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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

Table of Contents

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;

4

Table of Contents

(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

Table of Contents

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.

6

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.

7

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.

8

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

9

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.

10

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 )

11

Table of Contents

 

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.

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

The assets recognized in the Company’s condensed consolidated balance sheets related to the Company’s variable
interests in these non-consolidated VIEs were as follows:

 

As of

 

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. 

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

Fund Management Fees
The Company provides management services to funds in which it holds a general partner interest or to funds or certain
portfolio companies with which it has an investment advisory or investment management agreement. The Company considers
the performance obligations in its contracts with its funds to be the promise to provide (or to arrange for third parties to provide)
investment management services related to the management, policies and operations of the funds.
As it relates to the Company’s performance obligation to provide investment management services, the Company
typically satisfies this performance obligation over time as the services are rendered, as the funds simultaneously receive and
consume the benefits provided as the Company performs the service. The transaction price is the amount of consideration to
which the Company expects to be entitled in exchange for transferring the promised services to the funds. Management fees
earned from each investment management contract over the contract life represent variable consideration because the
consideration the Company is entitled to varies based on fluctuations in the basis for the management fee, for example fund net
asset value (“NAV”) or assets under management (“AUM”). Given that the management fee basis is susceptible to market
factors outside of the Company’s influence, management fees are constrained and, therefore, estimates of future period
management fees are generally not included in the transaction price. Revenue recognized for the investment management
services provided is generally the amount determined at the end of the period because that is when the uncertainty for that
period is resolved.
For closed-end carry funds in the Global Private Equity segment, management fees generally range from 1.0 % to 2.0 % of
limited partners’ capital commitments during the fund’s commitment period. For closed-end carry funds in the Global Credit
segment, management fees generally range from 1.0 % to 2.0 % of limited partners’ invested capital. Following the expiration or
termination of the investment period, management fees generally are based on the lower of cost or fair value of invested capital
and the rate charged may also be reduced. These terms may vary for certain separately managed accounts, longer-dated carry
funds, and other closed-end funds. The Company will receive management fees during a specified period of time, which is
generally ten years from the initial closing date, or, in some instances, from the final closing date, but such termination date
may be earlier in certain limited circumstances or later if extended for successive one -year periods, typically up to a maximum
of two years . Depending upon the contracted terms of investment advisory or investment management and related agreements,
these fees are generally called semi-annually in advance and are recognized as earned over the subsequent six month period. 
For certain longer-dated carry funds and certain other closed-end funds, management fees are called quarterly over the life of
the funds.
Within the Global Credit segment, for CLOs and other structured products, management fees generally range from 0.4 %
to 0.5 % based on the total par amount of assets or the aggregate principal amount of the notes in the CLO and are generally due
quarterly in arrears based on the terms and recognized over the respective period. Management fees for the CLOs and other
structured products are governed by indentures and collateral management agreements. The Company will receive management
fees for the CLOs, generally five to ten years after issuance, including after the CLO redemption date until all eligible assets are
disposed of or at such time the collateral manager waives fees at its discretion. Management fees for the business development
companies are due quarterly in arrears at annual rates that range from 1.0 % of capital under management to 1.5 % of gross
assets, excluding cash and cash equivalents. Management fees for CTAC are due monthly in arrears at the annual rate of 1.0 %
of the month-end value of the CTAC’s net assets. Carlyle Aviation Partners’ funds have varying management fee arrangements
depending on the strategy of the particular fund. Under the strategic advisory services agreement with Fortitude, the Company
earns a recurring management fee based on Fortitude’s general account assets, which adjusts within an agreed upon range based
on Fortitude’s overall profitability and is due quarterly in arrears. Management fees for certain of our perpetual capital
strategies and separately managed accounts in Global Credit have annual rates that generally range from 0.10 % to 0.75 % , which
are charged based on invested capital or the fair value of the underlying assets, though management fee arrangements vary
depending on the strategy of the particular account.
Management fees for the Company’s carry fund vehicles in the Carlyle AlpInvest segment generally range from 0.25 % to
1.5 % of the vehicle’s capital commitments during the commitment fee period of the relevant fund. Following the expiration of
the commitment fee period, the management fees generally range from 0.25 % to 1.5 % on (i) the net invested capital, (ii) the
lower of cost or net asset value of the capital invested, or (iii) the net asset value for unrealized investments. Management fees
for the Carlyle AlpInvest carry fund vehicles are generally due quarterly in advance and recognized over the related quarter.
The investment advisers to the CAPM funds are entitled to receive a monthly management fee equal to 1.25 % on an annualized
basis of the fund’s net asset value as of the last day of the month.

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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

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

partnership agreement. The Company recognizes revenues attributable to performance allocations based upon the amount that
would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date.
Accordingly, the amount recognized as investment income for performance allocations reflects the Company’s share of the
gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair
values as of the end of the prior period. Because of the inherent uncertainty, these estimated values may differ significantly
from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the
difference could be material.
Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne
by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return,
and (iv) the Company has decided to collect carry rather than return additional capital to limited partner investors. Realized
carried interest may be required to be returned by the Company in future periods if the fund’s investment values decline below
certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously
recognized performance allocations are reversed. In all cases, each fund is considered separately in this regard, and for a given
fund, performance allocations can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s
investments at their then-current fair values, previously recognized and distributed carried interest would be required to be
returned, a liability is established for the potential giveback obligation. As of June 30, 2025 and December 31, 2024 , the
Company accrued $ 44.6 million and $ 44.0 million , respectively, for giveback obligations.
Principal investment income (loss) is realized when the Company redeems all or a portion of its investment or when the
Company receives or is due cash income, such as dividends or distributions. Unrealized principal investment income (loss)
results from the Company’s proportionate share of the investee’s unrealized earnings, including changes in the fair value of the
underlying investment, as well as the reversal of unrealized gain (loss) at the time an investment is realized. As it relates to the
Company’s investments in NGP (see Note 4 , Investments ), principal investment income includes the related amortization of the
basis difference between the Company’s carrying value of its investment and the Company’s share of underlying net assets of
the investee, as well as the compensation expense associated with compensatory arrangements provided by the Company to
employees of its equity method investee, and impairment charges.
Interest Income
Interest income is recognized when earned. For debt securities representing non-investment grade beneficial interests in
securitizations, the effective yield is determined based on the estimated cash flows of the security. Changes in the effective
yield of these securities due to changes in estimated cash flows are recognized on a prospective basis as adjustments to interest
income in future periods. Interest income earned by the Company is included in interest and other income in the accompanying
condensed consolidated statements of operations. Interest income of the Consolidated Funds was $ 142.5 million and $ 149.3
million for the three months ended June 30, 2025 and 2024 , respectively, and $ 265.5 million and $ 291.9 million for the six
months ended June 30, 2025 and 2024 , respectively, and is included in interest and other income of Consolidated Funds in the
accompanying condensed consolidated statements of operations.
Credit Losses
The Company measures all expected credit losses for financial assets held at the reporting date in accordance with ASC
326, Financial Instruments—Credit Losses , based on historical experience, current conditions, and reasonable and supportable
forecasts. The Company assesses the collection risk characteristics of the outstanding amounts in its due from affiliates balance
into the following pools of receivables:
• Reimbursable fund expenses receivables,
• Management fee receivables,
• Incentive fee receivables,
• Transaction fee receivables,
• Portfolio fee receivables, and
• Notes receivable.
The Company generally utilizes either historical credit loss information or discounted cash flows to calculate expected
credit losses for each pool. The Company’s receivables are predominantly with its investment funds, which have low risk of
credit loss based on the Company’s historical experience. Historical credit loss data may be adjusted for current conditions and

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

reasonable and supportable forecasts, including the Company’s expectation of near-term realization based on the liquidity of the
affiliated investment funds.
Compensation and Benefits
Cash-Based Compensation and Benefits – Cash-based compensation and benefits includes salaries, bonuses
(discretionary awards and guaranteed amounts), performance payment arrangements and benefits paid and payable to Carlyle
employees. Bonuses are accrued over the service period to which they relate.
Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards is measured at fair
value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the
relevant service period on a straight-line basis. The compensation expense for awards that do not require future service is
recognized immediately. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each
reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable
that the performance conditions will be achieved. The compensation expense for awards that contain market conditions is based
on a grant-date fair value that factors in the probability that the market conditions will be achieved and is recognized over the
requisite service period on a straight-line basis.
Certain equity-based awards contain dividend-equivalent rights, which are subject to the same terms and conditions,
including with respect to vesting and settlement, that apply to the related award. Dividend-equivalents are accounted for as a
reclassification from retained earnings to additional paid-in capital at the time dividends are declared and do not result in
incremental compensation expense.
Equity-based awards issued to non-employees are generally recognized as general, administrative and other expenses,
except to the extent they are recognized as part of the Company’s equity method earnings because they are issued to employees
of equity method investees.
The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized
compensation expense for awards that vest based on service and/or performance conditions. The reduction in compensation
expense is determined based on the specific awards forfeited during that period.  Furthermore, the Company recognizes all
excess tax benefits and deficiencies as income tax benefit or expense in the condensed consolidated statements of operations.
For awards with a market condition (e.g., achievement of certain stock price hurdles) that are forfeited due to the market
condition not being achieved, the related equity-based compensation expense is not reversed.
Performance Allocations and Incentive Fee Related Compensation – A portion of the performance allocations and
incentive fees and certain other interests earned is due to employees and advisors of the Company. These amounts are
accounted for as profit sharing interests in compensation expense in a systematic and rational manner in conjunction with the
recognition of the related performance allocations and incentive fee revenue and, until paid, are recognized as a component of
the accrued compensation and benefits liability. The liability is measured assuming the hypothetical liquidation of the
associated funds’ underlying investments as of the measurement date. Accordingly, upon a reversal of performance allocations
or incentive fee revenue, the related compensation expense, if any, is also reversed. As any vesting requirement is accelerated
upon realization, the service period is not considered substantive when recording the liability based on the hypothetical
liquidation value. As of 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
sheets.
Income Taxes
The Carlyle Group Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and
local corporate income taxes. Tax positions taken by the Company are subject to periodic audit by U.S. federal, state, local and
foreign taxing authorities. The interim provision for income taxes is calculated using the discrete effective tax rate method as
allowed by ASC 740, Accounting for Income Taxes . The discrete method is applied when the application of the estimated
annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. In addition, the
discrete method treats the year-to-date period as if it was the annual period and determines the income tax expense or benefit on
that basis.

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

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred
tax assets and liabilities for the expected future consequences of events that have been included in the financial statements or
tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial
statement reporting and the tax basis of assets and liabilities using enacted tax rates in effect for the period in which the
difference is expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the
period of the change in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of
available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Company’s gross deferred
tax assets when it is “more likely than not” that such asset will not be realized. When evaluating the realizability of the
Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include
the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future
earnings. The Company accounts for the valuation allowance assessment on its deferred tax assets and without regard to the
Company’s potential future corporate alternative minimum tax (“CAMT”) status or global minimum tax status under the Pillar
Two Global Anti-Base Erosion (“GloBE”) model rules of the Organization for Economic Co-operation and Development
(“OECD”). Therefore, the Company accounts for CAMT and the global minimum tax in the period as incurred. Lastly, the
Company accounts for the tax on global intangible low-taxed income (“GILTI”) as incurred and therefore has not recorded
deferred taxes related to GILTI on its foreign subsidiaries.
Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is “more
likely than not” to be sustained upon examination. The Company analyzes its tax filing positions in all of the U.S. federal, state,
local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these
jurisdictions. If, based on this analysis, the Company determines that uncertainties in tax positions exist, a liability is
established, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated
financial statements. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the
provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in
the provision for income taxes.
Non-controlling Interests
Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third-
party investors. These interests are adjusted for general partner allocations which occur during the reporting period. Any change
in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between
the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a
subsidiary are recorded as a direct charge to equity.
Earnings Per Common Share
The Company computes earnings per common share in accordance with ASC 260, Earnings Per Share . Basic earnings
per common share is calculated by dividing net income (loss) attributable to the common shares of the Company by the
weighted-average number of common shares outstanding for the period. Diluted earnings per common share reflects the
assumed conversion of all dilutive securities. The Company applies the treasury stock method to determine the dilutive
weighted-average common shares outstanding for certain equity-based compensation awards. For certain equity-based
compensation awards that contain performance or market conditions, the number of contingently issuable common shares is
included in diluted earnings per common share based on the number of common shares, if any, that would be issuable under the
terms of the awards if the end of the reporting period were the end of the contingency period, if the result is dilutive.
Fair Value of Financial Instruments
The underlying entities that the Company manages and invests in (and in certain cases, consolidates) are primarily
investment companies which account for their investments at estimated fair value.
The fair value measurement accounting guidance under ASC 820, Fair Value Measurement , establishes a hierarchical
disclosure framework which ranks the observability of market price inputs used in measuring financial instruments at fair value.
The observability of inputs is impacted by a number of factors, including the type of financial instrument, the characteristics
specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions
between market participants. Financial instruments with readily available quoted prices, or for which fair value can be measured

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

from quoted prices in active markets, will generally have a higher degree of market price observability and a lesser degree of
judgment applied in determining fair value.
Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs
used in the determination of fair values, as follows:
Level I – inputs to the valuation methodology are quoted prices available in active markets for identical
instruments as of the reporting date. The type of financial instruments in this category include unrestricted
securities, such as equities and derivatives, listed in active markets. The Company does not adjust the quoted price
for these instruments, even in situations where the Company holds a large position and a sale could reasonably
impact the quoted price.
Level II – inputs to the valuation methodology are other than quoted prices in active markets, which are either
directly or indirectly observable as of the reporting date. The types of financial instruments in this category
include less liquid and restricted securities listed in active markets, securities traded in other than active markets,
government and agency securities, and certain over-the-counter derivatives where the fair value is based on
observable inputs.
Level III – inputs to the valuation methodology are unobservable and significant to overall fair value
measurement. The inputs into the determination of fair value require significant management judgment or
estimation. The types of financial instruments in this category include investments in privately-held entities, non-
investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter
derivatives where the fair value is based on unobservable inputs. 
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such
cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is
based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the
significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to
the financial instrument.
In certain cases, debt and equity securities (including corporate treasury investments) are valued on the basis of prices
from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the
value of a particular investment, pricing services may use certain information with respect to transactions in such investments,
quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between
investments.
In the absence of observable market prices, the Company values its investments and its funds’ investments using
valuation methodologies applied on a consistent basis. For some investments little market activity may exist. Management’s
determination of fair value is then based on the best information available in the circumstances and may incorporate
management’s own assumptions and involve a significant degree of judgment, taking into consideration a combination of
internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for
which market prices are not observable include private investments in the equity and debt of operating companies and real
assets, CLO investments and CLO loans payable and fund investments. The valuation technique for each of these investments is
described below:
Investments in Operating Companies and Real Assets – The fair values of private investments in operating companies
and real assets are generally determined by reference to the income approach (including the discounted cash flow
method and the income capitalization method) and the market approach (including the comparable publicly traded
company method and the comparable transaction method). Valuations under these approaches are typically derived by
reference to investment-specific inputs (such as projected cash flows, earnings before interest, taxes, depreciation and
amortization (“EBITDA”), and net operating income) combined with market-based inputs (such as discount rates,
EBITDA multiples and capitalization rates). In many cases, the investment-specific inputs are unaudited at the time
received. Management may also adjust the market-based inputs to account for differences between the subject
investment and the companies, assets or investments used to derive the market-based inputs. Adjustments to
observable valuation measures are frequently made upon the initial investment to calibrate the initial investment
valuation to industry observable inputs. Such adjustments are made to align the investment to observable industry

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

inputs for differences in size, profitability, projected growth rates, geography, capital structure, and other factors as
applicable. The adjustments are then reviewed with each subsequent valuation to assess how the investment has
evolved relative to the observable inputs. Additionally, the investment may be subject to certain specific risks and/or
development milestones which are also taken into account in the valuation assessment. Option pricing models and
similar tools may also be considered but do not currently drive a significant portion of operating company or real asset
valuations and are used primarily to value warrants, derivatives, certain restrictions and other atypical investment
instruments.
Credit-Oriented Investments – The fair values of credit-oriented investments (including corporate treasury
investments) are generally determined on the basis of prices between market participants provided by reputable dealers
or pricing services. In determining the value of a particular investment, pricing services may use certain information
with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in
comparable investments and various relationships between investments. Specifically, for investments in distressed debt
and corporate loans and bonds, the fair values are generally determined by valuations of comparable investments. In
some instances, the Company may utilize other valuation techniques, including the discounted cash flow method.
CLO Investments and CLO Loans Payable – The Company measures the financial liabilities of its consolidated CLOs
based on the fair value of the financial assets of its consolidated CLOs, as the Company believes the fair value of the
financial assets are more observable. The fair values of the CLO loan and bond assets are primarily based on
quotations from reputable dealers or relevant pricing services. In situations where valuation quotations are unavailable,
the assets are valued based on similar securities, market index changes, and other factors. The Company performs
certain procedures to ensure the reliability of the quotations from pricing services for its CLO assets and CLO
structured asset positions, which generally includes corroborating prices with a discounted cash flow analysis.
Generally, the loan and bond assets of the CLOs are not publicly traded and are classified as Level III. The fair values
of the CLO structured asset positions are determined based on both discounted cash flow analyses and third party
quotes. Those analyses consider the position size, liquidity, current financial condition of the CLOs, the third party
financing environment, reinvestment rates, recovery lags, discount rates and default forecasts and are compared to
broker quotations from market makers and third party dealers. 
The Company measures the CLO loan payables held by third party beneficial interest holders on the basis of the fair
value of the financial assets of the CLO and the beneficial interests held by the Company. The Company continues to
measure the CLO loans payable that it holds at fair value based on relevant pricing services or discounted cash flow
analyses, as described above.
Fund Investments – The Company’s primary and secondary investments in external funds are generally valued as its
proportionate share of the most recent net asset value provided by the third-party general partners of the underlying
fund partnerships, adjusted for subsequent cash flows received from or distributed to the underlying fund partnerships.
The Company also adjusts for any changes in the market prices of public securities held by the underlying fund
partnerships and may also apply a market adjustment to reflect the estimated change in the fair value of the underlying
fund partnerships’ non-public investments from the date of the most recent net asset value provided by the third-party
general partners.
Investment professionals with responsibility for the underlying investments are responsible for preparing the investment
valuations pursuant to the policies, methodologies and templates prepared by the Company’s valuation group, which is a team
made up of dedicated valuation professionals reporting to the Company’s chief accounting officer. The valuation group is
responsible for maintaining the Company’s valuation policy and related guidance, templates and systems that are designed to be
consistent with the guidance found in ASC 820. These valuations, inputs and preliminary conclusions are reviewed by the fund
management teams. The valuations are then reviewed and approved by the respective fund valuation subcommittees, which
include the respective fund head(s), segment head, chief financial officer and chief accounting officer, as well as members of
the valuation group. The valuation group compiles the aggregate results and significant matters and presents them for review
and approval by the global valuation committee, which includes the Company’s Chief Executive Officer, Chief Risk Officer,
Chief Financial Officer, Chief Accounting Officer, and the business segment heads, and observed by the Chief Compliance
Officer, the Chief Audit Executive, the Company’s Audit Committee and others. Additionally, each quarter a sample of
valuations are reviewed by external valuation firms. Valuations of the funds’ investments are used in the calculation of accrued
performance allocations, or “carried interest.”

22

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

Investments, at Fair Value
Investments include (i) the Company’s ownership interests (typically general partner interests) in the Funds, including the
Company’s investment in Fortitude held through Carlyle FRL (which are accounted for as equity method investments), (ii) the
Company’s investment in NGP (which is accounted for as an equity method investment), (iii) the investments held by the
Consolidated Funds (which are presented at fair value in the Company’s condensed consolidated financial statements), and (iv)
certain credit-oriented investments, including investments in the CLOs and the common shares of Carlyle Secured Lending,
Inc. (“CGBD,” see Note 4 , Investments , and Note 9 , Related Party Transactions , for more information) which are accounted for
as trading securities.
Upon the sale of a security or other investment, the realized net gain or loss is computed on a weighted average cost
basis, with the exception of the investments held by the CLOs, which compute the realized net gain or loss on a first in, first out
basis. Securities transactions are recorded on a trade date basis.
Equity Method Investments
The Company accounts for all investments in which it has or is otherwise presumed to have significant influence,
including investments in the unconsolidated Funds and the Company’s investment in NGP, using the equity method of
accounting. The carrying value of equity method investments is determined based on amounts invested by the Company,
adjusted for the equity in earnings or losses of the investee (including performance allocations) allocated based on the
respective partnership agreement, less distributions received. The Company evaluates its equity method investments for
impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be
recoverable.
Cash and Cash Equivalents
Cash and cash equivalents include cash held at banks and cash held for distributions, including investments with original
maturities of less than three months when purchased. The Company is subject to credit risk should a financial institution be
unable to fulfil its obligations and if balances held at a financial institution exceed insured limits.
Cash and Cash Equivalents Held at Consolidated Funds
Cash and cash equivalents held at Consolidated Funds consists of cash and cash equivalents held by the Consolidated
Funds, which, although not legally restricted, is not available to fund the general liquidity needs of the Company.
Restricted Cash
Restricted cash primarily represents cash held by the Company’s foreign subsidiaries due to certain government
regulatory capital requirements as well as certain amounts held on behalf of Carlyle funds. As of June 30, 2025 and
December 31, 2024 , the Company held restricted cash of $ 1.1 million and $ 0.5 million , respectively, which are included in
Deposits and other in the condensed consolidated balance sheets.
Corporate Treasury Investments
Corporate treasury investments represent investments in U.S. Treasury and government agency obligations, commercial
paper, certificates of deposit, other investment grade securities and other investments with original maturities of greater than
three months when purchased. These investments are accounted for as trading securities in which changes in the fair value of
each investment are recorded through investment income (loss). Any interest earned on debt investments is recorded through
interest and other income.
Derivative Instruments
The Company uses derivative instruments primarily to reduce its exposure to changes in foreign currency exchange rates. 
Derivative instruments are recognized at fair value in the condensed consolidated balance sheets with changes in fair value
recognized in the condensed consolidated statements of operations for all derivatives not designated as hedging instruments.

23

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

Securities Sold Under Agreements to Repurchase
As it relates to certain European CLOs sponsored by the Company, securities sold under agreements to repurchase
(“Repurchase Agreements”) are accounted for as collateralized financing transactions. The Company provides securities to
counterparties to collateralize amounts borrowed under Repurchase Agreements on terms that permit the counterparties to
repledge or resell the securities to others. As of June 30, 2025 , $ 285.6  million of securities were transferred to counterparties
under Repurchase Agreements and are included within investments in the condensed consolidated balance sheets. Cash
received under Repurchase Agreements is recognized as a liability within debt obligations in the condensed consolidated
balance sheets. See Note 6 , Borrowings , for additional information.
Fixed Assets
Fixed assets consist of furniture, fixtures and equipment, leasehold improvements, computer hardware and software, and
fractional shares in corporate aircraft, and are stated at cost, less accumulated depreciation and amortization. Depreciation is
recognized on a straight-line method over the assets’ estimated useful lives, which for leasehold improvements are the lesser of
the lease terms or the life of the asset, and three to seven years for other fixed assets. Fixed assets are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Leases
The Company accounts for its leases in accordance with ASC 842, Leases , and recognizes a lease liability and right-of-
use (“ROU”) asset in the condensed consolidated balance sheets for contracts that it determines are leases or contain a lease.
The Company’s leases primarily consist of operating leases for office space in various countries around the world. The
Company also has operating leases for office equipment and vehicles, which are not significant. The Company does not
separate non-lease components from lease components for its office space and equipment operating leases and instead accounts
for each separate lease component and its associated non-lease component as a single lease component. ROU assets represent
the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to
make lease payments arising from the leases. The Company’s ROU assets and lease liabilities are recognized at lease
commencement based on the present value of lease payments over the lease term. Lease ROU assets include initial direct costs
incurred by the Company and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the
lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information
available at commencement in determining the present value of lease payments. The Company’s lease terms may include
options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease
expense for lease payments is recognized on a straight-line basis over the lease term. Lease ROU assets are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
The Company does not recognize a lease liability or ROU asset on the balance sheet for short-term leases. Instead, the
Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is
defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to
purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a
short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases.
ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
of an asset may not be recoverable.
Intangible Assets and Goodwill
The Company’s intangible assets consist of acquired contractual rights to earn future fee income, including management
and advisory fees, customer relationships, and acquired trademarks. Finite-lived intangible assets are amortized over their
estimated useful lives, which range from four to eight years , and are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of the asset may not be recoverable.
Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the
functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of
October 1 and between annual tests when events and circumstances indicate that impairment may have occurred.

24

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

Deferred Revenue
Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not
yet been earned. Deferred revenue also includes transaction and portfolio advisory fees received by the Company that are
required to offset fund management fees pursuant to the related fund agreements.
Accumulated Other Comprehensive Income (Loss)
The Company’s accumulated other comprehensive income (loss) comprise foreign currency translation adjustments and
gains and losses on defined benefit plans sponsored by AlpInvest. The components of accumulated other comprehensive
income (loss) as of June 30, 2025 and December 31, 2024 were as follows:

 

As of

 

June 30,
2025

December 31,
2024

 

(Dollars in millions)

Currency translation adjustments

$ ( 186.9 )

$ ( 327.9 )

Unrealized losses on defined benefit plans

( 2.6 )

( 1.9 )

Total

$ ( 189.5 )

$ ( 329.8 )

Foreign Currency Translation
Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the condensed
consolidated statements of operations are translated at rates of exchange in effect throughout the period. Foreign currency gains
(losses) resulting from transactions outside of the functional currency of an entity of $( 20.9 ) million and $ 0.5  million for the
three months ended June 30, 2025 and 2024 , respectively, and $( 25.1 ) million and $ 1.0  million for the six months ended June
30, 2025 and 2024 , respectively, are included in general, administrative and other expenses in the condensed consolidated
statements of operations.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial
Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or
expected to have minimal impact on the Company’s condensed consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosure , which requires disclosure
of disaggregated information about a reporting entity’s effective tax rate reconciliation, using both percentages and reporting
currency amounts for specific standardized categories, as well as disclosure of income taxes paid disaggregated by jurisdiction.
The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company
does not expect the adoption of this guidance to have a material impact on the Company’s condensed consolidated financial
statements.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , which requires
disaggregated disclosures of certain categories of expenses on an annual and interim basis including employee compensation,
depreciation, and intangible asset amortization for each income statement line item that contains those expenses. The guidance
is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The
Company is currently evaluating the impact of adopting this guidance on its condensed consolidated financial statements.

25

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

3. Fair Value Measurement
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the
fair value hierarchy levels as disclosed in Note 2 , Summary of Significant Accounting Policies , as of June 30, 2025 :

(Dollars in millions)

Level I

Level II

Level III

Total

Assets

Investments of Consolidated Funds (1) :

Equity securities (2)

$ —

$ —

$ 910.1

$ 910.1

Bonds

—

—

569.7

569.7

Loans

—

—

7,964.7

7,964.7

—

—

9,444.5

9,444.5

Investments in CLOs and other:

Investments in CLOs

—

—

366.9

366.9

Other investments (3)

74.0

21.1

66.3

161.4

74.0

21.1

433.2

528.3

Foreign currency forward contracts

—

9.0

—

9.0

Subtotal

$ 74.0

$ 30.1

$ 9,877.7

$ 9,981.8

Investments measured at net asset value

420.5

Total

$ 10,402.3

Liabilities

Loans payable of Consolidated Funds (4)(5)

$ —

$ —

$ 7,923.0

$ 7,923.0

Foreign currency forward contracts

—

13.2

—

13.2

Total

$ —

$ 13.2

$ 7,923.0

$ 7,936.2

(1) This balance excludes $ 413.1  million of Investments of Consolidated Funds that are included in Investments measured at net asset
value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest segment.
(2) This balance includes $ 739.7  million related to investments that have been bridged by the Company to investment funds and are
accounted for as consolidated VIEs as of June 30, 2025 .
(3) The Level III balance excludes $ 56.1  million related to three corporate investments in equity securities which the Company has
elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to
ASC 321, Investments–Equity Securities . As a non-recurring fair value measurement, the fair value of these equity securities is
excluded from the tabular Level III rollforward disclosures.
(4) Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO financial
assets, less (i) the fair value of any beneficial interest held by the Company and (ii) the carrying value of any beneficial interests that
represent compensation for services.
(5) Loans payable of Consolidated Funds balance excludes a $ 133.1  million revolving credit balance.

26

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

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the
above fair value hierarchy levels as of December 31, 2024 :

(Dollars in millions)

Level I

Level II

Level III

Total

Assets

Investments of Consolidated Funds (1) :

Equity securities (2)

$ —

$ —

$ 572.0

$ 572.0

Bonds

—

—

465.1

465.1

Loans

—

—

6,431.4

6,431.4

Other

—

1.3

—

1.3

—

1.3

7,468.5

7,469.8

Investments in CLOs and other:

Investments in CLOs

—

—

378.9

378.9

Other investments (3)

40.4

21.5

85.1

147.0

40.4

21.5

464.0

525.9

Subtotal

$ 40.4

$ 22.8

$ 7,932.5

$ 7,995.7

Investments measured at net asset value

320.7

Total

$ 8,316.4

Liabilities

Loans payable of Consolidated Funds (4)(5)

$ —

$ —

$ 6,809.1

$ 6,809.1

Foreign currency forward contracts

—

0.6

—

0.6

Total

$ —

$ 0.6

$ 6,809.1

$ 6,809.7

(1) This balance excludes $ 312.6  million of Investments of Consolidated Funds that are included in Investments measured at net asset
value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest segment.
(2) This balance includes $ 441.9  million related to investments that have been bridged by the Company to investment funds and are
accounted for as consolidated VIEs as of December 31, 2024 .
(3) The Level III balance excludes $ 55.4  million related to three corporate investments in equity securities which the Company has
elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to
ASC 321, Investments–Equity Securities . As a non-recurring fair value measurement, the fair value of these equity securities is
excluded from the tabular Level III rollforward disclosures.
(4) Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO financial
assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that
represent compensation for services.
(5) Loans payable of Consolidated Funds balance excludes a $ 55.1  million revolving credit balance.
 

27

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

The changes in financial instruments measured at fair value for which the Company has used Level III inputs to
determine fair value are as follows (Dollars in millions):

Financial Assets

Three Months Ended June 30, 2025

 

Investments of Consolidated Funds

 

 

 

Equity
securities

Bonds

Loans

Investments in
CLOs

Other
investments

Total

Balance, beginning of period

$ 821.7

$ 495.8

$ 7,632.6

$ 365.5

$ 63.7

$ 9,379.3

Deconsolidation of funds (1)

—

( 76.6 )

( 424.0 )

23.2

—

( 477.4 )

Purchases

74.6

226.8

1,293.4

2.1

22.2

1,619.1

Sales and distributions

( 19.5 )

( 111.7 )

( 386.5 )

( 45.6 )

( 20.0 )

( 583.3 )

Settlements

—

( 0.6 )

( 350.2 )

—

—

( 350.8 )

Realized and unrealized gains (losses), net

Included in earnings

33.3

( 0.6 )

( 50.0 )

1.8

0.4

( 15.1 )

Included in other comprehensive income

—

36.6

249.4

19.9

—

305.9

Balance, end of period

$ 910.1

$ 569.7

$ 7,964.7

$ 366.9

$ 66.3

$ 9,877.7

Changes in unrealized gains (losses) included in earnings
related to financial assets still held at the reporting date

$ 32.8

$ ( 1.3 )

$ ( 52.4 )

$ 4.3

$ 0.6

$ ( 16.0 )

Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still held at
the reporting date

$ —

$ 27.9

$ 199.9

$ 18.9

$ —

$ 246.7

Financial Assets

Six Months Ended June 30, 2025

 

Investments of Consolidated Funds

 

 

 

Equity
securities

Bonds

Loans

Investments in
CLOs

Other
investments

Total

Balance, beginning of period

$ 572.0

$ 465.1

$ 6,431.4

$ 378.9

$ 85.1

$ 7,932.5

Initial consolidation/deconsolidation of funds (2)

—

( 52.6 )

( 256.1 )

24.2

—

( 284.5 )

Transfer out related to the Exchange (3)

—

—

—

—

( 50.4 )

( 50.4 )

Purchases

327.8

283.2

3,518.7

3.2

60.0

4,192.9

Sales and distributions

( 28.5 )

( 184.3 )

( 1,330.4 )

( 81.8 )

( 31.2 )

( 1,656.2 )

Settlements

—

( 0.6 )

( 709.1 )

—

—

( 709.7 )

Realized and unrealized gains (losses), net

Included in earnings

38.8

3.9

( 60.9 )

13.8

2.8

( 1.6 )

Included in other comprehensive income

—

55.0

371.1

28.6

—

454.7

Balance, end of period

$ 910.1

$ 569.7

$ 7,964.7

$ 366.9

$ 66.3

$ 9,877.7

Changes in unrealized gains (losses) included in earnings
related to financial assets still held at the reporting date

$ 37.3

$ 1.4

$ ( 54.2 )

$ 14.5

$ 5.7

$ 4.7

Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still held at
the reporting date

$ —

$ 34.5

$ 266.8

$ 28.6

$ —

$ 329.9

(1) As a result of the deconsolidation of one fund during the three months ended June 30, 2025 .
(2) As a result of the initial consolidation of one fund and deconsolidation of two funds during the six months ended June 30, 2025 .
(3) Represents the exchange of the BDC Preferred Shares, which were valued using Level III inputs, for common shares of CGBD, which
are valued using Level I inputs. See Note 9 , Related Party Transactions , for more information.

28

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

Financial Assets

Three Months Ended June 30, 2024

Investments of Consolidated Funds

Equity
securities

Bonds

Loans

Investments in
CLOs

Other
investments

Total

Balance, beginning of period

$ 387.3

$ 500.4

$ 6,064.9

$ 520.8

$ 93.2

$ 7,566.6

Purchases

38.2

71.7

2,279.7

—

7.2

2,396.8

Sales and distributions

( 4.0 )

( 70.0 )

( 801.2 )

( 36.5 )

—

( 911.7 )

Settlements

—

—

( 520.7 )

—

—

( 520.7 )

Realized and unrealized gains (losses), net

Included in earnings

( 1.5 )

( 9.7 )

20.7

10.7

8.2

28.4

Included in other comprehensive income

—

( 2.9 )

( 19.4 )

( 0.4 )

—

( 22.7 )

Balance, end of period

$ 420.0

$ 489.5

$ 7,024.0

$ 494.6

$ 108.6

$ 8,536.7

Changes in unrealized gains (losses) included in earnings
related to financial assets still held at the reporting date

$ ( 4.6 )

$ ( 6.5 )

$ 20.9

$ 10.7

$ 8.2

$ 28.7

Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still held at
the reporting date

$ —

$ ( 2.6 )

$ ( 18.6 )

$ ( 0.4 )

$ —

$ ( 21.6 )

Financial Assets

Six Months Ended June 30, 2024

 

Investments of Consolidated Funds

 

 

 

Equity
securities

Bonds

Loans

Investments in
CLOs

Other
investments

Total

Balance, beginning of period

$ 377.6

$ 522.5

$ 5,862.1

$ 532.6

$ 84.6

$ 7,379.4

Purchases

63.0

118.1

3,677.1

1.0

7.2

3,866.4

Sales and distributions

( 10.1 )

( 142.8 )

( 1,530.7 )

( 60.5 )

( 0.9 )

( 1,745.0 )

Settlements

—

—

( 985.4 )

—

—

( 985.4 )

Realized and unrealized gains (losses), net

Included in earnings

( 10.5 )

5.9

93.5

25.9

17.7

132.5

Included in other comprehensive income

—

( 14.2 )

( 92.6 )

( 4.4 )

—

( 111.2 )

Balance, end of period

$ 420.0

$ 489.5

$ 7,024.0

$ 494.6

$ 108.6

$ 8,536.7

Changes in unrealized gains (losses) included in earnings
related to financial assets still held at the reporting date

$ ( 13.0 )

$ 8.6

$ 85.6

$ 25.9

$ 16.8

$ 123.9

Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still held at
the reporting date

$ —

$ ( 11.2 )

$ ( 72.6 )

$ ( 4.4 )

$ —

$ ( 88.2 )

 

29

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

Financial Liabilities

Loans Payable of Consolidated Funds

Three Months Ended June 30,

 

2025

2024

Balance, beginning of period

$ 7,680.3

$ 6,352.3

Deconsolidation of funds (1)

( 473.9 )

—

Borrowings

1,430.2

3,000.2

Paydowns

( 599.5 )

( 258.7 )

Sales

( 346.7 )

( 1,453.2 )

Realized and unrealized (gains) losses, net

Included in earnings

( 40.5 )

5.8

Included in other comprehensive income

273.1

( 23.0 )

Balance, end of period

$ 7,923.0

$ 7,623.4

Changes in unrealized (gains) losses included in earnings related to
financial liabilities still held at the reporting date

$ ( 17.3 )

$ 7.1

Changes in unrealized (gains) losses included in other comprehensive
income related to financial liabilities still held at the reporting date

$ 262.5

$ ( 27.1 )

Financial Liabilities

Loans Payable of Consolidated Funds

 

Six Months Ended June 30,

 

2025

2024

Balance, beginning of period

$ 6,809.1

$ 6,298.6

Initial consolidation/deconsolidation of funds (2)

( 280.1 )

—

Borrowings

2,212.3

3,546.9

Paydowns

( 841.6 )

( 466.4 )

Sales

( 353.2 )

( 1,741.9 )

Realized and unrealized (gains) losses, net

Included in earnings

( 39.3 )

95.2

Included in other comprehensive income

415.8

( 109.0 )

Balance, end of period

$ 7,923.0

$ 7,623.4

Changes in unrealized (gains) losses included in earnings related to
financial liabilities still held at the reporting date

$ ( 5.0 )

$ 101.7

Changes in unrealized (gains) losses included in other comprehensive
income related to financial liabilities still held at the reporting date

$ 395.8

$ ( 123.6 )

(1) As a result of the deconsolidation of one fund during the three months ended June 30, 2025 .
(2) As a result of the initial consolidation of one fund and deconsolidation of one fund during the six months ended June 30,
2025 .
Realized and unrealized gains and losses included in earnings for Level III investments for investments in CLOs and
other investments are included in investment income (loss), and such gains and losses for investments of Consolidated Funds
and loans payable of the Consolidated Funds are included in net investment gains (losses) of Consolidated Funds in the
condensed consolidated statements of operations.
Gains and losses included in other comprehensive income for all Level III financial asset and liabilities are included in
accumulated other comprehensive loss and non-controlling interests in consolidated entities.
The following table summarizes quantitative information about the Company’s Level III inputs as of June 30, 2025 :

30

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

Fair Value at

Valuation Technique(s)

Unobservable Input(s)

Range
(Weighted Average)

Impact to
Valuation
from Increase
in Input

(Dollars in millions)

June 30, 2025

Assets

Investments of Consolidated
Funds:

Equity securities

$ 2.0

Consensus Pricing

Indicative Quotes ($ per share)

0.00 - 22.93 ( 0.14 )

Higher

717.8

Discounted Cash Flow

Discount Rates

8 % - 17 % ( 11 % )

Lower

Terminal Growth Rate

0 % - 9 % ( 4 % )

Higher

Comparable Multiple

EBITDA Multiple

4.9 x - 21.7 x ( 12.0 x )

Higher

TCF Multiple

28.1 x - 28.1 x ( 28.1 x )

Higher

96.0

Discounted Cash Flow

Discount Rates

7 % - 40 % ( 19 % )

Lower

Constant Prepayment Rate

6 % - 14 % ( 8 % )

Lower

Constant Default Rate

1 % - 3 % ( 2 % )

Lower

Recovery Rate

0 % - 40 % ( 25 % )

Higher

94.3

Other (1)

N/A

N/A

N/A

Bonds

569.7

Consensus Pricing

Indicative Quotes (% of Par)

25 - 106 ( 95 )

Higher

Loans

7,817.5

Consensus Pricing

Indicative Quotes (% of Par)

0 - 102 ( 97 )

Higher

141.6

Discounted Cash Flow

Discount Rates

7 % - 17 % ( 10 % )

Lower

4.1

Discounted Cash Flow

Discount Rates

14 % - 14 % ( 14 % )

Lower

Constant Prepayment Rate

8 % - 14 % ( 11 % )

Lower

Constant Default Rate

1 % - 1 % ( 1 % )

Lower

Recovery Rate

0 % - 0 % ( 0 % )

Higher

1.5

Other (1)

N/A

N/A

N/A

9,444.5

Investments in CLOs:

Senior secured notes

313.7

Consensus Pricing with
Discounted Cash Flow

Indicative Quotes (% of Par)

84 - 101 ( 99 )

Higher

Discount Margins (Basis
Points)

80 - 1,349 ( 214 )

Lower

Default Rates

2 % - 2 % ( 2 % )

Lower

Recovery Rates

60 % - 60 % ( 60 % )

Higher

Subordinated notes and
preferred shares

53.2

Consensus Pricing with
Discounted Cash Flow

Indicative Quotes (% of Par)

0 - 100 ( 67 )

Higher

Discount Rates

8 % - 31 % ( 15 % )

Lower

Default Rates

2 % - 2 % ( 2 % )

Lower

Recovery Rates

60 % - 60 % ( 60 % )

Higher

Other investments:

Aviation subordinated
notes

9.1

Discounted Cash Flow

Discount Rates

21 % - 21 % ( 21 % )

Lower

Loans

39.8

Consensus Pricing with
Discounted Cash Flow

Indicative Quotes (% of Par)

96 - 100 ( 98 )

Higher

Discount Rates

7 % - 12 % ( 10 % )

Lower

17.4

Other (1)

N/A

N/A

Higher

Total

$ 9,877.7

Liabilities

Loans payable of Consolidated
 Funds:

Senior secured notes

$ 7,657.1

Other (2)

N/A

N/A

N/A

Subordinated notes and
preferred shares

265.9

Consensus Pricing with
Discounted Cash Flow

Indicative Quotes (% of Par)

12 - 100 ( 59 )

Higher

Discount Rates

( 2 )% - 36 % ( 12 % )

Lower

Default Rates

1 % - 2 % ( 2 % )

Lower

Recovery Rates

60 % - 60 % ( 60 % )

Higher

Total

$ 7,923.0

31

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

(1) Fair value approximates transaction price that was in close proximity to the reporting date.
(2) Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets,
less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent
compensation for services.

32

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

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

Fair Value at

Valuation Technique(s)

Unobservable Input(s)

Range
(Weighted Average)

Impact to
Valuation
from
Increase in
Input

(Dollars in millions)

December 31, 2024

Assets

Investments of Consolidated
Funds:

Equity securities

$ 3.9

Consensus Pricing

Indicative Quotes ($ per share)

0.00 - 112.17 ( 0.01 )

Higher

485.0

Discounted Cash Flow

Discount Rates

10 % - 13 % ( 11 % )

Lower

Terminal Growth Rate

3 % - 7 % ( 6 % )

Higher

Comparable Multiple

EBITDA Multiple

7.7 x - 23.2 x ( 12.8 x )

Higher

TCF Multiple

26.0 x - 26.0 x ( 26.0 x )

Higher

38.2

Discounted Cash Flow

Discount Rates

14 % - 34 % ( 18 % )

Lower

Constant Prepayment Rate

6 % - 16 % ( 11 % )

Lower

Constant Default Rate

1 % - 4 % ( 2 % )

Lower

Recovery Rate

0 % - 40 % ( 17 % )

Higher

44.9

Other (1)

N/A

N/A

N/A

Bonds

465.1

Consensus Pricing

Indicative Quotes (% of Par)

30 - 103 ( 93 )

Higher

Loans

6,408.2

Consensus Pricing

Indicative Quotes (% of Par)

0 - 105 ( 97 )

Higher

10.2

Discounted Cash Flow

Discount Rates

9 % - 19 % ( 18 % )

Lower

6.4

Discounted Cash Flow

Discount Rates

16 % - 16 % ( 16 % )

Lower

Constant Prepayment Rate

8 % - 14 % ( 11 % )

Lower

Constant Default Rate

1 % - 1 % ( 1 % )

Lower

Recovery Rate

0 % - 0 % ( 0 % )

Higher

Other

6.6

Other (1)

N/A

N/A

N/A

7,468.5

Investments in CLOs

Senior secured notes

321.8

Discounted Cash Flow
with Consensus Pricing

Indicative Quotes (% of Par)

80 - 101 ( 99 )

Higher

Discount Margins (Basis
Points)

113 - 1,535 ( 214 )

Lower

Default Rates

2 % - 2 % ( 2 % )

Lower

Recovery Rates

60 % - 60 % ( 60 % )

Higher

Subordinated notes and
preferred shares

57.1

Discounted Cash Flow
with Consensus Pricing

Indicative Quotes (% of Par)

1 - 103 ( 38 )

Higher

Discount Rate

4 % - 35 % ( 16 % )

Lower

Default Rates

1 % - 2 % ( 2 % )

Lower

Recovery Rates

60 % - 60 % ( 60 % )

Higher

Other investments:

BDC preferred shares

53.4

Other (2)

Net Asset Value per Share

16.80 - 16.80 ( 16.80 )

Lower

Aviation subordinated
notes

2.9

Discounted Cash Flow

Discount Rates

21 % - 21 % ( 21 % )

Lower

Loans

28.8

Consensus Pricing

Indicative Quotes (% of Par)

99 - 99 ( 99 )

Higher

Total

$ 7,932.5

Liabilities

Loans payable of Consolidated
Funds:

Senior secured notes

$ 6,598.8

Other (3)

N/A

N/A

N/A

Subordinated notes and
preferred shares

210.3

Discounted Cash Flow
with Consensus Pricing

Indicative Quotes (% of Par)

11 - 87 ( 34 )

Higher

Discount Rates

2 % - 35 % ( 15 % )

Lower

Default Rates

1 % - 2 % ( 2 % )

Lower

Recovery Rates

60 % - 60 % ( 60 % )

Higher

Total

$ 6,809.1

(1) Fair value approximates transaction price that was in close proximity to the reporting date.
(2) See Note 9 , Related Party Transactions , for more information.

33

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

(3) Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets,
less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent
compensation for services.

4. Investments
In vestments consist of the following:  

 

As of

 

June 30,
2025

December 31,
2024

 

(Dollars in millions)

Accrued performance allocations

$ 7,598.8

$ 7,053.5

Principal equity method investments, excluding performance allocations

3,001.6

3,292.3

Principal investments in CLOs

366.9

378.9

Other investments

235.8

212.0

Total

$ 11,203.1

$ 10,936.7

Accrued Performance Allocations
The components of accrued performance allocations are as follows:

 

As of

 

June 30, 2025

December 31,
2024

 

(Dollars in millions)

Global Private Equity

$ 5,153.4

$ 4,910.2

Global Credit

632.9

527.1

Carlyle AlpInvest

1,812.5

1,616.2

Total

$ 7,598.8

$ 7,053.5

Approximately 23 % and 20 % of accrued performance allocations at June 30, 2025 and December 31, 2024 , respectively,
was related to Carlyle Partners VII, L.P., one of the Company’s Global Private Equity funds.
Accrued performance allocations are shown gross of the Company’s accrued performance allocations and incentive fee
related compensation (see Note 7 , Accrued Compensation and Benefits ), and accrued giveback obligations, which are
separately presented in the condensed consolidated balance sheets. The components of the accrued giveback obligations are as
follows:

 

As of

 

June 30,
2025

December 31,
2024

 

(Dollars in millions)

Global Private Equity

$ ( 19.1 )

$ ( 18.5 )

Global Credit

( 25.5 )

( 25.5 )

Total

$ ( 44.6 )

$ ( 44.0 )

Principal Equity-Method Investments, Excluding Performance Allocations
The Company’s principal equity method investments (excluding performance allocations) include its fund investments in
Global Private Equity, Global Credit, and Carlyle AlpInvest typically as general partner interests, and its investments in
Fortitude through a Carlyle-affiliated fund (included within Global Credit) and NGP (included within Global Private Equity),
which are not consolidated. Principal investments are related to the following segments:

34

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

 

As of

 

June 30, 2025

December 31,
2024

 

(Dollars in millions)

Global Private Equity (1)

$ 1,523.1

$ 1,818.0

Global Credit (2)

1,188.3

1,157.0

Carlyle AlpInvest

290.2

317.3

Total

$ 3,001.6

$ 3,292.3

(1) The balance includes $ 639.0  million and $ 912.0  million as of June 30, 2025 and December 31, 2024 , respectively, related to the
Company’s equity method investments in NGP.
(2) The balance includes $ 739.1  million and $ 723.5  million as of June 30, 2025 and December 31, 2024 , respectively, related to the
Company’s investment in Fortitude.
Investment in Fortitude
In November 2018, the Company acquired a 19.9 % interest in Fortitude Group Holdings, LLC (“Fortitude Holdings”), a
wholly owned subsidiary of American International Group, Inc. (“AIG”). Fortitude Holdings owns 100 % of the outstanding
common shares of Fortitude Reinsurance Company Ltd., a Bermuda domiciled reinsurer (“Fortitude Re”). The Company paid
$ 381 million in cash at closing and paid $ 95 million in additional deferred consideration in 2024. In May 2020, the initial
purchase price was adjusted upward by $ 99.5 million in accordance with the purchase agreement as Fortitude Holdings chose
not to distribute a planned non-pro rata dividend to AIG, of which the Company paid $ 79.6 million in May 2020. The
remaining $ 19.9 million was paid in 2024.
In June 2020, Carlyle FRL, L.P. (“Carlyle FRL”), a Carlyle-affiliated investment fund, and T&D United Capital Co., Ltd.
(“T&D”), a strategic third-party investor, acquired a 51.6 % ownership interest and 25.0 % ownership interest, respectively, in
Fortitude Holdings from AIG. At closing, the Company contributed its existing 19.9 % interest in Fortitude Holdings to Carlyle
FRL, such that Carlyle FRL held a 71.5 % interest in Fortitude Holdings. Taken together, Carlyle FRL and T&D had 96.5 %
ownership of Fortitude Holdings. In October 2021, Carlyle FRL, T&D and an affiliate of AIG contributed the entirety of their
interest in Fortitude Holdings to FGH Parent, L.P. (“FGH Parent”), a newly-formed entity interposed as the direct parent of
Fortitude Holdings, in exchange for an equivalent ownership interest in FGH Parent. References to “Fortitude” prior to this
restructuring refer to Fortitude Holdings and refer to FGH Parent for subsequent periods.
In March 2022, the Company raised $ 2.0  billion in third-party equity capital from certain investors in Carlyle FRL and
T&D, and committed $ 100  million from the Company for additional equity capital in Fortitude. Upon Fortitude calling the
remaining commitments from the capital raise in May 2023, the Company’s indirect ownership of Fortitude decreased to 
10.5 % . Effective October 2023, a third-party investor in Carlyle FRL received a distribution in kind of its interest in FGH
Parent held indirectly through the fund, reducing Carlyle FRL’s ownership in FGH Parent to 38.5 % . Following the additional
capital contributions in 2022 and 2023, Carlyle FRL and its strategic third-party investors collectively hold a 97.5 % interest in
FGH Parent.
In November 2024, Fortitude declared and paid a $ 200.0  million dividend, of which Carlyle FRL’s share was
$ 76.9  million . The Company received a distribution from Carlyle FRL of $ 21.0  million related to this dividend, of which
$ 7.9  million was recognized as realized principal investment income, and the balance as return of capital. As of June 30, 2025 ,
the carrying value of the Company’s investment in Carlyle FRL, which is an investment company that accounts for its
investment in Fortitude at fair value, was $ 739.1 million , relative to equity invested of $ 666.8 million .
The Company has an asset management relationship with Fortitude pursuant to which Fortitude committed to allocate
assets in asset management strategies and vehicles of the Company and its affiliates. As of June 30, 2025 , Fortitude, its
affiliates and certain Fortitude reinsurance counterparties have committed approximately $ 21.7  billion of capital to-date to
various Carlyle strategies. On April 1, 2022, the Company entered into a strategic advisory services agreement with certain
subsidiaries of Fortitude through Carlyle Insurance Solutions Management L.L.C. (“CISM”), an investment adviser. Under the
agreement, CISM provides Fortitude with certain services, including business development and growth, transaction origination
and execution, and capital management services in exchange for a recurring management fee based on Fortitude’s general
account assets, which adjusts within an agreed range based on Fortitude’s overall profitability. Third-party investors who

35

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

participated in the March 2022 capital raise also made a minority investment in CISM, which is reflected as non-controlling
interest in consolidated entities in the condensed consolidated financial statements.
Investment in NGP
The Company has equity interests in NGP Management Company, L.L.C. (“NGP Management”), the general partners of
certain carry funds advised by NGP, and principal investments in certain NGP funds as described below. These investments are
included in the Global Private Equity segment. NGP Management serves as the investment advisor to the NGP Energy Funds.
The Company does not control NGP and accounts for its investments in NGP under the equity method of accounting.
The Company’s investments in NGP as of June 30, 2025 and December 31, 2024 are as follows:

As of

June 30, 2025

December 31,
2024

(Dollars in millions)

Investment in NGP Management

$ 265.7

$ 369.2

Investments in NGP general partners - accrued performance allocations

326.7

489.4

Principal investments in NGP funds

46.6

53.4

Total investments in NGP

$ 639.0

$ 912.0

NGP Restructuring. On March 31, 2025, the Company restructured the terms of its strategic investment in NGP (the
“Restructuring”) to further align the interests of the Company and NGP. The Restructuring eliminated previous restrictions on
the Company’s ability to pursue domestic energy strategies, established a new capital markets fees arrangement with NGP, and
terminated the Company’s obligation to grant up to $ 10  million of its common shares to NGP annually following a final grant
made with respect to 2030. Additionally, in order to facilitate the development of future funds while substantially maintaining
the Company’s economics on existing funds, the Restructuring reduced the Company’s allocation of the management fee
related revenues of NGP Management related to future funds, as well as its share of the performance allocations received by
current and future NGP fund general partners, as discussed further below.
Prior to the Restructuring, the Company’s equity interests in NGP Management entitled the Company to an allocation of
income equal to 55.0 % of the management fee related revenues earned by NGP Management. Subsequent to the Restructuring,
for all funds that held an initial closing after December 31, 2024, the Company’s allocations of income for the management fee
related revenues will be based on a sliding scale of the total annual management fee related revenues accrued from all such
funds in the aggregate up to 55.0 % , including all management fees being retained by NGP for the years 2025 through 2028 on
such future NGP funds. The Company identified the reduction of its allocation of the management fee related revenues of NGP
Management as an indicator of impairment and performed an impairment analysis. As a result of the Restructuring, the
Company concluded that the carrying value of its investment in NGP Management was impaired and recorded an impairment
c harge of $ 92.5  million during the first quarter of 2025 , representing the difference in the carrying value of the investment of
$ 352.5  million and its fair value of $ 260.0  million at the time of Restructuring. The Company utilized a discounted cash flow
method for determining the fair value of its equity method investment, which is a Level III valuation within the fair value
hierarchy and utilizes significant unobservable assumptions, including discount rates and long-term growth rates. The allocation
of management fee related revenues for existing NGP funds remains unchanged, including the Company’s interest in
management fees from NGP XI, NGP XII, and NGP XIII.
The impairment charge created new basis differences with an estimated fair value of $ 165  million within the equity
method investment. These basis differences will be amortized over an estimated useful life ranging from five to seven years as a
reduction of principal investment income.
The Company’s investment in the general partners of the NGP Carry Funds entitled it to 47.5 % ( 38.0 % to 42.75 % in the
case of certain funds) of the performance allocations received by certain current and future NGP fund general partners prior to
the Restructuring. In connection with the Restructuring, the Company’s allocation of the performance allocations from existing
NGP Carry Funds was reduced to a range of 35.1 % to 43.8 % , which resulted in a $ 38  million reduction in accrued performance
allocations during the first quarter of 2025. The Company’s interest in the performance allocations from future NGP Carry

36

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

Funds will be based on a sliding scale of the fee paying capital raised in each future NGP Carry Fund, up to 47.5 % of the
performance allocations received by future NGP Carry Funds.
The impairment charge related to the investment in NGP Management and the reduction in accrued performance
allocations from NGP Carry Funds are recorded in Principal investment income (loss) in the condensed consolidated statements
of operations and excluded from Distributable Earnings, as defined in Note 15 , Segment Reporting .
Investment in NGP Management . As referenced above, the Company’s equity interests in NGP Management entitle the
Company to an allocation of income equal to 55.0 % of the management fee related revenues earned by existing funds, and up to
55.0 % of management fees earned on future NGP funds in the aggregate, including all management fees being retained by NGP
for the years 2025 through 2028 on such future NGP funds. The Company records investment income (loss) for its equity
income allocation from NGP management fee related revenues and also records its share of any allocated expenses from NGP
Management, as well as expenses associated with the compensatory elements of the investment and any impairment charges.
The net investment income (loss) recognized in the Company’s condensed consolidated statements of operations for the three
and six months ended June 30, 2025 and 2024 were as follows:

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Management fee related revenues from NGP Management

$ 15.4

$ 19.2

$ 31.5

$ 36.5

Expenses related to the investment in NGP Management

( 3.6 )

( 3.8 )

( 7.2 )

( 7.0 )

Amortization of basis differences and impairment of investment in NGP
Management

( 8.8 )

—

( 101.3 )

—

Net investment income from NGP Management

$ 3.0

$ 15.4

$ ( 77.0 )

$ 29.5

Management fee related revenues from NGP Management were primarily driven by NGP XI, NGP XII, and NGP XII I
during the three and six months ended June 30, 2025 and 2024 . These funds calculate management fees as 1.5 % of the limited
partners’ commitments less any return of capital or write-offs during the investment period. Following the investment period,
the basis on which fund management fees are generally calculated is further reduced by a reserve for future management fees
and operating costs.
Investment in the General Partners of NGP Carry Funds . As referenced above, the Company’s investment in the general
partners of the NGP Carry Funds entitle it to up to 47.5 % of the performance allocations received by NGP fund general
partners. The Company records its equity income allocation from NGP performance allocations in principal investment income
(loss) from equity method investments rather than performance allocations in its condensed consolidated statements of
operations. The Company recognized net investment earnings (losses) related to these performance alloca tions of $ 27.6 million
and $ 3.0 million for the three months ended June 30, 2025 and 2024 , respectively, and $( 0.9 ) million and $ 18.3 million for the
six months ended June 30, 2025 and 2024 , respectively, in its condensed consolidated statements of operations. The six months
ended June 30, 2025 included the $ 38.0  million reduction related to the Restructuring.
Principal Investments in NGP Funds . The Company also holds principal investments in the NGP Carry Funds. The
Company recognized net investment earnings (losses) related to principal investment income (loss) in its condensed
consolidated statements of operations of $ 4.2 million and $ 0.7 million for the three months ended June 30, 2025 and 2024 ,
respectively, and $ 5.5 million and $ 2.7 million for the six months ended June 30, 2025 and 2024 , respectively.

37

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

Principal Investments in CLOs and Other Investments
Principal investments in CLOs as of June 30, 2025 and December 31, 2024 were $ 366.9 million and $ 378.9 million ,
respectively, and consisted of investments in CLO senior and subordinated notes. A portion of the Company’s principal
investments in CLOs is collateral to CLO term loans (see Note 6 , Borrowings ). As of June 30, 2025 other investments include
the Company’s investment in common shares of CGBD at fair value of $ 41.1  million . As of December 31, 2024 , other
investments include the Company’s investment in preferred shares of CGBD (the “BDC Preferred Shares”) at fair value of
$ 53.4 million , which were exchanged for common shares effective March 27, 2025 (see Note 9 , Related Party Transactions ).
Investment Income (Loss)
The components of investment income (loss) are as follows:

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Performance allocations

Realized

$ 116.7

$ 147.9

$ 449.6

$ 537.6

Unrealized

522.1

50.3

412.1

( 496.4 )

638.8

198.2

861.7

41.2

Principal investment income (loss) from equity method investments
(excluding performance allocations)

Realized

178.3

43.7

148.9

97.4

Unrealized

( 122.9 )

12.8

( 156.2 )

6.2

55.4

56.5

( 7.3 )

103.6

Principal investment income (loss) from investments in CLOs and other
investments

Realized

1.6

7.0

( 0.4 )

9.2

Unrealized

( 1.8 )

24.6

( 0.2 )

48.4

( 0.2 )

31.6

( 0.6 )

57.6

Total

$ 694.0

$ 286.3

$ 853.8

$ 202.4

The performance allocations included in revenues are derived from the following segments:  

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Global Private Equity

$ 476.9

$ 185.0

$ 561.9

$ ( 178.5 )

Global Credit

50.8

46.2

129.8

111.3

Carlyle AlpInvest

111.1

( 33.0 )

170.0

108.4

Total

$ 638.8

$ 198.2

$ 861.7

$ 41.2

The following tables summarize the funds that are the primary drivers of performance allocations for the three and six
months ended June 30, 2025 and 2024 , as well as the total revenue recognized, including performance allocations as well as
fund management fees and principal investment income:

38

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

Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

(Dollars in millions)

(Dollars in millions)

Global Private Equity

Carlyle Asia Partners V, L.P.

287.6

Global Private Equity

Carlyle Partners VII, L.P.

$ 447.7

Global Private Equity

Carlyle Partners VII, L.P.

213.7

Three Months Ended June 30, 2024

Six Months Ended June 30, 2024

(Dollars in millions)

(Dollars in millions)

Global Private Equity

Carlyle Partners VII, L.P.

$ 103.2

Global Private Equity

Carlyle Europe Partners V, L.P.

$ ( 138.4 )

Global Private Equity

Carlyle Partners VI, L.P.

( 62.1 )

Global Private Equity

Carlyle Partners VI, L.P.

( 148.7 )

Carlyle’s income (loss) from its principal equity method investments consists of:

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Global Private Equity

$ 43.2

$ 37.3

$ ( 52.4 )

$ 66.1

Global Credit

( 0.5 )

19.6

18.7

31.0

Carlyle AlpInvest

12.7

( 0.4 )

26.4

6.5

Total

$ 55.4

$ 56.5

$ ( 7.3 )

$ 103.6

Principal investment income for Global Private Equity for the six months ended June 30, 2025 included the impairment
charge related to the investment in NGP Management of $ 92.5  million and the reduction in accrued performance allocations
from NGP Carry Funds of $ 38.0  million related to the Restructuring. Principal investment income for Global Private Equity for
the three and six months ended June 30, 2024 included the Company’s equity income allocation from NGP performance
allocations of $ 3.0 million and $ 18.3 million , respectively.
Investments of Consolidated Funds
The Company consolidates the financial positions and results of operations of certain CLOs in which it is the primary
beneficiary. During the six months ended June 30, 2025 , the Company became the primary beneficiary of one additional CLO.
Investments in Consolidated Funds as of June 30, 2025 and December 31, 2024 also included $ 739.7  million and
$ 441.9  million , respectively, related to investments that have been bridged by the Company to investment funds and are
accounted for as consolidated VIEs.
There were no individual investments with a fair value greater than five percent of the Company’s total assets for any
period presented.

39

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

Interest and Other Income of Consolidated Funds
The components of interest and other income of Consolidated Funds are as follows:

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Interest income from investments

$ 142.5

$ 149.3

$ 265.5

$ 291.9

Other income

20.5

16.3

30.9

38.6

Total

$ 163.0

$ 165.6

$ 296.4

$ 330.5

Net Investment Income (Loss) of Consolidated Funds
Net investment income (loss) of Consolidated Funds includes net realized gains (losses) from sales of investments and
unrealized gains (losses) resulting from changes in fair value of the Consolidated Funds’ investments. The components of Net
investment income (loss) of Consolidated Funds are as follows: 

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Gains from investments of Consolidated Funds

$ 4.6

$ 0.2

$ 11.6

$ 82.9

Gains (losses) from liabilities of CLOs

42.2

( 5.4 )

41.3

( 95.1 )

Gains on other assets of CLOs

—

0.1

—

0.1

Total

$ 46.8

$ ( 5.1 )

$ 52.9

$ ( 12.1 )

The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Realized losses

$ ( 24.5 )

$ ( 23.4 )

$ ( 24.9 )

$ ( 44.6 )

Net change in unrealized gains

29.1

23.6

36.5

127.5

Total

$ 4.6

$ 0.2

$ 11.6

$ 82.9

5. Intangible Assets and Goodwill
The following table summarizes the carrying amount of intangible assets as of June 30, 2025 and December 31, 2024 :

As of

June 30, 2025

December 31,
2024

(Dollars in millions)

Acquired contractual rights

$ 929.7

$ 922.7

Accumulated amortization

( 460.6 )

( 392.2 )

Finite-lived intangible assets, net

469.1

530.5

Goodwill

104.5

103.6

Intangible Assets, net

$ 573.6

$ 634.1

As discussed in Note 2 , Summary of Significant Accounting Policies , the Company reviews its intangible assets for
impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable,

40

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

and considers factors including, but not limited to, expected cash flows from its interest in future management fees and the
ability to raise new funds. The Company recorded no impairment losses of intangible assets for the periods presented.
Intangible asset amortization expense was $ 32.8 million and $ 32.7 million for the three months ended June 30, 2025 and
2024 , respectively, and $ 65.4 million and $ 65.3 million for the six months ended June 30, 2025 and 2024 , respectively, and is
included in general, administrative, and other expenses in the condensed consolidated statements of operations . Certain
intangible assets are held by entities of which the functional currency is not the U.S. dollar. Any corresponding currency
translation is recorded in accumulated other comprehensive income (loss).
The following table summarizes the expected amortization expense for 2025 through 2029 and thereafter (Dollars in
millions):

Year ending December 31,

2025 (excluding the six months ended June 30, 2025)

$ 66.1

2026

132.0

2027

121.8

2028

114.7

2029

31.9

Thereafter

2.6

$ 469.1

6. Borrowings
Th e Company borrows and enters into credit agreements for its general operating and investment purposes. The
Company’s debt obligations consist of the following:

 

June 30, 2025

December 31, 2024

 

Borrowing
Outstanding

Carrying
Value

Borrowing
Outstanding

Carrying
Value

(Dollars in millions)

CLO Borrowings   (See below)

$ 301.7

$ 299.3

$ 289.4

$ 288.0

3.500 % Senior Notes Due 9/19/2029

425.0

423.1

425.0

422.9

5.625 % Senior Notes Due 3/30/2043

600.0

600.5

600.0

600.5

5.650 % Senior Notes Due 9/15/2048

350.0

346.7

350.0

346.6

4.625 % Subordinated Notes Due 5/15/2061

500.0

485.7

500.0

485.5

Total debt obligations

$ 2,176.7

$ 2,155.3

$ 2,164.4

$ 2,143.5

Senior Credit Facility
As of June 30, 2025 , the senior credit facility included $ 1.0  billion in a revolving credit facility, which was amended in
May 2025 to extend the maturity date from April 29, 2027 to May 29, 2030 . The Company’s borrowing capacity is subject to
the ability of the financial institutions in the banking syndicate to fulfill their respective obligations under the revolving credit
facility. Principal amounts outstanding under the revolving credit facility accrue interest, at the option of the borrowers, either
(a) at an alternate base rate plus an applicable margin not to exceed 0.50 % per annum, or (b) at SOFR (or similar benchmark
rate for non-U.S. dollar borrowings) plus a 0.10 % adjustment and an applicable margin not to exceed 1.50 % per annum (at
June 30, 2025 , the interest rate was 5.42 % ). The Company made no borrowings under the revolving credit facility during the
three and six months ended June 30, 2025 and 2024 , and there was no amount outstanding as of June 30, 2025 .
Global Credit Revolving Credit Facility
Certain subsidiaries of the Company are parties to a revolving line of credit, primarily intended to support certain lending
activities within the Global Credit segment. As currently amended, the Global Credit Revolving Credit Facility provides for a
revolving line of credit with a capacity of $ 300  million , which matures in September 2027 , and a second revolving line of credit

41

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

with a capacity of $ 200  million , which the Company intends to amend to extend the maturity date from August 20, 2025 . The
Company’s borrowing capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill their
respective obligations under the Global Credit Revolving Credit Facility. Principal amounts outstanding accrue interest at
applicable SOFR or Eurocurrency rates plus an applicable margin of 2.00 % or an alternate base rate plus an applicable margin
of 1.00 % . During the three and six months ended June 30, 2025 , the Company made no borrowings under the Global Credit
Revolving Credit Facility. D uring the three and six months ended June 30, 2024 , the Company made borrowings under the
Global Credit Revolving Credit Facility of $ 5.0  million and € 5.0  million , which were repaid during the quarter. As of June 30,
2025 , there was no borrowing outstanding under the Global Credit Revolving Credit Facility.
CLO Borrowings
For certain of the Company’s CLOs, the Company finances a portion of its investment in the CLOs through the proceeds
received from term loans and other financing arrangements with financial institutions. The Company’s outstanding CLO
borrowings consist of the following (Dollars in millions):

Formation Date

Borrowing
Outstanding June
30, 2025

Borrowing
Outstanding
December 31, 2024

Maturity Date (1)

Interest Rate as of
June 30, 2025

February 28, 2017

$ 16.1

$ 23.5

September 21, 2029

5.03 %

(2)

December 6, 2017

—

25.5

N/A

N/A

(4)

March 15, 2019

1.9

1.7

March 15, 2032

10.08 %

(3)

August 20, 2019

4.2

3.7

August 15, 2032

6.88 %

(3)

September 15, 2020

20.8

18.4

April 15, 2033

3.87 %

(3)

January 8, 2021

21.9

19.2

January 15, 2034

4.77 %

(3)

March 30, 2021

16.6

16.5

March 15, 2032

3.77 %

(3)

April 21, 2021

3.8

3.3

April 15, 2033

8.13 %

(3)

May 21, 2021

9.5

11.6

November 17, 2031

3.59 %

(3)

June 4, 2021

22.0

19.4

January 16, 2034

4.56 %

(3)

June 10, 2021

1.4

1.2

November 17, 2031

4.99 %

(3)

July 15, 2021

16.4

14.5

July 15, 2034

4.57 %

(3)

July 20, 2021

21.9

19.3

July 20, 2031

4.51 %

(3)

August 4, 2021

17.2

15.6

August 15, 2032

3.90 %

(3)

October 27, 2021

25.5

22.5

October 15, 2035

4.68 %

(3)

January 6, 2022

22.1

19.4

February 15, 2035

4.52 %

(3)

February 22, 2022

22.1

19.5

November 10, 2035

4.59 %

(3)

September 5, 2023

—

5.1

N/A

N/A

(4)

April 25, 2024

19.6

17.2

April 25, 2037

5.03 %

(3)

December 19, 2024

16.6

12.3

January 15, 2039

4.90 %

(3)

March 10, 2025

22.1

—

April 15, 2038

4.88 %

(3)

$ 301.7

$ 289.4

(1) Maturity date is earlier of date indicated or the date that the CLO is dissolved.
(2) Incurs interest at EURIBOR plus applicable margins as defined in the agreement.
(3) Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50 % spread percentage.
(4) Term loan was fully repaid during the six months ended June 30, 2025 .
The CLO term loans are secured by the Company’s investments in the respective CLO, have a general unsecured interest
in the Carlyle entity that manages the CLO, and generally do not have recourse to any other Carlyle entity. Interest expense for
the three months ended June 30, 2025 and 2024 was $ 4.0 million and $ 6.2 million , respectively. Interest expense for the six
months ended June 30, 2025 and 2024 was $ 7.8 million and $ 13.0 million , respectively. The fair value of the outstanding
balance of the CLO term loans at June 30, 2025 approximated par value based on current market rates for similar debt
instruments. These CLO term loans are classified as Level III within the fair value hierarchy.

42

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

European CLO Financing – February 28, 2017
A subsidiary of the Company is a party to a financing agreement with several financial institutions. As of June 30, 2025 ,
the financing agreement provided the Company with a term loan of € 13.7  million ( $ 16.1  million at June 30, 2025 ). This term
loan is secured by the Company’s investments in the retained notes in certain European CLOs that were formed in 2014 and
2015. This term loan will mature on the earlier of September 21, 2029 or the date that the certain European CLO retained notes
have been redeemed. The Company may prepay the term loan in whole or in part at any time. Interest on this term loan accrues
at EURIBOR plus applicable margins ( 5.03 % at June 30, 2025 ).
M aster Credit Agreement – Term Loan s
The Company assumed liabilities under master credit agreements previously entered into by CBAM under which a
financial institution provided term loans to CBAM for the purchase of eligible interests in CLOs. Term loans issued under these
master credit agreements are secured by the Company’s investment in the respective CLO as well as any senior management
fee and subordinated management fee payable by each CLO. Term loans generally bear interest at SOFR plus a weighted
average spread over SOFR on the CLO notes, which is due quarterly. As of June 30, 2025 , all outstanding CLO term loans
under this agreement have been repaid.
CLO Repurchase Agreements
On February 5, 2019, the Company entered into a master credit facility agreement (the “Carlyle CLO Financing Facility”)
to finance a portion of the risk retention investments in certain European CLOs managed by the Company. Each transaction
entered into under the Carlyle CLO Financing Facility will bear interest at a rate based on the weighted average effective
interest rate of each class of securities that have been sold plus a spread to be agreed upon by the parties. As of June 30, 2025 ,
€ 179.4 million ( $ 211.1  million ) was outstanding under the Carlyle CLO Financing Facility. Additional borrowings may be
made on terms agreed upon by the Company and the counterparty subject to the terms and conditions of the Carlyle CLO
Financing Facility.
Each transaction entered into under the CLO Financing Facility provides for payment netting and, in the case of a default
or similar event with respect to the counterparty to the CLO Financing Facility, provides for netting across transactions.
Generally, upon a counterparty default, the Company can terminate all transactions under the CLO Financing Facility and offset
amounts it owes in respect of any one transaction against collateral, if any, or other amounts it has received in respect of any
other transactions under the CLO Financing Facility; provided, however, that in the case of certain defaults, the Company may
only be able to terminate and offset solely with respect to the transaction affected by the default. During the term of a
transaction entered into under the CLO Financing Facility, the Company will deliver cash or additional securities acceptable to
the counterparty if the securities sold are in default. Upon termination of a transaction, the Company will repurchase the
previously sold securities from the counterparty at a previously determined repurchase price. The CLO Financing Facility may
be terminated at any time upon certain defaults or circumstances agreed upon by the parties.
The Repurchase Agreements may result in credit exposure in the event the counterparty to the transaction is unable to
fulfill its contractual obligations. The Company minimizes the credit risk associated with these activities by monitoring
counterparty credit exposure and collateral values. Other than margin requirements, the Company is not subject to additional
terms or contingencies which would expose the Company to additional obligations based upon the performance of the securities
pledged as collateral.
The Company assumed liabilities under a master credit facility agreement previously entered into by CBAM (the
“CBAM CLO Financing Facility,” together with the Carlyle CLO Financing Facility, the “CLO Financing Facilities”) to
finance a portion of the risk retention investments in certain European CLOs managed by CBAM. The maximum facility
amount is € 100.0  million , but may be expanded on such terms agreed upon by the Company and the counterparty subject to the
terms and conditions of the CBAM CLO Financing Facility. Each transaction entered into under the CBAM CLO Financing
Facility will bear interest at a rate based on the weighted average effective interest rate of each class of securities that have been
sold plus a spread to be agreed upon by the parties. As of June 30, 2025 , € 63.4  million ( $ 74.5  million ) was outstanding under
the CBAM CLO Financing Facility.

43

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

Senior Notes
Certain indirect subsidiaries of the Company have issued long term borrowings in the form of senior notes, on which
interest is payable semi-annually in arrears. The following table provides information regarding these senior notes (Dollars in
millions):

Interest Expense

Fair Value (1)
As of

Three Months Ended
June 30,

Six Months Ended
June 30,

Aggregate
Principal
Amount

June 30,
2025

December
31, 2024

2025

2024

2025

2024

3.500 % Senior Notes Due 9/19/2029 (2)

$ 425.0

$ 412.4

$ 401.2

$ 3.9

$ 3.9

$ 7.7

$ 7.7

5.625 % Senior Notes Due 3/30/2043 (3)

600.0

585.0

589.5

8.5

8.5

16.9

16.9

5.650 % Senior Notes Due 9/15/2048 (4)

350.0

338.6

338.1

5.0

5.0

10.0

10.0

$ 17.4

$ 17.4

$ 34.6

$ 34.6

(1) Including accrued interest. Fair value is based on indicative quotes and the notes are classified as Level II within the fair
value hierarchy.
(2) Issued in September 2019 at 99.841 % of par.
(3) Issued $ 400.0 million in aggregate principal at 99.583 % of par in March 2013. An additional $ 200.0 million in aggregate
principal was issued at 104.315 % of par in March 2014, and is treated as a single class with the outstanding $ 400.0 million
in senior notes previously issued.
(4) Issued in September 2018 at 99.914 % of par.
The issuers may redeem the senior notes, in whole at any time or in part from time to time, at a price equal to the greater
of (i) 100 % of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining
scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semiannual
basis at the Treasury Rate plus 40 basis points ( 30 basis points in the case of the 3.500 % senior notes), plus in each case accrued
and unpaid interest on the principal amounts being redeemed.
Subordinated Notes
In May 2021, an indirect subsidiary of the Company issued $ 435.0  million aggregate principal amount of 4.625 %
Subordinated Notes due May 15, 2061 (the “Subordinated Notes”), on which interest is payable quarterly accruing from May
11, 2021. In June 2021, an additional $ 65.0  million aggregate principal amount of these Subordinated Notes were issued and
are treated as a single series with the already outstanding $ 435.0  million aggregate principal amount. The Subordinated Notes
are unsecured and subordinated obligations of the issuer, and are fully and unconditionally guaranteed (the “Guarantees”),
jointly and severally, on a subordinated basis, by the Company, each of the Carlyle Holdings partnerships, and CG Subsidiary
Holdings L.L.C., an indirect subsidiary of the Company (collectively, the “Guarantors”). The Consolidated Funds are not
guarantors, and as such, the assets of the Consolidated Funds are not available to service the Subordinated Notes under the
Guarantee. The Subordinated Notes may be redeemed at the issuer’s option, in whole or in part, at any time and from time to
time on or after June 15, 2026, prior to their stated maturity, at a redemption price equal to their principal amount plus any
accrued and unpaid interest to, but excluding, the date of redemption. If interest due on the Subordinated Notes is deemed to no
longer be deductible in the U.S., a “Tax Redemption Event,” the Subordinated Notes may be redeemed, in whole, but not in
part, within 120 days of the occurrence of such event at a redemption price equal to their principal amount plus accrued and
unpaid interest to, but excluding, the date of redemption. In addition, the Subordinated Notes may be redeemed, in whole, but
not in part, at any time prior to May 15, 2026, within 90 days of the rating agencies determining that the Subordinated Notes
should no longer receive partial equity treatment pursuant to the rating agency’s criteria, a “rating agency event,” at a
redemption price equal to 102 % of their principal amount plus any accrued and unpaid interest to, but excluding, the date of
redemption.
As of June 30, 2025 and December 31, 2024 , the fair value of the Subordinated Notes was $ 335.0  million and
$ 356.4  million , respectively. Fair value is based on active market quotes and the notes are classified as Level I within the fair
value hierarchy. For both the three months ended June 30, 2025 and 2024 , the Company incurred $ 5.9 million of interest
expense on the Subordinated Notes. For both the six months ended June 30, 2025 and 2024 , the Company incurred $ 11.8
million of interest expense on the Subordinated Notes.

44

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

Debt Covenants
The Company is subject to various financial covenants under its loan agreements including, among other items,
maintenance of a minimum amount of management fee-earning assets. The Company is also subject to various non-financial
covenants under its loan agreements and the indentures governing its senior notes. The Company was in compliance with all
financial and non-financial covenants under its various loan agreements as of June 30, 2025 .

Loans Payable of Consolidated Funds
Loans payable of Consolidated Funds primarily represent amounts due to holders of debt securities issued by the CLOs.
As of June 30, 2025 and December 31, 2024 , the following borrowings were outstanding (Dollars in millions):

 

As of June 30, 2025

 

Borrowing
Outstanding

Fair Value

Weighted
Average
Interest Rate

 

Weighted
Average
Remaining
Maturity in
Years

Senior secured notes

$ 7,706.1

$ 7,657.1

5.51 %

9.93

Subordinated notes

320.2

265.9

N/A

(2)

9.06

Revolving credit facilities (1)

133.1

133.1

6.80 %

3.72

Total

$ 8,159.4

$ 8,056.1

 

 

As of December 31, 2024

 

Borrowing
Outstanding

Fair Value

Weighted
Average
Interest Rate

 

Weighted
Average
Remaining
Maturity in
Years

Senior secured notes

$ 6,732.8

$ 6,598.8

5.72 %

9.18

Subordinated notes

229.9

210.3

N/A

(2)

9.15

Revolving credit facilities (1)

55.1

55.1

7.01 %

4.53

Total

$ 7,017.8

$ 6,864.2

(1) Fair Value as of June 30, 2025 and December 31, 2024 reflects the amortized cost of outstanding revolving credit balances which
approximates fair value.
(2) The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows of the
CLOs.
Loans payable of the CLOs are collateralized by the assets held by the CLOs and the assets of one CLO may not be used
to satisfy the liabilities of another. This collateral consisted of cash and cash equivalents, corporate loans, corporate bonds and
other securities. As of June 30, 2025 and December 31, 2024 , the fair value of the CLO assets was $ 9.2 billion and $ 7.9 billion ,
respectively.

45

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

7. Accrued Compensation and Benefits
A ccrued compensation and benefits consist of the following:  

 

As of

 

June 30,
2025

December 31,
2024

 

(Dollars in millions)

Accrued performance allocations and incentive fee related compensation

$ 5,081.0

$ 4,819.7

Accrued bonuses

189.2

335.5

Realized performance allocations and incentive fee related compensation not yet paid

214.5

183.8

Other

114.2

107.6

Total

$ 5,598.9

$ 5,446.6

The following table presents realized and unrealized performance allocations and incentive fee related compensation:  

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Realized

$ 189.4

$ 114.9

$ 442.3

$ 381.7

Unrealized

254.2

29.3

172.7

( 310.3 )

Total

$ 443.6

$ 144.2

$ 615.0

$ 71.4

8. Commitments and Contingencies

Capital Commitments
The Company and its unconsolidated affiliates have unfunded commitments totaling $ 4.0 billion as of June 30, 2025 , of
which approximately $ 3.4 billion is subscribed individually by senior Carlyle professionals, advisors and other professionals. In
addition to these unfunded commitments, the Company may from time to time exercise its right to purchase additional interests
in its investment funds that become available in the ordinary course of their operations.
Under the Carlyle Global Capital Markets platform, certain subsidiaries of the Company may act as an underwriter,
syndicator or placement agent for security offerings and loan originations. The Company earns fees in connection with these
activities and bears the risk of the sale of such securities and placement of such loans, which may be longer dated. As of
June 30, 2025 , the Company had no material commitments related to the origination and syndication of loans and securities
under the Carlyle Global Capital Markets platform.

Guaranteed Loans 
From time to time, the Company or its subsidiaries may enter into agreements to guarantee certain obligations of the
investment funds related to, for example, credit facilities or equity commitments. Certain consolidated subsidiaries of the
Company are the guarantors of revolving credit facilities for certain funds in the Carlyle AlpInvest segment. The guarantee is
limited to the lesser of the total amount drawn under the credit facilities or the total of net asset value of the guarantor
subsidiaries plus any uncalled capital of the applicable general partner. The outstanding balances are secured by uncalled capital
commitments from the underlying funds and the Company believes the likelihood of any material funding under this guarantee
to be remote. The Company had no material outstanding guarantees under the credit facilities as of June 30, 2025 .
Additionally, as of June 30, 2025 , certain consolidated subsidiaries of the Company are the guarantors of a credit
agreement for a fund in the Carlyle AlpInvest segment, which is scheduled to expire in August 2025. The maximum potential
amount to be funded under this guarantee is $ 25.0  million . The outstanding balances under the credit agreement are
collateralized by the investments in the fund, and the Company believes the likelihood of any material funding under this
guarantee to be remote.

46

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

Contingent Obligations (Giveback)
A liability for potential repayment of previously received performance allocations of $ 44.6 million at June 30, 2025 was
shown as accrued giveback obligations in the condensed consolidated balance sheets, representing the giveback obligation that
would need to be paid if the funds were liquidated at their current fair values at June 30, 2025 . However, the ultimate giveback
obligation, if any, generally is not paid until the end of a fund’s life or earlier if the giveback becomes fixed and early payment
is agreed upon by the fund’s partners (see Note 2 , Summary of Significant Accounting Policies ). The Company had $ 11.5
million of unbilled receivables from former and current employees and senior Carlyle professionals as of June 30, 2025 related
to giveback obligations. Any such receivables are collateralized by investments made by individual senior Carlyle professionals
and employees in Carlyle-sponsored funds. In addition, $ 152.7 million have been withheld from distributions of carried interest
to senior Carlyle professionals and employees for potential giveback obligations as of June 30, 2025 . Such amounts are held on
behalf of the respective current and former Carlyle employees to satisfy any givebacks they may owe and are held by entities
not included in the accompanying condensed consolidated balance sheets. Current and former senior Carlyle professionals and
employees are personally responsible for their giveback obligations. As of June 30, 2025 , approximately $ 11.5 million of the
Company’s accrued giveback obligation is the responsibility of various current and former senior Carlyle professionals and
other former limited partners of the Carlyle Holdings partnerships, and the net accrued giveback obligation attributable to the
Company is $ 33.1 million .
If, at June 30, 2025 , all of the investments held by the Company’s Funds were deemed worthless, a possibility that
management views as remote, the amount of realized and distributed carried interest subject to potential giveback would be
$ 1.5 billion , on an after-tax basis where applicable, of which approximately $ 0.6 billion would be the responsibility of current
and former senior Carlyle professionals.

Legal Matters
In the ordinary course of business, the Company is a party to litigation, investigations, inquiries, employment-related
matters, disputes, and other potential claims. Certain of these matters are described below. The Company is not currently able to
estimate the reasonably possible amount of loss or range of loss, in excess of amounts accrued, for the matters that have not
been resolved. The Company does not believe it is probable that the outcome of any existing litigation, investigations, disputes,
or other potential claims will materially affect the Company or these financial statements in excess of amounts accrued.
The Authentix Matter
Authentix, Inc. (“Authentix”) was a majority-owned portfolio company in one of the Company’s investment funds,
Carlyle U.S. Growth Fund III, L.P. (“CGF III”). When Authentix was owned by CGF III, two of the Company’s employees
served on Authentix’s board of directors. After a lengthy sale process, Authentix was sold for an aggregate sale price of
$ 87.5  million . On August 7, 2020, certain of the former minority shareholders in Authentix filed suit in Delaware Chancery
Court, alleging that the Authentix board of directors, CGF III, and the Company breached various fiduciary duties by agreeing
to a sale of Authentix at an inopportune time and at a price that was too low. A trial before the Delaware Court of Chancery was
completed in early February 2024, and a decision was rendered in favor of the Company and all other defendants on all claims
on January 8, 2025. The plaintiffs appealed the decision to the Delaware Supreme Court on March 13, 2025. Oral argument is
expected in October 2025.
The Tax Receivable Agreement Matter
The Company came into existence on January 1, 2020, when its predecessor, The Carlyle Group, L.P. (the “PTP”),
converted from a partnership into a corporation (the “Conversion”). On July 29, 2022, an alleged stockholder of the Company,
the City of Pittsburgh Comprehensive Municipal Trust Fund (the “Plaintiff”), filed suit in the Delaware Court of Chancery,
alleging a direct claim against the Company for breach of its certificate of incorporation and a derivative claim on behalf of the
Company against certain current and former officers and directors of the Company. Plaintiff challenges the receipt, by certain
officers of the PTP and certain directors of the general partner of the PTP, of a right to cash payments associated with the
elimination of a tax receivable agreement in connection with the Conversion. Plaintiff is seeking monetary damages, restitution,
and an injunction preventing the Company from making any future cash payments for the elimination of the tax receivable
agreement in connection with the Conversion. By virtue of the derivative nature of the primary claims (i.e., that the claims are
aimed primarily at certain officers and directors), it is unlikely that the Company itself will pay material damage awards based
on the Plaintiff’s claims, although the Company is expected to incur legal defense fees to the extent not covered by insurance.

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

The Delaware Court issued a ruling on the defendant’s motion to dismiss on April 24, 2024, dismissing some of the Plaintiff’s
claims but allowing most of the claims to proceed to discovery and possibly to trial. The Company intends to contest the direct
claims vigorously, and the officer and director defendants intend to continue contesting the derivative claims vigorously .
General
The Company currently is and expects to continue to be, from time to time, subject to examinations, formal and informal
inquiries, and investigations by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to,
the SEC, Department of Justice, state attorneys general, FINRA, National Futures Association, and the U.K. Financial Conduct
Authority. The Company routinely cooperates with such examinations, inquiries and investigations, and they may result in the
commencement of civil, criminal, or administrative or other proceedings against the Company or its personnel.
It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings and employment-
related matters, and some of the matters discussed above involve claims for potentially large and/or indeterminate amounts of
damages. Based on information known by management, management does not believe that as of the date of this filing the final
resolutions of the matters above will have a material effect upon the Company’s condensed consolidated financial statements.
However, given the potentially large and/or indeterminate amounts of damages sought in certain of these matters and the
inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from
time to time, have a material effect on the Company’s financial results in any particular period.
The Company accrues an estimated loss contingency liability when it is probable that such a liability has been incurred
and the amount of the loss can be reasonably estimated. As of June 30, 2025 , the Company had recorded liabilities aggregating
to approximately $ 35 million for litigation-related contingencies, regulatory examinations and inquiries, and other matters. The
Company evaluates its outstanding legal and regulatory proceedings and other matters each quarter to assess its loss
contingency accruals, and makes adjustments in such accruals, upward or downward, as appropriate, based on management’s
best judgment after consultation with counsel. There is no assurance that the Company’s accruals for loss contingencies will not
need to be adjusted in the future or that, in light of the uncertainties involved in such matters, the ultimate resolution of these
matters will not significantly exceed the accruals that the Company has recorded.
Indemnifications
In the normal course of business, the Company and its subsidiaries enter into contracts that contain a variety of
representations and warranties and provide general indemnifications. The Company’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Company that have not yet
occurred. However, based on experience, the Company believes the risk of material loss to be remote.
In connection with the sale of the Company’s interest in its local Brazilian management entity in August 2021, the
Company provided a guarantee to the acquiring company of up to BRL 100.0  million ( $ 18.4  million as of June 30, 2025 ) for
liabilities arising from tax-related indemnifications. This guarantee, which will expire in August 2027, would only come into
effect after all alternative remedies have been exhausted. The Company believes the likelihood of any material funding under
this guarantee to be remote.
Risks and Uncertainties
Carlyle’s funds seek investment opportunities that offer the possibility of attaining substantial capital appreciation.
Certain events particular to each industry in which the underlying investees conduct their operations, as well as general
economic, political, regulatory, and public health conditions, may have a significant negative impact on the Company’s
investments and profitability. The funds managed by the Company may also experience a slowdown in the deployment of
capital, which could adversely affect the Company’s ability to raise capital for new or successor funds and could also impact the
management fees the Company earns on its carry funds and managed accounts, and/or result in the impairment of intangible
assets and/or goodwill the case of the Company’s acquired businesses. Such events are beyond the Company’s control, and the
likelihood that they may occur and the effect on the Company cannot be predicted.
Furthermore, certain of the funds’ investments are made in private companies and there are generally no public markets
for the underlying securities at the current time. The funds’ ability to liquidate their publicly-traded investments are often
subject to limitations, including discounts that may be required to be taken on quoted prices due to the number of shares being

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

sold. The funds’ ability to liquidate their investments and realize value is subject to significant limitations and uncertainties,
including among others currency fluctuations and natural disasters.
The Company and the funds make investments outside of the United States. Investments outside the United States may be
subject to less developed bankruptcy, corporate, partnership and other laws (which may have the effect of disregarding or
otherwise circumventing the limited liability structures potentially causing the actions or liabilities of one fund or a portfolio
company to adversely impact the Company or an unrelated fund or portfolio company). Non-U.S. investments are subject to the
same risks associated with the Company’s U.S. investments as well as additional risks, such as fluctuations in foreign currency
exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability,
difficulties in managing non-U.S. investments, potentially adverse tax consequences and the burden of complying with a wide
variety of foreign laws.
Furthermore, Carlyle is exposed to economic risk concentrations related to certain large investments as well as
concentrations of investments in certain industries and geographies.
Additionally, the Company encounters credit risk. Credit risk is the risk of default by a counterparty in the Company’s
investments in debt securities, loans, leases and derivatives that result from a borrower’s, lessee’s or derivative counterparty’s
inability or unwillingness to make required or expected payments. The Company is subject to credit risk should a financial
institution be unable to fulfill its obligations.
The Company considers cash, cash equivalents, securities, receivables, principal equity method investments, accounts
payable, accrued expenses, other liabilities, loans, senior notes, assets and liabilities of Consolidated Funds and contingent and
other consideration for acquisitions to be its financial instruments. Except for the senior notes, subordinated notes and
compensatory contingent and other consideration for acquisitions, the carrying amounts reported in the condensed consolidated
balance sheets for these financial instruments equal or closely approximate their fair values. The fair value of the senior and
subordinated notes is disclosed in Note 6 , Borrowings .

9. Related Party Transactions
Du e from Affiliates and Other Receivables, Net
The Company had the following due from affiliates and other receivables at June 30, 2025 and December 31, 2024 :  

 

As of

 

June 30,
2025

December 31,
2024

 

(Dollars in millions)

Accrued incentive fees

$ 40.1

$ 33.7

Unbilled receivable for giveback obligations from current and former employees

11.5

11.5

Notes receivable and accrued interest from affiliates

36.6

46.2

Management fee receivable, net

285.1

296.4

Reimbursable expenses and other receivables from unconsolidated funds and affiliates, net

422.2

417.8

Total

$ 795.5

$ 805.6

Reimbursable expenses and other receivables from certain of the unconsolidated funds and portfolio companies relate to
advisory fees receivable and expenses paid on behalf of these entities. These costs generally represent costs related to the
pursuit of actual or proposed investments, professional fees, and expenses associated with the acquisition, holding and
disposition of the investments. The affiliates are obligated at the discretion of the Company to reimburse the expenses. Based
on management’s determination, the Company accrues and charges interest on amounts due from affiliate accounts at interest
rates ranging up to 7.02 % as of June 30, 2025 . The accrued and charged interest to the affiliates was not significant for any
period presented.
Notes receivable includes loans that the Company has provided to certain unconsolidated funds to meet short-term
obligations to purchase investments. Notes receivable as of June 30, 2025 and December 31, 2024 also include interest-bearing
loans of $ 19.6  million and $ 22.8  million , respectively, to certain eligible Carlyle employees, which excludes Section 16 officers

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

and other members of senior management, to finance their investments in certain Carlyle sponsored funds. These advances
accrue interest at the WSJ Prime Rate minus 1.00 % floating with a floor rate of 3.50 % ( 6.50 % as of June 30, 2025 ) and are
collateralized by each borrower’s interest in the Carlyle sponsored funds.
These receivables are assessed regularly for collectability. Management fee receivable amounts determined to be
uncollectible are recorded as a reduction in revenue in the condensed consolidated statements of operations. For all other
receivables, amounts determined to be uncollectible are charged directly to general, administrative and other expenses in the
condensed consolidated statements of operations. A corresponding allowance for doubtful accounts is recorded and such
amounts were not significant for any period presented.
Due to Affiliates
The Company had the following due to affiliates balances at June 30, 2025 and December 31, 2024 :  

 

As of

 

June 30,
2025

December 31,
2024

 

(Dollars in millions)

Due to affiliates of Consolidated Funds

$ 5.7

$ 5.3

Due to non-consolidated affiliates

91.6

134.1

Amounts owed under the tax receivable agreement

71.6

77.2

Other

30.0

25.3

Total

$ 198.9

$ 241.9

The Company has recorded obligations for amounts due to certain of its affiliates. The Company periodically offsets
expenses it has paid on behalf of its affiliates against these obligations.
In connection with the Company’s initial public offering, the Company entered into a tax receivable agreement with the
limited partners of the Carlyle Holdings partnerships whereby certain subsidiaries of the Partnership agreed to pay to the limited
partners of the Carlyle Holdings partnerships involved in any exchange transaction 85 % of the amount of cash tax savings, if
any, in U.S. federal, state and local income tax realized as a result of increases in tax basis resulting from exchanges of Carlyle
Holdings Partnership units for common units of The Carlyle Group L.P.
Other Related Party Transactions
Aircraft Transactions
Entities controlled by our co-founders own aircraft that may be used for the Company’s business in the ordinary course of
its operations. The hourly rates that the Company pays for the use of these aircraft are based on current market rates for
chartering private aircraft of the same type. For the three and six months ended June 30, 2025 , the Company i ncurred
$ 0.6  million and $ 1.0  million , respectively, for the use of these aircraft, all of which was paid directly to the manager of the
aircraft and a significant portion of which ultimately was paid to or for the benefit of certain co-founders.
BDC Preferred Shares
On May 5, 2020, the Company purchased 2,000,000 of the BDC Preferred Shares from CGBD in a private placement at a
price of $ 25 per share. Prior to the Exchange, as discussed below, dividends were payable on a quarterly basis in an initial
amount equal to 7.0 % per annum payable in cash, or, at CGBD’s option, 9.0 % per annum payable in additional BDC Preferred
Shares. The BDC Preferred Shares were convertible at the Company’s option, in whole or in part, into the number of shares of
common stock equal to $ 25 per share plus any accumulated but unpaid dividends divided by an initial conversion price of $ 9.50
per share, subject to certain adjustments.
In August 2024, to facilitate a merger between CGBD and another Carlyle-advised BDC (the “Merger”), the Company
agreed to exchange its 2,000,000 preferred shares into newly issued common shares of CGBD at a price equal to the net asset
value per common share on the date of completion of the Merger (the “Exchange”). The Merger and the Exchange were

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

completed on March 27, 2025, and the Company exchanged its preferred shares for 3,004,808 newly issued common shares of
CGBD based on the net asset value of $ 16.64 per common share of CGBD on that date. The preferred shares were cancelled
following the completion of the Exchange. The newly issued common shares of CGBD are subject to a tiered lock-up
agreement with a restriction period that expires in three equal tranches of the common shares over a period of two years and are
recorded at fair value using Level I inputs based on the CGBD common share price .
The Company received the final dividend distribution related to its BDC Preferred Shares in the first quarter of 2025. For
the three months ended June 30, 2024 , the Company recorded dividend income from the BDC Preferred Shares of $ 0.9  million .
For the six months ended June 30, 2025 and 2024 , the Company recorded dividend income from the BDC Preferred Shares of
$ 0.8  million and $ 1.8  million , respectively . This was included in Interest and other income in the condensed consolidated
statements of operations. The Company’s investment in the BDC Preferred Shares, which was recorded at fair value using
Level III inputs based on the estimated conversion value, was $ 53.4 million as of December 31, 2024 , and was included in
Investments, including accrued performance allocations, in the condensed consolidated balance sheets .
Other Transactions
Senior Carlyle professionals and employees are permitted to participate in co-investment entities that invest in Carlyle
funds or alongside Carlyle funds. In many cases, participation is limited by law to individuals who qualify under applicable
legal requirements. These co-investment entities generally do not require senior Carlyle professionals and employees to pay
management or performance allocations, however, Carlyle professionals and employees are required to pay their portion of
partnership expenses.
Carried interest income from certain funds can be distributed to senior Carlyle professionals and employees on a current
basis, but is subject to repayment by the subsidiary of the Company that acts as general partner of the fund in the event that
certain specified return thresholds are not ultimately achieved. The senior Carlyle professionals and certain other investment
professionals have personally guaranteed, subject to certain limitations, the obligation of these subsidiaries in respect of this
general partner obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions
received.
The Company does business with some of its portfolio companies; all such arrangements are on a negotiated basis.
Substantially all revenue is earned from affiliates of Carlyle.  

10. Income Taxes

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Provision for income taxes

$ 112.5

$ 69.5

$ 124.9

$ 91.4

Effective tax rate

26 %

32 %

20 %

27 %

The effective tax rate for the three months ended June 30, 2025 and 2024 primarily comprised the 21% U.S. federal
corporate income tax rate, the impact of U.S. state and foreign income taxes, and disallowed executive compensation, offset by
non-controlling interest. The effective tax rate for the three months ended June 30, 2024 also includes an increase related to
other non-deductible expenses. The effective tax rate for the six months ended June 30, 2025 and 2024 primarily comprised the
21% U.S. federal corporate income tax rate, the impact of U.S. state and foreign income taxes, and disallowed executive
compensation, primarily offset by equity-based compensation deductions and non-controlling interest. The effective tax rate for
the six months ended June 30, 2024 also includes an increase related to other non-deductible expenses.
As of June 30, 2025 and December 31, 2024 , the Company had federal, state, local and foreign taxes payable of
$ 90.2  million and $ 46.2  million , respectively, which is recorded as a component of accounts payable, accrued expenses and
other liabilities on the accompanying condensed consolidated balance sheets.

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

In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax
regulators. With a few exceptions, as of June 30, 2025 , the Company’s U.S. federal income tax returns for the years 2021
through 2023 are open under the normal three -year statute of limitations and therefore subject to examination. State and local
tax returns are generally subject to audit from 2019 to 2023 . Foreign tax returns are generally subject to audit from 2011 to
2024 . Certain of the Company’s affiliates are currently under audit by federal, state and foreign tax authorities.
The Company does not believe that the outcome of the audits will require it to record material reserves for uncertain tax
positions or that the outcome will have a material impact on the condensed consolidated financial statements. The Company
does not believe that it has any tax positions for which it is reasonably possible that the total amounts of unrecognized tax
benefits will significantly increase or decrease within the next twelve months .
On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was signed into law. The IRA enacted a 15%
CAMT on the “adjusted financial statement income” of certain large corporations, which became effective on January 1, 2023.
The Company does not expect the IRA to have a material impact to its provision for income taxes given that any current year
payments that would be made under CAMT would be permitted to be carried forward and used as credits in future years
resulting in a deferred tax benefit. The Company will continue to monitor as additional guidance is released by U.S. Department
of the Treasury, the Internal Revenue Service, and other standard-setting bodie s.
In October 2021, the OECD introduced a 15% global minimum tax under the Pillar Two GloBE model rules. There are a
number of key provisions under the rules that became effective in 2024 and others that will be phased in during 2025. Several
OECD member countries have enacted the tax legislation based on certain elements of these rules that became effective on
January 1, 2024, and additional countries have drafted or announced an intent to implement legislation. While Pillar Two has
not had a material impact to the Company’s provision for income taxes, the rules remain subject to significant negotiation and
potential change, and the timing and ultimate impact of any such changes on our tax obligations are uncertain. The Company
will continue to monitor as additional countries enact legislation, new parts of the regime come into force or additional
guidance is released by the OECD and other standard-setting bodies.
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law. The OBBBA extends several
provisions from the 2017 Tax Cuts and Jobs Act along with other domestic and international corporate tax provisions. Under
U.S. GAAP, the impact of OBBBA will be accounted for in the enactment period and will therefore be reflected in the
Company’s consolidated financial statements for the period ending September 30, 2025. The Company is currently evaluating
but does not expect the OBBBA to have a material impact to its provision for income taxes.

11. Non-controlling Interests in Consolidated Entities
The components of the Company’s non-controlling interests in consolidated entities are as follows:  

 

As of

 

June 30,
2025

December 31,
2024

 

(Dollars in millions)

Non-Carlyle interests in Consolidated Funds

$ 454.4

$ 407.1

Non-Carlyle interests in majority-owned subsidiaries

402.3

334.2

Non-controlling interest in carried interest, giveback obligations and cash held for carried
interest distributions

0.4

( 0.6 )

Non-controlling interests in consolidated entities

$ 857.1

$ 740.7

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

The components of the Company’s non-controlling interests in income of consolidated entities are as follows:  

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Non-Carlyle interests in Consolidated Funds

$ 13.9

$ ( 4.3 )

$ 21.9

$ 8.4

Non-Carlyle interests in majority-owned subsidiaries

( 5.3 )

5.4

15.3

25.9

Non-controlling interest in carried interest, giveback obligations and
cash held for carried interest distributions

( 0.2 )

—

( 0.2 )

—

Non-controlling interests in income of consolidated entities

$ 8.4

$ 1.1

$ 37.0

$ 34.3

 

12. Earnings Per Common Share
Ba sic and diluted net income per common share are calculated as follows:

 

Three Months Ended
June 30, 2025

Six Months Ended
June 30, 2025

 

Basic

Diluted

Basic

Diluted

Net income attributable to common shares

$ 319,700,000

$ 319,700,000

$ 449,700,000

$ 449,700,000

Weighted-average common shares outstanding

360,359,241

366,967,197

359,914,229

366,654,517

Net income per common share

$ 0.89

$ 0.87

$ 1.25

$ 1.23

Three Months Ended
June 30, 2024

Six Months Ended
June 30, 2024

Basic

Diluted

Basic

Diluted

Net income attributable to common shares

$ 148,200,000

$ 148,200,000

$ 213,800,000

$ 213,800,000

Weighted-average common shares outstanding

358,317,151

366,896,000

359,612,699

368,119,801

Net income per common share

$ 0.41

$ 0.40

$ 0.59

$ 0.58

The weighted-average common shares outstanding, basic and diluted, are calculated as follows:

 

Three Months Ended
June 30, 2025

Six Months Ended
June 30, 2025

 

Basic

Diluted

Basic

Diluted

The Carlyle Group Inc. weighted-average common shares outstanding

360,359,241

360,359,241

359,914,229

359,914,229

Unvested restricted stock units

—

5,917,596

—

6,049,928

Issuable common shares and performance-vesting restricted stock units

—

690,360

—

690,360

Weighted-average common shares outstanding

360,359,241

366,967,197

359,914,229

366,654,517

Three Months Ended
June 30, 2024

Six Months Ended
June 30, 2024

Basic

Diluted

Basic

Diluted

The Carlyle Group Inc. weighted-average common shares outstanding

358,317,151

358,317,151

359,612,699

359,612,699

Unvested restricted stock units

—

7,872,625

—

7,302,954

Issuable common shares and performance-vesting restricted stock units

—

706,224

—

1,204,148

Weighted-average common shares outstanding

358,317,151

366,896,000

359,612,699

368,119,801

The Company applies the treasury stock method to determine the dilutive weighted-average common shares represented
by the unvested restricted stock units. Also included in the determination of dilutive weighted-average common shares are
issuable common shares associated with the Company’s investment in NGP and performance-vesting restricted stock units.

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

13. Equity
Share Repurchase Program
The Board of Directors reset the total repurchase authorization of the Company’s previously approved share repurchase
program to $ 1.4  billion in shares of the Company’s common stock, effective as of February 6, 2024. Under the share repurchase
program, shares of the Company’s common stock may be repurchased from time to time in open market transactions, in
privately negotiated transactions, or otherwise, including through Rule 10b5-1 plans. The timing and actual number of shares of
common stock repurchased will depend on a variety of factors, including legal requirements and price, economic, and market
conditions. In addition to repurchases of common stock, the share repurchase program is used for the payment of tax
withholding amounts upon net share settlement of equity-based awards granted pursuant to our Equity Incentive Plan or
otherwise based on the value of shares withheld that would have otherwise been issued to the award holder. The share
repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. As of June 30,
2025 , $ 572.0 million of repurchase capacity remained under the program, which reflects both common shares repurchased and
shares retired in connection with the net share settlement of equity-based awards. The following table presents the Company’s
shares that have been repurchased or retired as a result of net share settlement of equity-based awards during the three and six
months ended June 30, 2025 and 2024 . Dollar amounts exclude the impact of excise taxes.

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Shares

$

Shares

$

Shares

$

Shares

$

(Dollars in millions, except share data)

Shares repurchased

2,173,966

$ 100.0

3,505,301

$ 150.0

2,667,747

$ 125.0

6,358,903

$ 280.6

Shares retired in connection with the
net share settlement of equity-based
awards

92,001

3.6

633,886

28.3

2,927,355

155.1

1,115,147

47.7

Total

2,265,967

$ 103.6

4,139,187

$ 178.3

5,595,102

$ 280.1

7,474,050

$ 328.3

Dividends
The table below presents information regarding the quarterly dividends on the common shares, which were made at the
sole discretion of the Board of Directors of the Company.

Dividend Record Date

Dividend Payment Date

Dividend per Common
Share

Dividend to Common
Stockholders

(Dollars in millions, except per share data)

May 14, 2024

May 21, 2024

$ 0.35

$ 125.6

August 16, 2024

August 26, 2024

0.35

125.5

November 18, 2024

November 25, 2024

0.35

125.2

February 21, 2025

February 28, 2025

0.35

126.4

Total 2024 Dividend Year

$ 1.40

$ 502.7

May 19, 2025

May 27, 2025

$ 0.35

$ 126.3

August 18, 2025

August 28, 2025

0.35

126.6

Total 2025 Dividend Year (through Q2 2025)

$ 0.70

$ 252.9

The Board of Directors will take into account general economic and business conditions, as well as the Company’s
strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax and
regulatory restrictions, other constraints on the payment of dividends by the Company to its common stockholders or by
subsidiaries to the Company, and other such factors as the Board of Directors may deem relevant. In addition, the terms of the
Company’s credit facility provide certain limits on the Company’s ability to pay dividends .

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

14. Equity-Based Compensation
The Carlyle Group Inc. Amended and Restated 2012 Equity Incentive Plan (the “Equity Incentive Plan,” initially adopted
in May 2012 and as most recently amended and restated on May 29, 2024) is a source of equity-based awards permitting the
Company to grant to Carlyle employees, directors and consultants non-qualified options, share appreciation rights, common
shares, restricted stock units and other awards based on the Company’s shares of common stock. A total of 58,800,000 shares of
common stock are authorized for the grant of awards under the Equity Incentive Plan, of which a total of 26,115,547 shares of
the Company’s common stock remain available for grant as of June 30, 2025 .
A summary of the status of the Company’s non-vested equity-based awards as of June 30, 2025 and a summary of
changes for the six months ended June 30, 2025 , are presented below:

Unvested Shares

Performance-
Vesting
Restricted
Stock Units

Weighted-
Average
Grant Date
Fair Value

Restricted
Stock
Units

Weighted-
Average
Grant Date
Fair Value

Unvested
Common
Shares

Weighted-
Average
Grant Date
Fair Value

Balance, December 31, 2024

16,940,150

$ 25.41

13,966,488

$ 37.97

458,906

$ 39.35

Granted (1)

420,548

$ 35.07

4,600,158

$ 55.70

171,891

$ 56.33

Vested (2)

5,362,679

$ 30.83

2,010,706

$ 32.21

—

$ —

Forfeited

359,053

$ 23.37

215,584

$ 40.64

—

$ —

Balance, June 30, 2025

11,638,966

$ 23.33

16,340,356

$ 43.64

630,797

$ 43.98

(1) Includes shares reserved for issuance upon settlement of dividend-equivalent rights carried by certain restricted stock units concurrently
with the settlement of the restricted stock units for shares.
(2) Includes 2,927,355 shares that were retired in connection with the net share settlement of equity-based awards. The Company paid
$ 155.1  million of taxes related to the net share settlement of equity-based awards during the six months ended June 30, 2025 , which is
included within financing activities in the condensed consolidated statements of cash flows.
The Company recorded equity-based compensation expense, net of forfeitures, for restricted stock units of $ 92.9  million
and $ 125.2  million for the three months ended June 30, 2025 and 2024 , respectively, with $ 18.1  million and $ 23.6  million of
corresponding deferred tax benefits, respectively. The Company recorded equity-based compensation expense, net of
forfeitures, for restricted stock units of $ 196.4  million and $ 233.5  million for the six months ended June 30, 2025 and 2024 ,
respectively, with $ 36.7  million and $ 43.8  million of corresponding deferred tax benefits, respectively. As of June 30, 2025 , the
total unrecognized equity-based compensation expense related to unvested restricted stock units was $ 545.8 million , which is
expected to be recognized over a weighted-average term of 2.0 years .

15. Segment Reporting
Car lyle conducts its operations through three reportable segments:
Global Private Equity  – The Global Private Equity segment advises bu yout, growth, real estate, and infrastructure &
natural resources funds. The segment also includes the NGP Carry Funds advised by NGP.
Global Credit  –  The Global Credit segment advises funds and vehicles that pursue investment strategies including
insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance,
infrastructure credit, cross-platform credit products, and global capital markets.
Carlyle AlpInvest – The Carlyle AlpInvest segment advises global private equity programs that pursue secondary
purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments.
The Company’s reportable business segments are differentiated by their various investment focuses and strategies.
Overhead costs are generally allocated based on cash-based compensation and benefits expense for each segment. The
Company’s earnings from its investment in NGP are presented in the respective operating captions within the Global Private
Equity segment.

55

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

Distributable Earnings . Distributable Earnings, or “DE,” is a key performance benchmark used in the Company’s
industry and is evaluated regularly by the chief operating decision maker (“CODM”), which is our Chief Executive Officer, in
making resource deployment and compensation decisions and in assessing performance of the Company’s three reportable
segments. The CODM also uses DE in budgeting, forecasting, and the overall management of the Company’s segments. The
CODM believes that reporting DE is helpful to understanding the Company’s business and that investors should review the
same supplemental financial measure that the CODM uses to analyze the Company’s segment performance. DE is intended to
show the amount of net realized earnings without the effects of the consolidation of the Consolidated Funds. DE is derived from
the Company’s segment reported results and is used to assess performance.
Distributable Earnings differs from income (loss) before provision for income taxes computed in accordance with U.S.
GAAP in that it includes certain tax expenses associated with certain foreign performance revenues (composed of performance
allocations and incentive fees), and does not include unrealized performance allocations and related compensation expense,
unrealized principal investment income, equity-based compensation expense, net income (loss) attributable to non-Carlyle
interests in consolidated entities, or charges (credits) related to Carlyle corporate actions and non-recurring items that affect
period-to-period comparability and are not reflective of the Company’s operational performance. Charges (credits) related to
Carlyle corporate actions and non-recurring items include: charges associated with the Conversion, charges (credits) associated
with acquisitions, dispositions or strategic investments, changes in the tax receivable agreement liability, amortization and any
impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions and dispositions,
charges associated with earn-outs and contingent consideration including gains and losses associated with the estimated fair
value of contingent considerations issued in conjunction with acquisitions or strategic investments, impairment charges
associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract
terminations and employee severance, and non-recurring items that affect period-to-period comparability and are not reflective
of the Company’s operating performance. Management believes the inclusion or exclusion of these items provides investors
with a meaningful indication of the Company’s core operating performance.
Fee Related Earnings . Fee Related Earnings, or “FRE,” is a component of DE and is used to assess the ability of the
business to cover base compensation and operating expenses from total fee revenues. FRE adjusts DE to exclude net realized
performance revenues, realized principal investment income, and net interest (interest income less interest expense). Fee
Related Earnings includes fee related performance revenues and related compensation expense. Fee related performance
revenues represent the realized portion of performance revenues that are measured and received on a recurring basis, are not
dependent on realization events, and which have no risk of giveback.
Asset information by segment is not disclosed because this information is not used by the CODM to make resource
deployment decisions or evaluate the performance of the Company’s segments.

56

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

The following tables present the financial data for the Company’s three reportable segments for the three and six months
ended June 30, 2025 :

Three Months Ended June 30, 2025

Global
Private
Equity

Global
Credit

Carlyle
AlpInvest

Total

(Dollars in millions)

Segment Revenues

Fund level fee revenues

Fund management fees

$ 302.4

$ 170.0

$ 117.2

$ 589.6

Portfolio advisory and transaction fees, net and other

6.9

41.0

—

47.9

Fee related performance revenues

—

28.6

10.1

38.7

Total fund level fee revenues

309.3

239.6

127.3

676.2

Realized performance revenues

244.7

5.1

10.0

259.8

Realized principal investment income

12.4

12.0

9.1

33.5

Interest income

5.5

7.0

2.0

14.5

Total revenues

571.9

263.7

148.4

984.0

Segment Expenses

Compensation and benefits

Cash-based compensation and benefits

108.4

88.2

37.2

233.8

Realized performance revenues related compensation

160.9

3.1

8.1

172.1

Total compensation and benefits

269.3

91.3

45.3

405.9

General, administrative, and other indirect expenses (1)

50.3

36.2

19.8

106.3

Depreciation and amortization expense

7.0

3.8

2.0

12.8

Interest expense

13.4

11.5

3.1

28.0

Total expenses

340.0

142.8

70.2

553.0

(=) Distributable Earnings

$ 231.9

$ 120.9

$ 78.2

$ 431.0

(-) Realized Net Performance Revenues

83.8

2.0

1.9

87.7

(-) Realized Principal Investment Income

12.4

12.0

9.1

33.5

(+) Net Interest

7.9

4.5

1.1

13.5

(=) Fee Related Earnings

$ 143.6

$ 111.4

$ 68.3

$ 323.3

57

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

Six Months Ended June 30, 2025

Global
Private
Equity

Global
Credit

Carlyle
AlpInvest

Total

(Dollars in millions)

Segment Revenues

Fund level fee revenues

Fund management fees

$ 585.4

$ 309.6

$ 220.1

$ 1,115.1

Portfolio advisory and transaction fees, net and other

21.4

104.4

—

125.8

Fee related performance revenues

—

57.4

20.8

78.2

Total fund level fee revenues

606.8

471.4

240.9

1,319.1

Realized performance revenues

561.8

18.4

34.7

614.9

Realized principal investment income

27.5

17.5

18.5

63.5

Interest income

11.5

14.0

4.2

29.7

Total revenues

1,207.6

521.3

298.3

2,027.2

Segment Expenses

Compensation and benefits

Cash-based compensation and benefits

209.1

177.2

71.5

457.8

Realized performance revenues related compensation

361.3

11.0

27.5

399.8

Total compensation and benefits

570.4

188.2

99.0

857.6

General, administrative, and other indirect expenses (1)

99.0

71.2

31.7

201.9

Depreciation and amortization expense

13.9

7.7

3.9

25.5

Interest expense

26.8

22.8

6.2

55.8

Total expenses

710.1

289.9

140.8

1,140.8

(=) Distributable Earnings

$ 497.5

$ 231.4

$ 157.5

$ 886.4

(-) Realized Net Performance Revenues

200.5

7.4

7.2

215.1

(-) Realized Principal Investment Income

27.5

17.5

18.5

63.5

(+) Net Interest

15.3

8.8

2.0

26.1

(=) Fee Related Earnings

$ 284.8

$ 215.3

$ 133.8

$ 633.9

(1) General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel and
entertainment expenses, and fundraising costs.

58

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

The following tables present the financial data for the Company’s three reportable segments for the three and six months
ended June 30, 2024 :

Three Months Ended June 30, 2024

Global
Private
Equity

Global
Credit

Carlyle
AlpInvest

Total

(Dollars in millions)

Segment Revenues

Fund level fee revenues

Fund management fees

$ 305.2

$ 140.8

$ 79.5

$ 525.5

Portfolio advisory and transaction fees, net and other

3.8

25.0

0.1

28.9

Fee related performance revenues

3.2

28.0

1.9

33.1

Total fund level fee revenues

312.2

193.8

81.5

587.5

Realized performance revenues

129.7

6.9

19.9

156.5

Realized principal investment income

6.8

19.2

0.6

26.6

Interest income

6.5

10.1

1.7

18.3

Total revenues

455.2

230.0

103.7

788.9

Segment Expenses

Compensation and benefits

Cash-based compensation and benefits

103.9

74.0

27.4

205.3

Realized performance revenues related compensation

81.4

4.3

15.1

100.8

Total compensation and benefits

185.3

78.3

42.5

306.1

General, administrative, and other indirect expenses (1)

50.2

35.3

12.4

97.9

Depreciation and amortization expense

6.5

3.2

1.6

11.3

Interest expense

14.1

13.4

2.9

30.4

Total expenses

256.1

130.2

59.4

445.7

(=) Distributable Earnings

$ 199.1

$ 99.8

$ 44.3

$ 343.2

(-) Realized Net Performance Revenues

48.3

2.6

4.8

55.7

(-) Realized Principal Investment Income

6.8

19.2

0.6

26.6

(+) Net Interest

7.6

3.3

1.2

12.1

(=) Fee Related Earnings

$ 151.6

$ 81.3

$ 40.1

$ 273.0

59

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

 

Six Months Ended June 30, 2024

Global
Private
Equity

Global
Credit

Carlyle
AlpInvest

Total

 

(Dollars in millions)

Segment Revenues

Fund level fee revenues

Fund management fees

$ 609.8

$ 277.7

$ 153.6

$ 1,041.1

Portfolio advisory and transaction fees, net and other

10.9

44.6

0.1

55.6

Fee related performance revenues

6.9

52.2

3.1

62.2

Total fund level fee revenues

627.6

374.5

156.8

1,158.9

Realized performance revenues

503.5

7.5

43.3

554.3

Realized principal investment income

25.7

33.0

1.6

60.3

Interest income

14.1

20.8

3.5

38.4

Total revenues

1,170.9

435.8

205.2

1,811.9

Segment Expenses

Compensation and benefits

Cash-based compensation and benefits

213.2

150.8

55.6

419.6

Realized performance revenues related compensation

315.7

4.6

36.3

356.6

Total compensation and benefits

528.9

155.4

91.9

776.2

General, administrative, and other indirect expenses (1)

88.8

64.9

23.9

177.6

Depreciation and amortization expense

12.9

6.3

3.2

22.4

Interest expense

28.1

27.3

5.8

61.2

Total expenses

658.7

253.9

124.8

1,037.4

(=) Distributable Earnings

$ 512.2

$ 181.9

$ 80.4

$ 774.5

(-) Realized Net Performance Revenues

187.8

2.9

7.0

197.7

(-) Realized Principal Investment Income

25.7

33.0

1.6

60.3

(+) Net Interest

14.0

6.5

2.3

22.8

(=) Fee Related Earnings

$ 312.7

$ 152.5

$ 74.1

$ 539.3

(1) General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel and
entertainment expenses, and fundraising costs.
 
The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the
three months ended June 30, 2025 and 2024 :

 

Three Months Ended June 30, 2025

 

Total
Reportable
Segments

Consolidated
Funds

Reconciling
Items

Carlyle
Consolidated

 

 

(Dollars in millions)

Revenues

$ 984.0

$ 163.0

$ 425.9

(a) 

$ 1,572.9

Expenses

$ 553.0

$ 178.5

$ 447.6

(b) 

$ 1,179.1

Other income (loss)

$ —

$ 46.8

$ —

(c) 

$ 46.8

Distributable earnings

$ 431.0

$ 31.3

$ ( 21.7 )

(d) 

$ 440.6

60

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

 

Three Months Ended June 30, 2024

 

Total
Reportable
Segments

Consolidated
Funds

Reconciling
Items

Carlyle
Consolidated

 

 

(Dollars in millions)

Revenues

$ 788.9

$ 165.6

$ 115.2

(a) 

$ 1,069.7

Expenses

$ 445.7

$ 164.5

$ 235.6

(b) 

$ 845.8

Other income (loss)

$ —

$ ( 5.1 )

$ —

(c) 

$ ( 5.1 )

Distributable earnings

$ 343.2

$ ( 4.0 )

$ ( 120.4 )

(d) 

$ 218.8

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the
six months ended June 30, 2025 and 2024 .

 

Six Months Ended June 30, 2025

 

Total
Reportable
Segments

Consolidated
Funds

Reconciling
Items

Carlyle
Consolidated

 

 

(Dollars in millions)

Revenues

$ 2,027.2

$ 296.4

$ 222.4

(a) 

$ 2,546.0

Expenses

$ 1,140.8

$ 309.3

$ 537.2

(b) 

$ 1,987.3

Other income (loss)

$ —

$ 52.9

$ —

(c) 

$ 52.9

Distributable earnings

$ 886.4

$ 40.0

$ ( 314.8 )

(d) 

$ 611.6

 

Six Months Ended June 30, 2024

 

Total
Reportable
Segments

Consolidated
Funds

Reconciling
Items

 

Carlyle
Consolidated

 

 

 

(Dollars in millions)

Revenues

$ 1,811.9

$ 330.5

$ ( 384.3 )

(a) 

$ 1,758.1

Expenses

$ 1,037.4

$ 304.0

$ 65.1

(b) 

$ 1,406.5

Other income (loss)

$ —

$ ( 12.1 )

$ —

(c) 

$ ( 12.1 )

Distributable earnings

$ 774.5

$ 14.4

$ ( 449.4 )

(d) 

$ 339.5

(a) The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment
income (loss) (including Fortitude), revenues earned from the Consolidated Funds which were eliminated in
consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controlling
interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management
and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect
the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses
associated with certain foreign performance revenues, as detailed below:

61

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

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

(Dollars in millions)

Unrealized performance and fee related performance revenues

$ 331.0

$ 47.4

$ 133.7

$ ( 474.2 )

Unrealized principal investment income (loss)

25.5

48.1

42.5

52.5

Adjustments related to expenses associated with investments in NGP
Management and its affiliates

( 12.4 )

( 3.8 )

( 108.5 )

( 7.0 )

Non-controlling interests and other adjustments to present certain costs on
a net basis

106.8

36.2

197.8

77.7

Elimination of revenues of Consolidated Funds

( 25.0 )

( 12.7 )

( 43.1 )

( 33.3 )

$ 425.9

$ 115.2

$ 222.4

$ ( 384.3 )

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP
measure, the Company’s consolidated fund management fees, for the three and six months ended June 30, 2025 and
2024 .

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2024

2025

2024

(Dollars in millions)

Total Reportable Segments - Fund level fee revenues

$ 676.2

$ 587.5

$ 1,319.1

$ 1,158.9

Adjustments (1)

( 55.8 )

( 53.1 )

( 112.6 )

( 100.9 )

Carlyle Consolidated - Fund management fees

$ 620.4

$ 534.4

$ 1,206.5

$ 1,058.0

(1) Adjustments represent the reclassification of NGP management fees from principal investment income, the
reclassification of fee related performance revenues from business development companies and other products,
management fees earned from Consolidated Funds which were eliminated in consolidation to arrive at the
Company’s fund management fees, and the reclassification of certain amounts included in portfolio advisory
fees, net and other in the segment results that are included in interest and other income in the U.S. GAAP results.
(b) The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the
Company, the inclusion of equity-based compensation, certain tax expenses associated with realized performance
revenues related compensation, and unrealized performance revenues related compensation, adjustments related to
expenses associated with the investment in NGP Management that are included in operating captions, adjustments to
reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, changes in the tax
receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring
items, as detailed below:

62

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

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

(Dollars in millions)

Unrealized performance and fee related performance revenue
compensation expense

$ 206.7

$ 32.2

$ 99.4

$ ( 296.2 )

Equity-based compensation

96.4

127.4

201.1

238.4

Acquisition or disposition-related charges and amortization of intangibles
and impairment

48.3

33.3

170.5

66.1

Tax (expense) benefit associated with certain foreign performance
revenues related compensation

( 0.1 )

( 0.2 )

( 0.1 )

( 1.2 )

Non-controlling interests and other adjustments to present certain costs on
a net basis

99.9

27.0

74.2

44.8

Other adjustments

4.0

28.3

17.1

40.5

Elimination of expenses of Consolidated Funds

( 7.6 )

( 12.4 )

( 25.0 )

( 27.3 )

$ 447.6

$ 235.6

$ 537.2

$ 65.1

(c) The Other Income (Loss) adjustment results from the Consolidated Funds that were eliminated in consolidation to
arrive at the Company’s total Other Income (Loss).
(d) The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings
and to Fee Related Earnings:

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

(Dollars in millions)

Income (loss) before provision for income taxes

$ 440.6

$ 218.8

$ 611.6

$ 339.5

Adjustments:

Net unrealized performance and fee related performance revenues

( 124.3 )

( 15.2 )

( 34.3 )

178.0

Unrealized principal investment (income) loss

( 25.5 )

( 48.1 )

( 42.5 )

( 52.5 )

Equity-based compensation (1)

96.4

127.4

201.1

238.4

Acquisition or disposition-related charges, including amortization of intangibles
and impairment

48.3

33.3

170.5

66.1

Tax (expense) benefit associated with certain foreign performance revenues

( 0.1 )

( 0.2 )

( 0.1 )

( 1.2 )

Net income attributable to non-controlling interests in consolidated entities

( 8.4 )

( 1.1 )

( 37.0 )

( 34.3 )

Other adjustments (2)

4.0

28.3

17.1

40.5

Distributable Earnings

$ 431.0

$ 343.2

$ 886.4

$ 774.5

Realized performance revenues, net of related compensation (3)

87.7

55.7

215.1

197.7

Realized principal investment income (3)

33.5

26.6

63.5

60.3

Net interest

13.5

12.1

26.1

22.8

Fee Related Earnings

$ 323.3

$ 273.0

$ 633.9

$ 539.3

(1) Equity-based compensation for the three and six months ended June 30, 2025 and 2024 included amounts that are presented in
principal investment income and general, administrative and other expenses in the Company’s condensed consolidated
statements of operations.
(2) Includes charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period
comparability and are not reflective of the Company’s operating performance.
(3) See reconciliation to most directly comparable U.S. GAAP measure below:

63

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

Three Months Ended June 30, 2025

Carlyle
Consolidated

Adjustments  (4)

Total
Reportable
Segments

(Dollars in millions)

Performance revenues

$ 638.8

$ ( 379.0 )

$ 259.8

Performance revenues related compensation expense

443.6

( 271.5 )

172.1

Net performance revenues

$ 195.2

$ ( 107.5 )

$ 87.7

Principal investment income (loss)

$ 55.2

$ ( 21.7 )

$ 33.5

Six Months Ended June 30, 2025

Carlyle
Consolidated

Adjustments  (4)

Total
Reportable
Segments

(Dollars in millions)

Performance revenues

$ 861.7

$ ( 246.8 )

$ 614.9

Performance revenues related compensation expense

615.0

( 215.2 )

399.8

Net performance revenues

$ 246.7

$ ( 31.6 )

$ 215.1

Principal investment income (loss)

$ ( 7.9 )

$ 71.4

$ 63.5

Three Months Ended June 30, 2024

Carlyle
Consolidated

Adjustments  (4)

Total
Reportable
Segments

(Dollars in millions)

Performance revenues

$ 198.2

$ ( 41.7 )

$ 156.5

Performance revenues related compensation expense

144.2

( 43.4 )

100.8

Net performance revenues

$ 54.0

$ 1.7

$ 55.7

Principal investment income (loss)

$ 88.1

$ ( 61.5 )

$ 26.6

Six Months Ended June 30, 2024

Carlyle
Consolidated

Adjustments  (4)

Total
Reportable
Segments

(Dollars in millions)

Performance revenues

$ 41.2

$ 513.1

$ 554.3

Performance revenues related compensation expense

71.4

285.2

356.6

Net performance revenues

$ ( 30.2 )

$ 227.9

$ 197.7

Principal investment income (loss)

$ 161.2

$ ( 100.9 )

$ 60.3

( 4)  Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations
net of related compensation expense and unrealized principal investment income, which are excluded from the segment
results, (ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were
included in the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were
excluded from the segment results, (iv) the reclassification of NGP performance revenues, which are included in principal
investment income in the U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which
are included in fund level fee revenues in the segment results, and (vi) the reclassification of tax expenses associated with
certain foreign performance revenues. Adjustments to principal investment income (loss) also include the reclassification of
earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment
results, the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from
the segment results and the exclusion of the principal investment loss from dilution of the indirect investment in Fortitude .

64

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

16. Subsequent Events
In July , the Company’s Board of Directors declared a quarterly dividend of $ 0.35 per share of common stock to common
stockholders of record at the close of business on August 18, 2025 , payable on August 28, 2025 .

65

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

17. Supplemental Financial Information
The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the
Company’s financial position as of June 30, 2025 and December 31, 2024 and results of operations for the three and six months
ended June 30, 2025 and 2024 . The supplemental statement of cash flows is presented without effects of the Consolidated
Funds.

 

As of June 30, 2025

 

Consolidated
Operating
Entities

Consolidated
Funds

Eliminations

Consolidated

 

(Dollars in millions)

Assets

Cash and cash equivalents

$ 1,275.8

$ —

$ —

$ 1,275.8

Cash and cash equivalents held at Consolidated Funds

—

463.1

—

463.1

Investments, including accrued performance allocations of $ 7,598.8

11,890.3

—

( 687.2 )

11,203.1

Investments of Consolidated Funds

—

9,857.5

—

9,857.5

Due from affiliates and other receivables, net

1,097.9

—

( 302.4 )

795.5

Due from affiliates and other receivables of Consolidated Funds, net

—

247.8

—

247.8

Fixed assets, net

191.7

—

—

191.7

Lease right-of-use assets, net

351.1

—

—

351.1

Deposits and other

81.4

1.5

—

82.9

Intangible assets, net

573.6

—

—

573.6

Deferred tax assets

25.7

—

—

25.7

Total assets

$ 15,487.5

$ 10,569.9

$ ( 989.6 )

$ 25,067.8

Liabilities and equity

Debt obligations

$ 2,155.3

$ —

$ —

$ 2,155.3

Loans payable of Consolidated Funds

—

8,350.3

( 294.2 )

8,056.1

Accounts payable, accrued expenses and other liabilities

439.5

—

—

439.5

Accrued compensation and benefits

5,598.9

—

—

5,598.9

Due to affiliates

193.2

5.7

—

198.9

Deferred revenue

204.0

—

—

204.0

Deferred tax liabilities

128.3

—

—

128.3

Other liabilities of Consolidated Funds

—

1,031.0

( 0.1 )

1,030.9

Lease liabilities

493.7

—

—

493.7

Accrued giveback obligations

44.6

—

—

44.6

Total liabilities

9,257.5

9,387.0

( 294.3 )

18,350.2

Common stock

3.6

—

—

3.6

Additional paid-in capital

4,096.4

715.7

( 715.7 )

4,096.4

Retained earnings

1,950.0

—

—

1,950.0

Accumulated other comprehensive loss

( 222.7 )

12.8

20.4

( 189.5 )

Non-controlling interests in consolidated entities

402.7

454.4

—

857.1

Total equity

6,230.0

1,182.9

( 695.3 )

6,717.6

Total liabilities and equity

$ 15,487.5

$ 10,569.9

$ ( 989.6 )

$ 25,067.8

66

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

As of December 31, 2024

 

Consolidated
Operating
Entities

Consolidated
Funds

Eliminations

Consolidated

 

(Dollars in millions)

Assets

Cash and cash equivalents

$ 1,266.0

$ —

$ —

$ 1,266.0

Cash and cash equivalents held at Consolidated Funds

—

830.4

—

830.4

Investments, including accrued performance allocations of $ 7,053.5

11,324.1

—

( 387.4 )

10,936.7

Investments of Consolidated Funds

—

7,782.4

—

7,782.4

Due from affiliates and other receivables, net

1,111.0

—

( 305.4 )

805.6

Due from affiliates and other receivables of Consolidated Funds, net

—

237.1

—

237.1

Fixed assets, net

185.3

—

—

185.3

Lease right-of-use assets, net

341.4

—

—

341.4

Deposits and other

55.1

1.8

—

56.9

Intangible assets, net

634.1

—

—

634.1

Deferred tax assets

27.6

—

—

27.6

Total assets

$ 14,944.6

$ 8,851.7

$ ( 692.8 )

$ 23,103.5

Liabilities and equity

Debt obligations

$ 2,143.5

$ —

$ —

$ 2,143.5

Loans payable of Consolidated Funds

—

7,161.6

( 297.4 )

6,864.2

Accounts payable, accrued expenses and other liabilities

389.8

—

—

389.8

Accrued compensation and benefits

5,446.6

—

—

5,446.6

Due to affiliates

236.6

5.3

—

241.9

Deferred revenue

138.7

—

—

138.7

Deferred tax liabilities

137.0

—

—

137.0

Other liabilities of Consolidated Funds

—

861.7

( 0.1 )

861.6

Lease liabilities

488.6

—

—

488.6

Accrued giveback obligations

44.0

—

—

44.0

Total liabilities

9,024.8

8,028.6

( 297.5 )

16,755.9

Common stock

3.6

—

—

3.6

Additional paid-in capital

3,892.3

423.5

( 423.5 )

3,892.3

Retained earnings

2,040.8

—

—

2,040.8

Accumulated other comprehensive loss

( 350.5 )

( 7.5 )

28.2

( 329.8 )

Non-controlling interests in consolidated entities

333.6

407.1

—

740.7

Total equity

5,919.8

823.1

( 395.3 )

6,347.6

Total liabilities and equity

$ 14,944.6

$ 8,851.7

$ ( 692.8 )

$ 23,103.5

 
 

67

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

 

Three Months Ended June 30, 2025

 

Consolidated
Operating
Entities

Consolidated
Funds

Eliminations

Consolidated

 

(Dollars in millions)

Revenues

Fund management fees

$ 628.0

$ —

$ ( 7.6 )

$ 620.4

Incentive fees

40.9

—

( 0.4 )

40.5

Investment income

Performance allocations

640.0

—

( 1.2 )

638.8

Principal investment income

66.2

—

( 11.0 )

55.2

Total investment income

706.2

—

( 12.2 )

694.0

Interest and other income

59.8

—

( 4.8 )

55.0

Interest and other income of Consolidated Funds

—

163.0

—

163.0

Total revenues

1,434.9

163.0

( 25.0 )

1,572.9

Expenses

Compensation and benefits

Cash-based compensation and benefits

238.4

—

—

238.4

Equity-based compensation

92.9

—

—

92.9

Performance allocations and incentive fee related compensation

443.6

—

—

443.6

Total compensation and benefits

774.9

—

—

774.9

General, administrative and other expenses

205.4

—

0.1

205.5

Interest

28.0

—

—

28.0

Interest and other expenses of Consolidated Funds

—

178.5

( 7.7 )

170.8

Other non-operating income

( 0.1 )

—

—

( 0.1 )

Total expenses

1,008.2

178.5

( 7.6 )

1,179.1

Other income (loss)

Net investment income of Consolidated Funds

—

46.8

—

46.8

Income before provision for income taxes

426.7

31.3

( 17.4 )

440.6

Provision for income taxes

112.5

—

—

112.5

Net income

314.2

31.3

( 17.4 )

328.1

Net income (loss) attributable to non-controlling interests in consolidated
entities

( 5.5 )

—

13.9

8.4

Net income attributable to The Carlyle Group Inc.

$ 319.7

$ 31.3

$ ( 31.3 )

$ 319.7

68

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

 

Six Months Ended June 30, 2025

 

Consolidated
Operating
Entities

Consolidated
Funds

Eliminations

Consolidated

 

(Dollars in millions)

Revenues

Fund management fees

$ 1,222.4

$ —

$ ( 15.9 )

$ 1,206.5

Incentive fees

84.2

—

( 0.5 )

83.7

Investment income

Performance allocations

863.4

—

( 1.7 )

861.7

Principal investment income (loss)

5.7

—

( 13.6 )

( 7.9 )

Total investment income

869.1

—

( 15.3 )

853.8

Interest and other income

117.0

—

( 11.4 )

105.6

Interest and other income of Consolidated Funds

—

296.4

—

296.4

Total revenues

2,292.7

296.4

( 43.1 )

2,546.0

Expenses

Compensation and benefits

Cash-based compensation and benefits

456.8

—

—

456.8

Equity-based compensation

196.4

—

—

196.4

Performance allocations and incentive fee related compensation

615.0

—

—

615.0

Total compensation and benefits

1,268.2

—

—

1,268.2

General, administrative and other expenses

379.1

—

—

379.1

Interest

55.8

—

—

55.8

Interest and other expenses of Consolidated Funds

—

309.3

( 25.0 )

284.3

Other non-operating income

( 0.1 )

—

—

( 0.1 )

Total expenses

1,703.0

309.3

( 25.0 )

1,987.3

Other income (loss)

Net investment income of Consolidated Funds

—

52.9

—

52.9

Income before provision for income taxes

589.7

40.0

( 18.1 )

611.6

Provision for income taxes

124.9

—

—

124.9

Net income

464.8

40.0

( 18.1 )

486.7

Net income attributable to non-controlling interests in consolidated
entities

15.1

—

21.9

37.0

Net income attributable to The Carlyle Group Inc.

$ 449.7

$ 40.0

$ ( 40.0 )

$ 449.7

69

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

Three Months Ended June 30, 2024

Consolidated
Operating
Entities

Consolidated
Funds

Eliminations

Consolidated

(Dollars in millions)

Revenues

Fund management fees

$ 540.8

$ —

$ ( 6.4 )

$ 534.4

Incentive fees

31.6

—

( 0.3 )

31.3

Investment income

Performance allocations

197.3

—

0.9

198.2

Principal investment income

90.8

—

( 2.7 )

88.1

Total investment income

288.1

—

( 1.8 )

286.3

Interest and other income

56.3

—

( 4.2 )

52.1

Interest and other income of Consolidated Funds

—

165.6

—

165.6

Total revenues

916.8

165.6

( 12.7 )

1,069.7

Expenses

Compensation and benefits

Cash-based compensation and benefits

206.3

—

—

206.3

Equity-based compensation

125.2

—

—

125.2

Performance allocations and incentive fee related compensation

144.2

—

—

144.2

Total compensation and benefits

475.7

—

—

475.7

General, administrative and other expenses

187.9

—

—

187.9

Interest

30.4

—

—

30.4

Interest and other expenses of Consolidated Funds

—

164.5

( 12.4 )

152.1

Other non-operating income

( 0.3 )

—

—

( 0.3 )

Total expenses

693.7

164.5

( 12.4 )

845.8

Other income (loss)

Net investment loss of Consolidated Funds

—

( 5.1 )

—

( 5.1 )

Income (loss) before provision for income taxes

223.1

( 4.0 )

( 0.3 )

218.8

Provision for income taxes

69.5

—

—

69.5

Net income (loss)

153.6

( 4.0 )

( 0.3 )

149.3

Net income attributable to non-controlling interests in consolidated
entities

5.4

—

( 4.3 )

1.1

Net income (loss) attributable to The Carlyle Group Inc.

$ 148.2

$ ( 4.0 )

$ 4.0

$ 148.2

70

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

Six Months Ended June 30, 2024

 

Consolidated
Operating
Entities

Consolidated
Funds

Eliminations

Consolidated

 

(Dollars in millions)

Revenues

Fund management fees

$ 1,071.0

$ —

$ ( 13.0 )

$ 1,058.0

Incentive fees

57.8

—

( 0.3 )

57.5

Investment income

Performance allocations

41.5

—

( 0.3 )

41.2

Principal investment income

170.4

—

( 9.2 )

161.2

Total investment income

211.9

—

( 9.5 )

202.4

Interest and other income

120.2

—

( 10.5 )

109.7

Interest and other income of Consolidated Funds

—

330.5

—

330.5

Total revenues

1,460.9

330.5

( 33.3 )

1,758.1

Expenses

Compensation and benefits

Cash-based compensation and benefits

428.2

—

—

428.2

Equity-based compensation

233.5

—

—

233.5

Performance allocations and incentive fee related compensation

71.4

—

—

71.4

Total compensation and benefits

733.1

—

—

733.1

General, administrative and other expenses

335.6

—

—

335.6

Interest

61.2

—

—

61.2

Interest and other expenses of Consolidated Funds

—

304.0

( 27.3 )

276.7

Other non-operating income

( 0.1 )

—

—

( 0.1 )

Total expenses

1,129.8

304.0

( 27.3 )

1,406.5

Other income (loss)

Net investment loss of Consolidated Funds

—

( 12.1 )

—

( 12.1 )

Income before provision for income taxes

331.1

14.4

( 6.0 )

339.5

Provision for income taxes

91.4

—

—

91.4

Net income

239.7

14.4

( 6.0 )

248.1

Net income attributable to non-controlling interests in consolidated
entities

25.9

—

8.4

34.3

Net income attributable to The Carlyle Group Inc.

$ 213.8

$ 14.4

$ ( 14.4 )

$ 213.8

 

71

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

 

Six Months Ended June 30,

 

2025

2024

 

(Dollars in millions)

Cash flows from operating activities

Net income

$ 464.8

$ 239.7

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

( 252.4 )

145.8

Non-cash principal investment (income) loss

33.5

( 144.5 )

Other non-cash amounts

36.8

( 1.5 )

Purchases of investments

( 481.8 )

( 383.0 )

Proceeds from the sale of investments

499.5

271.1

Payments of contingent consideration

( 1.0 )

( 1.5 )

Change in deferred taxes, net

( 16.5 )

( 42.5 )

Change in due from affiliates and other receivables

( 16.5 )

( 19.7 )

Change in deposits and other

( 25.0 )

( 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 provided by operating activities

530.2

124.2

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 )

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

—

Dividends to common stockholders

( 252.7 )

( 252.3 )

Payment of deferred consideration for Carlyle Holdings units

—

( 68.8 )

Contributions from non-controlling interest holders

91.4

116.4

Distributions to non-controlling interest holders

( 48.6 )

( 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

( 0.5 )

7.3

Net cash used in financing activities

( 515.5 )

( 607.3 )

Effect of foreign exchange rate changes

29.9

( 5.0 )

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

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

72

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Unless 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. The following discussion and
analysis should be read in conjunction with the consolidated financial statements and the related notes included in this
Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the year ended December 31, 2024 .
Overview
We are one of the world’s largest global investment firms and deploy private capital across our business. We conduct our
operations through three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest (formerly, Global
Investment Solutions).
• Global Private Equity — Our Global Private Equity segment advises our buyout, growth, real estate, and infrastructure &
natural resources funds. The segment also includes the NGP Carry Funds advised by NGP. As of June 30, 2025 , our
Global Private Equity segment had $165 billion in AUM and $102 billion in Fee-earning AUM.
• Global Credit — Our Global Credit segment advises funds and vehicles that pursue investment strategies including
insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure
credit, cross-platform credit products, and global capital markets. As of June 30, 2025 , our Global Credit segment had
$203 billion in AUM and $163 billion in Fee-earning AUM.
• Carlyle AlpInvest — Our Carlyle AlpInvest segment advises global private equity programs that pursue secondary
purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments. As of
June 30, 2025 , our Carlyle AlpInvest segment had $97 billion in AUM and $60 billion in Fee-earning AUM.
We earn management fees pursuant to contractual arrangements with the investment funds that we manage and fees for
transaction advisory and oversight services provided to portfolio companies of these funds. We also typically receive a
performance fee from an investment fund, which may be either an incentive fee or a special residual allocation of income,
which we refer to as a performance allocation, or carried interest, in the event that specified investment returns are achieved by
the fund. Under U.S. generally accepted accounting principles (“U.S. GAAP”), we are required to consolidate some of the
investment funds that we advise. However, for segment reporting purposes, we present revenues and expenses on a basis that
deconsolidates these investment funds. Refer to Note 15 , Segment Reporting , to the condensed consolidated financial
statements included in this Quarterly Report on Form 10-Q for more information on the differences between our financial
results reported pursuant to U.S. GAAP and our financial results for segment reporting purposes.

73

Table of Contents

Our Global Investment Offerings
The following table provides a breakout of the product offerings and related acronyms included in our total assets under
management of $465 billion as of June 30, 2025 for each of our three global business segments (in billions):

Global Private Equity

$ 165.1

Global Credit

$ 203.0

Corporate Private Equity

$ 106.4

Insurance Solutions 4

$ 82.3

U.S. Buyout (CP)

53.1

Liquid Credit

$ 49.6

Asia Buyout (CAP)

12.2

U.S. CLOs

35.7

Europe Buyout (CEP)

10.5

Europe CLOs

9.5

Carlyle Global Partners (CGP)

6.6

CLO Investment Products

2.5

Europe Technology (CETP)

6.1

Revolving Credit

2.0

Japan Buyout (CJP)

5.9

Private Credit

$ 71.1

U.S. Growth (CP Growth / CEOF)

3.1

Opportunistic Credit (CCOF / CSP)

19.9

Life Sciences (ABV / ACCD)

2.2

Aviation Finance (SASOF / CALF)

12.9

Asia Growth (CAP Growth / CAGP)

1.2

Direct Lending 5

12.5

Other 1

5.5

Asset-Backed Finance

9.6

Real Estate

$ 36.4

Cross-Platform Credit (incl CTAC)

9.0

U.S. Real Estate (CRP)

25.7

Infrastructure Credit (CICF)

6.6

Core Plus Real Estate (CPI)

8.2

Other 6

0.5

International Real Estate (CER)

2.5

Infrastructure & Natural Resources

$ 22.3

Carlyle AlpInvest

$ 96.5

NGP Energy 2

10.7

Secondaries and Portfolio Finance (ASF / ASPF)

$ 41.9

Infrastructure and Renewable Energy 3

6.1

Co-Investments (ACF)

$ 25.8

International Energy (CIEP)

5.5

Primary Investments & Other 7

$ 28.8

Note: All amounts shown represent total assets under management as of June 30, 2025 , and totals may not sum due to rounding. In addition,
certain carry funds included herein may not be included in fund performance if they have not made an initial capital call or commenced
investment activity.
(1) Includes our Financial Services (CGFSP), Sub-Saharan Africa Buyout (CSSAF), South America Buyout (CSABF), Peru Buyout (CPF),
MENA Buyout and Ireland Buyout (CCIF) funds , as well as platform accounts which invest across Corporate Private Equity strategies.
(2) NGP Energy funds are advised by NGP Energy Capital Management, LLC, a separately registered investment adviser. We do not serve as
an investment adviser to those funds.
(3) Includes our Infrastructure (CGIOF), Renewable Energy (CRSEF) and Power funds (CPP / CPOCP).
(4) Includes Carlyle FRL, capital raised from strategic third-party investors which directly invest in Fortitude alongside Carlyle FRL, as well
as the fair value of the general account assets covered by the strategic advisory services agreement with Fortitude.
(5) Includes our business development companies (CGBD / CARS) and our evergreen fund (CDLF).
(6) Includes our Energy Credit (CEMOF) and Real Estate Credit (CNLI) funds.
(7) Includes Mezzanine and Carlyle AlpInvest Private Markets (CAPM) funds.

Trends Affecting our Business
The second quarter of 2025 ended very differently from the way it started. Just two days into the period, markets were
roiled by higher than expected “Liberation Day” tariffs, driving the S&P 500 down more than 12% peak-to-trough over the
following six days. Yet, financial markets ultimately performed well, as tariff rates were temporarily reduced and the hard
economic data, while lackluster, held up. In the United States, the S&P 500 and NASDAQ ended the quarter up 10.6% and
17.6%, respectively, outperforming many other global benchmarks (1%, 2.9%, and 7.9% for the Euro Stoxx 50, Shanghai
Composite, and DAX, respectively; the Nikkei 225 outperformed the S&P 500 with a 13.7% return). While employment
growth was sluggish in the U.S. during the second quarter, the unemployment rate was roughly unchanged at quarter-end
thanks in large part to a simultaneously shrinking labor force. Front-loaded inventories and longer-term supply contracts made
it possible for many businesses to maintain pricing and production schedules without sacrificing margins. Looking ahead,
however, prices, output, and labor demand will likely adjust more than has been observed thus far as inventory stocks dwindle
and fixed contracts approach expiration. Indeed, early clues of what might be yet to come were visible in the June inflation
report, where prices for goods with high import exposure surged (e.g., toy and appliance prices rose 15% and 34%,
respectively, at an annualized rate over the quarter). While trade negotiations have produced tentative agreements with a
handful of countries, the end-state tariff rate for many U.S. trading partners remains unclear. Several nations currently face
potential levies of as much as 25-50% on their exports to the U.S. and important inputs to domestic U.S. producers (copper
products, steel and aluminum) may shoulder 50% tariffs. While few expect a full implementation of the initial (and highest)

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“reciprocal” rates, current U.S. economy-wide effective tariff rates in place are already at 13%, a more than 10 percentage point
increase over 2024’s level, representing an implicit tax increase of over 1% of GDP. This fundamental change in trade policy
still imposes risks to corporate profit margins and broader global growth in subsequent quarters. Companies that rely on key
components and supplies from regions with high tariff rates may see their operating performance materially impacted, while
stretched consumers and a general softening in global growth may erode the financial performance of even those companies
with minimal trade dependence.
Perhaps the biggest counterweight to trade-policy headwinds is ongoing or planned fixed investment. In the U.S., the
relentless surge in artificial intelligence (AI)-related capital expenditures accounted for over half of U.S. GDP growth in the
first half of the year, with order backlogs growing at annual rates of 35–60%—a powerful support for both corporate investment
and overall output amid tariff uncertainty. This AI-related spend should also bolster business investment in Japan, even while
its auto sector faces headwinds from U.S. tariffs. In Europe, a pivot towards “military Keynesianism” could unlock upwards of
€1.5 trillion of new capex into defense, infrastructure, and energy over the next decade and, in turn, drive both productivity and
real output growth higher. In the second quarter, China’s economy performed remarkably well, expanding at a 4.5% annual rate
thanks to strong industrial production and export growth despite the U.S.’s punitive tariffs on Chinese goods; China has quickly
succeeded in finding new export destinations, primarily Southeast Asian countries such as Vietnam. However, exports to these
markets are not typically for domestic consumption (goods intended for domestic consumption only account for about 10% of
Vietnam’s imports from China). The prospect of broader tariffs on Asian imports with Chinese value-added has therefore
prompted many management teams to plan to relocate supply chains to Europe, with associated potential economic upside for
that region. India’s relatively large consumer market, strong manufacturing base in select sectors (e.g., smartphones, automotive
components), and growing policy emphasis on attracting foreign direct investment have also positioned it as a promising
alternative to China for global manufacturers, although recent tensions with the U.S. administration over India’s Russian oil
purchases has introduced uncertainty into the near-term outlook.
Despite the subsequent market rebound, the tariff-driven selloff earlier in the quarter underscored the new reality that
bonds no longer serve as a reliable hedge to risk assets. In April, rather than cushioning portfolios as stocks plunged, Treasury
yields spiked in tandem. Large and persistent fiscal deficits, an overvalued dollar, and the risk of sanctions pressures have
combined to make U.S. dollar-denominated assets less attractive, putting upward pressure on the term premia of longer-
duration Treasuries. Against this backdrop, private market allocations stand out. For decades, private assets have delivered a
100–500 bps annualized net-of-fees return premium over their public equivalents. In an era when liquid markets can amplify
shocks rather than cushion them, that premium together with the built-in liquidity “buffer” of closed-end structures offer 
complementary hedge and asset allocation characteristics in a diversified portfolio of equities and bonds. Closed-end structures
and termed-out liabilities prevent private funds from being forced into fire-sale liquidations or abrupt markdowns, unlike listed
markets, where the most liquid stocks fell roughly 15% in April compared with an approximately 11% drop for the least liquid
quartile—a gap of over 400 bps.
On the surface, global M&A activity in Q2 2025 would appear to be robust, totaling nearly $1.1 trillion in the quarter,
essentially unchanged from Q1 2025 but about 30% above year-ago levels. However, deal count tells a different story: there
were just 8,700 transactions worldwide, lower than the 9,500 transactions observed in Q2 2020 at the onset of the pandemic and
the lowest on record since 2005. Aggregate volumes were flattered by a concentration of large cash- and stock-driven deals.
Activity was subdued across all regions, most notably in Europe and the U.S., where deal counts fell 24% and 22%,
respectively, relative to year-ago levels. Asia fared somewhat better, though from already reduced bases. The same pattern is
apparent in sponsor-led acquisitions. Globally, GPs announced LBOs totaling $151 billion in Q2 2025, the largest quarterly
dollar figure since Q2 2022—but this uptick was entirely driven by a handful of mega-transactions. The top ten LBOs
accounted for 60 percent of the quarter’s total value, while the total number of sponsor-led deals dipped to just 390, the fewest
since Q3 2023. The slower deal environment was also reflected in sluggish exit activity in the broader market. Although total
exit proceeds reached $102 billion—up nearly 20 percent from Q1 2025—this surge was almost entirely due to one large
transaction that accounted for roughly 25% of global exit value for the quarter. The total number of divestitures was just 422
companies, marking the weakest quarterly count since Q4 2022. Through the first half of 2025, buyout-backed company exits
were roughly 18% lower than in the first half of 2024. There is reason for optimism in the coming quarters, however. Recent
surveys indicate that over half of U.S. companies are still actively looking to pursue M&A, and there have been several notable
deal announcements from the last week of July into the first week of August 2025. In the interim, heightened demand for
liquidity at the same time that exit activity has slowed could present our secondaries business the opportunity to buy assets at
discounts larger than would have been otherwise anticipated. Continuation vehicles and portfolio financings have also emerged
as important channels to generate liquidity for both GPs and LPs. Continuation vehicles are now responsible for more than 13%
of exits across buyout funds. We expect these shares to maintain or even increase, as GPs seek to take the necessary steps to
reset the private equity cycle.

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While tepid deal activity weighed on leveraged loan issuance during the quarter (new issue loan activity in the U.S.
excluding extensions and repricings was roughly $80 billion in Q2 2025, 45% lower than Q2 2024), the highly uncertain
macroeconomic and geopolitical environment can provide favorable opportunities for our credit business. For example, when
tariff-induced volatility led to a freeze in the broadly syndicated loan (BSL) market in April (no U.S. transactions priced for 15
consecutive days, the longest stretch of inactivity since the 2020 pandemic), market participants indicated that deals in process
at the time of the freeze oftentimes ultimately ended up moving forward with private credit.
While broader market deal activity was sluggish during the quarter, o ur investment activity in the second quarter
continued the momentum we experienced toward the end of 2024 and into the first quarter this year. We deployed $14.6 billion
across our platform and realized proceeds of $7.6 billion in our traditional carry funds during the second quarter, over 50 %
more capital deployed and 30% more proceeds realized than in the second quarter of 2024 . Realized proceeds in our carry funds
totaled $33.0 billion over the last twelve months, approaching a level near that of 2022, which was our second highest year of
realized proceeds to date. In addition, we generated $122.5 million in transaction and portfolio advisory fees, net of rebate
offsets, during the six months ended June 30, 2025. This was more than double the fees generated in the comparable prior year
period. However, the impact of pervasive uncertainty in global markets, combined with heightened equity and credit market
volatility, may impact our investment deployment and realization pace in the near term.
Our carry fund portfolio appreciated 2% in the second quarter of 2025, continuing to show relative stability against a
backdrop of volatility in the global equity markets. Within our Global Private Equity segment in the second quarter, our
corporate private equity funds appreciated 1% , our infrastructure & natural resources funds appreciated 4% , and our real estate
funds appreciated 1% . Our publicly traded investments, which represent approximately 8% of our Global Private Equity
portfolio, appreciated 16% during the second quarter. Our Global Credit carry funds (which represent approximately 11% of the
total Global Credit remaining fair value as of June 30, 2025 ) appreciated 3% in the second quarter, while carry funds in our
Carlyle AlpInvest segment appreciated 2% in the second quarter.
We had $13.4 billion in inflows in the second quarter of 2025 and $50.6 billion in inflows over the last twelve months as
of June 30, 2025, continuing the momentum on the first quarter amidst a period of significant market uncertainty.

Recent Developments
Dividends
In July 2025, our Board of Directors declared a quarterly dividend of $0.35 per share to common stockholders of record
at the close of business on August 18, 2025 , payable on August 28, 2025 .

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Key Financial Measures
Our key financial measures and operating metrics are discussed in the following pages. Additional information regarding
U.S. GAAP measures and our other significant accounting policies can be found in Note 2 , Summary of Significant Accounting
Policies , to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Revenues
Revenues primarily consist of Fund management fees, Incentive fees, Investment income (including Performance
allocations, realized and unrealized gains of our investments in our funds and other principal investments), as well as Interest
and other income.
Fund management fees . Fund management fees include management fees and transaction and portfolio advisory fees. We
earn management fees for advisory services we provide to funds in which we hold a general partner interest or to funds or
certain portfolio companies with which we have an investment advisory or investment management agreement. These fees are
largely from either traditional closed-end, long-dated funds, which are highly predictable and stable, or Perpetual Capital
products as defined below. Management fees also include catch-up management fees, which are episodic in nature and
represent management fees charged to fund investors in subsequent closings of a fund which apply to the time period between
the fee initiation date and the subsequent closing date. We also earn management fees on our CLOs and other structured
products. 
Transaction and portfolio advisory fees generally include capital markets fees generated by Carlyle Global Capital
Markets in connection with activities related to the underwriting, issuance and placement of debt and equity securities, and loan
syndication for our portfolio companies and third-party clients, which are generally not subject to rebate offsets as described
below with respect to our most recent vintages (but are subject to the rebate offsets set forth below for older funds).
Underwriting fees include gains, losses, and fees arising from securities offerings in which we participate in the underwriter
syndicate.
Transaction and portfolio advisory fees also include fees we receive for the transaction and portfolio advisory services we
provide to our portfolio companies. When covered by separate contractual agreements, we recognize transaction and portfolio
advisory fees for these services when the performance obligation has been satisfied and collection is reasonably assured. We are
generally required to offset our fund management fees by the transaction and advisory fees earned, which we refer to as “rebate
offsets.”
The recognition of portfolio advisory fees, transactions fees, and capital markets fees can be volatile as they are primarily
generated by investment activity within our funds, and therefore are impacted by our investment pace or other capital
transactions at our portfolio companies.
Incentive fees . Incentive fees consist of performance-based incentive arrangements pursuant to management contracts,
primarily from certain of our Global Credit funds, when the return on assets under management exceeds certain benchmark
returns or other performance targets. In such arrangements, incentive fees are recognized when the performance benchmark has
been achieved.
Investment income . Investment income consists of our performance allocations as well as the realized and unrealized
gains and losses resulting from our equity method investments and other principal investments. 
Performance allocations consist principally of the performance-based capital allocation from fund limited partners to us,
commonly referred to as carried interest, from certain of our investment funds, which we refer to as the “carry funds.” Carried
interest revenue is recognized by Carlyle upon appreciation of the valuation of our funds’ investments above certain return
hurdles as set forth in each respective partnership agreement and is based on the amount that would be due to us pursuant to the
fund partnership agreement at each period end as if the funds were liquidated at such date. Accordingly, the amount of carried
interest recognized as performance allocations reflects our share of the fair value gains and losses of the associated funds’
underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. As
a result, the performance allocations earned in an applicable reporting period are not indicative of any future period, as fair
values are based on conditions prevalent as of the reporting date. Refer to “—Trends Affecting our Business” for further
discussion.
For any given period, performance allocations revenue on our statement of operations may include reversals of previously
recognized performance allocations due to a decrease in the value of a particular fund that results in a decrease of cumulative

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performance allocations earned to date. Since fund return hurdles are cumulative, previously recognized performance
allocations also may be reversed in a period of appreciation that is lower than the particular fund’s hurdle rate. Additionally,
unrealized performance allocations reverse when performance allocations are realized, and unrealized performance allocations
can be negative if the amount of realized performance allocations exceed total performance allocations generated in the period.
The timing and receipt of realized performance allocations varies with the lifecycle of our carry funds and there is often a
difference between the time we start accruing performance allocations and realization. The timing of performance allocation
realizations from our Carlyle AlpInvest, Carlyle Aviation, and Abingworth funds is typically later than in our other carry funds
based on the terms of such arrangements.
Under our arrangements with the historical owners and management teams of AlpInvest and Abingworth, the amount of
carried interest to which we are entitled varies. In some cases, we are entitled to 15% of the carried interest in respect of
commitments from the historical owners of AlpInvest for the period between 2011 and 2020. In certain instances, carried
interest associated with the AlpInvest fund vehicles is subject to entity level income taxes in the Netherlands. Additionally, in
connection with the acquisition of Abingworth, we are entitled to 15% of carried interest generated from certain Abingworth
funds.
Realized carried interest may be clawed back or given back to the fund if the fund’s investment values decline below
certain return hurdles, which vary from fund to fund. This amount is known as the “giveback obligation.” In all cases, each
investment fund is considered separately in evaluating carried interest and potential giveback obligations. See Note 8 ,
Commitments and Contingencies , for more information.
Accrued performance allocations and accrued giveback obligations at a point in time assume a hypothetical liquidation of
the funds’ investments at their then current fair values. Each investment fund is considered separately in evaluating carried
interest and potential giveback obligations. These assets and liabilities will continue to fluctuate in accordance with the fair
values of the funds’ investments until they are realized. The Company uses “net accrued performance revenues” to refer to the
aggregation of the accrued performance allocations net of (i) accrued giveback obligations, (ii) accrued performance allocations
related compensation, (iii) performance allocations related tax obligations, and (iv) accrued performance allocations attributable
to non-controlling interests. Net accrued performance revenues exclude any net accrued performance allocations and incentive
fees that have been realized but will be collected in subsequent periods, as well as net accrued performance revenues which are
presented as fee related performance revenues when realized in our non-GAAP financial measures. Realized performance
allocation-related compensation that has not yet been paid is also excluded from our net accrued performance allocations.
In addition, realized performance allocations may be reversed in future periods to the extent that such amounts become
subject to a giveback obligation. The aggregate amount of giveback obligations realized since Carlyle’s inception totaled
$257.0 million , $175.6 million of which was related to various Legacy Energy Funds. Given that current and former senior
Carlyle professionals and other limited partners of the Carlyle Holdings partnerships are responsible for paying the majority of
the realized giveback obligation, only $87.1 million of the $257.0 million aggregate giveback obligation realized since
inception was attributable to Carlyle. The realization of giveback obligations for the Company’s portion of such obligations
reduces Distributable Earnings in the period realized. Further, each individual who holds equity interests in carried interest
generated by our funds and is a recipient of realized carried interest typically signs a guarantee agreement or partnership
agreement that personally obligates such person to return his/her pro rata share of any amounts of realized carried interest
previously distributed that are later clawed back. Accordingly, carried interest as performance allocation compensation is
subject to return to the Company in the event a giveback obligation is funded. Generally, the actual giveback liability, if any,
does not become due until the end of a fund’s life.
In addition, in our discussion of our non-GAAP results, we use the term “realized net performance revenues” to refer to
realized performance allocations and incentive fees from our funds, net of the portion allocated to our investment professionals,
and other employees and certain tax expenses associated with carried interest attributable to certain partners and employees,
which are reflected as realized performance allocations and incentive fees related compensation expense. See “—Non-GAAP
Financial Measures” and “—Segment Analysis” for the amount of realized net performance revenues recognized each period
and related discussion.
Investment income also represents the realized and unrealized gains and losses on our principal investments, including
our investments in Carlyle funds that are not consolidated, and our strategic investments in NGP as described below. Realized
principal investment income (loss) is recorded when we redeem all or a portion of our investment or when we receive or are due
cash income, such as dividends or distributions. A realized principal investment loss is also recorded when an investment is
deemed to be permanently impaired or worthless. Unrealized principal investment income (loss) results from changes in the fair
value of the underlying investment, as well as the reversal of previously recognized unrealized gains (losses) at the time an
investment is realized.

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We account for our investments in NGP under the equity method of accounting. Our investments in NGP include the
equity interests in NGP Management and the general partners of certain carry funds advised by NGP. Following the
restructuring of the terms of our strategic investment in NGP (the “Restructuring”), our equity interests in NGP Management
entitle us to an allocation of income equal to 55.0% of the management fee related revenues earned by NGP Management for
existing funds, and up to 55.0% for all NGP funds that held an initial closing after December 31, 2024, including all
management fees being retained by NGP for the years 2025 through 2028 on such future NGP funds. Our investment in the
general partners of the NGP Carry Funds entitle us to up to 47.5% of the performance allocations received from NGP fund
general partners. For further information regarding our strategic investments in NGP and the Restructuring, refer to Note 4 ,
Investments , to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
We record investment income (loss) for our equity income allocation from NGP management fee related revenues and
our share of any allocated expenses from NGP Management, as well as expenses associated with the compensatory elements of
the strategic investment and any impairment charges. We also record our equity income allocation from NGP performance
allocations in principal investment income (loss) from equity method investments rather than performance allocations in our
condensed consolidated statements of operations. We do not control or manage NGP. Moreover, we do not operate NGP’s
business, have representation on NGP’s board or serve as an investment advisor to any investment fund sponsored by NGP, nor
do we direct the operations of any of NGP’s portfolio companies. While we have consent rights over certain major actions by
NGP outside of the ordinary course of NGP’s business (including, for example, consent rights over items such as amendments
to the organizational documents of the entity in which we are invested, changes to the management fee streams earned by NGP
under its fund agreements, or the incurrence of certain debt by NGP and other similar items), we have no voting rights or
consent rights on any NGP investment committee that selects investments to be made by NGP funds.
Interest and other income . Interest and other income primarily represents reimbursement of certain costs incurred on
behalf of our funds, as well as interest income that we earn such as from our cash and money market accounts and other
investments, including CLO senior and subordinated notes.
Interest and other income of Consolidated Funds . Interest and other income of Consolidated Funds primarily represents
the interest earned on assets of consolidated CLOs.
Net investment income (loss) of Consolidated Funds . Net investment income (loss) of Consolidated Funds generally
measures the change in the difference in fair value between the assets and the liabilities of the Consolidated Funds. Income
(loss) indicates that the fair value of the assets of the Consolidated Funds appreciated more (less), or depreciated less (more),
than the fair value of the liabilities of the Consolidated Funds. Income or loss is not necessarily indicative of the investment
performance of the Consolidated Funds and does not impact the management or incentive fees received by Carlyle for its
management of the Consolidated Funds. The portion of the net investment income (losses) of Consolidated Funds attributable
to the limited partner investors is allocated to non-controlling interests. Therefore, income or loss is not expected to have a
material impact on the revenues or profitability of the Company. Moreover, although the assets of the Consolidated Funds are
consolidated onto our balance sheet pursuant to U.S. GAAP, ultimately we do not have recourse to such assets and such
liabilities are generally non-recourse to us. Therefore, income or loss from the Consolidated Funds generally does not impact
the assets available to our common stockholders.
Expenses
Compensation and benefits . Compensation includes salaries, bonuses, equity-based compensation, and performance
payment arrangements. Bonuses are accrued over the service period to which they relate.
We recognize as compensation expense the portion of performance allocations and incentive fees that are due to our
employees, senior Carlyle professionals, advisors, and operating executives in a manner consistent with how we recognize the
performance allocations and incentive fee revenue. These amounts are accounted for as compensation expense in conjunction
with the related performance allocations and incentive fee revenue and, until paid, are recognized as a component of the accrued
compensation and benefits liability. Compensation in respect of performance allocations and incentive fees is paid when the
related performance allocations and incentive fees are realized, and not when such performance allocations and incentive fees
are accrued. The funds do not have a uniform allocation of performance allocations and incentive fees to our employees, senior
Carlyle professionals, advisors, and operating executives. However, we generally allocate a range of 60% to 70% of
performance allocations and incentive fees to our employees.
In addition, we have implemented various equity-based compensation arrangements that require senior Carlyle
professionals and other employees to provide services over a service period of generally one year to four years in order to vest
in the applicable equity interests, which under U.S. GAAP will result in compensation charges over current and future periods.

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In certain of our equity-based compensation arrangements, vesting is based on the achievement of certain performance targets
or market conditions (see Note 14 , Equity-Based Compensation , for additional information). Compensation charges associated
with all equity-based compensation grants are excluded from Fee Related Earnings and Distributable Earnings.
We may hire additional individuals and overall compensation levels may correspondingly increase, which could result in
an increase in compensation and benefits expense.  As a result of prior acquisitions, we have charges associated with contingent
consideration taking the form of earn-outs and profit participation, some of which are reflected as compensation expense.
General, administrative and other expenses . General, administrative and other expenses include occupancy and
equipment expenses and other expenses, which consist principally of professional fees, including those related to our global
regulatory compliance program, external costs of fundraising, travel and related expenses, communications and information
services, depreciation and amortization (including intangible asset amortization and impairment), bad debt expense, and foreign
currency transactions. We expect that general, administrative and other expenses will vary due to infrequently occurring or
unusual items, such as impairment of intangible assets or lease right-of-use assets and expenses or insurance recoveries
associated with litigation and contingencies. Also, in periods of significant fundraising, to the extent that we use third parties to
assist in our fundraising efforts, our general, administrative and other expenses may increase accordingly. Similarly, our
general, administrative and other expenses may increase as a result of professional and other fees incurred as part of due
diligence related to strategic acquisitions and new product development. Additionally, we anticipate that general, administrative
and other expenses will fluctuate from period to period due to the impact of foreign exchange transactions.
Interest and other expenses of Consolidated Funds . Interest and other expenses of Consolidated Funds consist primarily
of interest expense related primarily to loans of consolidated CLOs, professional fees and other third-party expenses.
Income taxes . Income taxes are accounted for using the asset and liability method of accounting. Under this method,
deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying
amounts of assets and liabilities and their respective tax basis, using currently enacted tax rates. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period in which the change is enacted. Deferred tax
assets are reduced by a valuation allowance when it is more likely than not that some or all of the deferred tax assets will not be
realized. 
Non-controlling Interests in Consolidated Entities . Non-controlling interests in consolidated entities represent the
component of equity in consolidated entities not held by us. These interests are adjusted for general partner allocations.
Earnings Per Common Share . We compute earnings per common share in accordance with ASC 260, Earnings Per
Share . Basic earnings per common share is calculated by dividing net income (loss) attributable to the common shares of the
Company by the weighted average number of common shares outstanding for the period. Diluted earnings per common share
reflects the assumed conversion of all dilutive securities. See Note 12 , Earnings Per Common Share , to the condensed
consolidated financial statements in this Quarterly Report on Form 10-Q for more information.
Non-GAAP Financial Measures
Distributable Earnings . Distributable Earnings, or “DE,” is a key performance benchmark used in our industry and is
evaluated regularly in making resource deployment and compensation decisions, and in assessing the performance of our three
segments. We also use DE in our budgeting, forecasting, and the overall management of our segments. We believe that
reporting DE is helpful to understanding our business and that investors should review the same supplemental financial measure
that management uses to analyze our segment performance. DE is intended to show the amount of net realized earnings without
the effects of consolidation of the Consolidated Funds. DE is derived from our segment reported results and is an additional
measure to assess performance.
Distributable Earnings differs from income (loss) before provision for income taxes computed in accordance with U.S.
GAAP in that it includes certain tax expenses associated with certain foreign performance revenues (composed of performance
allocations and incentive fees), and does not include unrealized performance allocations and related compensation expense,
unrealized principal investment income, equity-based compensation expense, net income (loss) attributable to non-Carlyle
interest in consolidated entities, or charges (credits) related to Carlyle corporate actions and non-recurring items that affect
period-to-period comparability and are not reflective of the Company’s operational performance. Charges (credits) related to
Carlyle corporate actions and non-recurring items include: charges associated with the Conversion, charges associated with
acquisitions, dispositions, or strategic investments, changes in the tax receivable agreement liability, amortization and any
impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions and dispositions,
charges associated with earn-outs and contingent consideration including gains and losses associated with the estimated fair

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value of contingent consideration issued in conjunction with acquisitions or strategic investments, impairment charges
associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract
terminations and employee severance, and non-recurring items that affect period-to-period comparability and are not reflective
of the Company’s operating performance. We believe the inclusion or exclusion of these items provides investors with a
meaningful indication of our core operating performance. This measure supplements and should be considered in addition to
and not in lieu of the results of operations discussed further under “—Consolidated Results of Operations” prepared in
accordance with U.S. GAAP.
Fee Related Earnings . Fee Related Earnings, or “FRE,” is a component of DE and is used to assess the ability of the
business to cover base compensation and operating expenses from total fee revenues. FRE adjusts DE to exclude net realized
performance revenues, realized principal investment income from investments in Carlyle funds, and net interest (interest
income less interest expense). Fee Related Earnings includes fee related performance revenues and related compensation
expense. Fee related performance revenues represent the realized portion of performance revenues that are measured and
received on a recurring basis, are not dependent on realization events, and which have no risk of giveback.
Operating Metrics
We monitor certain operating metrics that are common to the asset management industry.
Fee-earning Assets under Management. Fee-earning assets under management or Fee-earning AUM refers to the assets
we manage or advise from which we derive recurring fund management fees. Our Fee-earning AUM is generally based on one
of the following, once fees have been activated:
(a) the amount of limited partner capital commitments, generally for carry funds where the original investment period
has not expired and for AlpInvest carry funds during the commitment fee period (see “Fee-earning AUM based on
capital commitments” in the table below for the amount of this component at each period);
(b) the remaining amount of limited partner invested capital at cost, generally for carry funds and certain co-
investment vehicles where the original investment period has expired (see “Fee-earning AUM based on invested
capital” in the table below for the amount of this component at each period);
(c) the amount of aggregate fee-earning collateral balance at par of our CLOs and other securitization vehicles, as
defined in the fund indentures (pre-2020 CLO vintages are generally exclusive of equities and defaulted positions)
as of the quarterly cut-off date;
(d) the external investor portion of the net asset value of certain carry funds (see “Fee-earning AUM based on net
asset value” in the table below for the amount of this component at each period);
(e) the fair value of Fortitude’s general account assets invested under the strategic advisory services agreement (see
“Fee-earning AUM based on fair value and other” in the table below);
(f) the gross assets (including assets acquired with leverage) of certain cross-platform credit and direct lending
products, excluding cash and cash equivalents for one of our business development companies (included in “Fee-
earning AUM based on fair value and other” in the table below); and
(g) the lower of cost or fair value of invested capital, generally for AlpInvest carry funds where the commitment fee
period has expired and certain carry funds where the investment period has expired, (included in “Fee-earning
AUM based on fair value and other” in the table below).

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The chart below presents Fee-earning AUM by segment at each period, in billions.

The table below details Fee-earning AUM by its respective components at each period.

 

As of June 30,

 

2025

2024

Consolidated Results

(Dollars in millions)

Components of Fee-earning AUM

Fee-earning AUM based on capital commitments

$ 70,434

$ 69,255

Fee-earning AUM based on invested capital

80,609

72,683

Fee-earning AUM based on collateral balances, at par

45,062

48,200

Fee-earning AUM based on net asset value

26,221

20,688

Fee-earning AUM based on fair value and other

102,375

96,519

Balance, End of Period (1)

$ 324,701

$ 307,345

(1) Ending balances as of June 30, 2025 and 2024 exclude $17.6 billion and $18.3 billion , respectively, of pending Fee-earning AUM for
which fees have not yet been activated.
The table below provides the period to period rollforward of Fee-earning AUM.

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2025

2024

2025

2024

Consolidated Results

(Dollars in millions)

Fee-earning AUM Rollforward

Balance, Beginning of Period

$ 313,843

$ 304,225

$ 304,358

$ 307,418

Inflows (1)

18,038

10,236

29,904

15,900

Outflows (including realizations) (2)

(10,805)

(7,142)

(16,411)

(13,453)

Market Activity & Other (3)

209

398

1,639

(949)

Foreign Exchange (4)

3,416

(372)

5,211

(1,571)

Balance, End of Period

$ 324,701

$ 307,345

$ 324,701

$ 307,345

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(1) Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based on
commitments were activated during the period, the fee-earning commitments invested in vehicles for which management fees are based
on invested capital, the fee-earning collateral balance of new CLO issuances, closed reinsurance transactions at Fortitude, as well as
gross subscriptions in vehicles for which management fees are based on net asset value. Inflows exclude fundraising amounts during the
period for which fees have not yet been activated, which are referenced as Pending Fee-earning AUM.
(2) Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair
value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has
expired during the period, reductions for funds that are no longer calling for fees, gross redemptions in our open-end funds, and outflows
from our liquid credit products. Distributions for funds earning management fees based on commitments during the period do not affect
Fee-earning AUM.
(3) Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the lower
of cost or fair value and net asset value, activity of funds with fees based on gross asset value, and changes in the fair value of Fortitude’s
general account assets covered by the strategic advisory services agreement.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Refer to “—Segment Analysis” for a detailed discussion by segment of the activity affecting Fee-earning AUM for each
of the periods presented by segment.
Assets under Management . Assets under management or “AUM” refers to the assets we manage or advise. Our AUM
generally equals the sum of the following:
(a)  the aggregate fair value of our carry funds and related co-investment vehicles, and separately managed accounts, plus
the capital that Carlyle is entitled to call from investors in those funds and vehicles (including Carlyle commitments to
those funds and vehicles and those of senior Carlyle professionals and employees) pursuant to the terms of their capital
commitments to those funds and vehicles;
(b) the amount of aggregate collateral balance and principal cash at par or aggregate principal amount of the notes of our
CLOs and other structured products (inclusive of all positions);
(c) the net asset value of certain carry funds;
(d) the fair value of Fortitude’s general account assets invested under the strategic advisory services agreement; and
(e) the gross assets (including assets acquired with leverage) of certain cross-platform credit and direct lending products,
plus the capital that Carlyle is entitled to call from investors in those vehicles pursuant to the terms of their capital
commitments to those vehicles.

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The chart below presents Total AUM by segment at each period , in billions.

We include in our calculation of AUM and Fee-earning AUM the NGP Energy Funds that are advised by NGP. Our
calculation of AUM also includes third-party capital raised for the investment in Fortitude through a Carlyle-affiliated
investment fund and from strategic investors who directly invest in Fortitude alongside the fund. The AUM and Fee-earning
AUM related to the strategic advisory services agreement with Fortitude is inclusive of the net asset value of investments in
Carlyle products. These amounts are also reflected in the AUM and Fee-earning AUM of the strategy in which they are
invested.
For most of our Global Private Equity and Carlyle AlpInvest carry funds, total AUM includes the fair value of the capital
invested, whereas Fee-earning AUM includes the amount of capital commitments or the remaining amount of invested capital,
depending on whether the original investment period for the fund has expired. As such, Fee-earning AUM may be greater than
total AUM when the aggregate fair value of the remaining investments is less than the cost of those investments.
Our calculations of AUM and Fee-earning AUM may differ from the calculations of other asset managers. As a result,
these measures may not be comparable to similar measures presented by other asset managers. In addition, our calculation of
AUM (but not Fee-earning AUM) includes uncalled commitments to, and the fair value of invested capital in, our investment
funds from Carlyle and our personnel, regardless of whether such commitments or invested capital are subject to management
fees or performance allocations. Our calculations of AUM or Fee-earning AUM are not based on any definition of AUM or
Fee-earning AUM that is set forth in the agreements governing the investment funds that we manage or advise.
We generally use Fee-earning AUM as a metric to measure changes in the assets from which we earn recurring
management fees. Total AUM tends to be a better measure of our investment and fundraising performance as it reflects
investments at fair value plus available capital.

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The table below provides the period to period rollforward of Total AUM.

 

Three Months Ended
June 30, 2025

Six Months Ended
June 30, 2025

Consolidated Results

(Dollars in millions)

Total AUM Rollforward

Balance, Beginning of Period

$ 452,608

$ 441,020

Inflows (1)

13,443

27,612

Outflows (including realizations) (2)

(10,522)

(20,015)

Market Activity & Other (3)

3,820

7,868

Foreign Exchange (4)

5,253

8,117

Balance, End of Period

$ 464,602

$ 464,602

(1) Inflows generally reflects the impact of gross fundraising as well as closed reinsurance transactions at Fortitude and corporate
acquisitions during the period, if any. For funds or vehicles denominated in foreign currencies, this reflects translation at the average
quarterly rate.
(2) Outflows includes distributions net of recallable or recyclable amounts in our carry funds, related co-investment vehicles, and separately
managed accounts, gross redemptions in our open-end funds, outflows from our liquid credit products, and the expiration of available
capital.
(3) Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds and
related co-investment vehicles, and separately managed accounts, as well as the net impact of fees, expenses and non-investment income,
change in gross asset value for our business development companies, changes in the fair value of Fortitude’s general account assets
covered by the strategic advisory services agreement, and other changes in AUM.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Please refer to “—Segment Analysis” for a detailed discussion by segment of the activity affecting Total AUM for each
of the periods presented.
Available Capital . “Available Capital” refers to the amount of capital commitments available to be called for investments,
which may be reduced for equity invested that is funded via a fund credit facility and expected to be called from investors at a
later date, plus any additional assets/liabilities at the fund level other than active investments. Amounts previously called may
be added back to available capital following certain distributions. “Expired Available Capital” occurs when a fund has passed
the investment and follow-on periods and can no longer invest capital into new or existing deals. Any remaining Available
Capital, typically a result of either recycled distributions or specific reserves established for the follow-on period that are not
drawn, can only be called for fees and expenses and is therefore removed from the Total AUM calculation.
Perpetual Capital . “Perpetual Capital” refers to the assets we manage or advise which have an indefinite term and for
which there is no immediate requirement to return capital to investors upon the realization of investments made with such
capital, except as required by applicable law. Perpetual Capital may be materially reduced or terminated under certain
conditions, including reductions from changes in valuations and payments to investors, including through elections by investors
to redeem their investments, dividend payments, and other payment obligations, as well as the termination of or failure to renew
the respective investment advisory agreements. Perpetual Capital includes: (a) assets managed under the strategic advisory
services agreement with Fortitude, (b) our Core Plus real estate fund, (c) our business development companies and certain other
direct lending products, (d) Carlyle Tactical Private Credit Fund (“CTAC”), (e) our closed-end tender offer Carlyle AlpInvest
Private Markets (“CAPM”) funds, and (f) certain other structured credit products. As of June 30, 2025 , our total AUM and Fee-
earning AUM included $104.5 billion and $101.0 billion , respectively, of Perpetual Capital.
Performance Fee Eligible AUM . “Performance Fee Eligible AUM” represents the AUM of funds for which we are
entitled to receive performance allocations, inclusive of the fair value of investments in those funds (which we refer to as
“Performance Fee Eligible Fair Value”) and their Available Capital. Performance Fee Eligible Fair Value is “Performance Fee-
Generating” when the associated fund has achieved the specified investment returns required under the terms of the fund’s
agreement and is accruing performance revenue as of the quarter-end reporting date. Funds whose performance allocations are
treated as fee related performance revenues are excluded from these metrics. As of June 30, 2025 , our total AUM included
$236.7 billion of Performance Fee Eligible AUM.

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Consolidation of Certain Carlyle Funds
The Company consolidates all entities that it controls either through a majority voting interest or as the primary
beneficiary of variable interest entities. The entities we consolidate are referred to collectively as the Consolidated Funds in our
condensed consolidated financial statements. As of June 30, 2025 , our Consolidated Funds represent approximately 2% of our
AUM; 1% of our management fees for both the three and six months ended June 30, 2025 ; and 2% of our total investment
income or loss on an unconsolidated basis for both the three and six months ended June 30, 2025 .
We are not required under the consolidation guidance to consolidate in our financial statements most of the investment
funds we advise. However, we consolidate certain CLOs and certain other funds that we advise. As of June 30, 2025 , the assets
and liabilities of the Consolidated Funds were primarily related to our consolidated CLOs, which held approximately $9.2
billion of total assets. The assets and liabilities of the Consolidated Funds are generally held within separate legal entities and,
as a result, the liabilities of the Consolidated Funds are non-recourse to us.
Generally, the consolidation of the Consolidated Funds has a gross-up effect on our assets, liabilities and cash flows but
has no net effect on the net income attributable to the Company and equity. The majority of the net economic ownership
interests of the Consolidated Funds are reflected as non-controlling interests in consolidated entities in the consolidated
financial statements.
The Consolidated Funds are not the same entities in all periods presented. The Consolidated Funds in future periods may
change due to changes in fund terms, formation of new funds, and terminations of funds. Because only a small portion of our
funds are consolidated, the performance of the Consolidated Funds is not necessarily consistent with or representative of the
combined performance trends of all of our funds.
For further information on our consolidation policy and the consolidation of certain funds, see Note 2 , Summary of
Significant Accounting Policies , to the condensed consolidated financial statements included in this Quarterly Report on
Form 10-Q.

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Consolidated Results of Operations
The following table and discussion sets forth information regarding our condensed consolidated results of operations for
the three and six months ended June 30, 2025 and 2024 . The condensed consolidated financial statements have been prepared
on substantially the same basis for all historical periods presented; however, the consolidated funds are not the same entities in
all periods shown due to changes in fund terms and the creation and termination of funds. As further described above, the
consolidation of these funds primarily has the impact of increasing interest and other income of Consolidated Funds, interest
and other expenses of Consolidated Funds, and net investment income (losses) of Consolidated Funds in the year that the fund
is initially consolidated. The consolidation of these funds had no effect on net income attributable to the Company for the
periods presented.

 

Three Months Ended
June 30,

Change

Six Months Ended
June 30,

Change

 

2025

2024

$

%

2025

2024

$

%

 

(Dollars in millions)

Revenues

Fund management fees

$ 620.4

$ 534.4

$ 86.0

16 %

$ 1,206.5

$ 1,058.0

$ 148.5

14 %

Incentive fees

40.5

31.3

9.2

29 %

83.7

57.5

26.2

46 %

Investment income

Performance allocations

638.8

198.2

440.6

222 %

861.7

41.2

820.5

NM

Principal investment income (loss)

55.2

88.1

(32.9)

(37) %

(7.9)

161.2

(169.1)

NM

Total investment income

694.0

286.3

407.7

142 %

853.8

202.4

651.4

NM

Interest and other income

55.0

52.1

2.9

6 %

105.6

109.7

(4.1)

(4) %

Interest and other income of
Consolidated Funds

163.0

165.6

(2.6)

(2) %

296.4

330.5

(34.1)

(10) %

Total revenues

1,572.9

1,069.7

503.2

47 %

2,546.0

1,758.1

787.9

45 %

Expenses

Compensation and benefits

Cash-based compensation and
benefits

238.4

206.3

32.1

16 %

456.8

428.2

28.6

7 %

Equity-based compensation

92.9

125.2

(32.3)

(26) %

196.4

233.5

(37.1)

(16) %

Performance allocations and
incentive fee related
compensation

443.6

144.2

299.4

208 %

615.0

71.4

543.6

NM

Total compensation and
benefits

774.9

475.7

299.2

63 %

1,268.2

733.1

535.1

73 %

General, administrative and other
expenses

205.5

187.9

17.6

9 %

379.1

335.6

43.5

13 %

Interest

28.0

30.4

(2.4)

(8) %

55.8

61.2

(5.4)

(9) %

Interest and other expenses of
Consolidated Funds

170.8

152.1

18.7

12 %

284.3

276.7

7.6

3 %

Other non-operating income

(0.1)

(0.3)

0.2

(67) %

(0.1)

(0.1)

—

— %

Total expenses

1,179.1

845.8

333.3

39 %

1,987.3

1,406.5

580.8

41 %

Other income (loss)

Net investment income (loss) of
Consolidated Funds

46.8

(5.1)

51.9

NM

52.9

(12.1)

65.0

NM

Income before provision for income
taxes

440.6

218.8

221.8

101 %

611.6

339.5

272.1

80 %

Provision for income taxes

112.5

69.5

43.0

62 %

124.9

91.4

33.5

37 %

Net income

328.1

149.3

178.8

120 %

486.7

248.1

238.6

96 %

Net income attributable to non-
controlling interests in consolidated
entities

8.4

1.1

7.3

NM

37.0

34.3

2.7

8 %

Net income attributable to The Carlyle
Group Inc. Common Stockholders

$ 319.7

$ 148.2

$ 171.5

116 %

$ 449.7

$ 213.8

$ 235.9

110 %

NM - Not meaningful

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Table of Contents

Revenues
Fund management fees . Fund management fees increased $86.0 million , or 16% , for the three months ended June 30,
2025 , as compared to the three months ended June 30, 2024 , and increased $148.5 million , or 14.0% , for the six months ended
June 30, 2025 , as compared to the six months ended June 30, 2024 , primarily due to the following:

Three Months Ended
June 30,

Six Months Ended
June 30,

2025 v. 2024

(Dollars in millions)

Higher management fees from the commencement of the investment period for
certain newly raised funds which charge fees based on commitments and the
impact of incremental fundraising in funds which activated fees in a prior period

$ 68.3

$ 111.3

Lower management fees resulting from the change in basis from commitments to
invested capital and step-downs in rate for certain funds, and the impact of net
investment activity in funds whose management fees are based on invested capital,
including the impact of changes in the base under the strategic advisory services
agreement with Fortitude

(32.9)

(74.0)

Increase in catch-up management fees from subsequent closes of funds that are in
the fundraising period

18.1

30.5

Higher transaction and portfolio advisory fees

19.6

72.5

All other changes (1)

12.9

8.2

Total increase in Fund management fees (2)

$ 86.0

$ 148.5

(1) The three and six months ended June 30, 2025 included approximately $19 million of av iation catch-up subordinated management fees. 
(2) Total increase in Fund management fees does not include our equity income allocation from NGP management fee related revenues. We do not control
NGP and account for our strategic investment in NGP as an equity method investment under U.S. GAAP. Therefore, Fund management fees associated
with NGP are included in Principal investment income (loss) in our U.S. GAAP results.
No fund generated over 10% of total fund management fees in any of the perio ds presented . Over the last twelve months
ended June 30, 2025, Fee-earning assets under management in our Carlyle AlpInvest and Global Credit segments grew 24%
and 5% , respectively, while Global Private Equity decreased 1% . As a result, Fund management fees increased in Carlyle
AlpInvest and Global Credit, while Global Private Equity decreased, which was due in part to smaller buyout fund sizes in our
corporate private equity strategy and step-downs in rate or basis, partially offset by the activation of fees in certain products in
our Global Private Equity segment.
Fund management fees included transaction and portfolio advisory fees, net of rebate offsets, 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. These fees primarily comprise capital markets fees generated by Carlyle
Global Capital Markets. Nearly one-third of the fees earned during the six months ended June 30, 2025 related to the
acquisition of a healthcare investment across our U.S., Europe, and Asia buyout funds in the first q uarter . The recognition of
portfolio advisory fees, transactions fees, and capital markets fees can be volatile as they are primarily generated by investment
activity within our funds, and therefore are impacted by our investment pace. See “—Trends Affecting Our Business” for
further discussion on our investment activity and broader market trends.

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Investment income . Investment income increased $407.7 million for the three months ended June 30, 2025 compared to
the three months ended June 30, 2024 , and increased $651.4 million for the six months ended June 30, 2025 compared to the six
months ended June 30, 2024 . The components of Investment income are included in the following table:

Three Months Ended
June 30,

Change

Six Months Ended
June 30,

Change

2025

2024

$

%

2025

2024

$

%

(Dollars in millions)

Performance allocations

$ 638.8

$ 198.2

$ 440.6

222 %

$ 861.7

$ 41.2

$ 820.5

NM

Principal investment income (loss) :

Investment income (loss) from NGP,
which includes performance
allocations

34.8

19.1

15.7

82 %

(72.4)

50.5

(122.9)

NM

Investment income (loss) from our
carry funds:

Global Private Equity

7.9

16.5

(8.6)

(52) %

19.4

13.8

5.6

41 %

Global Credit

(0.9)

0.2

(1.1)

NM

(0.1)

8.7

(8.8)

NM

Carlyle AlpInvest

12.7

(0.3)

13.0

NM

26.5

6.8

19.7

290 %

Investment income (loss) from our
CLOs

(6.7)

15.6

(22.3)

NM

(7.5)

29.0

(36.5)

NM

Investment income from Carlyle FRL

1.5

10.8

(9.3)

(86) %

15.4

9.6

5.8

60 %

Investment income (loss) from our
other Global Credit products

(1.7)

16.4

(18.1)

NM

4.7

28.9

(24.2)

(84) %

Investment income on foreign
currency hedges

2.4

2.1

0.3

14 %

1.6

4.9

(3.3)

(67) %

All other investment income

5.2

7.7

(2.5)

(32) %

4.5

9.0

(4.5)

(50) %

Total Principal investment income
(loss)

55.2

88.1

(32.9)

(37) %

(7.9)

161.2

(169.1)

NM

Total Investment income

$ 694.0

$ 286.3

$ 407.7

142 %

$ 853.8

$ 202.4

$ 651.4

NM

Performance allocations .  Performance allocations by segment for the three and six months ended June 30, 2025 and 2024
comprised the following:

Three Months Ended
June 30,

Change

Six Months Ended
June 30,

Change

2025

2024

$

%

2025

2024

$

%

(Dollars in millions)

Global Private Equity

$ 476.9

$ 185.0

$ 291.9

158 %

$ 561.9

$ (178.5)

$ 740.4

NM

Global Credit

50.8

46.2

4.6

10 %

129.8

111.3

18.5

17 %

Carlyle AlpInvest

111.1

(33.0)

144.1

NM

170.0

108.4

61.6

57 %

Total performance allocations

$ 638.8

$ 198.2

$ 440.6

222 %

$ 861.7

$ 41.2

$ 820.5

NM

Performance allocations for the three and six months ended June 30, 2025 included the following:
• In the Global Private Equity segment, for the three months ended June 30, 2025, Performance allocation accruals
were primarily driven by appreciation in CAP V , CP VII, and CP VIII . For the six months ended June 30, 2025,
Performance allocation accruals were primarily driven by appreciation in CP VII and CP VIII.
• In the Global Credit segment, for the three and six months ended June 30, 2025 , Performance allocation accruals
were primarily driven by appreciation in SASOF V and CCOF II.
• In the Carlyle AlpInvest segment, for the three and six months ended June 30, 2025 , Performance allocation accruals
were primarily driven by appreciation in our secondaries & portfolio finance and co-investment funds.

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Performance allocations for the three and six months ended June 30, 2024 included the following:
• In the Global Private Equity segment, for the three months ended June 30, 2024, performance allocation accruals
driven by appreciation in our CP VII, CAP IV, and infrastructure & natural resources funds were partially offset by
the reversal of performance allocations in CP VI due to depreciation in the portfolio. For the six months ended June
30, 2024, reversals of performance allocations were largely driven by CP VI due to portfolio depreciation, CP VII
due to preferred returns outpacing carry fund portfolio appreciation, and CEP V due to the impact of preferred
returns. These reversals were partially offset by performance allocation accruals in our infrastructure & natural
resources funds.
• In the Global Credit segment, performance allocation accruals in both the three and six months ended June 30, 2024
were primarily driven by appreciation in our opportunistic credit and certain aviation funds.
• In the Carlyle AlpInvest segment, for the three months ended June 30, 2024 , reversals of performance allocations in
our secondaries & portfolio finance strategy driven by portfolio depreciation were partially offset by performance
allocation accruals in our co-investment strategy. For the six months ended June 30, 2024 , performance allocation
accruals were primarily driven by our secondaries & portfolio finance and co-investment strategies.
See “—Trends Affecting Our Business” for further discussion on the macroeconomic, geopolitical and industry landscape
and our investment activity.

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Table of Contents

Principal investment income (loss) . The decrease in Principal investment income (loss) for the three months ended June
30, 2025 compared to the three months ended June 30, 2024 was primarily attributable to unrealized investment losses from our
Europe and U.S. CLOs, and unrealized investment losses from our other Global Credit products, driven by our BDCs. These
were partially offset by an increase in unrealized investment income from NGP, driven by appreciation in certain NGP Carry
funds.
The decrease in Principal investment income (loss) for the six months ended June 30, 2025 compared to the six months
ended June 30, 2024 , was primarily attributable to an impairment charge of $92.5 million and a $38.0 million reduction in NGP
accrued carry, both related to the restructuring of the terms of our strategic investment in NGP (see Note 4 , Investments , for
more information), and to a lesser extent, unrealized investment losses from our Europe and U.S. CLOs, and unrealized
investment losses from our other Global Credit products, driven by our BDCs.
Expenses
Compensation and benefits . Total compensation and benefits increased $299.2 million for the three months ended June
30, 2025 , as compared to the three months ended June 30, 2024 , and increased $535.1 million for the six months ended June 30,
2025 , as compared to the six months ended June 30, 2024 . The increases for the three and six months ended June 30, 2025
relative to the comparable prior year periods are primarily attributable to:
• an increase in Performance allocations and incentive fee related compensation of $299.4 million and $543.6 million ,
respectively, primarily driven by an increase in Performance allocations , on which Performance allocations and
incentive fee related compensation is based;
• an increase in Cash-based compensation and benefits of $32.1 million and $28.6 million , respectively, primarily
driven by an increase in annual bonus accruals and higher headcount;
• partially offset by a decrease in Equity-based compensation of $32.3 million and $37.1 million , respectively,
primarily driven by lower amortization on performance-based stock awards, partially offset by additional equity
awards granted in February 2025.
General, administrative and other expenses . General, administrative and other expenses increased $17.6 million for the
three months ended June 30, 2025 , as compared to the three months ended June 30, 2024 , and increased $43.5 million for the
six months ended June 30, 2025 as compared to the six months ended June 30, 2024 , primarily driven by an increase in foreign
currency movement , reflecting a foreign exchange loss for the three and six months ended June 30, 2025 compared to a foreign
exchange gain for the three and six months ended June 30, 2024 related to the weakening of the U.S. dollar relative to EUR and
GBP . Foreign exchange loss for the three and six months ended June 30, 2025 was primarily attributable to Performance
allocations earned by certain EUR-denominated funds that hold USD investments. The increase for the six months ended June
30, 2025 also included an increase in costs for funds in fundraising and o perating costs related to certain fund s . These increases
were partially offset by the impact of an increase in liabilities for litigation-related contingencies, regulatory examination and
inquiries, and other matters during the three and six months ended June 30, 2024 .
Interest and other expenses of Consolidated Funds . Interest and other expenses of Consolidated Funds increased $18.7
million for the three months ended June 30, 2025 , as compared to the three months ended June 30, 2024 , and increased $7.6
million for the six months ended June 30, 2025 , as compared to the six months ended June 30, 2024 , primarily due to an
increase in the number of consolidated CLOs and higher interest expense. The CLOs incur interest expense on their loans
payable and incur other expenses consisting of trustee fees, rating agency fees, and professional fees. Substantially all interest
and other income of our CLOs together with interest expense of our CLOs and net investment gains (losses) of Consolidated
Funds is attributable to the related funds’ limited partners or CLO investors. Accordingly, such amounts have no material
impact on net income attributable to the Company.

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Table of Contents

Net investment income (loss) of Consolidated Funds . The table below summarizes the components of Net investment
income (loss) of Consolidated Funds , including our consolidated CLOs and certain other funds:

 

Three Months Ended
June 30,

Change

Six Months Ended
June 30,

Change

 

2025

2024

$

%

2025

2024

$

%

 

(Dollars in millions)

Realized losses

$ (24.5)

$ (23.4)

$ (1.1)

5 %

$ (24.9)

$ (44.6)

$ 19.7

(44) %

Net change in unrealized gains

29.1

23.6

5.5

23 %

36.5

127.5

(91.0)

(71) %

Total gains

4.6

0.2

4.4

NM

11.6

82.9

(71.3)

(86) %

Gains (losses) from liabilities of CLOs

42.2

(5.4)

47.6

NM

41.3

(95.1)

136.4

NM

Total net investment income (loss) of
Consolidated Funds

$ 46.8

$ (5.1)

$ 51.9

NM

$ 52.9

$ (12.1)

$ 65.0

NM

Provision for income taxes . The Company’s provision for income taxes was $112.5 million and $69.5 million for the
three months ended June 30, 2025 and 2024 , respectively, and $124.9 million and $91.4 million for the six months ended June
30, 2025 and 2024 , respectively. The Company’s effective tax rate was approximately 26% and 32% for the three months ended
June 30, 2025 and 2024 , respectively, and 20% and 27% for the six months ended June 30, 2025 and 2024 , respectively. The
effective tax rate for the three months ended June 30, 2025 and 2024 primarily comprised the 21% U.S. federal corporate
income tax rate, the impact of U.S. state and foreign income taxes, and disallowed executive compensation, offset by non-
controlling interest. The effective tax rate for the three months ended June 30, 2024 also includes an increase related to other
non-deductible expenses. The effective tax rate for the six months ended June 30, 2025 and 2024 primarily comprised the 21%
U.S. federal corporate income tax rate, the impact of U.S. state and foreign income taxes, and disallowed executive
compensation, primarily offset by equity-based compensation deductions and non-controlling interest. The effective tax rate for
the six months ended June 30, 2024 also includes an increase related to other non-deductible expenses.
As of June 30, 2025 and December 31, 2024 , the Company had federal, state, local and foreign taxes payable of
$90.2 million and $46.2 million , respectively, which is recorded as a component of accounts payable, accrued expenses and
other liabilities in the accompanying condensed consolidated balance sheets.
Net income attributable to non-controlling interests in consolidated entities . Net income attributable to non-controlling
interests in consolidated entities was $8.4 million for the three months ended June 30, 2025 , as compared to $1.1 million for the
three months ended June 30, 2024 , and $37.0 million for the six months ended June 30, 2025 , as compared to $34.3 million for
the six months ended June 30, 2024 . These amounts are primarily attributable to the net earnings of the Consolidated Funds for
each period, which are substantially all allocated to the related fund’s limited partners or CLO investors, as well as net earnings
from our insurance solutions business and certain other products that are allocated to certain third-party investors. These
amounts also reflect the net income attributable to non-controlling interests in carried interest, giveback obligations, and cash
held for carried interest distributions. The net income (loss) of our Consolidated Funds, after eliminations, was $13.9 million
and $(4.3) million for the three months ended June 30, 2025 and 2024 , respectively, and $21.9 million and $8.4 million for the
six months ended June 30, 2025 and 2024 , respectively. 

Non-GAAP Financial Measures
The following tables set forth information in the format used by management when making resource deployment
decisions and in assessing performance of our segments. These Non-GAAP financial measures are presented for the three and
six months ended June 30, 2025 and 2024 . Our Non-GAAP financial measures exclude the effects of unrealized performance
allocations net of related compensation expense, unrealized principal investment income, consolidated funds, acquisition and
disposition-related items including amortization and any impairment charges of acquired intangible assets and contingent
consideration taking the form of earn-outs, charges associated with the Conversion, impairment charges associated with lease
right-of-use assets, gains or losses from retirement of debt, charges associated with contract terminations and employee
severance, charges associated with equity-based compensation, changes in the tax receivable agreement liability, corporate
actions and infrequently occurring or unusual events.

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The following table shows our total segment DE and FRE for the three and six months ended June 30, 2025 and 2024 .

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2024

2025

2024

(Dollars in millions)

Total Segment Revenues

$ 984.0

$ 788.9

$ 2,027.2

$ 1,811.9

Total Segment Expenses

553.0

445.7

1,140.8

1,037.4

(=) Distributable Earnings

$ 431.0

$ 343.2

$ 886.4

$ 774.5

(-) Realized Net Performance Revenues

87.7

55.7

215.1

197.7

(-) Realized Principal Investment Income

33.5

26.6

63.5

60.3

(+) Net Interest

13.5

12.1

26.1

22.8

(=) Fee Related Earnings

$ 323.3

$ 273.0

$ 633.9

$ 539.3

The following table sets forth our total segment revenues for the three and six months ended June 30, 2025 and 2024 .

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2024

2025

2024

(Dollars in millions)

Segment Revenues

Fund level fee revenues

Fund management fees

$ 589.6

$ 525.5

$ 1,115.1

$ 1,041.1

Portfolio advisory and transaction fees, net and other

47.9

28.9

125.8

55.6

Fee related performance revenues

38.7

33.1

78.2

62.2

Total fund level fee revenues

676.2

587.5

1,319.1

1,158.9

Realized performance revenues

259.8

156.5

614.9

554.3

Realized principal investment income

33.5

26.6

63.5

60.3

Interest income

14.5

18.3

29.7

38.4

Total Segment Revenues

$ 984.0

$ 788.9

$ 2,027.2

$ 1,811.9

The following table sets forth our total segment expenses for the three and six months ended June 30, 2025 and 2024 .

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2024

2025

2024

(Dollars in millions)

Segment Expenses

Compensation and benefits

Cash-based compensation and benefits

$ 233.8

$ 205.3

$ 457.8

$ 419.6

Realized performance revenue related compensation

172.1

100.8

399.8

356.6

Total compensation and benefits

405.9

306.1

857.6

776.2

General, administrative, and other indirect expenses

106.3

97.9

201.9

177.6

Depreciation and amortization expense

12.8

11.3

25.5

22.4

Interest expense

28.0

30.4

55.8

61.2

Total Segment Expenses

$ 553.0

$ 445.7

$ 1,140.8

$ 1,037.4

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Income (loss) before provision for income taxes is the U.S. GAAP financial measure most comparable to Distributable
Earnings and Fee Related Earnings. The following table is a reconciliation of income (loss) before provision for income taxes to
Distributable Earnings and to Fee Related Earnings.

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Income (loss) before provision for income taxes

$ 440.6

$ 218.8

$ 611.6

$ 339.5

Adjustments:

Net unrealized performance and fee related performance revenues

(124.3)

(15.2)

(34.3)

178.0

Unrealized principal investment (income) loss

(25.5)

(48.1)

(42.5)

(52.5)

Equity-based compensation (1)

96.4

127.4

201.1

238.4

Acquisition or disposition-related charges, including amortization of
intangibles and impairment

48.3

33.3

170.5

66.1

Tax (expense) benefit associated with certain foreign performance revenues

(0.1)

(0.2)

(0.1)

(1.2)

Net (income) loss attributable to non-controlling interests in consolidated
entities

(8.4)

(1.1)

(37.0)

(34.3)

Other adjustments (2)

4.0

28.3

17.1

40.5

(=) Distributable Earnings

$ 431.0

$ 343.2

$ 886.4

$ 774.5

(-) Realized net performance revenues, net of related compensation (3)

87.7

55.7

215.1

197.7

(-) Realized principal investment income (3)

33.5

26.6

63.5

60.3

(+) Net interest

13.5

12.1

26.1

22.8

(=) Fee Related Earnings

$ 323.3

$ 273.0

$ 633.9

$ 539.3

(1) Equity-based compensation for the three and six months ended June 30, 2025 and 2024 includes amounts presented in principal
investment income and general, administrative and other expenses in our U.S. GAAP statement of operations.
(2) Includes charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period comparability and are
not reflective of the Company’s operating performance.

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(3)  See reconciliation to most directly comparable U.S. GAAP measure below: 

 

Three Months Ended June 30, 2025

 

Carlyle
Consolidated

Adjustments (4)

Total
Reportable
Segments

 

(Dollars in millions)

Performance revenues

$ 638.8

$ (379.0)

$ 259.8

Performance revenues related compensation expense

443.6

(271.5)

172.1

Net performance revenues

$ 195.2

$ (107.5)

$ 87.7

Principal investment income (loss)

$ 55.2

$ (21.7)

$ 33.5

Six Months Ended June 30, 2025

Carlyle
Consolidated

Adjustments (4)

Total
Reportable
Segments

(Dollars in millions)

Performance revenues

$ 861.7

$ (246.8)

$ 614.9

Performance revenues related compensation expense

615.0

(215.2)

399.8

Net performance revenues

$ 246.7

$ (31.6)

$ 215.1

Principal investment income (loss)

$ (7.9)

$ 71.4

$ 63.5

 

Three Months Ended June 30, 2024

 

Carlyle
Consolidated

Adjustments (4)

Total
Reportable
Segments

 

(Dollars in millions)

Performance revenues

$ 198.2

$ (41.7)

$ 156.5

Performance revenues related compensation expense

144.2

(43.4)

100.8

Net performance revenues

$ 54.0

$ 1.7

$ 55.7

Principal investment income (loss)

$ 88.1

$ (61.5)

$ 26.6

Six Months Ended June 30, 2024

Carlyle
Consolidated

Adjustments (4)

Total
Reportable
Segments

(Dollars in millions)

Performance revenues

$ 41.2

$ 513.1

$ 554.3

Performance revenues related compensation expense

71.4

285.2

356.6

Net performance revenues

$ (30.2)

$ 227.9

$ 197.7

Principal investment income (loss)

$ 161.2

$ (100.9)

$ 60.3

(4) Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations net of
related compensation expense and unrealized principal investment income, which are excluded from our Non-GAAP results, (ii)
amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the Non-
GAAP results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the Non-GAAP
results, (iv) the reclassification of NGP performance revenues, which are included in investment income in the U.S. GAAP financial
statements, (v) the reclassification of fee related performance revenues, which are included in fund level fee revenues in the segment
results, and (vi) the reclassification of tax expenses associated with certain foreign performance revenues. Adjustments to principal
investment income (loss) also include the reclassification of earnings for the investment in NGP Management and its affiliates to the
appropriate operating captions for the Non-GAAP results, and the exclusion of charges associated with the investment in NGP
Management and its affiliates that are excluded from the Non-GAAP results.  

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Distributable Earnings for our reportable segments are as follows:  

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2025

2024

2025

2024

 

(Dollars in millions)

Global Private Equity

$ 231.9

$ 199.1

$ 497.5

$ 512.2

Global Credit

120.9

99.8

231.4

181.9

Carlyle AlpInvest

78.2

44.3

157.5

80.4

Distributable Earnings

$ 431.0

$ 343.2

$ 886.4

$ 774.5

Segment Analysis
Discussed below is our DE and FRE for our segments for the periods presented. Our segment information is reflected in
the manner used by our chief operating decision maker to make operating and compensation decisions, assess performance, and
allocate resources.
For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our Consolidated
Funds. As a result, segment revenues from management fees, realized performance revenues and realized principal investment
income (loss) are different than those presented on a consolidated U.S. GAAP basis because these revenues recognized in
certain segments are received from Consolidated Funds and are eliminated in consolidation when presented on a consolidated
U.S. GAAP basis. Furthermore, segment expenses are different than related amounts presented on a consolidated U.S. GAAP
basis due to the exclusion of fund expenses that are paid by the Consolidated Funds.

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Global Private Equity
The following table presents our results of operations for our Global Private Equity (1) segment:  

 

Three Months Ended
June 30,

Change

Six Months Ended
June 30,

Change

 

2025

2024

$

%

2025

2024

$

%

 

(Dollars in millions)

Segment Revenues

Fund level fee revenues

Fund management fees

$ 302.4

$ 305.2

$ (2.8)

(1) %

$ 585.4

$ 609.8

$ (24.4)

(4) %

Portfolio advisory and
transaction fees, net and other

6.9

3.8

3.1

82 %

21.4

10.9

10.5

96 %

Fee related performance
revenues

—

3.2

(3.2)

(100) %

—

6.9

(6.9)

(100) %

Total fund level fee revenues

309.3

312.2

(2.9)

(1) %

606.8

627.6

(20.8)

(3) %

Realized performance revenues

244.7

129.7

115.0

89 %

561.8

503.5

58.3

12 %

Realized principal investment
income

12.4

6.8

5.6

82 %

27.5

25.7

1.8

7 %

Interest income

5.5

6.5

(1.0)

(15) %

11.5

14.1

(2.6)

(18) %

Total revenues

571.9

455.2

116.7

26 %

1,207.6

1,170.9

36.7

3 %

Segment Expenses

Compensation and benefits

Cash-based compensation and
benefits

108.4

103.9

4.5

4 %

209.1

213.2

(4.1)

(2) %

Realized performance revenues
related compensation

160.9

81.4

79.5

98 %

361.3

315.7

45.6

14 %

Total compensation and
benefits

269.3

185.3

84.0

45 %

570.4

528.9

41.5

8 %

General, administrative, and other
indirect expenses (1)

50.3

50.2

0.1

— %

99.0

88.8

10.2

11 %

Depreciation and amortization
expense

7.0

6.5

0.5

8 %

13.9

12.9

1.0

8 %

Interest expense

13.4

14.1

(0.7)

(5) %

26.8

28.1

(1.3)

(5) %

Total expenses

340.0

256.1

83.9

33 %

710.1

658.7

51.4

8 %

(=) Distributable Earnings

$ 231.9

$ 199.1

$ 32.8

16 %

$ 497.5

$ 512.2

$ (14.7)

(3) %

(-) Realized Net Performance
Revenues

83.8

48.3

35.5

73 %

200.5

187.8

12.7

7 %

(-) Realized Principal Investment
Income

12.4

6.8

5.6

82 %

27.5

25.7

1.8

7 %

(+) Net Interest

7.9

7.6

0.3

4 %

15.3

14.0

1.3

9 %

(=) Fee Related Earnings

$ 143.6

$ 151.6

$ (8.0)

(5) %

$ 284.8

$ 312.7

$ (27.9)

(9) %

(1) For purposes of presenting our results of operations for this segment, our earnings from our investments in NGP are presented in the
respective operating captions.

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Distributable Earnings
Distributable Earnings increased $32.8 million for the three months ended June 30, 2025 , as compared to the three
months ended June 30, 2024 , and decreased $14.7 million for the six months ended June 30, 2025 , as compared to the six
months ended June 30, 2024 . The following table provides the components of the changes in Distributable Earnings for the
three and six months ended June 30, 2025 :

Three Months Ended
June 30,

Six Months Ended
June 30,

2025 v. 2024

(Dollars in millions)

Distributable Earnings, June 30, 2024

$ 199.1

$ 512.2

Increases (decreases):

Decrease in fee related earnings

(8.0)

(27.9)

Increase in realized net performance revenues

35.5

12.7

Increase in realized principal investment income

5.6

1.8

Increase in net interest

(0.3)

(1.3)

Total increase (decrease)

32.8

(14.7)

Distributable Earnings, June 30, 2025

$ 231.9

$ 497.5

Realized Net Performance Revenues . Realized net performance revenues increased $35.5 million for the three months
ended June 30, 2025 , as compared to the three months ended June 30, 2024 , and increased $12.7 million for the six months
ended June 30, 2025 , as compared to the six months ended June 30, 2024 . Realized net performance revenues for the three
months ended June 30, 2025 were primarily attributable to realizations in NGP XI and, to a lesser extent , CAP IV and CP VI.
Realized net performance revenues for the six months ended June 30, 2025 were primarily attributable to realizations in CPP II,
NGP XI, and CAP I V . Realized net performance revenues for the three and six months ended June 30, 2024 were primarily
attributable to realizations in CIEP I and CP VI. Additionally, the six months ended June 30, 2024 were impacted by
realizations in CAP IV. A slower pace of investment exit activity in funds of a vintage that are realizing carry may reduce our
realized net performance revenues in the coming quarters.
Fee Related Earnings
Fee Related Earnings decreased $8.0 million for the three months ended June 30, 2025 , as compared to the three months
ended June 30, 2024 , and decreased $27.9 million for the six months ended June 30, 2025 , as compared to the six months ended
June 30, 2024 . The following table provides the components of the changes in Fee Related Earnings for the three and six
months ended June 30, 2025 :

Three Months Ended
June 30,

Six Months Ended
June 30,

2025 v. 2024

(Dollars in millions)

Fee Related Earnings, June 30, 2024

$ 151.6

$ 312.7

Increases (decreases):

Decrease in fee revenues

(2.9)

(20.8)

(Increase) decrease in cash-based compensation and benefits

(4.5)

4.1

Increase in general, administrative and other indirect expenses

(0.1)

(10.2)

  All other changes

(0.5)

(1.0)

Total decrease

(8.0)

(27.9)

Fee Related Earnings, June 30, 2025

$ 143.6

$ 284.8

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Fee Revenues. Total fee revenues decreased $2.9 million for the three months ended June 30, 2025 , as compared to the
three months ended June 30, 2024 , and decreased $20.8 million for the six months ended June 30, 2025 , as compared to the six
months ended June 30, 2024 , due to the following:

Three Months Ended
June 30,

Six Months Ended
June 30,

2025 v. 2024

(Dollars in millions)

Lower fund management fees

$ (2.8)

$ (24.4)

Higher portfolio advisory and transaction fees, net and other

3.1

10.5

Lower fee related performance revenues

(3.2)

(6.9)

Total decrease in fee revenues

$ (2.9)

$ (20.8)

The decrease in fund management fees for the six months ended June 30, 2025 as compared to the six months ended June
30, 2024 was primarily due to step-downs in management fee b asi s on CEP V and CRP IX in the fourth quarter of 2024 , as well
as net investment realizations in funds on which management fees are based on invested capital. These were partially offset by
the activation of fees in CJP V, which turned on fees in the fourth quarter of 2024, as well as CRP X, which turned on fees on
April 1, 2025. The impact of smaller buyout funds in our corporate private equity strategy is resulting in, and may continue to
result in, lower fund management fees relative to prior periods.
The increase in portfolio advisory and transaction fees, net and other for the three and six months ended June 30, 2025 as
compared to the three and six months ended June 30, 2024 was primarily due to an increase in transaction fees. Transaction fees
are primarily generated by investment activity within our funds, and are therefore impacted by our investment pace. See “—
Trends Affecting Our Business” for further discussion on our investment activity and broader market trends.
General, administrative and other indirect expenses . General, administrative and other indirect expenses increased $0.1
million for the three months ended June 30, 2025 , as compared to the three months ended June 30, 2024 , and increased $10.2
million for the six months ended June 30, 2025 , as compared to the six months ended June 30, 2024 . The increase for the six
months ended June 30, 2025 was primarily due to an increase in costs related to funds in fundraising as well as a lower reversal
of value-added tax expense in Asi a . This was partially offset by foreign exchange gains for the six months ended June 30, 2025
compared to foreign exchange loss for the six months ended June 30, 2024 .

Fee-earning AUM
Fee-earning AUM is presented below for each period together with the components of change during each respective
period.

 

As of June 30,

 

2025

2024

Global Private Equity

(Dollars in millions)

Components of Fee-earning AUM (1)

Fee-earning AUM based on capital commitments

$ 42,297

$ 47,522

Fee-earning AUM based on invested capital

49,703

45,361

Fee-earning AUM based on net asset value

7,364

7,166

Fee-earning AUM based on lower of cost or fair value

2,966

3,613

Total Fee-earning AUM

$ 102,330

$ 103,662

Annualized Management Fee Rate (2)

1.16 %

1.16 %

(1) For additional information concerning the components of Fee-earning AUM, see “—Key Financial Measures—Operating Metrics.”
(2) Represents annualized fund management fees divided by the average of the beginning of year and each quarter end’s Fee-earning AUM
in the reporting period. Catch-up management fees were excluded in the calculation of the annualized fund management fees.

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The table below provides the period to period rollforward of Fee-earning AUM.

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

Global Private Equity

(Dollars in millions)

Fee-earning AUM Rollforward

Balance, Beginning of Period

$ 98,711

$ 104,024

$ 98,033

$ 106,651

Inflows (1)

9,169

2,965

10,666

3,684

Outflows (including realizations) (2)

(6,539)

(3,254)

(8,016)

(5,870)

Market Activity & Other (3)

(208)

116

(258)

(108)

Foreign Exchange (4)

1,197

(189)

1,905

(695)

Balance, End of Period

$ 102,330

$ 103,662

$ 102,330

$ 103,662

(1) Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based
on commitments were activated during the period, and the fee-earning commitments invested in vehicles for which management fees
are based on invested capital. Inflows exclude fundraising amounts during the period for which fees have not yet been activated, which
are referenced as Pending Fee-earning AUM.
(2) Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair
value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has
expired during the period, and reductions for funds that are no longer calling for fees. Realizations for funds earning management fees
based on commitments during the period do not affect Fee-earning AUM.
(3) Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the
lower of cost or fair value.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Fee-earning AUM of $102.3 billion at June 30, 2025 increased 4% from $98.7 billion at March 31, 2025 . The net
increase was due to:
• Inflows of $9.2 billion , primarily driven by the activation of management fees in our tenth U.S. opportunistic real
estate fund; and
• Positive foreign exchange activity of $1.2 billion reflecting the translation of our EUR- and JPY-denominated funds
to USD.
Offsetting these increase s were:
• Outflows of $6.5 billion , driven by the expiration of fees in CP VI during the period, a fee basis step-down in CIEP
II, and realizations in funds that charge fees on invested capital .
Fee-earning AUM of $102.3 billion at June 30, 2025 increased 4% from $98.0 billion at December 31, 2024 . The net
increase was due to:
• Inflows of $10.7 billion , which included the activation of management fees in our tenth U.S. opportunistic real estate
fund, additional fee-paying capital raised in CAP VI, and investments in our Asia buyout and Europe buyout funds
which charge fees on invested capital; and
• Positive foreign exchange activity of $1.9 billion reflecting the translation of our EUR- and JPY-denominated funds
to USD.
Offsetting these increase s were:
• Outflows of $8.0 billion , which included realizations in funds that charge fees on invested capital, notably in our
Europe buyout, U.S. buyout, and U.S. real estate funds, as well as the expiration of fees in CP VI during the period,
and a fee basis step-down in CIEP II .
Fee-earning AUM of $102.3 billion at June 30, 2025 decreased 1% from $103.7 billion at June 30, 2024 . The net
decrease was due to:

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• Outflows of $17.1 billion driven by realizations in funds that charge fees on invested capital, fee basis step-downs in
CRP IX, CEP V, and CIEP II, and the expiration of fees in CP VI during the period.
Offsetting these decrease s were:
• Inflows of $14.7 billion primarily from the activation of fees in CRP X and CJP V, additional fee-paying capital
raised in CAP VI, and investments in funds which charge fees on invested capital; and
• Positive foreign exchange activity of $1.4 billions reflecting the translation of our EUR- and JPY-denominated funds
to USD.
Total AUM
The table below provides the period to period rollforward of Total AUM.

 

Three Months Ended
June 30, 2025

Six Months Ended
June 30, 2025

 

(Dollars in millions)

Global Private Equity

Total AUM Rollforward

Balance, Beginning of Period

$ 164,210

$ 163,533

Inflows (1)

2,843

5,556

Outflows (including realizations) (2)

(4,971)

(9,650)

Market Activity & Other (3)

1,021

2,479

Foreign Exchange (4)

1,954

3,139

Balance, End of Period

$ 165,057

$ 165,057

(1) Inflows reflects the impact of gross fundraising during the period. For funds or vehicles denominated in foreign currencies, this reflects
translation at the average quarterly rate, while the separately reported Fundraising metric is translated at the spot rate for each individual
closing.
(2) Outflows includes distributions net of recallable or recyclable amounts in our carry funds, related co-investment vehicles, and
separately managed accounts, gross redemptions in our open-ended funds, and the expiration of available capital.
(3) Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds, related
co-investment vehicles, and separately managed accounts, as well as the impact of fees, expenses and non-investment income, and
other changes in AUM.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Total AUM was $165.1 billion at June 30, 2025 , an increase of 1% from $164.2 billion at March 31, 2025 . The net
increase was due to:
• Inflows of $2.8 billion , which included new capital raised in CRP X, CPI, and ACCD 3 ;
• Positive foreign exchange activity of $2.0 billion reflecting the translation of our EUR- and JPY-denominated funds
to USD; and
• Market appreciation of $1.0 billion driven by appreciation in CP VII ( $0.6 billion ), CAP V ($0.5 billion) , and CP
VIII ($0.4 billion), partially offset by depreciation in CEP V ($0.7 billion ).
Offsetting these increase s were:
• Outflows of $5.0 billion driven by realizations in our U.S. buyout and Asia buyout funds, as well as the NGP Energy
funds.
Total AUM was $165.1 billion at June 30, 2025 , an increase of 1% from $163.5 billion at December 31, 2024 . The net 
increase was due to:
• Inflows of $5.6 billion , which included new capital raised in CRP X, NGP RP III, CPI, and CAP VI;

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• Positive foreign exchange activity of $3.1 billion , which reflected the translation of our EUR- and JPY-denominated
funds to USD; and
• Market appreciation of $2.5 billion driven by appreciation in CP VII ($1.3 billion), CP VIII ($0.6 billion), CGP II
($0.3 billion), and the NGP Energy funds ($0.6 billion), partially offset by depreciation in CEP V ($0.8 billion).
Offsetting these increase s were:
• Outflows of $9.7 billion driven by distributions across the segment, notably in our U.S. buyout, p ower , Asia buyout,
and international energy funds, as well as the NGP Energy funds.
Fund Performance Metrics
Fund performance information for our investment funds that generally have at least $1.0 billion in capital commitments,
cumulative equity invested or total value as of June 30, 2025 , which we refer to as our “significant funds,” is included
throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The
fund return information reflected in this discussion and analysis is not indicative of the performance of The Carlyle Group Inc.
and is also not necessarily indicative of the future performance of any particular fund. An investment in The Carlyle Group Inc.
is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds
will achieve similar returns.
The following table reflects the performance of our significant funds in our Global Private Equity business. Please see
“—Our Global Investment Offerings” for a legend of the fund acronyms listed below.

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Table of Contents

(Amounts in millions)

TOTAL INVESTMENTS

REALIZED/PARTIALLY
REALIZED INVESTMENTS(12)

 

As of June 30, 2025

As of June 30, 2025

Fund (Fee Initiation Date/Step-down Date)(1)

Committed
Capital(2)

Cumulative
Invested
Capital(3)

Percent
Invested

Realized
Value(4)

Remaining
Fair
Value(5)

MOIC
(6)

Gross
IRR
(7)(8)

Net
IRR
(8)(9)

Net Accrued
Carry/
(Giveback)
(10)

Total
Fair
Value(11)

MOIC
(6)

Gross
IRR
(7)(8)

Corporate Private Equity

CP VIII (Oct 2021 / Oct 2027)

$ 14,797

$ 10,389

70%

$ 1,684

$ 12,589

1.4x

21%

10%

$ 148

$ 2,088

1.6x

58%

CP VII (May 2018 / Oct 2021)

$ 18,510

$ 17,787

96%

$ 7,206

$ 22,231

1.7x

12%

8%

$ 658

$ 6,965

1.6x

12%

CP VI (May 2013 / May 2018)

$ 13,000

$ 13,140

101%

$ 25,560

$ 3,089

2.2x

18%

13%

$ 127

$ 26,313

2.5x

22%

CP V (Jun 2007 / May 2013)

$ 13,720

$ 13,238

96%

$ 28,117

$ 449

2.2x

18%

14%

$ 31

$ 28,134

2.3x

20%

CEP V (Oct 2018 / Oct 2024)

€ 6,416

€ 6,079

95%

€ 1,628

€ 4,918

1.1x

1%

Neg

$ —

€ 543

0.8x

Neg

CEP IV (Sep 2014 / Oct 2018)

€ 3,670

€ 3,968

108%

€ 6,197

€ 1,315

1.9x

16%

11%

$ 57

€ 6,250

2.1x

20%

CEP III (Jul 2007 / Dec 2013)

€ 5,295

€ 5,177

98%

€ 11,730

€ 19

2.3x

19%

14%

$ 2

€ 11,749

2.3x

19%

CAP VI (Jun 2024 / Jun 2030)

$ 2,852

$ —

—%

$ —

$ —

n/a

n/a

n/a

$ —

n/a

n/a

n/a

CAP V (Jun 2018 / Jun 2024)

$ 6,554

$ 6,875

105%

$ 2,758

$ 7,123

1.4x

15%

8%

$ 104

$ 2,136

1.3x

23%

CAP IV (Jul 2013 / Jun 2018)

$ 3,880

$ 4,146

107%

$ 8,667

$ 301

2.2x

18%

13%

$ 18

$ 8,704

2.4x

21%

CJP V (Nov 2024 / Nov 2030)

¥ 434,325

¥ —

—%

¥ —

¥ —

n/a

n/a

n/a

$ —

n/a

n/a

n/a

CJP IV (Oct 2020 / Nov 2024)

¥ 258,000

¥ 234,357

91%

¥ 144,666

¥ 272,773

1.8x

35%

23%

$ 74

¥ 173,942

3.3x

63%

CJP III (Sep 2013 / Aug 2020)

¥ 119,505

¥ 91,192

76%

¥ 262,826

¥ 18,580

3.1x

25%

18%

$ 10

¥ 271,686

3.2x

26%

CGFSP III (Dec 2017 / Dec 2023)

$ 1,005

$ 972

97%

$ 530

$ 1,707

2.3x

23%

17%

$ 76

$ 1,038

4.2x

35%

CGFSP II (Jun 2013 / Dec 2017)

$ 1,000

$ 943

94%

$ 1,961

$ 609

2.7x

26%

19%

$ 35

$ 1,956

2.4x

28%

CP Growth (Oct 2021 / Oct 2027)

$ 1,283

$ 568

44%

$ —

$ 676

1.2x

NM

NM

$ —

n/a

n/a

n/a

CEOF II (Nov 2015 / Mar 2020)

$ 2,400

$ 2,368

99%

$ 4,106

$ 1,422

2.3x

21%

15%

$ 71

$ 4,670

2.5x

23%

CETP V (Mar 2022 / Jun 2028)

€ 3,180

€ 1,393

44%

€ —

€ 1,573

1.1x

NM

NM

$ —

n/a

n/a

n/a

CETP IV (Jul 2019 / Jun 2022)

€ 1,350

€ 1,200

89%

€ 1,344

€ 1,423

2.3x

31%

22%

$ 60

€ 1,344

4.4x

74%

CETP III (Jul 2014 / Jul 2019)

€ 657

€ 610

93%

€ 1,752

€ 353

3.5x

41%

28%

$ 22

€ 1,756

3.8x

45%

CGP II (Dec 2020 / Jan 2025)

$ 1,840

$ 984

53%

$ 195

$ 1,661

1.9x

22%

17%

$ 34

n/a

n/a

n/a

CGP (Jan 2015 / Mar 2021)

$ 3,588

$ 3,235

90%

$ 1,581

$ 2,773

1.3x

5%

4%

$ 20

$ 1,802

2.3x

16%

All Other Active Funds & Vehicles(13)

$ 20,543

n/a

$ 15,421

$ 16,908

1.6x

12%

10%

$ 49

$ 15,402

2.0x

19%

Fully Realized Funds & Vehicles(14)(15)

$ 35,609

n/a

$ 81,770

$ 2

2.3x

28%

20%

$ 2

$ 81,772

2.3x

28%

TOTAL CORPORATE PRIVATE EQUITY(16)

$ 154,724

n/a

$ 209,023

$ 84,854

1.9x

25%

17%

$ 1,599

$ 209,523

2.3x

26%

Real Estate

CRP X (Apr 2025 / Jul 2030)

$ 8,920

$ 181

2%

$ —

$ 169

0.9x

NM

NM

$ —

n/a

n/a

n/a

CRP IX (Oct 2021 / Dec 2024)

$ 7,987

$ 5,819

73%

$ 284

$ 6,611

1.2x

15%

4%

$ —

$ 272

1.4x

22%

CRP VIII (Aug 2017 / Oct 2021)

$ 5,505

$ 5,169

94%

$ 5,468

$ 3,587

1.8x

33%

19%

$ 96

$ 5,427

2.1x

52%

CRP VII (Jun 2014 / Dec 2017)

$ 4,162

$ 3,820

92%

$ 5,092

$ 1,197

1.6x

17%

10%

$ 10

$ 5,063

1.7x

20%

CRP VI (Mar 2011 / Jun 2014)

$ 2,340

$ 2,155

92%

$ 3,815

$ 118

1.8x

27%

17%

$ 4

$ 3,748

1.9x

28%

CPI (May 2016 / n/a)

$ 8,194

$ 8,474

103%

$ 3,313

$ 7,666

1.3x

11%

9%

n/a*

$ 2,132

1.7x

12%

All Other Active Funds & Vehicles(17)

$ 2,578

n/a

$ 481

$ 2,483

1.1x

9%

6%

$ 5

$ 329

1.5x

22%

Fully Realized Funds & Vehicles(15)(18)

$ 14,292

n/a

$ 21,635

$ 14

1.5x

9%

5%

$ —

$ 21,649

1.5x

10%

TOTAL REAL ESTATE(16)

$ 42,488

n/a

$ 40,088

$ 21,844

1.5x

12%

7%

$ 115

$ 38,620

1.6x

13%

Infrastructure & Natural Resources

CIEP II (Apr 2019 / Apr 2025)

$ 2,286

$ 1,008

44%

$ 799

$ 1,060

1.8x

27%

12%

$ 35

$ 740

3.1x

NM**

CIEP I (Sep 2013 / Jun 2019)

$ 2,500

$ 2,470

99%

$ 3,289

$ 1,429

1.9x

15%

9%

$ 46

$ 3,738

2.2x

18%

CGIOF (Dec 2018 / Sep 2023)

$ 2,201

$ 2,054

93%

$ 658

$ 2,779

1.7x

18%

11%

$ 76

$ 777

1.7x

16%

CRSEF II (Nov 2022 / Aug 2027)

$ 1,187

$ 471

40%

$ —

$ 727

1.5x

NM

NM

$ 11

n/a

n/a

n/a

NGP XIII (Feb 2023 / Feb 2028)

$ 2,300

$ 452

20%

$ 31

$ 620

1.4x

NM

NM

$ 2

$ 63

3.1x

NM

NGP XII (Jul 2017 / Jul 2022)

$ 4,304

$ 3,634

84%

$ 4,513

$ 2,864

2.0x

21%

15%

$ 30

$ 4,180

2.9x

37%

NGP XI (Oct 2014 / Jul 2017)

$ 5,325

$ 5,034

95%

$ 7,915

$ 1,872

1.9x

13%

10%

$ 64

$ 7,367

2.1x

21%

NGP X (Jan 2012 / Dec 2014)

$ 3,586

$ 3,351

93%

$ 3,448

$ 285

1.1x

3%

—%

$ —

$ 3,262

1.2x

5%

All Other Active Funds & Vehicles(19)

$ 4,901

n/a

$ 3,120

$ 4,546

1.6x

15%

12%

$ 26

$ 2,799

2.2x

18%

Fully Realized Funds & Vehicles(15)(20)

$ 3,534

n/a

$ 5,573

$ 6

1.6x

8%

5%

$ 1

$ 5,579

1.6x

8%

TOTAL INFRASTRUCTURE & NATURAL
RESOURCES(16)

$ 26,907

n/a

$ 29,346

$ 16,187

1.7x

12%

8%

$ 291

$ 28,503

1.9x

14%

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*Net accrued fee related performance revenues for CPI are excluded from Net Accrued Performance Revenues. These amounts will be
reflected as fee related performance revenues when realized, and included in Fund level fee revenues in our segment results. There were no
accrued fee related performance revenues for CPI as of June 30, 2025 .
**The IRR is incalculable, which occurs in instances when a distribution occurs prior to a Limited Partner capital contribution due to the use
of fund-level credit facilities.
(1) The fund step-down date represents the contractual step-down date under the respective fund agreements for funds on
which the fee basis step-down has not yet occurred. Funds without a listed Fee Initiation Date and Step-down Date have
not yet initiated fees.
(2) All amounts shown represent total capital commitments as of June 30, 2025. Certain of our recent vintage funds are
currently in fundraising and total capital commitments are subject to change.
(3) Represents the original cost of investments since inception of the fund.  
(4) Represents all realized proceeds since inception of the fund.
(5) Represents remaining fair value, before management fees, expenses and carried interest, and may include remaining
escrow values for realized investments.
(6) Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried interest,
divided by cumulative invested capital.
(7) Gross Internal Rate of Return (“Gross IRR”) represents an annualized time-weighted return on Limited Partner invested
capital, based on contributions, distributions and unrealized fair value as of the reporting date, before the impact of
management fees, partnership expenses and carried interest. For fund vintages 2017 and after, Gross IRR includes the
impact of interest expense related to the funding of investments on fund lines of credit. Gross IRR is calculated based on
the timing of Limited Partner cash flows, which may differ to varying degrees from the timing of actual investment cash
flows for the fund. Subtotal Gross IRR aggregations for multiple funds are calculated based on actual cash flow dates for
each fund and represent a theoretical time-weighted return for a Limited Partner who invested sequentially in each fund.
(8) For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time
since initial investment and early stage of capital deployment. For funds marked “Neg,” IRR is considered meaningful
but is negative as of reporting period end.
(9) Net Internal Rate of Return (“Net IRR”) represents an annualized time-weighted return on Limited Partner invested
capital, based on contributions, distributions and unrealized fair value as of the reporting date, after the impact of all
management fees, partnership expenses and carried interest, including current accruals. Net IRR is calculated based on
the timing of Limited Partner cash flows, which may differ to varying degrees from the timing of actual investment cash
flows for the fund. Fund level IRRs are based on aggregate Limited Partner cash flows, and this blended return may differ
from that of individual Limited Partners. As a result, certain funds may generate accrued performance revenues with a
blended Net IRR that is below the preferred return hurdle for that fund. Subtotal Net IRR aggregations for multiple funds
are calculated based on actual cash flow dates for each fund and represent a theoretical time-weighted return for a
Limited Partner who invested sequentially in each fund.
(10) Represents the net accrued performance revenue balance/(giveback obligation) as of the current quarter end.
(11) Represents all realized proceeds combined with remaining fair value, before management fees, expenses and carried
interest.
(12) An investment is considered realized when the investment fund has completely exited, and ceases to own an interest in,
the investment. An investment is considered partially realized when the total amount of proceeds received in respect of
such investment, including dividends, interest or other distributions and/or return of capital, represents at least 85% of
invested capital and such investment is not yet fully realized. Because part of our value creation strategy involves
pursuing best exit alternatives, we believe information regarding Realized/Partially Realized MOIC and Gross IRR, when
considered together with the other investment performance metrics presented, provides investors with meaningful
information regarding our investment performance by removing the impact of investments where significant realization
activity has not yet occurred. Realized/Partially Realized MOIC and Gross IRR have limitations as measures of
investment performance and should not be considered in isolation. Such limitations include the fact that these measures
do not include the performance of earlier stage and other investments that do not satisfy the criteria provided above. The
exclusion of such investments will have a positive impact on Realized/Partially Realized MOIC and Gross IRR in
instances when the MOIC and Gross IRR in respect of such investments are less than the aggregate MOIC and Gross
IRR. Our measurements of Realized/Partially Realized MOIC and Gross IRR may not be comparable to those of other
companies that use similarly titled measures.

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(13) Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and
stand-alone investments arranged by us: MENA, CCI, CSSAF I, CPF I, CAP Growth I, CAP Growth II, CBPF II, CAGP
IV, ABV 8, ABV 9, ACCD 2 and CCD-CIF.
(14) Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and
certain other stand-alone investments arranged by us: CP I, CP II, CP III, CP IV, CEP I, CEP II, CAP I, CAP II, CAP III,
CBPF I, CJP I, CJP II, CMG, CVP I, CVP II, CUSGF III, CGFSP I, CEVP I, CETP I, CETP II, CAVP I, CAVP II,
CAGP III, CEOF I, Mexico and CSABF.
(15) Funds are included when all investments have been realized. There may be remaining fair value and net accrued carry
where there are outstanding escrow balances or undistributed proceeds.
(16) For purposes of aggregation, funds that report in foreign currency have been converted to U.S. dollars at the reporting
period spot rate.
(17) Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and
stand-alone investments arranged by us: CCR, CER I, and CER II.
(18) Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and
certain other stand-alone investments arranged by us: CRP I, CRP II, CRP III, CRP IV, CRP V, CRCP I, CAREP I,
CAREP II, CEREP I, CEREP II and CEREP III.
(19) Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and
stand-alone investments arranged by us: NGP GAP, NGP RP I, NGP RP II, NGP RP III, NGP ETP IV, CPOCP, and
CRSEF.
(20) Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and
certain other stand-alone investments arranged by us: CIP and CPP II.

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Global Credit
The following table presents our results of operations for our Global Credit segment:

 

Three Months Ended
June 30,

Change

Six Months Ended
June 30,

Change

 

2025

2024

$

%

2025

2024

$

%

 

(Dollars in millions)

Segment Revenues

Fund level fee revenues

Fund management fees

$ 170.0

$ 140.8

$ 29.2

21 %

$ 309.6

$ 277.7

$ 31.9

11 %

Portfolio advisory and
transaction fees, net and other

41.0

25.0

16.0

64 %

104.4

44.6

59.8

134 %

Fee related performance
revenues

28.6

28.0

0.6

2 %

57.4

52.2

5.2

10 %

Total fund level fee revenues

239.6

193.8

45.8

24 %

471.4

374.5

96.9

26 %

Realized performance revenues

5.1

6.9

(1.8)

(26) %

18.4

7.5

10.9

145 %

Realized principal investment
income

12.0

19.2

(7.2)

(38) %

17.5

33.0

(15.5)

(47) %

Interest income

7.0

10.1

(3.1)

(31) %

14.0

20.8

(6.8)

(33) %

Total revenues

263.7

230.0

33.7

15 %

521.3

435.8

85.5

20 %

Segment Expenses

Compensation and benefits

Cash-based compensation and
benefits

88.2

74.0

14.2

19 %

177.2

150.8

26.4

18 %

Realized performance revenues
related compensation

3.1

4.3

(1.2)

(28) %

11.0

4.6

6.4

139 %

Total compensation and
benefits

91.3

78.3

13.0

17 %

188.2

155.4

32.8

21 %

General, administrative, and other
indirect expenses

36.2

35.3

0.9

3 %

71.2

64.9

6.3

10 %

Depreciation and amortization
expense

3.8

3.2

0.6

19 %

7.7

6.3

1.4

22 %

Interest expense

11.5

13.4

(1.9)

(14) %

22.8

27.3

(4.5)

(16) %

Total expenses

142.8

130.2

12.6

10 %

289.9

253.9

36.0

14 %

(=) Distributable Earnings

$ 120.9

$ 99.8

$ 21.1

21 %

$ 231.4

$ 181.9

$ 49.5

27 %

(-) Realized Net Performance
Revenues

2.0

2.6

(0.6)

(23) %

7.4

2.9

4.5

155 %

(-) Realized Principal Investment
Income

12.0

19.2

(7.2)

(38) %

17.5

33.0

(15.5)

(47) %

(+) Net Interest

4.5

3.3

1.2

36 %

8.8

6.5

2.3

35 %

(=) Fee Related Earnings

$ 111.4

$ 81.3

$ 30.1

37 %

$ 215.3

$ 152.5

$ 62.8

41 %

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Table of Contents

Distributable Earnings
Distributable Earnings increased $21.1 million for the three months ended June 30, 2025 , as compared to the three
months ended June 30, 2024 , and increased $49.5 million for the six months ended June 30, 2025 , as compared to the six
months ended June 30, 2024 . The following table provides the components of the changes in Distributable Earnings for the
three and six months ended June 30, 2025 :

Three Months Ended
June 30,

Six Months Ended
June 30,

2025 v. 2024

(Dollars in millions)

Distributable Earnings, June 30, 2024

$ 99.8

$ 181.9

Increases (decreases):

Increase in fee related earnings

30.1

62.8

(Decrease) increase in realized net performance revenues

(0.6)

4.5

Decrease in realized principal investment income

(7.2)

(15.5)

Increase in net interest

(1.2)

(2.3)

Total increase

21.1

49.5

Distributable Earnings, June 30, 2025

$ 120.9

$ 231.4

Realized Principal Investment Income . Realized principal investment income decreased $7.2 million for the three months
ended June 30, 2025 , as compared to the three months ended June 30, 2024 , and decreased $15.5 million for the six months
ended June 30, 2025 , as compared to the six months ended June 30, 2024 , primarily driven by lower realized principal
investment income from our European and U.S. CLOs.
Fee Related Earnings
Fee Related Earnings increased $30.1 million for the three months ended June 30, 2025 , as compared to the three months
ended June 30, 2024 , and increased $62.8 million for the six months ended June 30, 2025 , as compared to the six months ended
June 30, 2024 . The following table provides the components of the changes in Fee Related Earnings for the three and six
months ended June 30, 2025 :

Three Months Ended
June 30,

Six Months Ended
June 30,

2025 v. 2024

(Dollars in millions)

Fee Related Earnings, June 30, 2024

$ 81.3

$ 152.5

Increases (decreases):

Increase in fee revenues

45.8

96.9

Increase in cash-based compensation and benefits

(14.2)

(26.4)

Increase in general, administrative and other indirect expenses

(0.9)

(6.3)

All other changes

(0.6)

(1.4)

Total increase

30.1

62.8

Fee Related Earnings, June 30, 2025

$ 111.4

$ 215.3

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Fee Revenues . Fee revenues increased $45.8 million for the three months ended June 30, 2025 , as compared to the three
months ended June 30, 2024 , and increased $96.9 million for the six months ended June 30, 2025 , as compared to the six
months ended June 30, 2024 , due to the following:

Three Months Ended
June 30,

Six Months Ended
June 30,

2025 v. 2024

(Dollars in millions)

Higher fund management fees

$ 29.2

$ 31.9

Higher portfolio advisory and transaction fees, net and other

16.0

59.8

Higher fee related performance revenues

0.6

5.2

Total increase in fee revenues

$ 45.8

$ 96.9

The increase in Fund management fees for the three and six months ended June 30, 2025 as compared to the three and six
months ended June 30, 2024 was primarily attributable to the receipt of approximately $19 million of catch-up subordinated
management fees in certain aviation funds during the three months ended June 30, 2025 , due in part to the collection of
insurance proceeds and in part due to the sale of collateral in those vehicles. To a lesser extent, the increase in Fund
management fees for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30,
2024 was also attributable to increases in management fees from CTAC , our opportunistic credit funds, and our direct lending
business. These were partially offset by lower management fees from our liquid credit business .
The increase in portfolio advisory and transaction fees, net and other fees for the three and six months ended June 30,
2025 as compared to the three and six months ended June 30, 2024 was primarily driven by an increase in capital markets fees.
The recognition of capital markets fees can be volatile as they are primarily generated by investment activity and a slower pace
of investment activity may reduce capital markets fees in the coming quarters. See “—Trends Affecting Our Business” for
further discussion on our investment activity and broader market trends.
Cash-based compensation and benefits expense . Cash-based compensation and benefits expense increased $14.2 million
for the three months ended June 30, 2025 , as compared to the three months ended June 30, 2024 , and increased $26.4 million
for the six months ended June 30, 2025 , as compared to the six months ended June 30, 2024 , primarily due to an increase in
accrued bonuses related to capital markets fees and incentive fees.

Fee-earning AUM
Fee-earning AUM is presented below for each period together with the components of change during each respective
period.

 

As of June 30,

 

2025

2024

Global Credit

(Dollars in millions)

Components of Fee-earning AUM (1)

Fee-earning AUM based on capital commitments

$ 2,530

$ 2,470

Fee-earning AUM based on invested capital

20,884

18,428

Fee-earning AUM based on collateral balances, at par

45,062

48,200

Fee-earning AUM based on net asset value

3,512

2,142

Fee-earning AUM based on fair value and other (2)

90,796

84,197

Total Fee-earning AUM

$ 162,784

$ 155,437

Annualized Management Fee Rate (3)

0.36 %

0.36 %

(1) For additional information concerning the components of Fee-earning AUM, see “—Key Financial Measures—Operating Metrics.”
(2) Includes the fair value of Fortitude’s general account assets covered by the strategic advisory services agreement and funds with fees
based on gross asset value.
(3) Represents annualized fund management fees divided by the average of the beginning of year and each quarter end’s Fee-earning AUM
in the reporting period. Catch-up management fees were excluded in the calculation of the annualized fund management fees.

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The table below provides the period to period rollforward of Fee-earning AUM.

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

Global Credit

(Dollars in millions)

Fee-earning AUM Rollforward

Balance, Beginning of Period

$ 160,731

$ 153,428

$ 154,186

$ 155,238

Inflows (1)

4,470

4,861

12,281

7,622

Outflows (including realizations) (2)

(3,415)

(2,804)

(6,528)

(5,764)

Market Activity & Other (3)

237

23

1,702

(1,315)

Foreign Exchange (4)

761

(71)

1,143

(344)

Balance, End of Period

$ 162,784

$ 155,437

$ 162,784

$ 155,437

(1) Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based
on commitments were activated during the period, the fee-earning commitments invested in vehicles for which management fees are
based on invested capital, the fee-earning collateral balance of new CLO issuances, closed reinsurance transactions at Fortitude, and
gross subscriptions in our vehicles for which management fees are based on net asset value.
(2) Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair
value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has
expired during the period, reductions for funds that are no longer calling for fees, gross redemptions in our open-ended funds, and
outflows from our liquid credit products. Realizations for funds earning management fees based on commitments during the period do
not affect Fee-earning AUM.
(3) Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in funds or vehicles based on the
lower of cost or fair value or net asset value, activity of funds with fees based on gross asset value, and changes in the fair value of
Fortitude’s general account assets covered by the strategic advisory services agreement.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Fee-earning AUM was $162.8 billion at June 30, 2025 , an increase of 1% from $160.7 billion at March 31, 2025 . The net
increase was due to:
• Inflows of $4.5 billion , which were driven by capital deployment across the platform, including the closing of our
two latest vintage U.S. CLOs; and
• Positive foreign exchange activity of $0.8 billion reflecting the translation of our EUR-denominated product s to
USD.
Offsetting these increases were:
• Outflows of $3.4 billion , which included outflows from our liquid credit products and realizations across the
platform.
Fee-earning AUM was $162.8 billion at June 30, 2025 , an increase of 6% from $154.2 billion at December 31, 2024 . The
net increase was due to:
• Inflows of $12.3 billion , which were driven by over $4 billion of closed reinsurance transactions at Fortitude and
capital deployment across the platform, including the closing of our two latest vintage U.S. CLOs;
• Positive market activity of $1.7 billion , which primarily reflected an increase in the fair value of assets covered by
the Fortitude strategic advisory services agreement, as well as increases in our cross-platform credit and direct
lending products; and
• Positive foreign exchange activity of $1.1 billion reflecting the translation of our EUR-denominated products to
USD.
Offsetting these increases were:

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• Outflows of $6.5 billion , which were driven by outflows from our liquid credit products and realizations in our
aviation and opportunistic credit funds.
Fee-earning AUM was $162.8 billion at June 30, 2025 , an increase of 5% from $155.4 billion at June 30, 2024 . The net
increase was due to:
• Inflows of $20.0 billion , which reflected capital deployment across the platform, notably in our asset-backed
finance, direct lending, and opportunistic credit funds, over $4 billion of closed reinsurance transactions at Fortitude,
and the closing of our seven latest vintage CLOs.
Offsetting these increases were:
• Outflows of $13.3 billion , which included outflows from our liquid credit products and realizations across the
platform.
Total AUM
The table below provides the period to period rollforward of Total AUM.  

 

Three Months Ended
June 30, 2025

Six Months Ended
June 30, 2025

 

(Dollars in millions)

Global Credit

Total AUM Rollforward

Balance, Beginning of Period

$ 199,168

$ 192,374

Inflows (1)

5,452

12,982

Outflows (including realizations) (2)

(3,881)

(6,734)

Market Activity & Other (3)

1,463

3,172

Foreign Exchange (4)

825

1,233

Balance, End of Period

$ 203,027

$ 203,027

(1) Inflows generally reflects the impact of gross fundraising and closed reinsurance transactions at Fortitude during the period. For funds
or vehicles denominated in foreign currencies, this reflects translation at the average quarterly rate, while the separately reported
Fundraising metric is translated at the spot rate for each individual closing.
(2) Outflows includes distributions net of recallable or recyclable amounts in our carry funds, related co-investment vehicles, and
separately managed accounts, gross redemptions in our open-ended funds, outflows from our liquid credit products, and the expiration
of available capital.
(3) Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds, related
co-investment vehicles, and separately managed accounts, as well as the impact of fees, expenses and non-investment income, change
in gross asset value for our business development companies, changes in the fair value of Fortitude’s general account assets covered by
the strategic advisory services agreement, and other changes in AUM.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Total AUM was $203.0 billion at June 30, 2025 , an increase of 2% compared to $199.2 billion at March 31, 2025 . The
net increase was due to:
• Inflows of $5.5 billion , which were driven by capital raised in our U.S. structured credit and opportunistic credit
strategies; and
• Positive market activity of $1.5 billion , primarily from an increase in the fair value of our direct lending and cross-
platform credit products.
Offsetting these increases were:
• Outflows of $3.9 billion for the period, which primarily reflected outflows from our liquid credit products and
realizations across the platform.

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Total AUM was $203.0 billion at June 30, 2025 , an increase of 6% compared to $192.4 billion at December 31, 2024 .
The net increase was due to:
• Inflows of $13.0 billion , which were driven by capital raised in our U.S. structured credit, asset-backed finance,
aviation and opportunistic credit products, as well as over $4 billion of closed reinsurance transactions at Fortitude;
and
• Positive market activity of $3.2 billion , which primarily reflected an increase in the fair value of assets covered by
the Fortitude strategic advisory services agreement and an increase in the fair value of our direct lending and cross-
platform credit products.
Offsetting these increases were:
• Outflows of $6.7 billion for the period, which were primarily in our liquid credit products, with additional activity
reflecting realizations across the platform, notably in our aviation products.
Fund Performance Metrics
Fund performance information for certain of our Global Credit funds is included throughout this discussion and analysis
to facilitate an understanding of our results of operations for the periods presented. The fund return information reflected in this
discussion and analysis is not indicative of the performance of The Carlyle Group Inc. and is also not necessarily indicative of
the future performance of any particular fund. An investment in The Carlyle Group Inc. is not an investment in any of our
funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
The following table reflects the performance of our significant carry funds in our Global Credit business. Please see “—
Our Global Investment Offerings” for a legend of the fund acronyms listed below. 

(Dollars in millions)

 

TOTAL INVESTMENTS

 

 

As of June 30, 2025

Fund (Fee Initiation Date/Step-down Date)(11)

Committed
Capital(12)

Cumulative
Invested 
Capital (1)

Percent
Invested

Realized
Value (2)

Remaining
Fair Value
(3)

MOIC (4)

Gross IRR
(5) (8)

Net IRR
(6) (8)

Net Accrued
Carry/(Giveback)
(7)

Global Credit Carry Funds

CCOF III - Levered (Feb 2023 / Oct 2028)

$ 4,678

$ 3,174

68%

$ 396

$ 3,163

1.1x

NM

NM

$ 9

CCOF II (Nov 2020 / Mar 2026)

$ 4,430

$ 5,784

131%

$ 3,323

$ 4,503

1.4x

14%

10%

$ 112

CCOF I (Nov 2017 / Sep 2022)

$ 2,373

$ 3,514

148%

$ 3,743

$ 1,279

1.4x

16%

11%

$ 28

CSP IV (Apr 2016 / Dec 2020)

$ 2,500

$ 2,500

100%

$ 1,661

$ 1,762

1.4x

9%

5%

$ —

CICF II (Mar  2024 / Dec 2029)

$ 1,379

$ 263

19%

$ 31

$ 257

1.1x

NM

NM

$ —

SASOF III (Nov 2014 / n/a)

$ 833

$ 991

119%

$ 1,253

$ 84

1.3x

19%

11%

$ 6

All Other Active Funds & Vehicles(9)

$ 12,453

n/a

$ 3,585

$ 11,304

1.2x

10%

8%

$ 79

Fully Realized Funds & Vehicles(10)(13)

$ 9,698

n/a

$ 12,155

$ 36

1.3x

9%

4%

$ —

TOTAL GLOBAL CREDIT CARRY FUNDS

$ 38,376

n/a

$ 26,146

$ 22,388

1.3x

11%

7%

$ 234

(1) Represents the original cost of investments since the inception of the fund. For CSP III and CSP IV, reflects amounts
net of investment level recallable proceeds which is adjusted to reflect recyclability of invested capital for the purpose
of calculating the fund MOIC.
(2) Represents all realized proceeds since inception of the fund.
(3) Represents remaining fair value, before management fees, expenses and carried interest, and may include remaining
escrow values for realized investments.
(4) Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried
interest, divided by cumulative invested capital.
(5) Gross Internal Rate of Return (“Gross IRR”) represents an annualized time-weighted return on Limited Partner invested
capital, based on contributions, distributions and unrealized fair value as of the reporting date, before the impact of
management fees, partnership expenses and carried interest. For fund vintages 2017 and after, Gross IRR includes the
impact of interest expense related to the funding of investments on fund lines of credit. Gross IRR is calculated based
on the timing of Limited Partner cash flows, which may differ to varying degrees from the timing of actual investment
cash flows for the fund. Subtotal Gross IRR aggregations for multiple funds are calculated based on actual cash flow

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dates for each fund and represent a theoretical time-weighted return for a Limited Partner who invested sequentially in
each fund.
(6) Net Internal Rate of Return (“Net IRR”) represents an annualized time-weighted return on Limited Partner invested
capital, based on contributions, distributions and unrealized fair value as of the reporting date, after the impact of all
management fees, partnership expenses and carried interest, including current accruals. Net IRR is calculated based on
the timing of Limited Partner cash flows, which may differ to varying degrees from the timing of actual investment cash
flows for the fund. Fund level IRRs are based on aggregate Limited Partner cash flows, and this blended return may
differ from that of individual Limited Partners. As a result, certain funds may generate accrued performance revenues
with a blended Net IRR that is below the preferred return hurdle for that fund. Subtotal Net IRR aggregations for
multiple funds are calculated based on actual cash flow dates for each fund and represent a theoretical time-weighted
return for a Limited Partner who invested sequentially in each fund.
(7) Represents the net accrued performance revenue balance/(giveback obligation) as of the current quarter end.
(8) For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time
since initial investment and early stage of capital deployment. For funds marked “Neg,” IRR is considered meaningful
but is negative as of reporting period end.
(9) Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and
stand-alone investments arranged by us: SASOF IV, SASOF V, CAPF VII, CICF, CAF, CALF, CCOF III - Unlevered,
and CCOF III PSV.
(10) Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and
certain other stand-alone investments arranged by us: CSP I, CSP II, CSP III, CEMOF I, CEMOF II, CSC, CMP I,
CMP II, SASOF II, and CASCOF.
(11) The fund step-down date represents the contractual step-down date under the respective fund agreements for funds on
which the fee basis step-down has not yet occurred. Funds without a listed Fee Initiation Date and Step-down Date have
not yet initiated fees.
(12) All amounts shown represent total capital commitments as of June 30, 2025. Certain of our recent vintage funds are
currently in fundraising and total capital commitments are subject to change. Committed capital for CCOF II excludes
$150 million in capital committed by a CCOF II investor to a side vehicle. The CCOF III platform, which includes
CCOF III - Levered, CCOF III - Unlevered, and CCOF III PSV, collectively has $5.7 billion of committed capital.
(13) Funds are included when all investments have been realized. There may be remaining fair value and net accrued carry
where there are outstanding escrow balances or undistributed proceeds.

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Carlyle AlpInvest
The following table presents our results of operations for our Carlyle AlpInvest segment:

 

Three Months Ended
June 30,

Change

Six Months Ended
June 30,

Change

 

2025

2024

$

%

2025

2024

$

%

 

(Dollars in millions)

Segment Revenues

Fund level fee revenues

Fund management fees

$ 117.2

$ 79.5

$ 37.7

47 %

$ 220.1

$ 153.6

$ 66.5

43 %

Portfolio advisory and
transaction fees, net and other

—

0.1

(0.1)

NM

—

0.1

(0.1)

NM

Fee related performance
revenues

10.1

1.9

8.2

NM

20.8

3.1

17.7

NM

Total fund level fee revenues

127.3

81.5

45.8

56 %

240.9

156.8

84.1

54 %

Realized performance revenues

10.0

19.9

(9.9)

(50) %

34.7

43.3

(8.6)

(20) %

Realized principal investment
income

9.1

0.6

8.5

NM

18.5

1.6

16.9

NM

Interest income

2.0

1.7

0.3

18 %

4.2

3.5

0.7

20 %

Total revenues

148.4

103.7

44.7

43 %

298.3

205.2

93.1

45 %

Segment Expenses

Compensation and benefits

Cash-based compensation and
benefits

37.2

27.4

9.8

36 %

71.5

55.6

15.9

29 %

Realized performance revenues
related compensation

8.1

15.1

(7.0)

(46) %

27.5

36.3

(8.8)

(24) %

Total compensation and
benefits

45.3

42.5

2.8

7 %

99.0

91.9

7.1

8 %

General, administrative, and other
indirect expenses

19.8

12.4

7.4

60 %

31.7

23.9

7.8

33 %

Depreciation and amortization
expense

2.0

1.6

0.4

25 %

3.9

3.2

0.7

22 %

Interest expense

3.1

2.9

0.2

7 %

6.2

5.8

0.4

7 %

Total expenses

70.2

59.4

10.8

18 %

140.8

124.8

16.0

13 %

(=) Distributable Earnings

$ 78.2

$ 44.3

$ 33.9

77 %

$ 157.5

$ 80.4

$ 77.1

96 %

(-) Realized Net Performance
Revenues

1.9

4.8

(2.9)

(60) %

7.2

7.0

0.2

3 %

(-) Realized Principal Investment
Income

9.1

0.6

8.5

NM

18.5

1.6

16.9

NM

(+) Net Interest

1.1

1.2

(0.1)

(8) %

2.0

2.3

(0.3)

(13) %

(=) Fee Related Earnings

$ 68.3

$ 40.1

$ 28.2

70 %

$ 133.8

$ 74.1

$ 59.7

81 %

Distributable Earnings
Distributable Earnings increased $33.9 million for the three months ended June 30, 2025 , as compared to the three
months ended June 30, 2024 , and increased $77.1 million for the six months ended June 30, 2025 , as compared to the six
months ended June 30, 2024 . The following table provides the components of the changes in Distributable Earnings for the
three and six months ended June 30, 2025 :

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Three Months Ended
June 30,

Six Months Ended
June 30,

2025 v. 2024

(Dollars in millions)

Distributable Earnings, June 30, 2024

$ 44.3

$ 80.4

Increases (decreases):

Increase in fee related earnings

28.2

59.7

(Decrease) increase in realized net performance revenues

(2.9)

0.2

Increase in realized principal investment income

8.5

16.9

Decrease in net interest

0.1

0.3

Total increase

33.9

77.1

Distributable Earnings, June 30, 2025

$ 78.2

$ 157.5

Realized Principal Investment Income . Realized principal investment income increased $8.5 million for the three months
ended June 30, 2025 , as compared to the three months ended June 30, 2024 , and increased $16.9 million for the six months
ended June 30, 2025 , as compared to the six months ended June 30, 2024 , primarily driven by realized principal investment
income related to our investment in the CAPM funds.
Fee Related Earnings
Fee Related Earnings increased $28.2 million for the three months ended June 30, 2025 , as compared to the three months
ended June 30, 2024 , and increased $59.7 million for the six months ended June 30, 2025 , as compared to the six months ended
June 30, 2024 . The following table provides the components of the changes in Fee Related Earnings for the three and six
months ended June 30, 2025 :

Three Months Ended
June 30,

Six Months Ended
June 30,

2025 v. 2024

(Dollars in millions)

Fee Related Earnings, June 30, 2024

$ 40.1

$ 74.1

Increases (decreases):

Increase in fee revenues

45.8

84.1

Increase in cash-based compensation and benefits

(9.8)

(15.9)

Increase in general, administrative and other indirect expenses

(7.4)

(7.8)

All other changes

(0.4)

(0.7)

Total increase

28.2

59.7

Fee Related Earnings, June 30, 2025

$ 68.3

$ 133.8

Fee Revenues . Fee revenues increased $45.8 million for the three months ended June 30, 2025 , as compared to the three
months ended June 30, 2024 , and increased $84.1 million for the six months ended June 30, 2025 , as compared to the six
months ended June 30, 2024 , driven by an increase in Fund management fees of $37.7 million and $66.5 million and an
increase in Fee related performance revenues of $8.2 million and $17.7 million , respectively. The increase in Fund management
fees was primarily driven by the impact of ongoing fundraising in our most recent vintage secondaries & portfolio finance and
co-investment products, including catch-up management fees of $22.5 million and $33.5 million for the three and six months
ended June 30, 2025, respectively, an increase of $16.8 million and $27.0 million, respectively, relative to the comparable 2024
periods. Our CAPM retail strategy also contributed to the increase in Fund management fees, and drove the increase in Fee
related performance revenues due to its growing capital base and performance.
Cash-based compensation and benefits expense . Cash-based compensation and benefits expense increased $9.8 million
for the three months ended June 30, 2025 , as compared to the three months ended June 30, 2024 , and increased $15.9 million
for the six months ended June 30, 2025 , as compared to the six months ended June 30, 2024 , primarily due to an increase in
headcount and an increase in compensation associated with fee related performance revenues.

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Fee-earning AUM
Fee-earning AUM is presented below for each period together with the components of change during each respective
period.   

 

As of June 30,

 

2025

2024

Carlyle AlpInvest

(Dollars in millions)

Components of Fee-earning AUM (1)

Fee-earning AUM based on capital commitments

$ 25,607

$ 19,263

Fee-earning AUM based on invested capital (2)

10,022

8,894

Fee-earning AUM based on net asset value

15,345

11,380

Fee-earning AUM based on lower of cost or fair market value

8,613

8,709

Total Fee-earning AUM

$ 59,587

$ 48,246

Annualized Management Fee Rate (3)

0.67 %

0.62 %

(1) For additional information concerning the components of Fee-earning AUM, see “—Key Financial Measures—Operating Metrics.”
(2) Includes amounts committed to or reserved for certain AlpInvest funds.
(3) Represents annualized fund management fees divided by the average of the beginning of year and each quarter end’s Fee-earning AUM
in the reporting period. Catch-up management fees were excluded in the calculation of the annualized fund management fees.
The table below provides the period to period rollforward of Fee-earning AUM.

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

2025

2024

2025

2024

Carlyle AlpInvest

(Dollars in millions)

Fee-earning AUM Rollforward

Balance, Beginning of Period

$ 54,401

$ 46,773

$ 52,139

$ 45,529

Inflows (1)

4,399

2,410

6,957

4,594

Outflows (including realizations) (2)

(851)

(1,084)

(1,867)

(1,819)

Market Activity & Other (3)

180

259

195

474

Foreign Exchange (4)

1,458

(112)

2,163

(532)

Balance, End of Period

$ 59,587

$ 48,246

$ 59,587

$ 48,246

(1) Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based
on commitments were activated during the period and the fee-earning commitments invested in vehicles for which management fees are
based on invested capital. Inflows exclude fundraising amounts during the period for which fees have not yet been activated, which are
referenced as Pending Fee-earning AUM.
(2) Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair
value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has
expired during the period, and reductions for funds that are no longer calling for fees. Distributions for funds earning management fees
based on commitments during the period do not affect Fee-earning AUM.
(3) Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the
lower of cost or fair value and net asset value.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.

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Fee-earning AUM was $59.6 billion at June 30, 2025 , an increase of 10% from $54.4 billion at March 31, 2025 . The net
increase was due to:
• Inflows of $4.4 billion , which were driven by fee-paying capital raised and investment activity across all strategies,
notably in our secondaries & portfolio finance funds; and
• Positive foreign exchange activity of $1.5 billion , primarily from the translation of our EUR-denominated funds to
USD.
Offsetting these increases were:
• Outflows of $0.9 billion , which were driven by realizations in funds, across all strategies, that charge fees on
invested capital.
Fee-earning AUM was $59.6 billion at June 30, 2025 , an increase of 14% from $52.1 billion at December 31, 2024 . The
net increase was due to:
• Inflows of $7.0 billion , which were driven by fee-paying capital raised and investment activity across all strategies,
notably in our secondaries & portfolio finance funds; and
• Positive foreign exchange activity of $2.2 billion , primarily from the translation of our EUR-denominated funds to
USD.
Offsetting these increases were:
• Outflows of $1.9 billion , which were driven by realizations in our primary and secondaries & portfolio finance funds
that charge fees on invested capital.
Fee-earning AUM was $59.6 billion at June 30, 2025 , an increase of 24% compared to $48.2 billion at June 30, 2024 .
The net increase was due to:
• Inflows of $12.2 billion , which were driven by fee-paying capital raised and investment activity in our secondaries
& portfolio finance and CAPM funds;
• Positive foreign exchange activity of $1.6 billion , primarily from the translation of our EUR-denominated funds to
USD; and
• Market appreciation of $1.4 billion , which was driven by certain funds in our secondaries & portfolio finance and
primary strategies , as well as our CAPM funds, in which fees are based on fair value.
Offsetting these increases were:
• Outflows of $3.9 billion , which reflected realizations and step-downs in fee bases, notably in our primary and
secondaries & portfolio finance funds.

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Total AUM
The table below provides the period to period rollforward of Total AUM.

 

Three Months Ended
June 30, 2025

Six Months Ended
June 30, 2025

 

(Dollars in millions)

Carlyle AlpInvest

Total AUM Rollforward

Balance, Beginning of Period

$ 89,230

$ 85,113

Inflows (1)

5,148

9,074

Outflows (including realizations) (2)

(1,670)

(3,631)

Market Activity & Other (3)

1,336

2,217

Foreign Exchange (4)

2,474

3,745

Balance, End of Period

$ 96,518

$ 96,518

(1) Inflows reflects the impact of gross fundraising during the period. For funds or vehicles denominated in foreign currencies, this reflects
translation at the average quarterly rate, while the separately reported Fundraising metric is translated at the spot rate for each individual
closing.
(2) Outflows includes distributions in our carry funds, related co-investment vehicles and separately managed accounts, as well as the
expiration of available capital.
(3) Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds, related
co-investment vehicles and separately managed accounts, the net impact of fees, expenses and non-investment income, as well as other
changes in AUM.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Total AUM was $96.5 billion at June 30, 2025 , an increase of 8% compared to $89.2 billion at March 31, 2025 . The net
increase was due to:
• Inflows of $5.1 billion , which reflected fundraising across the segment, notably in our secondaries & portfolio
finance funds;
• Positive foreign exchange activity of $2.5 billion , primarily from the translation of our EUR-denominated funds to
USD; and
• Market appreciation of $1.3 billion , which was driven by our coinvestment and secondaries & portfolio finance
funds.
Offsetting these increases were:
• Outflows of $1.7 billion , predominantly from realizations in our primary and secondaries & portfolio finance funds.
Total AUM was $96.5 billion at June 30, 2025 , an increase of 13% compared to $85.1 billion at December 31, 2024 . The
net increase was due to:
• Inflows of $9.1 billion , which reflected fundraising across the platform, notably in our secondaries & portfolio
finance and co-investment strategies and the CAPM funds;
• Positive foreign exchange activity of $3.7 billion , primarily from the translation of our EUR-denominated funds to
USD; and
• Market appreciation of $2.2 billion , which was driven by our coinvestment and secondaries & portfolio finance
funds.
Offsetting these increases were:
• Outflows of $3.6 billion , predominantly from realizations in our primary and secondaries & portfolio finance funds.

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Fund Performance Metrics
The fund return information reflected in this discussion and analysis is not indicative of the performance of The Carlyle
Group Inc. and is also not necessarily indicative of the future performance of any particular fund. An investment in The Carlyle
Group Inc. is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and
future funds will achieve similar returns.
The following table reflects the performance of our significant funds in our Carlyle AlpInvest business. We also present
fund performance information for portfolios of investments held by separately managed accounts, generally aggregated either
as invested alongside the relevant commingled fund or over a specified time period.

(Amounts in millions)

 

 

TOTAL INVESTMENTS

 

 

 

As of June 30, 2025

Carlyle AlpInvest (1)(8)

Vintage
Year

Fund Size

Cumulative
Invested
Capital
(2)(3)

Realized
Value (3)

Remaining
Fair Value
(3)

Total Fair
Value(3)(4)

MOIC
(5)

Gross
IRR  
(6)(10)

Net
IRR
(7)(10)

Net Accrued
Carry/
(Giveback)
(12)

 

 

 

(Reported in Local Currency, in Millions)

Secondaries &
Portfolio
Finance

ASF VIII

2024

$ 11,433

$ 5,460

$ 78

$ 6,719

$ 6,798

1.2x

NM

NM

$ 45

ASF VII

2020

$ 6,769

$ 4,888

$ 1,847

$ 5,761

$ 7,607

1.6x

18%

14%

$ 110

ASF VII - SMAs

2020

€ 2,027

€ 1,681

€ 514

€ 1,965

€ 2,479

1.5x

17%

14%

$ 36

ASF VI

2017

$ 3,333

$ 2,800

$ 2,739

$ 1,896

$ 4,635

1.7x

15%

12%

$ 59

ASF VI - SMAs

2017

€ 2,817

€ 2,604

€ 2,337

€ 1,835

€ 4,172

1.6x

14%

12%

$ 49

ASF V

2012

$ 756

$ 673

$ 1,081

$ 118

$ 1,199

1.8x

18%

14%

$ 5

ASF V - SMAs

2012

€ 3,916

€ 3,912

€ 6,785

€ 463

€ 7,248

1.9x

21%

19%

$ 10

SMAs 2009-2011

2010

€ 1,859

€ 1,928

€ 3,318

€ 43

€ 3,360

1.7x

19%

18%

$ —

ASPF II

2023

$ 2,227

$ 635

$ 186

$ 583

$ 769

1.2x

NM

NM

$ 6

All Other Active Funds & Vehicles (9)

Various

$ 1,771

$ 726

$ 1,708

$ 2,434

1.4x

21%

18%

$ 27

Fully Realized Funds & Vehicles

Various

€ 4,084

€ 6,719

€ 14

€ 6,733

1.6x

19%

18%

$ —

Co-Investments

ACF IX

2023

$ 4,120

$ 1,488

$ 13

$ 1,670

$ 1,683

1.1x

NM

NM

$ 2

ACF VIII

2021

$ 3,614

$ 3,435

$ 197

$ 4,553

$ 4,750

1.4x

12%

9%

$ 43

ACF VIII - SMAs

2021

$ 1,079

$ 984

$ 69

$ 1,290

$ 1,359

1.4x

13%

11%

$ 11

ACF VII

2017

$ 1,688

$ 1,668

$ 1,161

$ 2,236

$ 3,396

2.0x

16%

13%

$ 62

ACF VII - SMAs

2017

€ 1,452

€ 1,364

€ 748

€ 1,840

€ 2,588

1.9x

15%

13%

$ 45

SMAs 2014-2016

2014

€ 1,274

€ 1,067

€ 2,264

€ 491

€ 2,755

2.6x

24%

22%

$ 9

SMAs 2012-2013

2012

€ 1,124

€ 1,012

€ 2,759

€ 129

€ 2,888

2.9x

28%

26%

$ 1

SMAs 2009-2010

2010

€ 1,475

€ 1,318

€ 3,392

€ 493

€ 3,885

2.9x

23%

21%

$ —

Strategic SMAs

Various

$ 4,404

$ 1,810

$ 5,819

$ 7,629

1.7x

17%

16%

$ 81

All Other Active Funds & Vehicles (9)

Various

€ 318

€ 239

€ 232

€ 471

1.5x

27%

25%

$ 2

Fully Realized Funds & Vehicles

Various

€ 5,736

€ 9,845

€ 2

€ 9,847

1.7x

15%

13%

$ —

Primary
Investments

SMAs 2024-2026

2024

€ 2,958

€ 83

€ 4

€ 81

€ 85

1.0x

NM

NM

$ —

SMAs 2021-2023

2021

€ 4,535

€ 1,444

€ 76

€ 1,613

€ 1,689

1.2x

NM

NM

$ —

SMAs 2018-2020

2018

$ 3,116

$ 2,526

$ 635

$ 3,039

$ 3,673

1.5x

14%

13%

$ 3

SMAs 2015-2017

2015

€ 2,501

€ 2,436

€ 2,636

€ 2,160

€ 4,796

2.0x

19%

19%

$ 9

SMAs 2012-2014

2012

€ 5,080

€ 5,678

€ 9,308

€ 3,122

€ 12,430

2.2x

18%

17%

$ 12

SMAs 2009-2011

2009

€ 4,877

€ 5,519

€ 10,250

€ 1,728

€ 11,977

2.2x

17%

17%

$ 1

SMAs 2006-2008

2005

€ 11,500

€ 12,820

€ 21,259

€ 1,208

€ 22,466

1.8x

10%

10%

$ —

SMAs 2003-2005

2003

€ 4,628

€ 4,879

€ 7,761

€ 123

€ 7,884

1.6x

10%

9%

$ —

All Other Active Funds & Vehicles (9)

Various

€ 1,739

€ 1,730

€ 239

€ 1,968

1.1x

3%

2%

$ —

Fully Realized Funds & Vehicles

Various

€ 4,740

€ 7,721

€ 25

€ 7,745

1.6x

12%

11%

$ —

TOTAL CARLYLE ALPINVEST (USD)(11)

$ 106,434

$ 127,767

$ 56,332

$ 184,100

1.7x

14%

13%

$ 627

(1) Includes private equity and mezzanine primary fund investments, secondary fund investments and co-investments
originated by AlpInvest. Excluded from the performance information shown are: (a) investments that were not originated
by AlpInvest (i.e., AlpInvest did not make the original investment decision or recommendation); (b) Direct Investments,
which was spun off from AlpInvest in 2005; (c) Carlyle AlpInvest Private Markets (CAPM); and (d) LP co-investment
vehicles managed by AlpInvest. As of June 30, 2025, these excluded portfolios amounted to approximately $11.6 billion of
AUM in the aggregate.
(2) Represents the original cost of investments since inception of the fund.
(3) To exclude the impact of FX, all foreign currency cash flows have been converted to the currency representing a majority
of the capital committed to the relevant fund at the reporting period spot rate.

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(4) Represents all realized proceeds combined with remaining fair value, before management fees, expenses and carried
interest.
(5) Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried interest,
divided by cumulative invested capital.
(6) Gross Internal Rate of Return (“Gross IRR”) represents the annualized IRR for the period indicated on Limited Partner
invested capital based on investment contributions, distributions and unrealized value of the underlying investments, before
management fees, expenses and carried interest at the AlpInvest level.
(7) Net Internal Rate of Return (“Net IRR”) represents the annualized IRR for the period indicated on Limited Partner invested
capital based on investment contributions, distributions and unrealized value of the underlying investments, after
management fees, expenses and carried interest. Fund level IRRs are based on aggregate Limited Partner cash flows, and
this blended return may differ from that of individual Limited Partners. As a result, certain funds may generate accrued
performance revenues with a blended Net IRR that is below the preferred return hurdle for that fund. 
(8) “ASF” stands for AlpInvest Secondaries Fund, “ACF” stands for AlpInvest Co-Investment Fund, and “SMAs” are
Separately Managed Accounts. “ASF - SMAs” and “ACF - SMAs” reflect the aggregated portfolios of investments held by
SMAs within the relevant strategy, which invest alongside the relevant ASF or ACF (as applicable). Strategic SMAs reflect
the aggregated portfolios of co-investments made by SMAs sourced from the SMA investor’s own private equity fund
investment portfolio. Other SMAs reflect the aggregated portfolios of investments within the relevant strategy that began
making investments in the corresponding time periods. Co-Investments SMAs 2014-2016 does not include two SMAs that
started in 2016 but invested a substantial majority alongside ACF VII. These two SMAs have instead been grouped with
ACF VII - SMAs. An SMA may pursue multiple investment strategies and make commitments over multiple years.
(9) Includes ASF VIII - SMAs, ACF IX - SMAs, AlpInvest Atom Fund, AlpInvest Atom Fund II, all mezzanine investment
portfolios, all ‘clean technology’ private equity investment portfolios, all strategic portfolio finance SMAs, all AlpInvest
senior portfolio lending SMAs, and any state-focused investment mandate portfolios.
(10) For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time
since initial investment and early stage of capital deployment. For funds marked “Neg,” IRR is considered meaningful but
is negative as of reporting period end.  
(11) For purposes of aggregation, funds that report in foreign currency have been converted to U.S. dollars at the reporting
period spot rate.  
(12) Represents the net accrued performance revenue balance/(giveback obligation) as of the current quarter end. Total Net
Accrued Carry excludes net accrued carry which was retained as part of the sale of MRE on April 1, 2021. There was no
net accrued carry balance for MRE as of June 30, 2025 .

Liquidity and Capital Resources
Historical Liquidity and Capital Resources
We have historically required limited capital resources to support the working capital and operating needs of our
business. Our management fees have largely covered our operating costs and all realized performance allocations, after
covering the related compensation, are available for distribution to stockholders. Approximately 95% – 97% of all capital
commitments to our funds are provided by our fund investors, with the remaining amount typically funded by Carlyle, our
senior Carlyle professionals, advisors, and other professionals. We may elect to invest additional amounts in funds focused on
new investment areas. We may also invest in or alongside our funds and may transfer those investments to newly developed
products.
Our Sources of Liquidity
We have multiple sources of liquidity to meet our capital needs, including cash on hand, annual cash flows, accumulated
earnings, cash we receive from our notes offerings, and funds from our senior revolving credit facility, which had $1.0 billion
of available capacity as of June 30, 2025 . Although we may consider other financings to invest in growing our business, we
believe these sources will be sufficient to fund our capital needs for at least the next twelve months. We believe we will meet
longer-term expected future cash requirements and obligations through a combination of existing cash and cash equivalent
balances, cash flow from operations, accumulated earnings, and amounts available for borrowing from our senior revolving
credit facility or other financings.

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Cash and cash equivalents . Cash and cash equivalents were approximately $1.3 billion at June 30, 2025 . However, a
portion of this cash is allocated for specific business purposes, including, but not limited to: (i) performance allocations and
incentive fee related cash that has been received but not yet distributed as performance allocations and incentive fee related
compensation and amounts owed to non-controlling interests, (ii) proceeds received from realized investments that are allocable
to non-controlling interests, and (iii) regulatory capital.
Corporate Treasury Investments . These investments represent investments in U.S. Treasury and government agency
obligations, commercial paper, certificates of deposit, other investment grade securities and other investments with original
maturities of greater than three months when purchased.
After deducting cash amounts allocated to the specific requirements mentioned above, the remaining cash, cash
equivalents, and corporate treasury investments (if any), was approximately $1.2 billion as of June 30, 2025 . This remaining
amount will be used towards our primary liquidity needs, as outlined in the next section. This amount does not take into
consideration ordinary course of business payables and reserves for specific business purposes.
Senior Revolving Credit Facility . The capacity under the amended and restated revolving credit facility is $1.0 billion ,
which was amended in May 2025 to extend the maturity date from April 29, 2027 to May 29, 2030 . The Company’s borrowing
capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill their respective obligations under
the revolving credit facility. Principal amounts outstanding under the amended and restated revolving credit facility accrue
interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.50% per
annum, or (b) at SOFR (or similar benchmark rate for non-U.S. dollar borrowings) plus a 0.10% adjustment and an applicable
margin not to exceed 1.50% per annum ( 5.42% at June 30, 2025 ). As of June 30, 2025 , there were no amounts outstanding
under the senior revolving credit facility.
The senior revolving credit facility is unsecured. We are required to maintain management fee-earning assets (as defined
in the amended and restated senior revolving credit facility) of at least $156.9 billion and a total leverage ratio of less than 4.0 to
1.0, in each case, tested on a quarterly basis. Non-compliance with any of the financial or non-financial covenants without cure
or waiver would constitute an event of default under the senior revolving credit facility. An event of default resulting from a
breach of certain financial or non-financial covenants may result, at the option of the lenders, in an acceleration of the principal
and interest outstanding, and a termination of the senior revolving credit facility. The senior credit facility also contains other
customary events of default, including defaults based on events of bankruptcy and insolvency, nonpayment of principal, interest
or fees when due, breach of specified covenants, change in control, and material inaccuracy of representations and warranties.
Global Credit Revolving Credit Facility . Certain subsidiaries of the Company are parties to a revolving line of credit,
primarily intended to support certain lending activities within the Global Credit segment. As currently amended, the Global
Credit Revolving Credit Facility provides for a revolving line of credit with a capacity of $300 million , which matures in
September 2027, and a second revolving line of credit with a capacity of $200 million , which the Company intends to amend to
extend the maturity date from August 20, 2025 .
The Company’s borrowing capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill
their respective obligations under the Global Credit Revolving Credit Facility. Principal amounts outstanding accrue interest at
applicable SOFR or Eurocurrency rates plus an applicable margin of 2.00% or an alternate base rate plus an applicable margin
of 1.00% . As of June 30, 2025 , there was no borrowing outstanding under the Global Credit Revolving Credit Facility.
CLO Borrowings . For certain of our CLOs, the Company finances a portion of its investment in the CLOs through the
proceeds received from term loans and other financing arrangements with financial institutions or other financing arrangements. 
The Company’s CLO borrowings were $299.3 million at June 30, 2025 . The CLO borrowings are secured by the Company’s
investments in the respective CLO, have a general unsecured interest in the Carlyle entity that manages the CLO and generally
do not have recourse to any other Carlyle entity. As of June 30, 2025 , $280.6 million of these borrowings are secured by
investments attributable to The Carlyle Group Inc. See Note 6 , Borrowings , to the condensed consolidated financial statements
included in this Quarterly Report on Form 10-Q for more information on our CLO borrowings.
Senior Notes . Certain indirect finance subsidiaries of the Company have issued senior notes, on which interest is payable
semi-annually, as discussed below. The senior notes are unsecured and unsubordinated obligations of the respective subsidiary
and are fully and unconditionally guaranteed, jointly and severally, by the Company and each of the Carlyle Holdings
partnerships. The indentures governing each of the senior notes contain customary covenants that, among other things, limit the
issuers’ and the guarantors’ ability, subject to certain exceptions, to incur indebtedness secured by liens on voting stock or
profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The notes also
contain customary events of default. All or a portion of the notes may be redeemed at our option, in whole or in part, at any

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time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the notes. If a change
of control repurchase event occurs, the notes are subject to repurchase at the repurchase price as set forth in the notes.
3.500% Senior Notes . In September 2019, Carlyle Finance Subsidiary L.L.C. issued $425.0 million of 3.500% senior
notes due September 19, 2029 at 99.841% of par.
5.625% Senior Notes . In March 2013, Carlyle Holdings II Finance L.L.C. issued $400.0 million of 5.625% senior notes
due March 30, 2043 at 99.583% of par. In March 2014, an additional $200.0 million of these notes were issued at 104.315% of
par and are treated as a single class with the already outstanding $400.0 million aggregate principal amount of these notes.
5.650% Senior Notes . In September 2018, Carlyle Finance L.L.C. issued $350.0 million of 5.650% senior notes due
September 15, 2048 at 99.914% of par.
Subordinated Notes . In May and June 2021, Carlyle Finance L.L.C. issued $500.0 million aggregate principal amount of
4.625% subordinated notes due May 15, 2061. The Subordinated Notes are unsecured and subordinated obligations of the issuer
and are fully and unconditionally guaranteed, jointly and severally, on a subordinated basis, by the Company, each of the
Carlyle Holdings partnerships, and CG Subsidiary Holdings L.L.C., an indirect subsidiary of the Company. The indentures
governing the Subordinated Notes contain customary covenants that, among other things, limit the issuers’ and the guarantors’
ability, subject to certain exceptions, to incur indebtedness ranking on a parity with the Subordinated Notes or indebtedness
ranking junior to the Subordinated Notes secured by liens on voting stock or profit participating equity interests of their
subsidiaries or merge, consolidate or sell, transfer or lease all or substantially all of their assets. The Subordinated Notes also
contain customary events of default. All or a portion of the notes may be redeemed at our option, in whole or in part, at any
time and from time to time on or after June 15, 2026, prior to their stated maturity, at a redemption price equal to their principal
amount plus any accrued and unpaid interest to, but excluding, the date of redemption. If interest due on the Subordinated Notes
is deemed to no longer be deductible in the U.S., a “Tax Redemption Event,” the Subordinated Notes may be redeemed, in
whole, but not in part, within 120 days of the occurrence of such event at a redemption price equal to their principal amount
plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Subordinated Notes may be
redeemed, in whole, but not in part, at any time prior to May 15, 2026, within 90 days of the rating agencies determining that
the Subordinated Notes should no longer receive partial equity treatment pursuant to the rating agency’s criteria, a “rating
agency event,” at a redemption price equal to 102% of their principal amount plus any accrued and unpaid interest to, but
excluding, the date of redemption.
Obligations of CLOs . Loans payable of the Consolidated Funds primarily comprise amounts due to holders of debt
securities issued by the CLOs. We are not liable for any loans payable of the CLOs. Loans payable of the CLOs are
collateralized by the assets held by the CLOs and the assets of one CLO may not be used to satisfy the liabilities of another.
This collateral consists of cash and cash equivalents, corporate loans, corporate bonds and other securities.
Realized Performance Allocation Revenues . Another source of liquidity we may use to meet our capital needs is the
realized performance allocation revenues generated by our investment funds. Performance allocations are generally realized
when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return.
For certain funds, performance allocations are realized once all invested capital and expenses have been returned to the fund’s
investors and the fund’s cumulative returns are in excess of the preferred return. Incentive fees earned on our CLO vehicles
generally are paid upon the dissolution of such vehicles.

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Our accrued performance allocations by segment as of June 30, 2025 , gross and net of accrued giveback obligations, are
set forth below:

Accrued
Performance
Allocations (1)

Accrued
Giveback
Obligation

Net Accrued
Performance
Revenues

 

(Dollars in millions)

Global Private Equity

$ 5,153.4

$ (19.1)

$ 5,134.3

Global Credit

632.9

(25.5)

607.4

Carlyle AlpInvest

1,812.5

—

1,812.5

Total

$ 7,598.8

$ (44.6)

$ 7,554.2

Plus:  Accrued performance allocations from NGP Carry Funds (2)

326.4

Less:  Accrued performance allocation-related compensation

(5,049.3)

Plus:  Receivable for giveback obligations from current and former employees

11.5

Less:  Deferred taxes on certain foreign accrued performance allocations

(20.9)

Less/Plus:  Net accrued performance allocations/giveback obligations attributable to non-controlling interests in
consolidated entities

(0.4)

Plus:  Net accrued performance allocations attributable to Consolidated Funds, eliminated in consolidation

11.8

Net accrued performance revenues before timing differences

2,833.3

Less/Plus:  Timing differences between the period when accrued performance allocations/giveback obligations
are realized and the period they are collected/distributed

32.7

Net accrued performance revenues attributable to The Carlyle Group Inc.

$ 2,866.0

(1) Accrued incentive fees are excluded from net accrued performance revenues.
(2) Accrued performance allocations from NGP funds are presented as principal equity method investments in the condensed
consolidated balance sheets.
The net accrued performance revenues attributable to The Carlyle Group Inc., excluding realized amounts, related to our
carry funds and our other vehicles as of June 30, 2025 , as well as the carry fund appreciation (depreciation), is set forth below
by segment (Dollars in millions):

Carry Fund Appreciation/(Depreciation) (1)

Net Accrued
Performance
Revenues

Quarter-to-Date

Year-to-Date

Last Twelve
Months

Q2 2024

Q2 2025

Q2 2024

Q2 2025

Q2 2024

Q2 2025

Overall Carry Fund Appreciation/(Depreciation)

1 %

2 %

3 %

3 %

7 %

8 %

Global Private Equity:

2 %

2 %

3 %

3 %

5 %

7 %

$ 2,004.4

Corporate Private Equity

2 %

1 %

3 %

3 %

5 %

8 %

1,599.0

Real Estate

1 %

1 %

3 %

2 %

1 %

5 %

114.9

Infrastructure & Natural Resources

3 %

4 %

5 %

7 %

9 %

10 %

290.5

Global Credit Carry Funds

3 %

3 %

5 %

8 %

13 %

15 %

234.4

Carlyle AlpInvest Carry Funds

(1) %

2 %

4 %

2 %

8 %

7 %

627.2

Net Accrued Performance Revenues

$ 2,866.0

(1) Appreciation/(Depreciation) represents unrealized gain/(loss) for the period on a total return basis before fees and expenses. The
percentage of return is calculated as: ending remaining investment fair market value plus net investment outflow (sales proceeds
minus net purchases) minus beginning remaining investment fair market value divided by beginning remaining investment fair
market value. Amounts are fund only, and do not include coinvestments.
Realized Principal Investment Income . Another source of liquidity we may use to meet our capital needs is the realized
principal investment income generated by our equity method investments and other principal investments. Principal investment
income is realized when we redeem all or a portion of our investment or when we receive or are due cash income, such as
dividends or distributions. Certain of the investments attributable to The Carlyle Group Inc. (excluding certain general partner
interests, certain strategic investments, and investments in certain CLOs) may be sold at our discretion as a source of liquidity.

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Investments as of June 30, 2025 consist of the following:

Investments in
Carlyle Funds

Investments
in NGP (1)

Total

(Dollars in millions)

Investments, excluding performance allocations

$ 3,011.9

$ 592.4

$ 3,604.3

Less: Amounts attributable to non-controlling interests in consolidated entities

(379.8)

—

(379.8)

Plus: Investments in Consolidated Funds, eliminated in consolidation

675.4

—

675.4

Less: Strategic equity method investments in NGP Management

—

(265.7)

(265.7)

Less: Investment in NGP general partners - accrued performance allocations

—

(326.7)

(326.7)

Total investments attributable to The Carlyle Group Inc.

$ 3,307.5

$ —

$ 3,307.5

(1) Strategic equity method investment in NGP Management and investments in NGP general partners - accrued performance allocations.
See Note 4 , Investments , to our condensed consolidated financial statements.
Our investments as of June 30, 2025 can be further attributed as follows (Dollars in millions):

Investments in Carlyle Funds, excluding CLOs:

Global Private Equity funds (1)

$ 1,233.2

Global Credit funds (2)

1,321.9

Carlyle AlpInvest funds

295.2

Total investments in Carlyle Funds, excluding CLOs

2,850.3

Investments in CLOs

382.8

Other investments

74.4

Total investments attributable to The Carlyle Group Inc.

3,307.5

CLO loans and other borrowings collateralized by investments attributable to The Carlyle Group Inc. (3)

(280.6)

Total investments attributable to The Carlyle Group Inc., net of CLO loans and other borrowings

$ 3,026.9

(1) Excludes our strategic equity method investment in NGP Management and investments in NGP general partners - accrued
performance allocations.
(2) Includes the Company’s indirect investment in Fortitude through Carlyle FRL, a Carlyle-affiliated investment fund, as discussed in
Note 4 , Investments , to the condensed consolidated financial statements. This investment had a carrying value of $739.1 million as
of June 30, 2025 .
(3) Of the $299.3 million in total CLO borrowings as of June 30, 2025 and as disclosed in Note 6 , Borrowings , to the condensed
consolidated financial statements, $280.6 million are collateralized by investments attributable to The Carlyle Group Inc. The
remaining $18.7 million in total CLO borrowings are collateralized by investments attributable to non-controlling interests.
Our Liquidity Needs
We generally use our working capital and cash flows to invest in growth initiatives, service our debt, fund the working
capital needs of our business and investment funds and return capital to our common stockholders in the form of dividends or
stock repurchases.
In the future, we expect that our primary liquidity needs will be to:  
• provide capital to facilitate the growth of our existing business lines;
• provide capital to facilitate our expansion into new, complementary business lines, including acquisitions;
• pay operating expenses, including compensation and compliance costs and other obligations as they arise;
• fund costs of litigation and contingencies, including related legal costs;
• fund the capital investments of Carlyle in our funds;
• fund capital expenditures;
• repay borrowings and related interest costs and expenses;

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• pay earn-outs and contingent cash consideration associated with our acquisitions and strategic investments;
• pay income taxes, including corporate income taxes;
• pay dividends to our common stockholders in accordance with our dividend policy;
• repurchase our common stock and pay any associated taxes; and
• settle tax withholding obligations in connection with net share settlements of equity-based awards.
Common Stockholder Dividends . Under our dividend policy for our common stock, our intention is to pay dividends to
holders of our common stock in an amount of $0.35 per common share on a quarterly basis ($1.40 annually). For U.S. federal
income tax purposes, any dividends we pay generally will be treated as qualified dividend income (generally taxable to U.S.
individual stockholders at capital gain rates) paid by a domestic corporation to the extent paid out of our current or accumulated
earnings and profits, as determined for U.S. federal income tax purposes, with any excess dividends treated as return of capital
to the extent of the stockholder’s basis. The declaration and payment of dividends to holders of our common stock will be at the
sole discretion of our Board of Directors and in compliance with applicable law, and our dividend policy may be changed at any
time.
With respect to dividend year 2025 , the Board of Directors has declared a dividend to common stockholders totaling
$252.9 million , or $0.70 per share, consisting of the following:

Common Stock Dividends - Dividend Year 2025

Quarter

Dividend per
Common Share

Dividend to
Common
Stockholders

Record Date

Payment Date

(Dollars in millions, except per share data)

Q1 2025

$ 0.35

$ 126.3

May 19, 2025

May 27, 2025

Q2 2025

0.35

126.6

August 18, 2025

August 28, 2025

Total

$ 0.70

$ 252.9

With respect to dividend year 2024 , the Board of Directors declared cumulative dividends to common stockholders
totaling $502.7 million , consisting of the following:

Common Stock Dividends - Dividend Year 2024

Quarter

Dividend per
Common Share

Dividend to
Common
Stockholders

Record Date

Payment Date

(Dollars in millions, except per share data)

Q1 2024

$ 0.35

$ 125.6

May 14, 2024

May 21, 2024

Q2 2024

0.35

125.5

August 16, 2024

August 26, 2024

Q3 2024

0.35

125.2

November 18, 2024

November 25, 2024

Q4 2024

0.35

126.4

February 21, 2025

February 28, 2025

Total

$ 1.40

$ 502.7

Dividends to common stockholders paid during the six months ended June 30, 2025 totaled $252.7 million , including the
amount paid in February 2025 of $0.35 per common share in respect of the fourth quarter of 2024. Dividends to common
stockholders paid during the six months ended June 30, 2024 totaled $252.3 million , including the amount paid in March 2024
of $0.35 per common share in respect of the fourth quarter of 2023.
Fund Commitments . Generally, 3% – 5% of all capital commitments to our investment funds are made by Carlyle, our
senior Carlyle professionals, advisors, and other professionals. Carlyle will generally commit up to 1% of capital commitments
related to our carry funds, although we may elect to invest additional amounts in funds focused on new investment areas. We
may, from time to time, exercise our right to purchase additional interests in our investment funds that become available in the
ordinary course of their operations. We expect our senior Carlyle professionals and employees to continue to make significant
capital contributions to our funds based on their existing commitments, and to make capital commitments to future funds
consistent with the level of their historical commitments. We also intend to make investments in our open-end funds and our

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CLO vehicles. Our investments in our European CLO vehicles will comply with the risk retention rules as discussed in “Risk
Retention Rules” later in this section.
A substantial majority of the remaining commitments to our investment funds are expected to be funded by senior Carlyle
professionals, operating executives, and other professionals through our internal co-investment program. Of the $4.0 billion of
unfunded commitments as of June 30, 2025 , approximately $3.4 billion is subscribed individually by senior Carlyle
professionals, operating executives, and other professionals, with the balance funded directly by the Company. Approximately
78% of the $4.0 billion of unfunded commitments relate to investment funds in our Global Private Equity segment.
Under the Carlyle Global Capital Markets platform, certain of our subsidiaries may act as an underwriter, syndicator or
placement agent for security offerings and loan originations. We earn fees in connection with these activities and bear the risk
of the sale of such securities and placement of such loans, which may be longer dated. As of June 30, 2025 , there were no
material commitments related to the origination and syndication of loans and securities under the Carlyle Global Capital
Markets platform.
Repurchase Program . During the six months ended June 30, 2025 , we paid an aggregate of $125.0 million to repurchase
and retire approximately 2.7 million shares of common stock. In addition, during the six months ended June 30, 2025 , we paid
an aggregate of $155.1 million and retired 2.9 million shares of common stock to settle tax withholding obligations in
connection with net share settlements of equity-based awards, for a total of $280.1 million shares repurchased or withheld this
year. As of June 30, 2025 , $0.6 billion of repurchase capacity remained under the share repurchase program, which reflects the
cost of common shares repurchased as well as shares settled for tax withholding payments made by the Company related to the
net share settlement of equity-based awards. For further information on our repurchase program, see Note 13 , Equity , to the
condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Cash Flows
The significant captions and amounts from our condensed consolidated statements of cash flows, which include the
effects of our Consolidated Funds and CLOs in accordance with U.S. GAAP, are summarized below.

 

Six Months Ended June 30,

 

2025

2024

 

(Dollars in millions)

Statements of Cash Flows Data

Net cash used in operating activities

$ (520.9)

$ (1,198.6)

Net cash used in investing activities

(34.2)

(36.9)

Net cash provided by financing activities

526.8

717.2

Effect of foreign exchange rate changes

38.7

(6.7)

Net change in cash, cash equivalents and restricted cash

$ 10.4

$ (525.0)

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
fees, the related non-cash performance allocations and incentive fee related compensation, non-cash equity-based
compensation, and depreciation, amortization and impairments, all of which are included in earnings. Operating cash inflows
primarily include the receipt of management fees, realized performance allocations and incentive fees, while operating cash
outflows primarily include payments for operating expenses, including compensation and general, administrative and other
expenses.
Cash flows provided by operating activities during the six months ended June 30, 2025 and 2024 , excluding the activities
of our Consolidated Funds, were $530.2 million and $124.2 million , respectively. During the six months ended June 30, 2025
and 2024 , cash inflows impacting net cash provided by operating activities primarily included the receipt of management fees
and realized performance allocations and incentive fees, totaling approximately $1.7 billion and $1.7 billion , respectively.
These inflows were offset by payments for compensation and general, administrative and other expenses of approximately $1.6
billion and $1.5 billion for the six months ended June 30, 2025 and 2024 , respectively, which includes payment of 2024 and
2023 year-end bonuses paid in January 2025 and 2024, respectively.

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Cash used to purchase investments, as well as the proceeds from the sale of such investments, are also reflected in our
operating activities as investments are a normal part of our operating activities. During the six months ended June 30, 2025 ,
investment proceeds were $469.6 million as compared to investment purchases of $144.3 million . During the six months ended
June 30, 2024 , investment proceeds were $185.1 million as compared to investment purchases of $180.1 million , which
included a $115.1 million deferred consideration payment related to our investment in Fortitude .
The net cash provided by operating activities for the six months ended June 30, 2025 and 2024 also reflects the
investment activity of our Consolidated Funds. For the six months ended June 30, 2025 , purchases of investments by the
Consolidated Funds were $4.0 billion , while proceeds from the sales and settlements of investments by the Consolidated Funds
were $2.3 billion . For the six months ended June 30, 2024 , purchases of investments by the Consolidated Funds were $3.9
billion , while proceeds from the sales and settlements of investments by the Consolidated Funds were $2.7 billion .
Net cash used in investing activities . Our investing activities generally reflect cash used for fixed assets, software for
internal use, and corporate treasury investments. For the six months ended June 30, 2025 and 2024 , cash used in investing
activities principally reflects purchases of fixed assets of $34.2 million and $31.9 million , respectively.
Net cash provided by financing activities . Excluding the activities of our Consolidated Funds, net cash used in financing
activities during the six months ended June 30, 2025 and 2024 was $515.5 million and $607.3 million , respectively. During the
six months ended June 30, 2025 , we made no borrowings or repayments under the revolving credit facilities. During the six
months ended June 30, 2024 , we borrowed and subsequently repaid an aggregate of $10.4 million under the Global Credit
Revolving Credit Facility.
Dividends paid to our common stockholders were $252.7 million and $252.3 million for the six months ended June 30,
2025 and 2024 , respectively. For the six months ended June 30, 2025 and 2024 , we paid $280.1 million and $328.3 million ,
respectively, to repurchase and retire 5.6 million and 7.5 million shares, respectively, which included shares retired in
connection with the net share settlement of equity-based awards. During the six months ended June 30, 2024 , we paid $68.8
million in January 2024, representing the final annual installment of the deferred consideration payable to former Carlyle
Holdings unitholders in connection with the Conversion. For more information, see Note 9 to the consolidated financial
statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The net borrowings (payments) on loans payable by our Consolidated Funds during the six months ended June 30, 2025
and 2024 were $1,055.1 million and $1,328.5 million , respectively. Contributions from non-controlling interest holders were
$231.3 million and $120.4 million for the six months ended June 30, 2025 and 2024 , respectively, which relate primarily to
contributions from the non-controlling interest holders in Consolidated Funds. For the six months ended June 30, 2025 and
2024 , distributions to non-controlling interest holders were $198.4 million and $45.6 million , respectively, which relate
primarily to distributions to the non-controlling interest holders in Consolidated Funds.
Our Balance Sheet
Total assets were $25.1 billion at June 30, 2025 , an increase of $2.0 billion compared to December 31, 2024 , primarily
attributable to an increase in Investments in Consolidated Funds of $2.1 billion and an increase in Investments , including
Performance allocations of $0.3 billion , partially offset by a decrease in Cash and cash equivalents held at Consolidated Funds
of $0.4 billion . The increase in Investments, including Performance allocations was primarily attributable to an increase in
Accrued performance allocations, primarily driven by appreciation in CP VII, CP VIII, and our Carlyle AlpInvest funds,
partially offset by the impact of realizations.
Total liabilities were $18.4 billion at June 30, 2025 , an increase of $1.6 billion from December 31, 2024 . The increase in
liabilities was primarily attributable to an increase in Loans payable of Consolidated Funds of $1.2 billion , an increase in
Accrued compensation and benefits of $0.2 billion , and an increase in Other liabilities of Consolidated Funds of $0.2 billion .
The increase in Accrued compensation and benefits was primarily attributable to an increase in Accrued performance
allocations, on which Accrued performance allocations and incentive fee related compensation is based, partially offset by
payments of year-end bonuses.
The assets and liabilities of the Consolidated Funds are generally held within separate legal entities and, as a result, the
assets of the Consolidated Funds are not available to meet our liquidity requirements and similarly the liabilities of the
Consolidated Funds are non-recourse to us. In addition, as previously discussed, the CLO term loans generally are secured by
the Company’s investment in the CLO, have a general unsecured interest in the Carlyle entity that manages the CLO, and do
not have recourse to any other Carlyle entity. The number of funds that we consolidate fluctuates period to period. In general,

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the number of funds we are required to consolidate has been increasing as a result of the impacts of capital from our balance
sheet invested in new products and our indirect interest in funds through our indirect investment in Fortitude .
Our balance sheet without the effect of the Consolidated Funds can be seen in Note 17 , Supplemental Financial
Information , to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. At June 30,
2025 , our total assets without the effect of the Consolidated Funds were $15.5 billion , including cash and cash equivalents of
$1.3 billion and net accrued performance revenues of $2.9 billion .
Unconsolidated Entities
Certain of our funds have entered into lines of credit secured by their investors’ unpaid capital commitments or by a
pledge of the equity of the underlying investment. These lines of credit are used primarily to reduce the overall number of
capital calls to investors or for working capital needs. In certain instances, however, they may be used for other investment
related activities, including serving as bridge financing for investments. The degree of leverage employed varies among our
funds.
Off-balance Sheet Arrangements
In the normal course of business, we enter into various off-balance sheet arrangements including sponsoring and owning
limited or general partner interests in consolidated and non-consolidated funds, entering into derivative transactions, and
entering into guarantee arrangements. We also have ongoing capital commitment arrangements with certain of our consolidated
and non-consolidated funds. We do not have any other off-balance sheet arrangements that would require us to fund losses or
guarantee target returns to investors in any of our other investment funds.
For further information regarding our off-balance sheet arrangements, see Note 2 , Summary of Significant Accounting
Policies , and Note 8 , Commitments and Contingencies , to the condensed consolidated financial statements included in this
Quarterly Report on Form 10-Q.

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Contractual Obligations
The following table sets forth information relating to our contractual obligations as of June 30, 2025 on a consolidated
basis and on a basis excluding the obligations of the Consolidated Funds:

Jul. 1, 2025 to
Dec. 31, 2025

2026-2027

2028-2029

Thereafter

Total

 

(Dollars in millions)

Debt obligations (1)

$ 10.9

$ 124.6

$ 494.7

$ 1,546.5

$ 2,176.7

Interest payable (2)

53.4

204.3

192.3

1,547.9

1,997.9

Other consideration (3)

4.1

36.0

18.0

—

58.1

Operating lease obligations (4)

37.4

150.1

147.1

255.8

590.4

Capital commitments to Carlyle funds (5)

4,064.0

—

—

—

4,064.0

Tax receivable agreement payments (6)

—

11.3

12.3

48.0

71.6

Loans payable of Consolidated Funds (7)

195.0

773.6

774.7

10,209.6

11,952.9

Unfunded commitments of the CLOs (8)

46.1

—

—

—

46.1

Consolidated contractual obligations

4,410.9

1,299.9

1,639.1

13,607.8

20,957.7

Loans payable of Consolidated Funds (7)

(195.0)

(773.6)

(774.7)

(10,209.6)

(11,952.9)

Capital commitments to Carlyle funds (5)

(3,389.2)

—

—

—

(3,389.2)

Unfunded commitments of the CLOs (8)

(46.1)

—

—

—

(46.1)

Carlyle Operating Entities contractual obligations

$ 780.6

$ 526.3

$ 864.4

$ 3,398.2

$ 5,569.5

(1) The table above assumes that no prepayments are made on the senior and subordinated notes and that the outstanding balances, if any, on the senior
credit facility and Global Credit Revolving Credit Facility are repaid on the maturity dates of credit facilities. The CLO term loans are included in the
table above based on the earlier of the stated maturity date or the date the CLO is expected to be dissolved. See Note 6 , Borrowings , to the condensed
consolidated financial statements for the various maturity dates of our borrowings.
(2) The interest rates on the debt obligations as of June 30, 2025 consist of: 3.500% on $425.0 million of senior notes, 5.650% on $350.0 million of senior
notes, 5.625% on $600.0 million of senior notes, 4.625% on $500.0 million of subordinated notes, and a range of approximately 3.59% to 10.08% for
our CLO term loans. Interest payments assume that no prepayments are made and loans are held until maturity with the exception of the CLO term
loans, which are based on the earlier of the stated maturity date or the date the CLO is expected to be dissolved.
(3) These obligations represent our estimate of amounts to be paid on the contingent cash obligations associated with our acquisition of Abingworth. The
payment obligations are unsecured obligations of the Company or a subsidiary thereof, subordinated in right of payment to indebtedness of the
Company and its subsidiaries, and do not bear interest.
(4) We lease office space in various countries around the world, including our largest offices in Washington, D.C., New York City, London, Amsterdam,
and Hong Kong, which have non-cancelable lease agreements expiring in various years through 2036. The amounts in this table represent the minimum
lease payments required over the term of the lease.
(5) These obligations generally represent commitments by us to fund a portion of the purchase price paid for each investment made by our funds. These
amounts are generally due on demand and are therefore presented in the less than one year category. A substantial majority of these investments is
expected to be funded by senior Carlyle professionals and other professionals through our internal co-investment program. Of the $4.0 billion of
unfunded commitments to the funds, approximately $3.4 billion is subscribed individually by senior Carlyle professionals, advisors and other
professionals, with the balance funded directly by the Company. Additionally, these obligations include accrued giveback that has been realized but not
yet paid to the respective funds, a portion of which is payable by current and former senior Carlyle professionals.
(6) In connection with our initial public offering, we entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships
whereby we agreed to pay such limited partners 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax realized as a
result of increases in tax basis resulting from exchanges of Carlyle Holdings partnership units for common units of The Carlyle Group L.P. From and
after the consummation of the Conversion, former holders of Carlyle Holdings partnership units do not have any rights to payments under the tax
receivable agreement except for payment obligations pre-existing at the time of the Conversion with respect to exchanges that occurred prior to the
Conversion. These obligations are more than offset by the future cash tax savings that we are expected to realize.
(7) These obligations represent amounts due to holders of debt securities issued by the consolidated CLO vehicles. These obligations include interest to be
paid on debt securities issued by the consolidated CLO vehicles. Interest payments assume that no prepayments are made and loans are held until
maturity. For debt securities with rights only to the residual value of the CLO and no stated interest, no interest payments were included in this
calculation. Interest payments on variable-rate debt securities are based on interest rates in effect as of June 30, 2025 , at spreads to market rates
pursuant to the debt agreements, and range from 1.65% to 11.83% .
(8) These obligations represent commitments of the CLOs to fund certain investments. These amounts are generally due on demand and are therefore
presented in the less than one year category.
Excluded from the table above are liabilities for uncertain tax positions of $36.4 million at June 30, 2025 as we are unable
to estimate when such amounts may be paid.

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Contingent Cash Payments For Business Acquisitions and Strategic Investments
We have certain contingent cash obligations associated with our acquisition of Abingworth, which are accounted for as
compensation expense, and are accrued over the service period. If earned, payments are made in the quarter following the
performance year to which the payments relate. The contingent cash obligations relate to future incentive payments of up to
$130.0 million that are payable upon the achievement of certain performance targets during 2025 through 2028, which is the
maximum amount that could be paid as of June 30, 2025 . Through June 30, 2025 , we paid $2.7 million related to these
contingent obligations.
In connection with our acquisition of Carlyle Aviation Partners, we had contingent cash payments related to an earn-out
of up to $150.0 million that were payable upon the achievement of certain revenue and earnings performance targets during
2020 through 2025. We previously entered into a termination and settlement agreement with respect to the earn-out and made a
final payment of $1.0 million during the first quarter of 2025 for total earn-out payments of $124.7 million .
Risk Retention Rules
We will continue to comply with the risk retention rules governing CLOs issued in Europe for which we are a sponsor,
which require a combination of capital from our balance sheet, commitments from senior Carlyle professionals and/or third-
party financing.
Guarantees
See Note 8 , Commitments and Contingencies , to the condensed consolidated financial statements included in this
Quarterly Report on Form 10-Q for information related to all of our material guarantees.
Indemnifications
In many of our service contracts, we agree to indemnify the third-party service provider under certain circumstances. The
terms of the indemnities vary from contract to contract, and the amount of indemnification liability, if any, cannot be
determined and has not been included in the table above or recorded in our condensed consolidated financial statements as of
June 30, 2025 . See Note 8 , Commitments and Contingencies , to the condensed consolidated financial statements included in
this Quarterly Report on Form 10-Q for information related to indemnifications.
Contingent Obligations (Giveback)
Carried interest is ultimately realized when: (1) an underlying investment is profitably disposed of, (2) certain costs borne
by the limited partner investors have been reimbursed, (3) the fund’s cumulative returns are in excess of the preferred return,
and (4) we have decided to collect carry rather than return additional capital to limited partner investors. Realized carried
interest may be required to be returned by us in future periods if the fund’s investment values decline below certain levels.
When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized
performance allocations are reversed. See Note 8 , Commitments and Contingencies , to the condensed consolidated financial
statements included in this Quarterly Report on Form 10-Q for additional information related to our contingent obligations
(giveback).
Other Contingencies
In the ordinary course of business, we are a party to litigation, investigations, inquiries, employment-related matters,
disputes and other potential claims. We discuss certain of these matters in Note 8 , Commitments and Contingencies , to the
condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

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Carlyle Common Stock
A rollforward of our common stock outstanding for the six months ended June 30, 2025 is as follows:

Six Months Ended June 30,

2025

Balance, beginning of period

357,183,632

Shares issued

4,446,030

Shares repurchased/retired

(2,667,747)

Balance, end of period

358,961,915

Shares of The Carlyle Group Inc. common stock issued during the six months ended June 30, 2025 relate to the vesting of
the Company’s restricted stock units . Shares of The Carlyle Group Inc. common stock repurchased during the six months ended
June 30, 2025 relate to shares repurchased and subsequently retired as part of our share repurchase programs. Shares of The
Carlyle Group Inc. common stock issued and repurchased/retired during the six months ended June 30, 2025 include shares
retired as part of the net share settlement of equity-based awards .
The total shares as of June 30, 2025 as shown above exclude approximately 2.7 million net common shares, representing
the vesting of restricted stock units and shares issued and delivered in connection with our equity method investment in NGP
subsequent to June 30, 2025 that will participate in the common shareholder dividend that will be paid on August 28, 2025.

Critical Accounting Policies and Estimates
The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires our
management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses,
and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information,
information currently available to us and on various other assumptions management believes to be reasonable under the
circumstances. Actual results could vary from those estimates and we may change our estimates and assumptions in future
evaluations. Changes in these estimates and assumptions may have a material effect on our results of operations and financial
condition.
Other than the Restructuring as discussed in Note 4 , Investments , which resulted in the impairment of our investment in
NGP, there have been no material changes in the critical accounting estimates since those discussed in our Annual Report on
Form 10-K for the year ended December 31, 2024 .

Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our primary exposure to market risk is related to our role as general partner or investment advisor to our investment
funds and the sensitivities to movements in the fair value of their investments, including the effect on management fees,
incentive fees and investment income, including performance allocations. Although our investment funds share many common
themes, each of our asset management asset classes runs its own investment and risk management processes, subject to our
overall risk tolerance and philosophy. The investment process of our investment funds involves a comprehensive due diligence
approach, including review of reputation of shareholders and management, company size and sensitivity of cash flow
generation, business sector and competitive risks, portfolio fit, exit risks and other key factors highlighted by the deal team. Key
investment decisions are generally subject to approval by both the fund-level managing directors, as well as the investment
committee, which generally comprises one or more of the three founding partners as well as senior investment professionals.
Once an investment in a portfolio company has been made, our fund teams closely monitor the performance of the portfolio
company, generally through frequent contact with management and the receipt of financial and management reports.
There was no material change in our market risks during the six months ended June 30, 2025 . For additional information,
refer to our Annual Report on Form 10-K for the year ended December 31, 2024 .

Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be

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disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management,
including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding
required disclosures. In designing disclosure controls and procedures, our management necessarily was required to apply its
judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any
disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and
there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any
controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of
achieving the desired control objectives.
Our management, with the participation of our principal executive officer and principal financial officer, has evaluated
the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by
this report. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial
officer concluded that, as of the end of the period covered by this report, the design and operation of our disclosure controls and
procedures were effective to accomplish their objectives at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f)
under the Exchange Act) during the fiscal quarter ended June 30, 2025 that have materially affected, or that are reasonably
likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION
 

Item 1. Legal Proceedings
The information required with respect to this item can be found under “Legal Matters” in Note 8 , Commitments and
Contingencies , of the notes to the Company’s condensed consolidated financial statements contained in this Quarterly Report
on Form 10-Q, and such information is incorporated by reference into this Item 1.

Item 1A.  Risk Factors
For a discussion of our potential risks and uncertainties, see the information under Item 1A. “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2024 .

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table sets forth repurchases of our common stock during the three months ended June 30, 2025 for the
periods indicated. During the three months ended June 30, 2025 , 2.2 million shares were repurchased. In addition, 0.1 million
shares were retired in connection with the net share settlement of equity-based awards, which are not included in the table
below.

Period

(a) Total number of
shares
purchased

(b) Average
price paid per
share

(c) Total number of
shares purchased as
part of publicly
announced plans or
programs

(d) Maximum number (or
approximate dollar value)
of shares that may yet be
purchased under the plans
or programs (3)

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

April 1, 2025 to April 30, 2025 (1)

—

$ —

—

$ 979.3

May 1, 2025 to May 31, 2025 (1)(2)

835,494

$ 45.84

835,494

$ 941.0

June 1, 2025 to June 30, 2025 (1)(2)

1,338,472

$ 46.13

1,338,472

$ 879.3

Total

2,173,966

2,173,966

(1) The Board of Directors reset the total repurchase authorization of our previously approved share repurchase program to $1.4 billion
in shares of our common stock, effective as of February 6, 2024. Under the share repurchase program, shares of our common stock
may be repurchased from time to time in open market transactions, in privately negotiated transactions, or otherwise, including
through Rule 10b5-1 plans. The timing and actual number of shares of common stock repurchased will depend on a variety of
factors, including legal requirements and price, economic, and market conditions. In addition to the repurchase of common stock,
the repurchase program is used for the payment of tax withholding amounts upon net share settlement of equity-based awards
granted pursuant to our Equity Incentive Plan or otherwise based on the value of shares withheld that would have otherwise been
issued to the award holder. The repurchase program may be suspended or discontinued at any time and does not have a specified
expiration date.
(2) Reflects shares purchased in open market and brokered transactions, which were subsequently retired.
(3) The remaining repurchase authorization was $572.0 million as of June 30, 2025 when factoring in the net share settlement of
equity-based awards.

Item 3. Defaults Upon Senior Securities
Not applicable.

Item 4. Mine Safety Disclosures
Not applicable.

Item 5. Other Information
None.

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Item 6. Exhibits
The following is a list of all exhibits filed or furnished as part of this report:  

Exhibit No.

Description

3.1

Amended and Restated Certificate of Incorporation of The Carlyle Group Inc. (incorporated by reference to
Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 2, 2023).

3.2

Bylaws of The Carlyle Group Inc. (incorporated by reference to Exhibit 3.3 to the Registrant ’ s Current Report on
Form 8-K filed with the SEC on January 2, 2020).

10.1*†

Third Amended and Restated Credit Agreement, dated as of May 29, 2025, among TC Group Cayman, L.P.,
Carlyle Investment Management L.L.C., and CG Subsidiary Holdings L.L.C., as Borrowers, TC Group, L.L.C.,
Carlyle Holdings I L.P., Carlyle Holdings II L.L.C., Carlyle Holdings III L.P. and Carlyle Finance Subsidiary
L.L.C. as Parent Guarantors, the Lenders Party Hereto, and Citibank, N.A. as Administrative Agent, and Citibank,
N.A., JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Wells Fargo Securities, LLC as Joint Lead Arrangers
and Bookrunners, and JPMorgan Chase Bank, N.A., Bank of America, N.A. and Wells Fargo Bank, National
Association, as Syndication Agents.

10.2*+

Form of Global Restricted Stock Unit Agreement for Time-Based Awards to Non-Employee Directors.

10.3*+

Form of Global Restricted Stock Unit Agreement for Vested Awards to Non-Employee Directors.

10.4*

Aircraft Lease Agreement, dated as of April 21, 2025, by and between Falstaff Partners LLC and Carlyle
Investment Management L.L.C.

10.5*

Flight Support Services Agreement, dated as of April 18, 2025, by and between Jet Aviation Flights Services, Inc.
and Carlyle Investment Management L.L.C.

22*

Senior and Subordinated Notes, Issuers, and Guarantors.

31.1*

Certification of the principal executive officer pursuant to Rule 13a – 14(a).

31.2*

Certification of the principal financial officer pursuant to Rule 13a – 14(a).

32.1**

Certification of the principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**

Certification of the principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

Inline XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its
XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema Document.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

Inline XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104

The cover page from The Carlyle Group Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30,
2025 , formatted in Inline XBRL (included within the Exhibit 101 attachments).

*

Filed herewith.

**

Furnished herewith.

†

Certain information contained in this agreement has been omitted because it is not material and is the type that the registrant treats as
private or confidential.

+

Management contract or compensatory plan or arrangement in which directors and/or executive officers are eligible to participate.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or
other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely
on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents
were made solely within the specific context of the relevant agreement or document and may not describe the actual state of
affairs as of the date they were made or at any other time.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.

 

The Carlyle Group Inc.

Date: August 8, 2025

 

By:

 

/s/ John C. Redett

 

Name:

 

John C. Redett

 

Title:

 

Chief Financial Officer

 

 

(Principal Financial Officer and
Authorized Officer)