SEC EDGAR · 10-Q
10-Q – 2025-08-08 – cg-20250630.htm

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Omsättning
Unregistered Sales of Equity Securities and Use of Proceeds
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.
Deferred revenue
Substantially all revenue is earned from affiliates of the Company. See accompanying notes.
Proceeds from sales and settlements of investments by Consolidated Funds
Change in deferred revenue
material. | Revenue Recognition | The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . Revenue is
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
EBITDA
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
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
EBITDA Multiple
Rörelseresultat
Other non-operating income
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
Periodens resultat
Net income
Net income attributable to non-controlling interests in consolidated entities
Net income attributable to The Carlyle Group Inc.
Net income attributable to The Carlyle Group Inc. per common share (see Note 12)
Adjustments to reconcile net income to net cash flows from operating activities:
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
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
12. Earnings Per Common Share | Ba sic and diluted net income per common share are calculated as follows:
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
Kassaflöde
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
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
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
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
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.
Discounted Cash Flow
Consensus Pricing with | Discounted Cash Flow
Discounted Cash Flow | with Consensus Pricing
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 (included in “Fee- | earning AUM based on fair value and other” in the table below); and
Cash and cash equivalents
Cash and cash equivalents held at Consolidated Funds
Change in cash and cash equivalents held at Consolidated Funds
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
recoverable. | Cash and Cash Equivalents | Cash and cash equivalents include cash held at banks and cash held for distributions, including investments with original
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
Nettoskuld
Adjustments to reconcile net income to net cash flows from operating activities:
Net cash used in operating activities
Net cash used in investing activities
Net cash provided by financing activities
Net cash provided by operating activities
Net cash used in financing activities
Net cash used in operating activities . Net cash used in 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
Net cash used in operating activities . Net cash used in 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
Antal aktier
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
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
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
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
Weighted-average common shares outstanding
The weighted-average common shares outstanding, basic and diluted, are calculated as follows:
The Carlyle Group Inc. weighted-average common shares outstanding
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
Antal anställda
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;
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
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
(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
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
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.
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
liquidation value. As of June 30, 2025 and December 31, 2024 , the Company recorded a liability of $ 5.1 billion and | $ 4.8 billion , respectively, related to the portion of accrued performance allocations and incentive fees due to employees and | advisors, which was included in accrued compensation and benefits in the accompanying condensed consolidated balance
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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 June 30, 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 August 5, 2025 , there were 361,704,907 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 – June 30, 2025 and 2024 :

Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024

5

Condensed Consolidated Statements of Operations for the Three and Six Months Ended
June 30, 2025 and 2024

6

Condensed Consolidated Statements of Comprehensive Income for the Three and Six
Months Ended June 30, 2025 and 2024

7

Condensed Consolidated Statements of Changes in Equity for the Three and Six Months
Ended June 30, 2025 and 2024

8

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30,
2025 and 2024

10

Notes to the Condensed Consolidated Financial Statements

12

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

72

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

129

Item 4.

Controls and Procedures

129

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

131

Item 1A.

Risk Factors

131

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

131

Item 3.

Defaults Upon Senior Securities

131

Item 4.

Mine Safety Disclosures

131

Item 5.

Other Information

131

Item 6.

Exhibits

132

SIGNATURES

133

 

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 Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q 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

3

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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 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.

5

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PART I – FINANCIAL INFORMATION
 

Item 1. Financial Statements

The Carlyle Group Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions)

June 30,
2025

December 31,
2024

 

(Unaudited)

Assets

Cash and cash equivalents

$ 1,275.8

$ 1,266.0

Cash and cash equivalents held at Consolidated Funds

463.1

830.4

Investments, including accrued performance allocations of $ 7,598.8 and $ 7,053.5 as of
June 30, 2025 and December 31, 2024 , respectively

11,203.1

10,936.7

Investments of Consolidated Funds

9,857.5

7,782.4

Due from affiliates and other receivables, net

795.5

805.6

Due from affiliates and other receivables of Consolidated Funds, net

247.8

237.1

Fixed assets, net

191.7

185.3

Lease right-of-use assets, net

351.1

341.4

Deposits and other

82.9

56.9

Intangible assets, net

573.6

634.1

Deferred tax assets

25.7

27.6

Total assets

$ 25,067.8

$ 23,103.5

Liabilities and equity

Debt obligations

$ 2,155.3

$ 2,143.5

Loans payable of Consolidated Funds

8,056.1

6,864.2

Accounts payable, accrued expenses and other liabilities

439.5

389.8

Accrued compensation and benefits

5,598.9

5,446.6

Due to affiliates

198.9

241.9

Deferred revenue

204.0

138.7

Deferred tax liabilities

128.3

137.0

Other liabilities of Consolidated Funds

1,030.9

861.6

Lease liabilities

493.7

488.6

Accrued giveback obligations

44.6

44.0

Total liabilities

18,350.2

16,755.9

Commitments and contingencies

Common stock, $ 0.01 par value, 100,000,000,000 shares authorized ( 358,961,915 and
357,183,632 shares issued and outstanding as of June 30, 2025 and December 31, 2024 ,
respectively)

3.6

3.6

Additional paid-in-capital

4,096.4

3,892.3

Retained earnings

1,950.0

2,040.8

Accumulated other comprehensive loss

( 189.5 )

( 329.8 )

Non-controlling interests in consolidated entities

857.1

740.7

Total equity

6,717.6

6,347.6

Total liabilities and equity

$ 25,067.8

$ 23,103.5

See accompanying notes.

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Table of Contents

The Carlyle Group Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in millions, except share and per share data)

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

Revenues

Fund management fees

$ 620.4

$ 534.4

$ 1,206.5

$ 1,058.0

Incentive fees

40.5

31.3

83.7

57.5

Investment income

Performance allocations

638.8

198.2

861.7

41.2

Principal investment income (loss)

55.2

88.1

( 7.9 )

161.2

Total investment income

694.0

286.3

853.8

202.4

Interest and other income

55.0

52.1

105.6

109.7

Interest and other income of Consolidated Funds

163.0

165.6

296.4

330.5

Total revenues

1,572.9

1,069.7

2,546.0

1,758.1

Expenses

Compensation and benefits

Cash-based compensation and benefits

238.4

206.3

456.8

428.2

Equity-based compensation

92.9

125.2

196.4

233.5

Performance allocations and incentive fee related compensation

443.6

144.2

615.0

71.4

Total compensation and benefits

774.9

475.7

1,268.2

733.1

General, administrative and other expenses

205.5

187.9

379.1

335.6

Interest

28.0

30.4

55.8

61.2

Interest and other expenses of Consolidated Funds

170.8

152.1

284.3

276.7

Other non-operating income

( 0.1 )

( 0.3 )

( 0.1 )

( 0.1 )

Total expenses

1,179.1

845.8

1,987.3

1,406.5

Other income (loss)

Net investment income (loss) of Consolidated Funds

46.8

( 5.1 )

52.9

( 12.1 )

Income before provision for income taxes

440.6

218.8

611.6

339.5

Provision for income taxes

112.5

69.5

124.9

91.4

Net income

328.1

149.3

486.7

248.1

Net income attributable to non-controlling interests in consolidated entities

8.4

1.1

37.0

34.3

Net income attributable to The Carlyle Group Inc.

$ 319.7

$ 148.2

$ 449.7

$ 213.8

Net income attributable to The Carlyle Group Inc. per common share (see Note 12)

Basic

$ 0.89

$ 0.41

$ 1.25

$ 0.59

Diluted

$ 0.87

$ 0.40

$ 1.23

$ 0.58

Weighted-average common shares

Basic

360,359,241

358,317,151

359,914,229

359,612,699

Diluted

366,967,197

366,896,000

366,654,517

368,119,801

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

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Table of Contents

The Carlyle Group Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(Dollars in millions)
 

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

Net income

$ 328.1

$ 149.3

$ 486.7

$ 248.1

Other comprehensive income (loss)

Foreign currency translation adjustments

105.5

( 9.2 )

152.5

( 29.9 )

Defined benefit plans

Unrealized income (loss) for the period

0.5

0.2

( 0.6 )

0.6

Reclassification adjustment for gain during the period, included in
cash-based compensation and benefits expense

—

—

( 0.1 )

( 0.1 )

Other comprehensive income (loss)

106.0

( 9.0 )

151.8

( 29.4 )

Comprehensive income

434.1

140.3

638.5

218.7

Comprehensive income attributable to non-controlling interests in
consolidated entities

15.2

1.1

48.5

31.6

Comprehensive income attributable to The Carlyle Group Inc.

$ 418.9

$ 139.2

$ 590.0

$ 187.1

See accompanying notes.

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Table of Contents

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 March 31, 2025

360.9

$ 3.6

$ 3,997.7

$ 1,864.8

$ ( 288.7 )

$ 807.8

$ 6,385.2

Shares repurchased

( 2.2 )

—

—

( 100.0 )

—

—

( 100.0 )

Net shares issued for equity-based awards

0.3

—

—

( 3.6 )

—

—

( 3.6 )

Equity-based compensation

—

—

94.1

—

—

—

94.1

Dividend-equivalent rights on certain equity-
based awards

—

—

4.6

( 4.6 )

—

—

—

Contributions

—

—

—

—

—

68.3

68.3

Dividends and distributions

—

—

—

( 126.3 )

—

( 34.2 )

( 160.5 )

Net income

—

—

—

319.7

—

8.4

328.1

Currency translation adjustments

—

—

—

—

98.7

6.8

105.5

Defined benefit plans, net

—

—

—

—

0.5

—

0.5

Balance at June 30, 2025

359.0

$ 3.6

$ 4,096.4

$ 1,950.0

$ ( 189.5 )

$ 857.1

$ 6,717.6

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

( 2.7 )

—

—

( 125.0 )

—

—

( 125.0 )

Net shares issued for equity-based awards

4.5

—

—

( 155.1 )

—

—

( 155.1 )

Equity-based compensation

—

—

196.4

—

—

—

196.4

Dividend-equivalent rights on certain equity-
based awards

—

—

7.7

( 7.7 )

—

—

—

Initial consolidation of a Consolidated Entity

—

—

—

—

—

35.0

35.0

Contributions

—

—

—

—

—

231.3

231.3

Dividends and distributions

—

—

—

( 252.7 )

—

( 198.4 )

( 451.1 )

Net income

—

—

—

449.7

—

37.0

486.7

Currency translation adjustments

—

—

—

—

141.0

11.5

152.5

Defined benefit plans, net

—

—

—

—

( 0.7 )

—

( 0.7 )

Balance at June 30, 2025

359.0

$ 3.6

$ 4,096.4

$ 1,950.0

$ ( 189.5 )

$ 857.1

$ 6,717.6

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Table of Contents

Common
Shares

Common
Stock

Additional
Paid-in-
Capital

Retained
Earnings

Accumulated
Other
Comprehensive
Loss

Non-
controlling
Interests in
Consolidated
Entities

Total
Equity

Balance at March 31, 2024

359.3

$ 3.6

$ 3,513.9

$ 1,868.2

$ ( 315.0 )

$ 669.3

$ 5,740.0

Shares repurchased

( 3.5 )

—

—

( 151.1 )

—

—

( 151.1 )

Net shares issued for equity-based awards

0.6

—

—

( 28.3 )

—

—

( 28.3 )

Equity-based compensation

—

—

125.0

—

—

—

125.0

Dividend-equivalent rights on certain equity-
based awards

—

—

3.7

( 3.7 )

—

—

—

Contributions

—

—

—

—

—

55.7

55.7

Dividends and distributions

—

—

—

( 125.6 )

—

( 26.6 )

( 152.2 )

Net income

—

—

—

148.2

—

1.1

149.3

Currency translation adjustments

—

—

—

—

( 9.2 )

—

( 9.2 )

Defined benefit plans, net

—

—

—

—

0.2

—

0.2

Balance at June 30, 2024

356.4

$ 3.6

$ 3,642.6

$ 1,707.7

$ ( 324.0 )

$ 699.5

$ 5,729.4

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

( 6.3 )

—

—

( 282.3 )

—

—

( 282.3 )

Net shares issued for equity-based awards

1.4

—

—

( 47.7 )

—

—

( 47.7 )

Equity-based compensation

—

—

233.7

—

—

—

233.7

Dividend-equivalent rights on certain equity-
based awards

—

—

5.9

( 5.9 )

—

—

—

Contributions

—

—

—

—

—

120.4

120.4

Dividends and distributions

—

—

—

( 252.3 )

—

( 45.6 )

( 297.9 )

Net income

—

—

—

213.8

—

34.3

248.1

Currency translation adjustments

—

—

—

—

( 27.2 )

( 2.7 )

( 29.9 )

Defined benefit plans, net

—

—

—

—

0.5

—

0.5

Balance at June 30, 2024

356.4

$ 3.6

$ 3,642.6

$ 1,707.7

$ ( 324.0 )

$ 699.5

$ 5,729.4

See accompanying notes.

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Table of Contents

The Carlyle Group Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in millions)

 

Six Months Ended June 30,

 

2025

2024

Cash flows from operating activities

Net income

$ 486.7

$ 248.1

Adjustments to reconcile net income to net cash flows from operating activities:

Depreciation and amortization

94.6

90.8

Equity-based compensation

196.4

233.5

Non-cash performance allocations and incentive fees, net

( 250.6 )

146.2

Non-cash principal investment income

32.6

( 145.6 )

Other non-cash amounts

36.8

( 1.5 )

Consolidated Funds related:

Realized/unrealized (gain) loss on investments of Consolidated Funds

( 11.6 )

( 83.0 )

Realized/unrealized (gain) loss from loans payable of Consolidated Funds

( 41.3 )

95.1

Purchases of investments by Consolidated Funds

( 4,033.2 )

( 3,874.9 )

Proceeds from sales and settlements of investments by Consolidated Funds

2,311.1

2,687.1

Non-cash interest income, net

( 8.7 )

( 11.4 )

Change in cash and cash equivalents held at Consolidated Funds

405.4

( 701.7 )

Change in other receivables held at Consolidated Funds

10.5

( 87.6 )

Change in other liabilities held at Consolidated Funds

( 14.0 )

530.5

Purchases of investments

( 144.3 )

( 180.1 )

Proceeds from the sale of investments

469.6

185.1

Payments of contingent consideration

( 1.0 )

( 1.5 )

Changes in deferred taxes, net

( 16.5 )

( 42.5 )

Change in due from affiliates and other receivables

( 16.3 )

( 21.2 )

Change in deposits and other

( 24.9 )

( 7.8 )

Change in accounts payable, accrued expenses and other liabilities

39.1

37.1

Change in accrued compensation and benefits

( 116.2 )

( 277.4 )

Change in due to affiliates

23.6

( 2.1 )

Change in lease right-of-use assets and lease liabilities

( 6.3 )

( 4.0 )

Change in deferred revenue

57.6

( 9.8 )

Net cash used in operating activities

( 520.9 )

( 1,198.6 )

Cash flows from investing activities

Purchases of corporate treasury investments

—

( 5.0 )

Purchases of fixed assets, net

( 34.2 )

( 31.9 )

Net cash used in investing activities

( 34.2 )

( 36.9 )

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Six Months Ended June 30,

 

2025

2024

Cash flows from financing activities

Borrowings under credit facilities

—

10.4

Repayments under credit facilities

—

( 10.4 )

Payments on CLO borrowings

( 40.1 )

( 36.0 )

Proceeds from CLO borrowings, net of financing costs

15.1

—

Net borrowings on loans payable of Consolidated Funds

1,055.1

1,328.5

Dividends to common stockholders

( 252.7 )

( 252.3 )

Payment of deferred consideration for Carlyle Holdings units

—

( 68.8 )

Contributions from non-controlling interest holders

231.3

120.4

Distributions to non-controlling interest holders

( 198.4 )

( 45.6 )

Common shares repurchased and net share settlement of equity-based awards

( 280.1 )

( 328.3 )

Change in due to/from affiliates financing activities

( 3.4 )

( 0.7 )

Net cash provided by financing activities

526.8

717.2

Effect of foreign exchange rate changes

38.7

( 6.7 )

Increase (decrease) in cash, cash equivalents and restricted cash

10.4

( 525.0 )

Cash, cash equivalents and restricted cash, beginning of period

1,266.5

1,442.1

Cash, cash equivalents and restricted cash, end of period

$ 1,276.9

$ 917.1

Supplemental non-cash disclosures

Initial consolidation of Consolidated Funds

$ 55.0

$ —

Net asset impact of deconsolidation of Consolidated Funds

$ ( 26.6 )

$ —

Reconciliation of cash, cash equivalents and restricted cash, end of period:

Cash and cash equivalents

$ 1,275.8

$ 914.8

Restricted cash

1.1

2.3

Total cash, cash equivalents and restricted cash, end of period

$ 1,276.9

$ 917.1

Cash and cash equivalents held at Consolidated Funds

$ 463.1

$ 1,047.5

See accompanying notes.

12

Table of Contents
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 ). The Global Private Equity segment advises buyout, growth, real estate, and infrastructure & 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.
Pr inciples 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

13

Table of Contents
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 June 30, 2025 , assets and liabilities of the consolidated VIEs reflected in the condensed consolidated balance sheets
were $ 10.6 billion and $ 9.1 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 June 30, 2025 , the Company held $ 343.7 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 June 30, 2025 , the Company held $ 716.9  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.

14

Table of Contents
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

 

June 30,
2025

December 31,
2024

 

(Dollars in millions)

Investments

$ 824.5

$ 942.6

Accrued performance allocations

710.3

580.8

Management fee receivables

76.0

62.4

Total

$ 1,610.8

$ 1,585.8

These amounts represent the Company’s maximum exposure to loss related to the unconsolidated VIEs as of June 30,
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. 

15

Table of Contents
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.

16

Table of Contents
The Carlyle Group Inc.
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
$ 45.8  million and $ 26.2  million for the three months ended June 30, 2025 and 2024 , respectively, and $ 122.5 million and
$ 50.0  million for the six months ended June 30, 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

17

Table of Contents
The Carlyle Group Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)