Document
false0001527166 0001527166 us-gaap:SeriesAPreferredStockMember 2019-07-31 2019-07-31 0001527166 us-gaap:CommonStockMember 2019-07-31 2019-07-31 0001527166 2019-07-31 2019-07-31


 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
 
 
 
FORM 8-K
 
 
 
 
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 31, 2019
 
 
 
 
 
The Carlyle Group L.P.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
 
 
 
Delaware
 
001-35538
 
 
45-2832612
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
 
(IRS Employer
Identification No.)
 
 
 
1001 Pennsylvania Avenue, NW
 
 
 
Washington,
DC
 
20004-2505
(Address of Principal Executive Offices)
 
 
(Zip Code)
(202) 729-5626
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common units representing limited partner interests
CG
The Nasdaq Global Select Market
5.875% Series A Preferred Units
TCGP
The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
 
 
 
 






Item 2.02
Results of Operations and Financial Condition.
On July 31, 2019, The Carlyle Group L.P. issued a summary press release and a detailed earnings presentation announcing financial results for its second quarter ended June 30, 2019. The summary press release and the earnings presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report.
As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibits 99.1 and 99.2 incorporated in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information or Exhibits 99.1 and 99.2 be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits.
 
 
 
Exhibit No.
  
Description
 
 
99.1
  
 
 
99.2
  
 
 
 







SIGNATURE
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 hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
THE CARLYLE GROUP L.P.
 
 
 
 
 
 
 
 
By:
 
Carlyle Group Management L.L.C.,
 
 
 
 
 
 
its general partner
 
 
 
 
Date: July 31, 2019
 
 
 
By:
 
/s/ Curtis L. Buser
 
 
 
 
Name:
 
Curtis L. Buser
 
 
 
 
Title:
 
Chief Financial Officer





Exhibit


Exhibit 99.1
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=10 


For Immediate Release
July 31, 2019

The Carlyle Group Announces Conversion to Full C-Corporation,
Reports Second Quarter 2019 Financial Results

C-Corp Conversion Aligns Shareholder Economics; Achieves Industry-Leading Governance Rights;
Improves Liquidity
Washington, DC – Global investment firm The Carlyle Group (NASDAQ: CG) announced today that it is converting from a publicly-traded partnership to a Full C-Corporation under Delaware law, effective January 1, 2020. The Carlyle Group also released its unaudited results for the second quarter ended June 30, 2019. Please visit the following links to review Carlyle’s Investor Presentation on its Conversion to a Full C-Corporation and Carlyle’s Second Quarter 2019 Results.
 
Details on Carlyle's Conversion to a Full C-Corporation

All of Carlyle’s private holdings units and common units will be exchanged for one class of common shares, creating a simple, transparent corporate structure
New one-share/one-vote structure will deliver industry-leading governance rights to all shareholders
Conversion to a Full C-Corporation is expected to improve trading liquidity by increasing Carlyle’s appeal to a broader group of passive and active investors through potential inclusion into indices and benchmarks utilized by more than $7 trillion of industry assets
New annual dividend of $1.00 per share will provide an approximate 4% yield on current unit price, more than double the average S&P500 constituent, and incremental retained earnings will enhance capital allocation flexibility
Termination of the Tax Receivable Agreement for $1.50 per private holdings unit, payable over five years, improving simplicity for all shareholders and removing future associated liabilities

“The path we’ve chosen is differentiated and positions us in the best way to drive long-term value,” said Carlyle Co-CEOs Kewsong Lee and Glenn Youngkin. “It improves our trading liquidity, makes us more attractive to new investors, provides a fixed dividend that enables improved capital allocation and offers an attractive yield, and enhances shareholder alignment under a new one-share/one vote governance model.”

“We couldn’t be more pleased to see the company we started over 30 years ago achieve this next step in our evolution,” said Carlyle Co-Founders David Rubenstein, Bill Conway and Dan D’Aniello. “We are confident this step will support Carlyle’s growth long into the future. We want to thank the entire Carlyle team for their commitment to creating value for all stakeholders.”

Details on Carlyle's Second Quarter 2019 Financial Results

U.S. GAAP results for Q2 2019 included income before provision for income taxes of $542 million, an increase of 114% from Q2 2018, and net income attributable to The Carlyle Group L.P. common unitholders of $148 million, or net income per common unit of $1.23, on a diluted basis. U.S. GAAP results for the twelve months ended June 30, 2019 included income before provision for income taxes of $994 million and net income attributable to The Carlyle Group L.P. common unitholders of $281 million. Total balance sheet assets were $13 billion as of June 30, 2019.

Page | 1



Commenting on earnings, Lee and Youngkin added, “Our second quarter results highlight how much progress our people are making towards key goals and how much momentum we have. We more than doubled Fee Related Earnings over the past year, eclipsed our $100 billion fundraising goal, and increased total Assets Under Management to a record $223 billion.”

In addition to this release, Carlyle issued a detailed presentation regarding today’s Full C-Corporation announcement and its second quarter 2019 results, which have been posted to the investor relations section of Carlyle’s website at ir.carlyle.com.
Conference Call

Carlyle will host a conference call at 8:30 a.m. EDT on Wednesday, July 31, 2019, to discuss the Full C-Corporation announcement and its second quarter 2019 financial results. You can listen to the call by dialing +1 (800) 850-2903 (U.S.) or +1 (253) 237-1169 (international) and referencing “The Carlyle Group Financial Results Call.” The call will be webcast live on Carlyle's investor relations website and a replay will be available on our website soon after the call.

This release and our full earnings release will be available on all Carlyle channels, including our investor relations website at ir.carlyle.com, the media room link on Carlyle.com, and our Twitter account @OneCarlyle.

* * * * *
About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.
Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, our distribution policy, our expected future dividend policy, the anticipated benefits from converting to a corporation and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 13, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
This release does not constitute an offer for any Carlyle fund.

Page | 2



Contacts

Public Market Investor Relations
Daniel Harris
+1 (212) 813-4527
daniel.harris@carlyle.com

Media
Leigh Farris
+1 (212) 813-4815
leigh.farris@carlyle.com

OR

Christa Zipf
+1 (212) 813-4578
christa.zipf@carlyle.com

# # #



Page | 3
Exhibit


Exhibit 99.2

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=9

For Immediate Release
July 31, 2019

The Carlyle Group Announces Conversion to Full C-Corporation
Reports Second Quarter 2019 Financial Results

U.S. GAAP results included net income attributable to The Carlyle Group L.P. common unitholders of $148 million, or $1.23 per common unit on a diluted basis, for Q2 2019

Distributable Earnings of $213 million on a pre-tax basis for Q2 2019 and $0.57 per common unit on a post-tax basis in Q2 2019

Declared a quarterly distribution of $0.43 per common unit for Q2 2019

Assets Under Management of $222.7 billion as of Q2 2019, up 6% over the last twelve months

Net accrued performance revenues of $1.9 billion as of Q2 2019, down 3% over the last twelve months

$4.4 billion in realized proceeds in Q2 2019 and $20.4 billion realized over the last twelve months
$7.3 billion of invested capital in Q2 2019 and $25.6 billion invested over the last twelve months
$3.5 billion in capital raised in Q2 2019 and $23.5 billion raised over the last twelve months
Announced plans to convert to a Full C-Corporation with an expected effective date of January 1, 2020
Washington, DC – Global investment firm The Carlyle Group L.P. (NASDAQ: CG) today announced its plans to convert to a corporation and reported its unaudited results for the second quarter ended June 30, 2019.
 
Details on Carlyle's Conversion to a Full C-Corporation

All of Carlyle’s private holdings units and common units will be exchanged for one class of common shares, creating a simple, transparent corporate structure
New one-share/one-vote structure will deliver industry-leading governance rights to all shareholders
Conversion to a Full C-Corporation is expected to improve trading liquidity by increasing Carlyle’s appeal to a broader group of passive and active investors through potential inclusion into indices and benchmarks utilized by more than $7 trillion of industry assets
New annual dividend of $1.00 per share will provide an approximate 4% yield on current unit price, more than double the average S&P500 constituent, and incremental retained earnings will enhance capital allocation flexibility
Termination of the Tax Receivable Agreement for $1.50 per private holdings unit, payable over five years, improving simplicity for all shareholders and removing future associated liabilities


Page | 1





“The path we’ve chosen is differentiated and positions us in the best way to drive long-term value,” said Carlyle Co-CEOs Kewsong Lee and Glenn Youngkin. “It improves our trading liquidity, makes us more attractive to new investors, provides a fixed dividend that enables improved capital allocation and offers an attractive yield, and enhances shareholder alignment under a new one-share/one vote governance model.”

Commenting on earnings, Lee and Youngkin added, “Our second quarter results highlight how much progress our people are making towards key goals and how much momentum we have. We more than doubled Fee Related Earnings over the past year, eclipsed our $100 billion fundraising goal, and increased total Assets Under Management to a record $223 billion.”

“We couldn’t be more pleased to see the company we started over 30 years ago achieve this next step in our evolution,” said Carlyle Co-Founders David Rubenstein, Bill Conway and Dan D’Aniello. “We are confident this step will support Carlyle’s growth long into the future. We want to thank the entire Carlyle team for their commitment to creating value for all stakeholders.”

U.S. GAAP results for Q2 2019 included income before provision for income taxes of $542 million, an increase of 114% from Q2 2018, and net income attributable to The Carlyle Group L.P. common unitholders of $148 million, or net income per common unit of $1.23, on a diluted basis. U.S. GAAP results for the twelve months ended June 30, 2019 included income before provision for income taxes of $994 million and net income attributable to The Carlyle Group L.P. common unitholders of $281 million. Total balance sheet assets were $13 billion as of June 30, 2019.




Page | 2



Carlyle Consolidated GAAP Results
 
The Carlyle Group L.P.
Summary U.S. GAAP Condensed Consolidated Statements of Operations (Unaudited)
 
 
Three Months Ended           
 
LTM
 
 
Jun 30, 2018
Sep 30, 2018
Dec 31, 2018
Mar 31, 2019
Jun 30, 2019
 
Jun 30, 2019
 
 
(Dollars in millions, except per unit data)
Revenues
 
 
 
 
 
 
 
 
Fund management fees
 
$
301.3

$
328.8

$
377.4

$
353.4

$
390.9

 
$
1,450.5

Incentive fees
 
7.4

6.8

9.7

8.1

8.8

 
33.4

Investment income, including performance allocations
 
503.3

258.6

(314.9
)
650.9

589.6

 
1,184.2

Revenue from consolidated entities
 
53.6

60.5

53.1

52.4

45.8

 
211.8

All other revenues
 
28.0

24.4

26.4

22.2

26.0

 
99.0

Total revenues
 
893.6

679.1

151.7

1,087.0

1,061.1

 
2,978.9

 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
Cash-based compensation and benefits
 
176.0

186.6

196.8

210.5

221.4

 
815.3

Equity-based compensation
 
64.9

49.7

40.4

36.0

35.2

 
161.3

Performance allocations and incentive fee related compensation
 
222.0

146.0

(149.7
)
185.4

113.6

 
295.3

General, administrative and other expenses
 
126.8

166.2

72.7

112.5

110.7

 
462.1

Expenses from consolidated funds
 
45.3

40.5

42.9

38.1

27.5

 
149.0

Interest and other non-operating expenses (income)
 
18.7

26.6

19.8

20.0

19.9

 
86.3

Total expenses
 
653.7

615.6

222.9

602.5

528.3

 
1,969.3

 
 
 
 
 
 
 
 
 
Net investment gains (losses) of consolidated funds
 
12.9

(2.9
)
(7.5
)
(14.2
)
9.2

 
(15.4
)
Income (loss) before provision for income taxes
 
252.8

60.6

(78.7
)
470.3

542.0

 
994.2

Provision (benefit) for income taxes
 
11.6

17.4

(5.5
)
24.0

15.5

 
51.4

Net income
 
241.2

43.2

(73.2
)
446.3

526.5

 
942.8

Net income attributable to non-controlling interests in consolidated entities
 
16.7

14.5

(8.3
)
(4.5
)
39.8

 
41.5

Net income attributable to Carlyle Holdings
 
224.5

28.7

(64.9
)
450.8

486.7

 
901.3

Net income attributable to non-controlling interests in Carlyle Holdings
 
155.1

11.2

(54.8
)
307.9

332.6

 
596.9

Net income attributable to The Carlyle Group L.P.
 
69.4

17.5

(10.1
)
142.9

154.1

 
304.4

Net income attributable to Series A Preferred Unitholders
 
5.9

5.9

5.9

5.9

5.9

 
23.6

Net income attributable to The Carlyle Group L.P. Common Unitholders
 
$
63.5

$
11.6

$
(16.0
)
$
137.0

$
148.2

 
$
280.8

 
 
 
 
 
 
 
 
 
Net income attributable to The Carlyle Group L.P. per common unit
 
 
 
 
 
 
 
 
   Basic
 
$
0.62

$
0.11

$
(0.15
)
$
1.25

$
1.34

 
$
2.55

   Diluted
 
$
0.56

$
0.10

$
(0.15
)
$
1.18

$
1.23

 
$
2.36

 
 
 
 
 
 
 
 
 

Income before provision for income taxes(1) was $542 million for Q2 2019, compared to $253 million for Q2 2018. The increase in income before provision for income taxes in Q2 2019 compared to Q2 2018 was primarily due to a $195 million increase in investment income, including performance allocations, net of related compensation; a $90 million increase in fund management fees primarily due to the commencement of the investment period for certain newly raised funds; and a $30 million decrease in equity-based compensation due to the final vesting of the IPO awards in May 2018. The increase was partially offset by a $45 million increase in cash-based compensation and benefits.

The income before provision for income taxes for Q2 2019 includes $271 million in investment income from our equity method investment in Fortitude Re, which closed in Q4 2018. This amount includes $231 million in gains from changes in fair value of embedded derivatives as a result of accounting principles related to derivatives and hedging (DIG B36 (2)). The income before provision for income taxes for Q2 2019 also includes $72 million of gain upon the final resolution of French tax litigation concerning a European Real Estate fund, reversing in part a loss that was recognized in 2015.

Net income attributable to The Carlyle Group L.P. Common Unitholders was $148 million, or $1.23 per common unit on a diluted basis for Q2 2019, compared to $64 million, or $0.56 per common unit on a diluted basis for Q2 2018.

See Notes at end of document.

Page | 3



Non-GAAP Operating Results
Carlyle Group Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LTM
 
% Change    
$ in millions, except per unit data and where noted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q2 2018
 
Q3 2018
 
Q4 2018
 
Q1 2019
 
Q2 2019
 
Q3 18 -
Q2 19
 
QoQ  
 
YoY
 
LTM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
 
57.8

 
89.0

 
175.4

 
103.3

 
132.7

 
500.4
 
28%
 
130%
 
127%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
 
114.5

 
210.0

 
210.5

 
100.8

 
213.4

 
734.7
 
112%
 
86%
 
10%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings, Tax and Per Unit Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
 
$
114.5

 
$
210.0

 
$
210.5

 
$
100.8

 
$
213.4

 
$
734.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: Estimated foreign, state, and local taxes(1)
 
6.9

 
9.4

 
5.7

 
7.1

 
7.6

 
29.8

 
 
 
 
 
 
Less: Preferred unit distributions
 
5.9

 
5.9

 
5.9

 
5.9

 
5.9

 
23.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Distributable Earnings (after taxes and preferred
     unit distributions)
 
$
101.7

 
$
194.7

 
$
198.9

 
$
87.8

 
$
199.9

 
$
681.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allocating Distributable Earnings for only public unitholders of The Carlyle Group L.P.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings to The Carlyle Group L.P.
 
$
31.8

 
$
62.0

 
$
64.4

 
$
28.4

 
$
67.0

 
$
221.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: Estimated current corporate income taxes(2)
 
1.1

 
1.2

 
1.2

 
1.2

 
1.2

 
4.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings Attributable to Common Unitholders
 
$
30.7

 
$
60.8

 
$
63.2

 
$
27.2

 
$
65.8

 
$
217.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings, net, per The Carlyle
     Group L.P. common unit outstanding
 
$
0.29

 
$
0.56

 
$
0.57

 
$
0.25

 
$
0.57

 
$
1.95

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution per common unit
 
$
0.22

 
$
0.42

 
$
0.43

 
$
0.19

 
$
0.43

 
$
1.47

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding Units (in millions):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     The Carlyle Group L.P. common units outstanding
 
102.1

 
107.8

 
107.7

 
110.1

 
110.7

 
 
 
 
 
 
 
 
     Carlyle Holdings partnership units not held by
          The Carlyle Group L.P.
 
233.2

 
231.5

 
231.0

 
230.8

 
230.5

 
 
 
 
 
 
 
 
Total Outstanding units
 
335.3

 
339.3

 
338.7

 
340.9

 
341.2

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units eligible for distribution (in millions) **
 
106.2

 
108.3

 
110.5

 
110.5

 
116.1

 


 
 
 
 
 
 
** Includes approximately 5.4 million net common units that will be issued in August 2019 in connection with the vesting of deferred restricted common units. For purposes of this calculation, these common units have been added to the common units outstanding as of June 30, 2019 because they will participate in the unitholder distribution that will be paid on the common units in August 2019. Subsequent to the August 2019 vesting of deferred restricted common units, our total outstanding units are estimated to be approximately 347 million.
Totals may not sum due to rounding. See Notes at end of document.


Page | 4



Carry Fund Appreciation and Net Accrued Performance Revenues
Carlyle's carry fund portfolio appreciated 2% during Q2 2019 and 6% over the past twelve months. Carlyle's private carry fund portfolio appreciated 2% and the public carry fund portfolio depreciated 5% during Q2 2019, in both cases excluding Investment Solutions. As of June 30, 2019, public positions accounted for 7% of remaining fair value across our Corporate Private Equity, Real Assets and Global Credit carry funds. Carry fund valuations for Q2 2019 were most positively impacted by our U.S. Realty, Asia Buyout and AlpInvest funds, offset by weakness in the NGP Energy funds.
Net Accrued Performance Revenues were $1.9 billion as of June 30, 2019, up 5% from the prior quarter and down 3% from a year ago, as realized net performance revenues outpaced the creation of new performance revenue over the past year.
 
 
Carry Fund Appreciation/(Depreciation)(1)
 
LTM
 
Net Accrued
Performance Revenues(2)
  ($ in millions)
 
 
Q2 2018
 
Q3 2018
 
Q4 2018
 
Q1 2019
 
Q2 2019
 
Q3 2018 - Q2 2019
 
Q2 2019
Overall Carry Fund Appreciation/(Depreciation)
 
5%
 
3%
 
(2)%
 
3%
 
2%
 
6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate Private Equity
 
3%
 
1%
 
(2)%
 
3%
 
1%
 
3%
 
$1,168
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Assets
 
7%
 
3%
 
(7)%
 
3%
 
0%
 
(1)%
 
$582
Real Estate
 
5%
 
3%
 
(1)%
 
5%
 
6%
 
12%
 
$368
Natural Resources (3)
 
9%
 
3%
 
(7)%
 
3%
 
(4)%
 
(6)%
 
$212
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Credit Carry Funds
 
3%
 
1%
 
(2)%
 
5%
 
1%
 
5%
 
$69
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Solutions Carry Funds
 
8%
 
5%
 
2%
 
3%
 
4%
 
14%
 
$97
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Accrued Performance Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
$1,915
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Note: Carlyle's remaining exposure to the Legacy Energy funds is no longer significant to Net Accrued Performance Revenues, and accordingly, Legacy Energy is no longer reflected in the appreciation table above beginning with Q2 2019. Prior period impact on Real Assets and Overall Carry Fund Appreciation has not been adjusted. As of Q2 2019, net accrued performance revenue includes approximately $1 million primarily attributable to one Legacy Energy coinvestment vehicle, reflected in the Real Assets subtotal of $582 million.

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=11


The sum of quarters may not equal LTM due to rounding. Totals may not sum due to rounding. See Notes at end of document.

Page | 5



Carlyle All Segment Results

Distributable Earnings were $213 million in Q2 2019 and $735 million over the LTM. Q2 2019 Distributable Earnings included $133 million in Fee Related Earnings, $21 million in Realized Net Performance Revenues and $74 million in Realized Principal Investment Income, largely attributable to a $72 million gain from the final resolution of French tax litigation concerning a European Real Estate fund, which partially reversed a loss recognized in 2015. DE per common unit was $0.57 for Q2 2019 and $1.95 for the LTM.
Fee Related Earnings were $133 million in Q2 2019, more than double the Q2 2018 level, and higher than our run rate Fee Related Earnings of approximately $100 million. Management Fees of $415 million for Q2 2019 increased 26% compared to Q2 2018, higher than the 8% increase in Fee-earning AUM over the same period. Catch-up management fees were $28 million in Q2 2019 compared to $12 million Q2 2018, and we expect catch-up management fees to decline over the next few quarters.
Realized Net Performance Revenues were $21 million in Q2 2019 and $195 million over the LTM, down from $488 million over the prior LTM period. Realized Proceeds were $4.4 billion in Q2 2019 and $20.4 billion over the LTM, down from $29.0 billion over the prior LTM period. Carry fund realizations remain below comparable prior periods and we continue to expect Realized Net Performance Revenues to remain low throughout the remainder of 2019.
Total Assets Under Management (“AUM”) of $222.7 billion as of Q2 2019 increased 6% compared to Q2 2018 driven by the combination of $23.5 billion in fundraising and $7.1 billion in market appreciation, partially offset by $20.4 billion in realized proceeds to fund investors.
Fee-earning AUM of $158.4 billion increased 8% from Q2 2018, but declined compared to Q1 2019 primarily due to a step down in fee basis on certain carry funds. As of Q2 2019, there was $7.9 billion in pending Fee-earning AUM that will turn on fees either through activation of the underlying fund or additional capital deployment.
Business Drivers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ in billions, unless noted
 
Q2 2018
 
Q2 2019
 
Prior YTD
Q2 2018
 
YTD
Q2 2019
 
Prior LTM
Q2 2018
 
LTM
Q2 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fundraising
 
$12.3
 
$3.5
 
$19.9
 
$10.4
 
$51.8
 
$23.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Invested Capital (carry funds)
 
3.5
 
7.3
 
7.6
 
10.7
 
21.7
 
25.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Proceeds (carry funds)
 
7.0
 
4.4
 
12.6
 
9.1
 
29.0
 
20.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carry Fund Appreciation
 
5%
 
2%
 
9%
 
5%
 
17%
 
6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Metrics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ in millions
 
Q2 2018
 
Q2 2019
 
Prior YTD
Q2 2018
 
YTD
Q2 2019
 
Prior LTM
Q2 2018
 
LTM
Q2 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings (FRE)
 
$58
 
$133
 
$86
 
$236
 
$221
 
$500
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Net Performance Revenues
 
50
 
21
 
153
 
28
 
488
 
195
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Principal Investment Income
 
18
 
74
 
36
 
78
 
5
 
90
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Net Interest
 
(11)
 
(14)
 
(22)
 
(28)
 
(45)
 
(50)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
=
Distributable Earnings (DE)
 
$115
 
$213
 
$253
 
$314
 
$669
 
$735
 
 
 
 
 
 
 
 
 
 
 
 
 
 

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=12
LTM, or last twelve months, refers to the period Q3 2018 through Q2 2019. Prior LTM, or the prior rolling 12-month period, refers to the period Q3 2017 through Q2 2018. Totals may not sum due to rounding. See Notes at end of document.

Page | 6



Corporate Private Equity (CPE)

Distributable Earnings were $63 million in Q2 2019, and $349 million over the LTM. Q2 2019 includes $62 million in Fee Related Earnings, $6 million in Realized Net Performance Revenues and $1 million in Realized Principal Investment Income.
Fee Related Earnings were $62 million in Q2 2019, compared to $4 million in Q2 2018, with the significant increase in FRE due to fee activations on several buyout funds over the past year as well as lower G&A expenses, partially offset by an increase in cash compensation expense. Management fees increased to $190 million in Q2 2019, an increase of 29% over Q2 2018.
Realized Net Performance Revenues were $6 million in Q2 2019, and $114 million over the LTM, down from $408 million over the prior LTM period. Realized Proceeds were $1.6 billion in Q2 2019 and $5.8 billion over the LTM, down from $13.0 billion over the prior LTM period. The relatively low level of Net Performance Revenues and Realized Proceeds is attributable to a slower pace of exit activity from our large buyout funds, which we expect to continue throughout the remainder of 2019.
Invested $4.2 billion in Q2 2019 into new and follow-on investments, including Standard Aero Holding Corp and Commscope Holding Company (CP VII), Tamko Building Products (CGP), and Tokiwa Corporation (CJP III). As of the end of Q2 2019, CPE had signed or announced transactions with approximately $1.5 billion of additional equity commitments, which are expected to close in future periods.
Assets Under Management reached $83.9 billion in Q2 2019, an increase of 3% compared to Q2 2018, positively impacted by $8.3 billion in fundraising and $1.4 billion in market appreciation, partially offset by $5.8 billion in realized proceeds.
Business Drivers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ in billions, unless noted
 
Q2 2018
 
Q2 2019
 
Prior YTD
Q2 2018
 
YTD
Q2 2019
 
Prior LTM
Q2 2018
 
LTM
Q2 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fundraising
 
$8.8
 
$0.5
 
$12.8
 
$4.1
 
$32.8
 
$8.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Invested Capital (carry funds)
 
1.6
 
4.2
 
2.4
 
5.3
 
9.5
 
14.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Proceeds (carry funds)
 
2.9
 
1.6
 
5.6
 
2.6
 
13.0
 
5.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carry Fund Appreciation
 
3%
 
1%
 
7%
 
4%
 
19%
 
3%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Metrics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ in millions
 
Q2 2018
 
Q2 2019
 
Prior YTD
Q2 2018
 
YTD
Q2 2019
 
Prior LTM
Q2 2018
 
LTM
Q2 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings (FRE)
 
$4
 
$62
 
$(10)
 
$121
 
$(19)
 
$254
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Net Performance Revenues
 
28
 
6
 
125
 
19
 
408
 
114
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Principal Investment Income
 
12
 
1
 
20
 
(1)
 
37
 
5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Net Interest
 
(5)
 
(7)
 
(9)
 
(13)
 
(20)
 
(24)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
=
Distributable Earnings (DE)
 
$40
 
$63
 
$126
 
$125
 
$406
 
$349
 
 
 
 
 
 
 
 
 
 
 
 
 
 

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=13

Totals may not sum due to rounding.

Page | 7



Real Assets

Distributable Earnings were $135 million in Q2 2019 and $275 million over the LTM, a significant increase over the $95 million in the prior LTM. Q2 2019 Distributable Earnings includes $54 million in Fee Related Earnings and $70 million of Realized Principal Investment Income, driven by the final resolution of French tax litigation concerning a European Real Estate fund, as well as $13 million of Realized Net Performance Revenues.
Fee Related Earnings were $54 million in Q2 2019, a 62% increase over $33 million in Q2 2018, and included $26 million in catch up management fees. Over the LTM, Fee Related Earnings of $143 million were up 34% compared to $107 million for the prior LTM, driven by higher management fees and lower G&A expenses, partially offset by higher cash compensation.
Realized Net Performance Revenues were $13 million in Q2 2019, modestly below the Q2 2018 level, and were generated primarily by our U.S. Realty funds. Over the LTM, Realized Net Performance Revenues were $68 million, up from $44 million in the prior LTM, while Realized Proceeds of $4.8 billion over the LTM declined from $5.5 billion in the prior LTM period. The increase in Realized Net Performance Revenue was driven by a higher portion of exit activity originating from funds in a position to realize performance revenue relative to the prior LTM period.
Invested $0.9 billion in the quarter and $4.2 billion over the LTM, down from $5.7 billion in the prior LTM period.
Assets Under Management of $46.8 billion increased 3% compared to Q2 2018, largely driven by $5.8 billion in fundraising and $0.1 billion in market appreciation, partially offset by $4.8 billion in realized proceeds. Fundraising of $1.6 billion in Q2 2019 included a follow-on closing in our global infrastructure fund and our latest vintage NGP energy fund, in addition to several closings for coinvestment vehicles.
Business Drivers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ in billions, unless noted
 
Q2 2018
 
Q2 2019
 
Prior YTD
Q2 2018
 
YTD
Q2 2019
 
Prior LTM
Q2 2018
 
LTM
Q2 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fundraising
 
$0.7
 
$1.6
 
$2.0
 
$2.1
 
$7.5
 
$5.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Invested Capital (carry funds)
 
0.9
 
0.9
 
2.8
 
1.7
 
5.7
 
4.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Proceeds (carry funds)
 
1.4
 
0.6
 
2.5
 
2.2
 
5.5
 
4.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carry Fund Appreciation
 
7%
 
0%
 
9%
 
3%
 
16%
 
(1)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Metrics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ in millions
 
Q2 2018
 
Q2 2019
 
Prior YTD
Q2 2018
 
YTD
Q2 2019
 
Prior LTM
Q2 2018
 
LTM
Q2 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings (FRE)
 
$33
 
$54
 
$57
 
$80
 
$107
 
$143
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Net Performance Revenues
 
19
 
13
 
22
 
6
 
44
 
68
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Principal Investment Income
 
3
 
70
 
11
 
72
 
(44)
 
74
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Net Interest
 
(3)
 
(2)
 
(5)
 
(5)
 
(12)
 
(10)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
=
Distributable Earnings (DE)
 
$52
 
$135
 
$85
 
$153
 
$95
 
$275
 
 
 
 
 
 
 
 
 
 
 
 
 
 


http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=14
Totals may not sum due to rounding.

Page | 8



Global Credit

Distributable Earnings were $9 million in Q2 2019 and $76 million over the LTM, compared to $135 million over the prior LTM, which benefited from $68 million of insurance recoveries.
Fee Related Earnings were $11 million in Q2 2019, down slightly from $12 million in Q2 2018. Management Fees of $79 million increased 32% year over year, and were partially offset by an increase in compensation and G&A expenses, largely driven by the ongoing organic build-out of our Global Credit platform and the addition of Carlyle Aviation Partners.
Invested $0.8 billion in Global Credit carry funds in the quarter and $1.8 billion for the LTM. Direct Lending originated gross new loans of approximately $650 million in the quarter and approximately $2.4 billion for the LTM.
Assets Under Management of $46.6 billion increased 31% compared to Q2 2018, driven by $5.9 billion of fundraising and the addition of Carlyle Aviation Partners, partially offset by $0.9 billion in Realized Proceeds. Fundraising of $1.0 billion for Q2 2019 included additional capital raised for our opportunistic credit fund. Fee-earning AUM of $35.9 billion increased 25% compared to Q2 2018.
Business Drivers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ in billions, unless noted
 
Q2 2018
 
Q2 2019
 
Prior YTD
Q2 2018
 
YTD
Q2 2019
 
Prior LTM
Q2 2018
 
LTM
Q2 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fundraising
 
$2.0
 
$1.0
 
$2.9
 
$2.5
 
$6.4
 
$5.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Invested Capital (carry funds)
 
0.2
 
0.8
 
0.7
 
1.2
 
2.2
 
1.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Proceeds (carry funds)
 
0.3
 
0.3
 
0.5
 
0.6
 
0.9
 
0.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carry Fund Appreciation
 
3%
 
1%
 
6%
 
4%
 
9%
 
5%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Metrics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ in millions
 
Q2 2018
 
Q2 2019
 
Prior YTD
Q2 2018
 
YTD
Q2 2019
 
Prior LTM
Q2 2018
 
LTM
Q2 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings (FRE)
 
$12
 
$11
 
$21
 
$23
 
$99
 
$74
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Net Performance Revenues
 
3
 
 
3
 
 
32
 
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Principal Investment Income
 
2
 
1
 
5
 
6
 
13
 
9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Net Interest
 
(2)
 
(3)
 
(4)
 
(6)
 
(8)
 
(10)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
=
Distributable Earnings (DE)
 
$15
 
$9
 
$25
 
$23
 
$135
 
$76
 
 
 
 
 
 
 
 
 
 
 
 
 
 

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=15

Totals may not sum due to rounding.

Page | 9



Investment Solutions

Distributable Earnings were $8 million in Q2 2019 and $36 million for the LTM, an increase of 6% over the prior LTM, attributable to an increase in Realized Net Performance Revenues.
Fee Related Earnings were $6 million in Q2 2019 and $29 million over the LTM, a decrease of 14% over the prior LTM. Management fees declined 6% to $39 million compared to Q2 2018 as Fee-Earning AUM declined 3% over the past year, as a high level of realizations have outpaced new fundraising.
Realized Net Performance Revenues of $11 million over the LTM were up from $4 million over the prior LTM period, as we continue to accrue and realize a higher percentage of performance revenues from AlpInvest funds over time. Net Accrued Performance Revenue increased to $97 million, up 11% compared to Q2 2018, as AlpInvest funds continue to generate strong performance and a higher portion of accrued performance revenue is attributable to Carlyle relative to prior periods.
Invested $1.4 billion in Investment Solutions carry funds during Q2 2019, and $5.4 billion over the LTM, a 27% increase over the $4.3 billion invested over the prior LTM period.
Assets Under Management of $45.4 billion decreased 5% compared to Q2 2018, attributable to $9.0 billion in realized proceeds and $0.9 billion of negative foreign exchange impact, partially offset by $3.4 billion in fundraising and $5.4 billion in market appreciation. Fee-earning AUM of $28.8 billion declined 3% compared to Q2 2018.

Business Drivers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ in billions, unless noted
 
Q2 2018
 
Q2 2019
 
Prior YTD
Q2 2018
 
YTD
Q2 2019
 
Prior LTM
Q2 2018
 
LTM
Q2 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fundraising
 
$0.7
 
$0.4
 
$2.3
 
$1.6
 
$5.1
 
$3.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Invested Capital (carry funds)
 
0.8
 
1.4
 
1.8
 
2.5
 
4.3
 
5.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Proceeds (carry funds)
 
2.4
 
1.9
 
4.1
 
3.7
 
9.6
 
9.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carry Fund Appreciation
 
8%
 
4%
 
12%
 
7%
 
17%
 
14%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Metrics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ in millions
 
Q2 2018
 
Q2 2019
 
Prior YTD
Q2 2018
 
YTD
Q2 2019
 
Prior LTM
Q2 2018
 
LTM
Q2 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings (FRE)
 
$9
 
$6
 
$18
 
$13
 
$34
 
$29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Net Performance Revenues
 
 
2
 
2
 
3
 
4
 
11
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Realized Principal Investment Income
 
 
1
 
 
2
 
 
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+
Net Interest
 
(1)
 
(2)
 
(3)
 
(3)
 
(5)
 
(6)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
=
Distributable Earnings (DE)
 
$9
 
$8
 
$17
 
$14
 
$34
 
$36
 
 
 
 
 
 
 
 
 
 
 
 
 
 

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=16

Totals may not sum due to rounding. See Notes at end of document.

Page | 10



Fund Activity Metrics ($ billions)
By Quarter
 
By Sub-segment
Fundraising
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=17
Invested Capital (Carry Funds only)
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=18
Realized Proceeds (Carry Funds only)
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=19

Totals may not sum due to rounding.



Page | 11



Total Assets Under Management

Assets Under Management of $222.7 billion in Q2 2019 increased 6% compared to $209.7 billion in Q2 2018. Remaining fair value was a record $84.6 billion as of Q2 2019 in our Corporate Private Equity, Real Assets and Global Credit carry funds, an increase of 14% compared to Q2 2018.
 
 
 
vs. Last Quarter
 
vs. One Year Ago
$ in billions, unless noted
Q2 2019
 
Q1 2019
 
% Change
 
Q2 2018
 
% Change
 
 
 
 
 
 
 
 
 
 
Corporate Private Equity
83.9
 
84.3
 
0%
 
81.2
 
3%
Real Assets
46.8
 
46.2
 
1%
 
45.4
 
3%
Global Credit
46.6
 
45.6
 
2%
 
35.5
 
31%
Investment Solutions
45.4
 
45.4
 
0%
 
47.6
 
(5)%
Total
222.7
 
221.5
 
1%
 
209.7
 
6%
 
 
 
 
 
 
 
 
 
 

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=20


http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=21

Data as of June 30, 2019. Totals may not sum due to rounding. See Notes and definitions of AUM roll forward components at end of document.

Page | 12



Fee-earning Assets Under Management

Fee-earning Assets Under Management of $158.4 billion increased 8% from Q2 2018, primarily driven by the activation of management fees in our latest vintage Europe Buyout fund, as well as the addition of Carlyle Aviation Partners. Fee-Earning AUM declined slightly relative to Q1 2019, primarily due to a step down in fee basis in certain carry funds. Pending Fee-earning AUM was $7.9 billion as of Q2 2019 compared to $8.8 billion as of Q1 2019.
 
 
 
vs. Last Quarter
 
vs. One Year Ago
$ in billions, unless noted
Q2 2019
 
Q1 2019
 
% Change
 
Q2 2018
 
% Change
 
 
 
 
 
 
 
 
 
 
Corporate Private Equity
60.5
 
61.9
 
(2)%
 
56.3
 
7%
Real Assets
33.2
 
32.9
 
1%
 
31.5
 
5%
Global Credit
35.9
 
36.5
 
(2)%
 
28.8
 
25%
Investment Solutions
28.8
 
28.7
 
1%
 
29.8
 
(3)%
Total
158.4
 
160.0
 
(1)%
 
146.5
 
8%
 
 
 
 
 
 
 
 
 
 

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13031944&doc=22

Note: As of June 30, 2019. Totals may not sum due to rounding.

Balance Sheet Highlights
Key Balance Sheet Items (1) ($ in millions)
June 30, 2019
Cash, cash equivalents and corporate treasury investments (2)
$669.2
Net accrued performance revenues (3)
$1,914.7</