateralized by investments made by individual senior Carlyle

professionals and employees in Carlyle-sponsored funds. In addition, $150.8 million have been withheld from distributions of

carried interest to senior Carlyle professionals and employees for potential giveback obligations as of March 31, 2025. Such

amounts are held on behalf of the respective current and former Carlyle employees to satisfy any givebacks they may owe and

are held by entities not included in the accompanying condensed consolidated balance sheets. Current and former senior Carlyle

professionals and employees are personally responsible for their giveback obligations. As of March 31, 2025, approximately

$11.5 million of the Company’s accrued giveback obligation is the responsibility of various current and former senior Carlyle

professionals and other former limited partners of the Carlyle Holdings partnerships, and the net accrued giveback obligation

attributable to the Company is $33.1 million.

If, at March 31, 2025, all of the investments held by the Company’s Funds were deemed worthless, a possibility that

management views as remote, the amount of realized and distributed carried interest subject to potential giveback would be

$1.4 billion, on an after-tax basis where applicable, of which approximately $0.6 billion would be the responsibility of current

and former senior Carlyle professionals.

Legal Matters

In the ordinary course of business, the Company is a party to litigation, investigations, inquiries, employment-related

matters, disputes, and other potential claims. Certain of these matters are described below. The Company is not currently able to

estimate the reasonably possible amount of loss or range of loss, in excess of amounts accrued, for the matters that have not

been resolved. The Company does not believe it is probable that the outcome of any existing litigation, investigations, disputes,

or other potential claims will materially affect the Company or these financial statements in excess of amounts accrued.

The Authentix Matter

Authentix, Inc. (“Authentix”) was a majority-owned portfolio company in one of the Company’s investment funds,

Carlyle U.S. Growth Fund III, L.P. (“CGF III”). When Authentix was owned by CGF III, two of the Company’s employees

served on Authentix’s board of directors. After a lengthy sale process, Authentix was sold for an aggregate sale price of

$87.5 million. On August 7, 2020, certain of the former minority shareholders in Authentix filed suit in Delaware Chancery

Court, alleging that the Authentix board of directors, CGF III, and the Company breached various fiduciary duties by agreeing

to a sale of Authentix at an inopportune time and at a price that was too low. A trial before the Delaware Court of Chancery was

completed in early February 2024, and a decision was rendered in favor of the Company and all other defendants on all claims

on January 8, 2025. The plaintiffs appealed the decision to the Delaware Supreme Court on March 13, 2025.

The Tax Receivable Agreement Matter

The Company came into existence on January 1, 2020, when its predecessor, The Carlyle Group, L.P. (the “PTP”),

converted from a partnership into a corporation (the “Conversion”). On July 29, 2022, an alleged stockholder of the Company,

the City of Pittsburgh Comprehensive Municipal Trust Fund (the “Plaintiff”), filed suit in the Delaware Court of Chancery,

alleging a direct claim against the Company for breach of its certificate of incorporation and a derivative claim on behalf of the

Company against certain current and former officers and directors of the Company. Plaintiff challenges the receipt, by certain

officers of the PTP and certain directors of the general partner of the PTP, of a right to cash payments associated with the

elimination of a tax receivable agreement in connection with the Conversion. Plaintiff is seeking monetary damages, restitution,

and an injunction preventing the Company from making any future cash payments for the elimination of the tax receivable

agreement in connection with the Conversion. By virtue of the derivative nature of the primary claims (i.e., that the claims are

aimed primarily at certain officers and directors), it is unlikely that the Company itself will pay material damage awards based

on the Plaintiff’s claims, although the Company is expected to incur legal defense fees to the extent not covered by insurance.

The Delaware Court issued a ruling on the defendant’s motion to dismiss on April 24, 2024, dismissing some of the Plaintiff’s

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

claims but allowing most of the claims to proceed to discovery and possibly to trial. The Company intends to contest the direct

claims vigorously, and the officer and director defendants intend to continue contesting the derivative claims vigorously.

SEC Investigation

As part of a sweep investigation of financial services and investment advisory firms, in October 2022, the Company

received from the SEC a request for information related to the preservation of certain types of electronic business

communications (e.g., text messages and messages on WhatsApp, WeChat, and similar applications) as part of the Company’s

books and records. On January 13, 2025, the SEC announced a settlement with several of the firms that were part of the sweep

investigation, including the Company. Under the settlement, the Company paid a civil penalty of $8.5 million during the three

months ended March 31, 2025 and agreed to implement certain limited remedial measures for failure to maintain and preserve

such electronic communications in its books and records under the Advisers Act. The Company accrued for the civil penalty

during the year ended December 31, 2024.

General

The Company currently is and expects to continue to be, from time to time, subject to examinations, formal and informal

inquiries, and investigations by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to,

the SEC, Department of Justice, state attorneys general, FINRA, National Futures Association, and the U.K. Financial Conduct

Authority. The Company routinely cooperates with such examinations, inquiries and investigations, and they may result in the

commencement of civil, criminal, or administrative or other proceedings against the Company or its personnel.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings and employment-

related matters, and some of the matters discussed above involve claims for potentially large and/or indeterminate amounts of

damages. Based on information known by management, management does not believe that as of the date of this filing the final

resolutions of the matters above will have a material effect upon the Company’s condensed consolidated financial statements.

However, given the potentially large and/or indeterminate amounts of damages sought in certain of these matters and the

inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from

time to time, have a material effect on the Company’s financial results in any particular period.

The Company accrues an estimated loss contingency liability when it is probable that such a liability has been incurred

and the amount of the loss can be reasonably estimated. As of March 31, 2025, the Company had recorded liabilities

aggregating to approximately $35 million for litigation-related contingencies, regulatory examinations and inquiries, and other

matters. The Company evaluates its outstanding legal and regulatory proceedings and other matters each quarter to assess its

loss contingency accruals, and makes adjustments in such accruals, upward or downward, as appropriate, based on

management’s best judgment after consultation with counsel. There is no assurance that the Company’s accruals for loss

contingencies will not need to be adjusted in the future or that, in light of the uncertainties involved in such matters, the ultimate

resolution of these matters will not significantly exceed the accruals that the Company has recorded.

Indemnifications

In the normal course of business, the Company and its subsidiaries enter into contracts that contain a variety of

representations and warranties and provide general indemnifications. The Company’s maximum exposure under these

arrangements is unknown as this would involve future claims that may be made against the Company that have not yet

occurred. However, based on experience, the Company believes the risk of material loss to be remote.

In connection with the sale of the Company’s interest in its local Brazilian management entity in August 2021, the

Company provided a guarantee to the acquiring company of up to BRL 100.0 million ($17.5 million as of March 31, 2025) for

liabilities arising from tax-related indemnifications. This guarantee, which will expire in August 2027, would only come into

effect after all alternative remedies have been exhausted. The Company believes the likelihood of any material funding under

this guarantee to be remote.

Risks and Uncertainties

Carlyle’s funds seek investment opportunities that offer the possibility of attaining substantial capital appreciation.

Certain events particular to each industry in which the underlying investees conduct their operations, as well as general

45

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

economic, political, regulatory, and public health conditions, may have a significant negative impact on the Company’s

investments and profitability. The funds managed by the Company may also experience a slowdown in the deployment of

capital, which could adversely affect the Company’s ability to raise capital for new or successor funds and could also impact the

management fees the Company earns on its carry funds and managed accounts, and/or result in the impairment of intangible

assets and/or goodwill the case of the Company’s acquired businesses. Such events are beyond the Company’s control, and the

likelihood that they may occur and the effect on the Company cannot be predicted.

Furthermore, certain of the funds’ investments are made in private companies and there are generally no public markets

for the underlying securities at the current time. The funds’ ability to liquidate their publicly-traded investments are often

subject to limitations, including discounts that may be required to be taken on quoted prices due to the number of shares being

sold. The funds’ ability to liquidate their investments and realize value is subject to significant limitations and uncertainties,

including among others currency fluctuations and natural disasters.

The Company and the funds make investments outside of the United States. Investments outside the United States may be

subject to less developed bankruptcy, corporate, partnership and other laws (which may have the effect of disregarding or

otherwise circumventing the limited liability structures potentially causing the actions or liabilities of one fund or a portfolio

company to adversely impact the Company or an unrelated fund or portfolio company). Non-U.S. investments are subject to the

same risks associated with the Company’s U.S. investments as well as additional risks, such as fluctuations in foreign currency

exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability,

difficulties in managing non-U.S. investments, potentially adverse tax consequences and the burden of complying with a wide

variety of foreign laws.

Furthermore, Carlyle is exposed to economic risk concentrations related to certain large investments as well as

concentrations of investments in certain industries and geographies.

Additionally, the Company encounters credit risk. Credit risk is the risk of default by a counterparty in the Company’s

investments in debt securities, loans, leases and derivatives that result from a borrower’s, lessee’s or derivative counterparty’s

inability or unwillingness to make required or expected payments. The Company is subject to credit risk should a financial

institution be unable to fulfill its obligations.

The Company considers cash, cash equivalents, securities, receivables, principal equity method investments, accounts

payable, accrued expenses, other liabilities, loans, senior notes, assets and liabilities of Consolidated Funds and contingent and

other consideration for acquisitions to be its financial instruments. Except for the senior notes, subordinated notes and

compensatory contingent and other consideration for acquisitions, the carrying amounts reported in the condensed consolidated

balance sheets for these financial instruments equal or closely approximate their fair values. The fair value of the senior and

subordinated notes is disclosed in Note 6, Borrowings.

9. Related Party Transactions

Due from Affiliates and Other Receivables, Net

The Company had the following due from affiliates and other receivables at March 31, 2025 and December 31, 2024: 

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Accrued incentive fees	$38.7		$33.7
Unbilled receivable for giveback obligations from current and former employees	11.5		11.5
Notes receivable and accrued interest from affiliates	56.5		46.2
Management fee receivable, net	268.9		296.4
Reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	414.6		417.8
Total	$790.2		$805.6

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Reimbursable expenses and other receivables from certain of the unconsolidated funds and portfolio companies relate to

advisory fees receivable and expenses paid on behalf of these entities. These costs generally represent costs related to the

pursuit of actual or proposed investments, professional fees and expenses associated with the acquisition, holding and

disposition of the investments. The affiliates are obligated at the discretion of the Company to reimburse the expenses. Based

on management’s determination, the Company accrues and charges interest on amounts due from affiliate accounts at interest

rates ranging up to 7.02% as of March 31, 2025. The accrued and charged interest to the affiliates was not significant for any

period presented.

Notes receivable includes loans that the Company has provided to certain unconsolidated funds to meet short-term

obligations to purchase investments. Notes receivable as of March 31, 2025 and December 31, 2024 also include interest-

bearing loans of $21.7 million and $22.8 million, respectively, to certain eligible Carlyle employees, which excludes Section 16

officers and other members of senior management, to finance their investments in certain Carlyle sponsored funds. These

advances accrue interest at the WSJ Prime Rate minus 1.00% floating with a floor rate of 3.50% (6.50% as of March 31, 2025)

and are collateralized by each borrower’s interest in the Carlyle sponsored funds.

These receivables are assessed regularly for collectability. Management fee receivable amounts determined to be

uncollectible are recorded as a reduction in revenue in the condensed consolidated statements of operations. For all other

receivables, amounts determined to be uncollectible are charged directly to general, administrative and other expenses in the

condensed consolidated statements of operations. A corresponding allowance for doubtful accounts is recorded and such

amounts were not significant for any period presented.

Due to Affiliates

The Company had the following due to affiliates balances at March 31, 2025 and December 31, 2024: 

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Due to affiliates of Consolidated Funds	$55.5		$5.3
Due to non-consolidated affiliates	138.1		134.1
Amounts owed under the tax receivable agreement	71.6		77.2
Other	27.6		25.3
Total	$292.8		$241.9

The Company has recorded obligations for amounts due to certain of its affiliates. The Company periodically offsets

expenses it has paid on behalf of its affiliates against these obligations.

In connection with the Company’s initial public offering, the Company entered into a tax receivable agreement with the

limited partners of the Carlyle Holdings partnerships whereby certain subsidiaries of the Partnership agreed to pay to the limited

partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if

any, in U.S. federal, state and local income tax realized as a result of increases in tax basis resulting from exchanges of Carlyle

Holdings Partnership units for common units of The Carlyle Group L.P.

Other Related Party Transactions

Aircraft Transactions

Entities controlled by our co-founders own aircraft that may be used for the Company’s business in the ordinary course of

its operations. The hourly rates that the Company pays for the use of these aircraft are based on current market rates for

chartering private aircraft of the same type. The Company incurred $0.4 million for the use of these aircraft for the three months

ended March 31, 2025, all of which was paid directly to the manager of the aircraft and a significant portion of which ultimately

was paid to or for the benefit of certain co-founders.

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

BDC Preferred Shares

On May 5, 2020, the Company purchased 2,000,000 of the BDC Preferred Shares from CGBD in a private placement at a

price of $25 per share. Prior to the Exchange, as discussed below, dividends were payable on a quarterly basis in an initial

amount equal to 7.0% per annum payable in cash, or, at CGBD’s option, 9.0% per annum payable in additional BDC Preferred

Shares. The BDC Preferred Shares were convertible at the Company’s option, in whole or in part, into the number of shares of

common stock equal to $25 per share plus any accumulated but unpaid dividends divided by an initial conversion price of $9.50

per share, subject to certain adjustments.

In August 2024, to facilitate a merger between CGBD and another Carlyle-advised BDC (the “Merger”), the Company

agreed to exchange its 2,000,000 preferred shares into newly issued common shares of CGBD at a price equal to the net asset

value per common share on the date of completion of the Merger (the “Exchange”). The Merger and the Exchange were

completed on March 27, 2025, and the Company exchanged its preferred shares for 3,004,808 newly issued common shares of

CGBD based on the net asset value of $16.64 per common share of CGBD on that date. The preferred shares were cancelled

following the completion of the Exchange. The newly issued common shares of CGBD are subject to a tiered lock-up

agreement with a restriction period that expires in three equal tranches of the common shares over a period of two years.

For the three months ended March 31, 2025 and 2024, the Company recorded dividend income from the BDC Preferred

Shares of $0.8 million and $0.9 million, respectively, which was included in Interest and other income in the condensed

consolidated statements of operations. The Company’s investment in the common shares of CGBD, which was recorded at fair

value using Level I inputs based on the CGBD common share price, was $48.6 million as of March 31, 2025, and was included

in Investments, including accrued performance allocations, in the condensed consolidated balance sheets. The Company’s

investment in the BDC Preferred Shares, which was recorded at fair value using Level III inputs based on the estimated

conversion value, was $53.4 million as of December 31, 2024, and was included in Investments, including accrued performance

allocations, in the condensed consolidated balance sheets.

Other Transactions

Senior Carlyle professionals and employees are permitted to participate in co-investment entities that invest in Carlyle

funds or alongside Carlyle funds. In many cases, participation is limited by law to individuals who qualify under applicable

legal requirements. These co-investment entities generally do not require senior Carlyle professionals and employees to pay

management or performance allocations, however, Carlyle professionals and employees are required to pay their portion of

partnership expenses.

Carried interest income from certain funds can be distributed to senior Carlyle professionals and employees on a current

basis, but is subject to repayment by the subsidiary of the Company that acts as general partner of the fund in the event that

certain specified return thresholds are not ultimately achieved. The senior Carlyle professionals and certain other investment

professionals have personally guaranteed, subject to certain limitations, the obligation of these subsidiaries in respect of this

general partner obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions

received.

The Company does business with some of its portfolio companies; all such arrangements are on a negotiated basis.

Substantially all revenue is earned from affiliates of Carlyle. 

10. Income Taxes

The Company’s provision for income taxes was $12.4 million and $21.9 million for the three months ended March 31,

2025 and 2024, respectively. The Company’s effective tax rate was approximately 7% and 18% for the three months ended

March 31, 2025 and 2024, respectively. The effective tax rate for the three months ended March 31, 2025 primarily comprised

the 21% U.S. federal corporate income tax rate and disallowed executive compensation, primarily offset by a benefit related to

equity-based compensation deductions and non-controlling interest. The effective tax rate for the three months ended March 31,

2024 primarily comprised the 21% U.S. federal corporate income tax rate and disallowed executive compensation, partially

offset by non-controlling interest and foreign income taxes. As of March 31, 2025 and December 31, 2024, the Company had

federal, state, local and foreign taxes payable of $70.4 million and $46.2 million, respectively, which is recorded as a

component of accounts payable, accrued expenses and other liabilities on the accompanying condensed consolidated balance

sheets.

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(Unaudited)

In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax

regulators. With a few exceptions, as of March 31, 2025, the Company’s U.S. federal income tax returns for the years 2021

through 2023 are open under the normal three-year statute of limitations and therefore subject to examination. State and local

tax returns are generally subject to audit from 2019 to 2023. Foreign tax returns are generally subject to audit from 2011 to

2023. Certain of the Company’s affiliates are currently under audit by federal, state and foreign tax authorities.

The Company does not believe that the outcome of the audits will require it to record material reserves for uncertain tax

positions or that the outcome will have a material impact on the condensed consolidated financial statements. The Company

does not believe that it has any tax positions for which it is reasonably possible that the total amounts of unrecognized tax

benefits will significantly increase or decrease within the next twelve months.

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was signed into law. The IRA enacted a 15%

CAMT on the “adjusted financial statement income” of certain large corporations, which became effective on January 1, 2023.

The Company does not expect the IRA to have a material impact to its provision for income taxes given that any current year

payments that would be made under CAMT would be permitted to be carried forward and used as credits in future years

resulting in a deferred tax benefit. The Company will continue to monitor as additional guidance is released by U.S. Department

of the Treasury, the Internal Revenue Service, and other standard-setting bodies.

On December 27, 2023, the State of New York issued final regulations that implemented comprehensive franchise tax

reform for corporations, banks, and insurance companies. This did not have a material impact to the Company’s condensed

consolidated financial statements. The Company will continue to monitor as additional guidance is released by the State of New

York.

In October 2021, the OECD introduced a 15% global minimum tax under the Pillar Two GloBE model rules. There are a

number of key provisions under the rules that became effective in 2024 and others that will be phased in during 2025. Several

OECD member countries have enacted the tax legislation based on certain elements of these rules that became effective on

January 1, 2024, and additional countries have drafted or announced an intent to implement legislation. While Pillar Two has

not had a material impact to the Company’s provision for income taxes, the rules remain subject to significant negotiation and

potential change, and the timing and ultimate impact of any such changes on our tax obligations are uncertain. The Company

will continue to monitor as additional countries enact legislation, new parts of the regime come into force or additional

guidance is released by the OECD and other standard-setting bodies.

11. Non-controlling Interests in Consolidated Entities

The components of the Company’s non-controlling interests in consolidated entities are as follows: 

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$408.6		$407.1
Non-Carlyle interests in majority-owned subsidiaries	399.6		334.2
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	(0.4)		(0.6)
Non-controlling interests in consolidated entities	$807.8		$740.7

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(Unaudited)

The components of the Company’s non-controlling interests in income of consolidated entities are as follows: 

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$8.0		$12.7
Non-Carlyle interests in majority-owned subsidiaries	20.6		20.5
Non-controlling interests in income of consolidated entities	$28.6		$33.2

 

12. Earnings Per Common Share

Basic and diluted net income per common share are calculated as follows:

	Three Months Ended March 31, 2025
	Basic		Diluted
Net income attributable to common shares	$130,000,000		$130,000,000
Weighted-average common shares outstanding	359,464,272		366,336,892
Net income per common share	$0.36		$0.35

	Three Months Ended March 31, 2024
	Basic		Diluted
Net income attributable to common shares	$65,600,000		$65,600,000
Weighted-average common shares outstanding	360,908,247		369,343,601
Net income per common share	$0.18		$0.18

The weighted-average common shares outstanding, basic and diluted, are calculated as follows:

	Three Months Ended March 31, 2025
	Basic		Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	359,464,272		359,464,272
Unvested restricted stock units	—		6,182,260
Issuable common shares and performance-vesting restricted stock units	—		690,360
Weighted-average common shares outstanding	359,464,272		366,336,892

	Three Months Ended March 31, 2024
	Basic		Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	360,908,247		360,908,247
Unvested restricted stock units	—		6,733,282
Issuable common shares and performance-vesting restricted stock units	—		1,702,072
Weighted-average common shares outstanding	360,908,247		369,343,601

The Company applies the treasury stock method to determine the dilutive weighted-average common shares represented

by the unvested restricted stock units. Also included in the determination of dilutive weighted-average common shares are

issuable common shares associated with the Company’s investment in NGP and performance-vesting restricted stock units.

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(Unaudited)

13. Equity

Share Repurchase Program

The Board of Directors reset the total repurchase authorization of the Company’s previously approved share repurchase

program to $1.4 billion in shares of the Company’s common stock, effective as of February 6, 2024. Under the share repurchase

program, shares of the Company’s common stock may be repurchased from time to time in open market transactions, in

privately negotiated transactions, or otherwise, including through Rule 10b5-1 plans. The timing and actual number of shares of

common stock repurchased will depend on a variety of factors, including legal requirements and price, economic, and market

conditions. In addition to repurchases of common stock, the share repurchase program is used for the payment of tax

withholding amounts upon net share settlement of equity-based awards granted pursuant to our Equity Incentive Plan or

otherwise based on the value of shares withheld that would have otherwise been issued to the award holder. The share

repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. As of

March 31, 2025, $675.6 million of repurchase capacity remained under the program, which reflects both common shares

repurchased and shares retired in connection with the net share settlement of equity-based awards. The following table presents

the Company’s shares that have been repurchased or retired as a result of net share settlement of equity-based awards during the

three months ended March 31, 2025 and 2024. Dollar amounts exclude the impact of excise taxes.

	Three Months Ended March 31,
	2025			2024
	Shares	$		Shares	$
	(Dollars in millions, except share data)
Shares repurchased	493,781	$25.0		2,853,602	$130.6
Shares retired in connection with the net share settlement of equity-based awards	2,835,354	151.5		481,261	19.4
Total	3,329,135	$176.5		3,334,863	$150.0

Dividends

The table below presents information regarding the quarterly dividends on the common shares, which were made at the

sole discretion of the Board of Directors of the Company.

Dividend Record Date		Dividend Payment Date		Dividend per Common Share		Dividend to Common Stockholders
				(Dollars in millions, except per share data)
May 14, 2024		May 21, 2024		$0.35		$125.6
August 16, 2024		August 26, 2024		0.35		125.5
November 18, 2024		November 25, 2024		0.35		125.2
February 21, 2025		February 28, 2025		0.35		126.4
Total 2024 Dividend Year				$1.40		$502.7
May 19, 2025		May 27, 2025		$0.35		$126.4
Total 2025 Dividend Year (through Q1 2025)				$0.35		$126.4

The Board of Directors will take into account general economic and business conditions, as well as the Company’s

strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax and

regulatory restrictions, other constraints on the payment of dividends by the Company to its common stockholders or by

subsidiaries to the Company, and other such factors as the Board of Directors may deem relevant. In addition, the terms of the

Company’s credit facility provide certain limits on the Company’s ability to pay dividends.

14. Equity-Based Compensation

The Carlyle Group Inc. Amended and Restated 2012 Equity Incentive Plan (the “Equity Incentive Plan,” initially adopted

in May 2012 and as most recently amended and restated on May 29, 2024) is a source of equity-based awards permitting the

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(Unaudited)

Company to grant to Carlyle employees, directors and consultants non-qualified options, share appreciation rights, common

shares, restricted stock units and other awards based on the Company’s shares of common stock. A total of 58,800,000 shares of

common stock are authorized for the grant of awards under the Equity Incentive Plan, of which a total of 26,170,858 shares of

the Company’s common stock remain available for grant as of March 31, 2025.

A summary of the status of the Company’s non-vested equity-based awards as of March 31, 2025 and a summary of

changes for the three months ended March 31, 2025, are presented below:

Unvested Shares	Performance- Vesting Restricted Stock Units		Weighted- Average Grant Date Fair Value		Restricted Stock Units		Weighted- Average Grant Date Fair Value		Unvested Common Shares		Weighted- Average Grant Date Fair Value
Balance, December 31, 2024	16,940,150		$25.41		13,966,488		$37.97		458,906		$39.35
Granted (1)	397,196		$34.42		4,463,972		$56.10		171,891		$56.33
Vested (2)	5,362,679		$30.83		1,664,507		$32.26		—		$—
Forfeited	359,053		$23.37		143,066		$39.65		—		$—
Balance, March 31, 2025	11,615,614		$23.28		16,622,887		$43.40		630,797		$43.63

(1)Includes shares reserved for issuance upon settlement of dividend-equivalent rights carried by certain restricted stock units concurrently

with the settlement of the restricted stock units for shares.

(2)Includes 2,835,354 shares that were retired in connection with the net share settlement of equity-based awards. The Company paid

$151.5 million of taxes related to the net share settlement of equity-based awards during the three months ended March 31, 2025, which

is included within financing activities in the condensed consolidated statements of cash flows.

The Company recorded equity-based compensation expense, net of forfeitures, for restricted stock units of $103.5 million

and $108.3 million for the three months ended March 31, 2025 and 2024, respectively, with $18.6 million and $20.1 million of

corresponding deferred tax benefits, respectively. As of March 31, 2025, the total unrecognized equity-based compensation

expense related to unvested restricted stock units was $640.6 million, which is expected to be recognized over a weighted-

average term of 2.2 years.

15. Segment Reporting

Carlyle conducts its operations through three reportable segments:

Global Private Equity – The Global Private Equity segment advises the Company’s buyout, growth, real estate,

infrastructure, and natural resources funds. The segment also includes the NGP Carry Funds advised by NGP.

Global Credit –  The Global Credit segment advises funds and vehicles that pursue investment strategies including

insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance,

infrastructure credit, cross-platform credit products, and global capital markets.

Carlyle AlpInvest – The Carlyle AlpInvest segment advises global private equity programs that pursue secondary

purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments.

The Company’s reportable business segments are differentiated by their various investment focuses and strategies.

Overhead costs are generally allocated based on cash-based compensation and benefits expense for each segment. The

Company’s earnings from its investment in NGP are presented in the respective operating captions within the Global Private

Equity segment.

Distributable Earnings. Distributable Earnings, or “DE,” is a key performance benchmark used in the Company’s

industry and is evaluated regularly by the chief operating decision maker (“CODM”), which is our Chief Executive Officer, in

making resource deployment and compensation decisions and in assessing performance of the Company’s three reportable

segments. The CODM also uses DE in budgeting, forecasting, and the overall management of the Company’s segments. The

CODM believes that reporting DE is helpful to understanding the Company’s business and that investors should review the

same supplemental financial measure that the CODM uses to analyze the Company’s segment performance. DE is intended to

show the amount of net realized earnings without the effects of the consolidation of the Consolidated Funds. DE is derived from

the Company’s segment reported results and is used to assess performance.

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(Unaudited)

Distributable Earnings differs from income (loss) before provision for income taxes computed in accordance with U.S.

GAAP in that it includes certain tax expenses associated with certain foreign performance revenues (composed of performance

allocations and incentive fees), and does not include unrealized performance allocations and related compensation expense,

unrealized principal investment income, equity-based compensation expense, net income (loss) attributable to non-Carlyle

interests in consolidated entities, or charges (credits) related to Carlyle corporate actions and non-recurring items that affect

period-to-period comparability and are not reflective of the Company’s operational performance. Charges (credits) related to

Carlyle corporate actions and non-recurring items include: charges associated with the Conversion, charges (credits) associated

with acquisitions, dispositions or strategic investments, changes in the tax receivable agreement liability, amortization and any

impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions and dispositions,

charges associated with earn-outs and contingent consideration including gains and losses associated with the estimated fair

value of contingent considerations issued in conjunction with acquisitions or strategic investments, impairment charges

associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract

terminations and employee severance, and non-recurring items that affect period-to-period comparability and are not reflective

of the Company’s operating performance. Management believes the inclusion or exclusion of these items provides investors

with a meaningful indication of the Company’s core operating performance.

Fee Related Earnings. Fee Related Earnings, or “FRE,” is a component of DE and is used to assess the ability of the

business to cover base compensation and operating expenses from total fee revenues. FRE adjusts DE to exclude net realized

performance revenues, realized principal investment income, and net interest (interest income less interest expense). Fee

Related Earnings includes fee related performance revenues and related compensation expense. Fee related performance

revenues represent the realized portion of performance revenues that are measured and received on a recurring basis, are not

dependent on realization events, and which have no risk of giveback.

Asset information by segment is not disclosed because this information is not used by the CODM to make resource

deployment decisions or evaluate the performance of the Company’s segments.

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The following tables present the financial data for the Company’s three reportable segments for the three months ended

March 31, 2025:

	Three Months Ended March 31, 2025
	Global Private Equity		Global Credit		Carlyle AlpInvest		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$283.0		$139.6		$102.9		$525.5
Portfolio advisory and transaction fees, net and other	14.5		63.4		—		77.9
Fee related performance revenues	—		28.8		10.7		39.5
Total fund level fee revenues	297.5		231.8		113.6		642.9
Realized performance revenues	317.1		13.3		24.7		355.1
Realized principal investment income	15.1		5.5		9.4		30.0
Interest income	6.0		7.0		2.2		15.2
Total revenues	635.7		257.6		149.9		1,043.2
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	100.7		89.0		34.3		224.0
Realized performance revenues related compensation	200.4		7.9		19.4		227.7
Total compensation and benefits	301.1		96.9		53.7		451.7
General, administrative, and other indirect expenses(1)	48.7		35.0		11.9		95.6
Depreciation and amortization expense	6.9		3.9		1.9		12.7
Interest expense	13.4		11.3		3.1		27.8
Total expenses	370.1		147.1		70.6		587.8
(=) Distributable Earnings	$265.6		$110.5		$79.3		$455.4
(-) Realized Net Performance Revenues	116.7		5.4		5.3		127.4
(-) Realized Principal Investment Income	15.1		5.5		9.4		30.0
(+) Net Interest	7.4		4.3		0.9		12.6
(=) Fee Related Earnings	$141.2		$103.9		$65.5		$310.6

(1)General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel and

entertainment expenses, and fundraising costs.

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(Unaudited)

The following tables present the financial data for the Company’s three reportable segments for the three months ended

March 31, 2024:

	Three Months Ended March 31, 2024
	Global Private Equity		Global Credit		Carlyle AlpInvest		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$304.6		$136.9		$74.1		$515.6
Portfolio advisory and transaction fees, net and other	7.1		19.6		—		26.7
Fee related performance revenues	3.7		24.2		1.2		29.1
Total fund level fee revenues	315.4		180.7		75.3		571.4
Realized performance revenues	373.8		0.6		23.4		397.8
Realized principal investment income	18.9		13.8		1.0		33.7
Interest income	7.6		10.7		1.8		20.1
Total revenues	715.7		205.8		101.5		1,023.0
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	109.3		76.8		28.2		214.3
Realized performance revenues related compensation	234.3		0.3		21.2		255.8
Total compensation and benefits	343.6		77.1		49.4		470.1
General, administrative, and other indirect expenses(1)	38.6		29.6		11.5		79.7
Depreciation and amortization expense	6.4		3.1		1.6		11.1
Interest expense	14.0		13.9		2.9		30.8
Total expenses	402.6		123.7		65.4		591.7
(=) Distributable Earnings	$313.1		$82.1		$36.1		$431.3
(-) Realized Net Performance Revenues	139.5		0.3		2.2		142.0
(-) Realized Principal Investment Income	18.9		13.8		1.0		33.7
(+) Net Interest	6.4		3.2		1.1		10.7
(=) Fee Related Earnings	$161.1		$71.2		$34.0		$266.3

(1)General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel and

entertainment expenses, and fundraising costs.

 

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(Unaudited)

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the

three months ended March 31, 2025 and 2024.

	Three Months Ended March 31, 2025
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$1,043.2		$133.4		$(203.5)		(a)		$973.1
Expenses	$587.8		$130.8		$89.6		(b)		$808.2
Other income (loss)	$—		$6.1		$—		(c)		$6.1
Distributable earnings	$455.4		$8.7		$(293.1)		(d)		$171.0

	Three Months Ended March 31, 2024
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$1,023.0		$164.9		$(499.5)		(a)		$688.4
Expenses	$591.7		$139.5		$(170.5)		(b)		$560.7
Other income (loss)	$—		$(7.0)		$—		(c)		$(7.0)
Distributable earnings	$431.3		$18.4		$(329.0)		(d)		$120.7

(a)The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment

income (loss) (including Fortitude), revenues earned from the Consolidated Funds which were eliminated in

consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controlling

interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management

and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect

the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses

associated with certain foreign performance revenues, as detailed below:

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Unrealized performance and fee related performance revenues	$(197.3)		$(521.6)
Unrealized principal investment income (loss)	17.0		4.4
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(96.1)		(3.2)
Non-controlling interests and other adjustments to present certain costs on a net basis	91.0		41.5
Elimination of revenues of Consolidated Funds	(18.1)		(20.6)
	$(203.5)		$(499.5)

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(Unaudited)

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP

measure, the Company’s consolidated fund management fees, for the three months ended March 31, 2025 and 2024.

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$642.9		$571.4
Adjustments(1)	(56.8)		(47.8)
Carlyle Consolidated - Fund management fees	$586.1		$523.6

(1)Adjustments represent the reclassification of NGP management fees from principal investment income, the

reclassification of fee related performance revenues from business development companies and other products,

management fees earned from Consolidated Funds which were eliminated in consolidation to arrive at the

Company’s fund management fees, and the reclassification of certain amounts included in portfolio advisory

fees, net and other in the segment results that are included in interest and other income in the U.S. GAAP results.

(b)The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the

Company, the inclusion of equity-based compensation, certain tax expenses associated with realized performance

revenues related compensation, and unrealized performance revenues related compensation, adjustments related to

expenses associated with the investment in NGP Management that are included in operating captions, adjustments to

reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, changes in the tax

receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring

items, as detailed below:

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense	$(107.3)		$(328.4)
Equity-based compensation	104.7		111.0
Acquisition or disposition-related charges and amortization of intangibles and impairment	122.2		32.8
Tax (expense) benefit associated with certain foreign performance revenues related compensation	—		(1.0)
Non-controlling interests and other adjustments to present certain costs on a net basis	(25.7)		17.8
Other adjustments	13.1		12.2
Elimination of expenses of Consolidated Funds	(17.4)		(14.9)
	$89.6		$(170.5)

(c)The Other Income (Loss) adjustment results from the Consolidated Funds that were eliminated in consolidation to

arrive at the Company’s total Other Income (Loss).

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(d)The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings

and to Fee Related Earnings:

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Income (loss) before provision for income taxes	$171.0		$120.7
Adjustments:
Net unrealized performance and fee related performance revenues	90.0		193.2
Unrealized principal investment (income) loss	(17.0)		(4.4)
Equity-based compensation(1)	104.7		111.0
Acquisition or disposition-related charges, including amortization of intangibles and impairment	122.2		32.8
Tax (expense) benefit associated with certain foreign performance revenues	—		(1.0)
Net income attributable to non-controlling interests in consolidated entities	(28.6)		(33.2)
Other adjustments(2)	13.1		12.2
Distributable Earnings	$455.4		$431.3
Realized performance revenues, net of related compensation(3)	127.4		142.0
Realized principal investment income(3)	30.0		33.7
Net interest	12.6		10.7
Fee Related Earnings	$310.6		$266.3

(1)Equity-based compensation for the three months ended March 31, 2025 and 2024 included amounts that are presented in

principal investment income and general, administrative and other expenses in the Company’s condensed consolidated

statements of operations.

(2)Includes charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period

comparability and are not reflective of the Company’s operating performance.

(3)See reconciliation to most directly comparable U.S. GAAP measure below:

	Three Months Ended March 31, 2025
	Carlyle Consolidated		Adjustments (4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$222.9		$132.2		$355.1
Performance revenues related compensation expense	171.4		56.3		227.7
Net performance revenues	$51.5		$75.9		$127.4
Principal investment income (loss)	$(63.1)		$93.1		$30.0

	Three Months Ended March 31, 2024
	Carlyle Consolidated		Adjustments (4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$(157.0)		$554.8		$397.8
Performance revenues related compensation expense	(72.8)		328.6		255.8
Net performance revenues	$(84.2)		$226.2		$142.0
Principal investment income (loss)	$73.1		$(39.4)		$33.7

(4)  Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations

net of related compensation expense and unrealized principal investment income, which are excluded from the segment

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

results, (ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were

included in the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were

excluded from the segment results, (iv) the reclassification of NGP performance revenues, which are included in principal

investment income in the U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which

are included in fund level fee revenues in the segment results, and (vi) the reclassification of tax expenses associated with

certain foreign performance revenues. Adjustments to principal investment income (loss) also include the reclassification of

earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment

results, the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from

the segment results and the exclusion of the principal investment loss from dilution of the indirect investment in Fortitude.

16. Subsequent Events

In April, the Company’s Board of Directors declared a quarterly dividend of $0.35 per share of common stock to

common stockholders of record at the close of business on May 19, 2025, payable on May 27, 2025.

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

17. Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the

Company’s financial position as of March 31, 2025 and December 31, 2024 and results of operations for the three months

ended March 31, 2025 and 2024. The supplemental statement of cash flows is presented without effects of the Consolidated

Funds.

	As of March 31, 2025
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,190.3		$—		$—		$1,190.3
Cash and cash equivalents held at Consolidated Funds	—		570.9		—		570.9
Restricted cash	9.0		—		—		9.0
Investments, including accrued performance allocations of $6,985.8	11,331.5		—		(591.6)		10,739.9
Investments of Consolidated Funds	—		9,329.8		—		9,329.8
Due from affiliates and other receivables, net	1,083.9		9.0		(302.7)		790.2
Due from affiliates and other receivables of Consolidated Funds, net	—		228.3		—		228.3
Fixed assets, net	188.2		—		—		188.2
Lease right-of-use assets, net	356.1		—		—		356.1
Deposits and other	65.6		1.8		—		67.4
Intangible assets, net	603.2		—		—		603.2
Deferred tax assets	22.2		—		—		22.2
Total assets	$14,850.0		$10,139.8		$(894.3)		$24,095.5
Liabilities and equity
Debt obligations	$2,156.1		$—		$—		$2,156.1
Loans payable of Consolidated Funds	—		8,097.5		(295.8)		7,801.7
Accounts payable, accrued expenses and other liabilities	367.1		—		—		367.1
Accrued compensation and benefits	5,063.5		—		—		5,063.5
Due to affiliates	237.3		55.5		—		292.8
Deferred revenue	421.5		—		—		421.5
Deferred tax liabilities	106.0		—		—		106.0
Other liabilities of Consolidated Funds	—		956.0		(0.1)		955.9
Lease liabilities	501.1		—		—		501.1
Accrued giveback obligations	44.6		—		—		44.6
Total liabilities	8,897.2		9,109.0		(295.9)		17,710.3
Common stock	3.6		—		—		3.6
Additional paid-in capital	3,997.7		623.6		(623.6)		3,997.7
Retained earnings	1,864.8		—		—		1,864.8
Accumulated other comprehensive loss	(312.5)		(1.4)		25.2		(288.7)
Non-controlling interests in consolidated entities	399.2		408.6		—		807.8
Total equity	5,952.8		1,030.8		(598.4)		6,385.2
Total liabilities and equity	$14,850.0		$10,139.8		$(894.3)		$24,095.5

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

	As of December 31, 2024
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,266.0		$—		$—		$1,266.0
Cash and cash equivalents held at Consolidated Funds	—		830.4		—		830.4
Restricted cash	0.5		—		—		0.5
Investments, including accrued performance allocations of $7,053.5	11,324.1		—		(387.4)		10,936.7
Investments of Consolidated Funds	—		7,782.4		—		7,782.4
Due from affiliates and other receivables, net	1,111.0		—		(305.4)		805.6
Due from affiliates and other receivables of Consolidated Funds, net	—		237.1		—		237.1
Fixed assets, net	185.3		—		—		185.3
Lease right-of-use assets, net	341.4		—		—		341.4
Deposits and other	54.6		1.8		—		56.4
Intangible assets, net	634.1		—		—		634.1
Deferred tax assets	27.6		—		—		27.6
Total assets	$14,944.6		$8,851.7		$(692.8)		$23,103.5
Liabilities and equity
Debt obligations	$2,143.5		$—		$—		$2,143.5
Loans payable of Consolidated Funds	—		7,161.6		(297.4)		6,864.2
Accounts payable, accrued expenses and other liabilities	389.8		—		—		389.8
Accrued compensation and benefits	5,446.6		—		—		5,446.6
Due to affiliates	236.6		5.3		—		241.9
Deferred revenue	138.7		—		—		138.7
Deferred tax liabilities	137.0		—		—		137.0
Other liabilities of Consolidated Funds	—		861.7		(0.1)		861.6
Lease liabilities	488.6		—		—		488.6
Accrued giveback obligations	44.0		—		—		44.0
Total liabilities	9,024.8		8,028.6		(297.5)		16,755.9
Common stock	3.6		—		—		3.6
Additional paid-in capital	3,892.3		423.5		(423.5)		3,892.3
Retained earnings	2,040.8		—		—		2,040.8
Accumulated other comprehensive loss	(350.5)		(7.5)		28.2		(329.8)
Non-controlling interests in consolidated entities	333.6		407.1		—		740.7
Total equity	5,919.8		823.1		(395.3)		6,347.6
Total liabilities and equity	$14,944.6		$8,851.7		$(692.8)		$23,103.5

 

 

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

	Three Months Ended March 31, 2025
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$594.4		$—		$(8.3)		$586.1
Incentive fees	43.3		—		(0.1)		43.2
Investment income
Performance allocations	223.4		—		(0.5)		222.9
Principal investment income	(60.5)		—		(2.6)		(63.1)
Total investment income	162.9		—		(3.1)		159.8
Interest and other income	57.2		—		(6.6)		50.6
Interest and other income of Consolidated Funds	—		133.4		—		133.4
Total revenues	857.8		133.4		(18.1)		973.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	218.4		—		—		218.4
Equity-based compensation	103.5		—		—		103.5
Performance allocations and incentive fee related compensation	171.4		—		—		171.4
Total compensation and benefits	493.3		—		—		493.3
General, administrative and other expenses	173.7		—		(0.1)		173.6
Interest	27.8		—		—		27.8
Interest and other expenses of Consolidated Funds	—		130.8		(17.3)		113.5
Total expenses	694.8		130.8		(17.4)		808.2
Other income
Net investment income of Consolidated Funds	—		6.1		—		6.1
Income before provision for income taxes	163.0		8.7		(0.7)		171.0
Provision for income taxes	12.4		—		—		12.4
Net income	150.6		8.7		(0.7)		158.6
Net income attributable to non-controlling interests in consolidated entities	20.6		—		8.0		28.6
Net income attributable to The Carlyle Group Inc.	$130.0		$8.7		$(8.7)		$130.0

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

	Three Months Ended March 31, 2024
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$530.2		$—		$(6.6)		$523.6
Incentive fees	26.2		—		—		26.2
Investment income (loss)
Performance allocations	(155.8)		—		(1.2)		(157.0)
Principal investment income	79.6		—		(6.5)		73.1
Total investment loss	(76.2)		—		(7.7)		(83.9)
Interest and other income	63.9		—		(6.3)		57.6
Interest and other income of Consolidated Funds	—		164.9		—		164.9
Total revenues	544.1		164.9		(20.6)		688.4
Expenses
Compensation and benefits
Cash-based compensation and benefits	221.9		—		—		221.9
Equity-based compensation	108.3		—		—		108.3
Performance allocations and incentive fee related compensation	(72.8)		—		—		(72.8)
Total compensation and benefits	257.4		—		—		257.4
General, administrative and other expenses	147.7		—		—		147.7
Interest	30.8		—		—		30.8
Interest and other expenses of Consolidated Funds	—		139.5		(14.9)		124.6
Other non-operating expenses	0.2		—		—		0.2
Total expenses	436.1		139.5		(14.9)		560.7
Other loss
Net investment loss of Consolidated Funds	—		(7.0)		—		(7.0)
Income before provision for income taxes	108.0		18.4		(5.7)		120.7
Provision for income taxes	21.9		—		—		21.9
Net income	86.1		18.4		(5.7)		98.8
Net income attributable to non-controlling interests in consolidated entities	20.5		—		12.7		33.2
Net income attributable to The Carlyle Group Inc.	$65.6		$18.4		$(18.4)		$65.6

 

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The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Cash flows from operating activities
Net income	$150.6		$86.1
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	46.9		45.3
Equity-based compensation	103.5		108.3
Non-cash performance allocations and incentive fees	14.5		189.6
Non-cash principal investment income (loss)	69.6		(68.1)
Other non-cash amounts	12.6		(2.9)
Purchases of investments	(290.9)		(215.1)
Proceeds from the sale of investments	155.1		108.3
Payments of contingent consideration	(1.0)		(1.5)
Change in deferred taxes, net	(29.4)		(47.1)
Change in due from affiliates and other receivables	12.7		7.9
Change in deposits and other	(10.8)		(19.7)
Change in accounts payable, accrued expenses and other liabilities	(25.4)		41.5
Change in accrued compensation and benefits	(327.7)		(365.6)
Change in due to affiliates	6.5		(2.2)
Change in lease right-of-use assets and lease liabilities	(2.8)		(2.2)
Change in deferred revenue	280.2		251.6
Net cash provided by operating activities	164.2		114.2
Cash flows from investing activities
Purchases of fixed assets, net	(16.7)		(14.2)
Net cash used in investing activities	(16.7)		(14.2)
Cash flows from financing activities
Payments on CLO borrowings	(14.6)		(13.9)
Proceeds from CLO borrowings, net of financing costs	15.1		—
Dividends to common stockholders	(126.4)		(126.7)
Payment of deferred consideration for Carlyle Holdings units	—		(68.8)
Contributions from non-controlling interest holders	57.7		62.5
Distributions to non-controlling interest holders	(16.9)		(19.0)
Common shares repurchased and net share settlement of equity-based awards	(176.5)		(150.0)
Change in due to/from affiliates financing activities	42.3		56.7
Net cash used in financing activities	(219.3)		(259.2)
Effect of foreign exchange rate changes	4.6		(5.0)
Decrease in cash, cash equivalents and restricted cash	(67.2)		(164.2)
Cash, cash equivalents and restricted cash, beginning of period	1,266.5		1,442.1
Cash, cash equivalents and restricted cash, end of period	$1,199.3		$1,277.9
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$1,190.3		$1,276.5
Restricted cash	9.0		1.4
Total cash, cash equivalents and restricted cash, end of period	$1,199.3		$1,277.9
Cash and cash equivalents held at Consolidated Funds	$570.9		$426.0

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless context suggests otherwise, references in this report to “Carlyle,” the “Company,” “we,” “us,” and “our” refer

to The Carlyle Group Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in

conjunction with the consolidated financial statements and the related notes included in this Quarterly Report on Form 10-Q

and the Annual Report on Form 10-K for the year ended December 31, 2024.

Overview

We are one of the world’s largest global investment firms that deploys private capital across its business and we conduct

our operations through three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest (formerly,

Global Investment Solutions).

•Global Private Equity — Our Global Private Equity segment advises our buyout, growth, real estate, infrastructure, and

natural resources funds. The segment also includes the NGP Carry Funds advised by NGP. As of March 31, 2025, our

Global Private Equity segment had $164 billion in AUM and $99 billion in Fee-earning AUM.

•Global Credit — Our Global Credit segment advises funds and vehicles that pursue investment strategies including

insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure

credit, cross-platform credit products, and global capital markets. As of March 31, 2025, our Global Credit segment had

$199 billion in AUM and $161 billion in Fee-earning AUM.

•Carlyle AlpInvest — Our Carlyle AlpInvest segment advises global private equity programs that pursue secondary

purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments. As of

March 31, 2025, our Carlyle AlpInvest segment had $89 billion in AUM and $54 billion in Fee-earning AUM.

We earn management fees pursuant to contractual arrangements with the investment funds that we manage and fees for

transaction advisory and oversight services provided to portfolio companies of these funds. We also typically receive a

performance fee from an investment fund, which may be either an incentive fee or a special residual allocation of income,

which we refer to as a performance allocation, or carried interest, in the event that specified investment returns are achieved by

the fund. Under U.S. generally accepted accounting principles (“U.S. GAAP”), we are required to consolidate some of the

investment funds that we advise. However, for segment reporting purposes, we present revenues and expenses on a basis that

deconsolidates these investment funds. Refer to Note 15, Segment Reporting, to the condensed consolidated financial

statements included in this Quarterly Report on Form 10-Q for more information on the differences between our financial

results reported pursuant to U.S. GAAP and our financial results for segment reporting purposes.

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Our Global Investment Offerings

The following table provides a breakout of the product offerings and related acronyms included in our total assets under

management of $453 billion as of March 31, 2025 for each of our three global business segments (in billions):

Global Private Equity	$164.2		Global Credit	$199.2
Corporate Private Equity	$106.5		Insurance Solutions 4	$82.6
U.S. Buyout (CP)	53.8		Liquid Credit	$48.9
Asia Buyout (CAP)	12.1		U.S. CLOs	35.3
Europe Buyout (CEP)	10.4		Europe CLOs	9.2
Carlyle Global Partners (CGP)	7.0		CLO Investment Products	2.4
Japan Buyout (CJP)	6.0		Revolving Credit	2.0
Europe Technology (CETP)	5.6		Private Credit	$67.6
U.S. Growth (CP Growth / CEOF)	3.1		Opportunistic Credit (CCOF / CSP)	19.0
Life Sciences (ABV / ACCD)	1.8		Aviation Finance (SASOF / CALF)	12.8
Asia Growth (CAP Growth / CAGP)	1.2		Direct Lending 5	11.2
Other 1	5.6		Asset-Backed Finance	8.9
Real Estate	$35.3		Cross-Platform Credit (incl CTAC)	8.5
U.S. Real Estate (CRP)	24.4		Infrastructure Credit (CICF)	6.3
Core Plus Real Estate (CPI)	7.9		Other 6	0.8
International Real Estate (CER)	3.1
Infrastructure & Natural Resources	$22.4		Carlyle AlpInvest	$89.2
NGP Energy 2	10.7		Secondaries and Portfolio Finance (ASF / ASPF)	$39.1
Infrastructure & Renewable Energy 3	6.1		Co-Investments (ACF)	$23.8
International Energy (CIEP)	5.7		Primary Investments & Other 7	$26.3

Note: All amounts shown represent total assets under management as of March 31, 2025, and totals may not sum due to rounding. In addition,

certain carry funds included herein may not be included in fund performance if they have not made an initial capital call or commenced

investment activity.

(1)Includes our Financial Services (CGFSP), Sub-Saharan Africa Buyout (CSSAF), South America Buyout (CSABF), Peru Buyout (CPF),

MENA Buyout and Ireland Buyout (CICF) funds, as well as platform accounts which invest across Corporate Private Equity strategies.

(2)NGP Energy funds are advised by NGP Energy Capital Management, LLC, a separately registered investment adviser. We do not serve as

an investment adviser to those funds.

(3)Includes our Infrastructure (CGIOF), Renewable Energy (CRSEF) and Power funds (CPP / CPOCP).

(4)Includes Carlyle FRL, capital raised from strategic third-party investors which directly invest in Fortitude alongside Carlyle FRL, as well

as the fair value of the general account assets covered by the strategic advisory services agreement with Fortitude.

(5)Includes our business development companies (CGBD / CARS) and our evergreen fund (CDLF).

(6)Includes our Energy Credit (CEMOF) and Real Estate Credit (CNLI) funds.

(7)Includes Mezzanine and Carlyle AlpInvest Private Markets (CAPM) funds.

Trends Affecting our Business

In the first quarter of 2025 with the change in U.S. presidential administration, significant uncertainty was introduced to

the global economic outlook through the rapid imposition of steep tariffs on major U.S. trading partners. This policy regime

change culminated in April 2, 2025 when the U.S. enacted the most sweeping tariff hikes in nearly a century. Although

temporary reductions and numerous exemptions have since been announced—potentially in response to pronounced volatility

in both bond and equity markets—these interim measures add to the uncertainty and increase economic drag as management

teams are forced to both “wait and see” and spend significant time planning for a range of possible scenarios. Overall, this

dramatic policy shift has the potential to disrupt global supply chains, distort trade flows, create shortages for a wide range of

both finished goods and intermediate parts, and intensify cost uncertainty, forcing companies to divert significant managerial

and financial resources toward contingency planning. These impacts pose significant risks to corporate profit margins and

broader economic growth across the globe. Our portfolio companies’ operating performance could face nontrivial impacts to

the extent that they are exposed to and dependent upon imports of key components and supplies or purchases of their products

by certain end markets. A widespread global slowdown could also impact a company’s financial performance regardless of

overall exposure to trade flows. However, current volatility could produce opportunities for certain asset classes. A retreat in

traditional lending channels may result in compelling opportunities across our Global Credit segment. Retail investors, deterred

by public market vicissitudes, could seek out alternative investment channels through our private wealth products. Heightened

demand for liquidity at the same time that exit activity slows in the face of volatile markets could present our secondaries

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business the opportunity to buy assets at discounts larger than would have been otherwise anticipated. And greater demand for

domestic U.S. investment to onshore production where possible to avoid steep tariffs could generate attractive projects for our

infrastructure funds.

The U.S. imports roughly $3.3 trillion in goods or more than 11% of GDP each year. If the tariff schedule announced on

April 2 is fully implemented, this could represent the equivalent of a tax hit to the economy as large as 2% of GDP. Widespread

contingency planning has diverted managerial attention and imposed productivity losses. The preemptive acceleration of

intermediate goods imports during the first quarter of 2025 has also distorted GDP accounting and resulted in a negative

headline quarter-over-quarter change, as imports were subtracted from GDP without contributing to an offsetting rise in private

inventories (only finished goods are counted in the national accounts). As tariff-related price increases accumulate, businesses

face rising uncertainty over how much of the cost they can pass through to consumers without driving material declines in sales

volumes, creating the potential for steep nonlinearities in economic outcomes. Asymmetrical trade dependencies—Chinese

imports represent a higher value add share of U.S. goods than the other way around—underscore the cost risks facing both the

U.S. industrial sector and the U.S. consumer. In many cases, purchasing managers are choosing to delay new imports

altogether, opting instead to sell down existing inventory while awaiting clearer policy signals—behavior that, if widespread,

can create abrupt and concentrated contractions in activity that traditional macro models struggle to anticipate. Although a

continued surge in artificial intelligence-related capital expenditures, growing at roughly 45% annually, offers some

counterbalance to this drag on economic output, the pervasive uncertainty remains a key risk to growth and corporate operating

performance. While the Federal Reserve remained on hold in the first quarter of 2025, market participants now anticipate

roughly three 25 basis point rate cuts by the end of the year despite tariffs’ inflationary impacts, signaling market fears over

weaker demand.

While the U.S. economy is perhaps most exposed to the new tariff regime, the effects are global. In China, industrial

output drove a record $1 trillion trade surplus in 2024; however, weak domestic consumption and a still-recovering property

sector leave growth vulnerable to escalating U.S. tariffs, which now stand at 145% as of May 8, 2025, prompting China to seek

new economic partnerships and fueling market participants’ estimates for more monetary support from the People’s Bank of

China. India’s relatively large consumer market, strong manufacturing base in select sectors (e.g., smartphones, automotive

components), and growing policy emphasis on attracting foreign direct investment have positioned it as a promising alternative

to China for global manufacturers. In Japan, risks to the economic outlook have risen as growth is relatively dependent on

exports. A stronger yen (year-to-date, the yen has risen 9.3% against the U.S. dollar as of May 8, 2025) can also weaken export

growth and put downward pressure on equity valuations. Japan’s automotive sector is also particularly vulnerable to auto-

related import tariffs (previously announced but currently deferred as of May 8, 2025). In Europe, optimism for the longer-term

economic outlook rose at the start of the year, thanks in large part to the European Commission’s ReArm Europe plan, which

aims to mobilize nearly €800 billion in defense spending over the next four years, and Germany’s announcement of a €500

billion fiscal stimulus package and “debt brake” reforms to allow for more expansive defense spending and public investment.

While these announced fiscal injections improved growth expectations, the sharp escalation in U.S. trade policy poses a

mounting threat at a time when growth was already anemic, particularly given that the U.S. remains the largest export market

for many EU member states.

Global equities outperformed U.S. stocks in the first quarter of 2025, reflecting a shift away from expectations for U.S.

exceptionalism—notably, Hong Kong’s Hang Seng surged 15.3% and Germany’s DAX advanced 11.3%, while the S&P 500

and NASDAQ fell 4.6% and 8.3% respectively. This was partially driven by the unveiling of China-based DeepSeek, whose

apparently more efficient and less expenditure-intensive AI model triggered steep losses in Nvidia and its five largest customers

(Amazon, Alphabet, Meta, Tesla, and Microsoft), and the defense spending and fiscal stimulus plans announced in the euro

zone and Germany. Adding to the pressure on U.S. equities was mounting concern over trade policy, as markets reacted to the

tariffs introduced throughout the first quarter of 2025 and into the second quarter. The severity of the “Liberation Day” tariffs in

particular shocked investors and triggered a deep selloff in global markets: the S&P 500 dropped 6.0% on April 4 alone, its

worst day since 2020. Peak-to-trough, the S&P 500 fell 18.9% between February 19, 2025, and April 8, 2025, before recouping

some losses. Though the 90-day pause on most new tariffs briefly lifted sentiment, global equity markets remain fragile,

whipsawed by policy rumors and conflicting commentary as policy clarity has failed to materialize. Any policy certainty may

provide significant relief to markets. Year-to-date through May 8, 2025, the S&P 500, Euro Stoxx 600, Nikkei 225, and

Shanghai Composite have returned -4.3%, 5.1%, -7.8%, and -0.3%, respectively. Fragile equity markets could limit our ability

to capitalize on exits through IPOs. 

Since mid-February, credit markets have also experienced notable volatility. For most of the past 25 years, equity and

bond prices have been negatively correlated; a spike in equity market volatility would generally drive U.S. Treasury yields

lower. While this pattern has reversed since 2022, the shift was particularly apparent during the equity market volatility in early

April. 10-year Treasury yields initially fell with the onset of the market selloff, but quickly rose once more and now sit at

around 4.3% as of May 8, 2025. Large and persistent fiscal deficits, an overvalued dollar, and the risk of sanctions pressure

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have combined to make U.S. dollar-denominated assets less attractive. This in turn has put upward pressure on the term premia

of longer-duration Treasuries, which suggests yields could be higher going forward. Amid broader market volatility, high yield

credit spreads have risen rapidly since mid-February. Single-B spreads were 383 basis points as of May 8, 2025, hovering near

their highest levels since 2023. Since mid-February, leveraged loan prices have experienced their steepest declines since

mid-2023, prompting a record $6.5 billion single week outflow from U.S. leveraged-loan funds in the first week of April. This

repricing reflects heightened investor caution and a reassessment of credit risk, signaling that borrowing costs in the leveraged

loan market could remain elevated until market uncertainty subsides. While sentiment has improved in May and leveraged

finance markets have thawed on optimism that less punitive trade deals with major partners will soon be established, weaker

corporate borrowers could face freezes in the leveraged finance markets during bouts of severe market volatility as we saw for

most of April, when banks struggled to obtain financing for certain deals through broadly syndicated lending and U.S. markets

experienced a drought in leveraged loan launches for the longest stretch since at least 2013. Continued weakness in the

leveraged loan markets could impede our ability to effectuate private equity deals and slow CLO issuance. However, there

could be attractive opportunities for our private credit business to the extent that traditional lending channels pull back on

financing activity. Sharp price declines in the secondary market for leveraged loans could also present our CLO business with

openings to purchase assets at attractive levels.

As most of the tariff-related market volatility materialized in the latter half of the first quarter and into the second, global

mergers and acquisitions (“M&A”) activity in the first quarter of 2025 did not yet reflect increased stress, with aggregate deal

volume rising 7.8% quarter-over-quarter and 24.3% year-over-year to nearly $1.1 trillion, the highest level since the second

quarter of 2022. Growth during the quarter was primarily driven by deals in the U.S., where, despite a 5.3% decline in the

number of transactions, deal volumes rose to $484 billion, a 27.4% increase from the previous quarter. By contrast, deal

volumes in Europe and Asia remained subdued, growing by 3.8% and declining by 3.8%, respectively. Global leveraged buyout

activity, including add-ons, increased by 9.5% quarter-over-quarter to $147.2 billion, reflecting a 90.2% rise over 2024’s weak

first quarter. However, the overall strong level of activity had very little impact on exits of private equity-backed portfolio

companies. In addition to challenging conditions in the initial public offering market, trade sales remained subdued as general

partners struggled to find buyers. Looking ahead, there is significant risk to the outlook for overall M&A activity. Uncertainty

around the end state of tariff policy may prompt companies to delay deal-making decisions. Heightened equity and credit

market volatility seem likely to dampen M&A activity over the next several months. Historically, changes in M&A volumes

have closely tracked equity market movements over the prior 6-month period. A slowdown in M&A volumes could impede the

private market industry’s ability both to complete planned exits and to deploy capital.

Our investment activity in the first quarter continued the momentum we experienced toward the end of 2024 as global

deal activity began to rebound relative to the depressed levels of 2023. We deployed $11.1 billion during the quarter, nearly

40% more capital than deployed in the first quarter of 2024, and more than double the $5.0 billion capital deployed in the first

quarter of 2023. We realized proceeds in our traditional carry funds of $8.6 billion during the first quarter, including from the

secondary offering of StandardAero, Inc. and the IPO of Hexaware Technologies Ltd. Robust deal activity generated $76.7

million in transaction and portfolio advisory fees, net of rebate offsets, during the three months ended March 31, 2025, more

than three times the comparable prior year period. However, as noted above, the impact of pervasive uncertainty in global

markets, combined with heightened equity and credit market volatility, may impact our investment deployment and realization

pace in the near term. A slower pace of investment activity may reduce our realized performance revenues as well as our

transaction and portfolio advisory fees in the coming quarters. A slower pace of deployment may also slow management fee

growth for funds that earn fees on deployed capital, particularly in our Global Credit segment.

Our carry fund portfolio appreciated 2% in the first quarter of 2025, displaying relative stability compared to the volatility

of the global equity markets as the quarter drew to a close. Within our Global Private Equity segment in the first quarter, our

corporate private equity funds appreciated 2%, driven by generally strong performance in the U.S. Our infrastructure and

natural resources funds appreciated 3% in the quarter, reflecting stable commodity prices, and our real estate funds appreciated

1%. Our Global Credit carry funds (which represent approximately 11% of the total Global Credit remaining fair value as of

March 31, 2025) appreciated 4% in the first quarter, while carry funds in our Carlyle AlpInvest segment appreciated 1% in the

first quarter. Approximately 8% of our Global Private Equity portfolio is in publicly traded investments, an increase from 4%

one year ago. Our publicly traded portfolio appreciated 1% during the first quarter; however, the larger concentration of public

investments does increase our exposure to the impact of equity market volatility.

We had $14.2 billion in inflows in the first quarter, of which $9.7 billion was generated from fundraising activity across

our three segments, with the balance resulting from closed reinsurance transactions. While investors were beginning to see net

positive distributions in certain asset classes, looking ahead the persistent market volatility described above could revive

challenges in the fundraising landscape that may have started to ease. Investors could face both liquidity pressures from market

drawdowns and incidental overallocation to private market assets through the denominator effect, which in turn may make

fundraising efforts more challenging.

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Recent Developments

Dividends

In April 2025, our Board of Directors declared a quarterly dividend of $0.35 per share to common stockholders of record

at the close of business on May 19, 2025, payable on May 27, 2025.

Restructuring of Investment in NGP

On March 31, 2025, we restructured the terms of our strategic investment in NGP (the “Restructuring”) to further align

our interests and those of NGP. The Restructuring eliminated previous restrictions on our ability to pursue domestic energy

strategies, established a new capital markets fees arrangement with NGP, and terminated our obligation to grant up to

$10 million of Carlyle common shares to NGP annually following a final grant made with respect to 2030. Additionally, in

order to facilitate the development of future funds while substantially maintaining our economics on existing funds, the

Restructuring reduced our allocation of the management fee related revenues of NGP Management for all funds that held an

initial closing after December 31, 2024, as well as its share of the performance allocations received by current and future NGP

fund general partners, as discussed further below.

Prior to the Restructuring, our equity interests in NGP Management Company, L.L.C. (“NGP Management”) entitled us

to an allocation of income equal to 55.0% of the management fee related revenues earned by NGP Management. Subsequent to

the Restructuring, for all funds that held an initial closing after December 31, 2024, the Company’s allocations of income for

the management fee related revenues will be based on a sliding scale of the total annual management fee related revenues

accrued from all such funds in the aggregate up to 55.0%, including all management fees being retained by NGP for the years

2025 through 2028 on such future NGP funds. As a result of the Restructuring, we recorded an impairment charge of

$92.5 million during the three months ended March 31, 2025. The allocation of management fee related revenues for existing

NGP funds remains unchanged, including our interest in management fees from NGP XI, NGP XII, and NGP XIII.

Our investment in the general partners of the NGP Carry Funds entitled us to 47.5% (38.0% to 42.75% in the case of

certain funds) of the performance allocations received by certain current and future NGP fund general partners prior to the

Restructuring. In connection with the Restructuring, our allocation of the performance allocations from existing NGP Carry

Funds was reduced to a range of 35.1% to 43.8%, which resulted in a $38 million reduction in accrued performance allocations

during the three months ended March 31, 2025. Our interest in the performance allocations from future NGP Carry Funds will

be based on a sliding scale of the fee paying capital raised in each future NGP Carry Fund, up to 47.5% of the performance

allocations received by future NGP Carry Funds.

The impairment charge related to the investment in NGP Management and the reduction in accrued performance

allocations from NGP Carry Funds are recorded in Principal investment income (loss) in the condensed consolidated statements

of operations and excluded from Distributable Earnings, as defined in “—Key Financial Measures—Non-GAAP Financial

Measures.” For further information regarding our strategic investments in NGP and the Restructuring, refer to Note 4,

Investments, to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

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Key Financial Measures

Our key financial measures and operating metrics are discussed in the following pages. Additional information regarding

U.S. GAAP measures and our other significant accounting policies can be found in Note 2, Summary of Significant Accounting

Policies, to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Revenues

Revenues primarily consist of Fund management fees, Incentive fees, Investment income (including Performance

allocations, realized and unrealized gains of our investments in our funds and other principal investments), as well as Interest

and other income.

Fund management fees. Fund management fees include management fees and transaction and portfolio advisory fees. We

earn management fees for advisory services we provide to funds in which we hold a general partner interest or to funds or

certain portfolio companies with which we have an investment advisory or investment management agreement. These fees are

largely from either traditional closed-end, long-dated funds, which are highly predictable and stable, or Perpetual Capital

products as defined below. Management fees also include catch-up management fees, which are episodic in nature and

represent management fees charged to fund investors in subsequent closings of a fund which apply to the time period between

the fee initiation date and the subsequent closing date. We also earn management fees on our CLOs and other structured

products. 

Transaction and portfolio advisory fees generally include capital markets fees generated by Carlyle Global Capital

Markets in connection with activities related to the underwriting, issuance and placement of debt and equity securities, and loan

syndication for our portfolio companies and third-party clients, which are generally not subject to rebate offsets as described

below with respect to our most recent vintages (but are subject to the rebate offsets set forth below for older funds).

Underwriting fees include gains, losses, and fees arising from securities offerings in which we participate in the underwriter

syndicate.

Transaction and portfolio advisory fees also include fees we receive for the transaction and portfolio advisory services we

provide to our portfolio companies. When covered by separate contractual agreements, we recognize transaction and portfolio

advisory fees for these services when the performance obligation has been satisfied and collection is reasonably assured. We are

generally required to offset our fund management fees by the transaction and advisory fees earned, which we refer to as “rebate

offsets.”

The recognition of portfolio advisory fees, transactions fees, and capital markets fees can be volatile as they are primarily

generated by investment activity within our funds, and therefore are impacted by our investment pace or other capital

transactions at our portfolio companies.

Incentive fees. Incentive fees consist of performance-based incentive arrangements pursuant to management contracts,

primarily from certain of our Global Credit funds, when the return on assets under management exceeds certain benchmark

returns or other performance targets.  In such arrangements, incentive fees are recognized when the performance benchmark has

been achieved.

Investment income (loss). Investment income (loss) consists of our performance allocations as well as the realized and

unrealized gains and losses resulting from our equity method investments and other principal investments. 

Performance allocations consist principally of the performance-based capital allocation from fund limited partners to us,

commonly referred to as carried interest, from certain of our investment funds, which we refer to as the “carry funds.” Carried

interest revenue is recognized by Carlyle upon appreciation of the valuation of our funds’ investments above certain return

hurdles as set forth in each respective partnership agreement and is based on the amount that would be due to us pursuant to the

fund partnership agreement at each period end as if the funds were liquidated at such date. Accordingly, the amount of carried

interest recognized as performance allocations reflects our share of the fair value gains and losses of the associated funds’

underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. As

a result, the performance allocations earned in an applicable reporting period are not indicative of any future period, as fair

values are based on conditions prevalent as of the reporting date. Refer to “—Trends Affecting our Business” for further

discussion.

For any given period, performance allocations revenue on our statement of operations may include reversals of previously

recognized performance allocations due to a decrease in the value of a particular fund that results in a decrease of cumulative

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performance allocations earned to date. Since fund return hurdles are cumulative, previously recognized performance

allocations also may be reversed in a period of appreciation that is lower than the particular fund’s hurdle rate. Additionally,

unrealized performance allocations reverse when performance allocations are realized, and unrealized performance allocations

can be negative if the amount of realized performance allocations exceed total performance allocations generated in the period.

The timing and receipt of realized performance allocations varies with the lifecycle of our carry funds and there is often a

difference between the time we start accruing performance allocations and realization. The timing of performance allocation

realizations from our Carlyle AlpInvest, Carlyle Aviation, and Abingworth funds is typically later than in our other carry funds

based on the terms of such arrangements.

Under our arrangements with the historical owners and management teams of AlpInvest and Abingworth, the amount of

carried interest to which we are entitled varies. In some cases, we are entitled to 15% of the carried interest in respect of

commitments from the historical owners of AlpInvest for the period between 2011 and 2020. In certain instances, carried

interest associated with the AlpInvest fund vehicles is subject to entity level income taxes in the Netherlands. Additionally, in

connection with the acquisition of Abingworth, we are entitled to 15% of carried interest generated from certain Abingworth

funds.

Realized carried interest may be clawed back or given back to the fund if the fund’s investment values decline below

certain return hurdles, which vary from fund to fund. This amount is known as the “giveback obligation.” In all cases, each

investment fund is considered separately in evaluating carried interest and potential giveback obligations. See Note 8,

Commitments and Contingencies, for more information.

Accrued performance allocations and accrued giveback obligations at a point in time assume a hypothetical liquidation of

the funds’ investments at their then current fair values. Each investment fund is considered separately in evaluating carried

interest and potential giveback obligations. These assets and liabilities will continue to fluctuate in accordance with the fair

values of the funds’ investments until they are realized. The Company uses “net accrued performance revenues” to refer to the

aggregation of the accrued performance allocations net of (i) accrued giveback obligations, (ii) accrued performance allocations

related compensation, (iii) performance allocations related tax obligations, and (iv) accrued performance allocations attributable

to non-controlling interests. Net accrued performance revenues exclude any net accrued performance allocations and incentive

fees that have been realized but will be collected in subsequent periods, as well as net accrued performance revenues which are

presented as fee related performance revenues when realized in our non-GAAP financial measures. Realized performance

allocation-related compensation that has not yet been paid is also excluded from our net accrued performance allocations.

In addition, realized performance allocations may be reversed in future periods to the extent that such amounts become

subject to a giveback obligation. The aggregate amount of giveback obligations realized since Carlyle’s inception totaled

$257.0 million, $175.6 million of which was related to various Legacy Energy Funds. Given that current and former senior

Carlyle professionals and other limited partners of the Carlyle Holdings partnerships are responsible for paying the majority of

the realized giveback obligation, only $87.1 million of the $257.0 million aggregate giveback obligation realized since

inception was attributable to Carlyle. The realization of giveback obligations for the Company’s portion of such obligations

reduces Distributable Earnings in the period realized. Further, each individual who holds equity interests in carried interest

generated by our funds and is a recipient of realized carried interest typically signs a guarantee agreement or partnership

agreement that personally obligates such person to return his/her pro rata share of any amounts of realized carried interest

previously distributed that are later clawed back. Accordingly, carried interest as performance allocation compensation is

subject to return to the Company in the event a giveback obligation is funded. Generally, the actual giveback liability, if any,

does not become due until the end of a fund’s life.

In addition, in our discussion of our non-GAAP results, we use the term “realized net performance revenues” to refer to

realized performance allocations and incentive fees from our funds, net of the portion allocated to our investment professionals,

and other employees and certain tax expenses associated with carried interest attributable to certain partners and employees,

which are reflected as realized performance allocations and incentive fees related compensation expense. See “—Non-GAAP

Financial Measures” and “—Segment Analysis” for the amount of realized net performance revenues recognized each period

and related discussion.

Investment income also represents the realized and unrealized gains and losses on our principal investments, including

our investments in Carlyle funds that are not consolidated, and our strategic investments in NGP as described below. Realized

principal investment income (loss) is recorded when we redeem all or a portion of our investment or when we receive or are due

cash income, such as dividends or distributions. A realized principal investment loss is also recorded when an investment is

deemed to be permanently impaired or worthless. Unrealized principal investment income (loss) results from changes in the fair

value of the underlying investment, as well as the reversal of previously recognized unrealized gains (losses) at the time an

investment is realized.

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We account for our investments in NGP under the equity method of accounting. Our investments in NGP include the

equity interests in NGP Management and the general partners of certain carry funds advised by NGP. Following the

Restructuring, our equity interests in NGP Management entitle us to an allocation of income equity equal to 55.0% of the

management fee related revenues earned by NGP Management for existing funds, and up to 55.0% for all NGP funds that held

an initial closing after December 31, 2024, including all management fees being retained by NGP for the years 2025 through

2028 on such future NGP funds. Our investment in the general partners of the NGP Carry Funds entitle us to up to 47.5% of the

performance allocations received from NGP fund general partners. For further information regarding our strategic investments

in NGP and the Restructuring, refer to Note 4, Investments, to the condensed consolidated financial statements included in this

Quarterly Report on Form 10-Q.

We record investment income (loss) for our equity income allocation from NGP management fee related revenues and

our share of any allocated expenses from NGP Management, as well as expenses associated with the compensatory elements of

the strategic investment and any impairment charges. We also record our equity income allocation from NGP performance

allocations in principal investment income (loss) from equity method investments rather than performance allocations in our

condensed consolidated statements of operations. We do not control or manage NGP. Moreover, we do not operate NGP’s

business, have representation on NGP’s board or serve as an investment advisor to any investment fund sponsored by NGP, nor

do we direct the operations of any of NGP portfolio companies. While we have consent rights over certain major actions by

NGP outside of the ordinary course of NGP’s business (including, for example, consent rights over items such as amendments

to the organizational documents of the entity in which we are invested, changes to the management fee streams earned by NGP

under its fund agreements, or the incurrence of certain debt by NGP and other similar items), we have no voting rights or

consent rights on any NGP investment committee that selects investments to be made by NGP funds.

Interest and other income. Interest and other income primarily represents reimbursement of certain costs incurred on

behalf of our funds, as well as interest income that we earn such as from our cash and money market accounts and other

investments, including CLO senior and subordinated notes.

Interest and other income of Consolidated Funds. Interest and other income of Consolidated Funds primarily represents

the interest earned on assets of consolidated CLOs.

Net investment income (loss) of Consolidated Funds. Net investment income (loss) of Consolidated Funds generally

measures the change in the difference in fair value between the assets and the liabilities of the Consolidated Funds. Income

(loss) indicates that the fair value of the assets of the Consolidated Funds appreciated more (less), or depreciated less (more),

than the fair value of the liabilities of the Consolidated Funds. Income or loss is not necessarily indicative of the investment

performance of the Consolidated Funds and does not impact the management or incentive fees received by Carlyle for its

management of the Consolidated Funds. The portion of the net investment income (losses) of Consolidated Funds attributable

to the limited partner investors is allocated to non-controlling interests. Therefore, income or loss is not expected to have a

material impact on the revenues or profitability of the Company. Moreover, although the assets of the Consolidated Funds are

consolidated onto our balance sheet pursuant to U.S. GAAP, ultimately we do not have recourse to such assets and such

liabilities are generally non-recourse to us. Therefore, income or loss from the Consolidated Funds generally does not impact

the assets available to our common stockholders.

Expenses

Compensation and benefits. Compensation includes salaries, bonuses, equity-based compensation, and performance

payment arrangements. Bonuses are accrued over the service period to which they relate.

We recognize as compensation expense the portion of performance allocations and incentive fees that are due to our

employees, senior Carlyle professionals, advisors, and operating executives in a manner consistent with how we recognize the

performance allocations and incentive fee revenue. These amounts are accounted for as compensation expense in conjunction

with the related performance allocations and incentive fee revenue and, until paid, are recognized as a component of the accrued

compensation and benefits liability. Compensation in respect of performance allocations and incentive fees is paid when the

related performance allocations and incentive fees are realized, and not when such performance allocations and incentive fees

are accrued. The funds do not have a uniform allocation of performance allocations and incentive fees to our employees, senior

Carlyle professionals, advisors, and operating executives. However, we generally allocate a range of 60% to 70% of

performance allocations and incentive fees to our employees.

In addition, we have implemented various equity-based compensation arrangements that require senior Carlyle

professionals and other employees to provide services over a service period of generally one year to four years in order to vest

in the applicable equity interests, which under U.S. GAAP will result in compensation charges over current and future periods.

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In certain of our equity-based compensation arrangements, vesting is based on the achievement of certain performance targets

or market conditions (see Note 14, Equity-Based Compensation, for additional information). Compensation charges associated

with all equity-based compensation grants are excluded from Fee Related Earnings and Distributable Earnings.

We may hire additional individuals and overall compensation levels may correspondingly increase, which could result in

an increase in compensation and benefits expense.  As a result of prior acquisitions, we have charges associated with contingent

consideration taking the form of earn-outs and profit participation, some of which are reflected as compensation expense.

General, administrative and other expenses. General, administrative and other expenses include occupancy and

equipment expenses and other expenses, which consist principally of professional fees, including those related to our global

regulatory compliance program, external costs of fundraising, travel and related expenses, communications and information

services, depreciation and amortization (including intangible asset amortization and impairment), bad debt expense, and foreign

currency transactions. We expect that general, administrative and other expenses will vary due to infrequently occurring or

unusual items, such as impairment of intangible assets or lease right-of-use assets and expenses or insurance recoveries

associated with litigation and contingencies. Also, in periods of significant fundraising, to the extent that we use third parties to

assist in our fundraising efforts, our general, administrative and other expenses may increase accordingly. Similarly, our

general, administrative and other expenses may increase as a result of professional and other fees incurred as part of due

diligence related to strategic acquisitions and new product development. Additionally, we anticipate that general, administrative

and other expenses will fluctuate from period to period due to the impact of foreign exchange transactions.

Interest and other expenses of Consolidated Funds. Interest and other expenses of Consolidated Funds consist primarily

of interest expense related primarily to loans of consolidated CLOs, professional fees and other third-party expenses.

Income taxes. Income taxes are accounted for using the asset and liability method of accounting. Under this method,

deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying

amounts of assets and liabilities and their respective tax basis, using currently enacted tax rates. The effect on deferred tax

assets and liabilities of a change in tax rates is recognized in income in the period in which the change is enacted. Deferred tax

assets are reduced by a valuation allowance when it is more likely than not that some or all of the deferred tax assets will not be

realized. 

Non-controlling Interests in Consolidated Entities. Non-controlling interests in consolidated entities represent the

component of equity in consolidated entities not held by us. These interests are adjusted for general partner allocations.

Earnings Per Common Share. We compute earnings per common share in accordance with ASC 260, Earnings Per

Share. Basic earnings per common share is calculated by dividing net income (loss) attributable to the common shares of the

Company by the weighted average number of common shares outstanding for the period. Diluted earnings per common share

reflects the assumed conversion of all dilutive securities. See Note 12, Earnings Per Common Share, to the condensed

consolidated financial statements in this Quarterly Report on Form 10-Q for more information.

Non-GAAP Financial Measures

Distributable Earnings. Distributable Earnings, or “DE,” is a key performance benchmark used in our industry and is

evaluated regularly in making resource deployment and compensation decisions, and in assessing the performance of our three

segments. We also use DE in our budgeting, forecasting, and the overall management of our segments. We believe that

reporting DE is helpful to understanding our business and that investors should review the same supplemental financial measure

that management uses to analyze our segment performance. DE is intended to show the amount of net realized earnings without

the effects of consolidation of the Consolidated Funds. DE is derived from our segment reported results and is an additional

measure to assess performance.

Distributable Earnings differs from income (loss) before provision for income taxes computed in accordance with U.S.

GAAP in that it includes certain tax expenses associated with certain foreign performance revenues (composed of performance

allocations and incentive fees), and does not include unrealized performance allocations and related compensation expense,

unrealized principal investment income, equity-based compensation expense, net income (loss) attributable to non-Carlyle

interest in consolidated entities, or charges (credits) related to Carlyle corporate actions and non-recurring items that affect

period-to-period comparability and are not reflective of the Company’s operational performance. Charges (credits) related to

Carlyle corporate actions and non-recurring items include: charges associated with the Conversion, charges associated with

acquisitions, dispositions, or strategic investments, changes in the tax receivable agreement liability, amortization and any

impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions and dispositions,

charges associated with earn-outs and contingent consideration including gains and losses associated with the estimated fair

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value of contingent consideration issued in conjunction with acquisitions or strategic investments, impairment charges

associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract

terminations and employee severance, and non-recurring items that affect period-to-period comparability and are not reflective

of the Company’s operating performance. We believe the inclusion or exclusion of these items provides investors with a

meaningful indication of our core operating performance. This measure supplements and should be considered in addition to

and not in lieu of the results of operations discussed further under “—Consolidated Results of Operations” prepared in

accordance with U.S. GAAP.

Fee Related Earnings. Fee Related Earnings, or “FRE,” is a component of DE and is used to assess the ability of the

business to cover base compensation and operating expenses from total fee revenues. FRE adjusts DE to exclude net realized

performance revenues, realized principal investment income from investments in Carlyle funds, and net interest (interest

income less interest expense). Fee Related Earnings includes fee related performance revenues and related compensation

expense. Fee related performance revenues represent the realized portion of performance revenues that are measured and

received on a recurring basis, are not dependent on realization events, and which have no risk of giveback.

Operating Metrics

We monitor certain operating metrics that are common to the asset management industry.

Fee-earning Assets under Management. Fee-earning assets under management or Fee-earning AUM refers to the assets

we manage or advise from which we derive recurring fund management fees. Our Fee-earning AUM is generally based on one

of the following, once fees have been activated:

(a)the amount of limited partner capital commitments, generally for carry funds where the original investment period

has not expired and for AlpInvest carry funds during the commitment fee period (see “Fee-earning AUM based on

capital commitments” in the table below for the amount of this component at each period);

(b)the remaining amount of limited partner invested capital at cost, generally for carry funds and certain co-

investment vehicles where the original investment period has expired (see “Fee-earning AUM based on invested

capital” in the table below for the amount of this component at each period);

(c)the amount of aggregate fee-earning collateral balance at par of our CLOs and other securitization vehicles, as

defined in the fund indentures (pre-2020 CLO vintages are generally exclusive of equities and defaulted positions)

as of the quarterly cut-off date;

(d)the external investor portion of the net asset value of certain carry funds (see “Fee-earning AUM based on net

asset value” in the table below for the amount of this component at each period);

(e)the fair value of Fortitude’s general account assets invested under the strategic advisory services agreement (see

“Fee-earning AUM based on fair value and other” in the table below);

(f)the gross assets (including assets acquired with leverage) of certain cross-platform credit and direct lending

products, excluding cash and cash equivalents for one of our business development companies (included in “Fee-

earning AUM based on fair value and other” in the table below); and

(g)the lower of cost or fair value of invested capital, generally for AlpInvest carry funds where the commitment fee

period has expired and certain carry funds where the investment period has expired, (included in “Fee-earning

AUM based on fair value and other” in the table below).

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The chart below presents Fee-earning AUM by segment at each period, in billions.

The table below details Fee-earning AUM by its respective components at each period.

	As of March 31,
	2025		2024
Consolidated Results	(Dollars in millions)
Components of Fee-earning AUM
Fee-earning AUM based on capital commitments	$60,730		$72,095
Fee-earning AUM based on invested capital	82,747		68,662
Fee-earning AUM based on collateral balances, at par	44,359		48,072
Fee-earning AUM based on net asset value	24,411		20,137
Fee-earning AUM based on fair value and other	101,596		95,259
Balance, End of Period(1)	$313,843		$304,225

(1)Ending balances as of March 31, 2025 and 2024 exclude $25.6 billion and $15.3 billion, respectively, of pending Fee-earning AUM for

which fees have not yet been activated.

The table below provides the period to period rollforward of Fee-earning AUM.

	Three Months Ended March 31,
	2025		2024
(Dollars in millions) Consolidated Results
Fee-earning AUM Rollforward
Balance, Beginning of Period	$304,358		$307,418
Inflows(1)	11,866		5,664
Outflows (including realizations)(2)	(5,606)		(6,311)
Market Activity & Other(3)	1,430		(1,347)
Foreign Exchange(4)	1,795		(1,199)
Balance, End of Period	$313,843		$304,225

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(1)Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based on

commitments were activated during the period, the fee-earning commitments invested in vehicles for which management fees are based

on invested capital, the fee-earning collateral balance of new CLO issuances, closed reinsurance transactions at Fortitude, as well as

gross subscriptions in vehicles for which management fees are based on net asset value. Inflows exclude fundraising amounts during the

period for which fees have not yet been activated, which are referenced as Pending Fee-earning AUM.

(2)Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair

value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has

expired during the period, reductions for funds that are no longer calling for fees, gross redemptions in our open-end funds, and outflows

from our liquid credit products. Distributions for funds earning management fees based on commitments during the period do not affect

Fee-earning AUM.

(3)Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the lower

of cost or fair value and net asset value, activity of funds with fees based on gross asset value, and changes in the fair value of Fortitude’s

general account assets covered by the strategic advisory services agreement.

(4)Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated

funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the

period end.

Refer to “—Segment Analysis” for a detailed discussion by segment of the activity affecting Fee-earning AUM for each

of the periods presented by segment.

Assets under Management. Assets under management or “AUM” refers to the assets we manage or advise. Our AUM

generally equals the sum of the following:

(a)  the aggregate fair value of our carry funds and related co-investment vehicles, and separately managed accounts, plus

the capital that Carlyle is entitled to call from investors in those funds and vehicles (including Carlyle commitments to

those funds and vehicles and those of senior Carlyle professionals and employees) pursuant to the terms of their capital

commitments to those funds and vehicles;

(b) the amount of aggregate collateral balance and principal cash at par or aggregate principal amount of the notes of our

CLOs and other structured products (inclusive of all positions);

(c) the net asset value of certain carry funds;

(d)the fair value of Fortitude’s general account assets invested under the strategic advisory services agreement; and

(e) the gross assets (including assets acquired with leverage) of certain cross-platform credit and direct lending products,

plus the capital that Carlyle is entitled to call from investors in those vehicles pursuant to the terms of their capital

commitments to those vehicles.

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The chart below presents Total AUM by segment at each period, in billions.

We include in our calculation of AUM and Fee-earning AUM the NGP Energy Funds that are advised by NGP. Our

calculation of AUM also includes third-party capital raised for the investment in Fortitude through a Carlyle-affiliated

investment fund and from strategic investors who directly invest in Fortitude alongside the fund. The AUM and Fee-earning

AUM related to the strategic advisory services agreement with Fortitude is inclusive of the net asset value of investments in

Carlyle products. These amounts are also reflected in the AUM and Fee-earning AUM of the strategy in which they are

invested.

For most of our Global Private Equity and Carlyle AlpInvest carry funds, total AUM includes the fair value of the capital

invested, whereas Fee-earning AUM includes the amount of capital commitments or the remaining amount of invested capital,

depending on whether the original investment period for the fund has expired. As such, Fee-earning AUM may be greater than

total AUM when the aggregate fair value of the remaining investments is less than the cost of those investments.

Our calculations of AUM and Fee-earning AUM may differ from the calculations of other asset managers. As a result,

these measures may not be comparable to similar measures presented by other asset managers. In addition, our calculation of

AUM (but not Fee-earning AUM) includes uncalled commitments to, and the fair value of invested capital in, our investment

funds from Carlyle and our personnel, regardless of whether such commitments or invested capital are subject to management

fees or performance allocations. Our calculations of AUM or Fee-earning AUM are not based on any definition of AUM or

Fee-earning AUM that is set forth in the agreements governing the investment funds that we manage or advise.

We generally use Fee-earning AUM as a metric to measure changes in the assets from which we earn recurring

management fees. Total AUM tends to be a better measure of our investment and fundraising performance as it reflects

investments at fair value plus available capital.

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The table below provides the period to period rollforward of Total AUM.

	Three Months Ended March 31, 2025
Consolidated Results (Dollars in millions)
Total AUM Rollforward
Balance, Beginning of Period	$441,020
Inflows(1)	14,169
Outflows (including realizations)(2)	(9,493)
Market Activity & Other(3)	4,048
Foreign Exchange(4)	2,864
Balance, End of Period	$452,608

(1)Inflows generally reflects the impact of gross fundraising as well as closed reinsurance transactions at Fortitude and corporate

acquisitions during the period, if any. For funds or vehicles denominated in foreign currencies, this reflects translation at the average

quarterly rate.

(2)Outflows includes distributions net of recallable or recyclable amounts in our carry funds, related co-investment vehicles, and separately

managed accounts, gross redemptions in our open-end funds, outflows from our liquid credit products, and the expiration of available

capital.

(3)Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds and

related co-investment vehicles, and separately managed accounts, as well as the net impact of fees, expenses and non-investment income,

change in gross asset value for our business development companies, changes in the fair value of Fortitude’s general account assets

covered by the strategic advisory services agreement, and other changes in AUM.

(4)Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated

funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the

period end.

Please refer to “—Segment Analysis” for a detailed discussion by segment of the activity affecting Total AUM for each

of the periods presented.

Available Capital. “Available Capital” refers to the amount of capital commitments available to be called for investments,

which may be reduced for equity invested that is funded via a fund credit facility and expected to be called from investors at a

later date, plus any additional assets/liabilities at the fund level other than active investments. Amounts previously called may

be added back to available capital following certain distributions. “Expired Available Capital” occurs when a fund has passed

the investment and follow-on periods and can no longer invest capital into new or existing deals. Any remaining Available

Capital, typically a result of either recycled distributions or specific reserves established for the follow-on period that are not

drawn, can only be called for fees and expenses and is therefore removed from the Total AUM calculation.

Perpetual Capital. “Perpetual Capital” refers to the assets we manage or advise which have an indefinite term and for

which there is no immediate requirement to return capital to investors upon the realization of investments made with such

capital, except as required by applicable law. Perpetual Capital may be materially reduced or terminated under certain

conditions, including reductions from changes in valuations and payments to investors, including through elections by investors

to redeem their investments, dividend payments, and other payment obligations, as well as the termination of or failure to renew

the respective investment advisory agreements. Perpetual Capital includes: (a) assets managed under the strategic advisory

services agreement with Fortitude, (b) our Core Plus real estate fund, (c) our business development companies and certain other

direct lending products, (d) Carlyle Tactical Private Credit Fund (“CTAC”), (e) our closed-end tender offer Carlyle AlpInvest

Private Markets (“CAPM”) funds, and (f) certain other structured credit products. As of March 31, 2025, our total AUM and

Fee-earning AUM included $102.1 billion and $99.1 billion, respectively, of Perpetual Capital.

Performance Fee Eligible AUM. “Performance Fee Eligible AUM” represents the AUM of funds for which we are

entitled to receive performance allocations, inclusive of the fair value of investments in those funds (which we refer to as

“Performance Fee Eligible Fair Value”) and their Available Capital. Performance Fee Eligible Fair Value is “Performance Fee-

Generating” when the associated fund has achieved the specified investment returns required under the terms of the fund’s

agreement and is accruing performance revenue as of the quarter-end reporting date. Funds whose performance allocations are

treated as fee related performance revenues are excluded from these metrics. As of March 31, 2025, our total AUM included

$231.3 billion of Performance Fee Eligible AUM.

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Consolidation of Certain Carlyle Funds

The Company consolidates all entities that it controls either through a majority voting interest or as the primary

beneficiary of variable interest entities. The entities we consolidate are referred to collectively as the Consolidated Funds in our

condensed consolidated financial statements. As of March 31, 2025, our Consolidated Funds represent approximately 2% of our

AUM; 1% of our management fees for the three months ended March 31, 2025; and 2% of our total investment income or loss

on an unconsolidated basis for the three months ended March 31, 2025.

We are not required under the consolidation guidance to consolidate in our financial statements most of the investment

funds we advise. However, we consolidate certain CLOs and certain other funds that we advise. As of March 31, 2025, the

assets and liabilities of the Consolidated Funds were primarily related to our consolidated CLOs, which held approximately

$8.8 billion of total assets. The assets and liabilities of the Consolidated Funds are generally held within separate legal entities

and, as a result, the liabilities of the Consolidated Funds are non-recourse to us.

Generally, the consolidation of the Consolidated Funds has a gross-up effect on our assets, liabilities and cash flows but

has no net effect on the net income attributable to the Company and equity. The majority of the net economic ownership

interests of the Consolidated Funds are reflected as non-controlling interests in consolidated entities in the consolidated

financial statements.

The Consolidated Funds are not the same entities in all periods presented. The Consolidated Funds in future periods may

change due to changes in fund terms, formation of new funds, and terminations of funds. Because only a small portion of our

funds are consolidated, the performance of the Consolidated Funds is not necessarily consistent with or representative of the

combined performance trends of all of our funds.

For further information on our consolidation policy and the consolidation of certain funds, see Note 2, Summary of

Significant Accounting Policies, to the condensed consolidated financial statements included in this Quarterly Report on

Form 10-Q.

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Consolidated Results of Operations

The following table and discussion sets forth information regarding our condensed consolidated results of operations for

the three months ended March 31, 2025 and 2024. The condensed consolidated financial statements have been prepared on

substantially the same basis for all historical periods presented; however, the consolidated funds are not the same entities in all

periods shown due to changes in fund terms and the creation and termination of funds. As further described above, the

consolidation of these funds primarily has the impact of increasing interest and other income of Consolidated Funds, interest

and other expenses of Consolidated Funds, and net investment income (losses) of Consolidated Funds in the year that the fund

is initially consolidated. The consolidation of these funds had no effect on net income attributable to the Company for the

periods presented.

	Three Months Ended March 31,				Change
	2025		2024		$		%
(Dollars in millions)
Revenues
Fund management fees	$586.1		$523.6		$62.5		12%
Incentive fees	43.2		26.2		17.0		65%
Investment income (loss)
Performance allocations	222.9		(157.0)		379.9		NM
Principal investment income	(63.1)		73.1		(136.2)		NM
Total investment income (loss)	159.8		(83.9)		243.7		NM
Interest and other income	50.6		57.6		(7.0)		(12)%
Interest and other income of Consolidated Funds	133.4		164.9		(31.5)		(19)%
Total revenues	973.1		688.4		284.7		41%
Expenses
Compensation and benefits
Cash-based compensation and benefits	218.4		221.9		(3.5)		(2)%
Equity-based compensation	103.5		108.3		(4.8)		(4)%
Performance allocations and incentive fee related compensation	171.4		(72.8)		244.2		NM
Total compensation and benefits	493.3		257.4		235.9		92%
General, administrative and other expenses	173.6		147.7		25.9		18%
Interest	27.8		30.8		(3.0)		(10)%
Interest and other expenses of Consolidated Funds	113.5		124.6		(11.1)		(9)%
Other non-operating expenses (income)	—		0.2		(0.2)		NM
Total expenses	808.2		560.7		247.5		44%
Other income (loss)
Net investment income (loss) of Consolidated Funds	6.1		(7.0)		13.1		NM
Income before provision for income taxes	171.0		120.7		50.3		42%
Provision for income taxes	12.4		21.9		(9.5)		(43)%
Net income	158.6		98.8		59.8		61%
Net income attributable to non-controlling interests in consolidated entities	28.6		33.2		(4.6)		(14)%
Net income attributable to The Carlyle Group Inc. Common Stockholders	$130.0		$65.6		$64.4		98%

NM - Not meaningful

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Revenues

Fund management fees. Fund management fees increased $62.5 million, or 11.9%, for the three months ended March 31,

2025, as compared to the three months ended March 31, 2024, primarily due to the following:

	Three Months Ended March 31,
2025 v. 2024
(Dollars in millions)
Higher management fees from the commencement of the investment period for certain newly raised funds which charge fees based on commitments and the impact of incremental fundraising in funds which activated fees in a prior period	$41.4
Lower management fees resulting from the change in basis from commitments to invested capital and step-downs in rate for certain funds, and the impact of net investment activity in funds whose management fees are based on invested capital, including the impact of changes in the base under the strategic advisory services agreement with Fortitude	(40.8)
Increase in catch-up management fees from subsequent closes of funds that are in the fundraising period	13.8
Higher transaction and portfolio advisory fees	52.9
All other changes	(4.8)
Total increase in Fund management fees(1)	$62.5

(1)Total increase in Fund management fees does not include our equity income allocation from NGP management fee related revenues. We do not control

NGP and account for our strategic investment in NGP as an equity method investment under U.S. GAAP. Therefore, Fund management fees associated

with NGP are included in Principal investment income (loss) in our U.S. GAAP results.

For both the three months ended March 31, 2025 and 2024, no funds generated over 10% of total management fees. Over

the last twelve months, Fee-earning assets under management in our Global Credit and Carlyle AlpInvest segments grew 5%

and 16%, respectively, while Global Private Equity decreased 5%. As a result, Fund management fees increased in Global

Credit and Carlyle AlpInvest, while Global Private Equity decreased, which was due in part to smaller buyout fund sizes in our

corporate private equity strategy and step-downs in rate or basis, partially offset by the activation of fees in certain products in

our Global Private Equity segment in the latter part of 2024.

Fund management fees included transaction and portfolio advisory fees, net of rebate offsets, of $76.7 million and

$23.8 million for the three months ended March 31, 2025 and 2024, respectively. These fees primarily comprise capital markets

fees generated by Carlyle Global Capital Markets. Approximately half of the fees earned during the three months ended March

31, 2025 was related to the acquisition of a healthcare investment across our U.S., Europe, and Asia buyout funds. The

recognition of portfolio advisory fees, transactions fees, and capital markets fees can be volatile as they are primarily generated

by investment activity within our funds, and therefore are impacted by our investment pace. See “—Trends Affecting Our

Business” for further discussion on our investment activity and broader market trends.

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Investment income (loss). Investment income (loss) increased $243.7 million for the three months ended March 31, 2025

compared to the three months ended March 31, 2024, which included an increase in Performance allocations of $379.9 million

and a decrease in Principal investment income (loss) of $136.2 million. The components of Investment income (loss) are

included in the following table:

	Three Months Ended March 31,				Change
	2025		2024		$		%
(Dollars in millions)
Performance allocations	$222.9		$(157.0)		$379.9		NM
Principal investment income (loss):
Investment income from NGP, which includes performance allocations	(107.2)		31.4		(138.6)		NM
Investment income (loss) from our carry funds:
Global Private Equity	11.5		(2.7)		14.2		NM
Global Credit	0.8		8.5		(7.7)		(91)%
Carlyle AlpInvest	13.8		7.1		6.7		94%
Investment income (loss) from our CLOs	(0.8)		13.4		(14.2)		NM
Investment income (loss) from Carlyle FRL	13.9		(1.2)		15.1		NM
Investment income from our other Global Credit products	6.4		12.5		(6.1)		(49)%
Investment income (loss) on foreign currency hedges	(0.8)		2.8		(3.6)		NM
All other investment income (loss)	(0.7)		1.3		(2.0)		NM
Total Principal investment income (loss)	(63.1)		73.1		(136.2)		NM
Total Investment income (loss)	$159.8		$(83.9)		$243.7		NM

Performance allocations. Performance allocations by segment for the three months ended March 31, 2025 and 2024

comprised the following:

	Three Months Ended March 31,				Change
	2025		2024		$		%
(Dollars in millions)
Global Private Equity	$85.0		$(363.5)		$448.5		NM
Global Credit	79.0		65.1		13.9		21%
Carlyle AlpInvest	58.9		141.4		(82.5)		(58)%
Total performance allocations	$222.9		$(157.0)		$379.9		NM

Performance allocations for the three months ended March 31, 2025 included the following:

•In the Global Private Equity segment, Performance allocation accruals were primarily driven by appreciation in CP

VII, CP VI, and our infrastructure and natural resources strategy, partially offset by the reversal of Performance

allocations in CAP V reflecting portfolio depreciation largely driven by publicly traded portfolio companies and the

impact of preferred returns.

•In the Global Credit segment, Performance allocation accruals were primarily driven by appreciation in SASOF V

and CCOF II.

•In the Carlyle AlpInvest segment, Performance allocation accruals were primarily driven by appreciation in co-

investment funds.

Performance allocations for the three months ended March 31, 2024 included the following:

•In the Global Private Equity segment, the reversal of Performance allocations was primarily driven by depreciation

in CEP V and preferred returns outpacing appreciation in CP VII.

•In the Global Credit segment, Performance allocation accruals were primarily driven by appreciation in

opportunistic credit and aviation funds, as well as cross-platform products.

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•In the Carlyle AlpInvest segment, Performance allocation accruals were primarily driven by appreciation in

secondaries & portfolio finance and co-investment funds.

See “—Trends Affecting Our Business” for further discussion on the macroeconomic, geopolitical and industry landscape

and our investment activity.

Principal investment income (loss). The decrease in Principal investment income (loss) for the three months ended March

31, 2025 compared to the three months ended March 31, 2024 was primarily attributable to an impairment charge of

$92.5 million and a $38.0 million reduction in NGP accrued carry related to the Restructuring (see Note 4, Investments, for

more information).

Interest and other income of Consolidated Funds. Interest and other income of Consolidated Funds decreased $31.5

million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, driven primarily by

a decrease in interest income from consolidated CLOs. Our CLOs generate interest income primarily from investments in bonds

and loans, inclusive of amortization of discounts, and generate other income from consent and amendment fees. Substantially

all interest and other income of the CLOs and other consolidated funds together with interest expense of our CLOs and net

investment gains (losses) of Consolidated Funds is attributable to the related funds’ limited partners or CLO investors.

Accordingly, such amounts have no material impact on net income attributable to the Company.

Expenses

Compensation and benefits. Total compensation and benefits increased $235.9 million for the three months ended March

31, 2025, as compared to the three months ended March 31, 2024. The increase for the three months ended March 31, 2025 was

driven by an increase in Performance allocations and incentive fee related compensation of $244.2 million, which was primarily

driven by an increase in Performance allocations, on which Performance allocations and incentive fee related compensation is

based.

General, administrative and other expenses. General, administrative and other expenses increased $25.9 million for the

three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily driven by an increase in

reserves for funds in fundraising and operating costs related to certain funds of $7.1 million, an increase in travel and

conference expenses of $5.3 million, and foreign exchange losses of $4.3 million driven by certain accrued carry balances

during the three months ended March 31, 2025. Additionally,the increase for the three months ended March 31, 2025 was also

impacted by a lower reversal of value-added tax expense in Asia.

Interest and other expenses of Consolidated Funds. Interest and other expenses of Consolidated Funds decreased $11.1

million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to

lower interest expense on the consolidated CLOs, partially offset by foreign currency adjustments related to certain

consolidated AlpInvest funds. The CLOs incur interest expense on their loans payable and incur other expenses consisting of

trustee fees, rating agency fees, and professional fees. Substantially all interest and other income of our CLOs together with

interest expense of our CLOs and net investment gains (losses) of Consolidated Funds is attributable to the related funds’

limited partners or CLO investors. Accordingly, such amounts have no material impact on net income attributable to the

Company.

Net investment income (loss) of Consolidated Funds. The table below summarizes the components of Net investment

income (loss) of Consolidated Funds, including our consolidated CLOs and certain other funds:

	Three Months Ended March 31,				Change
	2025		2024		$		%
(Dollars in millions)
Realized gains (losses)	$(0.4)		$(21.2)		$20.8		NM
Net change in unrealized gains	7.4		103.9		(96.5)		(93)%
Total gains (losses)	7.0		82.7		(75.7)		(92)%
Losses from liabilities of CLOs	(0.9)		(89.7)		88.8		(99)%
Total net investment income (loss) of Consolidated Funds	$6.1		$(7.0)		$13.1		NM

Provision for income taxes. The Company’s provision for income taxes was $12.4 million and $21.9 million for the three

months ended March 31, 2025 and 2024, respectively. The Company’s effective tax rate was approximately 7% and 18% for

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the three months ended March 31, 2025 and 2024, respectively.  The effective tax rate for the three months ended March 31,

2025 primarily comprised the 21% U.S. federal corporate income tax rate and disallowed executive compensation, primarily

offset by a benefit related to equity-based compensation deductions and non-controlling interest. The effective tax rate for the

three months ended March 31, 2024 primarily comprised the 21% U.S. federal corporate income tax rate and disallowed

executive compensation, partially offset by non-controlling interest and foreign income taxes. 

As of March 31, 2025 and December 31, 2024, the Company had federal, state, local and foreign taxes payable of

$70.4 million and $46.2 million, respectively, which is recorded as a component of accounts payable, accrued expenses and

other liabilities in the accompanying condensed consolidated balance sheets.

Net income attributable to non-controlling interests in consolidated entities. Net income attributable to non-controlling

interests in consolidated entities was $28.6 million for the three months ended March 31, 2025 as compared to $33.2 million for

the three months ended March 31, 2024. These amounts are primarily attributable to the net earnings of the Consolidated Funds

for each period, which are substantially all allocated to the related fund’s limited partners or CLO investors, as well as net

earnings from our Insurance Solutions business and certain other products that are allocated to certain third-party investors.

These amounts also reflect the net income attributable to non-controlling interests in carried interest, giveback obligations, and

cash held for carried interest distributions. The net income of our Consolidated Funds, after eliminations, was $8.0 million and

$12.7 million for the three months ended March 31, 2025 and 2024, respectively. 

Non-GAAP Financial Measures

The following tables set forth information in the format used by management when making resource deployment

decisions and in assessing performance of our segments. These Non-GAAP financial measures are presented for the three

months ended March 31, 2025 and 2024. Our Non-GAAP financial measures exclude the effects of unrealized performance

allocations net of related compensation expense, unrealized principal investment income, consolidated funds, acquisition and

disposition-related items including amortization and any impairment charges of acquired intangible assets and contingent

consideration taking the form of earn-outs, charges associated with the Conversion, impairment charges associated with lease

right-of-use assets, gains or losses from retirement of debt, charges associated with contract terminations and employee

severance, charges associated with equity-based compensation, changes in the tax receivable agreement liability, corporate

actions and infrequently occurring or unusual events.

The following table shows our total segment DE and FRE for the three months ended March 31, 2025 and 2024.

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Total Segment Revenues	$1,043.2		$1,023.0
Total Segment Expenses	587.8		591.7
(=) Distributable Earnings	$455.4		$431.3
(-) Realized Net Performance Revenues	127.4		142.0
(-) Realized Principal Investment Income	30.0		33.7
(+) Net Interest	12.6		10.7
(=) Fee Related Earnings	$310.6		$266.3

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The following table sets forth our total segment revenues for the three months ended March 31, 2025 and 2024.

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$525.5		$515.6
Portfolio advisory and transaction fees, net and other	77.9		26.7
Fee related performance revenues	39.5		29.1
Total fund level fee revenues	642.9		571.4
Realized performance revenues	355.1		397.8
Realized principal investment income	30.0		33.7
Interest income	15.2		20.1
Total Segment Revenues	$1,043.2		$1,023.0

The following table sets forth our total segment expenses for the three months ended March 31, 2025 and 2024.

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	$224.0		$214.3
Realized performance revenue related compensation	227.7		255.8
Total compensation and benefits	451.7		470.1
General, administrative, and other indirect expenses	95.6		79.7
Depreciation and amortization expense	12.7		11.1
Interest expense	27.8		30.8
Total Segment Expenses	$587.8		$591.7

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Income (loss) before provision for income taxes is the U.S. GAAP financial measure most comparable to Distributable

Earnings and Fee Related Earnings. The following table is a reconciliation of income (loss) before provision for income taxes to

Distributable Earnings and to Fee Related Earnings.

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Income (loss) before provision for income taxes	$171.0		$120.7
Adjustments:
Net unrealized performance and fee related performance revenues	90.0		193.2
Unrealized principal investment (income) loss	(17.0)		(4.4)
Equity-based compensation(1)	104.7		111.0
Acquisition or disposition-related charges, including amortization of intangibles and impairment	122.2		32.8
Tax (expense) benefit associated with certain foreign performance revenues	—		(1.0)
Net (income) loss attributable to non-controlling interests in consolidated entities	(28.6)		(33.2)
Other adjustments(2)	13.1		12.2
(=) Distributable Earnings	$455.4		$431.3
(-) Realized net performance revenues, net of related compensation(3)	127.4		142.0
(-) Realized principal investment income(3)	30.0		33.7
(+) Net interest	12.6		10.7
(=) Fee Related Earnings	$310.6		$266.3

(1)Equity-based compensation for the three months ended March 31, 2025 and 2024 includes amounts presented in principal investment

income and general, administrative and other expenses in our U.S. GAAP statement of operations.

(2)Includes charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period comparability and are

not reflective of the Company’s operating performance.

(3)  See reconciliation to most directly comparable U.S. GAAP measure below: 

	Three Months Ended March 31, 2025
	Carlyle Consolidated		Adjustments(4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$222.9		$132.2		$355.1
Performance revenues related compensation expense	171.4		56.3		227.7
Net performance revenues	$51.5		$75.9		$127.4
Principal investment income (loss)	$(63.1)		$93.1		$30.0

	Three Months Ended March 31, 2024
	Carlyle Consolidated		Adjustments(4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$(157.0)		$554.8		$397.8
Performance revenues related compensation expense	(72.8)		328.6		255.8
Net performance revenues	$(84.2)		$226.2		$142.0
Principal investment income (loss)	$73.1		$(39.4)		$33.7

(4)Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations net of

related compensation expense and unrealized principal investment income, which are excluded from our Non-GAAP results, (ii)

amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the Non-

GAAP results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the Non-GAAP

results, (iv) the reclassification of NGP performance revenues, which are included in investment income in the U.S. GAAP financial

statements, (v) the reclassification of fee related performance revenues, which are included in fund level fee revenues in the segment

results, and (vi) the reclassification of tax expenses associated with certain foreign performance revenues. Adjustments to principal

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investment income (loss) also include the reclassification of earnings for the investment in NGP Management and its affiliates to the

appropriate operating captions for the Non-GAAP results, and the exclusion of charges associated with the investment in NGP

Management and its affiliates that are excluded from the Non-GAAP results. 

Distributable Earnings for our reportable segments are as follows: 

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Global Private Equity	$265.6		$313.1
Global Credit	110.5		82.1
Carlyle AlpInvest	79.3		36.1
Distributable Earnings	$455.4		$431.3

Segment Analysis

Discussed below is our DE and FRE for our segments for the periods presented. Our segment information is reflected in

the manner used by our chief operating decision maker to make operating and compensation decisions, assess performance, and

allocate resources.

For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our Consolidated

Funds. As a result, segment revenues from management fees, realized performance revenues and realized principal investment

income (loss) are different than those presented on a consolidated U.S. GAAP basis because these revenues recognized in

certain segments are received from Consolidated Funds and are eliminated in consolidation when presented on a consolidated

U.S. GAAP basis. Furthermore, segment expenses are different than related amounts presented on a consolidated U.S. GAAP

basis due to the exclusion of fund expenses that are paid by the Consolidated Funds.

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Global Private Equity

The following table presents our results of operations for our Global Private Equity(1) segment: 

	Three Months Ended March 31,				Change
	2025		2024		$		%
(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$283.0		$304.6		$(21.6)		(7)%
Portfolio advisory and transaction fees, net and other	14.5		7.1		7.4		104%
Fee related performance revenues	—		3.7		(3.7)		(100)%
Total fund level fee revenues	297.5		315.4		(17.9)		(6)%
Realized performance revenues	317.1		373.8		(56.7)		(15)%
Realized principal investment income	15.1		18.9		(3.8)		(20)%
Interest income	6.0		7.6		(1.6)		(21)%
Total revenues	635.7		715.7		(80.0)		(11)%
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	100.7		109.3		(8.6)		(8)%
Realized performance revenues related compensation	200.4		234.3		(33.9)		(14)%
Total compensation and benefits	301.1		343.6		(42.5)		(12)%
General, administrative, and other indirect expenses(1)	48.7		38.6		10.1		26%
Depreciation and amortization expense	6.9		6.4		0.5		8%
Interest expense	13.4		14.0		(0.6)		(4)%
Total expenses	370.1		402.6		(32.5)		(8)%
(=) Distributable Earnings	$265.6		$313.1		$(47.5)		(15)%
(-) Realized Net Performance Revenues	116.7		139.5		(22.8)		(16)%
(-) Realized Principal Investment Income	15.1		18.9		(3.8)		(20)%
(+) Net Interest	7.4		6.4		1.0		16%
(=) Fee Related Earnings	$141.2		$161.1		$(19.9)		(12)%

(1)For purposes of presenting our results of operations for this segment, our earnings from our investments in NGP are presented in the

respective operating captions.

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Distributable Earnings

Distributable Earnings decreased $47.5 million for the three months ended March 31, 2025 as compared to the three

months ended March 31, 2024. The following table provides the components of the changes in Distributable Earnings for the

three months ended March 31, 2025:

	Three Months Ended March 31,
2025 v. 2024
(Dollars in millions)
Distributable Earnings, March 31, 2024	$313.1
Increases (decreases):
Decrease in fee related earnings	(19.9)
Decrease in realized net performance revenues	(22.8)
Decrease in realized principal investment income	(3.8)
Increase in net interest	(1.0)
Total decrease	(47.5)
Distributable Earnings, March 31, 2025	$265.6

Realized Net Performance Revenues. Realized net performance revenues decreased $22.8 million for the three months

ended March 31, 2025 as compared to the three months ended March 31, 2024. Realized net performance revenues for the three

months ended March 31, 2025 were primarily attributable to realizations in CPP II, CIEP I and CETP IV. Realized net

performance revenues for the three months ended March 31, 2024 were primarily attributable to realizations in CAP IV and

CIEP I. A slower pace of investment activity may reduce our realized net performance revenues in the coming quarters.

Fee Related Earnings

Fee Related Earnings decreased $19.9 million for the three months ended March 31, 2025 as compared to the three

months ended March 31, 2024. The following table provides the components of the changes in Fee Related Earnings for the

three months ended March 31, 2025:

	Three Months Ended March 31,
2025 v. 2024
(Dollars in millions)
Fee Related Earnings, March 31, 2024	$161.1
Increases (decreases):
Decrease in fee revenues	(17.9)
Decrease in cash-based compensation and benefits	8.6
Increase in general, administrative and other indirect expenses	(10.1)
All other changes	(0.5)
Total decrease	(19.9)
Fee Related Earnings, March 31, 2025	$141.2

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Fee Revenues. Total fee revenues decreased $17.9 million for the three months ended March 31, 2025 as compared to the

three months ended March 31, 2024, due to the following:

	Three Months Ended March 31,
2025 v. 2024
(Dollars in millions)
Lower fund management fees	$(21.6)
Higher portfolio advisory and transaction fees, net and other	7.4
Lower fee related performance revenues	(3.7)
Total decrease in fee revenues	$(17.9)

The decrease in fund management fees for the three months ended March 31, 2025 as compared to the three months

ended March 31, 2024 was primarily due to step-downs in management fee basis in certain funds, including CEP V and CRP

IX, as well as net investment realizations in funds on which management fees are based on invested capital. This was partially

offset by the activation of fees in certain funds, including CJP V and CAP VI. The impact of smaller buyout funds in our

corporate private equity strategy is resulting in, and may continue to result in, lower fund management fees relative to prior

periods. However, we expect Global Private Equity fund management fees to increase next quarter due to the activation of

management fees on our latest vintage U.S. real estate fund during the period.

The increase in portfolio advisory and transaction fees, net and other for the three months ended March 31, 2025 as

compared to the three months ended March 31, 2024 was primarily due to an increase in transaction fees. Transaction fees are

primarily generated by investment activity within our funds, and are therefore impacted by our investment pace. See “—Trends

Affecting Our Business” for further discussion on our investment activity and broader market trends.

Cash-based compensation and benefits expense. Cash-based compensation and benefits expense decreased $8.6 million

for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to a decrease

in headcount and cash bonuses, and lower fee related performance compensation.

General, administrative and other indirect expenses. General, administrative and other indirect expenses increased $10.1

million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to an

increase in reserves related to funds in fundraising as well as value-added tax in Asia. This was partially offset by foreign

exchange gains for the three months ended March 31, 2025 compared to foreign exchange loss for the three months ended

March 31, 2024.

Fee-earning AUM

Fee-earning AUM is presented below for each period together with the components of change during each respective

period.

	As of March 31,
	2025		2024
Global Private Equity	(Dollars in millions)
Components of Fee-earning AUM(1)
Fee-earning AUM based on capital commitments	$35,147		$51,370
Fee-earning AUM based on invested capital	52,949		42,627
Fee-earning AUM based on net asset value	7,311		7,110
Fee-earning AUM based on lower of cost or fair value	3,304		2,917
Total Fee-earning AUM	$98,711		$104,024
Annualized Management Fee Rate(2)	1.13%		1.15%

(1)For additional information concerning the components of Fee-earning AUM, see “—Key Financial Measures—Operating Metrics.”

(2)Represents annualized fund management fees divided by the average of the beginning of year and each quarter end’s Fee-earning AUM

in the reporting period. Catch-up management fees were excluded in the calculation of the annualized fund management fees.

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The table below provides the period to period rollforward of Fee-earning AUM.

	Three Months Ended March 31,
	2025		2024
(Dollars in millions) Global Private Equity
Fee-earning AUM Rollforward
Balance, Beginning of Period	$98,033		$106,651
Inflows(1)	1,497		719
Outflows (including realizations)(2)	(1,477)		(2,616)
Market Activity & Other(3)	(50)		(224)
Foreign Exchange(4)	708		(506)
Balance, End of Period	$98,711		$104,024

(1)Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based

on commitments were activated during the period, and the fee-earning commitments invested in vehicles for which management fees

are based on invested capital. Inflows exclude fundraising amounts during the period for which fees have not yet been activated, which

are referenced as Pending Fee-earning AUM.

(2)Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair

value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has

expired during the period, and reductions for funds that are no longer calling for fees. Realizations for funds earning management fees

based on commitments during the period do not affect Fee-earning AUM.

(3)Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the

lower of cost or fair value.

(4)Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated

funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the

period end.

Fee-earning AUM of $98.7 billion at March 31, 2025 increased 1% from $98.0 billion at December 31, 2024. The net

increase was due to:

•Inflows of $1.5 billion, which included additional fee-paying capital raised in CAP VI, and investments in our Asia

buyout and Europe buyout funds which charge fees on invested capital; and

•Positive foreign exchange activity of $0.7 billion reflecting the translation of our EUR- and JPY-denominated funds to

USD.

Offsetting these increases were:

•Outflows of $1.5 billion, which included realizations in funds that charge fees on invested capital, notably in our U.S.

buyout, U.S. real estate, and Europe buyout funds, as well as the NGP Energy funds.

Fee-earning AUM of $98.7 billion at March 31, 2025 decreased 5% from $104.0 billion at March 31, 2024. The net

decrease was due to:

•Outflows of $13.8 billion driven by realizations in funds that charge fees on invested capital, notably in our U.S.

buyout, U.S. real estate, and power funds, as a well as fee basis step-downs in CRP IX, CAP V, and CEP V.

Offsetting these decreases were:

•Inflows of $8.5 billion primarily from the activation of fees in CJP V and CAP VI, additional fee-paying capital raised

in NGP XIII, and investments in funds which charge fees on invested capital.

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Total AUM

The table below provides the period to period rollforward of Total AUM.

	Three Months Ended March 31, 2025
(Dollars in millions)
Global Private Equity
Total AUM Rollforward
Balance, Beginning of Period	$163,533
Inflows(1)	2,713
Outflows (including realizations)(2)	(4,679)
Market Activity & Other(3)	1,458
Foreign Exchange(4)	1,185
Balance, End of Period	$164,210

(1)Inflows reflects the impact of gross fundraising during the period. For funds or vehicles denominated in foreign currencies, this reflects

translation at the average quarterly rate, while the separately reported Fundraising metric is translated at the spot rate for each individual

closing.

(2)Outflows includes distributions net of recallable or recyclable amounts in our carry funds, related co-investment vehicles, and

separately managed accounts, gross redemptions in our open-ended funds, and the expiration of available capital.

(3)Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds, related

co-investment vehicles, and separately managed accounts, as well as the impact of fees, expenses and non-investment income, and

other changes in AUM.

(4)Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated

funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the

period end.

Total AUM was $164.2 billion at March 31, 2025, a slight increase from $163.5 billion at December 31, 2024. The net

increase was due to:

•Inflows of $2.7 billion, which included new capital raised in NGP RP III, CRP X, CPI, and CAP VI;

•Market appreciation of $1.5 billion driven by our U.S. buyout funds, including CP VII ($0.7 billion), CP VI ($0.3

billion), and CP VIII ($0.3 billion); and

•Positive foreign exchange activity of $1.2 billion, which reflected the translation of our EUR- and JPY-denominated

funds to USD.

Offsetting these increases were:

•Outflows of $4.7 billion driven by realizations in our power and U.S. buyout funds, as well as the NGP Energy funds.

Fund Performance Metrics

Fund performance information for our investment funds that generally have at least $1.0 billion in capital commitments,

cumulative equity invested or total value as of March 31, 2025, which we refer to as our “significant funds,” is included

throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The

fund return information reflected in this discussion and analysis is not indicative of the performance of The Carlyle Group Inc.

and is also not necessarily indicative of the future performance of any particular fund. An investment in The Carlyle Group Inc.

is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds

will achieve similar returns.

The following table reflects the performance of our significant funds in our Global Private Equity business. Please see

“—Our Global Investment Offerings” for a legend of the fund acronyms listed below.

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(Amounts in millions)					TOTAL INVESTMENTS							REALIZED/PARTIALLY REALIZED INVESTMENTS(5)
					As of March 31, 2025							As of March 31, 2025
Fund (Fee Initiation Date/Step-down Date)(19)		Committed Capital(20)	Cumulative Invested Capital(1)	Percent Invested	Realized Value(2)	Remaining Fair Value(3)	MOIC (4)	Gross IRR (6)(12)	Net IRR (7)(12)	Net Accrued Carry/ (Giveback) (8)		Total Fair Value(9)	MOIC (4)	Gross IRR (6)(12)
Corporate Private Equity
CP VIII (Oct 2021 / Oct 2027)		$14,797	$10,389	70%	$955	$12,818	1.3x	20%	10%	$121		n/a	n/a	n/a
CP VII (May 2018 / Oct 2021)		$18,510	$17,740	96%	$6,260	$22,452	1.6x	12%	8%	$595		$6,530	1.6x	12%
CP VI (May 2013 / May 2018)		$13,000	$13,140	101%	$25,302	$3,502	2.2x	18%	13%	$149		$26,265	2.5x	22%
CP V (Jun 2007 / May 2013)		$13,720	$13,238	96%	$28,117	$557	2.2x	18%	14%	$39		$28,134	2.3x	20%
CEP V (Oct 2018 / Oct 2024)		€6,416	€5,841	91%	€1,446	€5,414	1.2x	5%	Neg	$—		€—	0.0x	Neg
CEP IV (Sep 2014 / Oct 2018)		€3,670	€3,798	103%	€6,197	€1,204	1.9x	17%	11%	$71		€6,249	2.1x	20%
CEP III (Jul 2007 / Dec 2013)		€5,295	€5,177	98%	€11,725	€24	2.3x	19%	14%	$2		€11,658	2.3x	19%
CAP VI (Jun 2024/Jun 2030)		$2,749	$—	—%	$—	$—	n/a	n/a	n/a	$—		n/a	n/a	n/a
CAP V (Jun 2018 / Jun 2024)		$6,554	$6,912	105%	$2,563	$6,825	1.4x	13%	8%	$4		$1,603	1.3x	18%
CAP IV (Jul 2013 / Jun 2018)		$3,880	$4,146	107%	$8,360	$568	2.2x	18%	13%	$37		$8,669	2.4x	21%
CJP V (Nov 2024 / Nov 2030)		¥434,325	¥—	—%	¥—	¥—	n/a	n/a	n/a	$—		n/a	n/a	n/a
CJP IV (Oct 2020 / Nov 2024)		¥258,000	¥224,357	87%	¥136,028	¥270,732	1.8x	38%	25%	$71		¥182,724	3.5x	67%
CJP III (Sep 2013 / Aug 2020)		¥119,505	¥91,192	76%	¥261,428	¥18,314	3.1x	25%	18%	$9		¥270,022	3.2x	26%
CGFSP III (Dec 2017 / Dec 2023)		$1,005	$972	97%	$528	$1,719	2.3x	24%	17%	$77		$1,055	4.2x	36%
CGFSP II (Jun 2013 / Dec 2017)		$1,000	$943	94%	$1,960	$610	2.7x	26%	20%	$35		$1,956	2.4x	28%
CP Growth (Oct 2021 / Oct 2027)		$1,283	$472	37%	$—	$564	1.2x	NM	NM	$—		n/a	n/a	n/a
CEOF II (Nov 2015 / Mar 2020)		$2,400	$2,364	98%	$4,092	$1,401	2.3x	21%	15%	$69		$4,634	2.5x	23%
CETP V (Mar 2022 / Jun 2028)		€3,180	€1,361	43%	€—	€1,549	1.1x	NM	NM	$—		n/a	n/a	n/a
CETP IV (Jul 2019 / Jun 2022)		€1,350	€1,200	89%	€1,335	€1,459	2.3x	32%	23%	$58		€1,343	4.4x	74%
CETP III (Jul 2014 / Jul 2019)		€657	€608	93%	€1,750	€330	3.4x	41%	28%	$19		€1,755	3.8x	45%
CGP II (Dec 2020 / Jan 2025)		$1,840	$984	53%	$82	$1,564	1.7x	19%	14%	$25		n/a	n/a	n/a
CGP (Jan 2015 / Mar 2021)		$3,588	$3,206	89%	$1,575	$2,847	1.4x	5%	4%	$24		$1,764	2.2x	16%
All Other Active Funds & Vehicles(10)			$19,882	n/a	$14,742	$16,888	1.6x	12%	10%	$49		$14,765	2.0x	19%
Fully Realized Funds & Vehicles(11)(21)			$35,085	n/a	$80,705	$2	2.3x	28%	20%	$2		$80,707	2.3x	28%
TOTAL CORPORATE PRIVATE EQUITY(13)			$151,022	n/a	$202,168	$85,034	1.9x	25%	17%	$1,455		$201,813	2.3x	26%
Real Estate
CRP X (Apr 2025 / Jul 2030)		$7,481	$60	1%	$—	$57	1.0x	NM	NM	$—		n/a	n/a	n/a
CRP IX (Oct 2021 / Dec 2024)		$7,987	$5,596	70%	$209	$6,358	1.2x	17%	4%	$—		$195	1.5x	31%
CRP VIII (Aug 2017 / Oct 2021)		$5,505	$5,165	94%	$5,345	$3,724	1.8x	34%	20%	$100		$5,345	2.1x	52%
CRP VII (Jun 2014 / Dec 2017)		$4,162	$3,826	92%	$5,084	$1,213	1.6x	17%	10%	$15		$5,043	1.7x	20%
CRP VI (Mar 2011 / Jun 2014)		$2,340	$2,158	92%	$3,808	$123	1.8x	27%	17%	$4		$3,727	1.9x	29%
CPI (May 2016 / n/a)		$7,871	$8,413	107%	$3,156	$7,695	1.3x	11%	9%	n/a*		$2,048	1.8x	12%
All Other Active Funds & Vehicles(14)			$2,851	n/a	$714	$3,026	1.3x	8%	6%	$4		$310	1.5x	22%
Fully Realized Funds & Vehicles(15)(21)			$13,430	n/a	$20,147	$13	1.5x	10%	6%	$—		$20,159	1.5x	10%
TOTAL REAL ESTATE(13)			$41,499	n/a	$38,461	$22,209	1.5x	12%	8%	$122		$36,828	1.6x	13%
Infrastructure & Natural Resources
CIEP II (Apr 2019 / Apr 2025)		$2,286	$1,008	44%	$799	$1,043	1.8x	28%	13%	$35		$751	3.1x	NM**
CIEP I (Sep 2013 / Jun 2019)		$2,500	$2,469	99%	$3,288	$1,430	1.9x	15%	9%	$46		$3,726	2.2x	18%
CGIOF (Dec 2018 / Sep 2023)		$2,201	$1,982	90%	$466	$2,852	1.7x	19%	11%	$73		$343	1.9x	21%
CRSEF II (Nov 2022 / Aug 2027)		$1,187	$452	38%	$—	$686	1.5x	NM	NM	$10		n/a	n/a	n/a
NGP XIII (Feb 2023 / Feb 2028)		$2,300	$343	15%	$—	$458	1.3x	NM	NM	$1		n/a	n/a	n/a
NGP XII (Jul 2017 / Jul 2022)		$4,304	$3,515	82%	$4,513	$2,666	2.0x	21%	15%	$29		$4,129	2.9x	37%
NGP XI (Oct 2014 / Jul 2017)		$5,325	$5,034	95%	$7,333	$2,338	1.9x	13%	11%	$107		$7,277	2.1x	21%
NGP X (Jan 2012 / Dec 2014)		$3,586	$3,351	93%	$3,434	$278	1.1x	3%	—%	$—		$3,262	1.2x	5%
All Other Active Funds & Vehicles(17)			$4,616	n/a	$2,965	$4,181	1.5x	15%	13%	$21		$2,605	2.2x	18%
Fully Realized Funds & Vehicles(18)(21)			$3,534	n/a	$5,536	$33	1.6x	8%	5%	$3		$5,569	1.6x	8%
TOTAL INFRASTRUCTURE & NATURAL RESOURCES(13)			$26,304	n/a	$28,334	$15,964	1.7x	12%	9%	$325		$27,662	1.9x	14%
Legacy Energy Funds(16)			$16,741	n/a	$24,036	$6	1.4x	12%	6%	$—		$24,043	1.4x	14%

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*Net accrued fee related performance revenues for CPI are excluded from Net Accrued Performance Revenues. These amounts will be

reflected as fee related performance revenues when realized, and included in Fund level fee revenues in our segment results. There were no

accrued fee related performance revenues for CPI as of March 31, 2025.

**The IRR is incalculable, which occurs in instances when a distribution occurs prior to a Limited Partner capital contribution due to the use

of fund-level credit facilities.

(1)Represents the original cost of investments since inception of the fund. 

(2)Represents all realized proceeds since inception of the fund.

(3)Represents remaining fair value, before management fees, expenses and carried interest, and may include remaining

escrow values for realized investments.

(4)Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried interest,

divided by cumulative invested capital.

(5)An investment is considered realized when the investment fund has completely exited, and ceases to own an interest in,

the investment. An investment is considered partially realized when the total amount of proceeds received in respect of

such investment, including dividends, interest or other distributions and/or return of capital, represents at least 85% of

invested capital and such investment is not yet fully realized. Because part of our value creation strategy involves

pursuing best exit alternatives, we believe information regarding Realized/Partially Realized MOIC and Gross IRR, when

considered together with the other investment performance metrics presented, provides investors with meaningful

information regarding our investment performance by removing the impact of investments where significant realization

activity has not yet occurred. Realized/Partially Realized MOIC and Gross IRR have limitations as measures of

investment performance and should not be considered in isolation. Such limitations include the fact that these measures

do not include the performance of earlier stage and other investments that do not satisfy the criteria provided above. The

exclusion of such investments will have a positive impact on Realized/Partially Realized MOIC and Gross IRR in

instances when the MOIC and Gross IRR in respect of such investments are less than the aggregate MOIC and Gross

IRR. Our measurements of Realized/Partially Realized MOIC and Gross IRR may not be comparable to those of other

companies that use similarly titled measures.

(6)Gross Internal Rate of Return (“Gross IRR”) represents an annualized time-weighted return on Limited Partner invested

capital, based on contributions, distributions and unrealized fair value as of the reporting date, before the impact of

management fees, partnership expenses and carried interest. For fund vintages 2017 and after, Gross IRR includes the

impact of interest expense related to the funding of investments on fund lines of credit. Gross IRR is calculated based on

the timing of Limited Partner cash flows, which may differ to varying degrees from the timing of actual investment cash

flows for the fund. Subtotal Gross IRR aggregations for multiple funds are calculated based on actual cash flow dates for

each fund and represent a theoretical time-weighted return for a Limited Partner who invested sequentially in each fund.

(7)Net Internal Rate of Return (“Net IRR”) represents an annualized time-weighted return on Limited Partner invested

capital, based on contributions, distributions and unrealized fair value as of the reporting date, after the impact of all

management fees, partnership expenses and carried interest, including current accruals. Net IRR is calculated based on

the timing of Limited Partner cash flows, which may differ to varying degrees from the timing of actual investment cash

flows for the fund. Fund level IRRs are based on aggregate Limited Partner cash flows, and this blended return may differ

from that of individual Limited Partners. As a result, certain funds may generate accrued performance revenues with a

blended Net IRR that is below the preferred return hurdle for that fund. Subtotal Net IRR aggregations for multiple funds

are calculated based on actual cash flow dates for each fund and represent a theoretical time-weighted return for a

Limited Partner who invested sequentially in each fund.

(8)Represents the net accrued performance revenue balance/(giveback obligation) as of the current quarter end.

(9)Represents all realized proceeds combined with remaining fair value, before management fees, expenses and carried

interest.

(10)Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and

stand-alone investments arranged by us: MENA, CCI, CSSAF I, CPF I, CAP Growth I, CAP Growth II, CBPF II, CAGP

IV, ABV 8, ABV 9 and ACCD 2.

(11)Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and

certain other stand-alone investments arranged by us: CP I, CP II, CP III, CP IV, CEP I, CEP II, CAP I, CAP II, CAP III,

CBPF I, CJP I, CJP II, CMG, CVP I, CVP II, CUSGF III, CGFSP I, CEVP I, CETP I, CETP II, CAVP I, CAVP II,

CAGP III, CEOF I, Mexico and CSABF.

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(12)For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time

since initial investment and early stage of capital deployment. For funds marked “Neg,” IRR is considered meaningful

but is negative as of reporting period end.

(13)For purposes of aggregation, funds that report in foreign currency have been converted to U.S. dollars at the reporting

period spot rate.

(14)Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and

stand-alone investments arranged by us: CCR, CER I, and CER II.

(15)Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and

certain other stand-alone investments arranged by us: CRP I, CRP II, CRP III, CRP IV, CRP V, CRCP I, CAREP I,

CAREP II, CEREP I, CEREP II and CEREP III.

(16)Aggregate includes the following Legacy Energy funds and related co-investments: Energy I, Energy II, Energy III,

Energy IV, Renew I, and Renew II.

(17)Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and

stand-alone investments arranged by us: NGP GAP, NGP RP I, NGP RP II, NGP RP III, NGP ETP IV, CPOCP, and

CRSEF.

(18)Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and

certain other stand-alone investments arranged by us: CIP and CPP II.

(19)The fund step-down date represents the contractual step-down date under the respective fund agreements for funds on

which the fee basis step-down has not yet occurred. Funds without a listed Fee Initiation Date and Step-down Date have

not yet initiated fees.

(20)All amounts shown represent total capital commitments as of March 31, 2025. Certain of our recent vintage funds are

currently in fundraising and total capital commitments are subject to change.

(21)Funds are included when all investments have been realized. There may be remaining fair value and net accrued carry

where there are outstanding escrow balances or undistributed proceeds.

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Global Credit

The following table presents our results of operations for our Global Credit segment:

	Three Months Ended March 31,				Change
	2025		2024		$		%
(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$139.6		$136.9		$2.7		2%
Portfolio advisory and transaction fees, net and other	63.4		19.6		43.8		223%
Fee related performance revenues	28.8		24.2		4.6		19%
Total fund level fee revenues	231.8		180.7		51.1		28%
Realized performance revenues	13.3		0.6		12.7		NM
Realized principal investment income	5.5		13.8		(8.3)		(60)%
Interest income	7.0		10.7		(3.7)		(35)%
Total revenues	257.6		205.8		51.8		25%
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	89.0		76.8		12.2		16%
Realized performance revenues related compensation	7.9		0.3		7.6		NM
Total compensation and benefits	96.9		77.1		19.8		26%
General, administrative, and other indirect expenses	35.0		29.6		5.4		18%
Depreciation and amortization expense	3.9		3.1		0.8		26%
Interest expense	11.3		13.9		(2.6)		(19)%
Total expenses	147.1		123.7		23.4		19%
(=) Distributable Earnings	$110.5		$82.1		$28.4		35%
(-) Realized Net Performance Revenues	5.4		0.3		5.1		NM
(-) Realized Principal Investment Income	5.5		13.8		(8.3)		(60)%
(+) Net Interest	4.3		3.2		1.1		34%
(=) Fee Related Earnings	$103.9		$71.2		$32.7		46%

Distributable Earnings

Distributable Earnings increased $28.4 million for the three months ended March 31, 2025 as compared to the three

months ended March 31, 2024. The following table provides the components of the changes in Distributable Earnings for the

three months ended March 31, 2025:

	Three Months Ended March 31,
2025 v. 2024
(Dollars in millions)
Distributable Earnings, March 31, 2024	$82.1
Increases (decreases):
Increase in fee related earnings	32.7
Increase in realized net performance revenues	5.1
Decrease in realized principal investment income	(8.3)
Increase in net interest	(1.1)
Total increase	28.4
Distributable Earnings, March 31, 2025	$110.5

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Realized Principal Investment Income. Realized principal investment income decreased $8.3 million for the three months

ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily driven by lower realized principal

investment income from our U.S. and European CLOs.

Fee Related Earnings

Fee Related Earnings increased $32.7 million for the three months ended March 31, 2025 as compared to the three months

ended March 31, 2024. The following table provides the components of the changes in Fee Related Earnings for the three

months ended March 31, 2025:

	Three Months Ended March 31,
2025 v. 2024
(Dollars in millions)
Fee Related Earnings, March 31, 2024	$71.2
Increases (decreases):
Increase in fee revenues	51.1
Increase in cash-based compensation and benefits	(12.2)
Increase in general, administrative and other indirect expenses	(5.4)
All other changes	(0.8)
Total increase	32.7
Fee Related Earnings, March 31, 2025	$103.9

Fee Revenues. Fee revenues increased $51.1 million for the three months ended March 31, 2025 as compared to the three

months ended March 31, 2024, due to the following:

	Three Months Ended March 31,
2025 v. 2024
(Dollars in millions)
Higher fund management fees	$2.7
Higher portfolio advisory and transaction fees, net and other	43.8
Higher fee related performance revenues	4.6
Total increase in fee revenues	$51.1

The increase in Fund management fees for the three months ended March 31, 2025 as compared to the three months

ended March 31, 2024 was primarily driven by increases in management fees from CTAC, our opportunistic credit funds, and

our direct lending business as a result of capital raised and deployed, partially offset by lower management fees from our liquid

credit business.

The increase in portfolio advisory and transaction fees, net and other fees for the three months ended March 31, 2025 as

compared to the three months ended March 31, 2024 was primarily driven by an increase in capital markets fees. The

recognition of capital markets fees can be volatile as they are primarily generated by investment activity and a slower pace of

investment activity may reduce capital markets fees in the coming quarters. See “—Trends Affecting Our Business” for further

discussion on our investment activity and broader market trends.

The increase in fee related performance revenues for the three months ended March 31, 2025 as compared to the three

months ended March 31, 2024 was due to higher fee related performance revenues from CTAC due to the growth of the product

and its positive performance.

Cash-based compensation and benefits expense. Cash-based compensation and benefits expense increased $12.2 million

for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to an

increase in accrued bonuses related to capital markets fees and incentive fees.

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General, administrative and other indirect expenses. General, administrative and other indirect expenses increased $5.4

million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to an

increase in costs for funds which are early in their lifecycle that are not recoverable.

Fee-earning AUM

Fee-earning AUM is presented below for each period together with the components of change during each respective

period.

	As of March 31,
	2025		2024
Global Credit	(Dollars in millions)
Components of Fee-earning AUM(1)
Fee-earning AUM based on capital commitments	$2,467		$2,369
Fee-earning AUM based on invested capital	20,624		17,361
Fee-earning AUM based on collateral balances, at par	44,359		48,072
Fee-earning AUM based on net asset value	3,278		2,110
Fee-earning AUM based on fair value and other(2)	90,003		83,516
Total Fee-earning AUM	$160,731		$153,428
Annualized Management Fee Rate(3)	0.35%		0.35%

(1)For additional information concerning the components of Fee-earning AUM, see “—Key Financial Measures—Operating Metrics.”

(2)Includes the fair value of Fortitude’s general account assets covered by the strategic advisory services agreement and funds with fees

based on gross asset value.

(3)Represents annualized fund management fees divided by the average of the beginning of year and each quarter end’s Fee-earning AUM

in the reporting period. Catch-up management fees were excluded in the calculation of the annualized fund management fees.

The table below provides the period to period rollforward of Fee-earning AUM.

	Three Months Ended March 31,
	2025		2024
Global Credit (Dollars in millions)
Fee-earning AUM Rollforward
Balance, Beginning of Period	$154,186		$155,238
Inflows(1)	7,811		2,761
Outflows (including realizations)(2)	(3,113)		(2,960)
Market Activity & Other(3)	1,465		(1,338)
Foreign Exchange(4)	382		(273)
Balance, End of Period	$160,731		$153,428

(1)Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based

on commitments were activated during the period, the fee-earning commitments invested in vehicles for which management fees are

based on invested capital, the fee-earning collateral balance of new CLO issuances, closed reinsurance transactions at Fortitude, and

gross subscriptions in our vehicles for which management fees are based on net asset value.

(2)Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair

value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has

expired during the period, reductions for funds that are no longer calling for fees, gross redemptions in our open-ended funds, and

outflows from our liquid credit products. Realizations for funds earning management fees based on commitments during the period do

not affect Fee-earning AUM.

(3)Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in funds or vehicles based on the

lower of cost or fair value or net asset value, activity of funds with fees based on gross asset value, and changes in the fair value of

Fortitude’s general account assets covered by the strategic advisory services agreement.

(4)Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated

funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the

period end.

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Fee-earning AUM was $160.7 billion at March 31, 2025, an increase of 4% from $154.2 billion at December 31, 2024.

The net increase was due to:

•Inflows of $7.8 billion, which were driven by over $4 billion of closed reinsurance transactions at Fortitude and capital

deployment across the platform, and

•Positive market activity of $1.5 billion, which primarily reflected an increase in the fair value of assets covered by the

Fortitude strategic advisory services agreement.

Offsetting these increases were:

•Outflows of $3.1 billion, which were driven by realizations in our aviation and opportunistic credit funds as well as

outflows from our liquid credit products.

Fee-earning AUM was $160.7 billion at March 31, 2025, an increase of 5% from $153.4 billion at March 31, 2024. The

net increase was due to:

•Inflows of $20.4 billion, which reflected capital deployment across the platform, notably in our asset-backed finance,

direct lending, and opportunistic credit funds, the closing of our nine latest vintage CLOs, and over $4 billion of closed

reinsurance transactions at Fortitude.

Offsetting these increases were:

•Outflows of $12.7 billion, which included outflows from our liquid credit products and realizations across the

platform.

Total AUM

The table below provides the period to period rollforward of Total AUM. 

	Three Months Ended March 31, 2025
(Dollars in millions)
Global Credit
Total AUM Rollforward
Balance, Beginning of Period	$192,374
Inflows(1)	7,530
Outflows (including realizations)(2)	(2,853)
Market Activity & Other(3)	1,709
Foreign Exchange(4)	408
Balance, End of Period	$199,168

(1)Inflows generally reflects the impact of gross fundraising and closed reinsurance transactions at Fortitude during the period. For funds

or vehicles denominated in foreign currencies, this reflects translation at the average quarterly rate, while the separately reported

Fundraising metric is translated at the spot rate for each individual closing.

(2)Outflows includes distributions net of recallable or recyclable amounts in our carry funds, related co-investment vehicles, and

separately managed accounts, gross redemptions in our open-ended funds, outflows from our liquid credit products, and the expiration

of available capital.

(3)Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds, related

co-investment vehicles, and separately managed accounts, as well as the impact of fees, expenses and non-investment income, change

in gross asset value for our business development companies, changes in the fair value of Fortitude’s general account assets covered by

the strategic advisory services agreement, and other changes in AUM.

(4)Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated

funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the

period end.

Total AUM was $199.2 billion at March 31, 2025, an increase of 4% compared to $192.4 billion at December 31, 2024.

The net increase was due to:

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•Inflows of $7.5 billion, which were driven by over $4 billion of closed reinsurance transactions at Fortitude and capital

raised across the platform, and

•Positive market activity of $1.7 billion, which primarily reflected an increase in the fair value of assets covered by the

Fortitude strategic advisory services agreement and an increase in the fair value of our direct lending products.

Offsetting these increases were:

•Outflows of $2.9 billion for the period, which were primarily in our liquid credit products, with additional activity

reflecting realizations across the platform.

Fund Performance Metrics

Fund performance information for certain of our Global Credit funds is included throughout this discussion and analysis

to facilitate an understanding of our results of operations for the periods presented. The fund return information reflected in this

discussion and analysis is not indicative of the performance of The Carlyle Group Inc. and is also not necessarily indicative of

the future performance of any particular fund. An investment in The Carlyle Group Inc. is not an investment in any of our

funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.

The following table reflects the performance of our significant carry funds in our Global Credit business. Please see “—

Our Global Investment Offerings” for a legend of the fund acronyms listed below. 

(Dollars in millions)					TOTAL INVESTMENTS
					As of March 31, 2025
Fund (Fee Initiation Date/Step-down Date)(11)		Committed Capital(12)	Cumulative Invested  Capital (1)	Percent Invested	Realized Value (2)	Remaining Fair Value (3)	MOIC (4)	Gross IRR (5) (8)	Net IRR (6) (8)	Net Accrued Carry/(Giveback) (7)
Global Credit Carry Funds
CCOF III		$5,732	Refer to CCOF III - Levered, CCOF III - Unlevered, and CCOF III PSV performance below
CCOF III - Levered (Feb 2023 / Oct 2028)		$4,678	$2,665	57%	$300	$2,747	1.1x	NM	NM	$11
CCOF III - Unlevered (Feb 2023 / Oct 2028)		$204	$87	43%	$10	$90	1.1x	NM	NM	$—
CCOF III PSV (Nov 2023 / n/a)(14)		$850	$312	37%	$38	$309	1.1x	NM	NM	$—
CCOF II (Nov 2020 / Mar 2026)		$4,430	$5,600	126%	$3,092	$4,471	1.4x	15%	11%	$108
CCOF I (Nov 2017 / Sep 2022)		$2,373	$3,513	148%	$3,666	$1,344	1.4x	17%	12%	$28
CSP IV (Apr 2016 / Dec 2020)		$2,500	$2,500	100%	$1,650	$1,714	1.3x	9%	4%	$—
CSP III (Dec 2011 / Aug 2015)		$703	$703	100%	$932	$4	1.3x	17%	7%	$—
CEMOF II (Dec 2015 / Jun 2019)		$1,692	$1,713	101%	$1,877	$328	1.3x	7%	3%	$—
SASOF III (Nov 2014 / n/a)		$833	$991	119%	$1,232	$84	1.3x	18%	11%	$6
All Other Active Funds & Vehicles(9)			$11,696	n/a	$3,740	$10,113	1.2x	9%	7%	$64
Fully Realized Funds & Vehicles(10)(13)			$6,717	n/a	$8,287	$—	1.2x	9%	3%	$—
TOTAL GLOBAL CREDIT CARRY FUNDS			$36,496	n/a	$24,823	$21,203	1.3x	11%	6%	$217

(1)Represents the original cost of investments since the inception of the fund. For CSP III and CSP IV, reflects amounts

net of investment level recallable proceeds which is adjusted to reflect recyclability of invested capital for the purpose

of calculating the fund MOIC.

(2)Represents all realized proceeds since inception of the fund.

(3)Represents remaining fair value, before management fees, expenses and carried interest, and may include remaining

escrow values for realized investments.

(4)Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried

interest, divided by cumulative invested capital.

(5)Gross Internal Rate of Return (“Gross IRR”) represents an annualized time-weighted return on Limited Partner invested

capital, based on contributions, distributions and unrealized fair value as of the reporting date, before the impact of

management fees, partnership expenses and carried interest. For fund vintages 2017 and after, Gross IRR includes the

impact of interest expense related to the funding of investments on fund lines of credit. Gross IRR is calculated based

on the timing of Limited Partner cash flows, which may differ to varying degrees from the timing of actual investment

cash flows for the fund. Subtotal Gross IRR aggregations for multiple funds are calculated based on actual cash flow

dates for each fund and represent a theoretical time-weighted return for a Limited Partner who invested sequentially in

each fund.

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(6)Net Internal Rate of Return (“Net IRR”) represents an annualized time-weighted return on Limited Partner invested

capital, based on contributions, distributions and unrealized fair value as of the reporting date, after the impact of all

management fees, partnership expenses and carried interest, including current accruals. Net IRR is calculated based on

the timing of Limited Partner cash flows, which may differ to varying degrees from the timing of actual investment cash

flows for the fund. Fund level IRRs are based on aggregate Limited Partner cash flows, and this blended return may

differ from that of individual Limited Partners. As a result, certain funds may generate accrued performance revenues

with a blended Net IRR that is below the preferred return hurdle for that fund. Subtotal Net IRR aggregations for

multiple funds are calculated based on actual cash flow dates for each fund and represent a theoretical time-weighted

return for a Limited Partner who invested sequentially in each fund.

(7)Represents the net accrued performance revenue balance/(giveback obligation) as of the current quarter end.

(8)For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time

since initial investment and early stage of capital deployment. For funds marked “Neg,” IRR is considered meaningful

but is negative as of reporting period end.

(9)Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and

stand-alone investments arranged by us: SASOF IV, SASOF V, CAPF VII, CICF, CICF II, CAF, and CALF.

(10)Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and

certain other stand-alone investments arranged by us: CSP I, CSP II, CEMOF I, CSC, CMP I, CMP II, SASOF II, and

CASCOF.

(11)The fund step-down date represents the contractual step-down date under the respective fund agreements for funds on

which the fee basis step-down has not yet occurred. Funds without a listed Fee Initiation Date and Step-down Date have

not yet initiated fees.

(12)All amounts shown represent total capital commitments as of March 31, 2025. Certain of our recent vintage funds are

currently in fundraising and total capital commitments are subject to change. Committed Capital for CEMOF II reflects

original committed capital of $2.8 billion, less $1.1 billion in commitments that were extinguished following a Key

Person Event. Committed capital for CCOF II excludes $150 million in capital committed by a CCOF II investor to a

side vehicle.

(13)Funds are included when all investments have been realized. There may be remaining fair value and net accrued carry

where there are outstanding escrow balances or undistributed proceeds.

(14)Gross IRR and Net IRR reflect the performance of equity commitments in CCOF III PSV.

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Carlyle AlpInvest

The following table presents our results of operations for our Carlyle AlpInvest segment:

	Three Months Ended March 31,				Change
	2025		2024		$		%
(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$102.9		$74.1		$28.8		39%
Fee related performance revenues	10.7		1.2		9.5		NM
Total fund level fee revenues	113.6		75.3		38.3		51%
Realized performance revenues	24.7		23.4		1.3		6%
Realized principal investment income	9.4		1.0		8.4		NM
Interest income	2.2		1.8		0.4		22%
Total revenues	149.9		101.5		48.4		48%
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	34.3		28.2		6.1		22%
Realized performance revenues related compensation	19.4		21.2		(1.8)		(8)%
Total compensation and benefits	53.7		49.4		4.3		9%
General, administrative, and other indirect expenses	11.9		11.5		0.4		3%
Depreciation and amortization expense	1.9		1.6		0.3		19%
Interest expense	3.1		2.9		0.2		7%
Total expenses	70.6		65.4		5.2		8%
(=) Distributable Earnings	$79.3		$36.1		$43.2		120%
(-) Realized Net Performance Revenues	5.3		2.2		3.1		141%
(-) Realized Principal Investment Income	9.4		1.0		8.4		NM
(+) Net Interest	0.9		1.1		(0.2)		(18)%
(=) Fee Related Earnings	$65.5		$34.0		$31.5		93%

Distributable Earnings

Distributable Earnings increased $43.2 million for the three months ended March 31, 2025 as compared to the three

months ended March 31, 2024. The following table provides the components of the changes in Distributable Earnings for the

three months ended March 31, 2025:

	Three Months Ended March 31,
2025 v. 2024
(Dollars in millions)
Distributable Earnings, March 31, 2024	$36.1
Increases (decreases):
Increase in fee related earnings	31.5
Increase in realized net performance revenues	3.1
Increase in realized principal investment income	8.4
Decrease in net interest	0.2
Total increase	43.2
Distributable Earnings, March 31, 2025	$79.3

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Realized Principal Investment Income. Realized principal investment income increased $8.4 million for the three months

ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily driven by realized principal

investment income related to our investment in the CAPM funds.

Fee Related Earnings

Fee Related Earnings increased $31.5 million for the three months ended March 31, 2025 as compared to the three

months ended March 31, 2024. The following table provides the components of the changes in Fee Related Earnings for the

three months ended March 31, 2025:

	Three Months Ended March 31,
2025 v. 2024
(Dollars in millions)
Fee Related Earnings, March 31, 2024	$34.0
Increases (decreases):
Increase in fee revenues	38.3
Increase in cash-based compensation and benefits	(6.1)
Increase in general, administrative and other indirect expenses	(0.4)
All other changes	(0.3)
Total increase	31.5
Fee Related Earnings, March 31, 2025	$65.5

Fee Revenues. Fee revenues increased $38.3 million for the three months ended March 31, 2025 as compared to the three

months ended March 31, 2024, driven by an increase in Fund management fees of $28.8 million and an increase in Fee related

performance revenues of $9.5 million. The increase in Fund management fees was primarily driven by the impact of ongoing

fundraising in our most recent vintage secondaries & portfolio finance and co-investment products and also included an

increase in catch-up management fees of $11.2 million. The increase in Fee related performance revenues was primarily driven

by growth in our CAPM retail strategy due to its growing capital base and performance.

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Fee-earning AUM

Fee-earning AUM is presented below for each period together with the components of change during each respective

period.  

	As of March 31,
	2025		2024
Carlyle AlpInvest	(Dollars in millions)
Components of Fee-earning AUM(1)
Fee-earning AUM based on capital commitments	$23,116		$18,356
Fee-earning AUM based on invested capital(2)	9,174		8,674
Fee-earning AUM based on net asset value	13,822		10,917
Fee-earning AUM based on lower of cost or fair market value	8,289		8,826
Total Fee-earning AUM	$54,401		$46,773
Annualized Management Fee Rate(3)	0.66%		0.61%

(1)For additional information concerning the components of Fee-earning AUM, see “—Key Financial Measures—Operating Metrics.”

(2)Includes amounts committed to or reserved for certain AlpInvest funds.

(3)Represents annualized fund management fees divided by the average of the beginning of year and each quarter end’s Fee-earning AUM

in the reporting period. Catch-up management fees were excluded in the calculation of the annualized fund management fees.

The table below provides the period to period rollforward of Fee-earning AUM.

	Three Months Ended March 31,
	2025		2024
(Dollars in millions) Carlyle AlpInvest
Fee-earning AUM Rollforward
Balance, Beginning of Period	$52,139		$45,529
Inflows(1)	2,558		2,184
Outflows (including realizations)(2)	(1,016)		(735)
Market Activity & Other(3)	15		215
Foreign Exchange(4)	705		(420)
Balance, End of Period	$54,401		$46,773

(1)Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based

on commitments were activated during the period and the fee-earning commitments invested in vehicles for which management fees are

based on invested capital. Inflows exclude fundraising amounts during the period for which fees have not yet been activated, which are

referenced as Pending Fee-earning AUM.

(2)Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair

value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has

expired during the period, and reductions for funds that are no longer calling for fees. Distributions for funds earning management fees

based on commitments during the period do not affect Fee-earning AUM.

(3)Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the

lower of cost or fair value and net asset value.

(4)Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated

funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the

period end.

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Fee-earning AUM was $54.4 billion at March 31, 2025, an increase of 4% from $52.1 billion at December 31, 2024. The

net increase was due to:

•Inflows of $2.6 billion, which were driven by fee-paying capital raised and investment activity across all strategies,

notably in our secondaries & portfolio finance funds, and

•Positive foreign exchange activity of $0.7 billion primarily from the translation of our EUR-denominated funds to

USD.

Offsetting these increases were:

•Outflows of $1.0 billion, which were driven by realizations in our primary and secondaries & portfolio finance funds

that charge fees on invested capital.

Fee-earning AUM was $54.4 billion at March 31, 2025, an increase of 16% compared to $46.8 billion at March 31, 2024.

The net increase was due to:

•Inflows of $10.3 billion, which were driven by fee-paying capital raised and investment activity across all strategies,

notably in our secondaries & portfolio finance funds, and

•Market appreciation of $1.5 billion, which was driven by certain funds in our secondaries & portfolio finance and

primary strategies in which fees are based on fair value.

Offsetting these increases were:

•Outflows of $4.1 billion, which reflected realizations and step-downs in fee bases, notably in our primary funds.

Total AUM

The table below provides the period to period rollforward of Total AUM.

	Three Months Ended March 31, 2025
(Dollars in millions)
Carlyle AlpInvest
Total AUM Rollforward
Balance, Beginning of Period	$85,113
Inflows(1)	3,926
Outflows (including realizations)(2)	(1,961)
Market Activity & Other(3)	881
Foreign Exchange(4)	1,271
Balance, End of Period	$89,230

(1)Inflows reflects the impact of gross fundraising during the period. For funds or vehicles denominated in foreign currencies, this reflects

translation at the average quarterly rate, while the separately reported Fundraising metric is translated at the spot rate for each individual

closing.

(2)Outflows includes distributions in our carry funds, related co-investment vehicles and separately managed accounts, as well as the

expiration of available capital.

(3)Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds, related

co-investment vehicles and separately managed accounts, the net impact of fees, expenses and non-investment income, as well as other

changes in AUM.

(4)Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated

funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the

period end.

Total AUM was $89.2 billion at March 31, 2025, an increase of 5% compared to $85.1 billion at December 31, 2024. The

net increase was due to:

•Inflows of $3.9 billion which reflected fundraising across the platform, notably in ASF VIII, the CAPM funds, and

ACF IX; and

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•Positive foreign exchange activity of $1.3 billion primarily from the translation of our EUR-denominated funds to

USD.

Offsetting these increases were:

•Outflows of $2.0 billion from realizations across the platform.

Fund Performance Metrics

The fund return information reflected in this discussion and analysis is not indicative of the performance of The Carlyle

Group Inc. and is also not necessarily indicative of the future performance of any particular fund. An investment in The Carlyle

Group Inc. is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and

future funds will achieve similar returns.

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The following table reflects the performance of our significant funds in our Carlyle AlpInvest business. We also present

fund performance information for portfolios of investments held by separately managed accounts, generally aggregated either

as invested alongside the relevant commingled fund or over a specified time period.

(Amounts in millions)					TOTAL INVESTMENTS
					As of March 31, 2025
Carlyle AlpInvest (1)(8)			Vintage Year	Fund Size	Cumulative Invested Capital (2)(3)	Realized Value (3)	Remaining Fair Value (3)	Total Fair Value(3)(4)	MOIC (5)	Gross IRR   (6)(10)	Net IRR (7)(10)	Net Accrued Carry/ (Giveback) (12)
					(Reported in Local Currency, in Millions)
Secondaries & Portfolio Finance	ASF VIII		2024	$10,113	$4,382	$52	$5,412	$5,465	1.2x	NM	NM	$34
	ASF VII		2020	$6,769	$4,704	$1,683	$5,517	$7,200	1.5x	18%	14%	$99
	ASF VII - SMAs		2020	€2,027	€1,765	€506	€2,070	€2,576	1.5x	17%	15%	$35
	ASF VI		2017	$3,333	$2,738	$2,646	$1,919	$4,566	1.7x	16%	12%	$59
	ASF VI - SMAs		2017	€2,817	€2,769	€2,441	€2,024	€4,465	1.6x	14%	12%	$49
	ASF V		2012	$756	$659	$1,060	$126	$1,186	1.8x	18%	14%	$5
	ASF V - SMAs		2012	€3,916	€4,149	€7,214	€524	€7,738	1.9x	21%	19%	$10
	SMAs 2009-2011		2010	€1,859	€2,025	€3,480	€51	€3,530	1.7x	19%	18%	$—
	ASPF II		2023	$2,227	$462	$85	$487	$573	1.2x	NM	NM	$5
	All Other Active Funds & Vehicles (9)		Various		$1,378	$715	$1,205	$1,920	1.4x	20%	17%	$20
	Fully Realized Funds & Vehicles		Various		€4,315	€7,094	€14	€7,109	1.6x	19%	18%	$—
Co-Investments	ACF IX		2023	$3,902	$1,208	$5	$1,336	$1,341	1.1x	NM	NM	$—
	ACF VIII		2021	$3,614	$3,328	$134	$4,267	$4,401	1.3x	11%	9%	$34
	ACF VIII - SMAs		2021	$1,079	$939	$53	$1,195	$1,249	1.3x	12%	10%	$10
	ACF VII		2017	$1,688	$1,630	$1,088	$2,168	$3,256	2.0x	16%	13%	$58
	ACF VII - SMAs		2017	€1,452	€1,448	€762	€1,940	€2,702	1.9x	15%	13%	$43
	SMAs 2014-2016		2014	€1,274	€1,122	€2,378	€492	€2,869	2.6x	24%	22%	$8
	SMAs 2012-2013		2012	€1,124	€1,070	€2,909	€138	€3,047	2.8x	28%	26%	$1
	SMAs 2009-2010		2010	€1,475	€1,400	€3,629	€551	€4,180	3.0x	23%	22%	$—
	Strategic SMAs		Various		$4,148	$1,664	$5,422	$7,085	1.7x	17%	16%	$73
	All Other Active Funds & Vehicles (9)		Various		€307	€258	€206	€463	1.5x	27%	25%	$1
	Fully Realized Funds & Vehicles		Various		€6,083	€10,373	€—	€10,374	1.7x	14%	12%	$—
Primary Investments	SMAs 2024-2026		2024	$2,221	$83	$4	$72	$76	0.9x	NM	NM	$—
	SMAs 2021-2023		2021	€4,535	€1,382	€53	€1,523	€1,576	1.1x	NM	NM	$—
	SMAs 2018-2020		2018	$3,116	$2,393	$551	$2,850	$3,401	1.4x	14%	13%	$2
	SMAs 2015-2017		2015	€2,501	€2,564	€2,643	€2,362	€5,004	2.0x	20%	19%	$9
	SMAs 2012-2014		2012	€5,080	€6,041	€9,702	€3,511	€13,213	2.2x	18%	17%	$12
	SMAs 2009-2011		2009	€4,877	€5,805	€10,804	€1,773	€12,577	2.2x	17%	17%	$1
	SMAs 2006-2008		2005	€11,500	€13,609	€22,502	€1,286	€23,789	1.7x	10%	10%	$—
	SMAs 2003-2005		2003	€4,628	€5,141	€8,168	€136	€8,304	1.6x	10%	9%	$—
	All Other Active Funds & Vehicles (9)		Various		€1,863	€1,841	€264	€2,106	1.1x	3%	2%	$—
	Fully Realized Funds & Vehicles		Various		€5,020	€8,180	€29	€8,209	1.6x	12%	11%	$—
TOTAL CARLYLE ALPINVEST (USD)(11)					$101,441	$123,198	$52,405	$175,603	1.7x	14%	13%	$569

(1)Includes private equity and mezzanine primary fund investments, secondary fund investments and co-investments

originated by AlpInvest. Excluded from the performance information shown are: (a) investments that were not originated

by AlpInvest (i.e., AlpInvest did not make the original investment decision or recommendation); (b) Direct Investments,

which was spun off from AlpInvest in 2005; (c) Carlyle AlpInvest Private Markets (CAPM); and (d) LP co-investment

vehicles managed by AlpInvest. As of March 31, 2025, these excluded portfolios amounted to approximately $9.8 billion

of AUM in the aggregate.

(2)Represents the original cost of investments since inception of the fund.

(3)To exclude the impact of FX, all foreign currency cash flows have been converted to the currency representing a majority

of the capital committed to the relevant fund at the reporting period spot rate.

(4)Represents all realized proceeds combined with remaining fair value, before management fees, expenses and carried

interest.

(5)Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried interest,

divided by cumulative invested capital.

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(6)Gross Internal Rate of Return (“Gross IRR”) represents the annualized IRR for the period indicated on Limited Partner

invested capital based on investment contributions, distributions and unrealized value of the underlying investments, before

management fees, expenses and carried interest at the AlpInvest level.

(7)Net Internal Rate of Return (“Net IRR”) represents the annualized IRR for the period indicated on Limited Partner invested

capital based on investment contributions, distributions and unrealized value of the underlying investments, after

management fees, expenses and carried interest. Fund level IRRs are based on aggregate Limited Partner cash flows, and

this blended return may differ from that of individual Limited Partners. As a result, certain funds may generate accrued

performance revenues with a blended Net IRR that is below the preferred return hurdle for that fund. 

(8)“ASF” stands for AlpInvest Secondaries Fund, “ACF” stands for AlpInvest Co-Investment Fund, and “SMAs” are

Separately Managed Accounts. “ASF - SMAs” and “ACF - SMAs” reflect the aggregated portfolios of investments held by

SMAs within the relevant strategy, which invest alongside the relevant ASF or ACF (as applicable). Strategic SMAs reflect

the aggregated portfolios of co-investments made by SMAs sourced from the SMA investor’s own private equity fund

investment portfolio. Other SMAs reflect the aggregated portfolios of investments within the relevant strategy that began

making investments in the corresponding time periods. Co-Investments SMAs 2014-2016 does not include two SMAs that

started in 2016 but invested a substantial majority alongside ACF VII. These two SMAs have instead been grouped with

ACF VII - SMAs. An SMA may pursue multiple investment strategies and make commitments over multiple years.

(9)Includes ASF VIII - SMAs, ACF IX - SMAs, AlpInvest Strategic Portfolio Finance II, AlpInvest Atom Fund, AlpInvest

Atom Fund II, all mezzanine investment portfolios, all ‘clean technology’ private equity investment portfolios, all strategic

portfolio finance SMAs, and any state-focused investment mandate portfolios.

(10)For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time

since initial investment and early stage of capital deployment. For funds marked “Neg,” IRR is considered meaningful but

is negative as of reporting period end. 

(11)For purposes of aggregation, funds that report in foreign currency have been converted to U.S. dollars at the reporting

period spot rate. 

(12)Represents the net accrued performance revenue balance/(giveback obligation) as of the current quarter end. Total Net

Accrued Carry excludes net accrued carry which was retained as part of the sale of MRE on April 1, 2021. There was no

net accrued carry balance for MRE as of March 31, 2025.

Liquidity and Capital Resources

Historical Liquidity and Capital Resources

We have historically required limited capital resources to support the working capital and operating needs of our

business. Our management fees have largely covered our operating costs and all realized performance allocations, after

covering the related compensation, are available for distribution to stockholders. Approximately 95% – 97% of all capital

commitments to our funds are provided by our fund investors, with the remaining amount typically funded by Carlyle, our

senior Carlyle professionals, advisors, and other professionals. We may elect to invest additional amounts in funds focused on

new investment areas.

Our Sources of Liquidity

We have multiple sources of liquidity to meet our capital needs, including cash on hand, annual cash flows, accumulated

earnings, cash we receive from our notes offerings, and funds from our senior revolving credit facility, which had $1.0 billion

of available capacity as of March 31, 2025. Although we may consider other financings to invest in growing our business, we

believe these sources will be sufficient to fund our capital needs for at least the next twelve months. We believe we will meet

longer-term expected future cash requirements and obligations through a combination of existing cash and cash equivalent

balances, cash flow from operations, accumulated earnings, and amounts available for borrowing from our senior revolving

credit facility or other financings.

Cash and cash equivalents. Cash and cash equivalents were approximately $1.2 billion at March 31, 2025. However, a

portion of this cash is allocated for specific business purposes, including, but not limited to: (i) performance allocations and

incentive fee related cash that has been received but not yet distributed as performance allocations and incentive fee related

compensation and amounts owed to non-controlling interests, (ii) proceeds received from realized investments that are allocable

to non-controlling interests, and (iii) regulatory capital.

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Corporate Treasury Investments. These investments represent investments in U.S. Treasury and government agency

obligations, commercial paper, certificates of deposit, other investment grade securities and other investments with original

maturities of greater than three months when purchased.

After deducting cash amounts allocated to the specific requirements mentioned above, the remaining cash, cash

equivalents, and corporate treasury investments (if any), was approximately $1.1 billion as of March 31, 2025. This remaining

amount will be used towards our primary liquidity needs, as outlined in the next section. This amount does not take into

consideration ordinary course of business payables and reserves for specific business purposes.

Senior Revolving Credit Facility. The capacity under the amended and restated revolving credit facility is $1.0 billion and

the facility is scheduled to mature on April 29, 2027. The Company’s borrowing capacity is subject to the ability of the

financial institutions in the banking syndicate to fulfill their respective obligations under the revolving credit facility. Principal

amounts outstanding under the amended and restated revolving credit facility accrue interest, at the option of the borrowers,

either (a) at an alternate base rate plus an applicable margin not to exceed 0.50% per annum, or (b) at SOFR (or similar

benchmark rate for non-U.S. dollar borrowings) plus a 0.10% adjustment and an applicable margin not to exceed 1.50% per

annum (5.42% at March 31, 2025). As of March 31, 2025, there were no amounts outstanding under the senior revolving credit

facility.

The senior revolving credit facility is unsecured. We are required to maintain management fee-earning assets (as defined

in the amended and restated senior revolving credit facility) of at least $126.6 billion and a total leverage ratio of less than 4.0 to

1.0, in each case, tested on a quarterly basis. Non-compliance with any of the financial or non-financial covenants without cure

or waiver would constitute an event of default under the senior revolving credit facility. An event of default resulting from a

breach of certain financial or non-financial covenants may result, at the option of the lenders, in an acceleration of the principal

and interest outstanding, and a termination of the senior revolving credit facility. The senior credit facility also contains other

customary events of default, including defaults based on events of bankruptcy and insolvency, nonpayment of principal, interest

or fees when due, breach of specified covenants, change in control, and material inaccuracy of representations and warranties.

Global Credit Revolving Credit Facility. Certain subsidiaries of the Company are parties to a revolving line of credit,

primarily intended to support certain lending activities within the Global Credit segment. As currently amended, the Global

Credit Revolving Credit Facility provides for a revolving line of credit with a capacity of $300 million, which matures in

September 2027, and a second revolving line of credit with a capacity of $200 million, which matures in August 2025.

The Company’s borrowing capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill

their respective obligations under the Global Credit Revolving Credit Facility. Principal amounts outstanding accrue interest at

applicable SOFR or Eurocurrency rates plus an applicable margin of 2.00% or an alternate base rate plus an applicable margin

of 1.00%. During the three months ended March 31, 2025, the Company made no borrowings under the Global Credit

Revolving Credit Facility. As of March 31, 2025, there was no borrowing outstanding under the Global Credit Revolving Credit

Facility.

CLO Borrowings. For certain of our CLOs, the Company finances a portion of its investment in the CLOs through the

proceeds received from term loans and other financing arrangements with financial institutions or other financing arrangements. 

The Company’s CLO borrowings were $300.4 million at March 31, 2025. The CLO borrowings are secured by the Company’s

investments in the respective CLO, have a general unsecured interest in the Carlyle entity that manages the CLO and generally

do not have recourse to any other Carlyle entity. As of March 31, 2025, $283.1 million of these borrowings are secured by

investments attributable to The Carlyle Group Inc. See Note 6, Borrowings, to the condensed consolidated financial statements

included in this Quarterly Report on Form 10-Q for more information on our CLO borrowings.

Senior Notes. Certain indirect finance subsidiaries of the Company have issued senior notes, on which interest is payable

semi-annually, as discussed below. The senior notes are unsecured and unsubordinated obligations of the respective subsidiary

and are fully and unconditionally guaranteed, jointly and severally, by the Company and each of the Carlyle Holdings

partnerships. The indentures governing each of the senior notes contain customary covenants that, among other things, limit the

issuers’ and the guarantors’ ability, subject to certain exceptions, to incur indebtedness secured by liens on voting stock or

profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The notes also

contain customary events of default. All or a portion of the notes may be redeemed at our option, in whole or in part, at any

time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the notes. If a change

of control repurchase event occurs, the notes are subject to repurchase at the repurchase price as set forth in the notes.

3.500% Senior Notes. In September 2019, Carlyle Finance Subsidiary L.L.C. issued $425.0 million of 3.500% senior

notes due September 19, 2029 at 99.841% of par.

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5.625% Senior Notes. In March 2013, Carlyle Holdings II Finance L.L.C. issued $400.0 million of 5.625% senior notes

due March 30, 2043 at 99.583% of par. In March 2014, an additional $200.0 million of these notes were issued at 104.315% of

par and are treated as a single class with the already outstanding $400.0 million aggregate principal amount of these notes.

5.650% Senior Notes. In September 2018, Carlyle Finance L.L.C. issued $350.0 million of 5.650% senior notes due

September 15, 2048 at 99.914% of par.

Subordinated Notes. In May and June 2021, Carlyle Finance L.L.C. issued $500.0 million aggregate principal amount of

4.625% subordinated notes due May 15, 2061. The Subordinated Notes are unsecured and subordinated obligations of the issuer

and are fully and unconditionally guaranteed, jointly and severally, on a subordinated basis, by the Company, each of the

Carlyle Holdings partnerships, and CG Subsidiary Holdings L.L.C., an indirect subsidiary of the Company. The indentures

governing the Subordinated Notes contain customary covenants that, among other things, limit the issuers’ and the guarantors’

ability, subject to certain exceptions, to incur indebtedness ranking on a parity with the Subordinated Notes or indebtedness

ranking junior to the Subordinated Notes secured by liens on voting stock or profit participating equity interests of their

subsidiaries or merge, consolidate or sell, transfer or lease all or substantially all of their assets. The Subordinated Notes also

contain customary events of default. All or a portion of the notes may be redeemed at our option, in whole or in part, at any

time and from time to time on or after June 15, 2026, prior to their stated maturity, at a redemption price equal to their principal

amount plus any accrued and unpaid interest to, but excluding, the date of redemption. If interest due on the Subordinated Notes

is deemed to no longer be deductible in the U.S., a “Tax Redemption Event,” the Subordinated Notes may be redeemed, in

whole, but not in part, within 120 days of the occurrence of such event at a redemption price equal to their principal amount

plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Subordinated Notes may be

redeemed, in whole, but not in part, at any time prior to May 15, 2026, within 90 days of the rating agencies determining that

the Subordinated Notes should no longer receive partial equity treatment pursuant to the rating agency’s criteria, a “rating

agency event,” at a redemption price equal to 102% of their principal amount plus any accrued and unpaid interest to, but

excluding, the date of redemption.

Obligations of CLOs. Loans payable of the Consolidated Funds primarily comprise amounts due to holders of debt

securities issued by the CLOs. We are not liable for any loans payable of the CLOs. Loans payable of the CLOs are

collateralized by the assets held by the CLOs and the assets of one CLO may not be used to satisfy the liabilities of another.

This collateral consists of cash and cash equivalents, corporate loans, corporate bonds and other securities.

Realized Performance Allocation Revenues. Another source of liquidity we may use to meet our capital needs is the

realized performance allocation revenues generated by our investment funds. Performance allocations are generally realized

when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return.

For certain funds, performance allocations are realized once all invested capital and expenses have been returned to the fund’s

investors and the fund’s cumulative returns are in excess of the preferred return. Incentive fees earned on our CLO vehicles

generally are paid upon the dissolution of such vehicles.

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Our accrued performance allocations by segment as of March 31, 2025, gross and net of accrued giveback obligations,

are set forth below:

	Accrued Performance Allocations(1)		Accrued Giveback Obligation		Net Accrued Performance Revenues
	(Dollars in millions)
Global Private Equity	$4,723.5		$(19.1)		$4,704.4
Global Credit	589.8		(25.5)		564.3
Carlyle AlpInvest	1,672.5		—		1,672.5
Total	$6,985.8		$(44.6)		$6,941.2
Plus:  Accrued performance allocations from NGP Carry Funds(2)					441.4
Less:  Accrued performance allocation-related compensation					(4,727.2)
Plus:  Receivable for giveback obligations from current and former employees					11.5
Less:  Deferred taxes on certain foreign accrued performance allocations					(19.3)
Less/Plus:  Net accrued performance allocations/giveback obligations attributable to non-controlling interests in consolidated entities					(0.4)
Plus:  Net accrued performance allocations attributable to Consolidated Funds, eliminated in consolidation					10.7
Net accrued performance revenues before timing differences					2,657.9
Less/Plus:  Timing differences between the period when accrued performance allocations/giveback obligations are realized and the period they are collected/distributed					29.9
Net accrued performance revenues attributable to The Carlyle Group Inc.					$2,687.8

(1)Accrued incentive fees are excluded from net accrued performance revenues.

(2)Accrued performance allocations from NGP funds are presented as principal equity method investments in the condensed

consolidated balance sheets.

The net accrued performance revenues attributable to The Carlyle Group Inc., excluding realized amounts, related to our

carry funds and our other vehicles as of March 31, 2025, as well as the carry fund appreciation (depreciation), is set forth below

by segment (Dollars in millions):

	Carry Fund Appreciation/(Depreciation)(1)								Net Accrued Performance Revenues
	Quarter-to-Date				Last Twelve Months
	Q1 2024		Q1 2025		Q1 2024		Q1 2025
Overall Carry Fund Appreciation/(Depreciation)	2%		2%		7%		8%
Global Private Equity:	1%		2%		5%		8%		$1,902.2
Corporate Private Equity	—%		2%		4%		9%		1,454.8
Real Estate	1%		1%		—%		5%		122.2
Infrastructure & Natural Resources	2%		3%		10%		9%		325.2
Global Credit Carry Funds	2%		4%		12%		14%		216.7
Carlyle AlpInvest Carry Funds	5%		1%		10%		5%		568.9
Net Accrued Performance Revenues									$2,687.8

(1)Appreciation/(Depreciation) represents unrealized gain/(loss) for the period on a total return basis before fees and expenses. The

percentage of return is calculated as: ending remaining investment fair market value plus net investment outflow (sales proceeds

minus net purchases) minus beginning remaining investment fair market value divided by beginning remaining investment fair

market value. Amounts are fund only, and do not include coinvestments.

Realized Principal Investment Income. Another source of liquidity we may use to meet our capital needs is the realized

principal investment income generated by our equity method investments and other principal investments. Principal investment

income is realized when we redeem all or a portion of our investment or when we receive or are due cash income, such as

dividends or distributions. Certain of the investments attributable to The Carlyle Group Inc. (excluding certain general partner

interests, certain strategic investments, and investments in certain CLOs) may be sold at our discretion as a source of liquidity.

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Investments as of March 31, 2025 consist of the following:

	Investments in Carlyle Funds		Investments in NGP(1)		Total
	(Dollars in millions)
Investments, excluding performance allocations	$3,037.0		$717.1		$3,754.1
Less: Amounts attributable to non-controlling interests in consolidated entities	(366.7)		—		(366.7)
Plus: Investments in Consolidated Funds, eliminated in consolidation	580.9		—		580.9
Less: Strategic equity method investments in NGP Management	—		(275.7)		(275.7)
Less: Investment in NGP general partners - accrued performance allocations	—		(441.4)		(441.4)
Total investments attributable to The Carlyle Group Inc.	$3,251.2		$—		$3,251.2

(1)Strategic equity method investment in NGP Management and investments in NGP general partners - accrued performance allocations.

See Note 4, Investments, to our condensed consolidated financial statements.

Our investments as of March 31, 2025 can be further attributed as follows (Dollars in millions):

Investments in Carlyle Funds, excluding CLOs:
Global Private Equity funds(1)	$1,170.5
Global Credit funds(2)	1,324.6
Carlyle AlpInvest funds	306.4
Total investments in Carlyle Funds, excluding CLOs	2,801.5
Investments in CLOs	383.2
Other investments	66.5
Total investments attributable to The Carlyle Group Inc.	3,251.2
CLO loans and other borrowings collateralized by investments attributable to The Carlyle Group Inc.(3)	(283.1)
Total investments attributable to The Carlyle Group Inc., net of CLO loans and other borrowings	$2,968.1

(1)Excludes our strategic equity method investment in NGP Management and investments in NGP general partners - accrued

performance allocations.

(2)Includes the Company’s indirect investment in Fortitude through Carlyle FRL, a Carlyle-affiliated investment fund, as discussed in

Note 4, Investments, to the condensed consolidated financial statements. This investment had a carrying value of $737.4 million as

of March 31, 2025.

(3)Of the $300.4 million in total CLO borrowings as of March 31, 2025 and as disclosed in Note 6, Borrowings, to the condensed

consolidated financial statements, $283.1 million are collateralized by investments attributable to The Carlyle Group Inc. The

remaining $17.3 million in total CLO borrowings are collateralized by investments attributable to non-controlling interests.

Our Liquidity Needs

We generally use our working capital and cash flows to invest in growth initiatives, service our debt, fund the working

capital needs of our business and investment funds and return capital to our common stockholders in the form of dividends or

stock repurchases.

In the future, we expect that our primary liquidity needs will be to: 

•provide capital to facilitate the growth of our existing business lines;

•provide capital to facilitate our expansion into new, complementary business lines, including acquisitions;

•pay operating expenses, including compensation and compliance costs and other obligations as they arise;

•fund costs of litigation and contingencies, including related legal costs;

•fund the capital investments of Carlyle in our funds;

•fund capital expenditures;

•repay borrowings and related interest costs and expenses;

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•pay earn-outs and contingent cash consideration associated with our acquisitions and strategic investments;

•pay income taxes, including corporate income taxes;

•pay dividends to our common stockholders in accordance with our dividend policy;

•repurchase our common stock and pay any associated taxes; and

•settle tax withholding obligations in connection with net share settlements of equity-based awards.

Common Stockholder Dividends. Under our dividend policy for our common stock, our intention is to pay dividends to

holders of our common stock in an amount of $0.35 per common share on a quarterly basis ($1.40 annually). For U.S. federal

income tax purposes, any dividends we pay generally will be treated as qualified dividend income (generally taxable to U.S.

individual stockholders at capital gain rates) paid by a domestic corporation to the extent paid out of our current or accumulated

earnings and profits, as determined for U.S. federal income tax purposes, with any excess dividends treated as return of capital

to the extent of the stockholder’s basis. The declaration and payment of dividends to holders of our common stock will be at the

sole discretion of our Board of Directors and in compliance with applicable law, and our dividend policy may be changed at any

time.

With respect to dividend year 2025, the Board of Directors has declared a dividend to common stockholders totaling

$126.4 million, or $0.35 per share, consisting of the following:

Common Stock Dividends - Dividend Year 2025
Quarter	Dividend per Common Share		Dividend to Common Stockholders	Record Date	Payment Date
(Dollars in millions, except per share data)
Q1 2025	$0.35		$126.4	May 19, 2025	May 27, 2025
Total	$0.35		$126.4

With respect to dividend year 2024, the Board of Directors declared cumulative dividends to common stockholders

totaling $502.7 million, consisting of the following:

Common Stock Dividends - Dividend Year 2024
Quarter	Dividend per Common Share		Dividend to Common Stockholders	Record Date	Payment Date
(Dollars in millions, except per share data)
Q1 2024	$0.35		$125.6	May 14, 2024	May 21, 2024
Q2 2024	0.35		125.5	August 16, 2024	August 26, 2024
Q3 2024	0.35		125.2	November 18, 2024	November 25, 2024
Q4 2024	0.35		126.4	February 21, 2025	February 28, 2025
Total	$1.40		$502.7

Dividends to common stockholders paid during the three months ended March 31, 2025 totaled $126.4 million, including

the amount paid in February 2025 of $0.35 per common share in respect of the fourth quarter of 2024. Dividends to common

stockholders paid during the three months ended March 31, 2024 totaled $126.7 million, including the amount paid in March

2024 of $0.35 per common share in respect of the fourth quarter of 2023.

Fund Commitments. Generally, 3% – 5% of all capital commitments to our investment funds are made by Carlyle, our

senior Carlyle professionals, advisors, and other professionals. Carlyle will generally commit up to 1% of capital commitments

related to our carry funds, although we may elect to invest additional amounts in funds focused on new investment areas. We

may, from time to time, exercise our right to purchase additional interests in our investment funds that become available in the

ordinary course of their operations. We expect our senior Carlyle professionals and employees to continue to make significant

capital contributions to our funds based on their existing commitments, and to make capital commitments to future funds

consistent with the level of their historical commitments. We also intend to make investments in our open-end funds and our

CLO vehicles. Our investments in our European CLO vehicles will comply with the risk retention rules as discussed in “Risk

Retention Rules” later in this section.

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A substantial majority of the remaining commitments to our investment funds are expected to be funded by senior Carlyle

professionals, operating executives, and other professionals through our internal co-investment program. Of the $4.1 billion of

unfunded commitments as of March 31, 2025, approximately $3.4 billion is subscribed individually by senior Carlyle

professionals, operating executives, and other professionals, with the balance funded directly by the Company. Approximately

76% of the $4.1 billion of unfunded commitments relate to investment funds in our Global Private Equity segment.

Under the Carlyle Global Capital Markets platform, certain of our subsidiaries may act as an underwriter, syndicator or

placement agent for security offerings and loan originations. We earn fees in connection with these activities and bear the risk

of the sale of such securities and placement of such loans, which may be longer dated. As of March 31, 2025, there were no

material commitments related to the origination and syndication of loans and securities under the Carlyle Global Capital

Markets platform.

Repurchase Program. During the three months ended March 31, 2025, we paid an aggregate of $25.0 million to

repurchase and retire approximately 0.5 million shares of common stock. In addition, during the three months ended March 31,

2025, we paid an aggregate of $151.5 million and retired 2.8 million shares of common stock to settle tax withholding

obligations in connection with net share settlements of equity-based awards, for a total of $176.5 million shares repurchased or

withheld this year. As of March 31, 2025, $0.7 billion of repurchase capacity remained under the share repurchase program,

which reflects the cost of common shares repurchased as well as shares settled for tax withholding payments made by the

Company related to the net share settlement of equity-based awards. For further information on our repurchase program, see

Note 13, Equity, to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Cash Flows

The significant captions and amounts from our condensed consolidated statements of cash flows, which include the

effects of our Consolidated Funds and CLOs in accordance with U.S. GAAP, are summarized below.

	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Statements of Cash Flows Data
Net cash (used in) provided by operating activities	$(352.1)		$71.1
Net cash used in investing activities	(16.7)		(14.2)
Net cash provided by (used in) financing activities	296.6		(216.7)
Effect of foreign exchange rate changes	5.0		(4.4)
Net change in cash, cash equivalents and restricted cash	$(67.2)		$(164.2)

Net cash (used in) provided by operating activities. Net cash (used in) provided by operating activities includes the

investment activity of our Consolidated Funds. Excluding this activity, net cash used in operating activities was primarily

driven by our earnings in the respective periods after adjusting for significant non-cash activity, including non-cash

performance allocations and incentive fees, the related non-cash performance allocations and incentive fee related

compensation, non-cash equity-based compensation, and depreciation, amortization and impairments, all of which are included

in earnings. Operating cash inflows primarily include the receipt of management fees, realized performance allocations and

incentive fees, while operating cash outflows primarily include payments for operating expenses, including compensation and

general, administrative and other expenses.

Cash flows provided by operating activities during the three months ended March 31, 2025 and 2024, excluding the

activities of our Consolidated Funds, were $164.2 million and $114.2 million, respectively. During the three months ended

March 31, 2025 and 2024, cash inflows impacting net cash provided by operating activities primarily included the receipt of

management fees and realized performance allocations and incentive fees, totaling approximately $1.2 billion and $1.2 billion,

respectively. These inflows were offset by payments for compensation and general, administrative and other expenses of

approximately $1.0 billion and $1.0 billion for the three months ended March 31, 2025 and 2024, respectively, which includes

payment of 2024 and 2023 year-end bonuses paid in January 2025 and 2024, respectively.

Cash used to purchase investments, as well as the proceeds from the sale of such investments, are also reflected in our

operating activities as investments are a normal part of our operating activities. During the three months ended March 31, 2025,

investment proceeds were $144.8 million as compared to investment purchases of $78.3 million. During the three months ended

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March 31, 2024, investment proceeds were $102.1 million as compared to investment purchases of $145.1 million, which

included a $115.1 million deferred consideration payment related to our investment in Fortitude.

The net cash provided by operating activities for the three months ended March 31, 2025 and 2024 also reflects the

investment activity of our Consolidated Funds. For the three months ended March 31, 2025, purchases of investments by the

Consolidated Funds were $2.4 billion, while proceeds from the sales and settlements of investments by the Consolidated Funds

were $1.4 billion. For the three months ended March 31, 2024, purchases of investments by the Consolidated Funds were $1.5

billion, while proceeds from the sales and settlements of investments by the Consolidated Funds were $1.3 billion.

Net cash used in investing activities. Our investing activities generally reflect cash used for fixed assets, software for

internal use, and corporate treasury investments. For the three months ended March 31, 2025 and 2024, cash used in investing

activities principally reflects purchases of fixed assets of $16.7 million and $14.2 million, respectively.

Net cash provided by (used in) financing activities. Net cash provided by (used in) financing activities during the three

months ended March 31, 2025 and 2024, excluding the activities of our Consolidated Funds, was $219.3 million and $259.2

million, respectively. Dividends paid to our common stockholders were $126.4 million and $126.7 million for the three months

ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025 and 2024, we paid $176.5 million

and $150.0 million, respectively, to repurchase and retire 3.3 million and 3.3 million shares, respectively, which included shares

retired in connection with the net share settlement of equity-based awards. During the three months ended March 31, 2024, we

paid $68.8 million in January 2024, representing the final annual installment of the deferred consideration payable to former

Carlyle Holdings unitholders in connection with the Conversion. For more information, see Note 9 to the consolidated financial

statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The net borrowings (payments) on loans payable by our Consolidated Funds during the three months ended March 31,

2025 and 2024 were $559.4 million and $45.3 million, respectively. Contributions from non-controlling interest holders were

$163.0 million and $64.7 million for the three months ended March 31, 2025 and 2024, respectively, which relate primarily to

contributions from the non-controlling interest holders in Consolidated Funds. For the three months ended March 31, 2025 and

2024, distributions to non-controlling interest holders were $164.2 million and $19.0 million, respectively, which relate

primarily to distributions to the non-controlling interest holders in Consolidated Funds.

Our Balance Sheet

Total assets were $24.1 billion at March 31, 2025, an increase of $1.0 billion compared to December 31, 2024, primarily

attributable to an increase in Investments in Consolidated Funds of $1.5 billion, partially offset by a decrease in Cash and cash

equivalents held at Consolidated Funds of $0.3 billion and a decrease in Investments, including performance allocations of $0.2

billion. The decrease in Investments, including performance allocations was primarily due to a decrease in Accrued

performance allocations related to accrued carry reversals in CAP V and carry realizations in CPP II, partially offset by the

impact of appreciation in CP VII.

Total liabilities were $17.7 billion at March 31, 2025, an increase of $1.0 billion from December 31, 2024. The increase

in liabilities was primarily attributable to an increase in Loans payable of Consolidated Funds of $0.9 billion and an increase in

Deferred revenue of $0.3 billion, partially offset by a decrease in Accrued compensation and benefits of $0.4 billion. The

increase in Deferred revenue was driven by the receipt of management fees not yet recognized. The decrease in Accrued

compensation and benefits was primarily due to payments of year-end bonuses, as well as a decrease in Accrued performance

allocations, on which Accrued performance allocations and incentive fee related compensation is based.

The assets and liabilities of the Consolidated Funds are generally held within separate legal entities and, as a result, the

assets of the Consolidated Funds are not available to meet our liquidity requirements and similarly the liabilities of the

Consolidated Funds are non-recourse to us. In addition, as previously discussed, the CLO term loans generally are secured by

the Company’s investment in the CLO, have a general unsecured interest in the Carlyle entity that manages the CLO, and do

not have recourse to any other Carlyle entity.

Our balance sheet without the effect of the Consolidated Funds can be seen in Note 17, Supplemental Financial

Information, to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. At March 31,

2025, our total assets without the effect of the Consolidated Funds were $14.9 billion, including cash and cash equivalents of

$1.2 billion and net accrued performance revenues of $2.7 billion.

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Unconsolidated Entities

Certain of our funds have entered into lines of credit secured by their investors’ unpaid capital commitments or by a

pledge of the equity of the underlying investment. These lines of credit are used primarily to reduce the overall number of

capital calls to investors or for working capital needs. In certain instances, however, they may be used for other investment

related activities, including serving as bridge financing for investments. The degree of leverage employed varies among our

funds.

Off-balance Sheet Arrangements

In the normal course of business, we enter into various off-balance sheet arrangements including sponsoring and owning

limited or general partner interests in consolidated and non-consolidated funds, entering into derivative transactions, and

entering into guarantee arrangements. We also have ongoing capital commitment arrangements with certain of our consolidated

and non-consolidated funds. We do not have any other off-balance sheet arrangements that would require us to fund losses or

guarantee target returns to investors in any of our other investment funds.

For further information regarding our off-balance sheet arrangements, see Note 2, Summary of Significant Accounting

Policies, and Note 8, Commitments and Contingencies, to the condensed consolidated financial statements included in this

Quarterly Report on Form 10-Q.

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Contractual Obligations

The following table sets forth information relating to our contractual obligations as of March 31, 2025 on a consolidated

basis and on a basis excluding the obligations of the Consolidated Funds:

	Apr. 1, 2025 to Dec. 31, 2025		2026-2027		2028-2029		Thereafter		Total
	(Dollars in millions)
Debt obligations(1)	$11.5		$102.9		$509.3		$1,560.4		$2,184.1
Interest payable(2)	81.3		211.5		198.8		1,559.2		2,050.8
Other consideration(3)	2.5		36.0		18.0		—		56.5
Operating lease obligations(4)	55.4		147.8		145.1		254.6		602.9
Capital commitments to Carlyle funds(5)	4,152.0		—		—		—		4,152.0
Tax receivable agreement payments(6)	—		12.3		11.6		47.7		71.6
Loans payable of Consolidated Funds(7)	293.3		778.5		779.6		9,286.6		11,138.0
Unfunded commitments of the CLOs(8)	15.5		—		—		—		15.5
Consolidated contractual obligations	4,611.5		1,289.0		1,662.4		12,708.5		20,271.4
Loans payable of Consolidated Funds(7)	(293.3)		(778.5)		(779.6)		(9,286.6)		(11,138.0)
Capital commitments to Carlyle funds(5)	(3,436.4)		—		—		—		(3,436.4)
Unfunded commitments of the CLOs(8)	(15.5)		—		—		—		(15.5)
Carlyle Operating Entities contractual obligations	$866.3		$510.5		$882.8		$3,421.9		$5,681.5

(1)The table above assumes that no prepayments are made on the senior and subordinated notes and that the outstanding balances, if any, on the senior

credit facility and Global Credit Revolving Credit Facility are repaid on the maturity dates of credit facilities. The CLO term loans are included in the

table above based on the earlier of the stated maturity date or the date the CLO is expected to be dissolved. See Note 6, Borrowings, to the condensed

consolidated financial statements for the various maturity dates of our borrowings.

(2)The interest rates on the debt obligations as of March 31, 2025 consist of: 3.500% on $425.0 million of senior notes, 5.650% on $350.0 million of

senior notes, 5.625% on $600.0 million of senior notes, 4.625% on $500.0 million of subordinated notes, and a range of approximately 3.98% to

10.61% for our CLO term loans. Interest payments assume that no prepayments are made and loans are held until maturity with the exception of the

CLO term loans, which are based on the earlier of the stated maturity date or the date the CLO is expected to be dissolved.

(3)These obligations represent our estimate of amounts to be paid on the contingent cash obligations associated with our acquisition of Abingworth. The

payment obligations are unsecured obligations of the Company or a subsidiary thereof, subordinated in right of payment to indebtedness of the

Company and its subsidiaries, and do not bear interest.

(4)We lease office space in various countries around the world, including our largest offices in Washington, D.C., New York City, London, Amsterdam,

and Hong Kong, which have non-cancelable lease agreements expiring in various years through 2036. The amounts in this table represent the minimum

lease payments required over the term of the lease.

(5)These obligations generally represent commitments by us to fund a portion of the purchase price paid for each investment made by our funds. These

amounts are generally due on demand and are therefore presented in the less than one year category. A substantial majority of these investments is

expected to be funded by senior Carlyle professionals and other professionals through our internal co-investment program. Of the $4.1 billion of

unfunded commitments to the funds, approximately $3.4 billion is subscribed individually by senior Carlyle professionals, advisors and other

professionals, with the balance funded directly by the Company. Additionally, these obligations include accrued giveback that has been realized but not

yet paid to the respective funds, a portion of which is payable by current and former senior Carlyle professionals.

(6)In connection with our initial public offering, we entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships

whereby we agreed to pay such limited partners 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax realized as a

result of increases in tax basis resulting from exchanges of Carlyle Holdings partnership units for common units of The Carlyle Group L.P. From and

after the consummation of the Conversion, former holders of Carlyle Holdings partnership units do not have any rights to payments under the tax

receivable agreement except for payment obligations pre-existing at the time of the Conversion with respect to exchanges that occurred prior to the

Conversion. These obligations are more than offset by the future cash tax savings that we are expected to realize.

(7)These obligations represent amounts due to holders of debt securities issued by the consolidated CLO vehicles. These obligations include interest to be

paid on debt securities issued by the consolidated CLO vehicles. Interest payments assume that no prepayments are made and loans are held until

maturity. For debt securities with rights only to the residual value of the CLO and no stated interest, no interest payments were included in this

calculation. Interest payments on variable-rate debt securities are based on interest rates in effect as of March 31, 2025, at spreads to market rates

pursuant to the debt agreements, and range from 1.65% to 11.84%.

(8)These obligations represent commitments of the CLOs to fund certain investments. These amounts are generally due on demand and are therefore

presented in the less than one year category.

Excluded from the table above are liabilities for uncertain tax positions of $36.8 million at March 31, 2025 as we are

unable to estimate when such amounts may be paid.

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Contingent Cash Payments For Business Acquisitions and Strategic Investments

We have certain contingent cash obligations associated with our acquisition of Abingworth, which are accounted for as

compensation expense, and are accrued over the service period. If earned, payments are made in the quarter following the

performance year to which the payments relate. The contingent cash obligations relate to future incentive payments of up to

$130.0 million that are payable upon the achievement of certain performance targets during 2025 through 2028, which is the

maximum amount that could be paid as of March 31, 2025. Through March 31, 2025, we paid $2.7 million related to these

contingent obligations.

In connection with our acquisition of Carlyle Aviation Partners, we had contingent cash payments related to an earn-out

of up to $150.0 million that were payable upon the achievement of certain revenue and earnings performance targets during

2020 through 2025. We previously entered into a termination and settlement agreement with respect to the earn-out and made a

final payment of $1.0 million during the three months ended March 31, 2025 for total earn-out payments of $124.7 million.

Risk Retention Rules

We will continue to comply with the risk retention rules governing CLOs issued in Europe for which we are a sponsor,

which require a combination of capital from our balance sheet, commitments from senior Carlyle professionals and/or third-

party financing.

Guarantees

See Note 8, Commitments and Contingencies, to the condensed consolidated financial statements included in this

Quarterly Report on Form 10-Q for information related to all of our material guarantees.

Indemnifications

In many of our service contracts, we agree to indemnify the third-party service provider under certain circumstances. The

terms of the indemnities vary from contract to contract, and the amount of indemnification liability, if any, cannot be

determined and has not been included in the table above or recorded in our condensed consolidated financial statements as of

March 31, 2025. See Note 8, Commitments and Contingencies, to the condensed consolidated financial statements included in

this Quarterly Report on Form 10-Q for information related to indemnifications.

Contingent Obligations (Giveback)

Carried interest is ultimately realized when: (1) an underlying investment is profitably disposed of, (2) certain costs borne

by the limited partner investors have been reimbursed, (3) the fund’s cumulative returns are in excess of the preferred return,

and (4) we have decided to collect carry rather than return additional capital to limited partner investors. Realized carried

interest may be required to be returned by us in future periods if the fund’s investment values decline below certain levels.

When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized

performance allocations are reversed. See Note 8, Commitments and Contingencies, to the condensed consolidated financial

statements included in this Quarterly Report on Form 10-Q for additional information related to our contingent obligations

(giveback).

Other Contingencies

In the ordinary course of business, we are a party to litigation, investigations, inquiries, employment-related matters,

disputes and other potential claims. We discuss certain of these matters in Note 8, Commitments and Contingencies, to the

condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

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Carlyle Common Stock

A rollforward of our common stock outstanding for the three months ended March 31, 2025 is as follows:

	Three Months Ended March 31,
	2025
Balance, beginning of period	357,183,632
Shares issued	4,191,832
Shares repurchased/retired	(493,781)
Balance, end of period	360,881,683

Shares of The Carlyle Group Inc. common stock issued during the period from December 31, 2024 through March 31,

2025 relate to the vesting of the Company’s restricted stock units. Shares of The Carlyle Group Inc. common stock repurchased

during the three months ended March 31, 2025 relate to shares repurchased and subsequently retired as part of our share

repurchase programs. Shares of The Carlyle Group Inc. common stock issued and repurchased/retired during the period from

December 31, 2024 through March 31, 2025 do not include shares retired as part of the net share settlement of equity-based

awards.

The total shares as of March 31, 2025 as shown above exclude approximately 0.3 million net common shares in

connection with the vesting of restricted stock units subsequent to March 31, 2025 that will participate in the common

shareholder dividend that will be paid on May 27, 2025.

Critical Accounting Policies and Estimates

The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires our

management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses,

and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information,

information currently available to us and on various other assumptions management believes to be reasonable under the

circumstances. Actual results could vary from those estimates and we may change our estimates and assumptions in future

evaluations. Changes in these estimates and assumptions may have a material effect on our results of operations and financial

condition.

Other than the Restructuring as discussed in Note 4, Investments, which resulted in the impairment of our investment in

NGP, there have been no material changes in the critical accounting estimates since those discussed in our Annual Report on

Form 10-K for the year ended December 31, 2024.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

Our primary exposure to market risk is related to our role as general partner or investment advisor to our investment

funds and the sensitivities to movements in the fair value of their investments, including the effect on management fees,

incentive fees and investment income, including performance allocations. Although our investment funds share many common

themes, each of our asset management asset classes runs its own investment and risk management processes, subject to our

overall risk tolerance and philosophy. The investment process of our investment funds involves a comprehensive due diligence

approach, including review of reputation of shareholders and management, company size and sensitivity of cash flow

generation, business sector and competitive risks, portfolio fit, exit risks and other key factors highlighted by the deal team. Key

investment decisions are generally subject to approval by both the fund-level managing directors, as well as the investment

committee, which generally comprised one or more of the three founding partners, one or more operating executives and/or

senior investment professionals associated with that particular fund. Once an investment in a portfolio company has been made,

our fund teams closely monitor the performance of the portfolio company, generally through frequent contact with management

and the receipt of financial and management reports.

There was no material change in our market risks during the three months ended March 31, 2025. For additional

information, refer to our Annual Report on Form 10-K for the year ended December 31, 2024.

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Item 4.Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the

Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be

disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods

specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management,

including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding

required disclosures. In designing disclosure controls and procedures, our management necessarily was required to apply its

judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any

disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and

there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any

controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of

achieving the desired control objectives.

Our management, with the participation of our principal executive officer and principal financial officer, has evaluated

the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by

this report. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial

officer concluded that, as of the end of the period covered by this report, the design and operation of our disclosure controls and

procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f)

under the Exchange Act) during the fiscal quarter ended March 31, 2025 that have materially affected, or that are reasonably

likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

The information required with respect to this item can be found under “Legal Matters” in Note 8, Commitments and

Contingencies, of the notes to the Company’s condensed consolidated financial statements contained in this Quarterly Report

on Form 10-Q, and such information is incorporated by reference into this Item 1.

Item 1A.  Risk Factors

For a discussion of our potential risks and uncertainties, see the information under Item 1A. “Risk Factors” in our Annual

Report on Form 10-K for the year ended December 31, 2024.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table sets forth repurchases of our common stock during the three months ended March 31, 2025 for the

periods indicated. During the three months ended March 31, 2025, 0.5 million shares were repurchased. In addition, 2.8 million

shares were retired in connection with the net share settlement of equity-based awards, which are not included in the table

below.

Period	(a) Total number of shares purchased	(b) Average price paid per share	(c) Total number of shares purchased as part of publicly announced plans or programs	(d) Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs (3)
	(Dollars in millions, except share and per share data)
January 1, 2025 to January 31, 2025 (1)	—	$—	—	$1,004.4
February 1, 2025 to February 28, 2025 (1)(2)	485,925	$50.68	485,925	$979.7
March 1, 2025 to March 31, 2025 (1)(2)	7,856	$48.96	7,856	$979.3
Total	493,781		493,781

(1)The Board of Directors reset the total repurchase authorization of our previously approved share repurchase program to $1.4 billion

in shares of our common stock, effective as of February 6, 2024. Under the share repurchase program, shares of our common stock

may be repurchased from time to time in open market transactions, in privately negotiated transactions, or otherwise, including

through Rule 10b5-1 plans. The timing and actual number of shares of common stock repurchased will depend on a variety of

factors, including legal requirements and price, economic, and market conditions. In addition to the repurchase of common stock,

the repurchase program is used for the payment of tax withholding amounts upon net share settlement of equity-based awards

granted pursuant to our Equity Incentive Plan or otherwise based on the value of shares withheld that would have otherwise been

issued to the award holder. The repurchase program may be suspended or discontinued at any time and does not have a specified

expiration date.

(2)Reflects shares purchased in open market and brokered transactions, which were subsequently retired.

(3)The remaining repurchase authorization was $675.6 million as of March 31, 2025 when factoring in the net share settlement of

equity-based awards.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

The following is a list of all exhibits filed or furnished as part of this report: 

Exhibit No.	Description
3.1	Amended and Restated Certificate of Incorporation of The Carlyle Group Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 2, 2023).
3.2	Bylaws of The Carlyle Group Inc. (incorporated by reference to Exhibit 3.3 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 2, 2020).
10.1*+	Form of Global Restricted Stock Unit Agreement for Time-Based Awards.
10.2*+	Form of Global Restricted Stock Unit Agreement for Bonus Deferral Awards.
10.3*+	Form of Global Performance-Based Restricted Stock Unit Agreement for Stock Price Appreciation PSU Award Program Awards.
22*	Senior and Subordinated Notes, Issuers, and Guarantors.
31.1*	Certification of the principal executive officer pursuant to Rule 13a – 14(a).
31.2*	Certification of the principal financial officer pursuant to Rule 13a – 14(a).
32.1**	Certification of the principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of the principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	The cover page from The Carlyle Group Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL (included within the Exhibit 101 attachments).

*	Filed herewith.
**	Furnished herewith.
+	Management contract or compensatory plan or arrangement in which directors and/or executive officers are eligible to participate.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or

other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely

on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents

were made solely within the specific context of the relevant agreement or document and may not describe the actual state of

affairs as of the date they were made or at any other time.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be

signed on its behalf by the undersigned thereunto duly authorized.

		The Carlyle Group Inc.
Date: May 9, 2025		By:		/s/ John C. Redett
		Name:		John C. Redett
		Title:		Chief Financial Officer
				(Principal Financial Officer and Authorized Officer)