10-Q – 2026-05-08 – cg-20260331.htm

(1) Equity-based compensation for the three months ended March 31, 2026 and 2025 includes amounts presented in principal investment
income and general, administrative and other expenses in our U.S. GAAP statement of operations.
(2) Includes charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period comparability and are
not reflective of the Company’s operating performance.
(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 our Non-GAAP results, (ii)
amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the Non-
GAAP results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the Non-GAAP
results, (iv) the reclassification of NGP performance revenues, which are included in investment income in the U.S. GAAP financial
statements, (v) the reclassification of fee related performance revenues, which are included in fund level fee revenues in the segment
results, and (vi) the reclassification of tax expenses associated with certain foreign performance revenues. Adjustments to principal

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investment income (loss) also include the reclassification of earnings for the investment in NGP Management and its affiliates to the
appropriate operating captions for the Non-GAAP results, and the exclusion of charges associated with the investment in NGP
Management and its affiliates that are excluded from the Non-GAAP results.  
Distributable Earnings for our reportable segments are as follows:  

 

Three Months Ended March 31,

 

2026

2025

 

(Dollars in millions)

Global Private Equity

$ 149.9

$ 265.6

Global Credit

98.2

110.5

Carlyle AlpInvest

78.9

79.3

Distributable Earnings

$ 327.0

$ 455.4

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

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

 

Three Months Ended
March 31,

Change

 

2026

2025

$

%

 

(Dollars in millions)

Segment revenues

Fund level fee revenues

Fund management fees

$ 284.3

$ 283.0

$ 1.3

0 %

Portfolio advisory and transaction fees, net and other

6.8

14.5

(7.7)

(53) %

Fee related performance revenues

2.1

—

2.1

NM

Total fund level fee revenues

293.2

297.5

(4.3)

(1) %

Realized performance revenues

29.7

317.1

(287.4)

(91) %

Realized principal investment income (loss)

11.8

15.1

(3.3)

(22) %

Interest income

7.0

6.0

1.0

17 %

Total revenues

341.7

635.7

(294.0)

(46) %

Segment expenses

Compensation and benefits

Cash-based compensation and benefits

91.3

100.7

(9.4)

(9) %

Realized performance revenues related compensation

19.8

200.4

(180.6)

(90) %

Total compensation and benefits

111.1

301.1

(190.0)

(63) %

General, administrative, and other indirect expenses

53.9

48.7

5.2

11 %

Depreciation and amortization expense

8.4

6.9

1.5

22 %

Interest expense

18.4

13.4

5.0

37 %

Total expenses

191.8

370.1

(178.3)

(48) %

(=) Distributable Earnings

$ 149.9

$ 265.6

$ (115.7)

(44) %

(-) Realized net performance revenues

9.9

116.7

(106.8)

(92) %

(-) Realized principal investment income (loss)

11.8

15.1

(3.3)

(22) %

(+) Net interest

11.4

7.4

4.0

54 %

(=) Fee Related Earnings

$ 139.6

$ 141.2

$ (1.6)

(1) %

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

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Distributable Earnings
Distributable Earnings decreased $115.7 million for the three months ended March 31, 2026 , as compared to the three
months ended March 31, 2025 . The following table provides the components of the changes in Distributable Earnings for the
three months ended March 31, 2026 :

Three Months Ended
March 31,

2026 v. 2025

(Dollars in millions)

Distributable Earnings, March 31, 2025

$ 265.6

Increases (decreases):

Decrease in Fee related earnings

(1.6)

Decrease in Realized net performance revenues

(106.8)

Decrease in Realized principal investment income

(3.3)

Increase in Net interest

(4.0)

Total decrease

(115.7)

Distributable Earnings, March 31, 2026

$ 149.9

Realized net performance revenues . Realized net performance revenues decreased $106.8 million for the three months
ended March 31, 2026 , as compared to the three months ended March 31, 2025 . Realized net performance revenues for the
three months ended March 31, 2026 were primarily attributable to realizations in CRP VIII and CIEP I . Realized net
performance revenues for the three months ended March 31, 2025 were primarily attributable to realizations in CPP II, CIEP I,
and CETP IV. While overall exit activity increased for the three months ended March 31, 2026 , as compared to the three
months ended March 31, 2025 , the mix of exits was more concentrated in funds not yet realizing performance revenues.
Fee Related Earnings
Fee Related Earnings decreased $1.6 million for the three months ended March 31, 2026 , as compared to the three
months ended March 31, 2025 . The following table provides the components of the changes in Fee Related Earnings for the
three months ended March 31, 2026 :

Three Months Ended
March 31,

2026 v. 2025

(Dollars in millions)

Fee Related Earnings, March 31, 2025

$ 141.2

Increases (decreases):

Decrease in Fee revenues

(4.3)

Decrease in Cash-based compensation and benefits

9.4

Increase in General, administrative and other indirect expenses

(5.2)

  All other changes

(1.5)

Total decrease

(1.6)

Fee Related Earnings, March 31, 2026

$ 139.6

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Fee Revenues. Total fee revenues decreased $4.3 million for the three months ended March 31, 2026 , as compared to the
three months ended March 31, 2025 , due to the following:

Three Months Ended
March 31,

2026 v. 2025

(Dollars in millions)

Higher Fund management fees

$ 1.3

Lower Portfolio advisory and transaction fees, net and other

(7.7)

Higher Fee related performance revenues

2.1

Total decrease in fee revenues

$ (4.3)

Fund management fees increased slightly for the three months ended March 31, 2026 as compared to the three months
ended March 31, 2025 , as the activation of fees in CRP X in the second quarter of 2025 was offset by exit activity in funds on
which management fees are based on invested capital and step-downs in CIEP II and CP VII . 
The decrease in Portfolio advisory and transaction fees, net and other for the three months ended March 31, 2026 as
compared to the three months ended March 31, 2025 was primarily due to a decrease in transaction fees. For the three months
ended March 31, 2025 , transaction fees were positively impacted by the acquisition of a healthcare investment across our U.S.,
Europe, and Asia buyout funds . Transaction fees are primarily generated by investment activity within our funds, and are
therefore impacted by our investment pace. See “—Trends Affecting Our Business” for further discussion on our investment
activity and broader market trends.
Cash -based compensation and benefits expense. Cash-based compensation and benefits expense decreased $9.4
million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 , primarily due to a
decrease in cash bonus accrua ls , partially offset by the impact of increased headcount.
General, administrative and other indirect expenses . General, administrative and other indirect expenses increased $5.2
million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 , primarily due to
unfavorable foreign currency remeasurement of $3.1 million due to the U.S. dollar strengthening in the quarter.

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

 

As of March 31,

 

2026

2025

Global Private Equity

(Dollars in millions)

Components of Fee-earning AUM (1)

Fee-earning AUM based on capital commitments

$ 41,123

$ 35,147

Fee-earning AUM based on invested capital

47,334

52,949

Fee-earning AUM based on net asset value

8,271

7,311

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

2,331

3,304

Total Fee-earning AUM

$ 99,059

$ 98,711

Annualized Management Fee Rate (2)

1.13 %

1.13 %

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

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The table below provides the period to period rollforward of Fee-earning AUM in our Global Private Equity segment.

 

Three Months Ended
March 31,

 

2026

2025

(Dollars in millions)

Balance, Beginning of Period

$ 101,366

$ 98,033

Inflows (1)

1,107

1,497

Outflows (including realizations) (2)

(3,274)

(1,477)

Market Activity & Other (3)

111

(50)

Foreign Exchange (4)

(251)

708

Balance, End of Period

$ 99,059

$ 98,711

(1) Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based
on commitments were activated during the period, and the fee-earning commitments invested in vehicles for which management fees
are based on invested capital. Inflows exclude fundraising amounts during the period for which fees have not yet been activated, which
are referenced as Pending Fee-earning AUM.
(2) Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair
value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has
expired during the period, and reductions for funds that are no longer calling for fees. Realizations for funds earning management fees
based on commitments during the period do not affect Fee-earning AUM.
(3) Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the
lower of cost or fair value.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Fee-earning AUM was $99.1 billion at March 31, 2026 , a decrease of 2% from $101.4 billion at December 31, 2025 . The
net decrease was due to:
• Outflows of $3.3 billion , which were driven by realizations in funds that charge fees on invested capital, notably in
CP VII and CRP IX.
Offsetting this decrease were:
• Inflows of $1.1 billion , primarily driven by investments in our evergreen funds which charge fees on net asset value,
as well as investment activity in our U.S. real estate funds which charge fees on invested capital.
Fee-earning AUM was $99.1 billion at March 31, 2026 , a slight increase from $98.7 billion at March 31, 2025 . The net
increase was due to:
• Inflows of $12.3 billion , primarily driven by our U.S. real estate funds, including the activation of management fees
in CRP X, as well as investments in CPI, which charges fees on net asset value ; and
• Positive foreign exchange activity of $0.6 billion , primarily from the translation of our EUR-denominated funds to
USD.
Offsetting these increase s were:
• Outflows of $12.5 billion driven by realizations in funds that charge fees on invested capital, notably in CP VII, CEP
V, CRP IX, and the NGP energy funds, the expiration of fees in CP VI during the period, and a fee basis step-down
in CIEP II.

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Total AUM
The table below provides the period to period rollforward of Total AUM in our Global Private Equity segment.

 

Three Months Ended
March 31, 2026

 

(Dollars in millions)

Balance, Beginning of Period

$ 163,543

Inflows (1)

2,243

Outflows (including realizations) (2)

(6,615)

Market Activity & Other (3)

218

Foreign Exchange (4)

(362)

Balance, End of Period

$ 159,027

(1) Inflows reflects the impact of gross fundraising during the period. For funds or vehicles denominated in foreign currencies, this reflects
translation at the average quarterly rate.
(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, and the expiration of available capital.
(3) Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds, related
co-investment vehicles, and separately managed accounts, as well as the impact of fees, expenses and non-investment income, and
other changes in AUM.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Total AUM was $159.0 billion at March 31, 2026 , which comprised $119.1 billion of investments at fair value and $40.0
billion of available capital. Approximately 11% of the fair value as of March 31, 2026 was publicly traded, and approximately
68% was aged four or more years . Total AUM decrease d 3% from $163.5 billion at December 31, 2025 . The net decrease was
due to:
• O utflows of $6.6 billion , primarily driven by realizations in our U.S. buyout funds.
Offsetting this decrease were:
• Inflows of $2.2 billion , driven by new capital raised in U.S. buyout coinvestments and U.S. real estate products; and
• Market activity of $0.2 billion , driven by appreciation of $0.9 billion from our international energy funds, $0.7
billion from the NGP energy funds, and $0.5 billion from our Japan buyout funds, offset by depreciation of $0.8
billion from our Asia buyout funds, $0.6 billion from our Europe buyout funds, and $0.5 billion from our U.S.
buyout funds.
Fund Performance Metrics
Fund performance information for our significant investment funds, which we generally define as those with at least $1.0
billion in capital commitments, is included throughout this discussion and analysis to facilitate an understanding of our results
of operations for the periods presented. The fund return information reflected in this discussion and analysis is not indicative of
the performance of The Carlyle Group Inc. and is also not necessarily indicative of the future performance of any particular
fund. An investment in The Carlyle Group Inc. is not an investment in any of our funds. There can be no assurance that any of
our funds or our other existing and future funds will achieve similar returns.
The following table reflects the performance of our significant funds in our Global Private Equity business. Please see
“—Our Global Investment Offerings” for a legend of the fund acronyms listed below.

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(Amounts in millions)

TOTAL INVESTMENTS

REALIZED/PARTIALLY
REALIZED INVESTMENTS(12)

 

As of March 31, 2026

As of March 31, 2026

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

Committed
Capital(2)

Cumulative
Invested
Capital(3)

Percent
Invested

Realized
Value(4)

Remaining
Fair
Value(5)

MOIC
(6)

Gross
IRR
(7)(8)

Net
IRR
(8)(9)

Net Accrued
Carry/
(Giveback)
(10)

Total
Fair
Value(11)

MOIC
(6)

Gross
IRR
(7)(8)

Corporate Private Equity

CP VIII (Oct 2021 / Oct 2027)

$ 14,797

$ 10,950

74%

$ 3,179

$ 13,179

1.5x

20%

11%

$ 227

$ 4,825

2.3x

56%

CP VII (May 2018 / Oct 2021)

$ 18,510

$ 17,787

96%

$ 12,895

$ 16,911

1.7x

11%

8%

$ 409

$ 18,558

2.1x

17%

CP VI (May 2013 / May 2018)

$ 13,000

$ 13,140

101%

$ 26,770

$ 1,622

2.2x

17%

13%

$ 74

$ 27,570

2.5x

22%

CP V (Jun 2007 / May 2013)

$ 13,720

$ 13,238

96%

$ 28,123

$ 227

2.1x

18%

14%

$ 16

$ 28,134

2.3x

20%

CEP V (Oct 2018 / Oct 2024)

€ 6,416

€ 6,075

95%

€ 1,794

€ 4,211

1.0x

Neg

Neg

$ —

€ 878

0.8x

Neg

CEP IV (Sep 2014 / Oct 2018)

€ 3,670

€ 3,964

108%

€ 6,215

€ 1,238

1.9x

16%

11%

$ 48

€ 6,258

2.1x

20%

CEP III (Jul 2007 / Dec 2013)

€ 5,295

€ 5,177

98%

€ 11,731

€ 18

2.3x

19%

14%

$ —

€ 11,749

2.3x

19%

CAP VI (Jun 2024 / Jun 2030)

$ 2,886

$ 213

7%

$ —

$ 213

1.0x

NM

NM

$ —

n/a

n/a

n/a

CAP V (Jun 2018 / Jun 2024)

$ 6,554

$ 7,020

107%

$ 3,063

$ 5,975

1.3x

9%

4%

$ —

$ 2,142

1.3x

23%

CAP IV (Jul 2013 / Jun 2018)

$ 3,880

$ 4,146

107%

$ 8,713

$ 266

2.2x

18%

13%

$ 19

$ 8,707

2.4x

21%

CJP V (Nov 2024 / Nov 2030)

¥ 434,325

¥ 92,965

21%

¥ —

¥ 92,677

1.0x

NM

NM

$ —

n/a

n/a

n/a

CJP IV (Oct 2020 / Nov 2024)

¥ 258,000

¥ 236,110

92%

¥ 149,060

¥ 392,466

2.3x

40%

28%

$ 121

¥ 239,837

3.8x

62%

CJP III (Sep 2013 / Aug 2020)

¥ 119,505

¥ 91,192

76%

¥ 275,264

¥ 8,832

3.1x

25%

18%

$ 4

¥ 274,341

3.3x

26%

CGFSP III (Dec 2017 / Dec 2023)

$ 1,005

$ 982

98%

$ 698

$ 1,561

2.3x

20%

15%

$ 72

$ 1,214

3.8x

31%

CGFSP II (Jun 2013 / Dec 2017)

$ 1,000

$ 943

94%

$ 1,961

$ 669

2.8x

26%

19%

$ 39

$ 1,956

2.4x

28%

CP Growth (Oct 2021 / Oct 2027)

$ 1,283

$ 657

51%

$ —

$ 961

1.5x

19%

8%

$ 6

n/a

n/a

n/a

CEOF II (Nov 2015 / Mar 2020)

$ 2,400

$ 2,370

99%

$ 4,109

$ 1,406

2.3x

20%

15%

$ 70

$ 4,651

2.5x

22%

CETP V (Mar 2022 / Jun 2028)

€ 3,180

€ 1,893

60%

€ —

€ 2,285

1.2x

NM

NM

$ —

€ —

0.0x

NM

CETP IV (Jul 2019 / Jun 2022)

€ 1,350

€ 1,204

89%

€ 1,726

€ 958

2.2x

27%

19%

$ 38

€ 1,837

3.7x

56%

CETP III (Jul 2014 / Jul 2019)

€ 657

€ 614

94%

€ 2,033

€ 109

3.5x

40%

28%

$ 7

€ 2,040

4.0x

44%

CGP II (Dec 2020 / Jan 2025)

$ 1,840

$ 984

53%

$ 219

$ 2,060

2.3x

24%

19%

$ 52

n/a

n/a

n/a

CGP (Jan 2015 / Mar 2021)

$ 3,588

$ 3,267

91%

$ 1,956

$ 2,359

1.3x

4%

3%

$ 4

$ 2,263

1.5x

7%

All Other Active Funds & Vehicles(13)

$ 20,956

n/a

$ 17,141

$ 16,425

1.6x

12%

10%

$ 29

$ 21,016

2.2x

19%

Fully Realized Funds & Vehicles(14)(15)

$ 35,376

n/a

$ 81,333

$ 2

2.3x

28%

20%

$ —

$ 81,335

2.3x

28%

TOTAL CORPORATE PRIVATE EQUITY(16)

$ 156,515

n/a

$ 219,948

$ 77,121

1.9x

25%

17%

$ 1,232

$ 231,873

2.3x

26%

Real Estate

CRP X (Apr 2025 / Jul 2030)

$ 9,000

$ 813

9%

$ 18

$ 828

1.0x

NM

NM

$ —

n/a

n/a

n/a

CRP IX (Oct 2021 / Dec 2024)

$ 7,987

$ 6,367

80%

$ 855

$ 6,837

1.2x

11%

3%

$ —

$ 772

1.5x

26%

CRP VIII (Aug 2017 / Oct 2021)

$ 5,505

$ 4,987

91%

$ 6,042

$ 2,674

1.7x

31%

17%

$ 69

$ 6,076

2.1x

46%

CRP VII (Jun 2014 / Dec 2017)

$ 4,162

$ 3,746

90%

$ 5,186

$ 967

1.6x

16%

10%

$ (28)

$ 5,142

1.7x

20%

CRP VI (Mar 2011 / Jun 2014)

$ 2,340

$ 2,145

92%

$ 3,827

$ 91

1.8x

27%

17%

$ 4

$ 3,780

1.9x

28%

CPI (May 2016 / n/a)

$ 8,444

$ 9,023

n/a

$ 3,731

$ 8,178

1.3x

10%

8%

n/a*

$ 2,253

1.7x

12%

All Other Active Funds & Vehicles(17)

$ 3,018

n/a

$ 581

$ 2,859

1.1x

8%

5%

$ 5

$ 452

1.2x

19%

Fully Realized Funds & Vehicles(15)(18)

$ 14,226

n/a

$ 21,598

$ 13

1.5x

9%

5%

$ —

$ 21,611

1.5x

10%

TOTAL REAL ESTATE(16)

$ 44,324

n/a

$ 41,838

$ 22,446

1.5x

11%

7%

$ 50

$ 40,104

1.6x

13%

Infrastructure & Natural Resources

CIEP II (Apr 2019 / Apr 2025)

$ 2,286

$ 1,301

57%

$ 1,017

$ 1,569

2.0x

30%

16%

$ 59

$ 907

3.8x

NM**

CIEP I (Sep 2013 / Jun 2019)

$ 2,500

$ 2,470

99%

$ 3,622

$ 1,559

2.1x

16%

10%

$ 73

$ 4,346

2.2x

17%

CGIOF (Dec 2018 / Sep 2023)

$ 2,201

$ 2,116

96%

$ 658

$ 3,054

1.8x

17%

11%

$ 88

$ 829

1.9x

16%

CRSEF II (Nov 2022 / Aug 2027)

$ 1,187

$ 469

40%

$ —

$ 946

2.0x

44%

29%

$ 25

n/a

n/a

n/a

NGP XIII (Feb 2023 / Feb 2028)

$ 2,300

$ 1,025

45%

$ 134

$ 1,485

1.6x

49%

32%

$ 9

$ 158

4.8x

NM

NGP XII (Jul 2017 / Jul 2022)

$ 4,304

$ 3,680

85%

$ 4,882

$ 2,826

2.1x

21%

15%

$ 36

$ 4,535

2.8x

33%

NGP XI (Oct 2014 / Jul 2017)

$ 5,325

$ 5,034

95%

$ 8,308

$ 1,597

2.0x

13%

10%

$ 57

$ 7,458

2.1x

17%

NGP X (Jan 2012 / Dec 2014)

$ 3,586

$ 3,351

93%

$ 3,563

$ 249

1.1x

3%

—%

$ —

$ 3,358

1.2x

5%

All Other Active Funds & Vehicles(19)

$ 5,242

n/a

$ 3,557

$ 5,507

1.7x

17%

13%

$ 45

$ 3,654

2.4x

21%

Fully Realized Funds & Vehicles(15)(20)

$ 3,534

n/a

$ 5,581

$ —

1.6x

8%

5%

$ —

$ 5,581

1.6x

8%

TOTAL INFRASTRUCTURE & NATURAL
RESOURCES(16)

$ 28,221

n/a

$ 31,322

$ 18,792

1.8x

13%

9%

$ 391

$ 30,825

2.0x

14%

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*Net accrued fee related performance revenues for CPI are excluded from Net Accrued Performance Revenues. These amounts will be
reflected as fee related performance revenues when realized, and included in Fund level fee revenues in our segment results. There were no
accrued fee related performance revenues for CPI as of March 31, 2026 .
**The IRR is incalculable, which occurs in instances when a distribution occurs prior to a Limited Partner capital contribution due to the use
of fund-level credit facilities.
(1) The fund step-down date represents the contractual step-down date under the respective fund agreements for funds on
which the fee basis step-down has not yet occurred. Funds without a listed Fee Initiation Date and Step-down Date have
not yet initiated fees.
(2) All amounts shown represent total capital commitments as of March 31, 2026. Certain of our recent vintage funds are
currently in fundraising and total capital commitments are subject to change.
(3) Represents the original cost of investments since inception of the fund.  
(4) Represents all realized proceeds since inception of the fund.
(5) Represents remaining fair value, before management fees, expenses and carried interest, and may include remaining
escrow values for realized investments.
(6) Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried interest,
divided by cumulative invested capital.
(7) Gross Internal Rate of Return (“Gross IRR”) represents an annualized return on Limited Partner invested capital, based
on contributions, distributions and unrealized fair value as of the reporting date, before the impact of management fees,
partnership expenses and carried interest. For fund vintages 2017 and after, Gross IRR includes the impact of interest
expense related to the funding of investments on fund lines of credit. Gross IRR is calculated based on the timing of
Limited Partner cash flows, which may differ to varying degrees from the timing of actual investment cash flows for the
fund. Subtotal Gross IRR aggregations for multiple funds are calculated based on actual cash flow dates for each fund
and represent a theoretical time-weighted return for a Limited Partner who invested sequentially in each fund.
(8) For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time
since initial investment and early stage of capital deployment. For funds marked “Neg,” IRR is considered meaningful
but is negative as of reporting period end.
(9) Net Internal Rate of Return (“Net IRR”) represents an annualized return on Limited Partner invested capital, based on
contributions, distributions and unrealized fair value as of the reporting date, after the impact of all management fees,
partnership expenses and carried interest, including current accruals. Net IRR is calculated based on the timing of Limited
Partner cash flows, which may differ to varying degrees from the timing of actual investment cash flows for the fund.
Fund level IRRs are based on aggregate Limited Partner cash flows, and this blended return may differ from that of
individual Limited Partners. As a result, certain funds may generate accrued performance revenues with a blended Net
IRR that is below the preferred return hurdle for that fund. Subtotal Net IRR aggregations for multiple funds are
calculated based on actual cash flow dates for each fund and represent a theoretical time-weighted return for a Limited
Partner who invested sequentially in each fund.
(10) Represents the net accrued performance revenue balance/(giveback obligation) as of the current quarter end.
(11) Represents all realized proceeds combined with remaining fair value, before management fees, expenses and carried
interest.
(12) An investment is considered realized when the investment fund has completely exited, and ceases to own an interest in,
the investment. An investment is considered partially realized when the total amount of proceeds received in respect of
such investment, including dividends, interest or other distributions and/or return of capital, represents at least 85% of
invested capital and such investment is not yet fully realized. Because part of our value creation strategy involves
pursuing best exit alternatives, we believe information regarding Realized/Partially Realized MOIC and Gross IRR, when
considered together with the other investment performance metrics presented, provides investors with meaningful
information regarding our investment performance by removing the impact of investments where significant realization
activity has not yet occurred. Realized/Partially Realized MOIC and Gross IRR have limitations as measures of
investment performance and should not be considered in isolation. Such limitations include the fact that these measures
do not include the performance of earlier stage and other investments that do not satisfy the criteria provided above. The
exclusion of such investments will have a positive impact on Realized/Partially Realized MOIC and Gross IRR in
instances when the MOIC and Gross IRR in respect of such investments are less than the aggregate MOIC and Gross
IRR. Our measurements of Realized/Partially Realized MOIC and Gross IRR may not be comparable to those of other
companies that use similarly titled measures.
(13) Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and
stand-alone investments arranged by us: MENA, CCI, CSSAF I, CPF I, CAP Growth I, CAP Growth II, CBPF II, CAGP
IV, ABV 8, ABV 9, ACCD 2, ACCD 3, and CCD-CIF.
(14) Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and
certain other stand-alone investments arranged by us: CP I, CP II, CP III, CP IV, CEP I, CEP II, CAP I, CAP II, CAP III,

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

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

 

Three Months Ended
March 31,

Change

 

2026

2025

$

%

 

(Dollars in millions)

Segment Revenues

Fund level fee revenues

Fund management fees

$ 147.3

$ 139.6

$ 7.7

6 %

Portfolio advisory and transaction fees, net and other

47.2

63.4

(16.2)

(26) %

Fee related performance revenues

32.1

28.8

3.3

11 %

Total fund level fee revenues

226.6

231.8

(5.2)

(2) %

Realized performance revenues

10.7

13.3

(2.6)

(20) %

Realized principal investment income (loss)

9.3

5.5

3.8

69 %

Interest income

7.2

7.0

0.2

3 %

Total revenues

253.8

257.6

(3.8)

(1) %

Segment Expenses

Compensation and benefits

Cash-based compensation and benefits

93.3

89.0

4.3

5 %

Realized performance revenues related compensation

6.7

7.9

(1.2)

(15) %

Total compensation and benefits

100.0

96.9

3.1

3 %

General, administrative, and other indirect expenses

35.5

35.0

0.5

1 %

Depreciation and amortization expense

4.9

3.9

1.0

26 %

Interest expense

15.2

11.3

3.9

35 %

Total expenses

155.6

147.1

8.5

6 %

(=) Distributable Earnings

$ 98.2

$ 110.5

$ (12.3)

(11) %

(-) Realized net performance revenues

4.0

5.4

(1.4)

(26) %

(-) Realized principal investment income (loss)

9.3

5.5

3.8

69 %

(+) Net interest

8.0

4.3

3.7

86 %

(=) Fee Related Earnings

$ 92.9

$ 103.9

$ (11.0)

(11) %

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Distributable Earnings
Distributable Earnings decreased $12.3 million for the three months ended March 31, 2026 , as compared to the three
months ended March 31, 2025 . The following table provides the components of the changes in Distributable Earnings for the
three months ended March 31, 2026 :

Three Months Ended
March 31,

2026 v. 2025

(Dollars in millions)

Distributable Earnings, March 31, 2025

$ 110.5

Increases (decreases):

Decrease in Fee related earnings

(11.0)

Decrease in Realized net performance revenues

(1.4)

Increase in Realized principal investment income

3.8

Increase in Net interest

(3.7)

Total decrease

(12.3)

Distributable Earnings, March 31, 2026

$ 98.2

Fee Related Earnings
Fee Related Earnings decreased $11.0 million for the three months ended March 31, 2026 , as compared to the three
months ended March 31, 2025 . The following table provides the components of the changes in Fee Related Earnings for the
three months ended March 31, 2026 :

Three Months Ended
March 31,

2026 v. 2025

(Dollars in millions)

Fee Related Earnings, March 31, 2025

$ 103.9

Increases (decreases):

Decrease in Fee revenues

(5.2)

Increase in Cash-based compensation and benefits

(4.3)

Increase in General, administrative and other indirect expenses

(0.5)

All other changes

(1.0)

Total decrease

(11.0)

Fee Related Earnings, March 31, 2026

$ 92.9

Fee Revenues . Fee revenues decreased $5.2 million for the three months ended March 31, 2026 , as compared to the three
months ended March 31, 2025 , due to the following:

Three Months Ended
March 31,

2026 v. 2025

(Dollars in millions)

Higher Fund management fees

$ 7.7

Lower Portfolio advisory and transaction fees, net and other

(16.2)

Higher Fee related performance revenues

3.3

Total decrease in Fee revenues

$ (5.2)

The increase in Fund management fees for the three months ended March 31, 2026 as compared to the three months
ended March 31, 2025 was primarily attributable to an increase in management fee base in our direct lending business and
CTAC.

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The decrease in Portfolio advisory and transaction fees, net and other fees for the three months ended March 31, 2026 as
compared to the three months ended March 31, 2025 was primarily driven by a decrease in capital markets fees. The
recognition of capital markets fees can be volatile as they are primarily generated by investment activity. See “—Trends
Affecting Our Business” for further discussion on our investment activity and broader market trends.
Cash-based compensation and benefits expense. Cash-based compensation and benefits expense increased $4.3 million
for the three months ended March 31, 2026 , as compared to the three months ended March 31, 2025 , primarily attributable to an
increase in headcount in support of the growth of the business, partially offset by a decrease in cash bonus accruals.

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

 

As of March 31,

 

2026

2025

Global Credit

(Dollars in millions)

Components of Fee-earning AUM (1)

Fee-earning AUM based on capital commitments

$ 2,549

$ 2,467

Fee-earning AUM based on invested capital

21,787

20,624

Fee-earning AUM based on collateral balances, at par

42,344

44,359

Fee-earning AUM based on net asset value

4,225

3,278

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

95,533

90,003

Total Fee-earning AUM

$ 166,438

$ 160,731

Annualized Management Fee Rate (3)

0.35 %

0.35 %

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

 

Three Months Ended
March 31,

 

2026

2025

(Dollars in millions)

Balance, Beginning of Period

$ 169,460

$ 154,186

Inflows (1)

3,284

7,811

Outflows (including realizations) (2)

(4,520)

(3,113)

Market Activity & Other (3)

(1,619)

1,465

Foreign Exchange (4)

(167)

382

Balance, End of Period

$ 166,438

$ 160,731

(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, and
gross subscriptions in our vehicles for which management fees are based on net asset value.
(2) Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair
value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has
expired during the period, reductions for funds that are no longer calling for fees, gross redemptions in our evergreen products, and
outflows from our liquid credit products. Realizations for funds earning management fees based on commitments during the period do
not affect Fee-earning AUM.
(3) Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in funds or vehicles based on the
lower of cost or fair value or net asset value, activity of funds with fees based on gross asset value, and changes in the fair value of
Fortitude’s general account assets covered by the strategic advisory services agreement.

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(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Fee-earning AUM was $166.4 billion at March 31, 2026 , a decrease of 2% from $169.5 billion at December 31, 2025 .
The net decrease was due to:
• Outflows of $4.5 billion , which were driven by outflows from our liquid credit products and realizations in our
opportunistic credit funds; and
• Negative market activity of $1.6 billion , which primarily reflected a decrease in the fair value of assets covered by
the Fortitude strategic advisory services agreement.
Offsetting these decreases were:
• Inflows of $3.3 billion , which were driven by deployment across the platform, flow reinsurance from our insurance
strategy, and the closing of our latest European CLO.
Fee-earning AUM was $166.4 billion at March 31, 2026 , an increase of 4% from $160.7 billion at March 31, 2025 . The
net increase was due to:
• Inflows of $22.3 billion , which reflected capital deployment across the platform, notably in our liquid credit
products, including the closing of seven U.S. CLOs and three European CLOs, and asset-backed finance, direct
lending, and opportunistic credit funds, as well as more than $5 billion of closed block reinsurance transactions and
flow reinsurance from our insurance strategy .
Offsetting this increase were:
• Outflows of $15.3 billion , which included outflows from our liquid credit products and realizations across the
platform; and
• Negative market activity of $1.9 billion , which was primarily driven by the impact of rising interest rates on the fair
value of assets covered by the Fortitude strategic advisory services agreement , partially offset by increases in our
cross-platform credit products.
Total AUM
The table below provides the period to period rollforward of Total AUM in our Global Credit segment.  

 

Three Months Ended
March 31, 2026

 

(Dollars in millions)

Balance, Beginning of Period

$ 211,328

Inflows (1)

3,906

Outflows (including realizations) (2)

(4,715)

Market Activity & Other (3)

(839)

Foreign Exchange (4)

(185)

Balance, End of Period

$ 209,495

(1) Inflows generally reflects the impact of gross fundraising, as well as reinsurance and other transactions at Fortitude during the period.
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, related
co-investment vehicles, and separately managed accounts, as well as the impact of fees, expenses and non-investment income, change
in gross asset value for our business development companies, changes in the fair value of Fortitude’s general account assets covered by
the strategic advisory services agreement, and other changes in AUM.

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(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Total AUM was $209.5 billion at March 31, 2026 , a decrease of 1% compared to $211.3 billion at December 31, 2025 .
The net decrease was due to:
• Outflows of $4.7 billion , which were primarily in our liquid credit products, with additional activity reflecting
realizations across the platform, notably in our aviation and asset-backed finance products ; and
• Negative market activity of $0.8 billion , which was primarily driven by the impact of rising interest rates on the fair
value of assets covered by the Fortitude strategic advisory services agreement, partially offset by increases in the fair
value of our aviation and opportunistic credit products.
Offsetting these decreases were:
• Inflows of $3.9 billion , which were driven by the first closing in our asset-backed income fund (“ CABI” ), flow
reinsurance from our insurance strategy, and the closing of our latest European CLO.
Fund Performance Metrics
Fund performance information for certain of our Global Credit funds is included throughout this discussion and analysis
to facilitate an understanding of our results of operations for the periods presented. The fund return information reflected in this
discussion and analysis is not indicative of the performance of The Carlyle Group Inc. and is also not necessarily indicative of
the future performance of any particular fund. An investment in The Carlyle Group Inc. is not an investment in any of our
funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
The following table reflects the performance of our significant carry funds in our Global Credit business. Please see “—
Our Global Investment Offerings” for a legend of the fund acronyms listed below. 

(Dollars in millions)

 

TOTAL INVESTMENTS

 

 

As of March 31, 2026

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

Committed
Capital(12)

Cumulative
Invested 
Capital (1)

Percent
Invested

Realized
Value (2)

Remaining
Fair Value
(3)

MOIC (4)

Gross IRR
(5) (8)

Net IRR
(6) (8)

Net Accrued
Carry/(Giveback)
(7)

Global Credit Carry Funds

CCOF III - Levered (Feb 2023 / Oct 2028)

$ 4,678

$ 4,150

89%

$ 861

$ 4,102

1.2x

25%

16%

$ 28

CCOF II (Nov 2020 / Mar 2026)

$ 4,430

$ 5,956

134%

$ 4,791

$ 3,560

1.4x

14%

10%

$ 111

CCOF I (Nov 2017 / Sep 2022)

$ 2,373

$ 3,544

149%

$ 3,908

$ 1,254

1.5x

16%

11%

$ 28

CSP IV (Apr 2016 / Dec 2020)

$ 2,500

$ 2,500

100%

$ 1,747

$ 1,836

1.4x

10%

5%

$ —

CICF II (Mar  2024 / Dec 2029)

$ 1,379

$ 317

23%

$ 180

$ 167

1.1x

NM

NM

$ —

SASOF III (Nov 2014 / n/a)

$ 833

$ 991

119%

$ 1,289

$ 78

1.4x

19%

12%

$ 6

All Other Active Funds & Vehicles(9)

$ 13,081

n/a

$ 6,249

$ 10,597

1.3x

11%

9%

$ 99

Fully Realized Funds & Vehicles(10)(13)

$ 9,698

n/a

$ 12,154

$ 30

1.3x

9%

4%

$ —

TOTAL GLOBAL CREDIT CARRY FUNDS

$ 40,237

n/a

$ 31,180

$ 21,623

1.3x

11%

7%

$ 272

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

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fund. Subtotal Gross IRR aggregations for multiple funds are calculated based on actual cash flow dates for each fund
and represent a theoretical time-weighted return for a Limited Partner who invested sequentially in each fund.
(6) Net Internal Rate of Return (“Net IRR”) represents an annualized return on Limited Partner invested capital, based on
contributions, distributions and unrealized fair value as of the reporting date, after the impact of all management fees,
partnership expenses and carried interest, including current accruals. Net IRR is calculated based on the timing of
Limited Partner cash flows, which may differ to varying degrees from the timing of actual investment cash flows for the
fund. Fund level IRRs are based on aggregate Limited Partner cash flows, and this blended return may differ from that
of individual Limited Partners. As a result, certain funds may generate accrued performance revenues with a blended
Net IRR that is below the preferred return hurdle for that fund. Subtotal Net IRR aggregations for multiple funds are
calculated based on actual cash flow dates for each fund and represent a theoretical time-weighted return for a Limited
Partner who invested sequentially in each fund.
(7) Represents the net accrued performance revenue balance/(giveback obligation) as of the current quarter end.
(8) For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time
since initial investment and early stage of capital deployment. For funds marked “Neg,” IRR is considered meaningful
but is negative as of reporting period end.
(9) Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and
stand-alone investments arranged by us: SASOF IV, SASOF V, CAPF VII, CICF, CAF, CALF, CCOF III - Unlevered,
and CCOF III PSV.
(10) Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and
certain other stand-alone investments arranged by us: CSP I, CSP II, CSP III, CEMOF I, CEMOF II, CSC, CMP I,
CMP II, SASOF II, and CASCOF.
(11) The fund step-down date represents the contractual step-down date under the respective fund agreements for funds on
which the fee basis step-down has not yet occurred. Funds without a listed Fee Initiation Date and Step-down Date have
not yet initiated fees.
(12) All amounts shown represent total capital commitments as of March 31, 2026. Certain of our recent vintage funds are
currently in fundraising and total capital commitments are subject to change. Committed capital for CCOF II excludes
$150 million in capital committed by a CCOF II investor to a side vehicle. The CCOF III platform, which includes
CCOF III - Levered, CCOF III - Unlevered, and CCOF III PSV, collectively has $5.7 billion of committed capital.
(13) Funds are included when all investments have been realized. There may be remaining fair value and net accrued carry
where there are outstanding escrow balances or undistributed proceeds.

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

 

Three Months Ended
March 31,

Change

 

2026

2025

$

%

 

(Dollars in millions)

Segment Revenues

Fund level fee revenues

Fund management fees

$ 112.9

$ 102.9

$ 10.0

10 %

Portfolio advisory and transaction fees, net and other

0.1

—

0.1

NM

Fee related performance revenues

11.2

10.7

0.5

5 %

Total fund level fee revenues

124.2

113.6

10.6

9 %

Realized performance revenues

21.4

24.7

(3.3)

(13) %

Realized principal investment income

7.1

9.4

(2.3)

(24) %

Interest income

2.7

2.2

0.5

23 %

Total revenues

155.4

149.9

5.5

4 %

Segment Expenses

Compensation and benefits

Cash-based compensation and benefits

33.9

34.3

(0.4)

(1) %

Realized performance revenues related compensation

14.8

19.4

(4.6)

(24) %

Total compensation and benefits

48.7

53.7

(5.0)

(9) %

General, administrative, and other indirect expenses

20.2

11.9

8.3

70 %

Depreciation and amortization expense

2.6

1.9

0.7

37 %

Interest expense

5.0

3.1

1.9

61 %

Total expenses

76.5

70.6

5.9

8 %

(=) Distributable Earnings

$ 78.9

$ 79.3

$ (0.4)

(1) %

(-) Realized net performance revenues

6.6

5.3

1.3

25 %

(-) Realized principal investment income

7.1

9.4

(2.3)

(24) %

(+) Net interest

2.3

0.9

1.4

156 %

(=) Fee Related Earnings

$ 67.5

$ 65.5

$ 2.0

3 %

Distributable Earnings
Distributable Earnings decreased $0.4 million for the three months ended March 31, 2026 , as compared to the three
months ended March 31, 2025 . The following table provides the components of the changes in Distributable Earnings for the
three months ended March 31, 2026 :

Three Months Ended
March 31,

2026 v. 2025

(Dollars in millions)

Distributable Earnings, March 31, 2025

$ 79.3

Increases (decreases):

Increase in Fee related earnings

2.0

Increase in Realized net performance revenues

1.3

Decrease in Realized principal investment income

(2.3)

Increase in Net interest

(1.4)

Total decrease

(0.4)

Distributable Earnings, March 31, 2026

$ 78.9

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Fee Related Earnings
Fee Related Earnings increased $2.0 million for the three months ended March 31, 2026 , as compared to the three months
ended March 31, 2025 . The following table provides the components of the changes in Fee Related Earnings for the three
months ended March 31, 2026 :

Three Months Ended
March 31,

2026 v. 2025

(Dollars in millions)

Fee Related Earnings, March 31, 2025

$ 65.5

Increases (decreases):

Increase in Fee revenues

10.6

Decrease in Cash-based compensation and benefits

0.4

Increase in General, administrative and other indirect expenses

(8.3)

All other changes

(0.7)

Total increase

2.0

Fee Related Earnings, March 31, 2026

$ 67.5

Fee Revenues . Fee revenues increased $10.6 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 Fund management fees of $10.0 million . The increase in
Fund management fees was primarily driven by the impact of fundraising in our most recent vintage of secondaries & portfolio
finance funds, and growth in our CAPM and CAPS funds . Fund management fees for the three months ended March 31, 2026
included catch-up management fees of $1.3 million , a decrease from $14.7 million for the three months ended March 31, 2025 ,
as fundraising for our most recent vintage of secondaries & portfolio finance funds concluded in the third quarter of 2025.
General, administrative and other indirect expenses . General, administrative and other indirect expenses increased $8.3
million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 , primarily due to an
increase in professional fees, an increase in fundraising costs, and unfavorable foreign currency remeasurement due to the U.S.
dollar strengthening in the quarter.

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

 

As of March 31,

 

2026

2025

Carlyle AlpInvest

(Dollars in millions)

Components of Fee-earning AUM (1)

Fee-earning AUM based on capital commitments

$ 28,044

$ 23,116

Fee-earning AUM based on invested capital (2)

9,257

9,174

Fee-earning AUM based on net asset value

19,583

13,822

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

10,976

8,289

Total Fee-earning AUM

$ 67,860

$ 54,401

Annualized Management Fee Rate (3)

0.67 %

0.66 %

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

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The table below provides the period to period rollforward of Fee-earning AUM in our Carlyle AlpInvest segment.

 

Three Months Ended
March 31,

 

2026

2025

(Dollars in millions)

Balance, Beginning of Period

$ 65,952

$ 52,139

Inflows (1)

3,246

2,558

Outflows (including realizations) (2)

(1,020)

(1,016)

Market Activity & Other (3)

(33)

15

Foreign Exchange (4)

(285)

705

Balance, End of Period

$ 67,860

$ 54,401

(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, fee-earning commitments invested in vehicles for which management fees are based
on invested capital, and gross subscriptions in our 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, and reductions for funds that are no longer calling for fees. Distributions for funds earning management fees
based on commitments during the period do not affect Fee-earning AUM.
(3) Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the
lower of cost or fair value and net asset value.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Fee-earning AUM was $67.9 billion at March 31, 2026 , an increase of 3% from $66.0 billion at December 31, 2025 . The
net increase was due to:
• Inflows of $3.2 billion , which were driven by investment activity in our AlpInvest wealth products and secondaries
& portfolio finance strategy, as well as fee-paying capital raised in our primary and secondaries & portfolio finance
strategies.
Offsetting this increase were:
• Outflows of $1.0 billion , which were driven by step-downs in fee bases and realizations across all strategies in
products that charge fees on invested capital.
Fee-earning AUM was $67.9 billion at March 31, 2026 , an increase of 25% compared to $54.4 billion at March 31, 2025 .
The net increase was due to:
• Inflows of $16.7 billion , which were driven by fee-paying capital raised and investment activity across all strategies,
notably in our secondaries & portfolio finance and AlpInvest wealth product s ;
• Positive foreign exchange activity of $1.1 billion , primarily from the translation of our EUR-denominated funds to
USD; and
• Market appreciation of $0.9 billion , which was driven by CAPM and ASPF II, in which fees are based on fair value.
Offsetting these increases were:
• Outflows of $5.3 billion , which reflected realizations across all strategies and step-downs in fee bases in our primary
funds.

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Total AUM
The table below provides the period to period rollforward of Total AUM in our Carlyle AlpInvest segment.

 

Three Months Ended
March 31, 2026

 

(Dollars in millions)

Balance, Beginning of Period

$ 101,996

Inflows (1)

6,829

Outflows (including realizations) (2)

(2,196)

Market Activity & Other (3)

717

Foreign Exchange (4)

(450)

Balance, End of Period

$ 106,896

(1) Inflows reflects the impact of gross fundraising during the period. For funds or vehicles denominated in foreign currencies, this reflects
translation at the average quarterly rate.
(2) Outflows includes distributions in our carry funds, related co-investment vehicles and separately managed accounts, as well as the
expiration of available capital.
(3) Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds, related
co-investment vehicles and separately managed accounts, the net impact of fees, expenses and non-investment income, as well as other
changes in AUM.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated
funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the
period end.
Total AUM was $106.9 billion at March 31, 2026 , an increase of 5% compared to $102.0 billion at December 31, 2025 .
The net increase was due to:
• Inflows of $6.8 billion , which reflected fundraising across the platform, notably in cross-strategy SMAs and in our
AlpInvest wealth products; and
• Market appreciation of $0.7 billion , which was driven by our secondaries & portfolio finance strategy and AlpInvest
wealth products.
Offsetting these increases were:
• Outflows of $2.2 billion , which reflected realizations across all strategies.
Fund Performance Metrics
The fund return information reflected in this discussion and analysis is not indicative of the performance of The Carlyle
Group Inc. and is also not necessarily indicative of the future performance of any particular fund. An investment in The Carlyle
Group Inc. is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and
future funds will achieve similar returns.

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The following table reflects the performance of our significant funds in our Carlyle AlpInvest business. We also present
fund performance information for portfolios of investments held by separately managed accounts, generally aggregated either
as invested alongside the relevant commingled fund or over a specified time period.

(Amounts in millions)

 

 

TOTAL INVESTMENTS

 

 

 

As of March 31, 2026

Carlyle AlpInvest (1)(8)

Vintage
Year

Fund Size

Cumulative
Invested
Capital
(2)(3)

Realized
Value (3)

Remaining
Fair Value
(3)

Total Fair
Value
(3)(4)

MOIC
(5)

Gross
IRR  
(6)(10)

Net
IRR
(7)(10)

Net
Accrued
Carry/
(Giveback)
(12)

 

 

 

(Reported in Local Currency, in Millions)

SECONDARIES & PORTFOLIO FINANCE

ASF VIII

2024

$ 13,422

$ 7,321

$ 308

$ 8,990

$ 9,297

1.3x

NM

NM

$ 59

ASF VII

2020

$ 6,769

$ 5,018

$ 2,587

$ 5,356

$ 7,943

1.6x

16%

12%

$ 116

ASF VII - SMAs

2020

€ 2,043

€ 1,756

€ 709

€ 1,891

€ 2,600

1.5x

14%

12%

$ 37

ASF VI

2017

$ 3,333

$ 2,814

$ 3,172

$ 1,465

$ 4,637

1.6x

14%

11%

$ 57

ASF VI - SMAs

2017

€ 2,817

€ 2,663

€ 2,825

€ 1,430

€ 4,255

1.6x

13%

11%

$ 49

ASF V

2012

$ 756

$ 673

$ 1,101

$ 94

$ 1,195

1.8x

18%

14%

$ 4

ASF V - SMAs

2012

€ 3,916

€ 3,975

€ 7,015

€ 329

€ 7,344

1.8x

21%

19%

$ 7

SMAs 2009-2011

2010

€ 1,859

€ 1,952

€ 3,368

€ 33

€ 3,401

1.7x

19%

18%

$ —

ASPF II

2023

$ 2,227

$ 1,586

$ 307

$ 1,568

$ 1,875

1.2x

29%

21%

$ 14

All Other Active Funds & Vehicles (9)

Various

$ 2,002

$ 538

$ 2,210

$ 2,748

1.4x

18%

14%

$ 36

Fully Realized Funds & Vehicles

Various

€ 4,388

€ 7,149

€ 12

€ 7,161

1.6x

19%

18%

$ —

CO-INVESTMENTS

ACF IX

2023

$ 4,120

$ 2,431

$ 148

$ 2,697

$ 2,845

1.2x

15%

10%

$ 7

ACF IX - SMAs

2023

$ 1,016

$ 382

$ 22

$ 433

$ 455

1.2x

16%

13%

$ 3

ACF VIII

2021

$ 3,614

$ 3,450

$ 538

$ 4,340

$ 4,878

1.4x

10%

8%

$ 38

ACF VIII - SMAs

2021

$ 1,099

$ 1,007

$ 160

$ 1,253

$ 1,413

1.4x

11%

9%

$ 12

ACF VII

2017

$ 1,688

$ 1,682

$ 1,903

$ 1,361

$ 3,264

1.9x

14%

11%

$ 56

ACF VII - SMAs

2017

€ 1,452

€ 1,398

€ 1,298

€ 1,270

€ 2,567

1.8x

13%

11%

$ 40

SMAs 2014-2016

2014

€ 1,274

€ 1,073

€ 2,550

€ 180

€ 2,730

2.5x

24%

22%

$ 3

SMAs 2012-2013

2012

€ 1,124

€ 1,022

€ 2,800

€ 128

€ 2,927

2.9x

28%

26%

$ 1

SMAs 2009-2010

2010

€ 1,475

€ 1,332

€ 3,540

€ 418

€ 3,958

3.0x

23%

21%

$ —

Strategic SMAs

Various

$ 5,075

$ 2,870

$ 5,474

$ 8,343

1.6x

15%

14%

$ 80

All Other Active Funds & Vehicles (9)

Various

€ 66

€ 164

€ 5

€ 169

2.6x

36%

34%

$ —

Fully Realized Funds & Vehicles

Various

€ 5,855

€ 10,001

€ —

€ 10,001

1.7x

15%

13%

$ —

PRIMARY INVESTMENTS

SMAs 2024-2026

2024

$ 4,623

$ 328

$ 12

$ 323

$ 335

1.0x

NM

NM

$ —

SMAs 2021-2023

2021

€ 4,673

€ 2,033

€ 172

€ 2,293

€ 2,466

1.2x

12%

11%

$ 1

SMAs 2018-2020

2018

$ 3,116

$ 2,714

$ 965

$ 3,127

$ 4,092

1.5x

14%

13%

$ 4

SMAs 2015-2017

2015

€ 2,501

€ 2,510

€ 2,974

€ 2,016

€ 4,990

2.0x

19%

18%

$ 8

SMAs 2012-2014

2012

€ 5,080

€ 5,783

€ 9,943

€ 2,712

€ 12,655

2.2x

17%

17%

$ 10

SMAs 2009-2011

2009

€ 4,877

€ 5,588

€ 10,581

€ 1,363

€ 11,944

2.1x

17%

16%

$ 1

SMAs 2006-2008

2005

€ 11,500

€ 12,991

€ 21,798

€ 993

€ 22,791

1.8x

10%

10%

$ —

SMAs 2003-2005

2003

€ 4,628

€ 4,933

€ 7,856

€ 117

€ 7,973

1.6x

10%

9%

$ —

All Other Active Funds & Vehicles (9)

Various

€ 1,771

€ 1,804

€ 210

€ 2,014

1.1x

3%

2%

$ —

Fully Realized Funds & Vehicles

Various

€ 4,798

€ 7,823

€ 19

€ 7,842

1.6x

12%

11%

$ —

TOTAL CARLYLE ALPINVEST (USD)(11)

$ 112,521

$ 135,082

$ 56,486

$ 191,568

1.7x

13%

13%

$ 643

(1) Includes private equity and mezzanine primary fund investments, secondary fund investments and co-investments
originated by AlpInvest. Excluded from the performance information shown are: (a) investments that were not originated
by AlpInvest (i.e., AlpInvest did not make the original investment decision or recommendation); (b) Direct Investments,
which was spun off from AlpInvest in 2005; (c) Carlyle AlpInvest Private Markets (“CAPM”); (d) Carlyle AlpInvest
Private Markets Secondaries (“CAPS”); and (e) LP co-investment vehicles managed by AlpInvest. As of March 31, 2026,
these excluded portfolios amounted to approximately $18.6 billion of AUM in the aggregate.
(2) Represents the original cost of investments since inception of the fund.
(3) To exclude the impact of FX, all foreign currency cash flows have been converted to the currency representing a majority
of the capital committed to the relevant fund at the reporting period spot rate.
(4) Represents all realized proceeds combined with remaining fair value, before management fees, expenses and carried
interest.
(5) Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried interest,
divided by cumulative invested capital.

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(6) Gross Internal Rate of Return (“Gross IRR”) represents the annualized IRR for the period indicated on Limited Partner
invested capital based on investment contributions, distributions and unrealized value of the underlying investments, before
management fees, expenses and carried interest at the AlpInvest level.
(7) Net Internal Rate of Return (“Net IRR”) represents the annualized IRR for the period indicated on Limited Partner invested
capital based on investment contributions, distributions and unrealized value of the underlying investments, after
management fees, expenses and carried interest. Fund level IRRs are based on aggregate Limited Partner cash flows, and
this blended return may differ from that of individual Limited Partners. As a result, certain funds may generate accrued
performance revenues with a blended Net IRR that is below the preferred return hurdle for that fund. 
(8) “ASF” stands for AlpInvest Secondaries Fund, “ACF” stands for AlpInvest Co-Investment Fund, “ASPF” stands for
AlpInvest Strategic Portfolio Finance Fund, and “SMAs” are Separately Managed Accounts. “ASF - SMAs” and “ACF -
SMAs” reflect the aggregated portfolios of investments held by SMAs within the relevant strategy, which invest alongside
the relevant ASF or ACF (as applicable). Strategic SMAs reflect the aggregated portfolios of co-investments made by
SMAs sourced from the SMA investor’s own private equity fund investment portfolio. Other SMAs reflect the aggregated
portfolios of investments within the relevant strategy that began making investments in the corresponding time periods. Co-
Investments SMAs 2014-2016 does not include two SMAs that started in 2016 but invested a substantial majority
alongside ACF VII. These two SMAs have instead been grouped with ACF VII - SMAs. An SMA may pursue multiple
investment strategies and make commitments over multiple years.
(9) Includes ASF VIII - SMAs,  AlpInvest Atom Fund, AlpInvest Atom Fund II, all mezzanine investment portfolios, all
‘clean technology’ private equity investment portfolios, all strategic portfolio finance SMAs, all AlpInvest senior portfolio
lending SMAs, and any state-focused investment mandate portfolios.
(10) For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time
since initial investment and early stage of capital deployment. For funds marked “Neg,” IRR is considered meaningful but
is negative as of reporting period end.  
(11) For purposes of aggregation, funds that report in foreign currency have been converted to U.S. dollars at the reporting
period spot rate.  
(12) Represents the net accrued performance revenue balance/(giveback obligation) as of the current quarter end. Total Net
Accrued Carry excludes net accrued carry which was retained as part of the sale of MRE on April 1, 2021. There was no
net accrued carry balance for MRE as of March 31, 2026 .

Liquidity and Capital Resources
Historical Liquidity and Capital Resources
We have historically required limited capital resources to support the working capital and operating needs of our
business. Our management fees have largely covered our operating costs and all realized performance allocations, after
covering the related compensation, are available for distribution to stockholders. Approximately 97% of all capital
commitments to our funds are provided by our fund investors, with the remaining amount typically funded by Carlyle, our
senior Carlyle professionals, advisors, and other professionals. We may elect to invest additional amounts in new investment
areas through increased investment in our funds, which we may subsequently transfer to newly developed products.
Our Sources of Liquidity
We have multiple sources of liquidity to meet our capital needs, including cash on hand, annual cash flows, accumulated
earnings, cash we receive from our notes offerings, and funds from our senior revolving credit facility, which had $1.0 billion
of available capacity as of March 31, 2026 . Although we may consider other financings to invest in growing our business, such
as the $800.0 million senior note offering in 2025 , we believe these sources will be sufficient to fund our capital needs for at
least the next twelve months. We believe we will meet longer-term expected future cash requirements and obligations through a
combination of existing cash and cash equivalent balances, cash flow from operations, accumulated earnings, and amounts
available for borrowing from our senior revolving credit facility or other financings.
Cash and cash equivalents . Cash and cash equivalents were approximately $1.7 billion at March 31, 2026 . However, a
portion of this cash is allocated for specific business purposes, including, but not limited to: (i) performance allocations and
incentive fee related cash that has been received but not yet distributed as performance allocations and incentive fee related
compensation and amounts owed to non-controlling interests, (ii) proceeds received from realized investments that are allocable
to non-controlling interests, and (iii) regulatory capital.

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Corporate Treasury Investments . These investments represent investments in U.S. Treasury and government agency
obligations, commercial paper, certificates of deposit, other investment grade securities and other investments with original
maturities of greater than three months when purchased.
After deducting cash amounts allocated to the specific requirements mentioned above, the remaining cash, cash
equivalents, and corporate treasury investments (if any), was approximately $1.0 billion as of March 31, 2026 . This remaining
amount will be used towards our primary liquidity needs, as outlined in the next section. This amount does not take into
consideration ordinary course of business payables and reserves for specific business purposes.
Senior Revolving Credit Facility . The capacity under the amended and restated revolving credit facility is $1.0 billion ,
which was amended in May 2025 to extend the maturity date from April 29, 2027 to May 29, 2030 . The Company’s borrowing
capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill their respective obligations under
the revolving credit facility. Principal amounts outstanding under the amended and restated revolving credit facility accrue
interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.50% per
annum, or (b) at SOFR (or similar benchmark rate for non-U.S. dollar borrowings) plus a 0.10% adjustment and an applicable
margin not to exceed 1.50% per annum ( 4.76% at March 31, 2026 ). As of March 31, 2026 , there were no amounts outstanding
under the senior revolving credit facility.
The senior revolving credit facility is unsecured. We are required to maintain management fee-earning assets (as defined
in the amended and restated senior revolving credit facility) of at least $156.9 billion and a total leverage ratio of less than 4.0 to
1.0, in each case, tested on a quarterly basis. Non-compliance with any of the financial or non-financial covenants without cure
or waiver would constitute an event of default under the senior revolving credit facility. An event of default resulting from a
breach of certain financial or non-financial covenants may result, at the option of the lenders, in an acceleration of the principal
and interest outstanding, and a termination of the senior revolving credit facility. The senior revolving credit facility also
contains other customary events of default, including defaults based on events of bankruptcy and insolvency, nonpayment of
principal, interest or fees when due, breach of specified covenants, change in control, and material inaccuracy of representations
and warranties.
Global Credit Revolving Credit Facility . Certain subsidiaries of the Company are parties to a revolving line of credit,
primarily intended to support certain lending activities within the Global Credit segment. As currently amended, the Global
Credit Revolving Credit Facility provides for a revolving line of credit with a capacity of $300 million , which matures in
September 2027, and a second revolving line of credit with a capacity of $200 million , which 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% . As of March 31, 2026 , there was no borrowing outstanding under the Global Credit Revolving Credit Facility.
CLO Borrowings . For certain of our CLOs, the Company finances a portion of its investment in the CLOs through the
proceeds received from term loans and other financing arrangements with financial institutions or other financing arrangements.
The Company’s CLO borrowings outstanding were $353.5 million at March 31, 2026 . The CLO borrowings are secured by the
Company’s investments in the respective CLO, have a general unsecured interest in the Carlyle entity that manages the CLO
and generally do not have recourse to any other Carlyle entity. As of March 31, 2026 , $335.2 million of these borrowings are
secured by investments attributable to The Carlyle Group Inc. See Note 5 , Borrowings , to the condensed consolidated financial
statements included in this Quarterly Report on Form 10-Q for more information on our CLO borrowings.
Senior Notes . The Company and certain indirect finance subsidiaries of the Company have issued senior notes, on which
interest is payable semi-annually, as discussed below. The senior notes are unsecured and unsubordinated obligations of the
respective subsidiary and are fully and unconditionally guaranteed, jointly and severally, by the Company and each of the
Carlyle Holdings partnerships. The indentures governing each of the senior notes contain customary covenants that, among
other things, limit the issuers’ and the guarantors’ ability, subject to certain exceptions, to incur indebtedness secured by liens
on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets.
The notes also contain customary events of default. All or a portion of the notes may be redeemed at our option, in whole or in
part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the notes.
If a change of control repurchase event occurs, the notes are subject to repurchase at the repurchase price as set forth in the
notes.

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3.500% Senior Notes . In September 2019, Carlyle Finance Subsidiary L.L.C. issued $425.0 million of 3.500% senior
notes due September 19, 2029 at 99.841% of par.
5.050% Senior Notes . In September 2025, the Company issued $800.0 million of 5.050% senior notes due September 19,
2035 at 99.767% of par.
5.625% Senior Notes . In March 2013, Carlyle Holdings II Finance L.L.C. issued $400.0 million of 5.625% senior notes
due March 30, 2043 at 99.583% of par. In March 2014, an additional $200.0 million of these notes were issued at 104.315% of
par and are treated as a single class with the already outstanding $400.0 million aggregate principal amount of these notes.
5.650% Senior Notes . In September 2018, Carlyle Finance L.L.C. issued $350.0 million of 5.650% senior notes due
September 15, 2048 at 99.914% of par.
Subordinated Notes . In May and June 2021, Carlyle Finance L.L.C. issued $500.0 million aggregate principal amount of
4.625% subordinated notes due May 15, 2061. The Subordinated Notes are unsecured and subordinated obligations of the issuer
and are fully and unconditionally guaranteed, jointly and severally, on a subordinated basis, by the Company, each of the
Carlyle Holdings partnerships, and CG Subsidiary Holdings L.L.C., an indirect subsidiary of the Company. The indentures
governing the Subordinated Notes contain customary covenants that, among other things, limit the issuers’ and the guarantors’
ability, subject to certain exceptions, to incur indebtedness ranking on a parity with the Subordinated Notes or indebtedness
ranking junior to the Subordinated Notes secured by liens on voting stock or profit participating equity interests of their
subsidiaries or merge, consolidate or sell, transfer or lease all or substantially all of their assets. The Subordinated Notes also
contain customary events of default. All or a portion of the notes may be redeemed at our option, in whole or in part, at any
time and from time to time on or after June 15, 2026, prior to their stated maturity, at a redemption price equal to their principal
amount plus any accrued and unpaid interest to, but excluding, the date of redemption. If interest due on the Subordinated Notes
is deemed to no longer be deductible in the U.S., a “Tax Redemption Event,” the Subordinated Notes may be redeemed, in
whole, but not in part, within 120 days of the occurrence of such event at a redemption price equal to their principal amount
plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Subordinated Notes may be
redeemed, in whole, but not in part, at any time prior to May 15, 2026, within 90 days of the rating agencies determining that
the Subordinated Notes should no longer receive partial equity treatment pursuant to the rating agency’s criteria, a “rating
agency event,” at a redemption price equal to 102% of their principal amount plus any accrued and unpaid interest to, but
excluding, the date of redemption.
Obligations of CLOs . Loans payable of the Consolidated Funds primarily comprise amounts due to holders of debt
securities issued by the CLOs. We are not liable for any loans payable of the CLOs. Loans payable of the CLOs are
collateralized by the assets held by the CLOs and the assets of one CLO may not be used to satisfy the liabilities of another.
This collateral consists of cash and cash equivalents, corporate loans, corporate bonds and other securities.
Realized Performance Allocation Revenues . Another source of liquidity we may use to meet our capital needs is the
realized performance allocation revenues generated by our investment funds. Performance allocations are generally realized
when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return.
For certain funds, performance allocations are realized once all invested capital and expenses have been returned to the fund’s
investors and the fund’s cumulative returns are in excess of the preferred return. Incentive fees earned on our CLO vehicles
generally are paid upon the dissolution of such vehicles.

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Our accrued performance allocations by segment as of March 31, 2026 , gross and net of accrued giveback obligations,
are set forth below:

Accrued
Performance
Allocations (1)

Accrued
Giveback
Obligation

Net Accrued
Performance
Revenues

 

(Dollars in millions)

Global Private Equity

$ 4,324.3

$ (76.5)

$ 4,247.8

Global Credit

740.2

(25.5)

714.7

Carlyle AlpInvest

1,800.9

—

1,800.9

Total

$ 6,865.4

$ (102.0)

$ 6,763.4

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

368.0

Less:  Accrued performance allocation-related compensation

(4,614.8)

Plus:  Receivable for giveback obligations from current and former employees

34.6

Less:  Deferred taxes on certain foreign accrued performance allocations

(14.9)

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

6.3

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

20.8

Net accrued performance revenues before timing differences

2,563.4

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

24.4

Net accrued performance revenues attributable to The Carlyle Group Inc.

$ 2,587.8

(1) Accrued incentive fees are excluded from net accrued performance revenues.
(2) Accrued performance allocations from NGP funds are presented as principal equity method investments in the condensed
consolidated balance sheets.
The net accrued performance revenues attributable to The Carlyle Group Inc., excluding realized amounts, related to our
carry funds and our other vehicles as of March 31, 2026 , as well as the carry fund appreciation (depreciation), is set forth below
by segment (Dollars in millions):

Carry Fund Appreciation/(Depreciation) (1)

Net Accrued
Performance
Revenues

Quarter-to-Date

Last Twelve
Months

Q1 2025

Q1 2026

Q1 2025

Q1 2026

Overall Carry Fund Appreciation/(Depreciation)

2 %

1 %

8 %

7 %

Global Private Equity:

2 %

— %

8 %

6 %

$ 1,673.3

Corporate Private Equity

2 %

(2) %

9 %

3 %

1,231.8

Real Estate

1 %

1 %

5 %

3 %

50.4

Infrastructure & Natural Resources

3 %

9 %

9 %

25 %

391.1

Global Credit Carry Funds

4 %

4 %

14 %

15 %

271.6

Carlyle AlpInvest Carry Funds

1 %

— %

5 %

5 %

642.9

Net Accrued Performance Revenues

$ 2,587.8

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

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Investments as of March 31, 2026 consist of the following:

Investments in
Carlyle Funds

Investments
in NGP (1)

Total

(Dollars in millions)

Investments, excluding performance allocations

$ 2,947.5

$ 652.4

$ 3,599.9

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

(374.6)

—

(374.6)

Plus: Investments in Consolidated Funds, eliminated in consolidation

963.8

—

963.8

Less: Strategic equity method investments in NGP Management

—

(238.7)

(238.7)

Less: Investment in NGP general partners - accrued performance allocations

—

(368.0)

(368.0)

Total investments attributable to The Carlyle Group Inc.

$ 3,536.7

$ 45.7

$ 3,582.4

(1) Represents our total investment in NGP. See Note 4 , Investments , to our condensed consolidated financial statements.
Our investments as of March 31, 2026 can be further attributed as follows (Dollars in millions):

Investments in Carlyle Funds, excluding CLOs:

Global Private Equity (1)

$ 1,251.7

Global Credit (2)

1,317.1

Carlyle AlpInvest

424.0

Total investments in Carlyle Funds, excluding CLOs

2,992.8

Investments in CLOs

443.2

Other investments

146.4

Total investments attributable to The Carlyle Group Inc.

3,582.4

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

(335.2)

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

$ 3,247.2

(1) Excludes our strategic equity method investment in NGP Management and investments in NGP general partners - accrued
performance allocations.This balance also includes amounts bridged by us on behalf of investment funds for which we have entered
into warehouse agreements. Under such warehouse agreements, we may elect to transfer investments for a price that differs from
fair value.
(2) Includes the Company’s indirect investment in Fortitude through Carlyle FRL, a Carlyle-affiliated investment fund, as discussed in
Note 4 , Investments , to the condensed consolidated financial statements. This investment had a carrying value of $729.2 million as
of March 31, 2026 .
(3) Of the $353.5 million in total CLO borrowings as of March 31, 2026 and as disclosed in Note 5 , Borrowings , to the condensed
consolidated financial statements, $335.2 million are collateralized by investments attributable to The Carlyle Group Inc. The
remaining $18.3 million in total CLO borrowings are collateralized by investments attributable to non-controlling interests.
Our Liquidity Needs
We generally use our working capital and cash flows to invest in growth initiatives, service our debt, fund the working
capital needs of our business and investment funds, and return capital to our common stockholders in the form of dividends or
stock repurchases.
In the future, we expect that our primary liquidity needs will be to:  
• provide capital to facilitate the growth of our existing business lines;
• provide capital to facilitate our expansion into new, complementary business lines, including acquisitions;
• pay operating expenses, including compensation and compliance costs and other obligations as they arise;
• fund costs of litigation and contingencies, including related legal costs;
• fund the capital investments in our funds;
• fund capital expenditures;
• repay borrowings and related interest costs and expenses;

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• pay earn-outs and contingent cash consideration associated with our acquisitions and strategic investments;
• pay income taxes, including corporate income taxes;
• pay dividends to our common stockholders in accordance with our dividend policy;
• repurchase our common stock and pay any associated taxes; and
• settle tax withholding obligations in connection with net share settlements of equity-based awards.
Common Stockholder Dividends . Under our dividend policy for our common stock, our intention is to pay dividends to
holders of our common stock in an amount of $0.35 per common share on a quarterly basis ($1.40 annually). For U.S. federal
income tax purposes, any dividends we pay generally will be treated as qualified dividend income (generally taxable to U.S.
individual stockholders at capital gain rates) paid by a domestic corporation to the extent paid out of our current or accumulated
earnings and profits, as determined for U.S. federal income tax purposes, with any excess dividends treated as return of capital
to the extent of the stockholder’s basis. The declaration and payment of dividends to holders of our common stock will be at the
sole discretion of our Board of Directors and in compliance with applicable law, and our dividend policy may be changed at any
time.
With respect to dividend year 2026 , the Board of Directors has declared a dividend to common stockholders totaling
$126.0 million , or $0.35 per share, consisting of the following:

Common Stock Dividends - Dividend Year 2026

Quarter

Dividend per
Common Share

Dividend to
Common
Stockholders

Record Date

Payment Date

(Dollars in millions, except per share data)

Q1 2026

$ 0.35

$ 126.0

May 18, 2026

May 28, 2026

Total

$ 0.35

$ 126.0

With respect to dividend year 2025 , the Board of Directors declared cumulative dividends to common stockholders
totaling $505.1 million , or $1.40 per share, consisting of the following:

Common Stock Dividends - Dividend Year 2025

Quarter

Dividend per
Common Share

Dividend to
Common
Stockholders

Record Date

Payment Date

(Dollars in millions, except per share data)

Q1 2025

$ 0.35

$ 126.3

May 19, 2025

May 27, 2025

Q2 2025

0.35

126.5

August 18, 2025

August 28, 2025

Q3 2025

0.35

125.9

November 10, 2025

November 19, 2025

Q4 2025

0.35

126.4

February 16, 2026

February 20, 2026

Total

$ 1.40

$ 505.1

F und Commitments . Generally, up to 3% of all capital commitments to our investment funds are made by Carlyle, our
senior Carlyle professionals, advisors, and other professionals. Carlyle will generally commit up to 1% of capital commitments
related to our carry funds, although we may elect to invest additional amounts in funds focused on new investment areas. We
may, from time to time, exercise our right to purchase additional interests in our investment funds that become available in the
ordinary course of their operations. We expect our senior Carlyle professionals and employees to continue to make significant
capital contributions to our funds based on their existing commitments, and to make capital commitments to future funds
consistent with the level of their historical commitments. We also intend to make investments in our evergreen funds and our
CLO vehicles. Our investments in our European CLO vehicles will comply with the risk retention rules as discussed in “Risk
Retention Rules” later in this section.
A substantial majority of the remaining commitments to our investment funds are expected to be funded by senior Carlyle
professionals, operating executives, and other professionals through our internal co-investment program. Of the $3.9 billion of
unfunded commitments as of March 31, 2026 , approximately $3.1 billion is subscribed individually by senior Carlyle

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professionals, operating executives, and other professionals, with the balance funded directly by the Company. Approximately
72% of the $3.9 billion of unfunded commitments relate to investment funds in our Global Private Equity segment.
Under the Carlyle Global Capital Markets platform, certain of our subsidiaries may act as an underwriter, syndicator or
placement agent for security offerings and loan originations. We earn fees in connection with these activities and bear the risk
of the sale of such securities and placement of such loans, which may be longer dated. As of March 31, 2026 , there were no
material commitments related to the origination and syndication of loans and securities under the Carlyle Global Capital
Markets platform.
Repurchase Program . During the three months ended March 31, 2026 , we paid an aggregate of $65.0 million to
repurchase and retire approximately 1.3 million shares of common stock. In addition, during the three months ended March 31,
2026 , we paid an aggregate of $139.8 million and retired 2.5 million shares of common stock to settle tax withholding
obligations in connection with net share settlements of equity-based awards, for a total of $204.8 million for approximately 3.8
million shares repurchased or withheld this year. Our Board of Directors reset the total repurchase authorization to $2.0 billion
in shares of our common stock, effective as of February 26, 2026. As of March 31, 2026 , $1.9 billion of repurchase capacity
remained under the share repurchase program, which reflects the cost of common shares repurcha sed . For further information
on our repurchase program, see Note 12 , Equity , to the condensed consolidated financial statements included in this Quarterly
Report on Form 10-Q.
Cash Flows
The following tables summarize our condensed consolidated statements of cash flows by activities attributable to the
Company and the Consolidated Funds.

 

Three Months Ended March 31,

 

2026

2025

 

(Dollars in millions)

Statements of Cash Flows Data

Net cash provided by the Company’s operating activities

$ 34.9

$ 164.2

Net cash used in the Consolidated Funds’ operating activities, after eliminations

(1,277.3)

(516.3)

Net cash used in operating activities

(1,242.4)

(352.1)

Net cash used in investing activities

(28.1)

(16.7)

Net cash used in the Company’s financing activities

(292.3)

(219.3)

Net cash provided by the Consolidated Funds’ financing activities, after eliminations

1,280.6

515.9

Net cash provided by financing activities

988.3

296.6

Effect of foreign exchange rate changes

(8.7)

5.0

Net change in cash, cash equivalents and restricted cash

$ (290.9)

$ (67.2)

The condensed consolidated statements of cash flows include the cash flows of our Consolidated Funds, which include
certain consolidated investment funds and the CLOs. Generally, the consolidation of the Consolidated Funds has a gross-up
effect on our assets, liabilities and cash flows activities . The primary cash flow activities of the Consolidated Funds generally
include (i) purchases of investments, (ii) proceeds from sales of investments, and (iii) net borrowings of the Consolidated
Funds. Contributions from and distributions to the non-controlling interest holders on the condensed consolidated statements of
cash flows primarily relate to non-controlling interest holders in the Consolidated Funds. The impact that the Consolidated
Funds had on cash flows attributable to the Company for the periods presented were limited to our interest in these funds, which
is included in the discussion below. Thus we excluded the Consolidated Funds from the discussion below.
Net cash used in operating activities . Net cash used in operating activities primarily consists of: (i) net cash generated
from operating activities, which include the receipt of management fees, realized performance allocations and incentive fees
after payments for compensation and general, administrative and other expenses, and (ii) our net investment activity, which
include purchases of and proceeds from our investment activities.
For the three months ended March 31, 2026 and 2025 , we received management fees and realized performance
allocations, principal investment income, and incentive fees of $1.0 billion and $1.2 billion , respectively, partially offset by
payments for compensation, interest, and general, administrative and other expenses of $0.9 billion and $1.0 billion ,
respectively, which included payment of 2025 and 2024 year-end bonuses paid in January 2026 and 2025, respectively.

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For the three months ended March 31, 2026 and 2025 , net cash provided by (used in) our investment activities were $30.1
million and $(135.8) million , respectively, which primarily represented proceeds related to distributions of our investments
offset by cash used to fund commitments and investments in our portfolio. As of March 31, 2026 and March 31, 2025 , our
investments in our funds totaled $3.2 billion and $3.0 billion , respectively. We expect our commitments to and investments in
our funds will continue to increase with the growth of our assets under management and our investments in new products.
Net cash used in investing activities . For the three months ended March 31, 2026 and 2025 , cash used in investing
activities primarily reflected capital expenditures related to information technology, leasehold improvements, and other fixed
assets of $28.1 million and $16.7 million , respectively.
Net cash provided by financing activities . For the three months ended March 31, 2026 and 2025 , we paid dividends to our
common stockholders of $126.4 million and $126.4 million , respectively. For the three months ended March 31, 2026 and
2025 , we paid $204.8 million and $176.5 million , respectively, to repurchase and retire 3.8 million and 3.3 million shares,
respectively, which included shares retired in connection with the net share settlement of equity-based awards.
Our Balance Sheet
Total assets were $29.8 billion at March 31, 2026 , an increase of $0.7 billion compared to December 31, 2025 . The
increase in total assets was primarily attributable to an increase in Investments in Consolidated Funds of $1.8 billion , partially
offset by a decrease in Investments, including Performance allocations of $0.7 billion , a decrease in Cash and cash equivalents
of $0.3 billion , and a decrease in Cash and cash equivalents held at Consolidated Funds of $0.2 billion . The decrease in
Investments, including Performance allocations was primarily driven by reversals in Performance allocations in CP VII
attributable to declines in market prices of certain public investments and the impact of preferred return , partially offset by
appreciation in our international energy fund s and CJP IV. Refer to “—Cash Flows” in Part I, Item 2 of this Quarterly Report
on Form 10-Q for details on the decrease in Cash and cash equivalents.
Total liabilities were $22.5 billion at March 31, 2026 , an increase of $0.4 billion from December 31, 2025 . The increase
in liabilities was primarily attributable to an increase in Loans payable of Consolidated Funds of $0.7 billion , an increase in
Other liabilities of Consolidated Funds of $0.5 billion , and an increase in Deferred revenue of $0.2 billion , partially offset by a
decrease in Accrued compensation and benefits of $0.9 billion . The increase in Loans payable of Consolidated Funds was
driven by the consolidation of new CLOs in 2026. The increase in Deferred revenue was driven by the receipt of management
fees not yet recognized as revenue. The decrease in Accrued compensation and benefits was primarily attributable to a decrease
in Accrued performance allocations, on which Accrued performance allocations and incentive fee related compensation is
based, as well as the payment of previously realized performance allocations and incentive fee related compensation and year-
end bonuses .
The assets and liabilities of the Consolidated Funds are generally held within separate legal entities and, as a result, the
assets of the Consolidated Funds are not available to meet our liquidity requirements and similarly the liabilities of the
Consolidated Funds are non-recourse to us . The number of funds that we consolidate fluctuates period to period. In general, the
number of funds we are required to consolidate has been increasing as a result of our investment in new products and our
indirect interest in funds through our indirect investment in Fortitude.
Our balance sheet without the effect of the Consolidated Funds can be seen in Note 16 , Supplemental Financial
Information , to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. At March 31,
2026 , our total assets without the effect of the Consolidated Funds were $15.4 billion , including cash and cash equivalents of
$1.7 billion and Investments, including accrued performance allocations, of $11.4 billion .
Unconsolidated Entities
Certain of our funds have entered into lines of credit secured by their investors’ unpaid capital commitments or by a
pledge of the equity of the underlying investment. These lines of credit are used primarily to reduce the overall number of
capital calls to investors or for working capital needs. In certain instances, however, they may be used for other investment
related activities, including serving as bridge financing for investments. The degree of leverage employed varies among our
funds.
Off-balance Sheet Arrangements
In the normal course of business, we enter into various off-balance sheet arrangements including sponsoring and owning
limited or general partner interests in consolidated and non-consolidated funds, entering into derivative transactions, and

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entering into guarantee arrangements. We also have ongoing capital commitment arrangements with certain of our consolidated
and non-consolidated funds.
For further information regarding our off-balance sheet arrangements, see Note 2 , Summary of Significant Accounting
Policies , and Note 7 , Commitments and Contingencies , to the condensed consolidated financial statements included in this
Quarterly Report on Form 10-Q. Other than what we have disclosed in this Quarterly Report on Form 10-Q, we do not have any
other off-balance sheet arrangements that would require us to fund losses or guarantee target returns to investors in any of our
other investment fu nds.

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Contractual Obligations
The following table sets forth information relating to our contractual obligations as of March 31, 2026 on a consolidated
basis and on a basis excluding the obligations of the Consolidated Funds:

Apr. 1, 2026 to
Dec. 31, 2026

2027-2028

2029-2030

Thereafter

Total

 

(Dollars in millions)

Debt obligations (1)

$ 61.0

$ 85.9

$ 473.6

$ 2,413.2

$ 3,033.7

Interest payable (2)

112.7

292.9

264.3

1,666.0

2,335.9

Other consideration (3)

18.3

6.7

—

—

25.0

Operating lease obligations (4)

59.4

184.4

183.1

378.3

805.2

Capital commitments to Carlyle funds (5)

3,934.6

—

—

—

3,934.6

Tax receivable agreement payments (6)

—

8.0

15.0

41.1

64.1

Loans payable of Consolidated Funds (7)

327.9

871.5

870.3

13,093.7

15,163.4

Unfunded commitments of the CLOs (8)

18.6

—

—

—

18.6

Consolidated contractual obligations

4,532.5

1,449.4

1,806.3

17,592.3

25,380.5

Loans payable of Consolidated Funds (7)

(327.9)

(871.5)

(870.3)

(13,093.7)

(15,163.4)

Capital commitments to Carlyle funds (5)

(3,105.9)

—

—

—

(3,105.9)

Unfunded commitments of the CLOs (8)

(18.6)

—

—

—

(18.6)

Carlyle Operating Entities contractual obligations

$ 1,080.1

$ 577.9

$ 936.0

$ 4,498.6

$ 7,092.6

(1) The table above assumes that no prepayments are made on the senior and subordinated notes and that the outstanding balances, if any, on the senior
credit facility and Global Credit Revolving Credit Facility are repaid on the maturity dates of credit facilities. The CLO term loans are included in the
table above based on the earlier of the stated maturity date or the date the CLO is expected to be dissolved. See Note 5 , Borrowings , to the condensed
consolidated financial statements for the various maturity dates of our borrowings.
(2) The interest rates on the debt obligations as of March 31, 2026 consist of: 3.500% on $425.0 million of senior notes, 5.050% on $800.0 million of
senior notes, 5.650% on $350.0 million of senior notes, 5.625% on $600.0 million of senior notes, 4.625% on $500.0 million of subordinated notes,
and for our CLO term loans, the weighted average interest rate was 4.57% . Interest payments assume that no prepayments are made and loans are held
until maturity with the exception of the CLO term loans, which are based on the earlier of the stated maturity date or the date the CLO is expected to be
dissolved.
(3) These obligations represent our estimate of amounts to be paid on the contingent cash obligations associated with our acquisition of Abingworth. The
payment obligations are unsecured obligations of the Company or a subsidiary thereof, subordinated in right of payment to indebtedness of the
Company and its subsidiaries, and do not bear interest.
(4) We lease office space in various countries around the world, including our largest offices in Washington, D.C., New York City, London, Amsterdam,
and Hong Kong, which have non-cancelable lease agreements expiring in various years through 2037. The amounts in this table represent the minimum
lease payments required over the term of the lease.
(5) These obligations generally represent commitments by us to fund a portion of the purchase price paid for each investment made by our funds. These
amounts are generally due on demand and are therefore presented in the less than one year category. A substantial majority of these investments is
expected to be funded by senior Carlyle professionals and other professionals through our internal co-investment program. Of the $3.9 billion of
unfunded commitments to the funds, approximately $3.1 billion is subscribed individually by senior Carlyle professionals, advisors and other
professionals, with the balance funded directly by the Company. Additionally, these obligations include accrued giveback that has been realized but not
yet paid to the respective funds, a portion of which is payable by current and former senior Carlyle professionals.
(6) In connection with our initial public offering, we entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships
whereby we agreed to pay such limited partners 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax realized as a
result of increases in tax basis resulting from exchanges of Carlyle Holdings partnership units for common units of The Carlyle Group L.P. From and
after the consummation of the Conversion, former holders of Carlyle Holdings partnership units do not have any rights to payments under the tax
receivable agreement except for payment obligations pre-existing at the time of the Conversion with respect to exchanges that occurred prior to the
Conversion. These obligations are more than offset by the future cash tax savings that we are expected to realize.
(7) These obligations represent amounts due to holders of debt securities issued by the consolidated CLO vehicles. These obligations include interest to be
paid on debt securities issued by the consolidated CLO vehicles. Interest payments assume that no prepayments are made and loans are held until
maturity. For debt securities with rights only to the residual value of the CLO and no stated interest, no interest payments were included in this
calculation. Interest payments on variable-rate debt securities are based on interest rates in effect as of March 31, 2026 , at spreads to market rates
pursuant to the debt agreements, and range from 1.65% to 10.91% .
(8) These obligations represent commitments of the CLOs to fund certain investments. These amounts are generally due on demand and are therefore
presented in the less than one year category.

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Contingent Cash Payments For Business Acquisitions and Strategic Investments
We have certain contingent cash obligations associated with our acquisition of Abingworth, which are accounted for as
compensation expense, and are accrued over the service period. If earned, payments are made in the quarter following the
performance year to which the payments relate. The contingent cash obligations relate to future incentive payments of up to
$130.0 million that are payable upon the achievement of certain performance targets during 2025 through 2028, which is the
maximum amount that could be paid as of March 31, 2026 . Through March 31, 2026 , we paid $4.3 million related to these
contingent obligations.
Risk Retention Rules
We will continue to comply with the risk retention rules governing CLOs issued in Europe for which we are a sponsor,
which require a combination of capital from our balance sheet, commitments from senior Carlyle professionals and/or third-
party financing.
Guarantees
See Note 7 , Commitments and Contingencies , to the condensed consolidated financial statements included in this
Quarterly Report on Form 10-Q for information related to all of our material guarantees.
Indemnifications
In many of our service contracts, we agree to indemnify the third-party service provider under certain circumstances. The
terms of the indemnities vary from contract to contract, and the amount of indemnification liability, if any, cannot be
determined and has not been included in the table above or recorded in our condensed consolidated financial statements as of
March 31, 2026 . See Note 7 , Commitments and Contingencies , to the condensed consolidated financial statements included in
this Quarterly Report on Form 10-Q for information related to indemnifications.
Contingent Obligations (Giveback)
Carried interest is ultimately realized when: (1) an underlying investment is profitably disposed of, (2) certain costs borne
by the limited partner investors have been reimbursed, (3) the fund’s cumulative returns are in excess of the preferred return,
and (4) we have decided to collect carry rather than return additional capital to limited partner investors. Realized carried
interest may be required to be returned by us in future periods if the fund’s investment values decline below certain levels.
When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized
performance allocations are reversed. See Note 7 , Commitments and Contingencies , to the condensed consolidated financial
statements included in this Quarterly Report on Form 10-Q for additional information related to our contingent obligations
(giveback).
Other Contingencies
In the ordinary course of business, we are a party to litigation, investigations, inquiries, employment-related matters,
disputes and other potential claims. We discuss certain of these matters in Note 7 , Commitments and Contingencies , to the
condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Carlyle Common Stock
A rollforward of our common stock outstanding is as follows:

Three Months
Ended March 31,

2026

Common stock outstanding, beginning of period

357,374,023

Shares issued

3,797,044

Shares repurchased/retired

(1,331,853)

Common stock outstanding, end of period

359,839,214

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Shares of The Carlyle Group Inc. common stock issued during the three months ended March 31, 2026 relate to the
vesting of the Company’s restricted stock units. Shares of The Carlyle Group Inc. common stock repurchased during the three
months ended March 31, 2026 relate to shares repurchased and subsequently retired as part of our share repurchase program.
Shares of The Carlyle Group Inc. common stock issued and repurchased/retired during the three months ended March 31, 2026
ex clude shares retired as part of the net share settlement of equity-based awards.
The total shares as of March 31, 2026 as shown above exclude approximately 0.2 million net common shares,
representing the vesting of restricted stock units subsequent to March 31, 2026 that will participate in the common shareholder
dividend that will be paid on May 28, 2026.

Critical Accounting Policies and Estimates
The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires our
management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses,
and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information,
information currently available to us and on various other assumptions management believes to be reasonable under the
circumstances. Actual results could vary from those estimates and we may change our estimates and assumptions in future
evaluations. Changes in these estimates and assumptions may have a material effect on our results of operations and financial
condition.
There have been no material changes in the critical accounting estimates since those discussed in our Annual Report on
Form 10-K for the year ended December 31, 2025 .

Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our primary exposure to market risk is related to our role as general partner or investment advisor to our investment
funds and the sensitivities to movements in the fair value of their investments, including the effect on management fees,
incentive fees and investment income, including performance allocations. Although our investment funds share many common
themes, each of our asset management asset classes runs its own investment and risk management processes, subject to our
overall risk tolerance and philosophy. The investment process of our investment funds involves a comprehensive due diligence
approach, including review of reputation of shareholders and management, company size and sensitivity of cash flow
generation, business sector and competitive risks, portfolio fit, exit risks and other key factors highlighted by the deal team. Key
investment decisions are generally subject to approval by both the fund-level managing directors, as well as the investment
committee, which generally comprises one or more of the three founding partners as well as senior investment professionals.
Once an investment in a portfolio company has been made, our fund teams closely monitor the performance of the portfolio
company, generally through frequent contact with management and the receipt of financial and management reports.
There was no material change in our market risks during the three months ended March 31, 2026 . For additional
information, refer to our Annual Report on Form 10-K for the year ended December 31, 2025 .

Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be
disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management,
including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding
required disclosures. In designing disclosure controls and procedures, our management necessarily was required to apply its
judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any
disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and
there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any
controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of
achieving the desired control objectives.
Our management, with the participation of our principal executive officer and principal financial officer, has evaluated
the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by
this report. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial

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officer concluded that, as of the end of the period covered by this report, the design and operation of our disclosure controls and
procedures were effective to accomplish their objectives at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f)
under the Exchange Act) during the fiscal quarter ended March 31, 2026 that have materially affected, or that are reasonably
likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION
 

Item 1. Legal Proceedings
The information required with respect to this item can be found under “Legal Matters” in Note 7 , Commitments and
Contingencies , of the notes to the Company’s condensed consolidated financial statements contained in this Quarterly Report
on Form 10-Q, and such information is incorporated by reference into this Item 1.

Item 1A.  Risk Factors
For a discussion of our potential risks and uncertainties, see the information under Item 1A. “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2025 .

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table sets forth repurchases of our common stock during the three months ended March 31, 2026 for the
periods indicated. During the three months ended March 31, 2026 , 1.3 million shares were repurchased. In addition, 2.5 million
shares were retired in connection with the net share settlement of equity-based awards, which are not included in the table
below.

Period

(a) Total number of
shares
purchased

(b) Average
price paid per
share

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

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

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

January 1, 2026 to January 31, 2026 (1)

—

$ —

—

$ 604.3

February 1, 2026 to February 28, 2026 (1)

—

$ —

—

$ 2,000.0

March 1, 2026 to March 31, 2026 (1)(2)

1,331,853

$ 48.80

1,331,853

$ 1,935.0

Total

1,331,853

1,331,853

(1) The Board of Directors reset the total repurchase authorization of our previously approved share repurchase program to $2.0 billion
in shares of our common stock, effective as of February 26, 2026. Under the share repurchase program, shares of our common stock
may be repurchased from time to time in open market transactions, in privately negotiated transactions, or otherwise, including
through Rule 10b5-1 plans. The timing and actual number of shares of common stock repurchased will depend on a variety of
factors, including legal requirements and price, economic, and market conditions. In addition to the repurchase of common stock,
the repurchase program is used for the payment of tax withholding amounts upon net share settlement of equity-based awards
granted pursuant to our Equity Incentive Plan or otherwise based on the value of shares withheld that would have otherwise been
issued to the award holder. The repurchase program may be suspended or discontinued at any time and does not have a specified
expiration date.
(2) Reflects shares purchased in open market and brokered transactions, which were subsequently retired.
(3) There were no net share settlements of equity-based awards under the current repurchase authorization, which became effective on
February 26, 2026.

Item 3. Defaults Upon Senior Securities
Not applicable.

Item 4. Mine Safety Disclosures
Not applicable.

Item 5. Other Information
None.

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

Exhibit No.

Description

3.1

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

3.2

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

10.1*+

Form of Global Restricted Stock Unit Agreement for Time-Based Awards.

10.2*+

Form of Global Restricted Stock Unit Agreement for Bonus Deferral Awards.

22*

Senior and Subordinated Notes, Issuers, and Guarantors.

31.1*

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

31.2*

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

32.1**

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

32.2**

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

101.INS

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

101.SCH

Inline XBRL Taxonomy Extension Schema Document.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

Inline XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104

The cover page from The Carlyle Group Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31,
2026 , formatted in Inline XBRL (included within the Exhibit 101 attachments).

*

Filed herewith.

**

Furnished herewith.

+

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

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

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

 

The Carlyle Group Inc.

Date: May 8, 2026

 

By:

 

/s/ Justin V. Plouffe

 

Name:

 

Justin V. Plouffe

 

Title:

 

Chief Financial Officer

 

 

(Principal Financial Officer and
Authorized Officer)