10-Q – 2026-05-08 – cg-20260331.htm

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 10-Q

 
(Mark One)

☒

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

FOR THE QUARTERLY PERIOD ENDED March 31, 2026
OR
 

☐

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

FOR THE TRANSITION PERIOD FROM                      TO                     
Commission File Number: 001-35538
 

The Carlyle Group Inc.
(Exact name of registrant as specified in its charter)

Delaware

 

45-2832612

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

1001 Pennsylvania Avenue, NW
Washington , DC , 20004-2505
(Address of principal executive offices) (Zip Code)
( 202 ) 729-5626
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

CG

The Nasdaq Global Select Market

4.625% Subordinated Notes due 2061 of Carlyle
Finance L.L.C.

CGABL

The Nasdaq Global Select Market

As of May 5, 2026 , there were 359,974,427 shares of common stock of the registrant outstanding.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.     Yes    ý     No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such
files).     Yes    ý     No   ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging
growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2 of the Exchange Act.

Large accelerated filer

 

☒

  

Accelerated filer

 

☐

Non-accelerated filer

 

☐

  

Smaller reporting company

 

☐

Emerging growth company

 

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐     No  ☒   

1

TABLE OF CONTENTS
 

 

 

Page

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

5

Unaudited Condensed Consolidated Financial Statements – March 31, 2026 and 2025 :

Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025

5

Condensed Consolidated Statements of Operations for the Three Months Ended March 31,
2026 and 2025

6

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three
Months Ended March 31, 2026 and 2025

7

Condensed Consolidated Statements of Changes in Equity for the Three Months Ended
March 31, 2026 and 2025

8

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31,
2026 and 2025

9

Notes to the Condensed Consolidated Financial Statements

11

Item 2.

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

60

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

111

Item 4.

Controls and Procedures

111

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

113

Item 1A.

Risk Factors

113

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

113

Item 3.

Defaults Upon Senior Securities

113

Item 4.

Mine Safety Disclosures

113

Item 5.

Other Information

113

Item 6.

Exhibits

114

SIGNATURES

115

 

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, 2025 , filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27,
2026, 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.

The Carlyle Group Inc. was formed in Delaware as a partnership on July 18, 2011. On January 1, 2020, we completed our
conversion from a Delaware limited partnership named The Carlyle Group L.P. into a Delaware Corporation named The
Carlyle Group Inc. (the conversion, together with such restructuring steps and related transactions, the “Conversion”).
Unless the context suggests otherwise, references in this 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

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of or associated with our carry funds. The rate of carried interest, as well as the share of carried interest allocated to Carlyle,
may vary across the carry fund platform. Carry funds generally include the following investment vehicles across our three
business segments:
• Global Private Equity: Buyout, growth, real estate, and infrastructure & natural resources funds advised by Carlyle, as
well as certain energy funds advised by our strategic partner NGP Energy Capital Management (“NGP”) in which
Carlyle is entitled to receive a share of carried interest (“NGP Carry Funds”);
• Global Credit: Opportunistic credit, aviation finance, infrastructure credit, and other closed-end credit funds advised by
Carlyle; and
• Carlyle AlpInvest: 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 and evergreen products;
(e) the fair value of Fortitude’s general account assets invested under the strategic advisory services agreement;
(f) the gross assets (including assets acquired with leverage) of certain cross-platform credit and direct lending
products, excluding cash and cash equivalents for one of our business development companies; and
(g) the lower of cost or fair value of invested capital, generally for AlpInvest carry funds where the commitment fee
period has expired and certain carry funds where the investment period has expired.
“Assets under management” or “AUM” refers to the assets we manage or advise. Our AUM generally equals the sum of
the following:
(a) the aggregate fair value of our carry funds and related co-investment vehicles, and separately managed accounts,
plus the capital that Carlyle is entitled to call from investors in those funds and vehicles (including Carlyle
commitments to those funds and vehicles and those of senior Carlyle professionals and employees) pursuant to the
terms of their capital commitments to those funds and vehicles;

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(b) the amount of aggregate collateral balance and principal cash or aggregate principal amount of the notes of our
CLOs and other structured products (inclusive of all positions);
(c) the net asset value of certain carry funds and evergreen products;
(d) the fair value of Fortitude’s general account assets covered by the strategic advisory services agreement; and
(e) the gross assets (including assets acquired with leverage) of 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 Carlyle AlpInvest Private Markets Secondaries (“CAPS”) funds, and (f) certain other structured credit
and asset-backed finance products.
“Legacy Energy Funds” include Energy III, Energy IV, and Renew II and are managed with Riverstone and its affiliates.
The investment periods for these funds have expired and the remaining investments in each fund are being disposed of in the
ordinary course of business. The impact of these funds is no longer significant to our results of operations.
“Metropolitan” or “MRE” refers to Metropolitan Real Estate Management, LLC, which was included in the Carlyle
AlpInvest business segment prior to its sale on April 1, 2021.

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PART I – FINANCIAL INFORMATION
 

Item 1. Financial Statements

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

March 31,
2026

December 31,
2025

 

(Unaudited)

Assets

Cash and cash equivalents

$ 1,673.2

$ 1,970.2

Cash and cash equivalents held at Consolidated Funds

1,081.0

1,235.1

Investments, including accrued performance allocations of $ 6,865.4 and $ 7,620.3 as of
March 31, 2026 and December 31, 2025 , respectively

10,465.3

11,152.7

Investments of Consolidated Funds

14,326.8

12,519.8

Due from affiliates and other receivables, net

769.1

834.8

Due from affiliates and other receivables of Consolidated Funds, net

356.7

206.4

Fixed assets, net

234.9

224.9

Lease right-of-use assets, net

332.9

331.9

Deposits and other

98.4

100.9

Intangible assets, net

473.6

507.1

Deferred tax assets

30.1

32.2

Total assets

$ 29,842.0

$ 29,116.0

Liabilities and equity

Debt obligations

$ 3,001.6

$ 2,997.0

Loans payable of Consolidated Funds

11,148.7

10,426.0

Accounts payable, accrued expenses and other liabilities

478.3

543.7

Accrued compensation and benefits

4,911.8

5,849.4

Due to affiliates

226.4

203.9

Deferred revenue

358.2

129.2

Deferred tax liabilities

55.2

106.3

Other liabilities of Consolidated Funds

1,718.4

1,260.4

Lease liabilities

466.8

470.2

Accrued giveback obligations

102.0

72.8

Total liabilities

22,467.4

22,058.9

Commitments and contingencies

Common stock, $ 0.01 par value, 100,000,000,000 shares authorized ( 359,839,214 and
357,374,023 shares issued and outstanding as of March 31, 2026 and December 31, 2025 ,
respectively)

3.6

3.6

Additional paid-in-capital

4,408.4

4,285.8

Retained earnings

1,172.7

1,642.3

Accumulated other comprehensive loss

( 181.2 )

( 170.2 )

Non-controlling interests in consolidated entities

1,971.1

1,295.6

Total equity

7,374.6

7,057.1

Total liabilities and equity

$ 29,842.0

$ 29,116.0

See accompanying notes.

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

 

Three Months Ended
March 31,

 

2026

2025

Revenues

Fund management fees

$ 584.0

$ 586.1

Incentive fees

51.7

43.2

Investment income (loss)

Performance allocations

( 681.1 )

222.9

Principal investment income (loss)

64.4

( 63.1 )

Total investment income (loss)

( 616.7 )

159.8

Interest and other income

55.3

50.6

Interest and other income of Consolidated Funds

179.7

133.4

Total revenues

254.0

973.1

Expenses

Compensation and benefits

Cash-based compensation and benefits

227.1

218.4

Equity-based compensation

119.8

103.5

Performance allocations and incentive fee related compensation

( 367.9 )

171.4

Total compensation and benefits

( 21.0 )

493.3

General, administrative and other expenses

184.6

173.6

Interest

38.6

27.8

Interest and other expenses of Consolidated Funds

166.4

113.5

Total expenses

368.6

808.2

Other income (loss)

Net investment income (loss) of Consolidated Funds

( 64.4 )

6.1

Income (loss) before provision for income taxes

( 179.0 )

171.0

Provision (benefit) for income taxes

( 37.1 )

12.4

Net income (loss)

( 141.9 )

158.6

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

( 9.7 )

28.6

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

$ ( 132.2 )

$ 130.0

Net income (loss) attributable to The Carlyle Group Inc. per common share (see Note 11)

Basic

$ ( 0.37 )

$ 0.36

Diluted

$ ( 0.37 )

$ 0.35

Weighted-average common shares

Basic

359,192,724

359,464,272

Diluted

359,192,724

366,336,892

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

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

 

Three Months Ended
March 31,

 

2026

2025

Net income (loss)

$ ( 141.9 )

$ 158.6

Other comprehensive income (loss)

Foreign currency translation adjustments

( 19.0 )

47.0

Defined benefit plans

Unrealized loss for the period

( 0.8 )

( 1.1 )

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

( 0.1 )

( 0.1 )

Other comprehensive income (loss)

( 19.9 )

45.8

Comprehensive income (loss)

( 161.8 )

204.4

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

( 18.6 )

33.3

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

$ ( 143.2 )

$ 171.1

See accompanying notes.

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The Carlyle Group Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
(Dollars and shares in millions)

Common
Shares

Common
Stock

Additional
Paid-in-
Capital

Retained
Earnings

Accumulated
Other
Comprehensive
Loss

Non-
controlling
Interests in
Consolidated
Entities

Total
Equity

Balance at December 31, 2025

357.4

$ 3.6

$ 4,285.8

$ 1,642.3

$ ( 170.2 )

$ 1,295.6

$ 7,057.1

Shares repurchased

( 1.3 )

—

—

( 65.0 )

—

—

( 65.0 )

Net shares issued for equity-based awards

3.7

—

—

( 139.8 )

—

—

( 139.8 )

Equity-based compensation

—

—

116.4

—

—

—

116.4

Dividend-equivalent rights on certain equity-
based awards

—

—

6.2

( 6.2 )

—

—

—

Contributions

—

—

—

—

—

783.9

783.9

Dividends and distributions

—

—

—

( 126.4 )

—

( 89.8 )

( 216.2 )

Net loss

—

—

—

( 132.2 )

—

( 9.7 )

( 141.9 )

Currency translation adjustments

—

—

—

—

( 10.1 )

( 8.9 )

( 19.0 )

Defined benefit plans, net

—

—

—

—

( 0.9 )

—

( 0.9 )

Balance at March 31, 2026

359.8

$ 3.6

$ 4,408.4

$ 1,172.7

$ ( 181.2 )

$ 1,971.1

$ 7,374.6

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

( 0.5 )

—

—

( 25.0 )

—

—

( 25.0 )

Net shares issued for equity-based awards

4.2

—

—

( 151.5 )

—

—

( 151.5 )

Equity-based compensation

—

—

102.3

—

—

—

102.3

Dividend-equivalent rights on certain equity-
based awards

—

—

3.1

( 3.1 )

—

—

—

Initial consolidation of a Consolidated Entity

—

—

—

—

—

35.0

35.0

Contributions

—

—

—

—

—

163.0

163.0

Dividends and distributions

—

—

—

( 126.4 )

—

( 164.2 )

( 290.6 )

Net income

—

—

—

130.0

—

28.6

158.6

Currency translation adjustments

—

—

—

—

42.3

4.7

47.0

Defined benefit plans, net

—

—

—

—

( 1.2 )

—

( 1.2 )

Balance at March 31, 2025

360.9

$ 3.6

$ 3,997.7

$ 1,864.8

$ ( 288.7 )

$ 807.8

$ 6,385.2

See accompanying notes.

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Table of Contents

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

 

Three Months Ended March 31,

 

2026

2025

Cash flows from operating activities

Net income (loss)

$ ( 141.9 )

$ 158.6

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

Depreciation and amortization

50.5

46.9

Equity-based compensation

119.8

103.5

Non-cash performance allocations and incentive fees, net

283.1

15.0

Non-cash principal investment (income) loss

( 39.6 )

72.7

Other non-cash amounts

( 2.1 )

12.6

Consolidated Funds related:

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

248.6

( 7.0 )

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

( 184.2 )

0.9

Purchases of investments by Consolidated Funds

( 4,092.8 )

( 2,425.5 )

Proceeds from sales and settlements of investments by Consolidated Funds

2,199.8

1,430.8

Non-cash interest income, net

( 4.2 )

( 4.1 )

Change in cash and cash equivalents held at Consolidated Funds

169.0

270.9

Change in other receivables held at Consolidated Funds

( 143.6 )

8.3

Change in other liabilities held at Consolidated Funds

606.6

( 2.5 )

Purchases of investments

( 148.2 )

( 78.3 )

Proceeds from the sale of investments

160.8

144.8

Payments of contingent consideration

—

( 1.0 )

Changes in deferred taxes, net

( 45.4 )

( 29.4 )

Change in due from affiliates and other receivables

( 1.7 )

10.7

Change in deposits and other

7.1

( 10.8 )

Change in accounts payable, accrued expenses and other liabilities

( 66.1 )

( 25.4 )

Change in accrued compensation and benefits

( 461.2 )

( 327.7 )

Change in due to affiliates

18.0

6.5

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

( 4.5 )

( 2.8 )

Change in deferred revenue

229.8

280.2

Net cash used in operating activities

( 1,242.4 )

( 352.1 )

Cash flows from investing activities

Purchases of fixed assets, net

( 28.1 )

( 16.7 )

Net cash used in investing activities

( 28.1 )

( 16.7 )

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Three Months Ended March 31,

 

2026

2025

Cash flows from financing activities

Payments on CLO borrowings

( 22.5 )

( 14.6 )

Proceeds from CLO borrowings, net of financing costs

32.4

15.1

Net borrowings on loans payable of Consolidated Funds

579.8

559.4

Dividends to common stockholders

( 126.4 )

( 126.4 )

Contributions from non-controlling interest holders

783.9

163.0

Distributions to non-controlling interest holders

( 89.8 )

( 164.2 )

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

( 204.8 )

( 176.5 )

Change in due to/from affiliates financing activities

35.7

40.8

Net cash provided by financing activities

988.3

296.6

Effect of foreign exchange rate changes

( 8.7 )

5.0

Decrease in cash, cash equivalents and restricted cash

( 290.9 )

( 67.2 )

Cash, cash equivalents and restricted cash, beginning of period

1,973.6

1,266.5

Cash, cash equivalents and restricted cash, end of period

$ 1,682.7

$ 1,199.3

Supplemental non-cash disclosures

Initial consolidation of Consolidated Funds

$ ( 8.9 )

$ 57.0

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

Cash and cash equivalents

$ 1,673.2

$ 1,190.3

Restricted cash

9.5

9.0

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

$ 1,682.7

$ 1,199.3

Cash and cash equivalents held at Consolidated Funds

$ 1,081.0

$ 570.9

See accompanying notes.

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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 14 ,
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 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.
Generally, the consolidation of the Consolidated Funds has a gross-up effect on assets, liabilities and cash flows, but has no net
effect on the net income attributable to the Company beyond the capital contributed by the Company to the Consolidated Funds.
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 by the
Consolidated Funds and notes issued by the consolidated CLOs 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. 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, 2025 filed with the U.S. Securities
and Exchange Commission (“SEC”) on February 27, 2026. 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

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

that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable
interests. The Company considers all economic interests, including indirect interests, to determine if a fee is considered a
variable interest.
For those entities where the Company holds a variable interest, the Company determines whether each of these entities
qualifies as a VIE and, if so, whether or not the Company is the primary beneficiary. The assessment of whether the entity is a
VIE is generally performed qualitatively, which requires judgment. These judgments include: (a) determining whether the
equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial
support, (b) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the economic
performance of the entity, (c) determining whether two or more parties’ equity interests should be aggregated, and (d)
determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to
receive returns from an entity.
For entities that are determined to be VIEs, the Company consolidates those entities where it has concluded it is the
primary beneficiary. The primary beneficiary is defined as the variable interest holder with (a) the power to direct the activities
of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity
or the right to receive benefits from the entity that could potentially be significant to the VIE. In evaluating whether the
Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly
by the Company.
As of March 31, 2026 , assets and liabilities of the consolidated VIEs reflected in the condensed consolidated balance
sheets were $ 15.8 billion and $ 12.9 billion , respectively. As of December 31, 2025 , assets and liabilities of the consolidated
VIEs reflected in the consolidated balance sheets were $ 14.0  billion and $ 11.7  billion , respectively. Except to the extent of the
consolidated assets of the VIEs, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Company.
The Company’s Consolidated Funds are primarily CLOs, which are VIEs that issue loans payable that are backed by
diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral
for the CLOs, the Company earns investment management fees, including in some cases subordinated management fees and
contingent incentive fees. In cases where the Company consolidates the CLOs (primarily because of a retained interest that is
significant to the CLO), those management fees and contingent incentive fees have been eliminated as intercompany
transactions. As of March 31, 2026 , the Company held $ 484.3 million of investments in these CLOs which represents its
maximum risk of loss. The Company’s investments in these CLOs are generally subordinated to other interests in the entities
and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs
have no recourse against the Company for any losses sustained in the CLO structure. The Company’s Consolidated Funds also
include certain investment funds in the Global Private Equity segment that are accounted for as consolidated VIEs due to the
Company providing financing to bridge investment purchases. As of March 31, 2026 , the Company held $ 900.5  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 either a significant direct interest in these funds or significant indirect interest
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 Carlyle AlpInvest vehicles, as well as its strategic
investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to
Note 4 , Investments , for information on the strategic investment in NGP. The Company’s involvement with such entities is in
the form of direct or indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets
recognized by the Company relating to its variable interests in these unconsolidated entities.

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

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

 

As of

 

March 31,
2026

December 31,
2025

 

(Dollars in millions)

Investments

$ 733.8

$ 776.5

Accrued performance allocations

737.7

756.0

Management fee receivables

53.5

57.2

Total

$ 1,525.0

$ 1,589.7

These amounts represent the Company’s maximum exposure to loss related to the unconsolidated VIEs as of March 31,
2026 and December 31, 2025 .
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 Accounting Standards Codification (“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.
Management fees may be charged in advance or arrears, and at a monthly, quarterly, or semi-annual cadence pursuant to
the terms of the investment management agreement. The range of management fee rates and the base on which they are earned
vary based on the product’s strategy, expected term, and other factors, but generally encompass the following:
• For closed-end carry funds in the Global Private Equity and Global Credit segments:
◦ During the fund’s commitment period, generally 1.0 % to 2.0 % of limited partners’ capital commitments in
the case of Global Private Equity and invested capital in the case of Global Credit, and
◦ Following the expiration or termination of the investment period, generally 0.5 % to 2.0 % of the lower of
cost or fair value of invested capital.
• For carry funds and other fund vehicles in the Carlyle AlpInvest segment:
◦ During the fund’s commitment period, generally 0.25 % to 1.5 % of the vehicle’s capital commitments, and
◦ Following the expiration of the commitment fee period, generally 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.
• For CLOs and other structured products in the Global Credit segment, 0.4 % to 0.5 % based on the total par amount
of assets or the aggregate principal amount of the notes in the CLO.
• For certain of the Company’s perpetual capital strategies and separately managed accounts in the Global Credit
segment, 0.10 % to 0.75 % based on invested capital or the fair value of the underlying assets.
• For certain cross platform products as well as the company’s business development companies in the Global Credit
segment, 1.0 % to 1.5 % of gross assets, excluding cash and cash equivalents, or net asset value.
• For the Company’s retail-oriented perpetual capital products, including CTAC, CAPM, and CAPS funds, generally
1.0 % to 1.25 % of net asset value.
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 % .

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

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
$ 49.3 million and $ 76.7 million for the three months ended March 31, 2026 and 2025 , 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, the Company is entitled to an incentive
fee generally between 10.0 % and 17.5 % of either pre-incentive investment income or net profits, in most instances subject to a
quarterly hurdle rate and catch-up, payable quarterly. Incentive fees are recognized when the performance benchmark has been
achieved. Incentive fees are variable consideration because they are contingent upon the investment vehicle achieving stipulated
investment return hurdles. Investment returns are highly susceptible to market factors outside of the Company’s influence.
Accordingly, incentive fees are constrained until all uncertainty is resolved. Estimates of future period incentive fees are
generally not included in the transaction price because these estimates are constrained. The transaction price for incentive fees
is generally the amount determined at the end of each accounting period to which they relate because that is when the
uncertainty for that period is resolved, as these fees are not subject to clawback.
Investment Income (Loss), including Performance Allocations
Investment income (loss) represents the unrealized and realized gains and losses resulting from the Company’s equity
method investments, including any associated general partner performance allocations, and other principal investments,
including CLOs.
General partner performance allocations consist of the allocation of profits from certain of the funds to which the
Company is entitled (commonly known as carried interest).
For closed-end carry funds in the Global Private Equity and Global Credit segments, the Company is generally entitled to
a 20 % allocation (or approximately 2 % to 12.5 % for most of the Carlyle AlpInvest segment carry fund vehicles) of the net
realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns of generally
7 % to 9 % and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership
agreement). These terms may vary on longer-dated funds, certain credit funds, and external co-investment vehicles. Carried
interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective
partnership agreement. The Company recognizes revenues attributable to performance allocations based upon the amount that
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

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

values as of the end of the prior period. Because of the inherent uncertainty, these estimated values may differ significantly
from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the
difference could be material.
Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne
by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return,
and (iv) the Company has decided to collect carry rather than return additional capital to limited partner investors. Realized
carried interest may be required to be returned by the Company in future periods if the fund’s investment values decline below
certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously
recognized performance allocations are reversed. In all cases, each fund is considered separately in this regard, and for a given
fund, performance allocations can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s
investments at their then-current fair values, previously recognized and distributed carried interest would be required to be
returned, a liability is established for the potential giveback obligation. As of March 31, 2026 and December 31, 2025 , the
Company accrued $ 102.0 million and $ 72.8 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 $ 161.8 million and $ 123.0
million for the three months ended March 31, 2026 and 2025 , respectively, and is included in interest and other income of
Consolidated Funds in the accompanying condensed consolidated statements of operations.
Credit Losses
The Company measures all expected credit losses for financial assets held at the reporting date in accordance with ASC
326, Financial Instruments—Credit Losses , based on historical experience, current conditions, and reasonable and supportable
forecasts. The Company assesses the collection risk characteristics of the outstanding amounts in its due from affiliates balance
into the following pools of receivables:
• Reimbursable fund expenses receivables,
• Management fee receivables,
• Incentive fee receivables,
• Transaction fee receivables,
• Portfolio fee receivables, and
• Notes receivable.
The Company generally utilizes either historical credit loss information or discounted cash flows to calculate expected
credit losses for each pool. The Company’s receivables are predominantly with its investment funds, which have low risk of
credit loss based on the Company’s historical experience. Historical credit loss data may be adjusted for current conditions and
reasonable and supportable forecasts, including the Company’s expectation of near-term realization based on the liquidity of the
affiliated investment funds.

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

Compensation and Benefits
Cash-Based Compensation and Benefits – Cash-based compensation and benefits includes salaries, bonuses
(discretionary awards and guaranteed amounts), performance payment arrangements, and benefits paid and payable to Carlyle
employees. Bonuses are accrued over the service period to which they relate.
Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards is measured at fair
value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the
relevant service period on a straight-line basis. The compensation expense for awards that do not require future service is
recognized immediately. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each
reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable
that the performance conditions will be achieved. The compensation expense for awards that contain market conditions is based
on a grant-date fair value that factors in the probability that the market conditions will be achieved and is recognized over the
requisite service period on a straight-line basis.
Certain equity-based awards contain dividend-equivalent rights, which are subject to the same terms and conditions,
including with respect to vesting and settlement, that apply to the related award. Dividend-equivalents are accounted for as a
reclassification from retained earnings to additional paid-in capital at the time dividends are declared and do not result in
incremental compensation expense.
Equity-based awards issued to non-employees are generally recognized as general, administrative and other expenses,
except to the extent they are recognized as part of the Company’s equity method earnings because they are issued to employees
of equity method investees.
The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized
compensation expense for awards that vest based on service and/or performance conditions. The reduction in compensation
expense is determined based on the specific awards forfeited during that period. Furthermore, the Company recognizes all
excess tax benefits and deficiencies as income tax benefit or expense in the condensed consolidated statements of operations.
For awards with a market condition (e.g., achievement of certain stock price hurdles) that are forfeited due to the market
condition not being achieved, the related equity-based compensation expense is not reversed.
Performance Allocations and Incentive Fee Related Compensation – A portion of the performance allocations and
incentive fees and certain other interests earned is due to employees and advisors of the Company. These amounts are
accounted for as profit sharing interests in compensation expense in a systematic and rational manner in conjunction with the
recognition of the related performance allocations and incentive fee revenue and, until paid, are recognized as a component of
the accrued compensation and benefits liability. The liability is measured assuming the hypothetical liquidation of the
associated funds’ underlying investments as of the measurement date. Accordingly, upon a reversal of performance allocations
or incentive fee revenue, the related compensation expense, if any, is also reversed. As any vesting requirement is accelerated
upon realization, the service period is not considered substantive when recording the liability based on the hypothetical
liquidation value. As of March 31, 2026 and December 31, 2025 , the Company recorded a liability of $ 4.6  billion and
$ 5.1  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 Company is a corporation for U.S. federal income tax purposes and is subject to U.S. federal, state, and local
corporate income taxes. The Company is subject to periodic audit by U.S. federal, state, local, and foreign taxing authorities.
The interim provision for income taxes is generally calculated using an estimated annual effective tax rate applied to year-to-
date ordinary income in accordance with ASC 740, 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

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

the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a
subsidiary are recorded as a direct charge to equity.
Earnings Per Common Share
The Company computes earnings per common share in accordance with ASC 260, Earnings Per Share . Basic earnings
per common share is calculated by dividing net income (loss) attributable to the common shares of the Company by the
weighted-average number of common shares outstanding for the period. Diluted earnings per common share reflects the
assumed conversion of all dilutive securities. The Company applies the treasury stock method to determine the dilutive
weighted-average common shares outstanding for certain equity-based compensation awards. For certain equity-based
compensation awards that contain performance or market conditions, the number of contingently issuable common shares is
included in diluted earnings per common share based on the number of common shares, if any, that would be issuable under the
terms of the awards if the end of the reporting period were the end of the contingency period, if the result is dilutive.
Fair Value of Financial Instruments
The underlying entities that the Company manages and invests in (and in certain cases, consolidates) are primarily
investment companies which account for their investments at estimated fair value.
The fair value measurement accounting guidance under ASC 820, Fair Value Measurement , establishes a hierarchical
disclosure framework which ranks the observability of market price inputs used in measuring financial instruments at fair value.
The observability of inputs is impacted by a number of factors, including the type of financial instrument, the characteristics
specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions
between market participants. Financial instruments with readily available quoted prices, or for which fair value can be measured
from quoted prices in active markets, will generally have a higher degree of market price observability and a lesser degree of
judgment applied in determining fair value.
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

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

value of a particular investment, pricing services may use certain information with respect to transactions in such investments,
quotations from dealers, pricing matrices, market transactions in comparable investments, and various relationships between
investments.
In the absence of observable market prices, the Company values its investments and its funds’ investments using
valuation methodologies applied on a consistent basis. For some investments little market activity may exist. Management’s
determination of fair value is then based on the best information available in the circumstances and may incorporate
management’s own assumptions and involve a significant degree of judgment, taking into consideration a combination of
internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for
which market prices are not observable include private investments in the equity and debt of operating companies and real
assets, CLO investments and CLO loans payable, and fund investments. The valuation technique for each of these investments
is described below:
Investments in Operating Companies and Real Assets – The fair values of private investments in operating companies
and real assets are generally determined by reference to the income approach (including the discounted cash flow
method and the income capitalization method) and the market approach (including the comparable publicly traded
company method and the comparable transaction method). Valuations under these approaches are typically derived by
reference to investment-specific inputs (such as projected cash flows, earnings before interest, taxes, depreciation and
amortization (“EBITDA”), and net operating income) combined with market-based inputs (such as discount rates,
EBITDA multiples and capitalization rates). In many cases, the investment-specific inputs are unaudited at the time
received. Management may also adjust the market-based inputs to account for differences between the subject
investment and the companies, assets or investments used to derive the market-based inputs. Adjustments to
observable valuation measures are frequently made upon the initial investment to calibrate the initial investment
valuation to industry observable inputs. Such adjustments are made to align the investment to observable industry
inputs for differences in size, profitability, projected growth rates, geography, capital structure, and other factors as
applicable. The adjustments are then reviewed with each subsequent valuation to assess how the investment has
evolved relative to the observable inputs. Additionally, the investment may be subject to certain specific risks and/or
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

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

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, C hief 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, among others, the Company’s Chief Financial
Officer, Chief Accounting Officer, and the business segment heads, and is observed by the Chief Compliance Officer, the Chief
Audit Executive, the Chief Risk Officer, 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.
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 , to this Quarterly Report on Form 10-Q and Note 9, Related Party Transactions , to our
Annual Report on Form 10-K for the year ended December 31, 2025 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 unconsolidated investment 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.

21

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

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 March 31, 2026 and
December 31, 2025 , the Company held restricted cash of $ 9.5 million and $ 3.4 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.
Securities Sold Under Agreements to Repurchase
As it relates to certain European CLOs sponsored by the Company, securities sold under agreements to repurchase
(“Repurchase Agreements”) are accounted for as collateralized financing transactions. The Company provides securities to
counterparties to collateralize amounts borrowed under Repurchase Agreements on terms that permit the counterparties to
repledge or resell the securities to others. As of March 31, 2026 , $ 337.2  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 5 , 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

22

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

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.
In 2026, the Company entered into an operating lease agreement for office space in New York City, which has a term of
10 year s and is expected to commence during 2028. The total contractual minimum lease payments over the term of the lease is
approximately $ 255  million . The related ROU asset and operating lease liability will be recorded on the lease commencement
date and are not reflected on the Company’s condensed consolidated balance sheets as of March 31, 2026 .
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 . Intangible asset amortization expense was
$ 32.8 million and $ 32.6 million for the three months ended March 31, 2026 and 2025 , 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).
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.
The Company recorded no impairment losses of intangible assets or goodwill during the three months ended March 31,
2026 and 2025 .
Deferred Revenue
Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not
yet been earned. Deferred revenue also includes transaction and portfolio advisory fees received by the Company that are
required to offset fund management fees pursuant to the related fund agreements.
Accumulated Other Comprehensive Income (Loss)
The Company’s accumulated other comprehensive income (loss) comprise foreign currency translation adjustments and
gains and losses on defined benefit plans sponsored by AlpInvest. The components of accumulated other comprehensive
income (loss) as of March 31, 2026 and December 31, 2025 were as follows:

 

As of

 

March 31,
2026

December 31,
2025

 

(Dollars in millions)

Currency translation adjustments

$ ( 182.8 )

$ ( 172.7 )

Unrealized losses on defined benefit plans

1.6

2.5

Total

$ ( 181.2 )

$ ( 170.2 )

23

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

Foreign Currency Translation
Non-U.S. dollar denominated assets and liabilities are remeasured at period-end rates of exchange, and the condensed
consolidated statements of operations are remeasured at rates of exchange in effect throughout the period. Foreign currency
gains (losses) resulting from transactions outside of the functional currency of an entity of $ 4.0  million and $( 4.3 ) million for
the three months ended March 31, 2026 and 2025 , 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 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.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software ,
which clarifies the threshold for capitalizing internal-use software costs to be based on when (i) management has authorized and
committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used
to perform the function intended. The guidance is effective for annual periods beginning after December 15, 2027 and interim
periods within those annual reporting periods . Early adoption is permitted, and the amendments in this update may be applied
on a prospective, retrospective or modified basis. The Company is currently evaluating the impact of adopting this guidance on
its condensed consolidated financial statements.

3. Fair Value Measurement
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the
fair value hierarchy levels as disclosed in Note 2 , Summary of Significant Accounting Policies , as of March 31, 2026 :

(Dollars in millions)

Level I

Level II

Level III

Total

Assets

Investments of Consolidated Funds (1) :

Equity securities (2)

$ 73.7

$ 16.4

$ 875.5

$ 965.6

Bonds

—

—

756.2

756.2

Loans

—

—

10,214.7

10,214.7

73.7

16.4

11,846.4

11,936.5

Investments in CLOs and other:

Investments in CLOs

—

—

309.9

309.9

Other investments (3)

89.7

20.3

91.0

201.0

89.7

20.3

400.9

510.9

Foreign currency forward contracts

—

0.4

—

0.4

Subtotal

$ 163.4

$ 37.1

$ 12,247.3

$ 12,447.8

Investments measured at net asset value

2,396.6

Total

$ 14,844.4

Liabilities

Loans payable of Consolidated Funds (4)(5)

$ —

$ —

$ 10,156.7

$ 10,156.7

Foreign currency forward contracts

—

3.7

—

3.7

Total

$ —

$ 3.7

$ 10,156.7

$ 10,160.4

24

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

(1) This balance excludes $ 2.4  billion 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 $ 726.4  million related to investments that have been bridged by a subsidiary of the Company to investment
funds and are accounted for as consolidated VIEs as of March 31, 2026 . The Company’s subsidiary, which is accounted for as a
consolidated VIE, has entered into warehouse agreements with certain funds to transfer certain of these investments at a price agreed
upon by the parties, which may differ from fair value.
(3) The Level III balance excludes $ 98.3  million related to four 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 $ 940.9 million of senior notes measured at amortized cost and a
$ 51.0  million revolving credit balance, which relate to certain consolidated investment fund of funds in the Company’s Carlyle
AlpInvest segment.
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, 2025 :

(Dollars in millions)

Level I

Level II

Level III

Total

Assets

Investments of Consolidated Funds (1) :

Equity securities (2)

$ 132.0

$ 18.2

$ 1,094.8

$ 1,245.0

Bonds

—

—

691.2

691.2

Loans

—

—

9,249.8

9,249.8

132.0

18.2

11,035.8

11,186.0

Investments in CLOs and other:

Investments in CLOs

—

—

349.0

349.0

Other investments (3)

112.0

20.9

94.6

227.5

112.0

20.9

443.6

576.5

Foreign currency forward contracts

—

4.8

—

4.8

Subtotal

$ 244.0

$ 43.9

$ 11,479.4

$ 11,767.3

Investments measured at net asset value

1,340.6

Total

$ 13,107.9

Liabilities

Loans payable of Consolidated Funds (4)(5)

$ —

$ —

$ 9,423.1

$ 9,423.1

Foreign currency forward contracts

—

4.4

—

4.4

Total

$ —

$ 4.4

$ 9,423.1

$ 9,427.5

(1) This balance excludes $ 1.3  billion 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 $ 989.4  million related to investments that have been bridged by a subsidiary of the Company to investment
funds and are accounted for as consolidated VIEs as of December 31, 2025 . The Company’s subsidiary, which is accounted for as a
consolidated VIE, has entered into warehouse agreements with certain funds to transfer certain of these investments at a price agreed
upon by the parties, which may differ from fair value.
(3) The Level III balance excludes $ 63.0  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 $ 939.4  million of senior notes measured at amortized cost and a
$ 63.0  million revolving credit balance, which relate to certain consolidated investment fund of funds in the Company’s Carlyle
AlpInvest segment.

25

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 March 31, 2026

 

Investments of Consolidated Funds

 

 

 

Equity
securities

Bonds

Loans

Investments in
CLOs

Other
investments

Total

Balance, beginning of period

$ 1,094.8

$ 691.2

$ 9,249.8

$ 349.0

$ 94.6

$ 11,479.4

Initial consolidation of funds (1)

0.1

17.5

361.7

—

—

379.3

Purchases

45.5

161.3

2,642.9

1.0

—

2,850.7

Sales and distributions

( 261.1 )

( 94.4 )

( 1,339.7 )

( 34.2 )

( 2.8 )

( 1,732.2 )

Settlements

—

—

( 439.2 )

—

—

( 439.2 )

Realized and unrealized gains (losses), net

Included in earnings

( 3.8 )

( 9.8 )

( 205.5 )

( 0.8 )

( 0.8 )

( 220.7 )

Included in other comprehensive income

—

( 9.6 )

( 55.3 )

( 5.1 )

—

( 70.0 )

Balance, end of period

$ 875.5

$ 756.2

$ 10,214.7

$ 309.9

$ 91.0

$ 12,247.3

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

$ ( 9.2 )

$ ( 7.5 )

$ ( 200.1 )

$ ( 3.9 )

$ ( 0.7 )

$ ( 221.4 )

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

$ —

$ ( 8.2 )

$ ( 50.5 )

$ ( 5.3 )

$ —

$ ( 64.0 )

(1) As a result of the initial consolidation of two funds during the three months ended March 31, 2026 .

Financial Assets

Three Months Ended March 31, 2025

 

Investments of Consolidated Funds

 

 

 

Equity
securities

Bonds

Loans

Investments in
CLOs

Other
investments

Total

Balance, beginning of period

$ 572.0

$ 465.1

$ 6,431.4

$ 378.9

$ 85.1

$ 7,932.5

Initial consolidation of funds (1)

—

24.0

167.9

1.0

—

192.9