SEC EDGAR · 10-K
10-K – 2026-02-27 – cg-20251231.htm
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Omsättning
- business in many ways, including by reducing the value or performance of the investments made by our investment funds | and reducing the ability of our investment funds to raise capital, any of which could materially reduce our revenue, | earnings, and cash flow and adversely affect our financial prospects and condition.
- • Our use of leverage may expose us to substantial risks. | • Our revenue, earnings, net income, and cash flow can all vary materially, which may make it difficult for us to achieve | steady earnings growth on a quarterly basis and may cause the price of our common stock to decline.
- • The asset management business is intensely competitive. | • Poor performance of our investment funds would cause a decline in our revenue, income, and cash flow, may obligate us to | repay carried interest previously paid to us, and could adversely affect our ability to raise capital for future funds.
- third-party investors on attractive fee terms, or at all, would impact our ability to collect management fees or deploy such | capital into investments and potentially collect carried interest, which would materially reduce our revenue and cash flow | and adversely affect our financial condition.
- 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.
- creation or destruction catalysts. Inherent in all stages of credit evaluation is a determination of the likelihood of | potential catalysts emerging, such as corporate reorganizations, recapitalizations, asset sales, changes in a | company’s liquidity and mergers and acquisitions.
- lower return thresholds, which could allow them to consider a wider range of investments and to bid more aggressively than us | for investments. Strategic buyers also may be able to achieve synergistic cost savings or revenue enhancements with respect to | a targeted portfolio company, which we may not be able to achieve through our own portfolio, and this may provide them with
- MiFID and AIFMD), comprehensively regulate the provision of most aspects of our asset management and advisory business in | the UK, including sales, research and trading practices, provision of investment advice, corporate finance, dealing, use and | safekeeping of client funds and securities, record keeping, margin practices and procedures, anti-money laundering, periodic
EBITDA
- primarily in middle market first-lien loans (which include unitranche, “first out” and “last out” loans) and second- | lien loans of middle-market companies, typically defined as companies with annual EBITDA ranging from $25 | million to $100 million, that lack access to the broadly syndicated loan and bond markets. As of December 31,
- credit exposures to a borrower should be regarded as leveraged transactions if: (i) the borrower’s post-financing level of | leverage exceeds a total debt to EBITDA ratio of 4.0 times, or (ii) the borrower is owned by one or more “financial sponsors.” | For these purposes, a financial sponsor is an investment firm that undertakes private equity investments in and/or leveraged
- options and warrants. Fair values of such investments are determined by reference to the market approach (i.e., multiplying a | key performance metric of the investee company or asset, such as EBITDA, by a relevant valuation multiple observed in the | range of comparable public entities or transactions, adjusted by management as appropriate for differences between the
- level in at least a decade in 2025, as buyout purchase multiples in the United States fell to 11.2x earnings before interest, taxes, | depreciation, and amortization (“EBITDA”), while public market valuations rose to 17.7x EBITDA, about half a turn below | their 2021 peak of 18.2x EBITDA. Importantly, this valuation differential is not a reflection of underlying performance. Every
- depreciation, and amortization (“EBITDA”), while public market valuations rose to 17.7x EBITDA, about half a turn below | their 2021 peak of 18.2x EBITDA. Importantly, this valuation differential is not a reflection of underlying performance. Every | year since 2019, including the twelve months ended September 30, 2025, which represents the most recent private markets data,
- year since 2019, including the twelve months ended September 30, 2025, which represents the most recent private markets data, | the median buyout company has matched or beaten the revenue and EBITDA growth rates of the median company in the S&P | 500.
- adjustments applied to the selected earnings before interest, taxes, depreciation and | amortization (EBITDA) multiple or discount rate derived from the comparable companies by | considering investee specific and relevant market information.
- 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
Rörelseresultat
- 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
- Other non-operating income
Periodens resultat
- • Our use of leverage may expose us to substantial risks. | • Our revenue, earnings, net income, and cash flow can all vary materially, which may make it difficult for us to achieve | steady earnings growth on a quarterly basis and may cause the price of our common stock to decline.
- capital markets, which could adversely affect investment and realization opportunities, lead to lower-yielding investments, | and potentially decrease our net income. | • Our funds make investments in companies that are based outside of the United States, which may expose us to additional
- Our revenue, earnings, net income, and cash flow can all vary materially, which may make it difficult for us to achieve | steady earnings growth on a quarterly basis and may cause the price of our common stock to decline.
- steady earnings growth on a quarterly basis and may cause the price of our common stock to decline. | Our revenue, earnings, net income, and cash flow can all vary materially due to our reliance on performance revenues. | We may experience fluctuations in our results, including our revenue and net income, from quarter to quarter due to a number
- Our revenue, earnings, net income, and cash flow can all vary materially due to our reliance on performance revenues. | We may experience fluctuations in our results, including our revenue and net income, from quarter to quarter due to a number | of other factors, including timing of realizations, changes in the valuations of our funds’ investments, changes in the amount of
- potential future giveback obligations. Any such delay could result in a deferral of realized carried interest to a subsequent | period. See “Risks Related to Our Company—Our revenue, earnings, net income, and cash flow can all vary materially, which | may make it difficult for us to achieve steady earnings growth on a quarterly basis and may cause the price of our common
- commitment to the fund or our firm ceases to control the general partner. The loss of the services of any such persons could | have a material adverse effect on our revenues, net income, and cash flows and could harm our ability to maintain or grow | AUM in existing funds or raise additional funds in the future. Our senior Carlyle professionals possess substantial experience
- capital markets, which could adversely affect investment and realization opportunities, lead to lower-yielding investments, | and potentially decrease our net income. | In 2022 and 2023, in light of increasing inflation, the U.S. Federal Reserve increased interest rates eleven times. Since
Resultat per aktie
- 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
- units. For the year ended December 31, 2023 , all such awards are antidilutive and excluded from the computation of diluted | earnings per share given the net loss attributable to common stockholders.
Kassaflöde
- and reducing the ability of our investment funds to raise capital, any of which could materially reduce our revenue, | earnings, and cash flow and adversely affect our financial prospects and condition. | • Our use of leverage may expose us to substantial risks.
- • Our use of leverage may expose us to substantial risks. | • Our revenue, earnings, net income, and cash flow can all vary materially, which may make it difficult for us to achieve | steady earnings growth on a quarterly basis and may cause the price of our common stock to decline.
- • The asset management business is intensely competitive. | • Poor performance of our investment funds would cause a decline in our revenue, income, and cash flow, may obligate us to | repay carried interest previously paid to us, and could adversely affect our ability to raise capital for future funds.
- third-party investors on attractive fee terms, or at all, would impact our ability to collect management fees or deploy such | capital into investments and potentially collect carried interest, which would materially reduce our revenue and cash flow | and adversely affect our financial condition.
- among other considerations, the reputation of a target company’s shareholders and management, the company’s or | asset’s size and sensitivity of cash flow generation, the business sector and competitive risks, the portfolio fit, exit | risks, and other key factors specific to a particular investment. In evaluating each deal, we consider what expertise
- typically target portfolio companies that have a demonstrated track record of profitability, market leadership in | their respective niche, predictable cash flow, a definable competitive advantage and products or services that are | value-added to their customer base.
- and reducing the ability of our investment funds to raise capital, any of which could materially reduce our revenue, | earnings, and cash flow and adversely affect our financial prospects and condition. | Our business and the businesses of the companies in which we invest are materially affected by conditions in the
- fund’s total returns. This could materially and adversely affect our ability to raise new funds as well as our operating results and | cash flow. During such periods of weakness, our funds’ portfolio companies also may have difficulty expanding their | businesses and operations or meeting their debt service obligations or other expenses as they become due, including expenses
Likvida medel
- (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; and | (g) the lower of cost or fair value of invested capital, generally for AlpInvest carry funds where the commitment fee
- (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
- financings. | Cash and cash equivalents. Cash and cash equivalents were approximately $2.0 billion at December 31, 2025 . | However, a portion of this cash is allocated for specific business purposes, including, but not limited to: (i) performance
- 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
- increase in total assets was primarily attributable to an increase in Investments in Consolidated Funds of $4.7 billion , primarily | due to the consolidation of six additional CLOs in 2025 compared to 2024, and an increase in Cash and cash equivalents of $0.7 | billion . Refer to “—Cash Flows” in Part II, Item 8 of this Annual Report on Form 10-K for details on the increase in Cash and
- Information , to the consolidated financial statements included in this Annual Report on Form 10-K. At December 31, 2025 , our | total assets without the effect of the Consolidated Funds were $16.5 billion , including cash and cash equivalents of $2.0 billion | and Investments, including accrued performance allocations, of $12.2 billion .
- Cash and cash equivalents
- Cash and cash equivalents held at Consolidated Funds
Nettoskuld
- crisis. However, these concerns overlook key attributes of the Japanese economy. Nominal per capita GDP has grown at an | annualized rate of nearly 3% over the past five years, and public net debt looks manageable, particularly when viewed through | the lens of substantial broader economy-wide savings. The normalization of rates appears to be more consistent with an
- Net cash provided by the Company’s operating activities
- Net cash used in the Consolidated Funds’ operating activities, after eliminations
- Net cash used in operating activities
- Net cash used in investing activities
- Net cash used in the Company’s financing activities
- Net cash provided by the Consolidated Funds’ financing activities, after eliminations
- Net cash provided by financing activities
Eget kapital
- may issue and sell in the future additional shares of common stock. The issuance of additional equity securities or securities | convertible into equity securities would also result in dilution of our existing shareholders’ equity interest. The issuance of the | additional shares of common stock, the sale of shares of common stock by our significant shareholders, and the vesting and sale
Antal aktier
- Risks Related to Our Common Stock | • The market price of our common stock may decline due to the large number of shares of stock eligible for future sale. | • Certain of our co-founders have the right to designate members of our Board of Directors.
- Risks Related to Our Common Stock | The market price of our common stock may decline due to the large number of shares of stock eligible for future sale. | The market price of our common stock may decline as a result of sales of a large number of shares of common stock in
- The market price of our common stock may decline due to the large number of shares of stock eligible for future sale. | The market price of our common stock may decline as a result of sales of a large number of shares of common stock in | the market in the future or the perception that such sales could occur. These sales, or the possibility that these sales may occur,
- to him outside of the Equity Incentive Plan in connection with his hiring. Under our Equity Incentive Plan, we had 11.3 million | unvested restricted stock units outstanding as of December 31, 2025 . As of December 31, 2025 , the total number of shares of | common stock available for grant under the amended and restated Equity Incentive Plan was 23.4 million and, following the
- common stock available for grant under the amended and restated Equity Incentive Plan was 23.4 million and, following the | grant of awards in February 2026, the total number of shares of common stock available for grant under the amended and | restated Equity Incentive Plan was 17.6 million . A further increase in the number of shares available for grant under the Equity
- grant of awards in February 2026, the total number of shares of common stock available for grant under the amended and | restated Equity Incentive Plan was 17.6 million . A further increase in the number of shares available for grant under the Equity | Incentive Plan wou ld require shareholder approval, and any such approval would result in more shares that may be delivered in
- 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,
- 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 share repurchase
Antal anställda
- • Operational risks (including those associated with our business model), system security risks, breaches of data protection, | cyberattacks, or actions or failure to act by our employees or others with authorized access to our networks, including our | ability to insure against such risks, may disrupt our businesses, result in losses, or limit our growth.
- 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;
- attractive returns throughout an investment cycle. Since our firm was founded in Washington, D.C. in 1987, we have grown to | manage $477 billion in AUM as of December 31, 2025 . Our experienced and diverse team of more than 2,500 employees | includes 770 investment professionals in 27 offices across four continents, and we serve more than 3,200 active carry fund
- investments in NGP. We do not control NGP, and we do not serve as an investment adviser to the NGP funds. | (2) Total GPE investment professionals excludes NGP employees. | Global Credit
- on the boards of directors of a diverse mix of companies. Operating executives and advisors are independent | consultants and are not Carlyle employees. Operating executives and advisors are often engaged by Carlyle | primarily to assist with deal sourcing, due diligence and market intelligence. Operating executives and
- investors in the funds, and such certain other personnel participate in a commingled carried interest pool program. We also | allocate a portion of carried interest to our annual discretionary bonus pool for our employees. In total, w e currently allocate a
- addition, certain qualified Carlyle professionals and other qualified individuals (including certain individuals who may not be | employees of the firm but who have pre-existing business relationships with Carlyle or industry expertise in the sector in which | a particular investment fund may be investing) are permitted, subject to certain restrictions, to invest alongside the investment
- not with carried interest or through a management fee waiver program. | Employees | We believe that one of the strengths and principal reasons for our success is the quality and dedication of our people.
Organisk tillväxt
- and terms of the investment vehicles. | Our organic growth strategy focuses on providing resources to foster business expansion, such that we achieve a level | of scale and profitability. Given our diverse platform, these initiatives could create conflicts of interests with existing products,
- of scale and profitability. Given our diverse platform, these initiatives could create conflicts of interests with existing products, | increase our costs, and expose us to new market risks and legal and regulatory requirements. The success of our organic growth | strategy will also depend on, among other things, our ability to correctly identify and create products that appeal to the limited
Fulltext
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srt:ReportableLegalEntitiesMember cg:PerformanceAllocationsMember cg:ConsolidatedOperatingEntitiesMember 2023-01-01 2023-12-31 0001527166 srt:ReportableLegalEntitiesMember cg:PerformanceAllocationsMember cg:ConsolidatedFundsMember 2023-01-01 2023-12-31 0001527166 srt:ConsolidationEliminationsMember cg:PerformanceAllocationsMember 2023-01-01 2023-12-31 0001527166 srt:ReportableLegalEntitiesMember cg:PrincipalInvestmentIncomeLossMember cg:ConsolidatedOperatingEntitiesMember 2023-01-01 2023-12-31 0001527166 srt:ReportableLegalEntitiesMember cg:PrincipalInvestmentIncomeLossMember cg:ConsolidatedFundsMember 2023-01-01 2023-12-31 0001527166 srt:ConsolidationEliminationsMember cg:PrincipalInvestmentIncomeLossMember 2023-01-01 2023-12-31 0001527166 srt:ReportableLegalEntitiesMember cg:ConsolidatedOperatingEntitiesMember 2023-01-01 2023-12-31 0001527166 cg:ConsolidatedOperatingEntitiesMember 2025-01-01 2025-12-31 0001527166 cg:ConsolidatedOperatingEntitiesMember 2024-01-01 2024-12-31 0001527166 cg:ConsolidatedOperatingEntitiesMember 2023-01-01 2023-12-31 0001527166 cg:SeniorNotes5.050Due2035Member cg:ConsolidatedOperatingEntitiesMember 2025-12-31 0001527166 cg:ConsolidatedOperatingEntitiesMember 2024-12-31 0001527166 cg:ConsolidatedOperatingEntitiesMember 2023-12-31 0001527166 cg:ConsolidatedOperatingEntitiesMember 2022-12-31 0001527166 cg:ConsolidatedOperatingEntitiesMember 2025-12-31 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 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 or former address, 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 Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý No ¨ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No ý 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 or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ý The aggregate market value of the common stock of the registrant held by non-affiliates as of June 30, 2025 was $ 13,579,714,543 . The number of the registrant’s shares of common stock outstanding as of February 24, 2026 was 361,171,067 . DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement relating to its 2026 annual meeting of the shareholders (the “ 2026 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2026 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. 1 Table of Contents TABLE OF CONTENTS Page PART I. ITEM 1. BUSINESS 7 ITEM 1A. RISK FACTORS 28 ITEM 1B. UNRESOLVED STAFF COMMENTS 86 ITEM 1C. CYBERSECURITY 87 ITEM 2. PROPERTIES 88 ITEM 3. LEGAL PROCEEDINGS 88 ITEM 4. MINE SAFETY DISCLOSURES 88 PART II. ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 89 ITEM 6. [RESERVED] 91 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 92 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 145 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 148 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 219 ITEM 9A. CONTROLS AND PROCEDURES 219 ITEM 9B. OTHER INFORMATION 220 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 220 PART III. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 221 ITEM 11. EXECUTIVE COMPENSATION 221 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 221 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 221 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 221 PART IV. ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 222 ITEM 16. FORM 10-K SUMMARY 226 2 Table of Contents Forward-Looking Statements This Annual Report on Form 10-K 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 listed below and those described under the section entitled “Risk Factors” in this Annual Report on Form 10-K, as such factors may be updated from time to time in our periodic filings with the U.S. Securities and Exchange Commission (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 Annual Report on Form 10-K 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. Summary of Risk Factors The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations, and cash flows. The following should be read in conjunction with the complete discussion of risk factors we face, which are set forth in Item 1A “Risk Factors.” Risks Related to Our Company • Adverse economic and market conditions and other events or conditions throughout the world could negatively impact our business in many ways, including by reducing the value or performance of the investments made by our investment funds and reducing the ability of our investment funds to raise capital, any of which could materially reduce our revenue, earnings, and cash flow and adversely affect our financial prospects and condition. • Our use of leverage may expose us to substantial risks. • Our revenue, earnings, net income, and cash flow can all vary materially, which may make it difficult for us to achieve steady earnings growth on a quarterly basis and may cause the price of our common stock to decline. • Given our focus on achieving superior investment performance and maintaining and strengthening investor relations, we may reduce our AUM, restrain its growth, warehouse investments on our balance sheet for new funds, reduce our fees, or otherwise alter the terms under which we do business when we deem it in the best interest of our investors—even in circumstances where such actions might be contrary to the near-term interests of our stockholders. • We depend on our senior Carlyle professionals, including our Chief Executive Officer, and the loss of their services or investor confidence in such personnel could have a material adverse effect on our business, results of operations, and financial condition. • Recruiting and retaining our professionals has become more difficult and may continue to be difficult in the future, which could adversely affect our business, results of operations, and financial condition. • We may expand into new investment strategies, geographic markets, businesses, and types of investors, or seek to expand our business or change our strategic focus with new strategic initiatives, which may result in additional risks and uncertainties in our business. • Operational risks (including those associated with our business model), system security risks, breaches of data protection, cyberattacks, or actions or failure to act by our employees or others with authorized access to our networks, including our ability to insure against such risks, may disrupt our businesses, result in losses, or limit our growth. • Use of artificial intelligence technology by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict. Risks Related to Regulation and Litigation • Rapidly developing and changing global data security and privacy laws and regulations could increase compliance costs and subject us to enforcement risks and reputational damage. 3 Table of Contents • Extensive regulation of our business affects our activities and creates the potential for significant liabilities and penalties, and could result in additional burdens on our business. • Financial regulations and changes thereto in the United States could adversely affect our business and the possibility of increased regulatory focus could result in additional burdens and expenses on our business. • Regulatory initiatives in jurisdictions outside the United States could adversely affect our business. • We are subject to substantial risk of litigation and regulatory proceedings and may face significant liabilities and damage to our reputation as a result of allegations of improper conduct and negative publicity. • Our failure to deal appropriately with conflicts of interest in our investment business could damage our reputation and adversely affect our businesses. Risks Related to Our Business Operations Risks Related to the Assets We Manage • The asset management business is intensely competitive. • Poor performance of our investment funds would cause a decline in our revenue, income, and cash flow, may obligate us to repay carried interest previously paid to us, and could adversely affect our ability to raise capital for future funds. • The historical returns attributable to our funds, including those presented in this Annual Report on Form 10-K, should not be considered as indicative of the future results of our funds or of our future results or of any returns expected on an investment in our common stock. • Trade negotiations and related government actions may create regulatory uncertainty for our funds’ portfolio companies and our investment strategies and adversely affect the profitability of our funds’ portfolio companies. • Our business depends in large part on our ability to raise capital from third-party investors. A failure to raise capital from third-party investors on attractive fee terms, or at all, would impact our ability to collect management fees or deploy such capital into investments and potentially collect carried interest, which would materially reduce our revenue and cash flow and adversely affect our financial condition. • We have increasingly undertaken business initiatives to increase the number and type of investment products we offer to individual investors, which could expose us to new and greater levels of risk. • Our investors may negotiate to pay us lower management fees and the economic terms of our future funds may be less favorable to us than those of our existing funds, which could adversely affect our revenues. • Valuation methodologies for certain assets in our funds can involve subjective judgments, and the fair value of assets established pursuant to such methodologies may be incorrect, which could result in the misstatement of fund performance and accrued performance allocations. • The due diligence process that we undertake in connection with investments by our funds may not reveal all facts that may be relevant in connection with an investment. • High interest rates and challenging debt market conditions have negatively impacted and could continue to negatively impact the values of certain assets or investments and the ability of our funds and their portfolio companies to access the capital markets, which could adversely affect investment and realization opportunities, lead to lower-yielding investments, and potentially decrease our net income. • Our funds make investments in companies that are based outside of the United States, which may expose us to additional risks not typically associated with investing in companies that are based in the United States. • Certain of our fund investments may be concentrated in particular asset types or geographic regions, which could exacerbate any negative performance of those funds to the extent those concentrated investments perform poorly. • We are reliant on third-party service providers for certain aspects of our business and are subject to risks in using prime brokers, custodians, counterparties, administrators, and other agents. Industry Risks Related to the Assets We Manage • Our real estate funds are subject to risks inherent in the ownership and operation of real estate and the construction and development of real estate. • Our energy business is involved in oil and gas investments (i.e., exploration, production, storage, transportation, logistics, refining, marketing, trading, petrochemicals, energy services, and other opportunistic investments), which entail a high degree of risk. • Investments in the natural resources industry, including the infrastructure, energy, power, and renewables industries, involve various operational, construction, and regulatory risks. 4 Table of Contents • Investments in the insurance industry (including our investment in Fortitude) could be adversely impacted by insurance regulations and potential regulatory reforms. Risks Related to Our Common Stock • The market price of our common stock may decline due to the large number of shares of stock eligible for future sale. • Certain of our co-founders have the right to designate members of our Board of Directors. • Anti-takeover provisions in our organizational documents could delay or prevent a change in control. Risks Related to Taxation • Changes in relevant tax laws, regulations, or treaties or an adverse interpretation of these items by tax authorities could negatively impact our effective tax rate, tax liability, and/or the performance of certain funds should unexpected taxes be assessed to portfolio investments (companies) or fund income. • U.S. and foreign tax regulations could adversely affect our ability to raise funds from certain foreign investors and increase compliance costs. The Carlyle Group Inc. was formed in Delaware as a partnership on July 18, 2011. 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 Annual Report on Form 10-K 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 Annual Report on Form 10-K 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, 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, and infrastructure & 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 Annual Report on Form 10-K, refer to Item 1 “Business–Our Global Investment Offerings.” 5 Table of Contents “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 consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K 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 and evergreen products; (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; 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; (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 and evergreen products; (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 our business development companies, 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. 6 Table of Contents 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 Carlyle AlpInvest Private Markets Secondaries (“CAPS”) 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. 7 Table of Contents PART I. ITEM 1. BUSINESS Overview Carlyle is one of the world’s largest global investment firms that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest (formerly, Global Investment Solutions) . Our teams invest across a range of strategies that leverage our deep industry expertise, local insights, and global resources to deliver attractive returns throughout an investment cycle. Since our firm was founded in Washington, D.C. in 1987, we have grown to manage $477 billion in AUM as of December 31, 2025 . Our experienced and diverse team of more than 2,500 employees includes 770 investment professionals in 27 offices across four continents, and we serve more than 3,200 active carry fund investors from 87 countries. We seek to invest with a clarity of purpose, adaptability, and alignment between our interests and the interests of our fund investors, shareholders, and other stakeholders. Operational and strategic highlights for our firm and our three global business segments for 2025 include: • Assets under management grew 8% to $477 billion as of December 31, 2025 from $441 billion as of December 31, 2024 . The increase was driven by inflows of $53.7 billion during 2025, a 32% increase from 2024. We deployed $54.5 billion across our platform during 2025 and realized proceeds of $34.1 billion for our carry fund investors. • We returned approximately $0.9 billion in capital to our shareholders . During 2025 , we paid dividends to our common shareholders of $505 million , and used $400 million to repurchase 7.5 million shares of our common stock. • In our Global Private Equity (“GPE”) segment, we realized proceeds of $18.2 billion for our carry fund investors in 2025 and deployed $10.4 billion across the segment, both representing increases from prior year levels. Inflows of $7.5 billion during the year reflected final closes in our tenth and largest U.S. real estate fund (“CRP X”) and our sixth Asia buyout fund (“CAP VI”), fundraising in our life sciences platform, and subscriptions in our evergreen real estate offering (“CPI”). We had continued success in initial public offerings in 2025, listing Orion Breweries in Japan, Hexaware in India, and Medline in the United States, reflecting breadth and diversity across geographies and sectors. • Our Global Credit (“GC”) AUM increased 10% year-over-year to $211 billion, driven by inflows of $28.3 billion across a diverse set of strategies. D eployment of $29.9 billion in 2025 more than doubled compared to 2023 levels, driven by strong direct lending originations and sustained activity in our structured credit products. We priced 39 CLOs in 2025, including the closing of nine new CLO issuances . Our Global Capital Markets strategy also had a record year, and was t he primary driver of $206.0 million of portfolio advisory and transaction fees for the year ended December 31, 2025 . • In our Carlyle AlpInvest segment, total AUM increased 20% year-over-year to $102 billion , driven by $ 17.9 billion of inflows primarily from fundraising in our secondaries & portfolio finance, CAPM, and our newly launched CAPS funds. We deployed $14.2 billion in investments across our Carlyle AlpInvest platform, and we realized proceeds of $10.3 billion for our Carlyle AlpInvest investors. Business Segments We operate our business across three segments: Global Private Equity, Global Credit, and Carlyle AlpInvest . Information about our segments should be read together with Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” 8 Table of Contents Global Private Equity Our GPE segment advises our buyout, growth, real estate, infrastructure, and natural resources funds . Across our GPE funds, as of December 31, 2025 , we had investments in more than 275 active portfolio companies that employ over 700,000 people around the world. Our GPE teams have the following areas of focus: Corporate Private Equity . Our corporate private equity teams advise a diverse group of funds that invest in transactions that focus either on a particular geography or strategy. Our buyout funds focus on corporate buyouts and strategic minority investments. The investment mandate for our growth capital funds is to seek out companies with the potential for disruptive growth. Our core strategy seeks longer duration private equity opportunities, targeting stable businesses with sustainable market leadership, which have opportunities for operational improvement. Our corporate private equity funds are advised by teams of local professionals who live and work in the markets where they invest. In 2025 , we invested $5.9 billion in new and follow-on investments through our corporate private equity funds and realized $11.3 billion of proceeds. As of December 31, 2025 , our corporate private equity funds had, in the aggregate, $ 104.3 billion in AUM. Real Estate . Our real estate team advises real estate funds that invest in the U.S. and Europe , with a focus on a broad range of opportunities including residential properties, senior living facilities, industrial properties, and self-storage properties, but have limited our exposure to office buildings, hotels, and retail properties. Our real estate funds generally focus on acquiring single-property assets rather than large-cap companies with real estate portfolios and made more than 1,700 investments across the world from inception through December 31, 2025 . In 2025 , we invested $2.2 billion in new and follow- on investments through our real estate funds and realized $1.6 billion of proceeds. As of December 31, 2025 , our real estate funds managed, in the aggregate, $ 36.0 billion in AUM. Infrastructure & Natural Resources. Our active infrastructure and natural resources funds focus on infrastructure and energy investing . Our infrastructure business comprises teams that invest in six primary sectors: renewables, energy infrastructure, water and waste, transportation, digital infrastructure, and power generation . Our energy activities focus on buyouts, growth capital investments and strategic joint ventures in the midstream, upstream, downstream, energy and oilfield services sectors around the world. Our international energy investment team primarily focuses on investments across the energy value chain outside of North America. We generally conduct our North American energy investing through our strategic investment in NGP, a Texas-based energy investor. In 2025, we invested $2.3 billion in new and follow-on investments through our infrastructure and natural resources funds and realized $5.2 billion of proceeds . As of December 31, 2025 , we managed $23.3 billion in AUM through our infrastructure and natural resources funds. The following table presents certain data about our Global Private Equity segment as of December 31, 2025 (dollar amounts in billions). AUM (1) % of Total AUM Fee-earning AUM Active Investments Active Funds (1) Available Capital Investment Professionals (2) Amount Invested Since Inception Investments Since Inception $164 34% $101 975+ 75 $39 430 $245 2,700+ (1) Total AUM includes NGP, which advises ten funds with $10.8 billion in AUM as of December 31, 2025 . See Note 4 , Investments , to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K for more information regarding our strategic investments in NGP. We do not control NGP, and we do not serve as an investment adviser to the NGP funds. (2) Total GPE investment professionals excludes NGP employees. Global Credit Our Global Credit segment, which had $211.3 billion in assets under management as of December 31, 2025 , advises products that pursue investment strategies across the credit spectrum, including liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure credit, and cross-platform credit products . Global Credit, which also includes our insurance solutions and global capital markets businesses, has been Carlyle’s fastest-growing segment in the past five years, with total AUM nearly quadrupling in that period. Since the establishment of Global Credit in 1999, these various capital sources have provided the opportunity for Carlyle to offer highly customizable and creative financing solutions to borrowers to meet their specific capital needs. Carlyle draws on the expertise and underwriting capabilities of our more than 205 investment professionals and leverages the resources and industry expertise of Carlyle’s global network to provide creative solutions for borrowers . 9 Table of Contents Primary areas of focus for our Global Credit platform include: Insurance Solutions • Carlyle Insurance Solutions . Carlyle Insurance Solutions (“CIS”) combines our deep insurance expertise with portfolio construction capabilities, capital sourcing and asset origination strengths to provide comprehensive liability funding and reinsurance, asset management and advisory solutions for reinsurance companies and fund investors. The CIS team oversees the investment in Fortitude, as well as the strategic advisory services agreements with certain subsidiaries and affiliates of Fortitude and FCA Re . As of December 31, 2025 , AUM related to capital raised for equity investments in reinsurance companies, including from third-party investors to acquire a controlling interest in Fortitude, was $6.5 billion . As of December 31, 2025 , total AUM related to these strategic advisory services agreements was $80.4 billion , which has increased over 50% since signing the Fortitude agreement in April 2022 . This balance includes the net asset value of investments in Carlyle products, which is also reflected in the AUM and Fee-earning AUM of the strategy in which they are invested. Fortitude and certain Fortitude reinsurance counterparties have committed approximately $24.6 billion of capital to-date to various Carlyle strategies. Liquid Credit • Our liquid credit products invest primarily in performing senior secured bank loans through CLOs and other investment vehicles. In 2025 , we closed nine new CLOs with an aggregate size of $4.8 billion . As of December 31, 2025 , our liquid credit team advised funds with AUM totaling $50.1 billion . Private Credit • Opportunistic Credit . Our opportunistic credit team invests primarily in highly-structured and privately-negotiated capital solutions supporting corporate borrowers through secured loans, senior subordinated debt, mezzanine debt, convertible notes, and other debt-like instruments, as well as preferred and common equity. The team will also look to invest in special situations (i.e., event-driven opportunities that exhibit hybrid credit and equity features) as well as market dislocations (i.e., primary and secondary market investments in liquid debt instruments that arise as a result of temporary market volatility). In certain investments, our funds may seek to restructure pre- reorganization debt claims into controlling positions in the equity of the reorganized companies. As of December 31, 2025 , our opportunistic credit team advised products totaling $20.3 billion in AUM. • Direct Lending . Our direct lending business includes our business development companies (“BDCs”) that invest primarily in middle market first-lien loans (which include unitranche, “first out” and “last out” loans) and second- lien loans of middle-market companies, typically defined as companies with annual EBITDA ranging from $25 million to $100 million, that lack access to the broadly syndicated loan and bond markets. As of December 31, 2025 , our direct lending investment team advised investment vehicles with AUM totaling $13.6 billion . • Asset-Backed Finance . Asset-backed finance (“ABF”) is an asset-backed, private fixed income investment strategy within Global Credit that seeks to generate a premium return profile compared to traditional fixed income and credit investments by acquiring and lending against diversified pools of assets with contractual cash flows . ABF combines Carlyle’s long-standing history in liquid credit, private asset underwriting expertise, and capital markets capabilities, to deliver tailored asset-focused financing solutions across the entire debt and equity capital structure. As of December 31, 2025 , ABF represented $10.2 billion in AUM. • Aviation Finance . Carlyle Aviation Partners is our multi-strategy investment platform that is engaged in commercial aviation aircraft financing and investment throughout the commercial aviation industry . As of December 31, 2025 , Carlyle Aviation Partners had approximately $12.8 billion in AUM across carry funds, securitization vehicles, liquid strategies, and other vehicles. • Infrastructure Credit . Our infrastructure credit team invests primarily in directly originated and privately negotiated debt instruments related to global infrastructure projects, primarily in the power, energy, transportation, water/waste, telecommunications and social infrastructure sectors. The team focuses primarily on senior, subordinated, and mezzanine debt and seeks to invest primarily in developed markets within the Organization for Economic Cooperation and Development (“OECD”). As of December 31, 2025 , our Infrastructure credit team managed $6.9 billion in AUM. 10 Table of Contents • Cross-Platform Credit Products . Our platform initiatives include CTAC, our U.S. closed-end interval fund, and ETAC, our semi-liquid European fund, that invest across Carlyle’s entire credit platform , as well as cross-platform separately managed accounts that are tailored to invest across Carlyle’s credit platform based on the specific investment needs of individual investors . As of December 31, 2025 , the Global Credit platform initiatives represented $10.0 billion in AUM. Global Capital Markets • Carlyle Global Capital Markets . Carlyle Global Capital Markets (“GCM”) is a loan syndication and capital markets business that arranges, places, underwrites, originates and syndicates loans and underwrites and places securities of third parties and Carlyle portfolio companies through TCG Capital Markets and TCG Senior Funding. TCG Capital Markets is a FINRA registered broker dealer. GCM may also act as the initial purchaser of such loans and securities. GCM receives fees, including underwriting, placement, structuring, transaction and syndication fees, commissions, underwriting and original issue discounts, interest payments and other compensation, which may be payable in cash or securities or loans, in respect of the activities described above and may elect to waive such fees. The following table presents certain data about our Global Credit segment as of December 31, 2025 (dollar amounts in billions). AUM % of Total AUM Fee-earning AUM Available Capital Active Funds Investment Professionals $211 44% $169 $19 142 205+ Carlyle AlpInvest Our Carlyle AlpInvest (formerly, Global Investment Solutions) segment, established in 2011, provides comprehensive investment opportunities and resources for our investors and clients to build private equity portfolios through fund of funds, secondary purchases or financings of existing portfolios and managed co-investment programs . Investors can also invest across our platform through our closed-end tender offer CAPM and CAPS funds , which have $7.2 billion i n AUM as of December 31, 2025 . Carlyle AlpInvest executes these activities through AlpInvest, one of the world’s largest investors in private equity. The primary areas of focus for our Carlyle AlpInvest teams include: • Private Equity Secondary & Portfolio Finance Investments. Funds managed by AlpInvest build an investment portfolio of private equity owned assets through the acquisition of limited partnership interests of private funds in the secondary market and other types of transactions such as fund recapitalizations, portfolio restructurings and spin-outs, and portfolio financings. Such funds will also invest in various debt (including both investment grade and non-investment grade debt), preferred equity and structured equity securities issued by private funds or other vehicles that own or have similar interests in private equity owned assets. Private equity investors who desire to sell or restructure their pre-existing investment commitments to a fund may negotiate to sell the fund interests to AlpInvest. In this manner, AlpInvest’s secondary & portfolio finance investments team provides the full range of liquidity and restructuring solutions from debt to equity for third-party private equity investors. As of December 31, 2025 , our secondary & portfolio finance investments program totaled $45.7 billion in AUM. • Private Equity Co-investments. AlpInvest invests alongside other private equity and mezzanine funds in which it or certain AlpInvest limited partners typically has a primary fund investment throughout Europe, North America and Asia. These investments are generally made when an investment opportunity is too large for a particular fund and the sponsor of the fund therefore seeks to raise additional “co-investment” capital from sources such as AlpInvest. As of December 31, 2025 , our co-investment programs totaled $24.1 billion in AUM. • Private Equity Fund Investments. Our fund of funds vehicles advised by AlpInvest make investment commitments directly to buyout, growth capital, venture and other alternative asset funds advised by other general partners. As of December 31, 2025 , AlpInvest advised $25.0 billion in AUM in private equity fund investments. 11 Table of Contents The following table presents certain data about our Carlyle AlpInvest segment as of December 31, 2025 (dollar amounts in billions). AUM % of Total AUM Fee-earning AUM Fund Vehicles Available Capital Investment Professionals Amount Invested Since Inception $102 21% $66 461 $30 125+ $111 Investment Approach Global Private Equity The investment approach of our GPE teams is generally characterized as follows: • Consistent and Disciplined Investment Process. We believe our successful investment track record is the result, in part, of a consistent and disciplined application of our investment process. Investment opportunities for our GPE funds are initially sourced and evaluated by one or more of our deal teams. Deal teams consistently strive to be creative and look for deals in which we can leverage Carlyle’s competitive advantages, sector experience, and global platform. The due diligence and transaction review process places a special emphasis on, as appropriate and among other considerations, the reputation of a target company’s shareholders and management, the company’s or asset’s size and sensitivity of cash flow generation, the business sector and competitive risks, the portfolio fit, exit risks, and other key factors specific to a particular investment. In evaluating each deal, we consider what expertise or experience we can bring to the transaction to enhance value for our investors. Each investment opportunity must secure approval from the investment committee of the applicable investment fund to move forward. To help ensure consistency, we utilize a standard investment committee process across our GPE funds, although NGP follows its own policies and procedures with respect to its advised funds. The investment committee approval process involves a detailed review of the transaction and investment thesis, business, risk factors and diligence issues, as well as financial models. • Distinctive Portfolio Construction Principles. We seek to proactively manage the construction of our portfolios through deliberate and thoughtful diversification across industries, geographies and cycles, and to avoid certain assets facing economic or industry headwinds. For example, our real estate portfolios have relatively little current exposure to commercial office properties, business hotels, and retail properties. • Geographic- and Industry-Focused. We have developed a global network of local investment teams and have adopted an industry-focused approach to investing. Our extensive network of global investment professionals has the knowledge, experience and relationships on a local level that allows them to identify and take advantage of opportunities that may be unavailable to firms that do not have our global reach and resources. We believe that our global platform helps enhance all stages of the investment process, including by facilitating faster and more effective diligence, a deeper understanding of global industry trends and priority access to the capital markets. We have particular industry expertise in aerospace and government services, consumer, media and retail, financial services, healthcare, industrials, technology, real estate, natural resources, and infrastructure. As a result, we believe that our in-depth knowledge of specific industries improves our ability to source and create transactions, conduct effective and more informed due diligence, develop strong relationships with management teams and use contacts and relationships within these industries to drive value creation. • Variable Deal Sizes and Creative Structures. We believe that having the resources to complete investments of varying sizes provides us with the ability to enhance investment returns while providing for prudent industry, geographic and size diversification. Our teams are staffed not only to effectively pursue large transactions, but also other transactions of varying sizes. We often invest in smaller companies or single real estate transactions and this has allowed us to obtain greater diversity across our entire portfolio. Additionally, we may undertake large, strategic minority investments with certain control elements or private investment in public equity (PIPE) transactions in large companies with a clear exit strategy. In certain jurisdictions around the world, we may make investments with little or no debt financing and seek alternative structures to opportunistically pursue transactions. We generally seek to obtain board representation and typically appoint our investment professionals and advisors to represent us on the boards of the companies in which we invest. Where our funds, either alone or as part of a consortium, are not the controlling investor, we typically, subject to applicable regulatory requirements, acquire significant voting and other control rights with a view to securing influence over the conduct of the business. 12 Table of Contents • Driving Value Creation. Our GPE teams seek to make investments in portfolio companies and assets in which our particular strengths and resources may be employed to their best advantage. Typically, as part of a GPE investment, our investment teams will prepare and execute a systematic value creation plan that is developed during a thorough due diligence effort and draws on the deep resources available across our global platform, specifically relying on: ◦ Reach. Our global team and global presence enables us to support international expansion of our operating companies’ efforts and global supply chain initiatives. ◦ Expertise. Our deep bench of investment professionals and industry specialists provide extensive sector- specific knowledge and local market expertise. Our investment teams benefit from best-in-class support services and infrastructure provided through the global Carlyle organization. Carlyle’s overall infrastructure and support services cover the full range of administrative functions, including fund management, accounting, legal and compliance, human resources, information technology, tax, and external affairs. Additionally, where appropriate we may seek to partner with third parties whose sector or market expertise may enhance our value creation in an investment. For example, in our U.S. real estate funds we may partner with joint venture partners or managers with significant operational expertise and/or deal sourcing capabilities. ◦ Insights. To supplement our investment expertise, we retain a group of approximately 45 operating executives and advisors as independent consultants to work with our investment teams, provide board-level governance and support and advise our portfolio companies. These operating executives and advisors are typically former CEOs and other high-level executives of some of the world’s most successful corporations and currently sit on the boards of directors of a diverse mix of companies. Operating executives and advisors are independent consultants and are not Carlyle employees. Operating executives and advisors are often engaged by Carlyle primarily to assist with deal sourcing, due diligence and market intelligence. Operating executives and advisors may also be engaged and compensated by our portfolio companies as directors or to otherwise advise portfolio company management. ◦ Data. The goal of our research function is to extract as much information as possible from our portfolio about the current state of the economy and its likely evolution over the near-to-medium term. Our corporate private equity investment portfolio includes 190 active corporate investments as of December 31, 2025 , across a diverse range of industries and geographies that each generate multiple data points (e.g., orders, shipments, production volumes, occupancy rates, bookings). By evaluating this data on a systematic basis, we work to identify the data with the highest correlation with macroeconomic data and map observed movements in the portfolio to anticipated variation in the economy, including changes in growth rates across industries and geographies. We incorporate this proprietary data into our investment portfolio management strategy and exit decisions on an ongoing basis. We believe this robust data gives us an advantage over our peers who do not have as large of a global reach. Additionally, we are leveraging technological innovations and a rtificial intelligence tools which offer operational efficiency potential across the deal life cycle from sourcing and diligence, all the way through to exits. These tools allow our deal teams to operate more efficiently by democratizing access to data analysis and automating more routine tasks allowing teams more time to focus on the key issues and drive greater investment insights. ◦ Talent and Organization Performance. Our investment professionals work to enhance leadership and organizational effectiveness through proprietary and third-party data-driven assessments, best-practice playbooks, and knowledge-sharing forums. ◦ Pursuing Best Exit Alternatives . In determining when to exit an investment, our investment teams consider whether a portfolio company or asset has achieved its objectives, the financial returns (including gross and net MOIC and IRR) and the appropriate timing in industry cycles and company or asset development to strive for the optimal value. Each fund’s investment committee approves all exit decisions. ◦ Value Creation . Our Global Portfolio Solutions team helps to translate our collaborative culture into services and operational capabilities supporting our investment process and portfolio companies and assets. Our approach ensures that Carlyle’s global network, deep industry knowledge, and operational expertise are used to support and enhance our investments. 13 Table of Contents ▪ Information Technology Resources. We have established an information technology capability that contributes to due diligence, portfolio company strategy and portfolio company operations. The capability includes dedicated information technology and business process resources, including assistance with portfolio company risk assessments and enhanced deal analytics. ▪ Digital. Given the increasing importance of digital tools and resources across the global economy, we have established a dedicated group focused exclusively on identifying, developing and implementing digital transformation strategies to help drive growth, unlock value, and drive efficiencies across our portfolio companies. ▪ Procurement. We have developed a leveraged purchasing effort to provide portfolio companies with effective sourcing programs with better pricing and service levels to help create operating value. This program seeks to drive down costs and provide better service on common indirect spend categories and disseminate best practices on managing functional spend in the areas of human capital management, employee benefits, corporate real estate, information technology and treasury and risk. As of December 31, 2025 , 75 portfolio companies are actively participating in the optional program , benefiting from more than 100 category arrangements and preferred vendor arrangements. ▪ Sustainability. As a responsible global organization dedicated to driving value, Carlyle has invested in a framework and the necessary resources for understanding, monitoring, and managing material environmental, social, and governance (“ESG”) risks and opportunities across our portfolio. We believe ESG integration provides an additional lens to help us assess and mitigate risks and identify and capitalize on potential opportunities. Global Credit The investment approach of our Global Credit platform is generally characterized as follows: • Source Investment Opportunities. Our Global Credit team sources investment opportunities from both the primary and secondary markets through our global network and strong relationships with the financial community. We typically target portfolio companies that have a demonstrated track record of profitability, market leadership in their respective niche, predictable cash flow, a definable competitive advantage and products or services that are value-added to their customer base. • Conduct Fundamental Due Diligence and Perform Capital Structure Analyses . After an opportunity is identified, our Global Credit investment professionals conduct fundamental due diligence to determine the relative value of the potential investment and capital structure analyses to determine credit worthiness. Our due diligence approach typically incorporates meetings with management, company facility visits, discussions with industry analysts and consultants and an in-depth examination of financial results and projections. In conducting due diligence, our Global Credit team employs an integrated, cross-platform approach with industry-dedicated credit research analysts and non-investment grade expertise across the capital structure. Our Global Credit team also seeks to leverage resources from across the firm, utilizing information obtained from our more than 275 active portfolio companies and lending relationships, credit industry research team, in-house government affairs and economic research, and ESG teams. • Evaluation of Macroeconomic Factors. Our Global Credit team evaluates technical factors such as supply and demand, the market’s expectations surrounding a company and the existence of short- and long-term value creation or destruction catalysts. Inherent in all stages of credit evaluation is a determination of the likelihood of potential catalysts emerging, such as corporate reorganizations, recapitalizations, asset sales, changes in a company’s liquidity and mergers and acquisitions. • Risk Minimization. Our Global Credit team seeks to make investments in companies that are well-positioned to weather downturns and/or below-plan performance. The team works to structure investments with strong financial covenants, frequent reporting requirements and board representation, if possible. Through board representation or observation rights, our Global Credit team works to provide a consultative, interactive approach to equity sponsors and management partners as part of the overall portfolio management process. In our CLO business, our liquid credit team uses an in-house risk and analytics platform to monitor and analyze our portfolio, and repositions the 14 Table of Contents