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10-Q – 2026-05-08 – cg-20260331.htm
Transfers out (2) — — — — ( 50.4 ) ( 50.4 ) Purchases 253.2 56.4 2,225.3 1.1 37.8 2,573.8 Sales and distributions ( 9.0 ) ( 72.6 ) ( 943.9 ) ( 36.2 ) ( 11.2 ) ( 1,072.9 ) Settlements — — ( 358.9 ) — — ( 358.9 ) Realized and unrealized gains (losses), net Included in earnings 5.5 4.5 ( 10.9 ) 12.0 2.4 13.5 Included in other comprehensive income — 18.4 121.7 8.7 — 148.8 Balance, end of period $ 821.7 $ 495.8 $ 7,632.6 $ 365.5 $ 63.7 $ 9,379.3 Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date $ 4.8 $ 4.2 $ 0.6 $ 10.2 $ 5.1 $ 24.9 Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date $ — $ 15.5 $ 109.4 $ 9.7 $ — $ 134.6 (1) As a result of the initial consolidation of one fund during the three months ended March 31, 2025 . (2) Represents the exchange of the BDC Preferred Shares, which were valued using Level III inputs, for common shares of CGBD, which were valued using Level I inputs. See Note 9, Related Party Transactions , to our Annual Report on Form 10-K for the year ended December 31, 2025 for more information. 26 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Financial Liabilities Loans Payable of Consolidated Funds Three Months Ended March 31, 2026 2025 Balance, beginning of period $ 9,423.1 $ 6,809.1 Initial consolidation of funds (1) 388.4 193.8 Borrowings 1,647.1 782.1 Paydowns ( 486.9 ) ( 242.1 ) Sales ( 569.4 ) ( 6.5 ) Realized and unrealized (gains) losses, net Included in earnings ( 184.2 ) 1.2 Included in other comprehensive income ( 61.4 ) 142.7 Balance, end of period $ 10,156.7 $ 7,680.3 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ ( 166.4 ) $ 10.0 Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date $ ( 68.5 ) $ 133.5 (1) As a result of the initial consolidation of two funds during the three months ended March 31, 2026 , and the initial consolidation of one fund during the three months ended March 31, 2025 . Realized and unrealized gains and losses included in earnings for Level III investments for investments in CLOs and other investments are included in investment income (loss), and such gains and losses for investments of Consolidated Funds and loans payable of the Consolidated Funds are included in Net investment income of Consolidated Funds in the condensed consolidated statements of operations. Gains and losses included in other comprehensive income for all Level III financial asset and liabilities are included in accumulated other comprehensive loss and non-controlling interests in consolidated entities. The following table summarizes quantitative information about the Company’s Level III inputs as of March 31, 2026 : 27 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Fair Value at Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impact to Valuation from Increase in Input (Dollars in millions) March 31, 2026 Assets Investments of Consolidated Funds: Equity securities $ 2.9 Consensus Pricing Indicative Quotes ($ per share) 0.00 - 547.56 ( 0.40 ) Higher 499.9 Discounted Cash Flow Discount Rates 6 % - 18 % ( 11 % ) Lower Terminal Growth Rate 2 % - 11 % ( 3 % ) Higher Comparable Multiple EBITDA Multiple 1.5 x - 22.0 x ( 11.4 x ) Higher Revenue Multiple 2.7 x - 9.0 x ( 6.4 x ) Higher 231.0 Discounted Cash Flow Discount Rates 7 % - 27 % ( 14 % ) Lower Constant Prepayment Rate 6 % - 16 % ( 8 % ) Lower Constant Default Rate 0 % - 6 % ( 1 % ) Lower Recovery Rate 20 % - 40 % ( 31 % ) Higher 141.7 Other (1) N/A N/A N/A Bonds 756.2 Consensus Pricing Indicative Quotes (% of Par) 70 - 102 ( 96 ) Higher Loans 9,945.4 Consensus Pricing Indicative Quotes (% of Par) 0 - 101 ( 96 ) Higher 267.6 Discounted Cash Flow Discount Rates 0 % - 18 % ( 10 % ) Lower Constant Prepayment Rate 11 % - 11 % ( 11 % ) Lower Constant Default Rate 2 % - 4 % ( 2 % ) Lower Severity 75 % - 75 % ( 75 % ) Higher 1.7 Other (1) N/A N/A N/A 11,846.4 Investments in CLOs: Senior secured notes 275.4 Consensus Pricing with Discounted Cash Flow Indicative Quotes (% of Par) 83 - 101 ( 100 ) Higher Discount Margins (Basis Points) 90 - 1,300 ( 209 ) Lower Default Rates 2 % - 2 % ( 2 % ) Lower Recovery Rates 60 % - 60 % ( 60 % ) Higher Subordinated notes and preferred shares 34.5 Consensus Pricing with Discounted Cash Flow Indicative Quotes (% of Par) 1 - 82 ( 30 ) Higher Discount Rates 8 % - 22 % ( 13 % ) Lower Default Rates 1 % - 2 % ( 2 % ) Lower Recovery Rates 60 % - 60 % ( 60 % ) Higher Other investments: Aviation subordinated notes 6.9 Discounted Cash Flow Discount Rates 21 % - 21 % ( 21 % ) Lower Loans 83.7 Consensus Pricing with Discounted Cash Flow Indicative Quotes (% of Par) 100 - 100 ( 100 ) Higher Discount Rates 1 % - 21 % ( 9 % ) Lower 0.4 Other (1) N/A N/A N/A Total $ 12,247.3 Liabilities Loans payable of Consolidated Funds: Senior secured notes $ 9,820.3 Other (2) N/A N/A N/A Subordinated notes and preferred shares 336.4 Consensus Pricing with Discounted Cash Flow Indicative Quotes (% of Par) 3 - 84 ( 61 ) Higher Discount Rates 9 % - 16 % ( 12 % ) Lower Default Rates 1 % - 2 % ( 2 % ) Lower Recovery Rates 60 % - 60 % ( 60 % ) Higher Total $ 10,156.7 28 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) (1) Fair value approximates transaction price that was in close proximity to the reporting date. (2) Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent compensation for services. 29 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) The following table summarizes quantitative information about the Company’s Level III inputs as of December 31, 2025 : Fair Value at Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impact to Valuation from Increase in Input (Dollars in millions) December 31, 2025 Assets Investments of Consolidated Funds: Equity securities $ 1.4 Consensus Pricing Indicative Quotes ($ per share) 0.00 - 20.38 ( 0.19 ) Higher 789.2 Discounted Cash Flow Discount Rates 7 % - 19 % ( 11 % ) Lower Terminal Growth Rate 1 % - 11 % ( 4 % ) Higher Comparable Multiple EBITDA Multiple 1.5 x - 23.8 x ( 12.0 x ) Higher Revenue Multiple 2.8 x - 2.8 x ( 2.8 x ) Higher TCF Multiple 22.3 x - 22.3 x ( 22.3 x ) Higher 112.3 Discounted Cash Flow Discount Rates 7 % - 20 % ( 12 % ) Lower Constant Prepayment Rate 6 % - 16 % ( 9 % ) Lower Constant Default Rate 0 % - 6 % ( 1 % ) Lower Recovery Rate 0 % - 40 % ( 21 % ) Higher 191.9 Other (1) N/A N/A N/A Bonds 691.2 Consensus Pricing Indicative Quotes (% of Par) 12 - 106 ( 96 ) Higher Loans 9,028.5 Consensus Pricing Indicative Quotes (% of Par) 0 - 101 ( 98 ) Higher 216.0 Discounted Cash Flow Discount Rates 6 % - 16 % ( 9 % ) Lower 3.5 Discounted Cash Flow Discount Rates 14 % - 14 % ( 14 % ) Lower Constant Prepayment Rate 8 % - 14 % ( 11 % ) Lower Constant Default Rate 2 % - 2 % ( 2 % ) Lower Other 1.8 Other (1) N/A N/A N/A 11,035.8 Investments in CLOs Senior secured notes 303.3 Discounted Cash Flow with Consensus Pricing Indicative Quotes (% of Par) 92 - 101 ( 100 ) Higher Discount Margins (Basis Points) 80 - 1,060 ( 204 ) Lower Default Rates 2 % - 2 % ( 2 % ) Lower Recovery Rates 60 % - 60 % ( 60 % ) Higher Subordinated notes and preferred shares 45.7 Discounted Cash Flow with Consensus Pricing Indicative Quotes (% of Par) 0 - 87 ( 38 ) Higher Discount Rate 0 % - 31 % ( 10 % ) Lower Default Rates 1 % - 2 % ( 2 % ) Lower Recovery Rates 60 % - 60 % ( 60 % ) Higher Other investments: Aviation subordinated notes 7.5 Discounted Cash Flow Discount Rates 21 % - 21 % ( 21 % ) Lower Loans 37.6 Discounted Cash Flow Discount Rates 6 % - 10 % ( 9 % ) Lower Consensus Pricing Indicative Quotes (% of Par) 100 - 100 ( 100 ) Higher 49.5 Other (1) N/A N/A N/A Total $ 11,479.4 Liabilities Loans payable of Consolidated Funds: Senior secured notes $ 9,032.2 Other (2) N/A N/A N/A Subordinated notes and preferred shares 390.9 Discounted Cash Flow with Consensus Pricing Indicative Quotes (% of Par) 10 - 84 ( 51 ) Higher Discount Rates 5 % - 24 % ( 9 % ) Lower Default Rates 1 % - 2 % ( 2 % ) Lower Recovery Rates 60 % - 60 % ( 60 % ) Higher Total $ 9,423.1 30 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) (1) Fair value approximates transaction price that was in close proximity to the reporting date. (2) Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent compensation for services. 4. Investments In vestments consist of the following: As of March 31, 2026 December 31, 2025 (Dollars in millions) Accrued performance allocations $ 6,865.4 $ 7,620.3 Principal equity method investments, excluding performance allocations 2,982.3 2,879.5 Principal investments in CLOs 309.9 349.0 Other investments 307.7 303.9 Total $ 10,465.3 $ 11,152.7 Accrued Performance Allocations The components of accrued performance allocations are as follows: As of March 31, 2026 December 31, 2025 (Dollars in millions) Global Private Equity $ 4,324.3 $ 5,021.1 Global Credit 740.2 724.6 Carlyle AlpInvest 1,800.9 1,874.6 Total $ 6,865.4 $ 7,620.3 Approximately 16 % and 24 % of accrued performance allocations at March 31, 2026 and December 31, 2025 , respectively, were related to Carlyle Partners VII, L.P., one of the Company’s Global Private Equity funds. Accrued performance allocations are shown gross of the Company’s accrued performance allocations and incentive fee related compensation (see Note 6 , Accrued Compensation and Benefits ), and accrued giveback obligations, which are separately presented in the condensed consolidated balance sheets. The components of the accrued giveback obligations are as follows: As of March 31, 2026 December 31, 2025 (Dollars in millions) Global Private Equity $ ( 76.5 ) $ ( 47.3 ) Global Credit ( 25.5 ) ( 25.5 ) Total $ ( 102.0 ) $ ( 72.8 ) Principal Equity Method Investments, Excluding Performance Allocations The Company’s principal equity method investments (excluding performance allocations) include its fund investments in Global Private Equity, Global Credit, and Carlyle AlpInvest typically as general partner interests, and its investments in Fortitude through a Carlyle-affiliated fund (included within Global Credit) and NGP (included within Global Private Equity), which are not consolidated. Principal investments are related to the following segments: 31 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) As of March 31, 2026 December 31, 2025 (Dollars in millions) Global Private Equity (1) $ 1,434.7 $ 1,384.4 Global Credit (2) 1,120.3 1,151.9 Carlyle AlpInvest 427.3 343.2 Total $ 2,982.3 $ 2,879.5 (1) The balance includes $ 652.4 million and $ 616.0 million as of March 31, 2026 and December 31, 2025 , respectively, related to the Company’s equity method investments in NGP. (2) The balance includes $ 729.2 million and $ 722.4 million as of March 31, 2026 and December 31, 2025 , respectively, related to the Company’s investment in Fortitude. Investment in Fortitude Carlyle FRL, L.P. (“Carlyle FRL”), a Carlyle-affiliated investment fund, holds a 38.5 % interest in Fortitude Holdings to FGH Parent, L.P. (“FGH Parent” or “Fortitude”), an insurance and reinsurance company. The Company indirectly owns 10.5 % of Fortitude, and Carlyle FRL and other strategic third-party investors collectively hold a 97.5 % interest in Fortitude. As of March 31, 2026 , the carrying value of the Company’s investment in Carlyle FRL, which is an investment company that accounts for its investment in Fortitude at fair value, was $ 729.2 million , relative to equity invested of $ 666.8 million . The Company has an asset management relationship with Fortitude pursuant to which Fortitude committed to allocate assets in asset management strategies and vehicles of the Company and its affiliates. As of March 31, 2026 , Fortitude, its affiliates and certain Fortitude reinsurance counterparties have committed approximately $ 25.2 billion of capital to-date to various Carlyle strategies. The Company has a strategic advisory services agreement in place with certain subsidiaries of Fortitude through Carlyle Insurance Solutions Management L.L.C. (“CISM”), an investment adviser. Under the agreement, CISM provides Fortitude with certain services, including business development and growth, transaction origination and execution, and capital management services in exchange for a recurring management fee based on Fortitude’s general account assets, which adjusts within an agreed range based on Fortitude’s overall profitabili ty. Investment in NGP The Company has equity interests in NGP Management Company, L.L.C. (“NGP Management”), the general partners of certain carry funds advised by NGP, and principal investments in certain NGP funds as described below. These investments are included in the Global Private Equity segment. NGP Management serves as the investment advisor to the NGP Energy Funds. The Company does not control NGP and accounts for its investments in NGP under the equity method of accounting. The Company’s investments in NGP as of March 31, 2026 and December 31, 2025 are as follows: As of March 31, 2026 December 31, 2025 (Dollars in millions) Investment in NGP Management $ 238.7 $ 247.4 Investments in NGP general partners - accrued performance allocations 368.0 326.2 Principal investments in NGP funds 45.7 42.4 Total investments in NGP $ 652.4 $ 616.0 See Note 4, Investments, to our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding the restructuring of the terms of the Company’s strategic investment in NGP (the “Restructuring”). As a result of the Restructuring, the three months ended March 31, 2025 included a $ 92.5 million impairment of the Company’s investment in NGP Management and a $ 38 million reduction in accrued performance allocations, which were recorded in Principal investment income (loss) in the condensed consolidated statements of operations and excluded from Distributable 32 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Earnings, as defined in Note 14 , Segment Reporting . The Company amortizes basis differences established in connection with the Restructuring as a reduction to Principal investment income over their estimated useful lives. Investment in NGP Management . The Company’s equity interests in NGP Management entitle the Company to an allocation of income equal to 55.0 % of the management fee related revenues earned by existing funds prior to the Restructuring that held an initial closing after December 31, 2024, and up to 55.0 % of management fee related revenues on future NGP funds subsequent to the Restructuring in the aggregate, which are based on a sliding scale, including all management fees being retained by NGP for the years 2025 through 2028 on such future NGP funds. The Company records investment income (loss) for its equity income allocation from NGP management fee related revenues and also records its share of any allocated expenses from NGP Management, as well as expenses associated with the compensatory elements of the investment, and any impairment charges. The net investment income (loss) recognized in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 were as follows: Three Months Ended March 31, 2026 2025 (Dollars in millions) Management fee related revenues from NGP Management $ 14.1 $ 16.1 Expenses related to the investment in NGP Management ( 2.9 ) ( 3.6 ) Amortization of basis differences and impairment of investment in NGP Management ( 8.8 ) ( 92.5 ) Net investment income (loss) from NGP Management $ 2.4 $ ( 80.0 ) Management fee related revenues from NGP Management were primarily driven by NGP XII, NGP XIII, and NGP XI during the three months ended March 31, 2026 and 2025 . These funds calculate management fees as 1.5 % of the limited partners’ commitments less any return of capital or write-offs during the investment period. Following the investment period, the basis on which fund management fees are generally calculated is further reduced by a reserve for future management fees and operating costs. Investment in the General Partners of NGP Carry Funds . The Company’s investment in the general partners of the NGP Carry Funds entitle it to up to 47.5 % of performance allocations received by NGP Fund general partners. The Company records its equity income allocation from NGP performance allocations in principal investment income (loss) from equity method investments rather than performance allocations in its condensed consolidated statements of operations. The Company recognized net investment earnings (losses) related to these performance allocations of $ 46.5 million and $( 28.5 ) million for the three months ended March 31, 2026 and 2025 , respectively, in its condensed consolidated statements of operatio ns . Principal Investments in NGP Funds . The Company also holds principal investments in the NGP Carry Funds. The Company recognized net investment earnings (losses) related to principal investment income (loss) in its condensed consolidated statements of operations of $ 6.4 million and $ 1.3 million for the three months ended March 31, 2026 and 2025 , respectively. Principal Investments in CLOs and Other Investments Principal investments in CLOs as of March 31, 2026 and December 31, 2025 were $ 309.9 million and $ 349.0 million , respectively, and consisted of investments in CLO senior and subordinated notes. A portion of the Company’s principal investments in CLOs is collateral to CLO term loans (see Note 5 , Borrowings ). As of March 31, 2026 and December 31, 2025 , other investments included the Company’s investment in common shares of CGBD at fair value of $ 34.1 million and $ 37.5 million , respectively. 33 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Investment Income (Loss) The components of investment income (loss) are as follows: Three Months Ended March 31, 2026 2025 (Dollars in millions) Performance allocations Realized $ 50.4 $ 332.9 Unrealized ( 731.5 ) ( 110.0 ) ( 681.1 ) 222.9 Principal investment income (loss) from equity method investments (excluding performance allocations) Realized 22.7 ( 29.4 ) Unrealized 53.6 ( 33.3 ) 76.3 ( 62.7 ) Principal investment income (loss) from investments in CLOs and other investments Realized 3.6 ( 2.0 ) Unrealized ( 15.5 ) 1.6 ( 11.9 ) ( 0.4 ) Total $ ( 616.7 ) $ 159.8 The performance allocations included in revenues are derived from the following segments: Three Months Ended March 31, 2026 2025 (Dollars in millions) Global Private Equity $ ( 698.1 ) $ 85.0 Global Credit 36.7 79.0 Carlyle AlpInvest ( 19.7 ) 58.9 Total $ ( 681.1 ) $ 222.9 The following tables summarize the funds that are the primary drivers of performance allocations for the three months ended March 31, 2026 and 2025 , as well as the total revenue recognized, including performance allocations as well as fund management fees and principal investment income: Three Months Ended March 31, 2026 (Dollars in millions) Global Private Equity Carlyle Partners VII, L.P. $ ( 723.1 ) Three Months Ended March 31, 2025 (Dollars in millions) Global Private Equity Carlyle Partners VII, L.P. $ 234.1 Global Private Equity Carlyle Asia Partners V, L.P. ( 227.8 ) 34 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Carlyle’s income (loss) from its principal equity method investments consists of: Three Months Ended March 31, 2026 2025 (Dollars in millions) Global Private Equity $ 54.1 $ ( 95.6 ) Global Credit 11.9 19.2 Carlyle AlpInvest 10.3 13.7 Total $ 76.3 $ ( 62.7 ) Investments of Consolidated Funds The Company consolidates the financial positions and results of operations of certain CLOs in which it is the primary beneficiary. During the three months ended March 31, 2026 , the Company became the primary beneficiary of two additional CLOs. Investments in Consolidated Funds as of March 31, 2026 and December 31, 2025 also included $ 726.4 million and $ 989.4 million , respectively, related to investments that have been bridged by the Company to investment funds in the Global Private Equity and Carlyle AlpInvest segments that are accounted for as consolidated VIEs. There were no individual investments with a fair value greater than five percent of the Company’s total assets for any period presented. Interest and Other Income of Consolidated Funds The components of interest and other income of Consolidated Funds are as follows: Three Months Ended March 31, 2026 2025 (Dollars in millions) Interest income from investments $ 161.8 $ 123.0 Other income 17.9 10.4 Total $ 179.7 $ 133.4 Net Investment Income (Loss) of Consolidated Funds Net investment income (loss) of Consolidated Funds includes net realized gains (losses) from sales of investments and unrealized gains (losses) resulting from changes in fair value of the Consolidated Funds’ investments. The components of Net investment income (loss) of Consolidated Funds are as follows : Three Months Ended March 31, 2026 2025 (Dollars in millions) Gains (losses) from investments of Consolidated Funds $ ( 248.6 ) $ 7.0 Gains (losses) from liabilities of consolidated CLOs 184.2 ( 0.9 ) Total $ ( 64.4 ) $ 6.1 35 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds: Three Months Ended March 31, 2026 2025 (Dollars in millions) Net realized gains (losses) $ 0.4 $ ( 0.4 ) Net change in unrealized gains (losses) ( 249.0 ) 7.4 Total $ ( 248.6 ) $ 7.0 5. Borrowings Th e Company borrows and enters into credit agreements for its general operating and investment purposes. The Company’s debt obligations consist of the following: March 31, 2026 December 31, 2025 Borrowing Outstanding Carrying Value Borrowing Outstanding Carrying Value (Dollars in millions) CLO Borrowings (See below) $ 358.7 $ 353.5 $ 350.1 $ 349.4 3.500 % Senior Notes Due 9/19/2029 425.0 423.5 425.0 423.4 5.050 % Senior Notes Due 9/19/2035 800.0 791.3 800.0 791.1 5.625 % Senior Notes Due 3/30/2043 600.0 600.5 600.0 600.5 5.650 % Senior Notes Due 9/15/2048 350.0 346.8 350.0 346.7 4.625 % Subordinated Notes Due 5/15/2061 500.0 486.0 500.0 485.9 Total debt obligations $ 3,033.7 $ 3,001.6 $ 3,025.1 $ 2,997.0 Senior Credit Facility As of March 31, 2026 , the senior credit facility included $ 1.0 billion in a revolving credit facility, which was amended in May 2025 to extend the maturity date from April 29, 2027 to May 29, 2030 . The Company’s borrowing capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill their respective obligations under the revolving credit facility. Principal amounts outstanding under the revolving credit facility accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.50 % per annum, or (b) at SOFR (or similar benchmark rate for non-U.S. dollar borrowings) plus a 0.10 % adjustment and an applicable margin not to exceed 1.50 % per annum (at March 31, 2026 , the interest rate was 4.76 % ). The Company made no borrowings under the revolving credit facility during the three months ended March 31, 2026 and 2025 , and there was no amount outstanding as of March 31, 2026 . Global Credit Revolving Credit Facility Certain subsidiaries of the Company are parties to a revolving line of credit, primarily intended to support certain lending activities within the Global Credit segment. As currently amended, the Global Credit Revolving Credit Facility provides for a revolving line of credit with a capacity of $ 300 million , which matures in September 2027 , and a second revolving line of credit with a capacity of $ 200 million , which was amended in August 2025 to extend the maturity date to August 19, 2026 . The Company’s borrowing capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill their respective obligations under the Global Credit Revolving Credit Facility. Principal amounts outstanding accrue interest at applicable SOFR or Eurocurrency rates plus an applicable margin of 2.00 % or an alternate base rate plus an applicable margin of 1.00 % . During the three months ended March 31, 2026 and 2025 , the Company made no borrowings under the Global Credit Revolving Credit Facility . As of March 31, 2026 , there was no borrowing outstanding under the Global Credit Revolving Credit Facility. 36 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) CLO Borrowings For certain of the Company’s CLOs, the Company finances a portion of its investment in the CLOs through the proceeds received from term loans and other financing arrangements with financial institutions. The following table provides information regarding outstanding CLO borrowings as of March 31, 2026 and December 31, 2025 (Dollars in millions) : As of March 31, 2026 As of December 31, 2025 Borrowing Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Borrowing Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Total CLO borrowings $ 358.7 4.57 % 10.02 $ 350.1 4.50 % 9.86 The CLO term loans are secured by the Company’s investments in the respective CLO, have a general unsecured interest in the Carlyle entity that manages the CLO, and generally do not have recourse to any other Carlyle entity. Interest expense for the three months ended March 31, 2026 and 2025 was $ 4.2 million and $ 3.8 million , respectively. The fair value of the outstanding balance of the CLO term loans at March 31, 2026 approximated par value based on current market rates for similar debt instruments. These CLO term loans are classified as Level III within the fair value hierarchy. CLO Repurchase Agreements The Company is party to two master credit facility agreements (the “CLO Financing Facilities”) to finance a portion of the risk retention investments in certain European CLOs managed by the Company. Each transaction entered into under the CLO Financing Facilities will bear interest at a rate based on the weighted average effective interest rate of each class of securities that have been sold plus a spread to be agreed upon by the parties. As of March 31, 2026 , € 292.2 million ( $ 337.2 million ) was outstanding under the CLO Financing Facilities. Additional borrowings may be made on terms agreed upon by the Company and the counterparty subject to the terms and conditions of the CLO Financing Facilities. Each transaction entered into under the CLO Financing Facilities provides for payment netting and, in the case of a default or similar event with respect to the counterparty to the CLO Financing Facilities, provides for netting across transactions. Generally, upon a counterparty default, the Company can terminate all transactions under the CLO Financing Facilities and offset amounts it owes in respect of any one transaction against collateral, if any, or other amounts it has received in respect of any other transactions under the CLO Financing Facilities; provided, however, that in the case of certain defaults, the Company may only be able to terminate and offset solely with respect to the transaction affected by the default. During the term of a transaction entered into under the CLO Financing Facilities, the Company will deliver cash or additional securities acceptable to the counterparty if the securities sold are in default. Upon termination of a transaction, the Company will repurchase the previously sold securities from the counterparty at a previously determined repurchase price. The CLO Financing Facilities may be terminated at any time upon certain defaults or circumstances agreed upon by the parties. The Repurchase Agreements may result in credit exposure in the event the counterparty to the transaction is unable to fulfill its contractual obligations. The Company minimizes the credit risk associated with these activities by monitoring counterparty credit exposure and collateral values. Other than margin requirements, the Company is not subject to additional terms or contingencies which would expose the Company to additional obligations based upon the performance of the securities pledged as collateral. Senior Notes The Company and certain indirect subsidiaries of the Company have issued long term borrowings in the form of senior notes, on which interest is payable semi-annually in arrears. The following table provides information regarding these senior notes (Dollars in millions): 37 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Interest Expense Fair Value (1) As of Three Months Ended March 31, Aggregate Principal Amount March 31, 2026 December 31, 2025 2026 2025 3.500 % Senior Notes Due 9/19/2029 (2) $ 425.0 $ 410.3 $ 417.8 $ 3.8 $ 3.8 5.050 % Senior Notes Due 9/19/2035 (3) 800.0 774.2 800.9 10.3 — 5.625 % Senior Notes Due 3/30/2043 (4) 600.0 574.1 600.7 8.4 8.4 5.650 % Senior Notes Due 9/15/2048 (5) 350.0 330.4 347.5 5.0 5.0 $ 27.5 $ 17.2 (1) Including accrued interest. Fair value is based on indicative quotes and the notes are classified as Level II within the fair value hierarchy. (2) Issued in September 2019 at 99.841 % of par. (3) Issued in September 2025 at 99.767 % of par. (4) Issued $ 400.0 million in aggregate principal at 99.583 % of par in March 2013. An additional $ 200.0 million in aggregate principal was issued at 104.315 % of par in March 2014, and is treated as a single class with the outstanding $ 400.0 million in senior notes previously issued. (5) Issued in September 2018 at 99.914 % of par. The issuers may redeem the senior notes, in whole at any time or in part from time to time, at a price equal to the greater of (i) 100 % of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed (less interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis at the Treasury Rate plus 40 basis points ( 30 basis points in the case of the 3.500 % senior notes and 20 basis points in the case of the 5.050 % senior notes), plus in each case accrued and unpaid interest on the principal amounts being redeemed. Subordinated Notes In May 2021, an indirect subsidiary of the Company issued $ 435.0 million aggregate principal amount of 4.625 % Subordinated Notes due May 15, 2061 (the “Subordinated Notes”), on which interest is payable quarterly accruing from May 11, 2021. In June 2021, an additional $ 65.0 million aggregate principal amount of these Subordinated Notes were issued and are treated as a single series with the already outstanding $ 435.0 million aggregate principal amount. The Subordinated Notes are unsecured and subordinated obligations of the issuer, and are fully and unconditionally guaranteed (the “Guarantees”), jointly and severally, on a subordinated basis, by the Company, each of the Carlyle Holdings partnerships, and CG Subsidiary Holdings L.L.C., an indirect subsidiary of the Company (collectively, the “Guarantors”). The Consolidated Funds are not guarantors, and as such, the assets of the Consolidated Funds are not available to service the Subordinated Notes under the Guarantee. The Subordinated Notes may be redeemed at the issuer’s option, in whole or in part, at any time and from time to time on or after June 15, 2026, prior to their stated maturity, at a redemption price equal to their principal amount plus any accrued and unpaid interest to, but excluding, the date of redemption. If interest due on the Subordinated Notes is deemed to no longer be deductible in the U.S., a “Tax Redemption Event,” the Subordinated Notes may be redeemed, in whole, but not in part, within 120 days of the occurrence of such event at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Subordinated Notes may be redeemed, in whole, but not in part, at any time prior to May 15, 2026, within 90 days of the rating agencies determining that the Subordinated Notes should no longer receive partial equity treatment pursuant to the rating agency’s criteria, a “rating agency event,” at a redemption price equal to 102 % of their principal amount plus any accrued and unpaid interest to, but excluding, the date of redemption. As of March 31, 2026 and December 31, 2025 , the fair value of the Subordinated Notes was $ 350.0 million and $ 342.0 million , respectively. Fair value is based on active market quotes and the notes are classified as Level I within the fair value hierarchy. For both the three months ended March 31, 2026 and 2025 , the Company incurred $ 5.9 million of interest expense on the Subordinated Notes. 38 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Debt Covenants The Company is subject to various financial covenants under its loan agreements including, among other items, maintenance of a minimum amount of management fee-earning assets. The Company is also subject to various non-financial covenants under its loan agreements and the indentures governing its senior notes. The Company was in compliance with all financial and non-financial covenants under its various loan agreements as of March 31, 2026 . Loans Payable of Consolidated Funds Loans payable of Consolidated Funds primarily represent amounts due to holders of debt securities issued by the CLOs. As of March 31, 2026 and December 31, 2025 , the following borrowings were outstanding (Dollars in millions): As of March 31, 2026 Borrowing Outstanding Fair Value Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Senior secured notes (1) $ 10,875.4 $ 10,761.3 5.01 % 11.21 Subordinated notes 381.8 336.4 N/A (3) 10.08 Revolving credit facilities (2) 51.0 51.0 6.77 % 3.28 Total $ 11,308.2 $ 11,148.7 As of December 31, 2025 Borrowing Outstanding Fair Value Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Senior secured notes (1) $ 9,994.8 $ 9,972.1 5.09 % 11.18 Subordinated notes 509.6 390.9 N/A (3) 9.65 Revolving credit facilities (2) 63.0 63.0 6.68 % 3.45 Total $ 10,567.4 $ 10,426.0 (1) Borrowing Outstanding as of March 31, 2026 and December 31, 2025 included $ 940.9 million and $ 939.9 million , respectively, of senior secured notes that are measured at amortized cost, which approximate fair value. These senior secured notes were classified as Level III within the fair value hierarchy. (2) Fair Value as of March 31, 2026 and December 31, 2025 reflects the amortized cost of outstanding revolving credit balances which approximates fair value. (3) The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs. Loans payable of the CLOs are collateralized by the assets held by the CLOs and the assets of one CLO may not be used to satisfy the liabilities of another. This collateral consisted of cash and cash equivalents, corporate loans, corporate bonds and other securities. As of March 31, 2026 and December 31, 2025 , the fair value of the CLO assets was $ 12.0 billion and $ 11.0 billion , respectively. 39 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) 6. Accrued Compensation and Benefits A ccrued compensation and benefits consist of the following: As of March 31, 2026 December 31, 2025 (Dollars in millions) Accrued performance allocations and incentive fee related compensation $ 4,646.0 $ 5,111.8 Accrued bonuses 65.7 294.5 Realized performance allocations and incentive fee related compensation not yet paid 73.2 315.1 Other 126.9 128.0 Total $ 4,911.8 $ 5,849.4 The following table presents realized and unrealized performance allocations and incentive fee related compensation: Three Months Ended March 31, 2026 2025 (Dollars in millions) Realized $ 58.2 $ 252.9 Unrealized ( 426.1 ) ( 81.5 ) Total $ ( 367.9 ) $ 171.4 7. Commitments and Contingencies Capital Commitments The Company and its unconsolidated affiliates have unfunded commitments totaling $ 3.9 billion as of March 31, 2026 , of which approximately $ 3.1 billion is subscribed individually by senior Carlyle professionals, advisors and other professionals. In addition to these unfunded commitments, the Company may from time to time exercise its right to purchase additional interests in its investment funds that become available in the ordinary course of their operations. Under the Carlyle Global Capital Markets platform, certain subsidiaries of the Company may act as an underwriter, syndicator or placement agent for security offerings and loan originations. The Company earns fees in connection with these activities and bears the risk of the sale of such securities and placement of such loans, which may be longer dated. As of March 31, 2026 , the Company had no material commitments related to the origination and syndication of loans and securities under the Carlyle Global Capital Markets platform. Guaranteed Loans From time to time, the Company or its subsidiaries may enter into agreements to guarantee certain obligations of the investment funds related to, for example, credit facilities or equity commitments. Certain consolidated subsidiaries of the Company are the guarantors of revolving credit facilities for certain funds in the Carlyle AlpInvest segment. The guarantee is limited to the lesser of the total amount drawn under the credit facilities or the total of net asset value of the guarantor subsidiaries plus any uncalled capital of the applicable general partner. The outstanding balances are secured by uncalled capital commitments from the underlying funds and the Company believes the likelihood of any material funding under this guarantee to be remote. As of March 31, 2026 , the Company had no material outstanding guarantees under the credit facilities. On February 25, 2026, the Company entered into an agreement pursuant to which it provided support for a credit facility of a certain fund in the Global Credit segment. The maximum aggregate amount that could be funded under this agreement was approximately $ 120.0 million as of March 31, 2026 . The Company has not funded any amounts under this agreement to date and believes the likelihood of any material funding to be remote. 40 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Contingent Obligations Giveback A liability for potential repayment of previously received performance allocations of $ 102.0 million at March 31, 2026 was shown as accrued giveback obligations in the condensed consolidated balance sheets, representing the giveback obligation that would need to be paid if the funds were liquidated at their current fair values at March 31, 2026 . However, the ultimate giveback obligation, if any, generally is not paid until the end of a fund’s life or earlier if the giveback becomes fixed and early payment is agreed upon by the fund’s partners (see Note 2 , Summary of Significant Accounting Policies ). The Company had $ 34.6 million and $ 24.2 million of unbilled receivables from former and current employees and senior Carlyle professionals as of March 31, 2026 and December 31, 2025 , respectively, related to giveback obligations. Any such receivables are collateralized by investments made by individual senior Carlyle professionals and employees in Carlyle-sponsored funds. In addition, $ 153.8 million and $ 151.5 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of March 31, 2026 and December 31, 2025 , respectively. Such amounts are held on behalf of the respective current and former Carlyle employees to satisfy any givebacks they may owe and are held by entities not included in the accompanying condensed consolidated balance sheets. Current and former senior Carlyle professionals and employees are personally responsible for their giveback obligations. As of March 31, 2026 , approximately $ 40.8 million of the Company’s accrued giveback obligation is the responsibility of various current and former senior Carlyle professionals and other former limited partners of the Carlyle Holdings partnerships, and the net accrued giveback obligation attributable to the Company is $ 61.2 million . If, at March 31, 2026 , all of the investments held by the Company’s Funds were deemed worthless, a possibility that management views as remote, the amount of realized and distributed carried interest subject to potential giveback would be $ 1.5 billion , on an after-tax basis where applicable, of which approximately $ 0.5 billion would be the responsibility of current and former senior Carlyle professionals. Other In April 2026 , in connection with an investment fund that is actively fundraising in the Global Private Equity segment, the Company entered into an arrangement with a third-party pursuant to which the third-party has agreed to subscribe for a $ 500.0 million commitment in the investment fund (the “Warehoused Interests”) through December 31, 2026. During that period, the Warehoused Interests are expected to be sold to other investors. Under the terms of this arrangement, the Company will be required to acquire any unsold Warehoused Interests as of December 31, 2026. In connection with a consolidated investment fund in the Carlyle AlpInvest segment, the Company entered into an arrangement with a third-party pursuant to which the Company may be required to make payments up to $ 50.0 million in the aggregate in the event the fund does not achieve a specified return. As of March 31, 2026 , the Company has concluded that the likelihood of payment under this arrangement is not probable; therefore, no liability has been recorded. Legal Matters In the ordinary course of business, the Company is a party to litigation, investigations, inquiries, employment-related matters, disputes, and other potential claims. Certain of these matters are described below. The Company is not currently able to estimate the reasonably possible amount of loss or range of loss, in excess of amounts accrued, for the matters that have not been resolved. The Company does not believe it is probable that the outcome of any existing litigation, investigations, disputes, or other potential claims will materially affect the Company or these financial statements in excess of amounts accrued. The Tax Receivable Agreement Matter The Company came into existence on January 1, 2020, when its predecessor, The Carlyle Group, L.P. (the “PTP”), converted from a partnership into a corporation (the “Conversion”). On July 29, 2022, an alleged stockholder of the Company, the City of Pittsburgh Comprehensive Municipal Trust Fund (the “original Plaintiff”), filed suit in the Delaware Court of Chancery, alleging a direct claim against the Company for breach of its certificate of incorporation and a derivative claim on behalf of the Company against certain current and former officers and directors of the Company. As the original Plaintiff did not actually own shares on the date of the Conversion, it stipulated to the dismissal of the derivative claims in October of 2025 41 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) and the Court has allowed Charles Blackburn (together with the original Plaintiff, “Plaintiffs”) to intervene as a new plaintiff with respect to the derivative claims. The original Plaintiff continues as a plaintiff with respect to one direct claim. Plaintiffs challenge the receipt, by certain officers of the PTP and certain directors of the general partner of the PTP, of a right to cash payments associated with the elimination of a tax receivable agreement in connection with the Conversion. Plaintiffs are seeking monetary damages, restitution, and an injunction preventing the Company from making any future cash payments for the elimination of the tax receivable agreement in connection with the Conversion. By virtue of the derivative nature of the primary claims (i.e., that the claims are aimed primarily at certain officers and directors), it is unlikely that the Company itself will pay material damage awards based on the derivative claims, although the Company is expected to incur legal defense fees to the extent not covered by insurance. The Delaware Court issued a ruling on the defendants’ motion to dismiss on April 24, 2024, dismissing some of the original Plaintiff’s claims but allowing most of the claims to proceed to discovery and possibly to trial. Plaintiffs filed a consolidated amended complaint on November 17, 2025. Defendants filed a motion to dismiss the consolidated amended complaint on January 16, 2026. The Company intends to contest the direct claims vigorously, and the officer and director defendants intend to continue contesting the derivative claims vigorously. General The Company currently is and expects to continue to be, from time to time, subject to examinations, formal and informal inquiries, and investigations by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to, the SEC, Department of Justice, state attorneys general, FINRA, National Futures Association, and the U.K. Financial Conduct Authority. The Company routinely cooperates with such examinations, inquiries and investigations, and they may result in the commencement of civil, criminal, or administrative or other proceedings against the Company or its personnel. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings and employment- related matters, and some of the matters discussed above involve claims for potentially large and/or indeterminate amounts of damages. Based on information known by management, management does not believe that as of the date of this filing the final resolutions of the matters above will have a material effect upon the Company’s condensed consolidated financial statements. However, given the potentially large and/or indeterminate amounts of damages sought in certain of these matters and the inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s financial results in any particular period. The Company accrues an estimated loss contingency liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated . The Company evaluates its outstanding legal and regulatory proceedings and other matters each quarter to assess its loss contingency accruals, and makes adjustments in such accruals, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. There is no assurance that the Company’s accruals for loss contingencies will not need to be adjusted in the future or that, in light of the uncertainties involved in such matters, the ultimate resolution of these matters will not significantly exceed the accruals that the Company has recorded. Indemnifications In the normal course of business, the Company and its subsidiaries enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company believes the risk of material loss to be remote. In connection with the sale of the Company’s interest in its local Brazilian management entity in August 2021, the Company provided a guarantee to the acquiring company of up to BRL 100.0 million ( $ 19.2 million as of March 31, 2026 ) for liabilities arising from tax-related indemnifications. This guarantee, which will expire in August 2027, would only come into effect after all alternative remedies have been exhausted. The Company believes the likelihood of any material funding under this guarantee to be remote. Risks and Uncertainties Carlyle’s funds seek investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the underlying investees conduct their operations, as well as general 42 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) economic, political, regulatory, and public health conditions, may have a significant negative impact on the Company’s investments and profitability. The funds managed by the Company may also experience a slowdown in the deployment of capital, which could adversely affect the Company’s ability to raise capital for new or successor funds and could also impact the management fees the Company earns on its carry funds and managed accounts, and/or result in the impairment of intangible assets and/or goodwill the case of the Company’s acquired businesses. Such events are beyond the Company’s control, and the likelihood that they may occur and the effect on the Company cannot be predicted. Furthermore, certain of the funds’ investments are made in private companies and there are generally no public markets for the underlying securities at the current time. The funds’ ability to liquidate their publicly-traded investments are often subject to limitations, including discounts that may be required to be taken on quoted prices due to the number of shares being sold. The funds’ ability to liquidate their investments and realize value is subject to significant limitations and uncertainties, including among others currency fluctuations and natural disasters. The Company and the funds make investments outside of the United States. Investments outside the United States may be subject to less developed bankruptcy, corporate, partnership and other laws (which may have the effect of disregarding or otherwise circumventing the limited liability structures potentially causing the actions or liabilities of one fund or a portfolio company to adversely impact the Company or an unrelated fund or portfolio company). Non-U.S. investments are subject to the same risks associated with the Company’s U.S. investments as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing non-U.S. investments, potentially adverse tax consequences, and the burden of complying with a wide variety of foreign laws. Furthermore, Carlyle is exposed to economic risk concentrations related to certain large investments as well as concentrations of investments in certain industries and geographies. Additionally, the Company encounters credit risk. Credit risk is the risk of default by a counterparty in the Company’s investments in debt securities, loans, leases, and derivatives that result from a borrower’s, lessee’s, or derivative counterparty’s inability or unwillingness to make required or expected payments. The Company is subject to credit risk should a financial institution be unable to fulfill its obligations. The Company considers cash, cash equivalents, securities, receivables, principal equity method investments, accounts payable, accrued expenses, other liabilities, loans, senior notes, assets, and liabilities of Consolidated Funds and contingent and other consideration for acquisitions to be its financial instruments. Except for the senior notes, subordinated notes, and compensatory contingent and other consideration for acquisitions, the carrying amounts reported in the condensed consolidated balance sheets for these financial instruments equal or closely approximate their fair values. The fair value of the senior and subordinated notes is disclosed in Note 5 , Borrowings . 8. Related Party Transactions Du e from Affiliates and Other Receivables, Net The Company had the following due from affiliates and other receivables at March 31, 2026 and December 31, 2025 : As of March 31, 2026 December 31, 2025 (Dollars in millions) Accrued incentive fees $ 58.9 $ 53.6 Unbilled receivable for giveback obligations from current and former employees 34.6 24.2 Notes receivable and accrued interest from affiliates 49.5 34.0 Management fee receivable, net 215.2 246.0 Reimbursable expenses and other receivables from unconsolidated funds and affiliates, net 410.9 477.0 Total $ 769.1 $ 834.8 43 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Reimbursable expenses and other receivables from certain of the unconsolidated funds and portfolio companies relate to advisory fees receivable and expenses paid on behalf of these entities. These costs generally represent costs related to the pursuit of actual or proposed investments, professional fees, and expenses associated with the acquisition, holding, and disposition of the investments. The affiliates are obligated at the discretion of the Company to reimburse the expenses. Based on management’s determination, the Company may accrue and charge interest on amounts due from affiliate accounts at interest rates ranging up to 7.05 % as of March 31, 2026 . The accrued and charged interest to the affiliates was not significant for any period presented. Notes receivable includes loans that the Company has provided to certain unconsolidated funds to meet short-term obligations to purchase investments. Notes receivable as of March 31, 2026 and December 31, 2025 also include interest- bearing loans of $ 39.0 million and $ 19.5 million , respectively, to certain eligible Carlyle employees, which excludes Section 16 officers and other members of senior management, to finance their investments in certain Carlyle sponsored funds. These advances accrue interest at rates which range between 5.05 % and 5.75 % as of March 31, 2026 . These receivables are assessed regularly for collectability. Management fee receivable amounts determined to be uncollectible are recorded as a reduction in revenue in the condensed consolidated statements of operations. For all other receivables, amounts determined to be uncollectible are charged directly to general, administrative and other expenses in the condensed consolidated statements of operations. A corresponding allowance for doubtful accounts is recorded and such amounts were not significant for any period presented. Due to Affiliates The Company has recorded obligations for amounts due to certain of its affiliates. The Company periodically offsets expenses it has paid on behalf of its affiliates against these obligations. The Company had the following due to affiliates balances at March 31, 2026 and December 31, 2025 : As of March 31, 2026 December 31, 2025 (Dollars in millions) Due to affiliates of Consolidated Funds $ 7.6 $ 6.1 Due to non-consolidated affiliates 129.1 102.0 Amounts owed under the tax receivable agreement 64.1 71.8 Other 25.6 24.0 Total $ 226.4 $ 203.9 In connection with the Company’s initial public offering, the Company entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships whereby certain subsidiaries of the Partnership agreed to pay to the limited partners of the Carlyle Holdings partnerships involved in any exchange transaction 85 % of the amount of cash tax savings, if any, in U.S. federal, state and local income tax realized as a result of increases in tax basis resulting from exchanges of Carlyle Holdings Partnership units for common units of The Carlyle Group L.P. Other Related Party Transactions Aircraft Transactions Entities controlled by our co-founders own aircraft that may be used for the Company’s business in the ordinary course of its operations. The hourly rates that the Company pays for the use of these aircraft are based on current market rates for chartering private aircraft of the same type. For the three months ended March 31, 2026 and 2025 , t he Company incurred fees for the use of these aircraft of $ 0.3 million and $ 0.4 million , respectively. All payments were paid directly to the manager of the aircraft, and a significant portion of the payments were ultimately paid to or were for the benefit of certain co-found ers . 44 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Other Transactions Senior Carlyle professionals and employees are permitted to participate in co-investment entities that invest in Carlyle funds or alongside Carlyle funds. In many cases, participation is limited by law to individuals who qualify under applicable legal requirements. These co-investment entities generally do not require senior Carlyle professionals and employees to pay management fees or performance allocations, however, Carlyle professionals and employees are required to pay their portion of partnership expenses. Carried interest income from certain funds can be distributed to senior Carlyle professionals and employees on a current basis, but is subject to repayment by the subsidiary of the Company that acts as general partner of the fund in the event that certain specified return thresholds are not ultimately achieved. The senior Carlyle professionals and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligation of these subsidiaries in respect of this general partner obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions received. The Company does business with some of its portfolio companies; all such arrangements are on a negotiated basis. Substantially all revenue is earned from affiliates of Carlyle. 9. Income Taxes Three Months Ended March 31, 2026 2025 (Dollars in millions) Provision (benefit) for income taxes $ ( 37.1 ) $ 12.4 Effective tax rate 21 % 7 % The effective tax rate for the three months ended March 31, 2026 and 2025 primarily comprised the 21% U.S. federal corporate income tax rate and the tax effects of equity-based compensation deductions, disallowed executive compensation, and non-controlling interest. For the three months ended March 31, 2026, the effective tax rate included the impact of a one-time tax expense related to a change in the tax c lassification of a consolidated subsidiary . As of March 31, 2026 and December 31, 2025 , the Company had federal, state, local and foreign taxes payable of $ 134.9 million and $ 141.4 million , respectively, which is recorded as a component of accounts payable, accrued expenses and other liabilities on the accompanying condensed consolidated balance sheets. In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. As of March 31, 2026 , the Company’s U.S. federal income tax returns for the years 2022 through 2024 are generally open under the normal three -year statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2020 to 2024 . Foreign tax returns are generally subject to audit from 2011 to 2024 . Certain of the Company’s affiliates are currently under audit by federal, state and foreign tax authorities. The Company does not believe that the outcome of the audits will require it to record material reserves for uncertain tax positions or that the outcome will have a material impact on the condensed consolidated financial statements. On October 8, 2021, the OECD introduced a 15% global minimum tax under the Pillar Two GloBE model rules. On January 5, 2026, the OECD announced a “side-by-side” system under which U.S.-parented groups would be able to elect to be exempt from certain Pillar Two provisions. Additional guidance on the “side-by-side” system and implementation of such system remain subject to further discussions and clarifications from the OECD and local implementation by each OECD member country. Pillar Two has not had a material impact to the Company’s provision for income taxes; however, the Company will continue to monitor as additional guidance is released by the OECD, OECD member countries based on their enacted law changes, and other standard-setting bodies. 45 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) 10. Non-controlling Interests in Consolidated Entities The components of the Company’s non-controlling interests in consolidated entities are as follows: As of March 31, 2026 December 31, 2025 (Dollars in millions) Non-Carlyle interests in Consolidated Funds $ 1,556.7 $ 861.5 Non-Carlyle interests in majority-owned subsidiaries 420.7 433.9 Non-controlling interests in carried interest and giveback obligations ( 6.3 ) 0.2 Non-controlling interests in consolidated entities $ 1,971.1 $ 1,295.6 The components of the Company’s non-controlling interests in income (loss) of consolidated entities are as follows: Three Months Ended March 31, 2026 2025 (Dollars in millions) Non-Carlyle interests in Consolidated Funds $ ( 2.5 ) $ 8.0 Non-Carlyle interests in majority-owned subsidiaries ( 0.8 ) 20.6 Non-controlling interests in carried interest and giveback obligations ( 6.4 ) — Non-controlling interests in income (loss) of consolidated entities $ ( 9.7 ) $ 28.6 11. Earnings Per Common Share Ba sic and diluted net income (loss) p er common share are calculated as follows: Three Months Ended March 31, 2026 Basic Diluted Net loss attributable to common shares $ ( 132,200,000 ) $ ( 132,200,000 ) Weighted-average common shares outstanding 359,192,724 359,192,724 Net loss per common share $ ( 0.37 ) $ ( 0.37 ) Three Months Ended March 31, 2025 Basic Diluted Net income attributable to common shares $ 130,000,000 $ 130,000,000 Weighted-average common shares outstanding 359,464,272 366,336,892 Net income per common share $ 0.36 $ 0.35 46 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) The weighted-average common shares outstanding, basic and diluted, are calculated as follows: Three Months Ended March 31, 2026 Basic Diluted The Carlyle Group Inc. weighted-average common shares outstanding 359,192,724 359,192,724 Unvested restricted stock units — — Issuable common shares and performance-vesting restricted stock units — — Weighted-average common shares outstanding 359,192,724 359,192,724 Three Months Ended March 31, 2025 Basic Diluted The Carlyle Group Inc. weighted-average common shares outstanding 359,464,272 359,464,272 Unvested restricted stock units — 6,182,260 Issuable common shares and performance-vesting restricted stock units — 690,360 Weighted-average common shares outstanding 359,464,272 366,336,892 The Company applies the treasury stock method to determine the dilutive weighted-average common shares represented by the unvested restricted stock units. Also included in the determination of dilutive weighted-average common shares are issuable common shares associated with the Company’s investment in NGP and performance-vesting restricted stock units. As of March 31, 2026 , all such awards are antidilutive and excluded from the computation of diluted earnings per share given the net loss attributable to common stockholders. 12. Equity Share Repurchase Program The Board of Directors reset the total repurchase authorization of the Company’s previously approved share repurchase program to $ 2.0 billion in shares of the Company’s common stock, effective as of February 26, 2026. Under the share repurchase program, shares of the Company’s common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, or otherwise, including through Rule 10b5-1 plans. The timing and actual number of shares of common stock repurchased will depend on a variety of factors, including legal requirements and price, economic, and market conditions. In addition to repurchases of common stock, the share repurchase program is used for the payment of tax withholding amounts upon net share settlement of equity-based awards granted pursuant to our Equity Incentive Plan or otherwise based on the value of shares withheld that would have otherwise been issued to the award holder. The share repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. As of March 31, 2026 , the Company had repurchased approximately $ 0.1 billion of common shares under the reset program, and $ 1.9 billion of repurchase capacity remained available . The following table presents the Company’s shares that have been repurchased or retired as a result of net share settlement of equity-based awards during the three months ended March 31, 2026 and 2025 . Dollar amounts exclude the impact of excise taxes. Three Months Ended March 31, 2026 2025 Shares $ Shares $ (Dollars in millions, except share data) Shares repurchased 1,331,853 $ 65.0 493,781 $ 25.0 Shares retired in connection with the net share settlement of equity-based awards 2,469,837 139.8 2,835,354 151.5 Total 3,801,690 $ 204.8 3,329,135 $ 176.5 47 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Dividends The table below presents information regarding the quarterly dividends on the common shares, which were made at the sole discretion of the Board of Directors of the Company. Dividend Record Date Dividend Payment Date Dividend per Common Share Dividend to Common Stockholders (Dollars in millions, except per share data) May 19, 2025 May 27, 2025 $ 0.35 $ 126.3 August 18, 2025 August 28, 2025 0.35 126.5 November 10, 2025 November 19, 2025 0.35 125.9 February 16, 2026 February 20, 2026 0.35 126.4 Total 2025 Dividend Year $ 1.40 $ 505.1 May 18, 2026 May 28, 2026 $ 0.35 $ 126.0 Total 2026 Dividend Year (through Q1 2026) $ 0.35 $ 126.0 The Board of Directors will take into account general economic and business conditions, as well as the Company’s strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax, and regulatory restrictions, other constraints on the payment of dividends by the Company to its common stockholders or by subsidiaries to the Company, and other such factors as the Board of Directors may deem relevant. In addition, the terms of the Company’s credit facility provide certain limits on the Company’s ability to pay dividends . 13. Equity-Based Compensation The Carlyle Group Inc. Amended and Restated 2012 Equity Incentive Plan (the “Equity Incentive Plan,” initially adopted in May 2012 and as most recently amended and restated on May 29, 2024) is a source of equity-based awards permitting the Company to grant to Carlyle employees, directors and consultants non-qualified options, share appreciation rights, common shares, restricted stock units and other awards based on the Company’s shares of common stock. A total of 58,800,000 shares of common stock are authorized for the grant of awards under the Equity Incentive Plan, of which a total of 17,523,365 shares of the Company’s common stock remain available for grant as of March 31, 2026 . A summary of the status of the Company’s non-vested equity-based awards as of March 31, 2026 and a summary of changes for the three months ended March 31, 2026 , are presented below: Unvested Shares Performance- Vesting Restricted Stock Units Weighted- Average Grant Date Fair Value Restricted Stock Units Weighted- Average Grant Date Fair Value Unvested Common Shares Weighted- Average Grant Date Fair Value Balance, December 31, 2025 14,214,568 $ 28.63 11,339,034 $ 47.36 397,838 $ 46.04 Granted (1) 31,268 $ 53.23 5,858,058 $ 58.70 126,507 $ 61.32 Vested (2) 5,189,824 $ 26.17 1,077,057 $ 50.37 — $ — Forfeited — $ — 39,305 $ 43.86 — $ — Balance, March 31, 2026 9,056,012 $ 30.12 16,080,730 $ 51.30 524,345 $ 49.73 (1) Includes shares reserved for issuance upon settlement of dividend-equivalent rights carried by certain restricted stock units concurrently with the settlement of the restricted stock units for shares. (2) Includes 2,469,837 shares that were retired in connection with the net share settlement of equity-based awards. The Company paid $ 139.8 million of taxes related to the net share settlement of equity-based awards during the three months ended March 31, 2026 , which is included within financing activities in the condensed consolidated statements of cash flows. The Company recorded equity-based compensation expense, net of forfeitures, for restricted stock units of $ 119.8 million and $ 103.5 million for the three months ended March 31, 2026 and 2025 , respectively, with $ 17.5 million and $ 18.6 million of corresponding deferred tax benefits, respectively. As of March 31, 2026 , the total unrecognized equity-based compensation 48 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) expense related to unvested restricted stock units was $ 736.0 million , which is expected to be recognized over a weighted- average term of 2.4 years . 14. Segment Reporting Car lyle conducts its operations through three reportable segments: Global Private Equity – The Global Private Equity segment advises buyout, growth, real estate, and infrastructure & natural resources funds. The segment also includes the NGP Carry Funds advised by NGP. Global Credit – The Global Credit segment advises funds and vehicles that pursue investment strategies including insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure credit, cross-platform credit products, and global capital markets. Carlyle AlpInvest – The Carlyle AlpInvest segment advises global private equity programs that pursue secondary purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments. The Company’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs are generally allocated based on cash-based compensation and benefits expense for each segment. The Company’s earnings from its investment in NGP are presented in the respective operating captions within the Global Private Equity segment. Distributable Earnings . Distributable Earnings, or “DE,” is a key performance benchmark used in the Company’s industry and is evaluated regularly by the chief operating decision maker (“CODM”), which is our Chief Executive Officer, in making resource deployment and compensation decisions and in assessing performance of the Company’s three reportable segments. The CODM also uses DE in budgeting, forecasting, and the overall management of the Company’s segments. The CODM believes that reporting DE is helpful to understanding the Company’s business and that investors should review the same supplemental financial measure that the CODM uses to analyze the Company’s segment performance. DE is intended to show the amount of net realized earnings without the effects of the consolidation of the Consolidated Funds. DE is derived from the Company’s segment reported results and is used to assess performance. Distributable Earnings differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it includes certain tax expenses associated with certain foreign performance revenues (composed of performance allocations and incentive fees), and does not include unrealized performance allocations and related compensation expense, unrealized principal investment income, equity-based compensation expense, net income (loss) attributable to non-Carlyle interests in consolidated entities, or charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period comparability and are not reflective of the Company’s operational performance. Charges (credits) related to Carlyle corporate actions and non-recurring items include: charges associated with the Conversion, charges (credits) associated with acquisitions, dispositions or strategic investments, changes in the tax receivable agreement liability, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions and dispositions, charges associated with earn-outs and contingent consideration including gains and losses associated with the estimated fair value of contingent considerations issued in conjunction with acquisitions or strategic investments, impairment charges associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract terminations and employee severance, and non-recurring items that affect period-to-period comparability and are not reflective of the Company’s operating performance. Management believes the inclusion or exclusion of these items provides investors with a meaningful indication of the Company’s core operating performance. Fee Related Earnings . Fee Related Earnings, or “FRE,” is a component of DE and is used to assess the ability of the business to cover base compensation and operating expenses from total fee revenues. FRE adjusts DE to exclude net realized performance revenues, realized principal investment income, and net interest (interest income less interest expense). Fee Related Earnings includes fee related performance revenues and related compensation expense. Fee related performance revenues represent the realized portion of performance revenues that are measured and received on a recurring basis, are not dependent on realization events, and which have no risk of giveback. Asset information by segment is not disclosed because this information is not used by the CODM to make resource deployment decisions or evaluate the performance of the Company’s segments. 49 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) The following tables present the financial data for the Company’s three reportable segments for the three months ended March 31, 2026 : Global Private Equity Global Credit Carlyle AlpInvest Total (Dollars in millions) Segment Revenues Fund level fee revenues Fund management fees $ 284.3 $ 147.3 $ 112.9 $ 544.5 Portfolio advisory and transaction fees, net and other 6.8 47.2 0.1 54.1 Fee related performance revenues 2.1 32.1 11.2 45.4 Total fund level fee revenues 293.2 226.6 124.2 644.0 Realized performance revenues 29.7 10.7 21.4 61.8 Realized principal investment income 11.8 9.3 7.1 28.2 Interest income 7.0 7.2 2.7 16.9 Total revenues 341.7 253.8 155.4 750.9 Segment Expenses Compensation and benefits Cash-based compensation and benefits 91.3 93.3 33.9 218.5 Realized performance revenues related compensation 19.8 6.7 14.8 41.3 Total compensation and benefits 111.1 100.0 48.7 259.8 General, administrative, and other indirect expenses (1) 53.9 35.5 20.2 109.6 Depreciation and amortization expense 8.4 4.9 2.6 15.9 Interest expense 18.4 15.2 5.0 38.6 Total expenses 191.8 155.6 76.5 423.9 (=) Distributable Earnings $ 149.9 $ 98.2 $ 78.9 $ 327.0 (-) Realized net performance revenues 9.9 4.0 6.6 20.5 (-) Realized principal investment income 11.8 9.3 7.1 28.2 (+) Net interest 11.4 8.0 2.3 21.7 (=) Fee Related Earnings $ 139.6 $ 92.9 $ 67.5 $ 300.0 (1) General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel and entertainment expenses, and fundraising costs. 50 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) The following tables present the financial data for the Company’s three reportable segments for the three months ended March 31, 2025 : Three Months Ended March 31, 2025 Global Private Equity Global Credit Carlyle AlpInvest Total (Dollars in millions) Segment Revenues Fund level fee revenues Fund management fees $ 283.0 $ 139.6 $ 102.9 $ 525.5 Portfolio advisory and transaction fees, net and other 14.5 63.4 — 77.9 Fee related performance revenues — 28.8 10.7 39.5 Total fund level fee revenues 297.5 231.8 113.6 642.9 Realized performance revenues 317.1 13.3 24.7 355.1 Realized principal investment income 15.1 5.5 9.4 30.0 Interest income 6.0 7.0 2.2 15.2 Total revenues 635.7 257.6 149.9 1,043.2 Segment Expenses Compensation and benefits Cash-based compensation and benefits 100.7 89.0 34.3 224.0 Realized performance revenues related compensation 200.4 7.9 19.4 227.7 Total compensation and benefits 301.1 96.9 53.7 451.7 General, administrative, and other indirect expenses (1) 48.7 35.0 11.9 95.6 Depreciation and amortization expense 6.9 3.9 1.9 12.7 Interest expense 13.4 11.3 3.1 27.8 Total expenses 370.1 147.1 70.6 587.8 (=) Distributable Earnings $ 265.6 $ 110.5 $ 79.3 $ 455.4 (-) Realized net performance revenues 116.7 5.4 5.3 127.4 (-) Realized principal investment income 15.1 5.5 9.4 30.0 (+) Net interest 7.4 4.3 0.9 12.6 (=) Fee Related Earnings $ 141.2 $ 103.9 $ 65.5 $ 310.6 (1) General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel and entertainment expenses, and fundraising costs. 51 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the three months ended March 31, 2026 and 2025 . Three Months Ended March 31, 2026 Total Reportable Segments Consolidated Funds Reconciling Items Carlyle Consolidated (Dollars in millions) Revenues $ 750.9 $ 179.7 $ ( 676.6 ) (a) $ 254.0 Expenses $ 423.9 $ 178.3 $ ( 233.6 ) (b) $ 368.6 Other income (loss) $ — $ ( 64.4 ) $ — (c) $ ( 64.4 ) Distributable Earnings $ 327.0 $ ( 63.0 ) $ ( 443.0 ) (d) $ ( 179.0 ) Three Months Ended March 31, 2025 Total Reportable Segments Consolidated Funds Reconciling Items Carlyle Consolidated (Dollars in millions) Revenues $ 1,043.2 $ 133.4 $ ( 203.5 ) (a) $ 973.1 Expenses $ 587.8 $ 130.8 $ 89.6 (b) $ 808.2 Other income (loss) $ — $ 6.1 $ — (c) $ 6.1 Distributable Earnings $ 455.4 $ 8.7 $ ( 293.1 ) (d) $ 171.0 (a) The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment income (loss) (including Fortitude), revenues earned from the Consolidated Funds which were eliminated in consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating captions or are excluded from the segment results, and adjustments to reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, as detailed below: Three Months Ended March 31, 2026 2025 (Dollars in millions) Unrealized performance and fee related performance revenues $ ( 669.4 ) $ ( 197.3 ) Unrealized principal investment income (loss) ( 68.3 ) 17.0 Adjustments related to expenses associated with investments in NGP Management and its affiliates ( 11.6 ) ( 96.1 ) Non-controlling interests and other adjustments to present certain costs on a net basis 24.0 91.0 Elimination of revenues of Consolidated Funds 48.7 ( 18.1 ) $ ( 676.6 ) $ ( 203.5 ) The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP measure, the Company’s consolidated fund management fees, for the three months ended March 31, 2026 and 2025 . Three Months Ended March 31, 2026 2025 (Dollars in millions) Total Reportable Segments - Fund level fee revenues $ 644.0 $ 642.9 Adjustments (1) ( 60.0 ) ( 56.8 ) Carlyle Consolidated - Fund management fees $ 584.0 $ 586.1 52 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) (1) Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of fee related performance revenues from certain products, management fees earned from Consolidated Funds which were eliminated in consolidation to arrive at the Company’s fund management fees, and the reclassification of certain amounts included in portfolio advisory fees, net and other in the segment results that are included in interest and other income in the U.S. GAAP results. The following table reconciles the total segments transaction and portfolio advisory fees, net and other to the most directly comparable US. GAAP measure, the Company’s consolidated transaction and portfolio advisory fees, net for the three months ended March 31, 2026 and 2025 . Three Months Ended March 31, 2026 2025 (Dollars in millions) Total Reportable Segments - Portfolio advisory and transaction fees, net and other $ 54.1 $ 77.9 Adjustments (1) ( 4.8 ) ( 1.2 ) Carlyle Consolidated - Portfolio advisory and transaction fees, net $ 49.3 $ 76.7 (1) Adjustments represent the reclassification of other income from Interest and other income in the U.S. GAAP results and certain underwriting fees from P rincipal investment income. (b) The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Company, the inclusion of equity-based compensation, certain tax expenses associated with realized performance revenues related compensation, unrealized performance revenues related compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, changes in the tax receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring items, as detailed below: Three Months Ended March 31, 2026 2025 (Dollars in millions) Unrealized performance and fee related performance revenue compensation expense $ ( 414.9 ) $ ( 107.3 ) Equity-based compensation 121.8 104.7 Acquisition or disposition-related charges and amortization of intangibles and impairment 46.4 122.2 Tax (expense) benefit associated with certain foreign performance revenues related compensation 0.7 — Non-controlling interests and other adjustments to present certain costs on a net basis 19.6 ( 25.7 ) Other adjustments 4.6 13.1 Elimination of expenses of Consolidated Funds ( 11.8 ) ( 17.4 ) $ ( 233.6 ) $ 89.6 (c) The Other Income (Loss) adjustment results from the Consolidated Funds that were eliminated in consolidation to arrive at the Company’s total Other Income (Loss). 53 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) (d) The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings and to Fee Related Earnings: Three Months Ended March 31, 2026 2025 (Dollars in millions) Income (loss) before provision for income taxes $ ( 179.0 ) $ 171.0 Adjustments: Net unrealized performance and fee related performance revenues 254.5 90.0 Unrealized principal investment (income) loss 68.3 ( 17.0 ) Equity-based compensation (1) 121.8 104.7 Acquisition or disposition-related charges, including amortization of intangibles and impairment 46.4 122.2 Tax (expense) benefit associated with certain foreign performance revenues 0.7 — Net (income) loss attributable to non-controlling interests in consolidated entities 9.7 ( 28.6 ) Other adjustments (2) 4.6 13.1 Distributable Earnings $ 327.0 $ 455.4 (-) Realized performance revenues, net of related compensation (3) 20.5 127.4 (-) Realized principal investment income (3) 28.2 30.0 (+) Net interest 21.7 12.6 Fee Related Earnings $ 300.0 $ 310.6 (1) Equity-based compensation for the three months ended March 31, 2026 and 2025 included amounts that are presented in principal investment income (loss) and general, administrative and other expenses in the Company’s condensed consolidated statements of operations. (2) Includes charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period comparability and are not reflective of the Company’s operating performance. (3) See reconciliation to most directly comparable U.S. GAAP measure below: Three Months Ended March 31, 2026 Carlyle Consolidated Adjustments (4) Total Reportable Segments (Dollars in millions) Performance revenues $ ( 681.1 ) $ 742.9 $ 61.8 Performance revenues related compensation expense ( 367.9 ) 409.2 41.3 Net performance revenues $ ( 313.2 ) $ 333.7 $ 20.5 Principal investment income (loss) $ 64.4 $ ( 36.2 ) $ 28.2 Three Months Ended March 31, 2025 Carlyle Consolidated Adjustments (4) Total Reportable Segments (Dollars in millions) Performance revenues $ 222.9 $ 132.2 $ 355.1 Performance revenues related compensation expense 171.4 56.3 227.7 Net performance revenues $ 51.5 $ 75.9 $ 127.4 Principal investment income (loss) $ ( 63.1 ) $ 93.1 $ 30.0 ( 4) Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations net of related compensation expense and unrealized principal investment income, which are excluded from the segment results, (ii) amounts earned from the Consolidated Funds, which are eliminated in the U.S. GAAP consolidation but are 54 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) included in the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which are excluded from the segment results, (iv) the reclassification of NGP performance revenues, which are included in principal investment income in the U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which are included in fund level fee revenues in the segment results, and (vi) the reclassification of tax expenses associated with certain foreign performance revenues. Adjustments to principal investment income (loss) also include the reclassification of earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, the exclusion of charges associated with the investment in NGP Management and its affiliates from the segment results and the exclusion of the principal investment loss from dilution of the indirect investment in Fortitude. 15. Subsequent Events Subsequent events have been evaluated through the date the condensed consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the condensed consolidated financial statements were issued, except as disclosed below and elsewhere in these condensed consolidated financial statements. In April 2026 , the Company’s Board of Directors declared a quarterly dividend of $ 0.35 per share of common stock to common stockholders of record at the close of business on May 18, 2026 , payable on May 28, 2026 . 55 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) 16. Supplemental Financial Information The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial position as of March 31, 2026 and December 31, 2025 and results of operations for the three months ended March 31, 2026 and 2025 . The supplemental statement of cash flows is presented without effects of the Consolidated Funds. As of March 31, 2026 Consolidated Operating Entities Consolidated Funds Eliminations Consolidated (Dollars in millions) Assets Cash and cash equivalents $ 1,673.2 $ — $ — $ 1,673.2 Cash and cash equivalents held at Consolidated Funds — 1,081.0 — 1,081.0 Investments, including accrued performance allocations of $ 6,865.4 11,449.9 — ( 984.6 ) 10,465.3 Investments of Consolidated Funds — 14,326.8 — 14,326.8 Due from affiliates and other receivables, net 1,070.1 — ( 301.0 ) 769.1 Due from affiliates and other receivables of Consolidated Funds, net — 356.7 — 356.7 Fixed assets, net 234.9 — — 234.9 Lease right-of-use assets, net 332.9 — — 332.9 Deposits and other 96.2 2.2 — 98.4 Intangible assets, net 473.6 — — 473.6 Deferred tax assets 30.1 — — 30.1 Total assets $ 15,360.9 $ 15,766.7 $ ( 1,285.6 ) $ 29,842.0 Liabilities and equity Debt obligations $ 3,001.6 $ — $ — $ 3,001.6 Loans payable of Consolidated Funds — 11,434.1 ( 285.4 ) 11,148.7 Accounts payable, accrued expenses and other liabilities 478.3 — — 478.3 Accrued compensation and benefits 4,911.8 — — 4,911.8 Due to affiliates 218.8 7.6 — 226.4 Deferred revenue 358.2 — — 358.2 Deferred tax liabilities 55.2 — — 55.2 Other liabilities of Consolidated Funds — 1,719.0 ( 0.6 ) 1,718.4 Lease liabilities 466.8 — — 466.8 Accrued giveback obligations 102.0 — — 102.0 Total liabilities 9,592.7 13,160.7 ( 286.0 ) 22,467.4 Common stock 3.6 — — 3.6 Additional paid-in capital 4,408.4 1,025.5 ( 1,025.5 ) 4,408.4 Retained earnings 1,172.7 — — 1,172.7 Accumulated other comprehensive loss ( 230.9 ) 23.8 25.9 ( 181.2 ) Non-controlling interests in consolidated entities 414.4 1,556.7 — 1,971.1 Total equity 5,768.2 2,606.0 ( 999.6 ) 7,374.6 Total liabilities and equity $ 15,360.9 $ 15,766.7 $ ( 1,285.6 ) $ 29,842.0 56 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) As of December 31, 2025 Consolidated Operating Entities Consolidated Funds Eliminations Consolidated (Dollars in millions) Assets Cash and cash equivalents $ 1,970.2 $ — $ — $ 1,970.2 Cash and cash equivalents held at Consolidated Funds — 1,235.1 — 1,235.1 Investments, including accrued performance allocations of $ 7,620.3 12,219.6 — ( 1,066.9 ) 11,152.7 Investments of Consolidated Funds — 12,519.8 — 12,519.8 Due from affiliates and other receivables, net 1,135.0 — ( 300.2 ) 834.8 Due from affiliates and other receivables of Consolidated Funds, net — 206.4 — 206.4 Fixed assets, net 224.9 — — 224.9 Lease right-of-use assets, net 331.9 — — 331.9 Deposits and other 98.2 2.7 — 100.9 Intangible assets, net 507.1 — — 507.1 Deferred tax assets 32.2 — — 32.2 Total assets $ 16,519.1 $ 13,964.0 $ ( 1,367.1 ) $ 29,116.0 Liabilities and equity Debt obligations $ 2,997.0 $ — $ — $ 2,997.0 Loans payable of Consolidated Funds — 10,712.4 ( 286.4 ) 10,426.0 Accounts payable, accrued expenses and other liabilities 543.7 — — 543.7 Accrued compensation and benefits 5,849.4 — — 5,849.4 Due to affiliates 197.8 6.1 — 203.9 Deferred revenue 129.2 — — 129.2 Deferred tax liabilities 106.3 — — 106.3 Other liabilities of Consolidated Funds — 1,260.7 ( 0.3 ) 1,260.4 Lease liabilities 470.2 — — 470.2 Accrued giveback obligations 72.8 — — 72.8 Total liabilities 10,366.4 11,979.2 ( 286.7 ) 22,058.9 Common stock 3.6 — — 3.6 Additional paid-in capital 4,285.8 1,099.2 ( 1,099.2 ) 4,285.8 Retained earnings 1,642.3 — — 1,642.3 Accumulated other comprehensive loss ( 213.1 ) 24.1 18.8 ( 170.2 ) Non-controlling interests in consolidated entities 434.1 861.5 — 1,295.6 Total equity 6,152.7 1,984.8 ( 1,080.4 ) 7,057.1 Total liabilities and equity $ 16,519.1 $ 13,964.0 $ ( 1,367.1 ) $ 29,116.0 57 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Three Months Ended March 31, 2026 Consolidated Operating Entities Consolidated Funds Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 596.0 $ — $ ( 12.0 ) $ 584.0 Incentive fees 51.7 — — 51.7 Investment income (loss) Performance allocations ( 680.0 ) — ( 1.1 ) ( 681.1 ) Principal investment income (loss) ( 5.2 ) — 69.6 64.4 Total investment loss ( 685.2 ) — 68.5 ( 616.7 ) Interest and other income 63.1 — ( 7.8 ) 55.3 Interest and other income of Consolidated Funds — 179.7 — 179.7 Total revenues 25.6 179.7 48.7 254.0 Expenses Compensation and benefits Cash-based compensation and benefits 227.1 — — 227.1 Equity-based compensation 119.8 — — 119.8 Performance allocations and incentive fee related compensation ( 367.9 ) — — ( 367.9 ) Total compensation and benefits ( 21.0 ) — — ( 21.0 ) General, administrative and other expenses 184.5 — 0.1 184.6 Interest 38.6 — — 38.6 Interest and other expenses of Consolidated Funds — 178.3 ( 11.9 ) 166.4 Total expenses 202.1 178.3 ( 11.8 ) 368.6 Other loss Net investment loss of Consolidated Funds — ( 64.4 ) — ( 64.4 ) Loss before benefit for income taxes ( 176.5 ) ( 63.0 ) 60.5 ( 179.0 ) Benefit for income taxes ( 37.1 ) — — ( 37.1 ) Net loss ( 139.4 ) ( 63.0 ) 60.5 ( 141.9 ) Net loss attributable to non-controlling interests in consolidated entities ( 7.2 ) — ( 2.5 ) ( 9.7 ) Net loss attributable to The Carlyle Group Inc. $ ( 132.2 ) $ ( 63.0 ) $ 63.0 $ ( 132.2 ) 58 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Three Months Ended March 31, 2025 Consolidated Operating Entities Consolidated Funds Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 594.4 $ — $ ( 8.3 ) $ 586.1 Incentive fees 43.3 — ( 0.1 ) 43.2 Investment income Performance allocations 223.4 — ( 0.5 ) 222.9 Principal investment loss ( 60.5 ) — ( 2.6 ) ( 63.1 ) Total investment income 162.9 — ( 3.1 ) 159.8 Interest and other income 57.2 — ( 6.6 ) 50.6 Interest and other income of Consolidated Funds — 133.4 — 133.4 Total revenues 857.8 133.4 ( 18.1 ) 973.1 Expenses Compensation and benefits Cash-based compensation and benefits 218.4 — — 218.4 Equity-based compensation 103.5 — — 103.5 Performance allocations and incentive fee related compensation 171.4 — — 171.4 Total compensation and benefits 493.3 — — 493.3 General, administrative and other expenses 173.7 — ( 0.1 ) 173.6 Interest 27.8 — — 27.8 Interest and other expenses of Consolidated Funds — 130.8 ( 17.3 ) 113.5 Total expenses 694.8 130.8 ( 17.4 ) 808.2 Other income Net investment income of Consolidated Funds — 6.1 — 6.1 Income before provision for income taxes 163.0 8.7 ( 0.7 ) 171.0 Provision for income taxes 12.4 — — 12.4 Net income 150.6 8.7 ( 0.7 ) 158.6 Net income attributable to non-controlling interests in consolidated entities 20.6 — 8.0 28.6 Net income attributable to The Carlyle Group Inc. $ 130.0 $ 8.7 $ ( 8.7 ) $ 130.0 59 Table of Contents The Carlyle Group Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) Three Months Ended March 31, 2026 2025 (Dollars in millions) Cash flows from operating activities Net income (loss) $ ( 139.4 ) $ 150.6 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 282.0 14.5 Non-cash principal investment (income) loss 17.4 69.6 Other non-cash amounts ( 2.1 ) 12.6 Purchases of investments ( 328.7 ) ( 290.9 ) Proceeds from the sale of investments 358.8 155.1 Payments of contingent consideration — ( 1.0 ) Change in deferred taxes, net ( 45.4 ) ( 29.4 ) Change in due from affiliates and other receivables ( 1.1 ) 12.7 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 provided by operating activities 34.9 164.2 Cash flows from investing activities Purchases of fixed assets, net ( 28.1 ) ( 16.7 ) Net cash used in investing activities ( 28.1 ) ( 16.7 ) 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 Dividends to common stockholders ( 126.4 ) ( 126.4 ) Contributions from non-controlling interest holders 51.7 57.7 Distributions to non-controlling interest holders ( 59.6 ) ( 16.9 ) Common shares repurchased and net share settlement of equity-based awards ( 204.8 ) ( 176.5 ) Change in due to/from affiliates financing activities 36.9 42.3 Net cash used in financing activities ( 292.3 ) ( 219.3 ) Effect of foreign exchange rate changes ( 5.4 ) 4.6 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 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 60 Table of Contents Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Unless context suggests otherwise, references in this Quarterly Report on Form 10-Q to “Carlyle,” the “Company,” “we,” “us,” and “our” refer to The Carlyle Group Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes included in this Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the year ended December 31, 2025 . Overview We are one of the world’s largest global investment firms and deploy private capital across our business. We conduct our operations through three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. • Global Private Equity — Our Global Private Equity segment advises our buyout, growth, real estate, and infrastructure & natural resources funds. The segment also includes the NGP Carry Funds advised by NGP. As of March 31, 2026 , our Global Private Equity segment had $159.0 billion in AUM and $99.1 billion in Fee-earning AUM. • Global Credit — Our Global Credit segment advises funds and vehicles that pursue investment strategies including insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure credit, cross-platform credit products, and global capital markets. As of March 31, 2026 , our Global Credit segment had $209.5 billion in AUM and $166.4 billion in Fee-earning AUM. • Carlyle AlpInvest — Our Carlyle AlpInvest segment advises global private equity programs that pursue secondary purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments. As of March 31, 2026 , our Carlyle AlpInvest segment had $106.9 billion in AUM and $67.9 billion in Fee-earning AUM. We earn management fees pursuant to contractual arrangements with the investment funds that we manage and fees for transaction advisory and oversight services provided to portfolio companies of these funds. We also typically receive a performance fee from an investment fund, which may be either an incentive fee or a special residual allocation of income, which we refer to as a performance allocation, or carried interest, in the event that specified investment returns are achieved by the fund. Under U.S. generally accepted accounting principles (“U.S. GAAP”), we are required to consolidate some of the investment funds that we advise. However, for segment reporting purposes, we present revenues and expenses on a basis that deconsolidates these investment funds. Refer to Note 14 , Segment Reporting , to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on the differences between our financial results reported pursuant to U.S. GAAP and our financial results for segment reporting purposes. 61 Table of Contents Our Global Investment Offerings The following table provides a breakout of the product offerings and related acronyms included in our total assets under management of $475 billion as of March 31, 2026 for each of our three global business segments (in billions): Global Private Equity $ 159.0 Global Credit $ 209.5 Corporate Private Equity $ 97.8 Insurance Solutions 4 $ 85.7 U.S. Buyout (CP) 47.7 Liquid Credit $ 47.7 Asia Buyout (CAP) 10.7 U.S. CLOs 33.5 Europe Buyout (CEP) 9.2 Europe CLOs 9.8 Japan Buyout (CJP) 6.5 CLO Investment Products 2.4 Carlyle Global Partners (CGP) 6.4 Revolving Credit 2.0 Europe Technology (CETP) 5.3 Private Credit $ 76.1 U.S. Growth (CP Growth / CEOF) 3.2 Opportunistic Credit (CCOF / CSP) 20.3 Life Sciences (ABV / ACCD) 2.3 Direct Lending 5 14.0 Asia Growth (CAP Growth / CAGP) 1.1 Aviation Finance (SASOF / CALF) 12.5 Other 1 5.5 Asset-Backed Finance 11.8 Real Estate $ 36.3 Cross-Platform Credit (incl. CTAC) 10.1 U.S. Real Estate (CRP) 25.3 Infrastructure Credit (CICF) 7.0 Core Plus Real Estate (CPI) 8.4 Other 6 0.5 International Real Estate (CER) 2.6 Infrastructure & Natural Resources $ 24.9 Carlyle AlpInvest $ 106.9 NGP Energy 2 11.5 Secondaries & Portfolio Finance (ASF / ASPF) $ 47.6 Infrastructure and Renewable Energy 3 7.1 Co-Investments (ACF) $ 23.9 International Energy (CIEP) 6.3 Primary Investments & Other 7 $ 35.4 Note: All amounts shown represent total assets under management as of March 31, 2026 , and totals may not sum due to rounding. In addition, certain carry funds included herein may not be included in fund performance if they have not made an initial capital call or commenced investment activity. (1) Includes our Financial Services (CGFSP), Sub-Saharan Africa Buyout (CSSAF), Peru Buyout (CPF), and MENA Buyout funds, as well as platform accounts which invest across Corporate Private Equity strategies. (2) NGP Energy funds are advised by NGP Energy Capital Management, LLC, a separately registered investment adviser. We do not serve as an investment adviser to those funds. (3) Includes our Infrastructure (CGIOF) and Renewable Energy (CRSEF) funds. (4) Includes Carlyle FRL, capital raised from strategic third-party investors which directly invest in Fortitude alongside Carlyle FRL, as well as the fair value of the general account assets covered by the strategic advisory services agreement with Fortitude. (5) Includes our business development companies (CGBD / CARS) and our evergreen fund (CDLF). (6) Includes our Energy Credit (CEMOF) and Real Estate Credit (CNLI) funds . (7) Includes Carlyle AlpInvest Private Markets (CAPM) and Carlyle AlpInvest Private Markets Secondaries (CAPS) funds. Trends Affecting Our Business The commencement of hostilities in the Middle East and the closure of the Strait of Hormuz have not yet manifested as visible economic damage. However, risks to the global economy remain elevated as the conflict in the Middle East persists, and those risks will continue to rise for as long as the Strait remains effectively shut. Approximately 20% of global crude oil, 20% of global liquid natural gas (“ LNG” ), 30% of global helium supplies, and 50% of global stocks of urea, the most widely used nitrogenous fertilizer, transit the Strait. For the industrial sector, energy looms large, but for many businesses beyond this sector, disruptions to supplies of petrochemicals, metals, helium, and other byproducts of LNG processing are just as significant. In the U.S., which is less reliant on imports that traverse the Strait, impacts seem most likely to manifest in higher prices, which could put downward pressure on consumption demand and slow overall growth. For much of the rest of the world, impacts could be more substantial, with physical shortages of energy and supplies resulting in outright demand destruction. Global supply shortages also have significant implications for the AI buildout, and AI-related capex growth intentions could be pared back materially should the conflict become prolonged. In equity markets, investors have grown skeptical about returns to AI capex: the Magnificent 7 stocks declined 12% during the quarter, though recent layoff announcements (presumably in an effort to offset these AI-related capex costs) and soaring cloud revenues have driven a recovery rally that has more than erased the drawdown, lifting the group above its October 2025 market peak to new all-time highs (as of May 8, 2026). The quarter was also marked by distinct pre- and post- 62 Table of Contents conflict market dynamics. In the U.S., prior to February 27, 2026, investors rotated away from mega-cap technology and software toward “real economy” sectors: industrials were up 14%, while SaaS stocks were down 30% from the start of the year through that date, as new AI capabilities raised concerns about incumbent business models. After February 27, 2026, however, that rotation partially reversed in response to the energy shock, and industrials underperformed through quarter-end. Since the end of the first quarter of 2026, both “real economy” sectors and enterprise software (which is seen as less vulnerable to AI disruption) have performed well, while SaaS and cloud services providers continue to lag. Overall, the S&P 500 ended the quarter down 4.6%, though significant upgrades to “consensus” earnings estimates coupled with market optimism for an end to the Middle East conflict have driven the index to record highs in May. This recent rally is a symptom of the difficulty investors face in hedging and quantifying geopolitical risk. In contrast to other discrete shocks, such as the failure of SVB in 2023, markets face less clarity in mapping out the trajectory of evolving geopolitical developments and so tend to “look through” them. Globally, Japan’s Nikkei and Europe’s Euro Stoxx 50 started the quarter up 16.9% and 6%, respectively, prior to the outbreak of hostilities, but ultimately finished the quarter up just 1.4% and down 3.8%, respectively. The shock also reaffirmed the notion that bonds no longer hedge equity market risk. Bonds have now sold off with stocks during each major shock of the last 12 months, and the correlation between the monthly returns of stocks and bonds has moved from -25% to +50% since 2022. As the “natural” hedge of the traditional 60/40 portfolio continues to dissolve, investors may choose to rotate towards private markets to achieve greater diversification. The U.S. economy retained underlying momentum during the quarter. The labor market did not show obvious signs of deterioration, and our measure of real final demand—a proxy for real GDP net of foreign trade and inventories—grew at a 2.7% annualized rate, a result consistent with 5.7% annual growth in S&P 1500 revenue. Business spending continued to advance at an 11.1% annualized rate, led by AI-related investment. That strength is not limited to capex associated with data centers, which continues to grow at prodigious rates, but also reflects enterprise IT budgets, as the need to devise and implement AI strategies has moved technology spending from “nice to have” to a top corporate priority. Much of the spending thus far has been concentrated in data capture, storage, and analytics, with companies also reporting significant value from dynamic pricing algorithms that have allowed them to optimize prices across customers and products. At the same time, portfolio-wide energy prices increased, while stronger transportation and logistics volumes suggested that some activity may have been pulled forward in anticipation of higher prices and/or outright shortages. For many businesses, the challenge extends beyond energy to supplies of petrochemicals, metals, helium, and other byproducts of LNG processing, with many focused on “taking price” to defend margins in the face of escalating input costs. To date, our data are consistent with a short-term price shock and distortion in volumes and shipments rather than sustained inflation. However , it is important to appreciate that energy and durable consumer goods have been the expenditure categories doing the most to keep a lid on overall inflation. A reversal here seems likely to intensify households’ affordability concerns as the supply impulse transitions from disinflationary to inflationary. Although these pressures have not yet resulted in visible economic damage, there were signs of growing divergence in consumer activity towards the end of Q1 2026, including a sharp deceleration in experiences spending and softer demand among lower-income households, which could become more pronounced if current supply disruptions persist. For much of the rest of the world, the question is not simply pricing output appropriately, but curtailing production schedules in advance of looming shortages. In Europe, our proprietary portfolio data suggest domestic demand remained positive through the first quarter of the year. However, the risks associated with the conflict appear more acute outside the United States, as the region is more exposed to imported energy and other industrial inputs that could become subject to physical shortages if disruption persists. Our data indicated that the signs of recovery in Europe’s industrial sector, which were apparent earlier in the quarter, receded in March, with a sharp deceleration in German factory orders and weakness in manufacturing despite massive public investment outlays. By contrast, China experienced firm retail sales and sustained momentum in industrial output despite ongoing weakness in its property sector. China imported more than 1.7 million barrels per day of oil from Iran in March, defying expectations that it would be among the economies hardest hit by the conflict. Energy availability appears to have been an important differentiator in supporting continued manufacturing activity. Elsewhere in Asia, Taiwan and South Korea continued to benefit from the AI buildout and strong demand for electronic components, but those tailwinds do not insulate them from shortages of helium, LNG, and other inputs critical to semiconductor production. If the Strait remains blocked, initial cutbacks are likely to focus on lower-value-added chips, but a prolonged disruption could begin to weigh more materially on broader AI-related capex and industrial output. In India, growth similarly appears resilient to date, but risks to the outlook are significant. India is one of the economies in the region most reliant on oil and gas imports, and continued disruption to supply could not only harm domestic consumption but could also result in production shutdowns across its industrial sector. Global M&A activity was strong during the quarter. Transactions totaled $1.4 trillion, a 25% increase over Q1 2025. Leveraged buyout (“LBO”) activity, however, was not as robust. GPs announced LBOs totaling $126 billion in the first quarter of 2026, a deceleration both quarter-over-quarter (-21%) and year-over-year (-3.5%). Underlying transaction counts remained relatively subdued at 434 deals, a 9% decrease from the same quarter a year ago, with the top 10 transactions accounting for nearly 70% of total deal volume. Broader market volatility also impacted buyout exits in the quarter. Aggregate exit volumes of 63 Table of Contents $94 billion were down -15% quarter-over-quarter and were 17% lower than in the first quarter of 2025. There were 21 operating company IPOs on U.S. exchanges in the first quarter, consistent with Q4 2025 in terms of transaction count, but substantially lower (-37%) in terms of proceeds. Offerings skewed noticeably smaller, with only one transaction generating proceeds over $1 billion. Broader market volatility related to the Middle East conflict appears to have curtailed appetite for public offerings, with only three operating company IPOs on U.S. exchanges in March. Continued equity market volatility tied to ongoing geopolitical risks may push out exit timing across the private equity industry this year. Lower liquidity and delayed distributions, however, could produce attractive opportunities for our secondaries and portfolio finance platforms. Fears related to software exposure and AI-disintermediation risk drove credit spreads wider in the quarter across both broadly syndicated (“BSL”) and direct lending markets, particularly for lower-rated borrowers: in BSL markets, B-flat spreads widened 100 basis points in February and March relative to January. However, broader credit risks still appear contained, as defaults plus distressed exchanges in the leveraged loan market finished the quarter at a 3.48% rate, well below their 2024-2025 average of 4.27%, while private credit defaults stood at 2.73%, modestly above their 2024-2025 average of 2.21%. Recent credit events appear idiosyncratic rather than systemic, while concerns regarding software exposure do not fully reflect the significant dispersion across portfolios, vintages, and software subsectors, some of which appear materially less vulnerable to AI-related disruption than broader market sentiment suggests. Within the CLO market, widened liability spreads have put pressure on new CLO creation and reset activity as compared to recent years, while underlying loan prices have remained relatively resilient. The pullback in demand flows and normalization of spreads from 2025’s post-GFC lows could create opportunities for private credit businesses to deploy capital on more favorable terms. In the first quarter of 2026, we deployed $10.0 billion across our platform and in contrast to the deceleration in LBO activity in the broader market, we realized proceeds of $12.2 billion in our traditional carry funds, including $ 6.9 billion in realized proceeds in our U.S. buyout funds. We had $13.0 billion in inflows in the first quarter of 2026 and $52.5 billion in inflows over the last twelve months as of March 31, 2026 . Inflows over the last twelve months include $7.7 billion in our evergreen wealth products, which had $19.0 billion in assets under management as of March 31, 2026, a nearly 80% increase from one year ago. Our carry fund portfolio appreciated 1% in the first quarter. Within our Global Private Equity segment in the first quarter, our corporate private equity funds depreciated (2)% as market price decreases in certain publicly traded positions offset appreciation elsewhere, our infrastructure & natural resources funds appreciated 9% driven by our international energy funds and appreciation in the NGP Carry funds, and our real estate funds appreciated 1% . Our Global Credit carry funds, which represent approximately 11% of the total Global Credit remaining fair value as of March 31, 2026 , appreciated 4% in the first quarter. Carry funds in our Carlyle AlpInvest segment were flat in the first quarter. Notable Developments Dividends In April 2026 , our Board of Directors declared a quarterly dividend of $0.35 per share to common stockholders of record at the close of business on May 18, 2026 , payable on May 28, 2026 . 64 Table of Contents Key Financial Measures Our key financial measures and operating metrics are discussed in the following pages. Additional information regarding U.S. GAAP measures and our other significant accounting policies can be found in Note 2 , Summary of Significant Accounting Policies , to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Revenues Revenues primarily consist of Fund management fees, Incentive fees, Investment income (including Performance allocations, realized and unrealized gains of our investments in our funds, and other principal investments), as well as Interest and other income. Fund management fees . Fund management fees include management fees and transaction and portfolio advisory fees. We earn management fees for advisory services we provide to funds in which we hold a general partner interest or to funds or certain portfolio companies with which we have an investment advisory or investment management agreement. These fees are largely from either traditional closed-end, long-dated funds, which are highly predictable and stable, or Perpetual Capital products as defined below. Management fees also include catch-up management fees, which are episodic in nature and represent management fees charged to fund investors in subsequent closings of a fund which apply to the time period between the fee initiation date and the subsequent closing date. We also earn management fees on our CLOs and other structured products. Transaction and portfolio advisory fees generally include capital markets fees generated by Carlyle Global Capital Markets in connection with activities related to the underwriting, issuance and placement of debt and equity securities, and loan syndication for our portfolio companies and third-party clients, which are generally not subject to rebate offsets as described below . Underwriting fees include gains, losses, and fees arising from securities offerings in which we participate in the underwriter syndicate. Transaction and portfolio advisory fees also include fees we receive for the transaction and portfolio advisory services we provide to our portfolio companies. When covered by separate contractual agreements, we recognize transaction and portfolio advisory fees for these services when the performance obligation has been satisfied and collection is reasonably assured. We are generally required to offset our fund management fees by the transaction and advisory fees earned, which we refer to as “rebate offsets.” The recognition of portfolio advisory fees, transactions fees, and capital markets fees can be volatile as they are primarily generated by investment activity within our funds, and therefore are impacted by our investment pace or other capital transactions at our portfolio companies. Incentive fees . Incentive fees consist of performance-based incentive arrangements pursuant to management contracts when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, incentive fees are recognized when the performance benchmark has been achieved. Investment income (loss) . Investment income (loss) consists of our performance allocations as well as the realized and unrealized gains and losses resulting from our equity method investments and other principal investments. Performance allocations consist principally of the performance-based capital allocation from fund limited partners to us, commonly referred to as carried interest, from certain of our investment funds, which we refer to as the “carry funds.” Carried interest revenue is recognized by Carlyle upon appreciation of the valuation of our funds’ investments above certain return hurdles as set forth in each respective partnership agreement and is based on the amount that would be due to us pursuant to the fund partnership agreement at each period end as if the funds were liquidated at such date. Accordingly, the amount of carried interest recognized as performance allocations reflects our share of the fair value gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. As a result, the performance allocations earned in an applicable reporting period are not indicative of any future period, as fair values are based on conditions prevalent as of the reporting date. Refer to “—Trends Affecting Our Business” for further discussion. For any given period, performance allocations revenue on our statement of operations may include reversals of previously recognized performance allocations due to a decrease in the value of a particular fund that results in a decrease of cumulative performance allocations earned to date. Since fund return hurdles are cumulative, previously recognized performance allocations also may be reversed in a period of appreciation that is lower than the particular fund’s hurdle rate. Additionally, 65 Table of Contents unrealized performance allocations reverse when performance allocations are realized, and unrealized performance allocations can be negative if the amount of realized performance allocations exceed total performance allocations generated in the period. The timing and receipt of realized performance allocations varies with the lifecycle of our carry funds and there is often a difference between the time we start accruing performance allocations and realization. The timing of performance allocation realizations from our Carlyle AlpInvest, Carlyle Aviation, and Abingworth funds is typically later than in our other carry funds based on the terms of such arrangements. Under our arrangements with the historical owners and management teams of AlpInvest and Abingworth, the amount of carried interest to which we are entitled varies. In some cases, we are entitled to 15% of the carried interest in respect of commitments from the historical owners of AlpInvest for the period between 2011 and 2020. In certain instances, carried interest associated with the AlpInvest fund vehicles is subject to entity level income taxes in the Netherlands. Additionally, in connection with the acquisition of Abingworth, we are entitled to 15% of carried interest generated from certain Abingworth funds. Realized carried interest may be clawed back or given back to the fund if the fund’s investment values decline below certain return hurdles, which vary from fund to fund. This amount is known as the “giveback obligation.” In all cases, each investment fund is considered separately in evaluating carried interest and potential giveback obligations. See Note 7 , Commitments and Contingencies , for more information. Accrued performance allocations and accrued giveback obligations at a point in time assume a hypothetical liquidation of the funds’ investments at their then current fair values. Each investment fund is considered separately in evaluating carried interest and potential giveback obligations. These assets and liabilities will continue to fluctuate in accordance with the fair values of the funds’ investments until they are realized. The Company uses “net accrued performance revenues” to refer to the aggregation of the accrued performance allocations net of (i) accrued giveback obligations, (ii) accrued performance allocations related compensation, (iii) performance allocations related tax obligations, and (iv) accrued performance allocations attributable to non-controlling interests. Net accrued performance revenues exclude any net accrued performance allocations and incentive fees that have been realized but will be collected in subsequent periods, as well as net accrued performance revenues which are presented as fee related performance revenues when realized in our non-GAAP financial measures. Realized performance allocation-related compensation that has not yet been paid is also excluded from our net accrued performance allocations. In addition, realized performance allocations may be reversed in future periods to the extent that such amounts become subject to a giveback obligation. The aggregate amount of giveback obligations realized since Carlyle’s inception totaled $264.6 million , $181.8 million of which was related to various Legacy Energy Funds. Given that current and former senior Carlyle professionals and other limited partners of the Carlyle Holdings partnerships are responsible for paying the majority of the realized giveback obligation, only $88.5 million of the $264.6 million aggregate giveback obligation realized since inception was attributable to Carlyle. The realization of giveback obligations for the Company’s portion of such obligations reduces Distributable Earnings in the period realized. Further, each individual who holds equity interests in carried interest generated by our funds and is a recipient of realized carried interest typically signs a guarantee agreement or partnership agreement that personally obligates such person to return his/her pro rata share of any amounts of realized carried interest previously distributed that are later clawed back. Accordingly, carried interest as performance allocation compensation is subject to return to the Company in the event a giveback obligation is funded. Generally, the actual giveback liability, if any, does not become due until the end of a fund’s life. In addition, in our discussion of our non-GAAP results, we use the term “realized net performance revenues” to refer to realized performance allocations and incentive fees from our funds, net of the portion allocated to our investment professionals, and other employees and certain tax expenses associated with carried interest attributable to certain partners and employees, which are reflected as realized performance allocations and incentive fees related compensation expense. See “—Non-GAAP Financial Measures” and “—Segment Analysis” for the amount of realized net performance revenues recognized each period and related discussion. Investment income also represents the realized and unrealized gains and losses on our principal investments, including our investments in Carlyle funds that are not consolidated, and our strategic investments in NGP as described below. Realized principal investment income (loss) is recorded when we redeem all or a portion of our investment or when we receive or are due cash income, such as dividends or distributions. A realized principal investment loss is also recorded when an investment is deemed to be permanently impaired or worthless. Unrealized principal investment income (loss) results from changes in the fair value of the underlying investment, as well as the reversal of previously recognized unrealized gains (losses) at the time an investment is realized. 66 Table of Contents We account for our investments in NGP under the equity method of accounting. Our investments in NGP include the equity interests in NGP Management and the general partners of certain carry funds advised by NGP. Following the restructuring of the terms of our strategic investment in NGP in March 2025 (the “Restructuring”), our equity interests in NGP Management entitle us to an allocation of income equal to 55.0% of the management fee related revenues earned by NGP Management for existing funds, and up to 55.0% for all NGP funds that held an initial closing after December 31, 2024, including all management fees being retained by NGP for the years 2025 through 2028 on such future NGP funds. Our investment in the general partners of the NGP Carry Funds entitle us to up to 47.5% of the performance allocations received from NGP fund general partners. For further information regarding our strategic investments in NGP and the Restructuring, refer to Note 4 , Investments , to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. We record investment income (loss) for our equity income allocation from NGP management fee related revenues and our share of any allocated expenses from NGP Management, as well as expenses associated with the compensatory elements of the strategic investment and any impairment charges. We also record our equity income allocation from NGP performance allocations in principal investment income (loss) from equity method investments rather than performance allocations in our condensed consolidated statements of operations. We do not control or manage NGP. Moreover, we do not operate NGP’s business, have representation on NGP’s board or serve as an investment advisor to any investment fund sponsored by NGP, nor do we direct the operations of any of NGP’s portfolio companies. While we have consent rights over certain major actions by NGP outside of the ordinary course of NGP’s business (including, for example, consent rights over items such as amendments to the organizational documents of the entity in which we are invested, changes to the management fee streams earned by NGP under its fund agreements, or the incurrence of certain debt by NGP and other similar items), we have no voting rights or consent rights on any NGP investment committee that selects investments to be made by NGP funds. Interest and other income . Interest and other income primarily represents reimbursement of certain costs incurred on behalf of our funds, as well as interest income that we earn such as from our cash and money market accounts and other investments, including CLO senior and subordinated notes. Interest and other income of Consolidated Funds . Interest and other income of Consolidated Funds primarily represents the interest earned on assets of consolidated CLOs. Our CLOs generate interest income primarily from investments in bonds and loans, inclusive of amortization of discounts, and generate other income from consent and amendment fees. Net investment income (loss) of Consolidated Funds . Net investment income (loss) of Consolidated Funds generally measures the change in the difference in fair value between the assets and the liabilities of the Consolidated Funds. Income (loss) indicates that the fair value of the assets of the Consolidated Funds appreciated more (less), or depreciated less (more), than the fair value of the liabilities of the Consolidated Funds. Income or loss is not necessarily indicative of the investment performance of the Consolidated Funds and does not impact the management or incentive fees received by Carlyle for its management of the Consolidated Funds. The portion of the net investment income (losses) of Consolidated Funds attributable to the limited partner investors is allocated to non-controlling interests. Therefore, income or loss is not expected to have a material impact on the revenues or profitability of the Company beyond the Company’s capital invested in the Consolidated Funds. Moreover, although the assets of the Consolidated Funds are consolidated onto our balance sheet pursuant to U.S. GAAP, ultimately we do not have recourse to such assets and such liabilities are generally non-recourse to us. Therefore, income or loss from the Consolidated Funds does not generally have a material impact on the assets available to our common stockholders. Expenses Compensation and benefits . Compensation includes salaries, bonuses, equity-based compensation, and performance payment arrangements. Bonuses are accrued over the service period to which they relate. We recognize as compensation expense the portion of performance allocations and incentive fees that are due to our employees, senior Carlyle professionals, advisors, and operating executives in a manner consistent with how we recognize the performance allocations and incentive fee revenue. These amounts are accounted for as compensation expense in conjunction with the related performance allocations and incentive fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Compensation in respect of performance allocations and incentive fees is paid when the related performance allocations and incentive fees are realized, and not when such performance allocations and incentive fees are accrued. The funds do not have a uniform allocation of performance allocations and incentive fees to our employees, senior Carlyle professionals, advisors, and operating executives. However, we generally allocate a range of 60% to 70% of performance allocations and incentive fees to our employees. 67 Table of Contents In addition, we have implemented various equity-based compensation arrangements that require senior Carlyle professionals and other employees to provide services over a service period of generally one year to four years in order to vest in the applicable equity interests, which under U.S. GAAP will result in compensation charges over current and future periods. In certain of our equity-based compensation arrangements, vesting is based on the achievement of certain performance targets or market conditions (see Note 13 , Equity-Based Compensation , for additional information). Compensation charges associated with all equity-based compensation grants are excluded from Fee Related Earnings and Distributable Earnings. We may hire additional individuals and overall compensation levels may correspondingly increase, which could result in an increase in compensation and benefits expense. As a result of prior acquisitions, we have charges associated with contingent consideration taking the form of earn-outs and profit participation, some of which are reflected as compensation expense. General, administrative and other expenses . General, administrative and other expenses include occupancy and equipment expenses and other expenses, which consist principally of professional fees, including those related to our global regulatory compliance program, external costs of fundraising, travel and related expenses, communications and information services, depreciation and amortization (including intangible asset amortization and impairment), bad debt expense, and foreign currency transactions. We expect that general, administrative and other expenses will vary due to infrequently occurring or unusual items, such as impairment of intangible assets or lease right-of-use assets and expenses or insurance recoveries associated with litigation and contingencies. Also, in periods of significant fundraising, to the extent that we use third parties to assist in our fundraising efforts, our general, administrative and other expenses may increase accordingly. Similarly, our general, administrative and other expenses may increase as a result of professional and other fees incurred as part of due diligence related to strategic acquisitions and new product development. Additionally, we anticipate that general, administrative and other expenses will fluctuate from period to period due to the impact of foreign exchange transactions. Interest and other expenses of Consolidated Funds . Interest and other expenses of Consolidated Funds consist primarily of interest expense related primarily to loans of consolidated CLOs and other consolidated funds, professional fees and other third-party expenses. Income taxes . Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period in which the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some or all of the deferred tax assets will not be realized. Non-controlling Interests in Consolidated Entities . Non-controlling interests in consolidated entities represent the component of equity in consolidated entities not held by us. These interests are adjusted for general partner allocations. Earnings Per Common Share . We compute earnings per common share in accordance with ASC 260, Earnings Per Share . Basic earnings per common share is calculated by dividing net income (loss) attributable to the common shares of the Company by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the assumed conversion of all dilutive securities. See Note 11 , Earnings Per Common Share , to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q for more information. Non-GAAP Financial Measures Distributable Earnings . Distributable Earnings, or “DE,” is a key performance benchmark used in our industry and is evaluated regularly in making resource deployment and compensation decisions, and in assessing the performance of our three segments. We also use DE in our budgeting, forecasting, and the overall management of our segments. We believe that reporting DE is helpful to understanding our business and that investors should review the same supplemental financial measure that management uses to analyze our segment performance. DE is intended to show the amount of net realized earnings without the effects of consolidation of the Consolidated Funds. DE is derived from our segment reported results and is an additional measure to assess performance. Distributable Earnings differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it includes certain tax expenses associated with certain foreign performance revenues (composed of performance allocations and incentive fees), and does not include unrealized performance allocations and related compensation expense, unrealized principal investment income, equity-based compensation expense, net income (loss) attributable to non-Carlyle interest in consolidated entities, or charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period comparability and are not reflective of the Company’s operational performance. Charges (credits) related to 68 Table of Contents Carlyle corporate actions and non-recurring items include: charges associated with the Conversion, charges associated with acquisitions, dispositions, or strategic investments, changes in the tax receivable agreement liability, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions and dispositions, charges associated with earn-outs and contingent consideration including gains and losses associated with the estimated fair value of contingent consideration issued in conjunction with acquisitions or strategic investments, impairment charges associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract terminations and employee severance, and non-recurring items that affect period-to-period comparability and are not reflective of the Company’s operating performance. We believe the inclusion or exclusion of these items provides investors with a meaningful indication of our core operating performance. This measure supplements and should be considered in addition to and not in lieu of the results of operations discussed further under “—Consolidated Results of Operations” prepared in accordance with U.S. GAAP. Fee Related Earnings . Fee Related Earnings, or “FRE,” is a component of DE and is used to assess the ability of the business to cover base compensation and operating expenses from total fee revenues. FRE adjusts DE to exclude net realized performance revenues, realized principal investment income from investments in Carlyle funds, and net interest (interest income less interest expense). Fee Related Earnings includes fee related performance revenues and related compensation expense. Fee related performance revenues represent the realized portion of performance revenues that are measured and received on a recurring basis, are not dependent on realization events, and which have no risk of giveback. Operating Metrics We monitor certain operating metrics that are common to the asset management industry. Fee-earning Assets under Management. Fee-earning assets under management or Fee-earning AUM refers to the assets we manage or advise from which we derive recurring fund management fees. Our Fee-earning AUM is generally based on one of the following, once fees have been activated: (a) the amount of limited partner capital commitments, generally for carry funds where the original investment period has not expired and for AlpInvest carry funds during the commitment fee period (see “Fee-earning AUM based on capital commitments” in the table below for the amount of this component at each period); (b) the remaining amount of limited partner invested capital at cost, generally for carry funds and certain co- investment vehicles where the original investment period has expired (see “Fee-earning AUM based on invested capital” in the table below for the amount of this component at each period); (c) the amount of aggregate fee-earning collateral balance at par of our CLOs and other securitization vehicles, as defined in the fund indentures (pre-2020 CLO vintages are generally exclusive of equities and defaulted positions) as of the quarterly cut-off date; (d) the external investor portion of the net asset value of certain carry funds and evergreen products (see “Fee-earning AUM based on net asset value” in the table below for the amount of this component at each period); (e) the fair value of Fortitude’s general account assets invested under the strategic advisory services agreement (see “Fee-earning AUM based on fair value and other” in the table below); (f) the gross assets (including assets acquired with leverage) of certain cross-platform credit and direct lending products, excluding cash and cash equivalents for one of our business development companies (included in “Fee- earning AUM based on fair value and other” in the table below); and (g) the lower of cost or fair value of invested capital, generally for AlpInvest carry funds where the commitment fee period has expired and certain carry funds where the investment period has expired, (included in “Fee-earning AUM based on fair value and other” in the table below). 69 Table of Contents The chart below presents Fee-earning AUM by segment at each period, in billions. The table below details Fee-earning AUM by its respective components at each period. As of March 31, 2026 2025 Consolidated Results (Dollars in millions) Components of Fee-earning AUM Fee-earning AUM based on capital commitments $ 71,716 $ 60,730 Fee-earning AUM based on invested capital 78,378 82,747 Fee-earning AUM based on collateral balances, at par 42,344 44,359 Fee-earning AUM based on net asset value 32,079 24,411 Fee-earning AUM based on fair value and other 108,840 101,596 Balance, End of Period (1) $ 333,357 $ 313,843 (1) Ending balances as of March 31, 2026 and 2025 exclude $21.2 billion and $25.6 billion , respectively, of Pending Fee-earning AUM for which fees have not yet been activated. The table below provides the period to period rollforward of Fee-earning AUM. Three Months Ended March 31, 2026 2025 Consolidated Results (Dollars in millions) Fee-earning AUM Rollforward Balance, Beginning of Period $ 336,778 $ 304,358 Inflows (1) 7,637 11,866 Outflows (including realizations) (2) (8,814) (5,606) Market Activity & Other (3) (1,541) 1,430 Foreign Exchange (4) (703) 1,795 Balance, End of Period $ 333,357 $ 313,843 70 Table of Contents (1) Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based on commitments were activated during the period, the fee-earning commitments invested in vehicles for which management fees are based on invested capital, the fee-earning collateral balance of new CLO issuances, reinsurance and other transactions at Fortitude, as well as gross subscriptions in vehicles for which management fees are based on net asset value. Inflows exclude fundraising amounts during the period for which fees have not yet been activated, which are referenced as Pending Fee-earning AUM. (2) Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has expired during the period, reductions for funds that are no longer calling for fees, gross redemptions in our evergreen funds, and outflows from our liquid credit products. Distributions for funds earning management fees based on commitments during the period do not affect Fee-earning AUM. (3) Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the lower of cost or fair value and net asset value, activity of funds with fees based on gross asset value, and changes in the fair value of Fortitude’s general account assets covered by the strategic advisory services agreement. (4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the period end. Refer to “—Segment Analysis” for a detailed discussion by segment of the activity affecting Fee-earning AUM for each of the periods presented by segment. Assets under Management . Assets under management or “AUM” refers to the assets we manage or advise. Our AUM generally equals the sum of the following: (a) the aggregate fair value of our carry funds and related co-investment vehicles, and separately managed accounts, plus the capital that Carlyle is entitled to call from investors in those funds and vehicles (including Carlyle commitments to those funds and vehicles and those of senior Carlyle professionals and employees) pursuant to the terms of their capital commitments to those funds and vehicles; (b) the amount of aggregate collateral balance and principal cash at par or aggregate principal amount of the notes of our CLOs and other structured products (inclusive of all positions); (c) the net asset value of certain carry funds and evergreen products; (d) the fair value of Fortitude’s general account assets invested under the strategic advisory services agreement; and (e) the gross assets (including assets acquired with leverage) of certain cross-platform credit and direct lending products, plus the capital that Carlyle is entitled to call from investors in those vehicles pursuant to the terms of their capital commitments to those vehicles. 71 Table of Contents The chart below presents Total AUM by segment at each period, in billions. We include in our calculation of AUM and Fee-earning AUM the NGP Energy Funds that are advised by NGP. Our calculation of AUM also includes third-party capital raised for the investment in Fortitude through a Carlyle-affiliated investment fund and from strategic investors who directly invest in Fortitude alongside the fund. The AUM and Fee-earning AUM related to the strategic advisory services agreement with Fortitude are inclusive of the net asset value of investments in Carlyle products. These amounts are also reflected in the AUM and Fee-earning AUM of the strategy in which they are invested. For most of our Global Private Equity and Carlyle AlpInvest carry funds, total AUM includes the fair value of the capital invested, whereas Fee-earning AUM includes the amount of capital commitments or the remaining amount of invested capital, depending on whether the original investment period for the fund has expired. As such, Fee-earning AUM may be greater than total AUM when the aggregate fair value of the remaining investments is less than the cost of those investments. Our calculations of AUM and Fee-earning AUM may differ from the calculations of other asset managers. As a result, these measures may not be comparable to similar measures presented by other asset managers. In addition, our calculation of AUM (but not Fee-earning AUM) includes uncalled commitments to, and the fair value of invested capital in, our investment funds from Carlyle and our personnel, regardless of whether such commitments or invested capital are subject to management fees or performance allocations. Our calculations of AUM or Fee-earning AUM are not based on any definition of AUM or Fee-earning AUM that is set forth in the agreements governing the investment funds that we manage or advise. We generally use Fee-earning AUM as a metric to measure changes in the assets from which we earn recurring management fees. Total AUM tends to be a better measure of our investment and fundraising performance as it reflects investments at fair value plus available capital. 72 Table of Contents The table below provides the period to period rollforward of Total AUM. Three Months Ended March 31, 2026 Consolidated Results (Dollars in millions) Total AUM Rollforward Balance, Beginning of Period $ 476,867 Inflows (1) 12,978 Outflows (including realizations) (2) (13,526) Market Activity & Other (3) 96 Foreign Exchange (4) (997) Balance, End of Period $ 475,418 (1) Inflows generally reflects the impact of gross fundraising, reinsurance and other transactions at Fortitude, and corporate acquisitions during the period, if any. For funds or vehicles denominated in foreign currencies, this reflects translation at the average quarterly rate. (2) Outflows includes distributions net of recallable or recyclable amounts in our carry funds, related co-investment vehicles, and separately managed accounts, gross redemptions in our evergreen products, outflows from our liquid credit products, and the expiration of available capital. (3) Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds and related co-investment vehicles, and separately managed accounts, as well as the net impact of fees, expenses and non-investment income, change in gross asset value for our business development companies, changes in the fair value of Fortitude’s general account assets covered by the strategic advisory services agreement, and other changes in AUM. (4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the period end. Please refer to “—Segment Analysis” for a detailed discussion by segment of the activity affecting Total AUM for each of the periods presented. Available Capital . “Available Capital” refers to the amount of capital commitments available to be called for investments, which may be reduced for equity invested that is funded via a fund credit facility and expected to be called from investors at a later date, plus any additional assets/liabilities at the fund level other than active investments. Amounts previously called may be added back to available capital following certain distributions. “Expired Available Capital” occurs when a fund has passed the investment and follow-on periods and can no longer invest capital into new or existing deals. Any remaining Available Capital, typically a result of either recycled distributions or specific reserves established for the follow-on period that are not drawn, can only be called for fees and expenses and is therefore removed from the Total AUM calculation. Perpetual Capital . “Perpetual Capital” refers to the assets we manage or advise which have an indefinite term and for which there is no immediate requirement to return capital to investors upon the realization of investments made with such capital, except as required by applicable law. Perpetual Capital may be materially reduced or terminated under certain conditions, including reductions from changes in valuations and payments to investors, including through elections by investors to redeem their investments, dividend payments, and other payment obligations, as well as the termination of or failure to renew the respective investment advisory agreements. Perpetual Capital includes: (a) assets managed under the strategic advisory services agreement with Fortitude, (b) our Core Plus real estate fund, (c) our business development companies and certain other direct lending products, (d) Carlyle Tactical Private Credit Fund (“CTAC”), (e) our closed-end tender offer Carlyle AlpInvest Private Markets (“CAPM”) funds and Carlyle AlpInvest Private Markets Secondaries (“CAPS”) funds, and (f) certain other structured credit and asset-backed finance products. As of March 31, 2026 , our total AUM and Fee-earning AUM included $115.8 billion and $111.5 billion , respectively, of Perpetual Capital. Our Perpetual Capital total AUM and Fee-earning AUM, exclusive of assets managed under the strategic advisory services agreement with Fortitude, was $36.7 billion and $32.3 billion , respectively, as of March 31, 2026 . Performance Fee Eligible AUM . “Performance Fee Eligible AUM” represents the AUM of funds for which we are entitled to receive performance allocations, inclusive of the fair value of investments in those funds (which we refer to as “Performance Fee Eligible Fair Value”) and their Available Capital. Performance Fee Eligible Fair Value is “Performance Fee- Generating” when the associated fund has achieved the specified investment returns required under the terms of the fund’s agreement and is accruing performance revenue as of the quarter-end reporting date. Funds whose performance allocations are treated as fee related performance revenues are excluded from these metrics. As of March 31, 2026 , our total AUM included $230.7 billion of Performance Fee Eligible AUM. 73 Table of Contents Consolidation of Certain Carlyle Funds The Company consolidates all entities that it controls either through a majority voting interest or as the primary beneficiary of variable interest entities. The entities we consolidate are referred to collectively as the Consolidated Funds in our condensed consolidated financial statements. The assets and liabilities of the Consolidated Funds are generally held within separate legal entities and, as a result, the assets of the Consolidated Funds are not available to support our operating activities and similarly the liabilities of the Consolidated Funds are non-recourse to us. As of March 31, 2026 , our Consolidated Funds represent approximately 4% of our AUM; 2% of our management fees for the three months ended March 31, 2026 ; and 11% of our total investment income or loss on an unconsolidated basis for the three months ended March 31, 2026 . We are not required under the consolidation guidance to consolidate in our financial statements most of the investment funds we advise. However, we consolidate certain CLOs and certain other funds that we advise, and the number of funds we are required to consolidate has been increasing as a result of the impacts of capital from our balance sheet invested in new products and our indirect interest in funds through our investment in Fortitude (see Note 4 , Investments ). As of March 31, 2026 , the assets and liabilities of the Consolidated Funds were primarily related to our consolidated CLOs, which held approximately $12.0 billion of total assets. Additionally, the Investments of Consolidated Funds included approximately $0.9 billion related to investments that have been bridged to investment funds in our Global Private Equity segment. Generally, the consolidation of the Consolidated Funds has a gross-up effect on our assets, liabilities and cash flows but has no net effect on the net income attributable to the Company. The majority of the net economic ownership interests of the Consolidated Funds are reflected as non-controlling interests in consolidated entities in the condensed consolidated financial statements. However, in certain Consolidated Funds, particularly those where we have elected to invest additional amounts or bridge investments in new investment areas, the non-controlling interests are less significant and may impact net income attributable to the common stockholders. The Consolidated Funds are not the same entities in all periods presented. The Consolidated Funds in future periods may change due to changes in fund terms, formation of new funds, and terminations of funds. Because only a small portion of our funds are consolidated, the performance of the Consolidated Funds is not necessarily consistent with or representative of the combined performance trends of all of our funds. For further information on our consolidation policy and the consolidation of certain funds, see Note 2 , Summary of Significant Accounting Policies , to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. 74 Table of Contents Consolidated Results of Operations The following table and discussion sets forth information regarding our condensed consolidated results of operations for the three months ended March 31, 2026 and 2025 . Our condensed consolidated financial statements have been prepared on substantially the same basis for all historical periods presented; however, the Consolidated Funds are not the same entities in all periods shown due to changes in fund terms and the creation and termination of funds. As further described above, the consolidation of these funds primarily has the impact of increasing interest and other income of Consolidated Funds, interest and other expenses of Consolidated Funds, and net investment income (losses) of Consolidated Funds in the year that the fund is initially consolidated. The consolidation of these funds had no effect on net income attributable to the Company for the periods presented. Three Months Ended March 31, Change 2026 2025 $ % (Dollars in millions) Revenues Fund management fees $ 584.0 $ 586.1 $ (2.1) 0 % Incentive fees 51.7 43.2 8.5 20 % Investment income (loss) Performance allocations (681.1) 222.9 (904.0) NM Principal investment income (loss) 64.4 (63.1) 127.5 NM Total investment income (loss) (616.7) 159.8 (776.5) NM Interest and other income 55.3 50.6 4.7 9 % Interest and other income of Consolidated Funds 179.7 133.4 46.3 35 % Total revenues 254.0 973.1 (719.1) (74) % Expenses Compensation and benefits Cash-based compensation and benefits 227.1 218.4 8.7 4 % Equity-based compensation 119.8 103.5 16.3 16 % Performance allocations and incentive fee related compensation (367.9) 171.4 (539.3) NM Total compensation and benefits (21.0) 493.3 (514.3) NM General, administrative and other expenses 184.6 173.6 11.0 6 % Interest 38.6 27.8 10.8 39 % Interest and other expenses of Consolidated Funds 166.4 113.5 52.9 47 % Total expenses 368.6 808.2 (439.6) (54) % Other income (loss) Net investment income (loss) of Consolidated Funds (64.4) 6.1 (70.5) NM Income (loss) before provision for income taxes (179.0) 171.0 (350.0) NM Provision (benefit) for income taxes (37.1) 12.4 (49.5) NM Net income (loss) (141.9) 158.6 (300.5) NM Net income (loss) attributable to non-controlling interests in consolidated entities (9.7) 28.6 (38.3) NM Net income (loss) attributable to The Carlyle Group Inc. Common Stockholders $ (132.2) $ 130.0 $ (262.2) NM NM - Not meaningful 75 Table of Contents Revenues Fund management fees . Fund management fees decreased $2.1 million for the three months ended March 31, 2026 , as compared to the three months ended March 31, 2025 , primarily due to the following: Three Months Ended March 31, 2026 v. 2025 (Dollars in millions) Higher management fees from the commencement of the investment period for certain newly raised funds which charge fees based on commitments and the impact of incremental fundraising in funds which activated fees in a prior period $ 58.7 Net lower management fees resulting from the change in basis from commitments to invested capital and step-downs in rate for certain funds, and the impact of net investment activity in funds whose management fees are based on invested capital (17.0) Decrease in catch-up management fees from subsequent closes of funds that are in the fundraising period (15.9) Lower transaction and portfolio advisory fees (27.4) All other changes (0.5) Total decrease in Fund management fees (1) $ (2.1) (1) Total decrease in Fund management fees does not include our equity income allocation from NGP management fee related revenues. We do not control NGP and account for our strategic investment in NGP as an equity method investment under U.S. GAAP. Therefore, Fund management fees associated with NGP are included in Principal investment income (loss) in our U.S. GAAP results. No fund generated over 10% of total fund management fees in any of the periods presented. Fee-earning AUM as of March 31, 2026 increased in Carlyle AlpInvest and Global Credit, and remained flat in Global Private Equity as compared to March 31, 2025, resulting in greater diversification in our fund management fee base across our three business segments. Fund management fees included transaction and portfolio advisory fees, net of rebate offsets, of $49.3 million and $76.7 million for the three months ended March 31, 2026 and 2025 , respectively. These fees primarily comprise capital markets fees generated by Carlyle Global Capital Markets. The recognition of portfolio advisory fees, transactions fees, and capital markets fees can be volatile as they are primarily generated by investment activity within our funds, and therefore are impacted by our investment pace. See “—Trends Affecting Our Business” for further discussion on our investment activity and broader market trends. 76 Table of Contents Investment income (loss) . Investment income (loss) was $(616.7) million and $159.8 million for the three months ended March 31, 2026 and 2025 , respectively . The components of Investment income (loss) are included in the following table: Three Months Ended March 31, Change 2026 2025 $ % (Dollars in millions) Performance allocations $ (681.1) $ 222.9 $ (904.0) NM Principal investment income (loss) : Investment income (loss) from NGP, which includes performance allocations 55.3 (107.2) 162.5 NM Investment income (loss) from our carry funds: Global Private Equity (1.7) 11.5 (13.2) NM Global Credit 3.1 0.8 2.3 288 % Carlyle AlpInvest (3.0) 2.2 (5.2) NM Investment loss from our CLOs (9.7) (0.8) (8.9) NM Investment income from Carlyle FRL 6.8 13.9 (7.1) (51) % Investment income from our other Global Credit products 1.0 6.4 (5.4) (84) % Investment income from our other Carlyle AlpInvest products 13.4 11.6 1.8 16 % Investment loss on foreign currency hedges (1.0) (0.8) (0.2) 25 % All other investment loss 0.2 (0.7) 0.9 (129) % Total Principal investment income (loss) 64.4 (63.1) 127.5 NM Total Investment income (loss) $ (616.7) $ 159.8 $ (776.5) NM Performance allocations . Performance allocations by segment for the three months ended March 31, 2026 and 2025 comprised the following: Three Months Ended March 31, Change 2026 2025 $ % (Dollars in millions) Global Private Equity $ (698.1) $ 85.0 $ (783.1) NM Global Credit 36.7 79.0 (42.3) (54) % Carlyle AlpInvest (19.7) 58.9 (78.6) NM Total performance allocations $ (681.1) $ 222.9 $ (904.0) NM Performance allocations for the three months ended March 31, 2026 included the following: • In the Global Private Equity segment, for the three months ended March 31, 2026 , reversals of Performance allocations were primarily attributable to depreciation in CP VII, driven primarily by a decrease in the market prices of certain public investments and the impact of preferred return , partially offset by accruals of Performance allocations resulting from appreciation in our international energy funds and CJP IV . • In the Global Credit segment, for the three months ended March 31, 2026 , Performance allocation accruals were primarily driven by appreciation in CCOF III and SASOF V. • In the Carlyle AlpInvest segment, for the three months ended March 31, 2026 , Performance allocation reversals were primarily driven by depreciation in our co-investment funds, partially offset by appreciation in our secondaries & portfolio finance funds. Performance allocations for the three months ended March 31, 2025 included the following: • In the Global Private Equity segment, for the three months ended March 31, 2025 , performance allocation accruals were primarily driven by appreciation in CP VII, CP VI, and our infrastructure & natural resources strategy, partially offset by the reversal of Performance allocations in CAP V reflecting portfolio depreciation largely driven by publicly traded portfolio companies and the impact of preferred returns. • In the Global Credit segment, for the three months ended March 31, 2025 , Performance allocation accruals were primarily driven by appreciation in SASOF V and CCOF II. 77 Table of Contents • In the Carlyle AlpInvest segment, for the three months ended March 31, 2025 , performance allocation accruals were primarily driven by appreciation in our co-investment funds. See “—Trends Affecting Our Business” for further discussion on the macroeconomic, geopolitical and industry landscape, and our investment activity. Principal investment income (loss) . Principal investment income for the three months ended March 31, 2026 was primarily attributable to performance allocations on funds managed by NGP. Principal investment loss for the three months ended March 31, 2025 was primarily attributable to an impairment charge of $92.5 million and a $38.0 million reduction in NGP accrued carry, both of which negatively impacted the three months ended March 31, 2025 as a result of the restructuring of the terms of our strategic investment in NGP (see Note 4 , Investments , for more information). Interest and other income of Consolidated Funds . Interest and other income of Consolidated Funds increased $46.3 million for the three months ended March 31, 2026 , as compared to the three months ended March 31, 2025 , primarily driven by an increase in interest income from our consolidated CL Os . Expenses Compensation and benefits . Total compensation and benefits decreased $514.3 million for the three months ended March 31, 2026 , as compared to the three months ended March 31, 2025 . The decrease for the three months ended March 31, 2026 relative to the comparable prior year period is primarily attributable to a decrease in Performance allocations and incentive fee related compensation of $539.3 million , which was primarily driven by a decrease in Performance allocations , on which Performance allocations and incentive fee related compensation is based. This was partially offset by an increase in Equity- based compensation of $16.3 million , primarily driven by stock awards granted in December 2025 and February 2026 to further align leadership with company performance. Interest and other expenses of Consolidated Funds . Interest and other expenses of Consolidated Funds increased $52.9 million f or the three months ended March 31, 2026 , as compared to the three months ended March 31, 2025 , primarily attributable to higher interest expense related to the consolidated CLOs and higher interest expense related to a collateralized fund obligation in the Carlyle AlpInvest segment that was consolidated in the third quarter of 2025 . Net investment income (loss) of Consolidated Funds . The table below summarizes the components of Net investment income (loss) of Consolidated Funds , including our consolidated CLOs and certain other funds: Three Months Ended March 31, Change 2026 2025 $ % (Dollars in millions) Net realized gains (losses) on investments of Consolidated Funds (excluding CLOs) $ 20.3 $ 13.9 $ 6.4 NM Net change in unrealized gains (losses) on investments of Consolidated Funds (excluding CLOs) (49.8) 2.3 (52.1) NM Net realized and unrealized gains (losses) on investments of Consolidated Funds (excluding CLOs) (29.5) 16.2 (45.7) NM Gains (losses) on investments of consolidated CLOs (219.1) (9.2) (209.9) NM Gains (losses) from liabilities of consolidated CLOs 184.2 (0.9) 185.1 NM Net gains (losses) from consolidated CLOs (34.9) (10.1) (24.8) NM Total net investment income (loss) of Consolidated Funds $ (64.4) $ 6.1 $ (70.5) NM Net investment income (loss) of Consolidated Funds for the three months ended March 31, 2026 included losses of $34.9 million from our consolidated CLOs, with the remaining activity primarily attributable to unrealized losses on an investment in a consolidated infrastructure fund in Global Private Equity . Through March 31, 2026 , the cumulative unrealized investment loss recognized with respect to this investment attributable to the Company was approximately $175 million , which will be realized upon the disposition of the fund’s investment , which we currently expect will occur in 2026. Substantially all net investment income (loss) of Consolidated Funds, together with interest and other income of Consolidated Funds and interest and other expenses of Consolidated Funds, is attributable to the related funds’ limited partners or CLO investors. Accordingly, such amounts have no material impact on net income attributable to the Company beyond the Company’s capital invested in the Consolidated Funds. 78 Table of Contents Provision (benefit) for income taxes . Our provision (benefit) for income taxes was $(37.1) million and $12.4 million for the three months ended March 31, 2026 and 2025 , respectively. Our effective tax rate was approximately 21% and 7% for the three months ended March 31, 2026 and 2025 , respectively. The effective tax rate for the three months ended March 31, 2026 and 2025 primarily comprised the 21% U.S. federal corporate income tax rate and the tax effects of equity-based compensation deductions, disallowed executive compensation, and non-controlling interest. For the three months ended March 31, 2026, the effective tax rate included the impact of a one-time tax expense related to a change in the tax classification of a consolidated subsidiary. As of March 31, 2026 and December 31, 2025 , the Company had federal, state, local, and foreign taxes payable of $134.9 million and $141.4 million , respectively, which is recorded as a component of accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. Net income (loss) attributable to non-controlling interests in consolidated entities . Net income (loss) attributable to non- controlling interests in consolidated entities was $(9.7) million for the three months ended March 31, 2026 , as compared to $28.6 million for the three months ended March 31, 2025 . These amounts are primarily related to the net earnings of the Consolidated Funds attributable to the related fund’s limited partners or CLO investors for each period, as well as net earnings from our insurance solutions business and certain other products that are allocated to certain third-party investors. These amounts also reflect the net income attributable to non-controlling interests in carried interest and giveback obligations. The net income (loss) of our Consolidated Funds, after eliminations, attributable to non-controlling interests was $(2.5) million and $8.0 million for the three months ended March 31, 2026 and 2025 , respectively. Non-GAAP Financial Measures The following tables set forth information in the format used by management when making resource deployment decisions and in assessing performance of our segments. These Non-GAAP financial measures are presented for the three months ended March 31, 2026 and 2025 . Our Non-GAAP financial measures exclude the effects of unrealized performance allocations net of related compensation expense, unrealized principal investment income, consolidated funds, acquisition and disposition-related items including amortization and any impairment charges of acquired intangible assets and contingent consideration taking the form of earn-outs, charges associated with the Conversion, impairment charges associated with lease right-of-use assets, gains or losses from retirement of debt, charges associated with contract terminations and employee severance, charges associated with equity-based compensation, changes in the tax receivable agreement liability, corporate actions, infrequently occurring or unusual events, and non-recurring items that affect period-to-period comparability and are not reflective of the Company’s operating performance. The following table shows our total segment DE and FRE for the three months ended March 31, 2026 and 2025 . Three Months Ended March 31, 2026 2025 (Dollars in millions) Total segment revenues $ 750.9 $ 1,043.2 Total segment expenses 423.9 587.8 (=) Distributable Earnings $ 327.0 $ 455.4 (-) Realized net performance revenues 20.5 127.4 (-) Realized principal investment income 28.2 30.0 (+) Net interest 21.7 12.6 (=) Fee Related Earnings $ 300.0 $ 310.6 79 Table of Contents The following table sets forth our total segment revenues for the three months ended March 31, 2026 and 2025 . Three Months Ended March 31, 2026 2025 (Dollars in millions) Segment revenues Fund level fee revenues Fund management fees $ 544.5 $ 525.5 Portfolio advisory and transaction fees, net and other 54.1 77.9 Fee related performance revenues 45.4 39.5 Total fund level fee revenues 644.0 642.9 Realized performance revenues 61.8 355.1 Realized principal investment income 28.2 30.0 Interest income 16.9 15.2 Total Segment Revenues $ 750.9 $ 1,043.2 The following table sets forth our total segment expenses for the three months ended March 31, 2026 and 2025 . Three Months Ended March 31, 2026 2025 (Dollars in millions) Segment expenses Compensation and benefits Cash-based compensation and benefits $ 218.5 $ 224.0 Realized performance revenue related compensation 41.3 227.7 Total compensation and benefits 259.8 451.7 General, administrative, and other indirect expenses 109.6 95.6 Depreciation and amortization expense 15.9 12.7 Interest expense 38.6 27.8 Total Segment Expenses $ 423.9 $ 587.8 80 Table of Contents Income (loss) before provision for income taxes is the U.S. GAAP financial measure most comparable to Distributable Earnings and Fee Related Earnings. The following table is a reconciliation of income (loss) before provision for income taxes to Distributable Earnings and to Fee Related Earnings. Three Months Ended March 31, 2026 2025 (Dollars in millions) Income (loss) before provision for income taxes $ (179.0) $ 171.0 Adjustments: Net unrealized performance and fee related performance revenues 254.5 90.0 Unrealized principal investment (income) loss 68.3 (17.0) Equity-based compensation (1) 121.8 104.7 Acquisition or disposition-related charges, including amortization of intangibles and impairment 46.4 122.2 Tax (expense) benefit associated with certain foreign performance revenues 0.7 — Net (income) loss attributable to non-controlling interests in consolidated entities 9.7 (28.6) Other adjustments (2) 4.6 13.1 (=) Distributable Earnings $ 327.0 $ 455.4 (-) Realized net performance revenues, net of related compensation (3) 20.5 127.4 (-) Realized principal investment income (3) 28.2 30.0 (+) Net interest 21.7 12.6 (=) Fee Related Earnings $ 300.0 $ 310.6