0001527166-22-000025 | 10-Q | XBRL Viewer

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Borrowings - Senior Notes (Details) - USD ($)	1 Months Ended	3 Months Ended
Borrowings - Senior Notes (Details) - USD ($)	Nov. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Oct. 22, 2021	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2014	Mar. 31, 2013	Jan. 31, 2013
Debt Instrument [Line Items]
Interest Expense		$ 17,200,000	$ 19,700,000
3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Interest rate (percent)		3.875%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Interest rate (percent)		5.625%
5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Interest rate (percent)		5.65%
3.500% Senior Notes Due 9/19/2029
Debt Instrument [Line Items]
Interest rate (percent)		3.50%
Senior Notes
Debt Instrument [Line Items]
Interest Expense	$ 10,100,000
Senior Notes \| 3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Interest rate (percent)		3.875%
Aggregate Principal Amount		$ 0			$ 250,000,000
Fair Value		0		$ 0
Interest Expense		0	2,500,000
Senior notes percentage of par value (percent)										99.966%
Senior Notes \| 5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Aggregate Principal Amount		600,000,000.0						$ 200,000,000	$ 400,000,000
Fair Value		671,200,000		795,500,000
Interest Expense		8,400,000	8,400,000
Senior notes percentage of par value (percent)								104.315%	99.583%
Senior Notes \| 5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Aggregate Principal Amount		350,000,000.0
Fair Value		408,700,000		484,700,000
Interest Expense		$ 5,000,000.0	5,000,000.0
Senior notes percentage of par value (percent)							99.914%
Senior Notes \| 3.500% Senior Notes Due 9/19/2029
Debt Instrument [Line Items]
Interest rate (percent)		3.50%
Aggregate Principal Amount		$ 425,000,000.0
Fair Value		418,700,000		$ 457,400,000
Interest Expense		$ 3,800,000	$ 3,800,000
Senior notes percentage of par value (percent)						99.841%

Borrowings (Tables)

3 Months Ended

Mar. 31, 2022

Debt Instrument [Line Items]

Schedule of debt obligations

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


	March 31, 2022				December 31, 2021
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
	(Dollars in millions)


CLO Borrowings (See below)	$	405.1	$	402.2	$	222.6	$	219.0

5.625% Senior Notes Due 3/30/2043	600.0		600.6		600.0		600.6
5.650% Senior Notes Due 9/15/2048	350.0		346.2		350.0		346.1
3.500% Senior Notes Due 9/19/2029	425.0		421.7		425.0		421.6
4.625% Subordinated Notes Due 5/15/2061	500.0		484.3		500.0		484.3
Total debt obligations	$	2,280.1	$	2,255.0	$	2,097.6	$	2,071.6

Summary of loans payable of consolidated funds

As of March 31, 2022 and December 31, 2021, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):


	As of March 31, 2022
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	5,519.6	$	5,470.1	1.72	%		10.23
Subordinated notes, preferred shares and other	205.5		211.9		N/A		(1)	10.43

Total	$	5,725.1	$	5,682.0


	As of December 31, 2021
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	5,585.4	$	5,561.1	1.68	%		10.25
Subordinated notes, preferred shares and other	317.6		249.9		N/A		(1)	10.41

Total	$	5,903.0	$	5,811.0

(1)The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs.

CLO Borrowings

Debt Instrument [Line Items]

Schedule of debt obligations

The Company’s outstanding CLO borrowings consist of the following (Dollars in millions):


Formation Date	Borrowing Outstanding March 31, 2022		Borrowing Outstanding December 31, 2021		Maturity Date (1)	Interest Rate as of March 31, 2022
February 28, 2017	$	40.0	$	51.3	November 17, 2031	2.33%	(2)
June 29, 2017	54.8		—		July 20, 2030	1.88%	(4),(7)
December 6, 2017	43.8		—		January 15, 2031	1.61%	(5),(7)
March 15, 2019	1.8		1.9		March 15, 2032	8.11%	(3)
August 20, 2019	4.0		4.1		August 15, 2032	4.74%	(3)
September 15, 2020	19.7		20.3		April 15, 2033	1.59%	(3)
January 8, 2021	20.7		21.3		January 15, 2034	2.49%	(3)
March 9, 2021	19.8		20.3		August 15, 2030	1.37%	(3)
March 30, 2021	18.6		19.1		March 15, 2032	1.71%	(3)
April 21, 2021	3.6		3.7		April 15, 2033	5.85%	(3)
April 28, 2021	7.8		—		April 28, 2023	0.80%	(6),(7)
May 21, 2021	15.5		15.9		November 17, 2031	1.36%	(3)
June 4, 2021	20.7		21.3		January 16, 2034	2.28%	(3)
June 10, 2021	1.3		1.4		November 17, 2031	2.85%	(3)
July 15, 2021	15.5		—		July 15, 2034	2.30%	(3),(7)
July 20, 2021	20.7		—		July 20, 2031	2.28%	(3),(7)
August 4, 2021	16.7		17.2		August 15, 2032	1.98%	(3)
October 27, 2021	24.2		24.8		October 15, 2035	2.40%	(3)
November 5, 2021	14.3		—		January 14, 2034	2.09%	(3),(7)
January 6, 2022	20.8		—		February 15, 2035	2.38%	(3)
February 22, 2022	20.8		—		November 10, 2035	2.45%	(3)

	$	405.1	$	222.6

(1) Maturity date is earlier of date indicated or the date that the CLO is dissolved.

(2) Outstanding borrowing of €36.1 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.

(3) Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50% spread percentage.

(4) Incurs interest at LIBOR plus 1.63%.

(5) Incurs interest at LIBOR plus 1.37%.

(6) Incurs interest at EURIBOR plus 0.80%.

(7) The respective CLO assets were purchased in connection with the asset acquisition from CBAM in March 2022 (see Note 4). The formation date listed is the original formation date of the related CLO.

Senior Notes

Debt Instrument [Line Items]

Schedule of debt obligations

Senior Notes

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


								Interest Expense
			Fair Value (1) As of				Three Months Ended March 31,
	Aggregate Principal Amount		March 31, 2022		December 31, 2021			2022		2021
3.875% Senior Notes Due 2/1/2023 (2)	$	—	$	—	$	—		$	—	$	2.5
5.625% Senior Notes Due 3/30/2043 (3)	600.0		671.2		795.5			8.4		8.4
5.650% Senior Notes Due 9/15/2048 (4)	350.0		408.7		484.7			5.0		5.0
3.500% Senior Notes Due 9/19/2029 (5)	425.0		418.7		457.4			3.8		3.8
								$	17.2	$	19.7

(1) Including accrued interest. Fair value is based on indicative quotes and the notes are classified as Level II within the fair value hierarchy.

(2) Issued in January 2013 at 99.966% of par. In November 2021, the Company completed the redemption of these notes, as discussed below.

(3) Issued $400.0 million in aggregate principal at 99.583% of par in March 2013. An additional $200.0 million in aggregate principal was issued at 104.315% of par in March 2014, and is treated as a single class with the outstanding $400.0 million in senior notes previously issued.

(4) Issued in September 2018 at 99.914% of par.

(5) Issued in September 2019 at 99.841% of par.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

Principles of Consolidation

The Company consolidates all entities that it controls either through a majority voting interest or as the primary beneficiary of variable interest entities (“VIEs”).

The Company evaluates (1) whether it holds a variable interest in an entity, (2) whether the entity is a VIE, and (3) whether the Company’s involvement would make it the primary beneficiary. In evaluating whether the Company holds a variable interest, fees (including management fees, incentive fees and performance allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. The Company considers all economic interests, including indirect interests, to determine if a fee is considered a variable interest.

For those entities where the Company holds a variable interest, the Company determines whether each of these entities qualifies as a VIE and, if so, whether or not the Company is the primary beneficiary. The assessment of whether the entity is a VIE is generally performed qualitatively, which requires judgment. These judgments include: (a) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the economic performance of the entity, (c) determining whether two or more parties’ equity interests should be aggregated, and (d) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity.

For entities that are determined to be VIEs, the Company consolidates those entities where it has concluded it is the primary beneficiary. The primary beneficiary is defined as the variable interest holder with (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company.

As of March 31, 2022, assets and liabilities of the consolidated VIEs reflected in the unaudited condensed consolidated balance sheets were $6.7 billion and $6.4 billion, respectively. As of December 31, 2021, assets and liabilities of the consolidated VIEs reflected in the unaudited condensed consolidated balance sheets were $6.9 billion and $6.6 billion, respectively. Except to the extent of the consolidated assets of the VIEs, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Company.

The Company’s Consolidated Funds are primarily CLOs, which are VIEs that issue loans payable that are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, the Company earns investment management fees, including in some cases subordinated management fees and contingent incentive fees. In cases where the Company consolidates the CLOs (primarily because of a retained interest that is significant to the CLO), those management fees have been eliminated as intercompany transactions. As of March 31, 2022, the Company held $137.8 million of investments in these CLOs which represents its maximum risk of loss. The Company’s investments in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs have no recourse against the Company for any losses sustained in the CLO structure.

Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities. Under the voting interest entity model, the Company consolidates those entities it controls through a majority voting interest.

All significant inter-entity transactions and balances of entities consolidated have been eliminated.

Investments in Unconsolidated Variable Interest Entities

The Company holds variable interests in certain VIEs that are not consolidated because the Company is not the primary beneficiary, including its investments in certain CLOs and certain AlpInvest vehicles, as well as its strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 6 for information on the strategic investment in NGP. The Company’s involvement with such entities is in the form of direct or indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by the Company relating to its variable interests in these unconsolidated entities.

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


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)

Investments	$	1,115.0	$	901.9
Accrued performance revenues	373.7		368.7
Management fee receivables	27.1		27.2
Total	$	1,515.8	$	1,297.8

These amounts represent the Company’s maximum exposure to loss related to the unconsolidated VIEs as of March 31, 2022 and December 31, 2021.

Basis of Accounting

The accompanying financial statements are prepared in accordance with U.S. GAAP. Management has determined that the Company’s Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP for an investment company requires investments to be recorded at estimated fair value and the unrealized gains and/or losses in an investment’s fair value are recognized on a current basis in the statements of operations. Additionally, the Funds do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). In the preparation of these unaudited condensed consolidated financial statements, the Company has retained the specialized accounting for the Funds.

All of the investments held and notes issued by the Consolidated Funds are presented at their estimated fair values in the Company’s condensed consolidated balance sheets. Interest and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Company’s unaudited condensed consolidated statements of operations.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance allocations involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements and the resulting impact on performance allocations and incentive fees. Actual results could differ from these estimates and such differences could be material.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. ASC 606 includes a five-step framework that requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectibility of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation.

The Company accounts for performance allocations that represent a performance-based capital allocation from fund limited partners to the Company (commonly known as “carried interest”) as earnings from financial assets within the scope of ASC 323, Investments - Equity Method and Joint Ventures, and therefore are not in the scope of ASC 606. In accordance with ASC 323, the Company records equity method income (losses) as a component of investment income based on the change in its proportionate claim on net assets of the investment fund, including performance allocations, assuming the investment fund was liquidated as of each reporting date pursuant to each fund’s governing agreements. See Note 6 for additional information on the components of investments and investment income. Performance fees that do not meet the definition of performance-based capital allocations are in the scope of ASC 606 and are included in incentive fees in the unaudited condensed consolidated statements of operations. The calculation of unrealized performance revenues utilizes investment valuations of the funds’ underlying investments, which are derived using the policies, methodologies and templates prepared by the Company’s valuation group, as described in Note 5, Fair Value Measurement.

While the determination of who is the customer in a contractual arrangement will be made on a contract-by-contract basis, the customer will generally be the investment fund for the Company’s significant management and advisory contracts. The customer determination impacts the Company’s analysis of the accounting for contract costs.

Fund Management Fees

The Company provides management services to funds in which it holds a general partner interest or has a management agreement. The Company considers the performance obligations in its contracts with its funds to be the promise to provide (or to arrange for third parties to provide) investment management services related to the management, policies and operations of the funds.

As it relates to the Company’s performance obligation to provide investment management services, the Company typically satisfies this performance obligation over time as the services are rendered, since the funds simultaneously receive and consume the benefits provided as the Company performs the service. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the funds. Management fees earned from each investment management contract over the contract life represent variable consideration because the consideration the Company is entitled to varies based on fluctuations in the basis for the management fee, for example fund net asset value (“NAV”) or assets under management (“AUM”). Given that the management fee basis is susceptible to market factors outside of the Company’s influence, management fees are constrained and, therefore, estimates of future period management fees are generally not included in the transaction price. Revenue recognized for the investment management services provided is generally the amount determined at the end of the period because that is when the uncertainty for that period is resolved.

For closed-end carry funds in the Global Private Equity and Global Credit segments, management fees generally range from 1.0% to 2.0% of commitments during the fund’s investment period based on limited partners’ capital commitments to the funds. Following the expiration or termination of the investment period, management fees generally are based on the lower of cost or fair value of invested capital and the rate charged may also be reduced. These terms may vary for certain separately managed accounts, longer-dated carry funds, and other closed-end funds. The Company will receive management fees during a specified period of time, which is generally ten years from the initial closing date, or, in some instances, from the final closing date, but such termination date may be earlier in certain limited circumstances or later if extended for successive one-year periods, typically up to a maximum of two years. Depending upon the contracted terms of investment advisory or investment management and related agreements, these fees are generally called semi-annually in advance and are recognized as earned over the subsequent six month period. For certain longer-dated carry funds and certain other closed-end funds, management fees are called quarterly over the life of the funds.

Within the Global Credit segment, for CLOs and other structured products, management fees generally range from 0.4% to 0.5% based on the total par amount of assets or the aggregate principal amount of the notes in the CLO and are due quarterly based on the terms and recognized over the respective period. Management fees for the CLOs and other structured products are

governed by indentures and collateral management agreements. The Company will receive management fees for the CLOs until redemption of the securities issued by the CLOs, which is generally five to ten years after issuance. Management fees for the business development companies are due quarterly in arrears at annual rates that range from 1.00% of capital under management to 1.5% of gross assets, excluding cash and cash equivalents. Management fees for the Interval Fund are due monthly in arrears at the annual rate of 1.0% of the month-end value of the Interval Fund’s net assets. Carlyle Aviation Partners’ funds have varying management fee arrangements depending on the strategy of the particular fund.

Management fees for the Company’s carry fund vehicles in the Global Investment Solutions segment generally range from 0.25% to 1.0% of the vehicle’s capital commitments during the commitment fee period of the relevant fund. Following the expiration of the commitment fee period, the management fees generally range from 0.25% to 1.0% on (i) the net invested capital; (ii) the lower of cost or net asset value of the capital invested, or (iii) the net asset value for unrealized investments. Management fees for the Global Investment Solutions carry fund vehicles are generally due quarterly and recognized over the related quarter.

As of March 31, 2022 and December 31, 2021, management fee receivables, net of allowances for credit losses, were $78.4 million and $164.5 million, respectively, and are included in due from affiliates and other receivables, net, in the unaudited condensed consolidated balance sheets.

The Company also provides transaction advisory and portfolio advisory services to the portfolio companies, and where covered by separate contractual agreements, recognizes fees for these services when the performance obligation has been satisfied and collection is reasonably assured. The Company also recognizes underwriting fees from the Company’s loan syndication and capital markets business, Carlyle Global Capital Markets. Fund management fees include transaction and portfolio advisory fees, as well as capital markets fees, of $14.6 million and $18.0 million for the three months ended March 31, 2022 and 2021, respectively, net of any offsets as defined in the respective partnership agreements.

Fund management fees exclude the reimbursement of any partnership expenses paid by the Company on behalf of the Carlyle funds pursuant to the limited partnership agreements, including amounts related to the pursuit of actual, proposed, or unconsummated investments, professional fees, expenses associated with the acquisition, holding and disposition of investments, and other fund administrative expenses. For the professional fees that the Company arranges for the investment funds, the Company concluded that the nature of its promise is to arrange for the services to be provided and it does not control the services provided by third parties before they are transferred to the customer. Therefore, the Company concluded it is acting in the capacity of an agent. Accordingly, the reimbursement for these professional fees paid on behalf of the investment funds is presented on a net basis in general, administrative and other expenses in the unaudited condensed consolidated statements of operations.

The Company also incurs certain costs, primarily employee travel and entertainment costs, employee compensation and systems costs, for which it receives reimbursement from the investment funds in connection with its performance obligation to provide investment and management services. For reimbursable travel, compensation and systems costs, the Company concluded it controls the services provided by its employees and the resources used to develop applicable systems before they are transferred to the customer and therefore is a principal. Accordingly, the reimbursement for these costs incurred by the Company to manage the fund limited partnerships are presented on a gross basis in interest and other income in the unaudited condensed consolidated statements of operations and the expense in general, administrative and other expenses or cash-based compensation and benefits expenses in the unaudited condensed consolidated statements of operations.

Incentive Fees

In connection with management contracts from certain of its Global Credit funds, the Company is also entitled to receive performance-based incentive fees when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, incentive fees are recognized when the performance benchmark has been achieved. Incentive fees are variable consideration because they are contingent upon the investment vehicle achieving stipulated investment return hurdles. Investment returns are highly susceptible to market factors outside of the Company’s influence. Accordingly, incentive fees are constrained until all uncertainty is resolved. Estimates of future period incentive fees are generally not included in the transaction price because these estimates are constrained. The transaction price for incentive fees is generally the amount determined at the end of each accounting period to which they relate because that is when the uncertainty for that period is resolved, as these fees are not subject to clawback.

Investment Income (Loss), including Performance Allocations

Investment income (loss) represents the unrealized and realized gains and losses resulting from the Company’s equity method investments, including any associated general partner performance allocations, and other principal investments, including CLOs.

General partner performance allocations consist of the allocation of profits from certain of the funds to which the Company is entitled (commonly known as carried interest).

For closed-end carry funds in the Global Private Equity and Global Credit segments, the Company is generally entitled to a 20% allocation (or approximately 2% to 12.5% for most of the Global Investment Solutions segment carry fund vehicles) of the net realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns of generally 7% to 9% and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership agreement). These terms may vary on longer-dated funds, certain credit funds, or external co-investment vehicles. Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Company recognizes revenues attributable to performance allocations based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as investment income for performance allocations reflects the Company’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return and (iv) the Company has decided to collect carry rather than return additional capital to limited partner investors. Realized carried interest may be required to be returned by the Company in future periods if the fund’s investment values decline below certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized performance allocations are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance allocations can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then-current fair values, previously recognized and distributed carried interest would be required to be returned, a liability is established for the potential giveback obligation. As of March 31, 2022 and December 31, 2021, the Company has accrued $40.4 million and $30.2 million, respectively, for giveback obligations.

Principal investment income (loss) is realized when the Company redeems all or a portion of its investment or when the Company receives or is due cash income, such as dividends or distributions. Unrealized principal investment income (loss) results from the Company’s proportionate share of the investee’s unrealized earnings, including changes in the fair value of the underlying investment, as well as the reversal of unrealized gain (loss) at the time an investment is realized. As it relates to the Company’s investments in NGP (see Note 6), principal investment income includes the related amortization of the basis difference between the Company’s carrying value of its investment and the Company’s share of underlying net assets of the investee, as well as the compensation expense associated with compensatory arrangements provided by the Company to employees of its equity method investee.

Interest Income

Interest income is recognized when earned. For debt securities representing non-investment grade beneficial interests in securitizations, the effective yield is determined based on the estimated cash flows of the security. Changes in the effective yield of these securities due to changes in estimated cash flows are recognized on a prospective basis as adjustments to interest income in future periods. Interest income earned by the Company is included in interest and other income in the accompanying unaudited condensed consolidated statements of operations. Interest income of the Consolidated Funds was $56.5 million and $56.9 million for the three months ended March 31, 2022 and 2021, respectively, and is included in interest and other income of Consolidated Funds in the accompanying unaudited condensed consolidated statements of operations.

Credit Losses

Under ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), the Company is required to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company assesses the collection risk characteristics of the outstanding amounts in its due from affiliates balance into the following pools of receivables:

•Reimbursable fund expenses receivables,

•Management fee receivables,

•Incentive fee receivables,

•Transaction fee receivables,

•Portfolio fee receivables, and

•Notes receivable.

The Company generally utilizes either historical credit loss information or discounted cash flows to calculate expected credit losses for each pool. The Company’s receivables are predominantly with its investment funds, which have low risk of credit loss based on the Company’s historical experience. Historical credit loss data may be adjusted for current conditions and reasonable and supportable forecasts, including the Company’s expectation of near-term realization based on the liquidity of the affiliated investment funds.

Compensation and Benefits

Cash-based Compensation and Benefits – Cash-based compensation and benefits includes salaries, bonuses (discretionary awards and guaranteed amounts), performance payment arrangements and benefits paid and payable to Carlyle employees. Bonuses are accrued over the service period to which they relate.

Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards is measured at fair value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis. The compensation expense for awards that do not require future service is recognized immediately. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved; in certain instances, such compensation expense may be recognized prior to the grant date of the award. The compensation expense for awards that contain market conditions is based on a grant-date fair value that factors in the probability that the market conditions will be achieved and is recognized over the requisite service period on a straight-line basis.

Equity-based awards issued to non-employees are generally recognized as general, administrative and other expenses, except to the extent they are recognized as part of the Company’s equity method earnings because they are issued to employees of equity method investees.

The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Company recognizes all excess tax benefits and deficiencies as income tax benefit or expense in the unaudited condensed consolidated statements of operations.

Performance Allocations and Incentive Fee Related Compensation – A portion of the performance allocations and incentive fees earned is due to employees and advisors of the Company. These amounts are accounted for as compensation expense in conjunction with the recognition of the related performance allocations and incentive fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon a reversal of performance allocations or incentive fee revenue, the related compensation expense, if any, is also reversed. As of March 31, 2022 and December 31, 2021, the Company had recorded a liability of $4.3 billion and $4.1 billion, respectively, related to the portion of accrued performance allocations and incentive fees due to employees and advisors, respectively, which was included in accrued compensation and benefits in the accompanying unaudited condensed consolidated balance sheets.

In October 2021, the Company commenced a program under which, at the Company’s discretion, up to 20% of the realized performance allocation related compensation over a threshold amount may be distributed in fully vested, newly issued shares of the Company’s common stock. These shares are accounted for as performance allocations and incentive fee related compensation and do not result in incremental compensation expense.

Income Taxes

The Carlyle Group Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local corporate income taxes. Tax positions taken by the Company are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities. The interim provision for income taxes is calculated using the discrete effective tax rate method as allowed by ASC 740, Accounting for Income Taxes. The discrete method is applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The discrete

method treats the year to date period as if it was the annual period and determines the income tax expense or benefit on that basis.

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement reporting and the tax basis of assets and liabilities using enacted tax rates in effect for the period in which the difference is expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Company’s gross deferred tax assets when it is “more likely than not” that such asset will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Lastly, the Company accounts for the tax on global intangible low-taxed income (“GILTI”) as incurred and therefore has not recorded deferred taxes related to GILTI on its foreign subsidiaries.

Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is “more likely than not” to be sustained upon examination. The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Company determines that uncertainties in tax positions exist, a liability is established, which is included in accounts payable, accrued expenses and other liabilities in the unaudited condensed consolidated financial statements. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in the provision for income taxes.

Non-controlling Interests

Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third-party investors. These interests are adjusted for general partner allocations which occur during the reporting period. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a subsidiary are recorded as a direct charge to equity.

Earnings Per Common Share

The Company computes earnings per common share in accordance with ASC 260, Earnings Per Share. Basic earnings per common share is calculated by dividing net income (loss) attributable to the common shares of the Company by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share reflects the assumed conversion of all dilutive securities. The Company applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. For certain equity-based compensation awards that contain performance or market conditions, the number of contingently issuable common shares is included in diluted earnings per common share based on the number of common shares, if any, that would be issuable under the terms of the awards if the end of the reporting period were the end of the contingency period, if the result is dilutive.

Fair Value of Financial Instruments

The underlying entities that the Company manages and invests in (and in certain cases, consolidates) are primarily investment companies which account for their investments at estimated fair value.

The fair value measurement accounting guidance under ASC Topic 820, Fair Value Measurement (“ASC 820”), establishes a hierarchical disclosure framework which ranks the observability of market price inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, will generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:

•Level I – inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The type of financial instruments in this category include unrestricted securities, such as equities and derivatives, listed in active markets. The Company does not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

•Level II – inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

•Level III – inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately-held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

In certain cases, debt and equity securities (including corporate treasury investments) are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments.

In the absence of observable market prices, the Company values its investments and its funds’ investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist. Management’s determination of fair value is then based on the best information available in the circumstances and may incorporate management’s own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity and debt of operating companies and real assets, CLO investments and CLO loans payable and fund investments. The valuation technique for each of these investments is described below:

Investments in Operating Companies and Real Assets – The fair values of private investments in operating companies and real assets are generally determined by reference to the income approach (including the discounted cash flow method and the income capitalization method) and the market approach (including the comparable publicly traded company method and the comparable transaction method). Valuations under these approaches are typically derived by reference to investment-specific inputs (such as projected cash flows, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and net operating income) combined with market-based inputs (such as discount rates, EBITDA multiples and capitalization rates). In many cases the investment-specific inputs are unaudited at the time received. Management may also adjust the market-based inputs to account for differences between the subject investment and the companies, asset or investments used to derive the market-based inputs. Adjustments to observable valuation measures are frequently made upon the initial investment to calibrate the initial investment valuation to industry observable inputs. Such adjustments are made to align the investment to observable industry inputs for differences in size, profitability, projected growth rates, geography, capital structure, and other factors as applicable. The adjustments are then reviewed with each subsequent valuation to assess how the investment has evolved relative to the observable inputs. Additionally, the investment may be subject to certain specific risks and/or development milestones which are also taken into account in the valuation assessment. Option pricing models and similar tools may also be considered but do not currently drive a significant portion of operating company or real asset valuations and are used primarily to value warrants, derivatives, certain restrictions and other atypical investment instruments.

Credit-Oriented Investments – The fair values of credit-oriented investments (including corporate treasury investments) are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. Specifically, for investments in distressed debt and corporate loans and bonds, the fair values are generally determined by valuations of comparable investments. In some instances, the Company may utilize other valuation techniques, including the discounted cash flow method.

CLO Investments and CLO Loans Payable – The Company measures the financial liabilities of its consolidated CLOs based on the fair value of the financial assets of its consolidated CLOs, as the Company believes the fair value of the financial assets are more observable. The fair values of the CLO loan and bond assets are primarily based on quotations from reputable dealers or relevant pricing services. In situations where valuation quotations are unavailable, the assets are valued based on similar securities, market index changes, and other factors. The Company performs certain procedures to ensure the reliability of the quotations from pricing services for its CLO assets and CLO structured asset positions, which generally includes corroborating prices with a discounted cash flow analysis. Generally, the loan and bond assets of the CLOs are not publicly traded and are classified as Level III. The fair values of the CLO structured asset positions are determined based on both discounted cash flow analyses and third party quotes. Those analyses consider the position size, liquidity, current financial condition of the CLOs, the third party financing environment, reinvestment rates, recovery lags, discount rates and default forecasts and are compared to broker quotations from market makers and third party dealers.

The Company measures the CLO loan payables held by third party beneficial interest holders on the basis of the fair value of the financial assets of the CLO and the beneficial interests held by the Company. The Company continues to measure the CLO loans payable that it holds at fair value based on relevant pricing services or discounted cash flow analyses, as described above.

Fund Investments – The Company’s primary and secondary investments in external funds are valued based on its proportionate share of the net assets provided by the third party general partners of the underlying fund partnerships based on the most recent available information which typically has a lag of up to 90 days. The terms of the investments generally preclude the ability to redeem the investment. Distributions from these investments will be received as the underlying assets in the funds are liquidated, the timing of which cannot be readily determined.

Investment professionals with responsibility for the underlying investments are responsible for preparing the investment valuations pursuant to the policies, methodologies and templates prepared by the Company’s valuation group, which is a team made up of dedicated valuation professionals reporting to the Company’s chief accounting officer. The valuation group is responsible for maintaining the Company’s valuation policy and related guidance, templates and systems that are designed to be consistent with the guidance found in ASC 820. These valuations, inputs and preliminary conclusions are reviewed by the fund accounting teams. The valuations are then reviewed and approved by the respective fund valuation subcommittees, which include the respective fund head(s), segment head, chief financial officer and chief accounting officer, as well as members of the valuation group. The valuation group compiles the aggregate results and significant matters and presents them for review and approval by the global valuation committee, which includes the Company’s chief executive officer, chief risk officer, chief financial officer, chief accounting officer, and the business segment heads, and observed by the chief compliance officer, the director of internal audit, the Company’s audit committee and others. Additionally, each quarter a sample of valuations are reviewed by external valuation firms. Valuations of the funds’ investments are used in the calculation of accrued performance allocations, or “carried interest”.

Investments, at Fair Value

Investments include (i) the Company’s ownership interests (typically general partner interests) in the Funds, (ii) strategic investments made by the Company (both of which are accounted for as equity method investments), (iii) the investments held by the Consolidated Funds (which are presented at fair value in the Company’s unaudited condensed consolidated financial statements), and (iv) certain credit-oriented investments, including investments in the CLOs and the preferred securities of Carlyle Secured Lending, Inc. (“CSL,” formerly known as “TCG BDC, Inc.”, the preferred securities of which are referred to as the “BDC Preferred Shares”) (which are accounted for as trading securities).

Upon the sale of a security or other investment, the realized net gain or loss is computed on a weighted average cost basis, with the exception of the investments held by the CLOs, which compute the realized net gain or loss on a first in, first out basis. Securities transactions are recorded on a trade date basis.

Equity Method Investments

The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, including investments in the unconsolidated Funds and strategic investments, using the equity method of accounting. The carrying value of equity method investments is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee (including performance allocations) allocated based on the respective partnership agreement, less distributions received. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

Cash and Cash Equivalents

Cash and cash equivalents include cash held at banks and cash held for distributions, including investments with original maturities of less than three months when purchased.

Cash and Cash Equivalents Held at Consolidated Funds

Cash and cash equivalents held at Consolidated Funds consists of cash and cash equivalents held by the Consolidated Funds, which, although not legally restricted, is not available to fund the general liquidity needs of the Company.

Restricted Cash

Restricted cash primarily represents cash held by the Company’s foreign subsidiaries due to certain government regulatory capital requirements as well as certain amounts held on behalf of Carlyle funds.

Derivative Instruments

The Company uses derivative instruments primarily to reduce its exposure to changes in foreign currency exchange rates. Derivative instruments are recognized at fair value in the unaudited condensed consolidated balance sheets with changes in fair value recognized in the unaudited condensed consolidated statements of operations for all derivatives not designated as hedging instruments.

Securities Sold Under Agreements to Repurchase

As it relates to certain European CLOs sponsored by the Company, securities sold under agreements to repurchase (“repurchase agreements”) are accounted for as collateralized financing transactions. The Company provides securities to counterparties to collateralize amounts borrowed under repurchase agreements on terms that permit the counterparties to repledge or resell the securities to others. As of March 31, 2022, $258.7 million of securities were transferred to counterparties under repurchase agreements and are included within investments in the unaudited condensed consolidated balance sheets. Cash received under repurchase agreements is recognized as a liability within debt obligations in the unaudited condensed consolidated balance sheets. Interest expense is recognized on an effective yield basis and is included within interest expense in the unaudited condensed consolidated statements of operations. See Note 8 for additional information.

Fixed Assets

Fixed assets consist of furniture, fixtures and equipment, leasehold improvements, and computer hardware and software and are stated at cost, less accumulated depreciation and amortization. Depreciation is recognized on a straight-line method over the assets’ estimated useful lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, and three to seven years for other fixed assets. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Leases

The Company accounts for its leases in accordance with ASU 2016-2, Leases (Topic 842), and recognizes a lease liability and right-of-use asset in the condensed consolidated balance sheet for contracts that it determines are leases or contain a lease. The Company’s leases primarily consist of operating leases for office space in various countries around the world. The Company also has operating leases for office equipment and vehicles, which are not significant. The Company does not

separate non-lease components from lease components for its office space and equipment operating leases and instead accounts for each separate lease component and its associated non-lease component as a single lease component. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The Company’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

The Company does not recognize a lease liability or right-of-use asset on the balance sheet for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases.

Intangible Assets and Goodwill

The Company’s intangible assets consist of acquired contractual rights to earn future fee income, including management and advisory fees, and customer relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which range from four to seven years, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 1st and between annual tests when events and circumstances indicate that impairment may have occurred.

Deferred Revenue

Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not yet been earned. The increase in the deferred revenue balance for the three months ended March 31, 2022 was primarily driven by cash payments received in advance of the Company satisfying its performance obligations, partially offset by revenues that were included in the deferred revenue balance at the beginning of the period.

Accumulated Other Comprehensive Income (Loss)

The Company’s accumulated other comprehensive income (loss) is comprised of foreign currency translation adjustments and gains and losses on defined benefit plans sponsored by AlpInvest. The components of accumulated other comprehensive income (loss) as of March 31, 2022 and December 31, 2021 were as follows:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)

Currency translation adjustments	$	(265.8)	$	(231.8)
Unrealized losses on defined benefit plans	(17.2)		(15.7)

Total	$	(283.0)	$	(247.5)

Foreign Currency Translation

Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the unaudited condensed consolidated statements of operations are translated at rates of exchange in effect throughout the period. Foreign currency gains (losses) resulting from transactions outside of the functional currency of an entity of $6.4 million and $(6.1) million for the three months ended March 31, 2022 and 2021, respectively, are included in general, administrative and other expenses in the unaudited condensed consolidated statements of operations.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on the Company’s consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. An entity may elect to adopt the amendments in ASU 2020-04 and ASU 2021-01 at any time after March 12, 2020 but no later than December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests in Consolidated Entities
Beginning balance (in shares) at Dec. 31, 2020		353,500,000
Beginning balance at Dec. 31, 2020	$ 2,930.2	$ 3.5	$ 2,546.2	$ 348.2	$ (208.7)	$ 241.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)	(300,000)	(300,000)
Shares repurchased	$ (10.0)			(10.0)
Equity-based compensation	27.5		27.5
Shares issued for equity-based awards (in shares)		1,300,000
Contributions	3.7					3.7
Distributions	(104.0)			(88.7)		(15.3)
Net income (loss)	891.0			869.3		21.6
Currency translation adjustments	(27.9)				(27.1)	(0.8)
Defined benefit plans, net	1.8				1.8
Ending balance (in shares) at Mar. 31, 2021		354,500,000
Ending balance at Mar. 31, 2021	$ 3,712.2	$ 3.5	2,573.7	1,118.8	(234.0)	250.2
Beginning balance (in shares) at Dec. 31, 2021	355,367,876	355,400,000
Beginning balance at Dec. 31, 2021	$ 5,706.2	$ 3.6	2,717.6	2,805.3	(247.5)	427.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)	(1,700,000)	(1,700,000)
Shares repurchased	$ (80.4)			(80.4)
Equity-based compensation	39.0		39.0
Shares issued for equity-based awards (in shares)		3,200,000
Shares issued for performance allocations (in shares)		600,000
Shares issued for performance allocations	31.3		31.3
Shares issued related to the acquisition of CBAM (in shares)		4,200,000
Shares issued related to the acquisition of CBAM	194.5		194.5
Contributions	146.8					146.8
Distributions	(236.6)			(89.5)		(147.1)
Net income (loss)	569.7			571.6		23.2
Currency translation adjustments	(39.8)				(34.0)	(5.8)
Defined benefit plans, net	$ (1.5)				(1.5)
Ending balance (in shares) at Mar. 31, 2022	361,664,727	361,700,000
Ending balance at Mar. 31, 2022	$ 6,354.3	$ 3.6	$ 2,982.4	$ 3,207.0	$ (283.0)	$ 444.3

Supplemental Financial Information

3 Months Ended

Mar. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Supplemental Financial Information

19. Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial position as of March 31, 2022 and December 31, 2021 and results of operations for the three months ended March 31, 2022 and 2021. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.


	As of March 31, 2022
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,290.2	$	—	$	—	$	1,290.2
Cash and cash equivalents held at Consolidated Funds	—		168.9		—		168.9
Restricted cash	0.6		—		—		0.6



Investments, including performance allocations of $8,504.8 million	12,065.9		—		(142.9)		11,923.0
Investments of Consolidated Funds	—		6,412.6		—		6,412.6
Due from affiliates and other receivables, net	370.2		—		(5.4)		364.8
Due from affiliates and other receivables of Consolidated Funds, net	—		141.5		—		141.5

Fixed assets, net	145.2		—		—		145.2
Lease right-of-use assets, net	350.8		—		—		350.8
Deposits and other	100.4		0.9		—		101.3

Intangible assets, net	820.1		—		—		820.1
Deferred tax assets	17.4		—		—		17.4
Total assets	$	15,160.8	$	6,723.9	$	(148.3)	$	21,736.4
Liabilities and equity
Debt obligations	$	2,255.0	$	—	$	—	$	2,255.0
Loans payable of Consolidated Funds	—		5,715.8		—		5,715.8

Accounts payable, accrued expenses and other liabilities	365.4		—		—		365.4
Accrued compensation and benefits	4,542.6		—		—		4,542.6
Due to affiliates	332.9		—		—		332.9
Deferred revenue	373.7		—		—		373.7
Deferred tax liabilities	595.6		—		—		595.6
Other liabilities of Consolidated Funds	—		636.1		—		636.1

Lease liabilities	524.6		—		—		524.6
Accrued giveback obligations	40.4		—		—		40.4

Total liabilities	9,030.2		6,351.9		—		15,382.1

Common stock	3.6		—		—		3.6
Additional paid-in capital	2,982.4		154.7		(154.7)		2,982.4
Retained earnings	3,207.0		—		—		3,207.0
Accumulated other comprehensive loss	(280.8)		(8.6)		6.4		(283.0)

Non-controlling interests in consolidated entities	218.4		225.9		—		444.3

Total equity	6,130.6		372.0		(148.3)		6,354.3
Total liabilities and equity	$	15,160.8	$	6,723.9	$	(148.3)	$	21,736.4


	As of December 31, 2021
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	2,469.5	$	—	$	—	$	2,469.5
Cash and cash equivalents held at Consolidated Funds	—		147.8		—		147.8
Restricted cash	5.6		—		—		5.6



Investments, including performance allocations of $8,133.0 million	11,022.5		—		(190.5)		10,832.0
Investments of Consolidated Funds	—		6,661.0		—		6,661.0
Due from affiliates and other receivables, net	384.9		—		(5.3)		379.6
Due from affiliates and other receivables of Consolidated Funds, net	—		138.8		—		138.8

Fixed assets, net	143.9		—		—		143.9
Lease right-of-use assets, net	361.1		—		—		361.1
Deposits and other	61.3		0.4		—		61.7

Intangible assets, net	34.9		—		—		34.9
Deferred tax assets	14.5		—		—		14.5
Total assets	$	14,498.2	$	6,948.0	$	(195.8)	$	21,250.4
Liabilities and equity
Debt obligations	$	2,071.6	$	—	$	—	$	2,071.6
Loans payable of Consolidated Funds	—		5,890.0		—		5,890.0

Accounts payable, accrued expenses and other liabilities	379.7		—		—		379.7
Accrued compensation and benefits	4,955.0		—		—		4,955.0
Due to affiliates	388.1		—		—		388.1
Deferred revenue	120.8		—		—		120.8
Deferred tax liabilities	487.1		—		—		487.1
Other liabilities of Consolidated Funds	—		684.0		(0.1)		683.9

Lease liabilities	537.8		—		—		537.8
Accrued giveback obligations	30.2		—		—		30.2
Total liabilities	8,970.3		6,574.0		(0.1)		15,544.2

Common stock	3.6		—		—		3.6
Additional paid-in capital	2,717.6		198.6		(198.6)		2,717.6
Retained earnings	2,805.3		—		—		2,805.3
Accumulated other comprehensive income (loss)	(245.7)		(4.7)		2.9		(247.5)

Non-controlling interests in consolidated entities	247.1		180.1		—		427.2

Total equity	5,527.9		374.0		(195.7)		5,706.2
Total liabilities and equity	$	14,498.2	$	6,948.0	$	(195.8)	$	21,250.4


	Three Months Ended March 31, 2022
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	456.9	$	—	$	(6.4)	$	450.5
Incentive fees	14.0		—		—		14.0



Investment income
Performance allocations	710.2		—		—		710.2


Principal investment income	302.3		—		17.3		319.6


Total investment income	1,012.5		—		17.3		1,029.8
Interest and other income	33.3		—		(7.5)		25.8
Interest and other income of Consolidated Funds	—		61.7		—		61.7

Total revenues	1,516.7		61.7		3.4		1,581.8
Expenses
Compensation and benefits
Cash-based compensation and benefits	254.3		—		—		254.3
Equity-based compensation	39.7		—		—		39.7
Performance allocations and incentive fee related compensation	370.7		—		—		370.7


Total compensation and benefits	664.7		—		—		664.7
General, administrative and other expenses	106.3		—		—		106.3
Interest	27.8		—		—		27.8
Interest and other expenses of Consolidated Funds	—		52.9		(10.1)		42.8

Other non-operating income	0.3		—		—		0.3
Total expenses	799.1		52.9		(10.1)		841.9
Other income
Net investment gain of Consolidated Funds	—		2.8		—		2.8
Income before provision for income taxes	717.6		11.6		13.5		742.7
Provision for income taxes	147.9		—		—		147.9
Net income	569.7		11.6		13.5		594.8
Net income attributable to non-controlling interests in consolidated entities	(1.9)		—		25.1		23.2


Net income attributable to The Carlyle Group Inc.	$	571.6	$	11.6	$	(11.6)	$	571.6


	Three Months Ended March 31, 2021
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	386.8	$	—	$	(5.8)	$	381.0
Incentive fees	9.5		—		—		9.5



Investment income (loss)
Performance allocations	1,786.1		—		—		1,786.1


Principal investment income	198.4		—		(19.3)		179.1


Total investment income	1,984.5		—		(19.3)		1,965.2
Interest and other income	26.4		—		(6.0)		20.4
Interest and other income of Consolidated Funds	—		61.1		—		61.1

Total revenues	2,407.2		61.1		(31.1)		2,437.2
Expenses
Compensation and benefits
Cash-based compensation and benefits	228.5		—		—		228.5
Equity-based compensation	32.4		—		—		32.4
Performance allocations and incentive fee related compensation	866.6		—		—		866.6


Total compensation and benefits	1,127.5		—		—		1,127.5
General, administrative and other expenses	91.7		—		—		91.7
Interest	23.0		—		—		23.0
Interest and other expenses of Consolidated Funds	—		56.5		(14.1)		42.4

Other non-operating expenses	0.6		—		—		0.6
Total expenses	1,242.8		56.5		(14.1)		1,285.2
Other loss
Net investment gain of Consolidated Funds	—		12.3		—		12.3
Income before provision for income taxes	1,164.4		16.9		(17.0)		1,164.3
Provision for income taxes	273.4		—		—		273.4
Net income	891.0		16.9		(17.0)		890.9
Net income attributable to non-controlling interests in consolidated entities	21.7		—		(0.1)		21.6
Net income attributable to The Carlyle Group Inc.	869.3		16.9		(16.9)		869.3


	Three Months Ended March 31,
	2022		2021
	(Dollars in millions)
Cash flows from operating activities
Net income	$	569.7	$	891.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	19.4		13.4

Equity-based compensation	39.7		32.4

Non-cash performance allocations and incentive fees	(300.8)		(865.4)
Non-cash principal investment income	(295.4)		(186.5)
Other non-cash amounts	5.3		8.5
Purchases of investments	(294.1)		(71.6)
Proceeds from the sale of investments	169.5		164.3
Payments of contingent consideration	(5.7)		(49.9)


Change in deferred taxes, net	110.9		260.3
Change in due from affiliates and other receivables	(8.8)		(5.4)

Change in deposits and other	(39.8)		(1.4)

Change in accounts payable, accrued expenses and other liabilities	(14.3)		(69.1)
Change in accrued compensation and benefits	(580.1)		(328.0)
Change in due to affiliates	(0.2)		(0.4)

Change in lease right-of-use asset and lease liability	(2.5)		2.6
Change in deferred revenue	254.5		255.8
Net cash provided by (used in) operating activities	(372.7)		50.6
Cash flows from investing activities

Purchases of fixed assets, net	(12.3)		(9.7)
Purchase of CBAM intangibles and investments, net	(618.4)		—


Net cash used in investing activities	(630.7)		(9.7)
Cash flows from financing activities









Payments on CLO borrowings	(8.9)		(66.6)
Proceeds from CLO borrowings, net of financing costs	40.8		43.4



Dividends to common stockholders	(89.5)		(88.7)


Payment of deferred consideration for Carlyle Holdings units	(68.8)		(68.8)
Contributions from non-controlling interest holders	5.8		3.7
Distributions to non-controlling interest holders	(27.1)		(15.3)
Common shares issued for performance allocations	31.3		—
Common shares repurchased	(80.4)		(10.0)
Change in due to/from affiliates financing activities	33.1		71.1
Net cash used in financing activities	(163.7)		(131.2)
Effect of foreign exchange rate changes	(17.2)		(12.3)
Decrease in cash, cash equivalents and restricted cash	(1,184.3)		(102.6)
Cash, cash equivalents and restricted cash, beginning of period	2,475.1		989.6
Cash, cash equivalents and restricted cash, end of period	$	1,290.8	$	887.0

Supplemental non-cash disclosures
Issuance of common shares related to the acquisition of CBAM intangibles and investments	$	194.5	$	—

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$	1,290.2	$	880.4
Restricted cash	0.6		6.6
Total cash, cash equivalents and restricted cash, end of period	$	1,290.8	$	887.0

Cash and cash equivalents held at Consolidated Funds	$	168.9	$	174.6

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2022

Amounts due from affiliates and other receivables

The Company had the following due from affiliates and other receivables at March 31, 2022 and December 31, 2021:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Accrued incentive fees	$	14.0	$	12.2
Unbilled receivable for giveback obligations from current and former employees	9.9		—
Notes receivable and accrued interest from affiliates	38.2		25.3
Management fee, reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	302.7		342.1
Total	$	364.8	$	379.6

Amounts due to affiliates

The Company had the following due to affiliates balances at March 31, 2022 and December 31, 2021:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)

Due to non-consolidated affiliates	$	67.6	$	60.5
Deferred consideration for Carlyle Holdings units	132.7		200.5
Amounts owed under the tax receivable agreement	101.9		101.9
Other	30.7		25.2
Total	$	332.9	$	388.1

Investments - Investments in NGP (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total	$ 2,652.5	$ 2,128.6
Investment in NGP Management
Schedule of Equity Method Investments [Line Items]
Total	369.9	371.8
Investments in NGP general partners - accrued performance allocations
Schedule of Equity Method Investments [Line Items]
Total	254.2	3.8
Principal investments in NGP funds
Schedule of Equity Method Investments [Line Items]
Total	74.6	61.3
Total investments in NGP
Schedule of Equity Method Investments [Line Items]
Total	$ 698.7	$ 436.9

Investments - Strategic Investment in NGP - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Performance allocations, percentage (percent)	47.50%
Basis difference	$ 1,100,000		$ 1,400,000
Amortization period of basis difference	10 years
NGP Management
Schedule of Equity Method Investments [Line Items]
Net investment earnings related to performance allocations	$ 250,400,000	$ 0
Net investment earnings related to principal investment income	$ 18,000,000	$ 6,000,000
Minimum \| NGP Management
Schedule of Equity Method Investments [Line Items]
Management fee, percentage of commitments (percent)	1.00%
Management fee, percentage of invested capital (percent)	0.50%
Maximum \| NGP Management
Schedule of Equity Method Investments [Line Items]
Management fee, percentage of commitments (percent)	2.00%
Management fee, percentage of invested capital (percent)	2.00%
Management Fee Related Revenues
Schedule of Equity Method Investments [Line Items]
Management fee-related revenues, allocation percentage (percent)	55.00%

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Carlyle is one of the world’s largest global investment firms that deploys private capital across its business through three reportable segments: Global Private Equity, Global Credit and Global Investment Solutions (see Note 17). In the Global Private Equity segment, Carlyle advises buyout, growth, real estate, infrastructure and natural resources funds. The primary areas of focus for the Global Credit segment are liquid credit, illiquid credit, real assets credit, and other credit such as insurance solutions, and loan syndication and capital markets. The Global Investment Solutions segment provides investment opportunities and resources for investors and clients through fund of funds, secondary purchases of existing portfolios, and managed co-investment programs. Carlyle typically serves as the general partner, investment manager or collateral manager, making day-to-day investment decisions concerning the assets of these products. Basis of Presentation The accompanying financial statements include the accounts of the Company and its consolidated subsidiaries. In addition, certain Carlyle-affiliated funds, related co-investment entities and certain CLOs managed by the Company (collectively the “Consolidated Funds”) have been consolidated in the accompanying financial statements pursuant to accounting principles generally accepted in the United States (“U.S. GAAP”), as described in Note 3. The consolidation of the Consolidated Funds generally has a gross-up effect on assets, liabilities and cash flows, and generally has no effect on the net income attributable to the Company. The economic ownership interests of the other investors in the Consolidated Funds are reflected as non-controlling interests in consolidated entities in the accompanying consolidated financial statements (see Note 3). The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. These statements, including notes, have not been audited, exclude some of the disclosures required for annual financial statements, and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”). The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented.

Summary of Significant Accounting Policies - Fixed Assets (Details)	3 Months Ended
	Mar. 31, 2022
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets	7 years

Borrowings - Outstanding Loans Payable of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 5,715.8	$ 5,890.0
Loans Payable of Consolidated Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	5,725.1	5,903.0
Fair Value	5,682.0	5,811.0
Senior secured notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	5,519.6	5,585.4
Fair Value	$ 5,470.1	$ 5,561.1
Weighted Average Interest Rate	1.72%	1.68%
Weighted Average Remaining Maturity in Years	10 years 2 months 23 days	10 years 3 months
Subordinated notes, preferred shares and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 205.5	$ 317.6
Fair Value	$ 211.9	$ 249.9
Weighted Average Remaining Maturity in Years	10 years 5 months 4 days	10 years 4 months 28 days

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments

The Company and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of March 31, 2022 (Dollars in millions):


	Unfunded Commitments
Global Private Equity	$	3,379.8

Global Credit	478.8
Global Investment Solutions	238.9
Total	$	4,097.5

Lease cost, cash flows and other supplemental information related to operating leases

The following table summarizes the Company’s lease cost, cash flows and other supplemental information related to its operating leases (Dollars in millions):


	Three Months Ended March 31,
		2022			2021
Operating lease cost		$	14.0		$	14.0
Sublease income		(1.5)			(0.7)
Total operating lease cost		$	12.5		$	13.3

Cash paid for amounts included in the measurement of operating lease liabilities		$	16.0		$	11.3

Weighted-average remaining lease term		11.8 years			12.3 years
Weighted-average discount rate		4.1		%	4.2		%

Maturities of operating lease liabilities

Maturities of lease liabilities related to operating leases were as follows (Dollars in millions):


Year ending December 31,
2022 (excluding the three months ended March 31, 2022)	$	48.7
2023	62.3
2024	57.8
2025	55.2
2026	53.7
Thereafter	380.2
Total lease payments	$	657.9

Less imputed interest	(133.3)
Total lease liabilities	$	524.6

Related Party Transactions - Due to Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Due to non-consolidated affiliates	$ 67.6	$ 60.5
Deferred consideration for Carlyle Holdings units	132.7	200.5
Amounts owed under the tax receivable agreement	101.9	101.9
Other	30.7	25.2
Total	$ 332.9	$ 388.1

Subsequent Events (Details)	Apr. 28, 2022 $ / shares
Subsequent event
Subsequent Event [Line Items]
Distribution payable (in dollars per share)	$ 0.325

Summary of Significant Accounting Policies - Investments in Unconsolidated Variable Interest Entities (Details) - Unconsolidated VIEs - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Investments	$ 1,115.0	$ 901.9
Accrued performance revenues	373.7	368.7
Management fee receivables	27.1	27.2
Total	$ 1,515.8	$ 1,297.8

Accrued Compensation and Benefits - Components (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2018
Business Acquisition [Line Items]
Accrued performance allocations and incentive fee related compensation	$ 4,269.1	$ 4,087.8
Accrued bonuses	125.9	521.4
Employment-based contingent cash consideration	20.5	6.3
Accrued pension liability	30.4	27.4
Other	96.7	312.1
Total	4,542.6	4,955.0
Realized performance allocations and incentive fee-related compensation not yet paid	$ 6.2	$ 207.0
Carlyle Aviation Partners/Apollo Aviation Group
Business Acquisition [Line Items]
Contingent consideration, estimated maximum range			$ 150.0

Supplemental Financial Information - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Income Statements, Captions [Line Items]
Investment income	$ 1,029.8	$ 1,965.2
Interest and other income	25.8	20.4
Interest and other income of Consolidated Funds	61.7	61.1
Total revenues	1,581.8	2,437.2
Compensation and benefits
Cash-based compensation and benefits	254.3	228.5
Equity-based compensation	39.7	32.4
Performance allocations and incentive fee related compensation	370.7	866.6
Total compensation and benefits	664.7	1,127.5
General, administrative and other expenses	106.3	91.7
Interest	27.8	23.0
Interest and other expenses of Consolidated Funds	42.8	42.4
Other non-operating expenses	0.3	0.6
Total expenses	841.9	1,285.2
Other income
Net investment income of Consolidated Funds	2.8	12.3
Income before provision for income taxes	742.7	1,164.3
Provision for income taxes	147.9	273.4
Net income	569.7	891.0
Net income attributable to non-controlling interests in consolidated entities	23.2	21.6
Net income (loss) attributable to The Carlyle Group Inc.	571.6	869.3
Consolidated Entities and Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Investment income	0.0	0.0
Interest and other income	0.0	0.0
Interest and other income of Consolidated Funds	61.7	61.1
Total revenues	61.7	61.1
Compensation and benefits
Cash-based compensation and benefits	0.0	0.0
Equity-based compensation	0.0	0.0
Performance allocations and incentive fee related compensation	0.0	0.0
Total compensation and benefits	0.0	0.0
General, administrative and other expenses	0.0	0.0
Interest	0.0	0.0
Interest and other expenses of Consolidated Funds	52.9	56.5
Other non-operating expenses	0.0	0.0
Total expenses	52.9	56.5
Other income
Net investment income of Consolidated Funds	2.8	12.3
Income before provision for income taxes	11.6	16.9
Provision for income taxes	0.0	0.0
Net income	11.6	16.9
Net income attributable to non-controlling interests in consolidated entities	0.0	0.0
Net income (loss) attributable to The Carlyle Group Inc.	11.6	16.9
Eliminations
Condensed Income Statements, Captions [Line Items]
Investment income	17.3	(19.3)
Interest and other income	(7.5)	(6.0)
Interest and other income of Consolidated Funds	0.0	0.0
Total revenues	3.4	(31.1)
Compensation and benefits
Cash-based compensation and benefits	0.0	0.0
Equity-based compensation	0.0	0.0
Performance allocations and incentive fee related compensation	0.0	0.0
Total compensation and benefits	0.0	0.0
General, administrative and other expenses	0.0	0.0
Interest	0.0	0.0
Interest and other expenses of Consolidated Funds	(10.1)	(14.1)
Other non-operating expenses	0.0	0.0
Total expenses	(10.1)	(14.1)
Other income
Net investment income of Consolidated Funds	0.0	0.0
Income before provision for income taxes	13.5	(17.0)
Provision for income taxes	0.0	0.0
Net income	13.5	(17.0)
Net income attributable to non-controlling interests in consolidated entities	25.1	(0.1)
Net income (loss) attributable to The Carlyle Group Inc.	(11.6)	(16.9)
Fund management fees
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	450.5	381.0
Fund management fees \| Consolidated Entities and Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	0.0	0.0
Fund management fees \| Eliminations
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	(6.4)	(5.8)
Incentive fees
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	14.0	9.5
Incentive fees \| Consolidated Entities and Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	0.0	0.0
Incentive fees \| Eliminations
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	0.0	0.0
Performance allocations
Condensed Income Statements, Captions [Line Items]
Investment income	710.2	1,786.1
Performance allocations \| Consolidated Entities and Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Investment income	0.0	0.0
Performance allocations \| Eliminations
Condensed Income Statements, Captions [Line Items]
Investment income	0.0	0.0
Principal investment income
Condensed Income Statements, Captions [Line Items]
Investment income	319.6	179.1
Principal investment income \| Consolidated Entities and Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Investment income	0.0	0.0
Principal investment income \| Eliminations
Condensed Income Statements, Captions [Line Items]
Investment income	$ 17.3	$ (19.3)

Acquisitions - Schedule of Acquisition-date Fair Value of Consideration Transferred and Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - Management Contracts $ in Millions	Mar. 21, 2022 USD ($)
Acquisition-date fair value of consideration transferred
Cash	$ 618.4
Shares of common stock (see Note 15)	194.5
Total consideration transferred	812.9
Allocation of cost to assets acquired and liabilities assumed
Acquired CLO senior and subordinated notes	175.9
Assumed CLO borrowings outstanding (see Note 8)	(157.3)
Total cost of assets acquired, net of liabilities assumed	812.9
Contractual Rights
Allocation of cost to assets acquired and liabilities assumed
Acquired contractual rights	$ 794.3

Borrowings

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Borrowings

8. Borrowings

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


	March 31, 2022				December 31, 2021
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
	(Dollars in millions)


CLO Borrowings (See below)	$	405.1	$	402.2	$	222.6	$	219.0

5.625% Senior Notes Due 3/30/2043	600.0		600.6		600.0		600.6
5.650% Senior Notes Due 9/15/2048	350.0		346.2		350.0		346.1
3.500% Senior Notes Due 9/19/2029	425.0		421.7		425.0		421.6
4.625% Subordinated Notes Due 5/15/2061	500.0		484.3		500.0		484.3
Total debt obligations	$	2,280.1	$	2,255.0	$	2,097.6	$	2,071.6

Senior Credit Facility

As of March 31, 2022, the senior credit facility included $775.0 million in a revolving credit facility. The revolving credit facility is scheduled to mature on February 11, 2024, and principal amounts outstanding under the revolving credit facility accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.50%, or (b) at LIBOR plus an applicable margin not to exceed 1.50% (at March 31, 2022, the interest rate was 1.58%). The Company made no borrowings under the senior credit facility during the three months ended March 31, 2022 and there were no amounts outstanding at March 31, 2022.

Global Credit Revolving Credit Facility

On December 17, 2018, certain subsidiaries of the Company established a revolving line of credit, primarily intended to support certain lending activities within the Global Credit segment. The credit facility, which was amended in December 2020 and September 2021, is scheduled to mature in September 2024, and has capacity of $250.0 million. Principal amounts outstanding under the facility accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 1.00%, or (b) at the Eurocurrency rate plus an applicable margin, not to exceed 2.00%. The Company made no borrowings under the credit facility during the three months ended March 31, 2022, and there was no balance outstanding as of March 31, 2022.

CLO Borrowings

For certain of the Company’s CLOs, the Company finances a portion of its investment in the CLOs through the proceeds received from term loans and other financing arrangements with financial institutions. The Company’s outstanding CLO borrowings consist of the following (Dollars in millions):


Formation Date	Borrowing Outstanding March 31, 2022		Borrowing Outstanding December 31, 2021		Maturity Date (1)	Interest Rate as of March 31, 2022
February 28, 2017	$	40.0	$	51.3	November 17, 2031	2.33%	(2)
June 29, 2017	54.8		—		July 20, 2030	1.88%	(4),(7)
December 6, 2017	43.8		—		January 15, 2031	1.61%	(5),(7)
March 15, 2019	1.8		1.9		March 15, 2032	8.11%	(3)
August 20, 2019	4.0		4.1		August 15, 2032	4.74%	(3)
September 15, 2020	19.7		20.3		April 15, 2033	1.59%	(3)
January 8, 2021	20.7		21.3		January 15, 2034	2.49%	(3)
March 9, 2021	19.8		20.3		August 15, 2030	1.37%	(3)
March 30, 2021	18.6		19.1		March 15, 2032	1.71%	(3)
April 21, 2021	3.6		3.7		April 15, 2033	5.85%	(3)
April 28, 2021	7.8		—		April 28, 2023	0.80%	(6),(7)
May 21, 2021	15.5		15.9		November 17, 2031	1.36%	(3)
June 4, 2021	20.7		21.3		January 16, 2034	2.28%	(3)
June 10, 2021	1.3		1.4		November 17, 2031	2.85%	(3)
July 15, 2021	15.5		—		July 15, 2034	2.30%	(3),(7)
July 20, 2021	20.7		—		July 20, 2031	2.28%	(3),(7)
August 4, 2021	16.7		17.2		August 15, 2032	1.98%	(3)
October 27, 2021	24.2		24.8		October 15, 2035	2.40%	(3)
November 5, 2021	14.3		—		January 14, 2034	2.09%	(3),(7)
January 6, 2022	20.8		—		February 15, 2035	2.38%	(3)
February 22, 2022	20.8		—		November 10, 2035	2.45%	(3)

	$	405.1	$	222.6

(1) Maturity date is earlier of date indicated or the date that the CLO is dissolved.

(2) Outstanding borrowing of €36.1 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.

(3) Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50% spread percentage.

(4) Incurs interest at LIBOR plus 1.63%.

(5) Incurs interest at LIBOR plus 1.37%.

(6) Incurs interest at EURIBOR plus 0.80%.

The CLO term loans are secured by the Company’s investments in the respective CLO, have a general unsecured interest in the Carlyle entity that manages the CLO, and generally do not have recourse to any other Carlyle entity. Interest expense for the three months ended March 31, 2022 and 2021 was $1.7 million and $1.9 million, respectively. The fair value of the outstanding balance of the CLO term loans at March 31, 2022 approximated par value based on current market rates for similar debt instruments. These CLO term loans are classified as Level III within the fair value hierarchy.

European CLO Financing - February 28, 2017

On February 28, 2017, a subsidiary of the Company entered into a financing agreement with several financial institutions under which these financial institutions have provided a €36.1 million term loan ($40.0 million at March 31, 2022) to the Company. This term loan is secured by the Company’s investments in the retained notes in certain European CLOs that were formed in 2014 and 2015. This term loan will mature on the earlier of November 17, 2031 or the date that the certain European

CLO retained notes have been redeemed. The Company may prepay the term loan in whole or in part at any time. Interest on this term loan accrues at EURIBOR plus applicable margins (2.33% at March 31, 2022).

Master Credit Agreements - Term Loans

In January 2017, the Company entered into a master credit agreement with a financial institution under which the financial institution provided term loans to the Company for the purchase of eligible interests in CLOs. Term loans issued under this master credit agreement were secured by the Company’s investment in the respective CLO as well as any senior management fee and subordinated management fee payable by each CLO. Term loans bore interest at LIBOR plus a weighted average spread over LIBOR on the CLO notes and an applicable margin, which was due quarterly. CLO indentures for the respective CLO borrowings entered on November 30, 2017 and after provided for an alternative rate framework determined at the Company’s discretion upon a trigger event of LIBOR. This agreement terminated in January 2020. All outstanding CLO term loans under this agreement were fully repaid in 2021.

The Company assumed liabilities under master credit agreements previously entered into by CBAM under which a financial institution provided term loans to CBAM for the purchase of eligible interests in CLOs (see Note 4). Term loans issued under these master credit agreements are secured by the Company’s investment in the respective CLO as well as any senior management fee and subordinated management fee payable by each CLO. Term loans bear interest at LIBOR plus a weighted average spread over LIBOR on the CLO notes and an applicable margin, which is due quarterly. As of March 31, 2022, term loans under these agreements had $98.6 million outstanding. The master credit agreements mature in July 2030 and January 2031, respectively.

CLO Repurchase Agreements

On February 5, 2019, the Company entered into a master credit facility agreement (the “Carlyle CLO Financing Facility”) to finance a portion of the risk retention investments in certain European CLOs managed by the Company. The maximum facility amount is €100.0 million, but may be expanded on such terms agreed upon by the Company and the counterparty subject to the terms and conditions of the Carlyle CLO Financing Facility. Each transaction entered into under the Carlyle CLO Financing Facility will bear interest at a rate based on the weighted average effective interest rate of each class of securities that have been sold plus a spread to be agreed upon by the parties. As of March 31, 2022, €188.0 million ($208.3 million) was outstanding under the Carlyle CLO Financing Facility.

The Company assumed liabilities under a master credit facility agreement previously entered into by CBAM (the “CBAM CLO Financing Facility”, together with the Carlyle CLO Financing Facility, the “CLO Financing Facilities”) to finance a portion of the risk retention investments in certain European CLOs managed by CBAM (see Note 4). The maximum facility amount is €100.0 million, but may be expanded on such terms agreed upon by the Company and the counterparty subject to the terms and conditions of the CBAM CLO Financing Facility. Each transaction entered into under the CBAM CLO Financing Facility will bear interest at a rate based on the weighted average effective interest rate of each class of securities that have been sold plus a spread to be agreed upon by the parties. As of March 31, 2022, €45.6 million ($50.5 million) was outstanding under the CBAM CLO Financing Facility.

Each transaction entered into under the CLO Financing Facilities provides for payment netting and, in the case of a default or similar event with respect to the counterparty to the CLO Financing Facilities, provides for netting across transactions. Generally, upon a counterparty default, the Company can terminate all transactions under the CLO Financing Facilities and offset amounts it owes in respect of any one transaction against collateral, if any, or other amounts it has received in respect of any other transactions under the CLO Financing Facilities; provided, however, that in the case of certain defaults, the Company may only be able to terminate and offset solely with respect to the transaction affected by the default. During the term of a transaction entered into under the CLO Financing Facilities, the Company will deliver cash or additional securities acceptable to the counterparty if the securities sold are in default. Upon termination of a transaction, the Company will repurchase the previously sold securities from the counterparty at a previously determined repurchase price. The CLO Financing Facilities may be terminated at any time upon certain defaults or circumstances agreed upon by the parties.

The repurchase agreements may result in credit exposure in the event the counterparty to the transaction is unable to fulfill its contractual obligations. The Company minimizes the credit risk associated with these activities by monitoring counterparty credit exposure and collateral values. Other than margin requirements, the Company is not subject to additional terms or contingencies which would expose the Company to additional obligations based upon the performance of the securities pledged as collateral.

Senior Notes


								Interest Expense
			Fair Value (1) As of				Three Months Ended March 31,
	Aggregate Principal Amount		March 31, 2022		December 31, 2021			2022		2021
3.875% Senior Notes Due 2/1/2023 (2)	$	—	$	—	$	—		$	—	$	2.5
5.625% Senior Notes Due 3/30/2043 (3)	600.0		671.2		795.5			8.4		8.4
5.650% Senior Notes Due 9/15/2048 (4)	350.0		408.7		484.7			5.0		5.0
3.500% Senior Notes Due 9/19/2029 (5)	425.0		418.7		457.4			3.8		3.8
								$	17.2	$	19.7

(1) Including accrued interest. Fair value is based on indicative quotes and the notes are classified as Level II within the fair value hierarchy.

(2) Issued in January 2013 at 99.966% of par. In November 2021, the Company completed the redemption of these notes, as discussed below.

(4) Issued in September 2018 at 99.914% of par.

(5) Issued in September 2019 at 99.841% of par.

The issuers may redeem the senior notes, in whole at any time or in part from time to time, at a price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semiannual basis at the Treasury Rate plus 40 basis points (30 basis points in the case of the 3.875% and 3.500% senior notes), plus in each case accrued and unpaid interest on the principal amounts being redeemed. In November 2021, the Company redeemed the remaining aggregate principal amount of $250.0 million in 3.875% Senior Notes at the make-whole redemption price as set forth in the notes, and recognized $10.1 million of costs in interest expense upon early extinguishment of debt.

Subordinated Notes

In May 2021, an indirect subsidiary of the Company issued $435.0 million aggregate principal amount of 4.625% Subordinated Notes due May 15, 2061 (the “Subordinated Notes”), on which interest is payable quarterly accruing from May 11, 2021. In June 2021, an additional $65.0 million aggregate principal amount of these Subordinated Notes were issued and are treated as a single series with the already outstanding $435.0 million aggregate principal amount. The Subordinated Notes are unsecured and subordinated obligations of the issuer, and are fully and unconditionally guaranteed (the “Guarantees”), jointly and severally, on a subordinated basis, by the Company, each of the Carlyle Holdings partnerships, and CG Subsidiary Holdings L.L.C., an indirect subsidiary of the Company (collectively, the “Guarantors”). The Consolidated Funds are not guarantors, and as such, the assets of the Consolidated Funds are not available to service the Subordinated Notes under the Guarantee. The Subordinated Notes may be redeemed at the issuer’s option in whole at any time or in part from time to time on or after June 15, 2026 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 no longer to be deductible in the U.S., a “Tax Redemption Event”, the Subordinated Notes may be redeemed, in whole, but not in part, within 120 days of the occurrence of such event at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Subordinated Notes may be redeemed, in whole, but not in part, at any time prior to May 15, 2026, within 90 days of the rating agencies determining that the Subordinated Notes should no longer receive partial equity treatment pursuant to the rating agency’s criteria, a “rating agency event”, at a redemption price equal to 102% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of redemption.

As of March 31, 2022 and December 31, 2021, the fair value of the Subordinated Notes was $435.6 million and $506.0 million, respectively. Fair value is based on active market quotes and the notes are classified as Level I within the fair value hierarchy. For the three months ended March 31, 2022, the Company incurred $5.9 million of interest expense on the Subordinated Notes.

Debt Covenants

The Company is subject to various financial covenants under its loan agreements including, among other items, maintenance of a minimum amount of management fee-earning assets. The Company is also subject to various non-financial covenants under its loan agreements and the indentures governing its senior and subordinated notes. The Company was in compliance with all financial and non-financial covenants under its various loan agreements as of March 31, 2022.

Loans Payable of Consolidated Funds

Loans payable of Consolidated Funds primarily represent amounts due to holders of debt securities issued by the CLOs. Several of the CLOs issued preferred shares representing the most subordinated interest, however these tranches are mandatorily redeemable upon the maturity dates of the senior secured loans payable, and as a result have been classified as liabilities and are included in loans payable of Consolidated Funds in the unaudited condensed consolidated balance sheets.

As of March 31, 2022 and December 31, 2021, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):


	As of March 31, 2022
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	5,519.6	$	5,470.1	1.72	%		10.23
Subordinated notes, preferred shares and other	205.5		211.9		N/A		(1)	10.43

Total	$	5,725.1	$	5,682.0


	As of December 31, 2021
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	5,585.4	$	5,561.1	1.68	%		10.25
Subordinated notes, preferred shares and other	317.6		249.9		N/A		(1)	10.41

Total	$	5,903.0	$	5,811.0

(1)The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs.

Loans payable of the CLOs are collateralized by the assets held by the CLOs and the assets of one CLO may not be used to satisfy the liabilities of another. This collateral consisted of cash and cash equivalents, corporate loans, corporate bonds and other securities. As of March 31, 2022 and December 31, 2021, the fair value of the CLO assets was $6.5 billion and $6.7 billion, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Segment Reporting - Additional Information (Detail) - segment	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting [Abstract]
Number of reportable segments	3	3

Investments - Schedule of Net Investment Earnings (Loss) (Details) - NGP Management - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Management fee-related revenues from NGP Management	$ 17.0	$ 18.3
Expenses related to the investment in NGP Management	(2.8)	(2.9)
Amortization of basis differences from the investment in NGP Management	(0.3)	(0.7)
Net investment income	$ 13.9	$ 14.7

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 1,290.2	$ 2,469.5
Cash and cash equivalents held at Consolidated Funds	168.9	147.8
Restricted cash	0.6	5.6
Investments, including accrued performance allocations of $8,504.8 million and $8,133.0 million as of March 31, 2022 and December 31, 2021, respectively	11,923.0	10,832.0
Investments of Consolidated Funds	6,412.6	6,661.0
Due from affiliates and other receivables, net	364.8	379.6
Due from affiliates and other receivables of Consolidated Funds, net	141.5	138.8
Fixed assets, net	145.2	143.9
Lease right-of-use assets, net	350.8	361.1
Deposits and other	101.3	61.7
Intangible assets, net	820.1	34.9
Deferred tax assets	17.4	14.5
Total assets	21,736.4	21,250.4
Liabilities and equity
Debt obligations	2,255.0	2,071.6
Loans payable of Consolidated Funds	5,715.8	5,890.0
Accounts payable, accrued expenses and other liabilities	365.4	379.7
Accrued compensation and benefits	4,542.6	4,955.0
Due to affiliates	332.9	388.1
Deferred revenue	373.7	120.8
Deferred tax liabilities	595.6	487.1
Other liabilities of Consolidated Funds	636.1	683.9
Lease liabilities	524.6	537.8
Accrued giveback obligations	40.4	30.2
Total liabilities	15,382.1	15,544.2
Commitments and contingencies
Common stock, $0.01 par value, 100,000,000,000 shares authorized (361,664,727 and 355,367,876 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)	3.6	3.6
Additional paid-in-capital	2,982.4	2,717.6
Retained earnings	3,207.0	2,805.3
Accumulated other comprehensive loss	(283.0)	(247.5)
Non-controlling interests in consolidated entities	2.9	12.7
Total equity	6,354.3	5,706.2
Total liabilities and equity	$ 21,736.4	$ 21,250.4

Segment Reporting

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

17. Segment Reporting

Carlyle conducts its operations through three reportable segments:

Global Private Equity – The Global Private Equity segment is comprised of the Company’s operations that advise a diverse group of funds that invest in buyout, middle market and growth capital, real estate, infrastructure and natural resources transactions.

Global Credit – The Global Credit segment advises a group of funds that pursue investment opportunities across various types of credit, including loans and structured credit, direct lending, opportunistic credit, energy credit, distressed credit, aircraft financing and servicing, and capital solutions.

Global Investment Solutions – The Global Investment Solutions segment advises global private equity fund of funds programs and related co-investment and secondary activities through AlpInvest. This segment also included Metropolitan Real Estate (“MRE”), a global manager of real estate fund of funds and related co-investment and secondary activities, prior to its sale on April 1, 2021.

The Company’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs are generally allocated based on cash-based compensation and benefits expense for each segment. The Company’s earnings from its investment in NGP are presented in the respective operating captions within the Global Private Equity segment.

Distributable Earnings. Distributable Earnings, or “DE,” is a key performance benchmark used in the Company’s industry and is evaluated regularly by management in making resource deployment and compensation decisions and in assessing performance of the Company’s three reportable segments. Management also uses DE in budgeting, forecasting, and the overall management of the Company’s segments. Management believes that reporting DE is helpful to understanding the Company’s business and that investors should review the same supplemental financial measure that management uses to analyze the Company’s segment performance. DE is intended to show the amount of net realized earnings without the effects of the consolidation of the Consolidated Funds. DE is derived from the Company’s segment reported results and is used to assess performance.

Distributable Earnings differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it includes certain tax expenses associated with certain foreign performance revenues (comprised of performance allocations and incentive fees), and does not include unrealized performance allocations and related compensation expense, unrealized principal investment income, equity-based compensation expense, net income (loss) attributable to non-Carlyle interests in consolidated entities, or charges (credits) related to Carlyle corporate actions and non-recurring items. Charges (credits) related to Carlyle corporate actions and non-recurring items include: charges (credits) associated with acquisitions, dispositions, or strategic investments, changes in the tax receivable agreement liability, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions and dispositions, charges associated with earnouts and contingent consideration including gains and losses associated with the estimated fair value of contingent considerations issued in conjunction with acquisitions or strategic investments, impairment charges associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract terminations and employee severance. Management believes the inclusion or exclusion of these items provides investors with a meaningful indication of the Company’s core operating performance.

Fee Related Earnings. Fee Related Earnings, or “FRE,” is used to assess the ability of the business to cover direct base compensation and operating expenses from total fee revenues. FRE differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of DE and also adjusts DE to exclude net realized performance revenues, realized principal investment income, net interest (interest income less interest expense), and certain general, administrative and other expenses when the timing of any future payment is uncertain. In 2022, the Company began to disclose fee related performance revenues as a separate line item in its segment results. Fee related performance revenues are the realized portion of performance revenues that are measured and received on a recurring basis, are not dependent on the disposition of investments, and which are not at risk of giveback. Previously, these amounts were included

as a component of fund management fees. During the three months ended March 31, 2022, the Company’s Core plus real estate fund, CPI, began to realize recurring fee related performance revenues. Realized net performance revenues for CPI were immaterial in prior periods.

The following tables present the financial data for the Company’s three reportable segments for the three months ended March 31, 2022:


	Three Months Ended March 31, 2022
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	304.2	$	93.7	$	56.3	$	454.2
Portfolio advisory and transaction fees, net and other	6.1		10.1		—		16.2
Fee related performance revenues	30.6		13.9		—		44.5
Total fund level fee revenues	340.9		117.7		56.3		514.9
Realized performance revenues	199.9		13.7		22.7		236.3
Realized principal investment income	14.2		10.3		1.8		26.3
Interest income	0.4		1.5		0.1		2.0
Total revenues	555.4		143.2		80.9		779.5
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	153.0		67.2		25.6		245.8
Realized performance revenues related compensation	90.7		6.7		20.9		118.3
Total compensation and benefits	243.7		73.9		46.5		364.1
General, administrative, and other indirect expenses	45.5		23.5		7.3		76.3
Depreciation and amortization expense	6.3		2.0		1.2		9.5
Interest expense	15.8		8.2		2.8		26.8
Total expenses	311.3		107.6		57.8		476.7
Distributable Earnings	$	244.1	$	35.6	$	23.1	$	302.8
(-) Realized Net Performance Revenues	109.2		7.0		1.8		118.0
(-) Realized Principal Investment Income	14.2		10.3		1.8		26.3
(+) Net Interest	15.4		6.7		2.7		24.8
(=) Fee Related Earnings	136.1		25.0		22.2		183.3
Segment assets as of March 31, 2022	$	9,948.6	$	3,352.2	$	1,860.0	$	15,160.8

The following tables present the financial data for the Company’s three reportable segments for the three months ended March 31, 2021:


	Three Months Ended March 31, 2021
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	260.2	$	70.6	$	52.0	$	382.8
Portfolio advisory and transaction fees, net and other	10.6		8.8		0.3		19.7
Fee related performance revenues	—		9.4		—		9.4
Total fund level fee revenues	270.8		88.8		52.3		411.9
Realized performance revenues	134.1		0.1		34.2		168.4
Realized principal investment income	23.7		5.9		0.4		30.0
Interest income	0.2		2.0		—		2.2
Total revenues	428.8		96.8		86.9		612.5
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	129.1		53.7		29.4		212.2
Realized performance revenues related compensation	60.2		—		32.2		92.4
Total compensation and benefits	189.3		53.7		61.6		304.6
General, administrative, and other indirect expenses	41.4		11.8		8.4		61.6
Depreciation and amortization expense	6.1		1.9		1.1		9.1
Interest expense	13.8		6.3		2.2		22.3
Total expenses	250.6		73.7		73.3		397.6
Distributable Earnings	$	178.2	$	23.1	$	13.6	$	214.9
(-) Realized Net Performance Revenues	73.9		0.1		2.0		76.0
(-) Realized Principal Investment Income	23.7		5.9		0.4		30.0
(+) Net Interest	13.6		4.3		2.2		20.1
(=) Fee Related Earnings	$	94.2	$	21.4	$	13.4	$	129.0

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the three months ended March 31, 2022 and 2021, and Total Assets as of March 31, 2022.


	Three Months Ended March 31, 2022
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	779.5	$	61.7	$	740.6	(a)	$	1,581.8
Expenses	$	476.7	$	52.9	$	312.3	(b)	$	841.9
Other income (loss)	$	—	$	2.8	$	—	(c)	$	2.8
Distributable earnings	$	302.8	$	11.6	$	428.3	(d)	$	742.7
Total assets	$	15,160.8	$	6,723.9	$	(148.3)	(e)	$	21,736.4


	Three Months Ended March 31, 2021
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	612.5	$	61.1	$	1,763.6	(a)	$	2,437.2
Expenses	$	397.6	$	56.5	$	831.1	(b)	$	1,285.2
Other income (loss)	$	—	$	12.3	$	—	(c)	$	12.3
Distributable earnings	$	214.9	$	16.9	$	932.5	(d)	$	1,164.3

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Unrealized performance and fee related performance revenues		$	698.8	$	1,621.8
Unrealized principal investment income		23.7		131.3

Adjustments related to expenses associated with investments in NGP Management and its affiliates		(3.1)		(3.6)
Tax expense associated with certain foreign performance revenues		(0.1)		(0.1)
Non-controlling interests and other adjustments to present certain costs on a net basis		17.9		45.3
Elimination of revenues of Consolidated Funds		3.4		(31.1)
		$	740.6	$	1,763.6

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP measure, the Company’s consolidated fund management fees, for the three months ended March 31, 2022 and 2021.


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Total Reportable Segments - Fund level fee revenues		$	514.9	$	411.9
Adjustments (1)		(64.4)		(30.9)
Carlyle Consolidated - Fund management fees		$	450.5	$	381.0

(1) Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of fee related performance revenues from business development companies and other products, management fees earned from consolidated CLOs which were eliminated in consolidation to arrive at the Company’s fund management fees, and the reclassification of certain amounts included in portfolio advisory fees, net and other in the segment results that are included in interest and other income in the U.S. GAAP results.

(b)The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Company, the inclusion of equity-based compensation, certain tax expenses associated with realized performance revenues related compensation, and unrealized performance revenues related compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, changes in the tax receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring items, as detailed below:


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense		$	232.2	$	775.3
Equity-based compensation		40.7		34.9
Acquisition or disposition-related charges (credits) and amortization of intangibles and impairment		29.1		19.0

Tax expense associated with certain foreign performance revenues related compensation		(0.7)		(5.9)
Non-controlling interests and other adjustments to present certain costs on a net basis		16.5		19.9


Other adjustments including severance		4.6		2.0
Elimination of expenses of Consolidated Funds		(10.1)		(14.1)
		$	312.3	$	831.1

(c)The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at the Company’s total Other Income (Loss).

(d)The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings and to Fee Related Earnings:


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Income (loss) before provision for income taxes		$	742.7	$	1,164.3
Adjustments:
Net unrealized performance and fee related performance revenues		(466.6)		(846.4)
Unrealized principal investment income (loss)		(23.7)		(131.3)

Equity-based compensation (1)		40.7		34.9
Acquisition or disposition-related charges (credits), including amortization of intangibles and impairment		29.1		19.0

Tax expense associated with certain foreign performance revenues		(0.8)		(6.0)
Net income attributable to non-controlling interests in consolidated entities		(23.2)		(21.6)


Other adjustments including severance		4.6		2.0
Distributable Earnings		$	302.8	$	214.9
Realized performance revenues, net of related compensation (2)		118.0		76.0
Realized principal investment income (2)		26.3		30.0
Net interest		24.8		20.1
Fee Related Earnings		$	183.3	$	129.0

(1)Equity-based compensation for the three months ended March 31, 2022 and 2021 includes amounts that are presented in principal investment income and general, administrative and other expenses in the Company’s U.S. GAAP statement of operations.

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











	Three Months Ended March 31, 2022
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	710.2	$	(473.9)	$	236.3
Performance revenues related compensation expense	370.7		(252.4)		118.3
Net performance revenues	$	339.5	$	(221.5)	$	118.0

Principal investment income (loss)	$	319.6	$	(293.3)	$	26.3











	Three Months Ended March 31, 2021
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	1,786.1	$	(1,617.7)	$	168.4
Performance revenues related compensation expense	866.6		(774.2)		92.4
Net performance revenues	$	919.5	$	(843.5)	$	76.0

Principal investment income (loss)	$	179.1	$	(149.1)	$	30.0

(3) Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations net of related compensation expense and unrealized principal investment income, which are excluded from the segment results, (ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results, (iv) the reclassification of NGP performance revenues, which are included in principal

investment income in U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which are included in fund level fee revenues in the segment results, and (vi) the reclassification of tax expenses associated with certain foreign performance revenues. Adjustments to principal investment income (loss) also include the reclassification of earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, and the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results.

(e) The Total Assets adjustment represents the addition of the assets of the Consolidated Funds that were eliminated in consolidation to arrive at the Company’s total assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Combinations and Asset Acquisitions (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of acquisition-date fair value of consideration transferred and estimated fair values of assets acquired and liabilities assumed

The acquisition-date fair value of the consideration transferred and the allocation of cost to the assets acquired and liabilities assumed at the acquisition date are as follows (Dollars in millions):


Acquisition-date fair value of consideration transferred
Cash	$	618.4
Shares of common stock (see Note 15)	194.5
Total consideration transferred	$	812.9
Allocation of cost to assets acquired and liabilities assumed
Acquired contractual rights	$	794.3
Acquired CLO senior and subordinated notes	175.9
Assumed CLO borrowings outstanding (see Note 8)	(157.3)
Total cost of assets acquired, net of liabilities assumed	$	812.9

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accrued performance allocations	$ 8,504.8	$ 8,133.0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	100,000,000,000	100,000,000,000
Common stock, issued (in shares)	361,664,727	355,367,876
Common stock, outstanding (in shares)	361,664,727	355,367,876

Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense, excluding impairment losses	$ 4.9	$ 3.3
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite lived intangible assets	4 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite lived intangible assets	7 years

Earnings Per Common Share - Weighted-Average Common Units Outstanding, Basic and Diluted (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic (in shares)	0	0
Weighted-average common shares outstanding, diluted (in shares)	1,740,094	1,851,700

Investments - Interest and Other Income of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments [Abstract]
Interest income from investments	$ 56.5	$ 56.9
Other income	5.2	4.2
Total	$ 61.7	$ 61.1

Investments - Components of Investment Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Investment Income [Line Items]
Investment income (loss)	$ 1,029.8	$ 1,965.2
Performance allocations - realized
Net Investment Income [Line Items]
Investment income (loss)	266.9	170.9
Performance allocations - unrealized
Net Investment Income [Line Items]
Investment income (loss)	443.3	1,615.2
Performance allocations
Net Investment Income [Line Items]
Investment income (loss)	710.2	1,786.1
Principal investment income (loss) from equity method investments (excluding performance allocations) - realized
Net Investment Income [Line Items]
Investment income (loss)	32.8	41.2
Principal investment income (loss) from equity method investments (excluding performance allocations) - unrealized
Net Investment Income [Line Items]
Investment income (loss)	295.3	123.6
Principal investment income (loss) from equity method investments (excluding performance allocations)
Net Investment Income [Line Items]
Investment income (loss)	328.1	164.8
Principal investment income (loss) from investments in CLOs and other investments - realized
Net Investment Income [Line Items]
Investment income (loss)	2.3	(0.9)
Principal investment income (loss) from investments in CLOs and other investments - unrealized
Net Investment Income [Line Items]
Investment income (loss)	(10.8)	15.2
Principal investment income (loss) from investments in CLOs and other investments
Net Investment Income [Line Items]
Investment income (loss)	$ (8.5)	$ 14.3

Non-controlling Interests in Consolidated Entities - Non-Controlling Interests in Consolidated Entities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ 2.9	$ 12.7

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References

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+ Details

Fair Value Measurement - Level III Financial Liabilities Measured at Fair Value (Details) - Level III - Loans Payable of Consolidated Funds - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 5,811.0	$ 5,563.0
Borrowings	1,108.4	105.4
Paydowns	(415.4)	(144.4)
Sales	(669.5)	0.0
Realized and unrealized (gains) losses, net
Included in earnings	(46.2)	77.0
Included in other comprehensive income	(106.2)	(160.3)
Balance, end of period	5,682.1	5,440.7
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(49.8)	77.0
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$ (102.6)	$ (158.3)

Investments - Investment Components of Accrued Performance Fees (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2022
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 8,133.0	$ 8,504.8
Maximum lag period for which the partnership investments in funds are valued	90 days	90 days
Global Private Equity
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 6,412.8	$ 6,833.5
Global Credit
Segment Reporting Information [Line Items]
Accrued performance allocations	300.3	276.6
Global Investment Solutions
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 1,419.9	$ 1,394.7

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Investment income	$ 1,029,800,000	$ 1,965,200,000
Interest and other income	25,800,000	20,400,000
Interest and other income of Consolidated Funds	61,700,000	61,100,000
Total revenues	1,581,800,000	2,437,200,000
Compensation and benefits
Cash-based compensation and benefits	254,300,000	228,500,000
Equity-based compensation	39,700,000	32,400,000
Performance allocations and incentive fee related compensation	370,700,000	866,600,000
Total compensation and benefits	664,700,000	1,127,500,000
General, administrative and other expenses	106,300,000	91,700,000
Interest	27,800,000	23,000,000.0
Interest and other expenses of Consolidated Funds	42,800,000	42,400,000
Other non-operating expenses	300,000	600,000
Total expenses	841,900,000	1,285,200,000
Other income
Net investment income of Consolidated Funds	2,800,000	12,300,000
Income before provision for income taxes	742,700,000	1,164,300,000
Provision for income taxes	147,900,000	273,400,000
Net income	569,700,000	891,000,000.0
Net income attributable to non-controlling interests in consolidated entities	23,200,000	21,600,000
Net income attributable to common shares	$ 571,600,000	$ 869,300,000
Net income attributable to The Carlyle Group Inc. per common share
Basic (in dollars per share)	$ 1.60	$ 2.45
Diluted (in dollars per share)	$ 1.57	$ 2.41
Weighted-average common shares
Basic (in shares)	0	0
Diluted (in shares)	1,740,094	1,851,700
Fund management fees
Revenues
Fund management fees and incentive fees	$ 450,500,000	$ 381,000,000.0
Incentive fees
Revenues
Fund management fees and incentive fees	14,000,000.0	9,500,000
Performance allocations
Revenues
Investment income	710,200,000	1,786,100,000
Principal investment income
Revenues
Investment income	$ 319,600,000	$ 179,100,000

Investments - Strategic Investment in Fortitude Re (Details) $ in Millions			1 Months Ended
	Jun. 02, 2020	Nov. 13, 2018 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) drawdown	May 31, 2020 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment				$ 2,652.5		$ 2,128.6
Number of drawdowns \| drawdown				2
Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage acquired	25.00%	19.90%
Ownership percentage	96.50%
Payments to acquire equity method investments		$ 381.0
Deferred consideration, maximum		$ 95.0
Purchase price adjustment, maximum					$ 99.5
Purchase price adjustment, payable upon inability to make distribution					$ 79.6
Fortitude Group Holdings, LLC \| Fortitude Re \| Maximum
Schedule of Equity Method Investments [Line Items]
Committed capital				$ 7,600.0
Fortitude Group Holdings, LLC \| Carlyle FRL
Schedule of Equity Method Investments [Line Items]
Ownership interest transferred	19.90%
Fortitude Group Holdings, LLC \| Forecast
Schedule of Equity Method Investments [Line Items]
Purchase price adjustment, payable upon inability to make distribution			$ 19.9
Fortitude Re
Schedule of Equity Method Investments [Line Items]
Ownership percentage		100.00%
Carlyle FRL
Schedule of Equity Method Investments [Line Items]
Investment, cost				465.4
Investment				724.8
Equity capital raised				2,000.0
Carrying value of equity method investment and corresponding loss				$ 277.0
Carlyle FRL \| Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage				19.90%
Carlyle FRL \| Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage				10.50%

Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

14. Earnings Per Common Share

Basic and diluted net income (loss) per common share are calculated as follows:


	Three Months Ended March 31, 2022
		Basic		Diluted



Net income attributable to common shares		$	571,600,000	$	571,600,000
Weighted-average common shares outstanding		357,574,838		363,010,282
Net income per common share		$	1.60	$	1.57


	Three Months Ended March 31, 2021
		Basic		Diluted



Net loss attributable to common shares		$	869,300,000	$	869,300,000
Weighted-average common shares outstanding		354,230,092		360,504,780
Net income (loss) per common share		$	2.45	$	2.41

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


	Three Months Ended March 31, 2022
		Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding		357,574,838	357,574,838
Unvested restricted stock units		—	3,695,350
Issuable common shares and performance-vesting restricted stock units		—	1,740,094



Weighted-average common shares outstanding		357,574,838	363,010,282


	Three Months Ended March 31, 2021
		Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding		354,230,092	354,230,092
Unvested restricted stock units		—	4,422,988
Issuable common shares and performance-vesting restricted stock units		—	1,851,700


Weighted-average common shares outstanding		354,230,092	360,504,780

The Company applies the treasury stock method to determine the dilutive weighted-average common shares represented by the unvested restricted stock units. Also included in the determination of dilutive weighted-average common shares are issuable common shares associated with the Company’s acquisitions, strategic investment in NGP, performance-vesting restricted stock units and issuable common shares associated with a program under which the Company may distribute realized performance allocation related compensation in fully vested, newly issued shares (see Note 15 to the condensed consolidated financial statements).

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Oct. 31, 2021
Accounting Policies [Abstract]
Accrued performance allocations and incentive fee related compensation	$ 4,087.8	$ 4,269.1
Realized performance allocation related compensation percentage (percent)				20.00%
Securities transferred to counterparties under repurchase agreements		258.7
Foreign currency transaction gain (loss)		$ 6.4	$ (6.1)
Maximum lag period for which the partnership investments in funds are valued	90 days	90 days

Investments - Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments [Abstract]
Realized gains	$ 2.7	$ 4.7
Net change in unrealized gains (losses)	(46.1)	84.6
Total	$ (43.4)	$ 89.3

Supplemental Financial Information - Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 569.7	$ 891.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	19.4	13.4
Equity-based compensation	39.7	32.4
Non-cash performance allocations and incentive fees	(300.8)	(865.4)
Non-cash principal investment income	(295.4)	(186.5)
Other non-cash amounts	5.3	8.5
Purchases of investments	(294.1)	(71.6)
Proceeds from the sale of investments	169.5	164.3
Payments of contingent consideration	(5.7)	(49.9)
Changes in deferred taxes, net	110.9	260.3
Change in due from affiliates and other receivables	(8.8)	(5.4)
Change in deposits and other	(39.8)	(1.4)
Change in accounts payable, accrued expenses and other liabilities	(14.3)	(69.1)
Change in accrued compensation and benefits	(580.1)	(328.0)
Change in due to affiliates	(0.2)	(0.4)
Change in lease right-of-use assets and lease liabilities	(2.5)	2.6
Change in deferred revenue	254.5	255.8
Net cash provided by (used in) operating activities	(372.7)	50.6
Cash flows from investing activities
Purchases of fixed assets, net	(12.3)	(9.7)
Purchase of CBAM intangibles and investments, net	(618.4)	0.0
Net cash used in investing activities	(630.7)	(9.7)
Cash flows from financing activities
Payments on CLO borrowings	(8.9)	(66.6)
Proceeds from CLO borrowings, net of financing costs	40.8	43.4
Dividends to common stockholders	(89.5)	(88.7)
Payment of deferred consideration for Carlyle Holdings units	(68.8)	(68.8)
Contributions from non-controlling interest holders	5.8	3.7
Distributions to non-controlling interest holders	(27.1)	(15.3)
Common shares issued for performance allocations	31.3	0.0
Common shares repurchased	(80.4)	(10.0)
Change in due to/from affiliates financing activities	33.1	71.1
Net cash used in financing activities	(163.7)	(131.2)
Effect of foreign exchange rate changes	(17.2)	(12.3)
Decrease in cash, cash equivalents and restricted cash	(1,184.3)	(102.6)
Cash, cash equivalents and restricted cash, beginning of period	2,475.1	989.6
Cash, cash equivalents and restricted cash, end of period	1,290.8	887.0
Supplemental non-cash disclosures
Issuance of common shares related to the acquisition of CBAM intangibles and investments	194.5	0.0
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	1,290.2	880.4	$ 2,469.5
Restricted cash	0.6	6.6	5.6
Total cash, cash equivalents and restricted cash, end of period	1,290.8	887.0	2,475.1
Cash and cash equivalents held at Consolidated Funds	$ 168.9	$ 174.6	$ 147.8

Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Supplemental financial position


	As of March 31, 2022
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,290.2	$	—	$	—	$	1,290.2
Cash and cash equivalents held at Consolidated Funds	—		168.9		—		168.9
Restricted cash	0.6		—		—		0.6



Investments, including performance allocations of $8,504.8 million	12,065.9		—		(142.9)		11,923.0
Investments of Consolidated Funds	—		6,412.6		—		6,412.6
Due from affiliates and other receivables, net	370.2		—		(5.4)		364.8
Due from affiliates and other receivables of Consolidated Funds, net	—		141.5		—		141.5

Fixed assets, net	145.2		—		—		145.2
Lease right-of-use assets, net	350.8		—		—		350.8
Deposits and other	100.4		0.9		—		101.3

Intangible assets, net	820.1		—		—		820.1
Deferred tax assets	17.4		—		—		17.4
Total assets	$	15,160.8	$	6,723.9	$	(148.3)	$	21,736.4
Liabilities and equity
Debt obligations	$	2,255.0	$	—	$	—	$	2,255.0
Loans payable of Consolidated Funds	—		5,715.8		—		5,715.8

Accounts payable, accrued expenses and other liabilities	365.4		—		—		365.4
Accrued compensation and benefits	4,542.6		—		—		4,542.6
Due to affiliates	332.9		—		—		332.9
Deferred revenue	373.7		—		—		373.7
Deferred tax liabilities	595.6		—		—		595.6
Other liabilities of Consolidated Funds	—		636.1		—		636.1

Lease liabilities	524.6		—		—		524.6
Accrued giveback obligations	40.4		—		—		40.4

Total liabilities	9,030.2		6,351.9		—		15,382.1

Common stock	3.6		—		—		3.6
Additional paid-in capital	2,982.4		154.7		(154.7)		2,982.4
Retained earnings	3,207.0		—		—		3,207.0
Accumulated other comprehensive loss	(280.8)		(8.6)		6.4		(283.0)

Non-controlling interests in consolidated entities	218.4		225.9		—		444.3

Total equity	6,130.6		372.0		(148.3)		6,354.3
Total liabilities and equity	$	15,160.8	$	6,723.9	$	(148.3)	$	21,736.4


	As of December 31, 2021
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	2,469.5	$	—	$	—	$	2,469.5
Cash and cash equivalents held at Consolidated Funds	—		147.8		—		147.8
Restricted cash	5.6		—		—		5.6



Investments, including performance allocations of $8,133.0 million	11,022.5		—		(190.5)		10,832.0
Investments of Consolidated Funds	—		6,661.0		—		6,661.0
Due from affiliates and other receivables, net	384.9		—		(5.3)		379.6
Due from affiliates and other receivables of Consolidated Funds, net	—		138.8		—		138.8

Fixed assets, net	143.9		—		—		143.9
Lease right-of-use assets, net	361.1		—		—		361.1
Deposits and other	61.3		0.4		—		61.7

Intangible assets, net	34.9		—		—		34.9
Deferred tax assets	14.5		—		—		14.5
Total assets	$	14,498.2	$	6,948.0	$	(195.8)	$	21,250.4
Liabilities and equity
Debt obligations	$	2,071.6	$	—	$	—	$	2,071.6
Loans payable of Consolidated Funds	—		5,890.0		—		5,890.0

Accounts payable, accrued expenses and other liabilities	379.7		—		—		379.7
Accrued compensation and benefits	4,955.0		—		—		4,955.0
Due to affiliates	388.1		—		—		388.1
Deferred revenue	120.8		—		—		120.8
Deferred tax liabilities	487.1		—		—		487.1
Other liabilities of Consolidated Funds	—		684.0		(0.1)		683.9

Lease liabilities	537.8		—		—		537.8
Accrued giveback obligations	30.2		—		—		30.2
Total liabilities	8,970.3		6,574.0		(0.1)		15,544.2

Common stock	3.6		—		—		3.6
Additional paid-in capital	2,717.6		198.6		(198.6)		2,717.6
Retained earnings	2,805.3		—		—		2,805.3
Accumulated other comprehensive income (loss)	(245.7)		(4.7)		2.9		(247.5)

Non-controlling interests in consolidated entities	247.1		180.1		—		427.2

Total equity	5,527.9		374.0		(195.7)		5,706.2
Total liabilities and equity	$	14,498.2	$	6,948.0	$	(195.8)	$	21,250.4

Supplemental results of operations


	Three Months Ended March 31, 2022
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	456.9	$	—	$	(6.4)	$	450.5
Incentive fees	14.0		—		—		14.0



Investment income
Performance allocations	710.2		—		—		710.2


Principal investment income	302.3		—		17.3		319.6


Total investment income	1,012.5		—		17.3		1,029.8
Interest and other income	33.3		—		(7.5)		25.8
Interest and other income of Consolidated Funds	—		61.7		—		61.7

Total revenues	1,516.7		61.7		3.4		1,581.8
Expenses
Compensation and benefits
Cash-based compensation and benefits	254.3		—		—		254.3
Equity-based compensation	39.7		—		—		39.7
Performance allocations and incentive fee related compensation	370.7		—		—		370.7


Total compensation and benefits	664.7		—		—		664.7
General, administrative and other expenses	106.3		—		—		106.3
Interest	27.8		—		—		27.8
Interest and other expenses of Consolidated Funds	—		52.9		(10.1)		42.8

Other non-operating income	0.3		—		—		0.3
Total expenses	799.1		52.9		(10.1)		841.9
Other income
Net investment gain of Consolidated Funds	—		2.8		—		2.8
Income before provision for income taxes	717.6		11.6		13.5		742.7
Provision for income taxes	147.9		—		—		147.9
Net income	569.7		11.6		13.5		594.8
Net income attributable to non-controlling interests in consolidated entities	(1.9)		—		25.1		23.2


Net income attributable to The Carlyle Group Inc.	$	571.6	$	11.6	$	(11.6)	$	571.6


	Three Months Ended March 31, 2021
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	386.8	$	—	$	(5.8)	$	381.0
Incentive fees	9.5		—		—		9.5



Investment income (loss)
Performance allocations	1,786.1		—		—		1,786.1


Principal investment income	198.4		—		(19.3)		179.1


Total investment income	1,984.5		—		(19.3)		1,965.2
Interest and other income	26.4		—		(6.0)		20.4
Interest and other income of Consolidated Funds	—		61.1		—		61.1

Total revenues	2,407.2		61.1		(31.1)		2,437.2
Expenses
Compensation and benefits
Cash-based compensation and benefits	228.5		—		—		228.5
Equity-based compensation	32.4		—		—		32.4
Performance allocations and incentive fee related compensation	866.6		—		—		866.6


Total compensation and benefits	1,127.5		—		—		1,127.5
General, administrative and other expenses	91.7		—		—		91.7
Interest	23.0		—		—		23.0
Interest and other expenses of Consolidated Funds	—		56.5		(14.1)		42.4

Other non-operating expenses	0.6		—		—		0.6
Total expenses	1,242.8		56.5		(14.1)		1,285.2
Other loss
Net investment gain of Consolidated Funds	—		12.3		—		12.3
Income before provision for income taxes	1,164.4		16.9		(17.0)		1,164.3
Provision for income taxes	273.4		—		—		273.4
Net income	891.0		16.9		(17.0)		890.9
Net income attributable to non-controlling interests in consolidated entities	21.7		—		(0.1)		21.6
Net income attributable to The Carlyle Group Inc.	869.3		16.9		(16.9)		869.3

Supplemental statement of cash flows


	Three Months Ended March 31,
	2022		2021
	(Dollars in millions)
Cash flows from operating activities
Net income	$	569.7	$	891.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	19.4		13.4

Equity-based compensation	39.7		32.4

Non-cash performance allocations and incentive fees	(300.8)		(865.4)
Non-cash principal investment income	(295.4)		(186.5)
Other non-cash amounts	5.3		8.5
Purchases of investments	(294.1)		(71.6)
Proceeds from the sale of investments	169.5		164.3
Payments of contingent consideration	(5.7)		(49.9)


Change in deferred taxes, net	110.9		260.3
Change in due from affiliates and other receivables	(8.8)		(5.4)

Change in deposits and other	(39.8)		(1.4)

Change in accounts payable, accrued expenses and other liabilities	(14.3)		(69.1)
Change in accrued compensation and benefits	(580.1)		(328.0)
Change in due to affiliates	(0.2)		(0.4)

Change in lease right-of-use asset and lease liability	(2.5)		2.6
Change in deferred revenue	254.5		255.8
Net cash provided by (used in) operating activities	(372.7)		50.6
Cash flows from investing activities

Purchases of fixed assets, net	(12.3)		(9.7)
Purchase of CBAM intangibles and investments, net	(618.4)		—


Net cash used in investing activities	(630.7)		(9.7)
Cash flows from financing activities









Payments on CLO borrowings	(8.9)		(66.6)
Proceeds from CLO borrowings, net of financing costs	40.8		43.4



Dividends to common stockholders	(89.5)		(88.7)


Payment of deferred consideration for Carlyle Holdings units	(68.8)		(68.8)
Contributions from non-controlling interest holders	5.8		3.7
Distributions to non-controlling interest holders	(27.1)		(15.3)
Common shares issued for performance allocations	31.3		—
Common shares repurchased	(80.4)		(10.0)
Change in due to/from affiliates financing activities	33.1		71.1
Net cash used in financing activities	(163.7)		(131.2)
Effect of foreign exchange rate changes	(17.2)		(12.3)
Decrease in cash, cash equivalents and restricted cash	(1,184.3)		(102.6)
Cash, cash equivalents and restricted cash, beginning of period	2,475.1		989.6
Cash, cash equivalents and restricted cash, end of period	$	1,290.8	$	887.0

Supplemental non-cash disclosures
Issuance of common shares related to the acquisition of CBAM intangibles and investments	$	194.5	$	—

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$	1,290.2	$	880.4
Restricted cash	0.6		6.6
Total cash, cash equivalents and restricted cash, end of period	$	1,290.8	$	887.0

Cash and cash equivalents held at Consolidated Funds	$	168.9	$	174.6

Segment Reporting - Reconciliation of Fund Level Fee Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total Reportable Segments
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	$ 514.9	$ 411.9
Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Adjustments	(64.4)	(30.9)
Fund management fees
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	450.5	381.0
Fund management fees \| Total Reportable Segments
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	454.2	382.8
Fund management fees \| Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	$ (6.4)	$ (5.8)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Supplemental Financial Information - Financial Position (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 1,290.2	$ 2,469.5	$ 880.4
Cash and cash equivalents held at Consolidated Funds	168.9	147.8	174.6
Restricted cash	0.6	5.6	6.6
Investments, including accrued performance allocations of $8,504.8 million and $8,133.0 million as of March 31, 2022 and December 31, 2021, respectively	11,923.0	10,832.0
Investments of Consolidated Funds	6,412.6	6,661.0
Due from affiliates and other receivables, net	364.8	379.6
Due from affiliates and other receivables of Consolidated Funds, net	141.5	138.8
Fixed assets, net	145.2	143.9
Lease right-of-use assets, net	350.8	361.1
Deposits and other	101.3	61.7
Intangible assets, net	820.1	34.9
Deferred tax assets	17.4	14.5
Total assets	21,736.4	21,250.4
Liabilities and equity
Debt obligations	2,255.0	2,071.6
Loans payable of Consolidated Funds	5,715.8	5,890.0
Accounts payable, accrued expenses and other liabilities	365.4	379.7
Accrued compensation and benefits	4,542.6	4,955.0
Due to affiliates	332.9	388.1
Deferred revenue	373.7	120.8
Deferred tax liabilities	595.6	487.1
Other liabilities of Consolidated Funds	636.1	683.9
Lease liabilities	524.6	537.8
Accrued giveback obligations	40.4	30.2
Total liabilities	15,382.1	15,544.2
Common stock	3.6	3.6
Additional paid-in-capital	2,982.4	2,717.6
Retained earnings	3,207.0	2,805.3
Accumulated other comprehensive income (loss)	(283.0)	(247.5)
Non-controlling interests in consolidated entities	2.9	12.7
Total equity	6,354.3	5,706.2	$ 3,712.2	$ 2,930.2
Total liabilities and equity	21,736.4	21,250.4
Accrued performance allocations	8,504.8	8,133.0
Consolidated Entities and Consolidated Funds
Assets
Cash and cash equivalents	0.0	0.0
Cash and cash equivalents held at Consolidated Funds	168.9	147.8
Restricted cash	0.0	0.0
Investments, including accrued performance allocations of $8,504.8 million and $8,133.0 million as of March 31, 2022 and December 31, 2021, respectively	0.0	0.0
Investments of Consolidated Funds	6,412.6	6,661.0
Due from affiliates and other receivables, net	0.0	0.0
Due from affiliates and other receivables of Consolidated Funds, net	141.5	138.8
Fixed assets, net	0.0	0.0
Lease right-of-use assets, net	0.0	0.0
Deposits and other	0.9	0.4
Intangible assets, net	0.0	0.0
Deferred tax assets	0.0	0.0
Total assets	6,723.9	6,948.0
Liabilities and equity
Debt obligations	0.0	0.0
Loans payable of Consolidated Funds	5,715.8	5,890.0
Accounts payable, accrued expenses and other liabilities	0.0	0.0
Accrued compensation and benefits	0.0	0.0
Due to affiliates	0.0	0.0
Deferred revenue	0.0	0.0
Deferred tax liabilities	0.0	0.0
Other liabilities of Consolidated Funds	636.1	684.0
Lease liabilities	0.0	0.0
Accrued giveback obligations	0.0	0.0
Total liabilities	6,351.9	6,574.0
Common stock	0.0	0.0
Additional paid-in-capital	154.7	198.6
Retained earnings	0.0	0.0
Accumulated other comprehensive income (loss)	(8.6)	(4.7)
Non-controlling interests in consolidated entities	225.9	180.1
Total equity	372.0	374.0
Total liabilities and equity	6,723.9	6,948.0
Eliminations
Assets
Cash and cash equivalents	0.0	0.0
Cash and cash equivalents held at Consolidated Funds	0.0	0.0
Restricted cash	0.0	0.0
Investments, including accrued performance allocations of $8,504.8 million and $8,133.0 million as of March 31, 2022 and December 31, 2021, respectively	(142.9)	(190.5)
Investments of Consolidated Funds	0.0	0.0
Due from affiliates and other receivables, net	(5.4)	(5.3)
Due from affiliates and other receivables of Consolidated Funds, net	0.0	0.0
Fixed assets, net	0.0	0.0
Lease right-of-use assets, net	0.0	0.0
Deposits and other	0.0	0.0
Intangible assets, net	0.0	0.0
Deferred tax assets	0.0	0.0
Total assets	(148.3)	(195.8)
Liabilities and equity
Debt obligations	0.0	0.0
Loans payable of Consolidated Funds	0.0	0.0
Accounts payable, accrued expenses and other liabilities	0.0	0.0
Accrued compensation and benefits	0.0	0.0
Due to affiliates	0.0	0.0
Deferred revenue	0.0	0.0
Deferred tax liabilities	0.0	0.0
Other liabilities of Consolidated Funds	0.0	(0.1)
Lease liabilities	0.0	0.0
Accrued giveback obligations	0.0	0.0
Total liabilities	0.0	(0.1)
Common stock	0.0	0.0
Additional paid-in-capital	(154.7)	(198.6)
Retained earnings	0.0	0.0
Accumulated other comprehensive income (loss)	6.4	2.9
Non-controlling interests in consolidated entities	0.0	0.0
Total equity	(148.3)	(195.7)
Total liabilities and equity	$ (148.3)	$ (195.8)

Acquisitions

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

4. Acquisitions

Acquisition of CLO Management Contracts from CBAM Partners LLC

On March 21, 2022, the Company acquired the management contracts related to a portfolio of assets primarily comprised of U.S. and European CLOs as well as other assets across private credit from CBAM Partners LLC (“CBAM”). The purchase price of $812.9 million consisted of a combination of $618.4 million in cash, including approximately $3.4 million of acquisition costs incurred by the Company in connection with the transaction, and approximately 4.2 million newly issued, fully vested common shares ($194.5 million based on the value of the shares at closing).

In connection with the acquisition of the CLO management contracts, the Company acquired CLO senior and subordinated notes of $175.9 million. A portion of these CLO investments is financed through term loans and other financing arrangements with financial institutions, which 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 (see Note 8).

This transaction was accounted for as an asset acquisition and the acquired contractual rights of $794.3 million are finite-lived intangible assets. The finite-lived intangible assets are amortized using straight-line method over a period of primarily seven years.


Acquisition-date fair value of consideration transferred
Cash	$	618.4
Shares of common stock (see Note 15)	194.5
Total consideration transferred	$	812.9
Allocation of cost to assets acquired and liabilities assumed
Acquired contractual rights	$	794.3
Acquired CLO senior and subordinated notes	175.9
Assumed CLO borrowings outstanding (see Note 8)	(157.3)
Total cost of assets acquired, net of liabilities assumed	$	812.9

Fair Value Measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2022
Assets
Subtotal	$ 7,003.8	$ 7,112.3
Investments measured at net asset value	7,165.5
Liabilities
Loans payable of Consolidated Funds	5,811.0	5,682.1
Foreign currency forward contracts	0.7	1.3
Total	$ 5,811.7	$ 5,683.4
Maximum lag period for which the partnership investments in funds are valued	90 days	90 days
Revolving Credit Facility
Liabilities
Total	$ 79.0	$ 33.7
Equity securities
Assets
Investments	17.9
Bonds
Assets
Investments	599.5
Loans
Assets
Investments	5,898.1
Investments of Consolidated Funds
Assets
Investments	6,515.5
Investments in CLOs
Assets
Investments	361.1
Other investments
Assets
Investments	125.8
Foreign currency forward contracts
Assets
Foreign currency forward contracts	1.4
Level I
Assets
Subtotal	1.5	1.5
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Total	0.0	0.0
Level I \| Equity securities
Assets
Investments	0.0	0.0
Level I \| Bonds
Assets
Investments	0.0	0.0
Level I \| Loans
Assets
Investments	0.0	0.0
Level I \| Investments of Consolidated Funds
Assets
Investments	0.0	0.0
Level I \| Investments in CLOs
Assets
Investments	0.0	0.0
Level I \| Other investments
Assets
Investments	1.5	1.5
Level I \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	0.0	0.0
Level II
Assets
Subtotal	47.0	47.0
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Foreign currency forward contracts	0.7	1.3
Total	0.7	1.3
Level II \| Equity securities
Assets
Investments	0.0	0.0
Level II \| Bonds
Assets
Investments	0.0	0.0
Level II \| Loans
Assets
Investments	0.0	0.0
Level II \| Investments of Consolidated Funds
Assets
Investments	0.0	0.0
Level II \| Investments in CLOs
Assets
Investments	0.0	0.0
Level II \| Other investments
Assets
Investments	45.6	44.9
Level II \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	1.4	2.1
Level III
Assets
Subtotal	6,955.3	6,825.4
Liabilities
Loans payable of Consolidated Funds	5,811.0	5,682.1
Foreign currency forward contracts	0.0	0.0
Total	5,811.0	5,682.1
Level III \| Equity securities
Assets
Investments	17.9	11.3
Investments measured at net asset value		54.9
Level III \| Bonds
Assets
Investments	599.5	565.2
Level III \| Loans
Assets
Investments	5,898.1	5,612.5
Level III \| Investments of Consolidated Funds
Assets
Investments	6,515.5	6,189.0
Subtotal	6,515.5	6,189.0
Level III \| Investments in CLOs
Assets
Investments	361.1	560.4
Level III \| Other investments
Assets
Investments	78.7	76.0
Level III \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	0.0	0.0
Fair Value Measured at NAV
Assets
Investments measured at net asset value	161.7	238.4
Fair Value Measured at NAV \| Consolidated VIEs
Assets
Investments measured at net asset value	145.5	223.6
Fair Value, Inputs, Level 1, 2 and 3
Assets
Subtotal		6,873.9
Fair Value, Inputs, Level 1, 2 and 3 \| Equity securities
Assets
Investments		11.3
Fair Value, Inputs, Level 1, 2 and 3 \| Bonds
Assets
Investments		565.2
Fair Value, Inputs, Level 1, 2 and 3 \| Loans
Assets
Investments		5,612.5
Fair Value, Inputs, Level 1, 2 and 3 \| Investments of Consolidated Funds
Assets
Investments		6,189.0
Fair Value, Inputs, Level 1, 2 and 3 \| Investments in CLOs
Assets
Investments		560.4
Investments measured at net asset value	$ 54.9
Fair Value, Inputs, Level 1, 2 and 3 \| Other investments
Assets
Investments		122.4
Fair Value, Inputs, Level 1, 2 and 3 \| Foreign currency forward contracts
Assets
Foreign currency forward contracts		$ 2.1

Equity-Based Compensation - Summary of Status of Non-Vested Equity-Based Awards (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Restricted Stock Units
Unvested Units
Beginning balance (in shares) \| shares	14,775,651
Granted (in shares) \| shares	2,821,101
Vested (in shares) \| shares	3,212,182
Forfeited (in shares) \| shares	30,638
Ending balance (in shares) \| shares	14,353,932
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 30.70
Granted (in dollars per share) \| $ / shares	44.42
Vested (in dollars per share) \| $ / shares	29.76
Forfeited (in dollars per share) \| $ / shares	28.57
Ending balance (in dollars per share) \| $ / shares	$ 33.61
Unvested Common Shares
Unvested Units
Beginning balance (in shares) \| shares	635,430
Granted (in shares) \| shares	188,223
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	823,653
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 29.27
Granted (in dollars per share) \| $ / shares	49.06
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 33.79

Segment Reporting - Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Investment income	$ 1,029.8	$ 1,965.2
Performance revenues related compensation expense	370.7	866.6
Net performance revenues	339.5	919.5
Adjustments
Segment Reporting Information [Line Items]
Performance revenues related compensation expense	(252.4)	(774.2)
Net performance revenues	(221.5)	(843.5)
Total Reportable Segments
Segment Reporting Information [Line Items]
Performance revenues related compensation expense	118.3	92.4
Net performance revenues	118.0	76.0
Performance allocations
Segment Reporting Information [Line Items]
Investment income	710.2	1,786.1
Performance allocations \| Adjustments
Segment Reporting Information [Line Items]
Investment income	(473.9)	(1,617.7)
Performance allocations \| Total Reportable Segments
Segment Reporting Information [Line Items]
Investment income	236.3	168.4
Principal investment income
Segment Reporting Information [Line Items]
Investment income	319.6	179.1
Principal investment income \| Adjustments
Segment Reporting Information [Line Items]
Investment income	(293.3)	(149.1)
Principal investment income \| Total Reportable Segments
Segment Reporting Information [Line Items]
Investment income	$ 26.3	$ 30.0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 147.9	$ 273.4
Effective tax rate (percent)	20.00%	23.00%
Income taxes payable	$ 100.0		$ 93.3

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments and Contingencies - Lease Cost, Cash Flows and Other Supplemental Information - Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 14.0	$ 14.0
Sublease income	(1.5)	(0.7)
Total operating lease cost	12.5	13.3
Cash paid for amounts included in the measurement of operating lease liabilities	$ 16.0	$ 11.3
Weighted-average remaining lease term	11 years 9 months 18 days	12 years 3 months 18 days
Weighted-average discount rate	4.10%	4.20%

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Capital Commitments

The Company and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of March 31, 2022 (Dollars in millions):


	Unfunded Commitments
Global Private Equity	$	3,379.8

Global Credit	478.8
Global Investment Solutions	238.9
Total	$	4,097.5

Of the $4.1 billion of unfunded commitments, approximately $3.3 billion is subscribed individually by senior Carlyle professionals, advisors and other professionals, with the balance funded directly by the Company. In addition to these unfunded commitments, the Company may from time to time exercise its right to purchase additional interests in its investment funds that become available in the ordinary course of their operations.

Under the Carlyle Global Capital Markets platform, certain subsidiaries of the Company may act as an underwriter, syndicator or placement agent for security offerings and loan originations. The Company earns fees in connection with these activities and bears the risk of the sale of such securities and placement of such loans, which may be longer dated. As of March 31, 2022, the Company had no unfunded commitments related to the origination and syndication of loans and securities under the Carlyle Global Capital Markets platform.

Guaranteed Loans

From time to time, the Company or its subsidiaries may enter into agreements to guarantee certain obligations of the investment funds related to, for example, credit facilities or equity commitments. Certain consolidated subsidiaries of the Company are the guarantors of revolving credit facilities for certain funds in the Global Investment Solutions segment. The guarantee is limited to the lesser of the total amount drawn under the credit facilities or the net asset value of the guarantor subsidiaries, which was approximately $3.2 million as of March 31, 2022. The outstanding balances are secured by uncalled capital commitments from the underlying funds and the Company believes the likelihood of any material funding under this guarantee to be remote.

Contingent Obligations (Giveback)

A liability for potential repayment of previously received performance allocations of $40.4 million at March 31, 2022 is shown as accrued giveback obligations in the unaudited condensed consolidated balance sheets, representing the giveback obligation that would need to be paid if the funds were liquidated at their current fair values at March 31, 2022. However, the ultimate giveback obligation, if any, generally is not paid until the end of a fund’s life or earlier if the giveback becomes fixed and early payment is agreed upon by the fund’s partners (see Note 3). The Company had $9.9 million of unbilled receivables from former and current employees and senior Carlyle professionals as of March 31, 2022 related to giveback obligations. Any such receivables are collateralized by investments made by individual senior Carlyle professionals and employees in Carlyle-sponsored funds. In addition, $139.3 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of March 31, 2022. Such amounts are held on behalf of the respective current and former Carlyle employees to satisfy any givebacks they may owe and are held by entities not included in the accompanying condensed consolidated balance sheets. Current and former senior Carlyle professionals and employees are personally responsible for their giveback obligations. As of March 31, 2022, approximately $18.7 million of the Company’s accrued giveback obligation is the responsibility of various current and former senior Carlyle professionals and other former limited partners of the Carlyle Holdings partnerships, and the net accrued giveback obligation attributable to the Company is $21.7 million.

If, at March 31, 2022, all of the investments held by the Company’s Funds were deemed worthless, a possibility that management views as remote, the amount of realized and distributed carried interest subject to potential giveback would be $1.6 billion, on an after-tax basis where applicable, of which approximately $0.7 billion would be the responsibility of current and former senior Carlyle professionals.

Leases

The Company’s leases primarily consist of operating leases for office space in various countries around the world, including its headquarters in Washington, D.C. as well as its New York City office in Midtown New York. These leases have remaining lease terms of one year to 15 years, some of which include options to extend for up to five years and some of which include an option to terminate the leases within one year. The Company also has operating leases for office equipment and vehicles, which are not significant. The Company assesses its lease right-of-use assets for impairment consistent with its impairment assessment of other long-lived assets.

The following table summarizes the Company’s lease cost, cash flows and other supplemental information related to its operating leases (Dollars in millions):


	Three Months Ended March 31,
		2022			2021
Operating lease cost		$	14.0		$	14.0
Sublease income		(1.5)			(0.7)
Total operating lease cost		$	12.5		$	13.3

Cash paid for amounts included in the measurement of operating lease liabilities		$	16.0		$	11.3

Weighted-average remaining lease term		11.8 years			12.3 years
Weighted-average discount rate		4.1		%	4.2		%

Maturities of lease liabilities related to operating leases were as follows (Dollars in millions):


Year ending December 31,
2022 (excluding the three months ended March 31, 2022)	$	48.7
2023	62.3
2024	57.8
2025	55.2
2026	53.7
Thereafter	380.2
Total lease payments	$	657.9

Less imputed interest	(133.3)
Total lease liabilities	$	524.6

Legal Matters

In the ordinary course of business, the Company is a party to litigation, investigations, inquiries, employment-related matters, disputes and other potential claims. Certain of these matters are described below. The Company is not currently able to estimate the reasonably possible amount of loss or range of loss, in excess of any amounts accrued, for the matters that have not been resolved. The Company does not believe it is probable that the outcome of any existing litigation, investigations, disputes or other potential claims will materially affect the Company or these financial statements in excess of amounts accrued. The Company believes that the matters described below are without merit.

Along with many other companies and individuals in the financial sector, the Company and Carlyle Mezzanine Partners, L.P. (“CMP”) are named as defendants in Foy v. Austin Capital, a case filed in June 2009 in state court in New Mexico, which purports to be a qui tam suit on behalf of the State of New Mexico under the state Fraud Against Taxpayers Act (“FATA”). The Court dismissed the lawsuit in September 2017, and the Court of appeals affirmed the dismissal in 2020. The qui tam plaintiffs have died, and their attorney was disbarred in New Mexico. Various procedural motions continue in efforts to bring the case to a close.

The Company currently is and expects to continue to be, from time to time, subject to examinations, formal and informal inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to, the SEC, Department of Justice, state attorneys general, FINRA, National Futures Association and the U.K. Financial Conduct Authority. The Company routinely cooperates with such examinations, inquiries and investigations, and they may result in the commencement of civil, criminal, or administrative or other proceedings against the Company or its personnel.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings and employment-related matters, and some of the matters discussed above involve claims for potentially large and/or indeterminate amounts of damages. Based on information known by management, management does not believe that as of the date of this filing the final resolutions of the matters above will have a material effect upon the Company’s unaudited condensed consolidated financial statements. However, given the potentially large and/or indeterminate amounts of damages sought in certain of these matters and the inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s financial results in any particular period.

The Company accrues an estimated loss contingency liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. As of March 31, 2022, the Company had recorded liabilities aggregating to approximately $35 million for litigation-related contingencies, regulatory examinations and inquiries, and other matters. The Company evaluates its outstanding legal and regulatory proceedings and other matters each quarter to assess its loss contingency accruals, and makes adjustments in such accruals, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. There is no assurance that the Company’s accruals for loss contingencies will not need to be adjusted in the future or that, in light of the uncertainties involved in such matters, the ultimate resolution of these matters will not significantly exceed the accruals that the Company has recorded.

Indemnifications

In the normal course of business, the Company and its subsidiaries enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Company’s maximum exposure under these

arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company believes the risk of material loss to be remote.

In connection with the sale of the Company’s interest in its local Brazilian management entity in August 2021, the Company provided a guarantee to the acquiring company of up to BRL 100.0 million ($21.1 million as of March 31, 2022) for liabilities arising from tax-related indemnifications. This guarantee, which will expire in August 2027, would only come into effect after all alternative remedies have been exhausted. The Company believes the likelihood of any material funding under this guarantee to be remote.

Risks and Uncertainties

Carlyle’s funds seek investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the underlying investees conduct their operations, as well as general economic, political, regulatory and public health conditions, may have a significant negative impact on the Company’s investments and profitability. The funds managed by the Company may also experience a slowdown in the deployment of capital, which could adversely affect the Company’s ability to raise capital for new or successor funds and could also impact the management fees the Company earns on its carry funds and managed accounts. Such events are beyond the Company’s control, and the likelihood that they may occur and the effect on the Company cannot be predicted.

Furthermore, certain of the funds’ investments are made in private companies and there are generally no public markets for the underlying securities at the current time. The funds’ ability to liquidate their publicly-traded investments are often subject to limitations, including discounts that may be required to be taken on quoted prices due to the number of shares being sold. The funds’ ability to liquidate their investments and realize value is subject to significant limitations and uncertainties, including among others currency fluctuations and natural disasters.

The Company and the funds make investments outside of the United States. Investments outside the United States may be subject to less developed bankruptcy, corporate, partnership and other laws (which may have the effect of disregarding or otherwise circumventing the limited liability structures potentially causing the actions or liabilities of one fund or a portfolio company to adversely impact the Company or an unrelated fund or portfolio company). Non-U.S. investments are subject to the same risks associated with the Company’s U.S. investments as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing non-U.S. investments, potentially adverse tax consequences and the burden of complying with a wide variety of foreign laws.

Furthermore, Carlyle is exposed to economic risk concentrations related to certain large investments as well as concentrations of investments in certain industries and geographies.

Additionally, the Company encounters credit risk. Credit risk is the risk of default by a counterparty in the Company’s investments in debt securities, loans, leases and derivatives that result from a borrower’s, lessee’s or derivative counterparty’s inability or unwillingness to make required or expected payments.

The Company considers cash, cash equivalents, securities, receivables, principal equity method investments, accounts payable, accrued expenses, other liabilities, loans, senior notes, assets and liabilities of Consolidated Funds and contingent and other consideration for acquisitions to be its financial instruments. Except for the senior and subordinated notes, the carrying amounts reported in the unaudited condensed consolidated balance sheets for these financial instruments equal or closely approximate their fair values. The fair value of the senior and subordinated notes is disclosed in Note 8.

Investments - Income (Loss) from Principal Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Investments [Line Items]
Principal investment income from equity method investments	$ 328.1	$ 164.8
Global Private Equity
Schedule of Investments [Line Items]
Principal investment income from equity method investments	328.2	105.6
Global Credit
Schedule of Investments [Line Items]
Principal investment income from equity method investments	(2.7)	53.6
Global Investment Solutions
Schedule of Investments [Line Items]
Principal investment income from equity method investments	$ 2.6	$ 5.6

Earnings Per Common Share - Basic and Diluted Net Income Per Common Unit (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic
Net income attributable to common shares	$ 571,600,000	$ 869,300,000
Weighted-average common shares outstanding (in shares)	0	0
Net income (loss) per common share (in dollars per share)	$ 1.60	$ 2.45
Diluted
Net loss attributable to common shares	$ 571,600,000	$ 869,300,000
Weighted-average common shares outstanding (in shares)	1,740,094	1,851,700
Net loss per common share (in dollars per share)	$ 1.57	$ 2.41

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

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Borrowings - Debt Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	May 31, 2021
Debt Instrument [Line Items]
Borrowing Outstanding	$ 2,280.1	$ 2,097.6
Carrying Value	2,255.0	2,071.6
CLO Borrowings
Debt Instrument [Line Items]
Borrowing Outstanding	405.1	222.6
Carrying Value	$ 402.2	219.0
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Interest rate (percent)	5.625%
Borrowing Outstanding	$ 600.0	600.0
Carrying Value	$ 600.6	600.6
5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Interest rate (percent)	5.65%
Borrowing Outstanding	$ 350.0	350.0
Carrying Value	$ 346.2	346.1
3.500% Senior Notes Due 9/19/2029
Debt Instrument [Line Items]
Interest rate (percent)	3.50%
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Carrying Value	$ 421.7	421.6
4.625% Subordinated Notes Due 5/15/2061
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Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

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Summary of Significant Accounting Policies - Variable Interest Entities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Consolidated VIEs, assets	$ 21,736.4	$ 21,250.4
Consolidated VIEs, liabilities	15,382.1	15,544.2
Consolidated VIEs
Variable Interest Entity [Line Items]
Consolidated VIEs, assets	6,700.0	6,900.0
Consolidated VIEs, liabilities	6,400.0	$ 6,600.0
Consolidated VIEs \| Collateralized Loan Obligations
Variable Interest Entity [Line Items]
Investments in CLOs	$ 137.8

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Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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-Name Accounting Standards Codification
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+ Details

Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying amount of intangible assets

The following table summarizes the carrying amount of intangible assets as of March 31, 2022 and December 31, 2021:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Acquired contractual rights	$	838.3	$	48.0

Accumulated amortization	(31.3)		(26.4)
Finite-lived intangible assets, net	807.0		21.6
Goodwill	13.1		13.3
Intangible Assets, net	$	820.1	$	34.9

Schedule of estimated amortization expense

The following table summarizes the expected amortization expense for 2022 through 2026 and thereafter (Dollars in millions):


2022 (excluding the three months ended March 31, 2022)	$	89.5
2023	117.1
2024	117.1
2025	117.1
2026	117.0
Thereafter	249.2
	$	807.0

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events Dividends In April 2022, the Company’s Board of Directors declared a quarterly dividend of $0.325 per share of common stock to common stockholders of record at the close of business on May 10, 2022, payable on May 17, 2022.

Recent Transactions (Details) $ in Millions		1 Months Ended
Recent Transactions (Details) $ in Millions	Mar. 21, 2022 USD ($)	Apr. 28, 2022 USD ($)	Mar. 31, 2022 USD ($) drawdown
Asset Acquisition [Line Items]
Number of drawdowns \| drawdown			2
Abingworth \| Subsequent event
Asset Acquisition [Line Items]
Base purchase price		$ 187.5
Newly-issued shares		47.5
Contingent consideration, estimated maximum range		$ 130.0
Performance revenues percentage includes acquisition		15.00%
Management Contracts
Asset Acquisition [Line Items]
Purchase price	$ 812.9
Acquired CLO senior and subordinated notes	$ 175.9
iStar Triple Net Lease Portfolio
Asset Acquisition [Line Items]
Diversified portfolio of triple net leases value			$ 3,000.0
Investment fund’s acquisition of the debt			2,000.0
Investment fund’s acquisition of the equity			1,000.0
Investment fund, maximum contribution as minority interest			200.0
Carlyle FRL
Asset Acquisition [Line Items]
Equity capital raised			2,000.0
Payments to acquire equity method investments			$ 100.0
Carlyle FRL \| Maximum
Asset Acquisition [Line Items]
Ownership percentage			19.90%
Carlyle FRL \| Minimum
Asset Acquisition [Line Items]
Ownership percentage			10.50%

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Net Investment Income [Line Items]
Period of time for which management fees will be received by partners from the initial closing date	10 years
Subsequent period in which management fees are recognized after these fees are called	6 months
Percentage of management fees for CLOs on the total par amount of assets in the fund	1.00%
Management fee receivable	$ 78.4		$ 164.5
Transaction and advisory fees	$ 14.6	$ 18.0
Incentive Fees
Performance fees allocation percentage to partnership (percent)	20.00%
Accrued giveback obligations	$ 40.4		$ 30.2
Interest Income
Interest income from investments	$ 56.5	$ 56.9
Minimum
Net Investment Income [Line Items]
Percentage of management fees earned	1.00%
Extension period for fund closing	1 year
Percentage of management fees for CLOs on the total par amount of assets in the fund	0.40%
Period of management fees related to collateralized loan obligation	5 years
Percentage of management fees for business development companies	1.00%
Percentage of management fees from funds of funds during the commitment fee period	0.25%
Percentage of management fees from fund of funds following the expiration of the weighted-average investment period	0.25%
Incentive Fees
Percentage of allocation based performance fees related to fund of funds vehicles (percent)	2.00%
Percent of preferred returns (percent)	7.00%
Maximum
Net Investment Income [Line Items]
Percentage of management fees earned	2.00%
Extension period for fund closing	2 years
Percentage of management fees for CLOs on the total par amount of assets in the fund	0.50%
Period of management fees related to collateralized loan obligation	10 years
Percentage of management fees for business development companies	1.50%
Percentage of management fees from funds of funds during the commitment fee period	1.00%
Percentage of management fees from fund of funds following the expiration of the weighted-average investment period	1.00%
Incentive Fees
Percentage of allocation based performance fees related to fund of funds vehicles (percent)	12.50%
Percent of preferred returns (percent)	9.00%

Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (265.8)	$ (231.8)
Unrealized losses on defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	(17.2)	(15.7)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (283.0)	$ (247.5)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-Paragraph 3
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-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of assets and liabilities measured at fair value on recurring basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of March 31, 2022:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	11.3	$	11.3
Bonds	—		—		565.2		565.2
Loans	—		—		5,612.5		5,612.5



	—		—		6,189.0		6,189.0

Investments in CLOs	—		—		560.4		560.4
Other investments(1)	1.5		44.9		76.0		122.4






Foreign currency forward contracts	—		2.1		—		2.1

Subtotal	$	1.5	$	47.0	$	6,825.4	$	6,873.9
Investments measured at net asset value(2)							238.4
Total							$	7,112.3
Liabilities
Loans payable of Consolidated Funds(3)	$	—	$	—	$	5,682.1	$	5,682.1




Foreign currency forward contracts	—		1.3		—		1.3
Total(4)	$	—	$	1.3	$	5,682.1	$	5,683.4

(1)The Level III balance excludes a $54.9 million corporate investment in equity securities which the Company has elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to ASC 321, Investments – Equity Securities. As a non-recurring fair value measurement, the fair value of these equity securities is excluded from the tabular Level III rollforward disclosures.

(2)Balance represents Fund Investments that the Company reports based on the most recent available information which typically has a lag of up to 90 days, of which $223.6 million relates to investments of consolidated funds.

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

(4)Total liabilities balance excludes a $33.7 million revolving credit balance related to loans payable of consolidated funds.

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2021:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	17.9	$	17.9
Bonds	—		—		599.5		599.5
Loans	—		—		5,898.1		5,898.1



	—		—		6,515.5		6,515.5

Investments in CLOs	—		—		361.1		361.1
Other investments(1)	1.5		45.6		78.7		125.8






Foreign currency forward contracts	—		1.4		—		1.4
Subtotal	$	1.5	$	47.0	$	6,955.3	$	7,003.8
Investments measured at net asset value(2)							161.7
Total							$	7,165.5
Liabilities
Loans payable of Consolidated Funds(3)	$	—	$	—	$	5,811.0	$	5,811.0



Foreign currency forward contracts	—		0.7		—		0.7
Total(4)	$	—	$	0.7	$	5,811.0	$	5,811.7

(1)The Level III balance excludes a corporate investment in equity securities which the Company has elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to ASC 321, Investments – Equity Securities. In December 2021, the Company remeasured this investment to a fair value of $54.9 million due to an observable price change. As a non-recurring fair value measurement, the fair value of these equity securities is excluded from the tabular Level III rollforward disclosures.

(2)Balance represents Fund Investments that the Company reports based on the most recent available information which typically has a lag of up to 90 days, of which $145.5 million relates to investments of consolidated funds.

(4)Total liabilities balance excludes a $79.0 million revolving credit balance related to loans payable of consolidated funds.

Changes in Level III financial assets measured at fair value

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




















	Financial Assets
	Three Months Ended March 31, 2022
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans				Investments in CLOs			Other investments	Total
Balance, beginning of period	$	17.9	$	599.5	$	5,898.1	$	361.1		$	78.7		$	6,955.3



Purchases	0.1		182.5		766.0		227.6			0.9			1,177.1
Sales and distributions	(6.8)		(186.9)		(731.0)		(14.1)			(2.0)			(940.8)
Settlements	—		(0.3)		(162.8)		—			—			(163.1)
Realized and unrealized gains (losses), net
Included in earnings	0.4		(13.8)		(53.9)		(9.6)			(1.6)			(78.5)
Included in other comprehensive income	(0.3)		(15.8)		(103.9)		(4.6)			—			(124.6)
Balance, end of period	$	11.3	$	565.2	$	5,612.5	$	560.4		$	76.0		$	6,825.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.3	$	(14.5)	$	(59.4)	$	(9.6)		$	(1.6)		$	(84.8)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	(0.2)	$	(10.8)	$	(87.0)	$	(4.6)		$	—		$	(102.6)




















	Financial Assets
	Three Months Ended March 31, 2021
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans		Investments in CLOs		Other investments(1)		Total
Balance, beginning of period	$	9.4	$	550.4	$	5,497.1	$	489.4	$	81.4	$	6,627.7



Purchases	0.1		151.0		755.3		29.0		—		935.4
Sales and distributions	(0.6)		(155.4)		(676.2)		(54.8)		(15.2)		(902.2)
Settlements	—		(3.6)		(238.3)		—		—		(241.9)
Realized and unrealized gains (losses), net
Included in earnings	0.9		4.4		87.2		(4.0)		9.4		97.9
Included in other comprehensive income	(0.3)		(21.6)		(154.1)		3.3		—		(172.7)
Balance, end of period	$	9.5	$	525.2	$	5,271.0	$	462.9	$	75.6	$	6,344.2
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.7	$	3.2	$	79.1	$	(4.0)	$	9.1	$	88.1
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	(0.3)	$	(16.6)	$	(134.3)	$	3.3	$	—	$	(147.9)

(1) The beginning balance of Other Investments has been revised to reflect the exclusion of Fund Investments measured at fair value using the NAV per share practical expedient from the fair value hierarchy.

Changes in Level III financial liabilities measured at fair value


















	Financial Liabilities
	Loans Payable of Consolidated Funds
	Three Months Ended March 31,
	2022		2021
Balance, beginning of period	$	5,811.0	$	5,563.0

Borrowings	1,108.4		105.4
Paydowns	(415.4)		(144.4)
Sales	(669.5)		—
Realized and unrealized (gains) losses, net
Included in earnings	(46.2)		77.0
Included in other comprehensive income	(106.2)		(160.3)
Balance, end of period	$	5,682.1	$	5,440.7
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(49.8)	$	77.0
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$	(102.6)	$	(158.3)

Summary of quantitative information about Level III inputs

The following table summarizes quantitative information about the Company’s Level III inputs as of March 31, 2022:

Fair Value at

Valuation Technique(s)

Unobservable Input(s)

Range
(Weighted Average)

(Dollars in millions)

March 31, 2022

Assets

Investments of Consolidated Funds:

Equity securities

11.3

Consensus Pricing

Indicative Quotes ($ per share)

0.00 - 0.42 (0.42)

Bonds

565.2

Consensus Pricing

Indicative Quotes (% of Par)

86 - 112 (96)

Loans

5,580.0

Consensus Pricing

Indicative Quotes (% of Par)

25 - 105 (97)

32.5

Discounted Cash Flow

Discount Rates

5% - 8% (6%)

6,189.0

Investments in CLOs:

Senior secured notes

470.7

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

84 - 100 (98)

Discount Margins (Basis Points)

20 - 1,430 (236)

Default Rates

1% - 2% (1%)

Recovery Rates

50% - 70% (60%)

Subordinated notes and preferred shares

89.7

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

39 - 85 (69)

Discount Rates

14% - 22% (19%)

Default Rates

1% - 2% (1%)

Recovery Rates

50% - 70% (60%)

Other investments:

BDC preferred shares

73.3

Market Yield Analysis

Market Yield

9% - 9% (9%)

Aviation subordinated notes

2.7

Discounted Cash Flow

Discount Rates

21% - 21% (21%)

Total

6,825.4

Liabilities

Loans payable of Consolidated Funds:

Senior secured notes

5,470.1

Other (1)

N/A

Subordinated notes and preferred shares

212.0

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

32 - 108 (55)

Discount Rates

15% - 25% (21%)

Default Rates

2% - 2% (2%)

Recovery Rates

50% - 70% (60%)

Total

5,682.1

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

The following table summarizes quantitative information about the Company’s Level III inputs as of December 31, 2021:


	Fair Value at		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	December 31, 2021
Assets
Investments of Consolidated Funds:
Equity securities	$	17.9	Consensus Pricing	Indicative Quotes ($ per share)	0.00 - 84.22 (0.63)

Bonds	599.5		Consensus Pricing	Indicative Quotes (% of Par)	93 - 107 (99)
Loans	5,766.0		Consensus Pricing	Indicative Quotes (% of Par)	35 - 106 (98)
	65.1		Discounted Cash Flow	Discount Rates	4% - 8% (5%)
	67.0		Market Yield Analysis	Market Yields	3% - 8% (5%)

	6,515.5
Investments in CLOs:
Senior secured notes	289.7		Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	86 - 101 (99)
				Discount Margins (Basis Points)	50 - 1,330 (245)
				Default Rates	1% - 2% (1%)
				Recovery Rates	50% - 70% (60%)
Subordinated notes and preferred shares	71.5		Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	46 - 97 (63)
				Discount Rate	14% - 22% (19%)
				Default Rates	1% - 2% (1%)
				Recovery Rates	50% - 70% (60%)
Other investments:
BDC preferred shares	72.5		Market Yield Analysis	Market Yield	7% - 7% (7%)
Aviation subordinated notes	6.1		Discounted Cash Flow	Discount Rates	18% - 18% (18%)

Total	$	6,955.3
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	5,561.1	Other (1)	N/A	N/A

Subordinated notes and preferred shares	249.9		Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	40 - 97 (61)
				Discount Rates	14% - 22% (19%)
				Default Rates	1% - 2% (1%)
				Recovery Rates	50% - 70% (60%)

Total	$	5,811.0

Segment Reporting - Revenue Adjustments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Unrealized principal investment income	$ 295.4	$ 186.5
Revenues	1,581.8	2,437.2
Reconciling Items
Segment Reporting Information [Line Items]
Unrealized performance and fee related performance revenues	698.8	1,621.8
Unrealized principal investment income	23.7	131.3
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(3.1)	(3.6)
Tax expense associated with certain foreign performance revenues	(0.1)	(0.1)
Non-controlling interests and other adjustments to present certain costs on a net basis	17.9	45.3
Revenues	740.6	1,763.6
Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Revenues	$ 3.4	$ (31.1)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity - Quarterly Distributions on Common Units (Details) - USD ($) $ / shares in Units, $ in Millions						9 Months Ended
	May 17, 2022	Feb. 23, 2022	Nov. 17, 2021	Aug. 17, 2021	May 19, 2021	Feb. 23, 2022
Distribution Made to Limited Partner [Line Items]
Distribution per common unit (in dollars per share)		$ 0.250	$ 0.250	$ 0.250	$ 0.250	$ 1.000
Distribution per common unit		$ 89.5	$ 89.1	$ 89.3	$ 88.7	$ 356.6
Forecast
Distribution Made to Limited Partner [Line Items]
Distribution per common unit (in dollars per share)	$ 0.325
Distribution per common unit	$ 117.6

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of status of non-vested equity-based awards

A summary of the status of the Company’s non-vested equity-based awards as of March 31, 2022 and a summary of changes for the three months ended March 31, 2022, are presented below:




Unvested Shares	Restricted Stock Units	Weighted- Average Grant Date Fair Value		Unvested Common Shares (1)	Weighted- Average Grant Date Fair Value
Balance, December 31, 2021	14,775,651	$	30.70	635,430	$	29.27
Granted	2,821,101	$	44.42	188,223	$	49.06
Vested	3,212,182	$	29.76	—	$	—
Forfeited	30,638	$	28.57	—	$	—
Balance, March 31, 2022	14,353,932	$	33.61	823,653	$	33.79

(1) Includes common shares issued in connection with the Company’s strategic investment in NGP.

Investments - Principal Investments in CLOs and Other Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
TCG BDC, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Trading securities	$ 73.3	$ 72.5
Corporate Mezzanine Securities Bonds and Warrants
Debt and Equity Securities, FV-NI [Line Items]
Trading securities	$ 560.4	$ 361.1

Intangible Assets and Goodwill - Carrying Amount of Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired contractual rights	$ 838.3	$ 48.0
Accumulated amortization	(31.3)	(26.4)
Finite-lived intangible assets, net	807.0	21.6
Goodwill	13.1	13.3
Intangible Assets, net	$ 820.1	$ 34.9

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 569.7	$ 891.0
Other comprehensive income (loss)
Foreign currency translation adjustments	(39.8)	(27.9)
Defined benefit plans
Unrealized gain (loss) for the period	(1.8)	1.3
Less: reclassification adjustment for gain during the period, included in cash-based compensation and benefits expense	0.3	0.5
Other comprehensive loss	(41.3)	(26.1)
Comprehensive income	553.5	864.8
Comprehensive income attributable to non-controlling interests in consolidated entities	17.4	20.8
Comprehensive income attributable to The Carlyle Group Inc.	$ 536.1	$ 844.0

Accrued Compensation and Benefits

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Accrued Compensation and Benefits

9. Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Accrued performance allocations and incentive fee related compensation	$	4,269.1	$	4,087.8
Accrued bonuses	125.9		521.4
Employment-based contingent cash consideration (1)	20.5		6.3
Accrued pension liability (2)	30.4		27.4
Other (3)	96.7		312.1
Total	$	4,542.6	$	4,955.0

(1) The acquisition of the Carlyle Aviation Partners, Ltd. (“Carlyle Aviation Partners”, formerly known as Apollo Aviation Group) in December 2018 included an earn-out of up to $150.0 million that is payable upon the achievement of certain revenue and earnings performance targets during 2020 through 2025, which is accounted for as compensation expense. See Note 3 to the consolidated financial statements included in the Company’s 2018 Annual Report on Form 10-K for additional information on the Carlyle Aviation Partners acquisition.

(2) Certain employees of AlpInvest are covered by defined benefit pension plans sponsored by AlpInvest. No other employees of the Company are covered by defined benefit pension plans.

(3) Includes $6.2 million and $207.0 million of realized performance allocations and incentive fee-related compensation not yet paid to participants as of March 31, 2022 and December 31, 2021, respectively.

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Realized		$	137.6	$	92.7
Unrealized		233.1		773.9
Total		$	370.7	$	866.6

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Company consolidates all entities that it controls either through a majority voting interest or as the primary beneficiary of variable interest entities (“VIEs”). The Company evaluates (1) whether it holds a variable interest in an entity, (2) whether the entity is a VIE, and (3) whether the Company’s involvement would make it the primary beneficiary. In evaluating whether the Company holds a variable interest, fees (including management fees, incentive fees and performance allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. The Company considers all economic interests, including indirect interests, to determine if a fee is considered a variable interest. For those entities where the Company holds a variable interest, the Company determines whether each of these entities qualifies as a VIE and, if so, whether or not the Company is the primary beneficiary. The assessment of whether the entity is a VIE is generally performed qualitatively, which requires judgment. These judgments include: (a) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the economic performance of the entity, (c) determining whether two or more parties’ equity interests should be aggregated, and (d) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity. For entities that are determined to be VIEs, the Company consolidates those entities where it has concluded it is the primary beneficiary. The primary beneficiary is defined as the variable interest holder with (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. As of March 31, 2022, assets and liabilities of the consolidated VIEs reflected in the unaudited condensed consolidated balance sheets were $6.7 billion and $6.4 billion, respectively. As of December 31, 2021, assets and liabilities of the consolidated VIEs reflected in the unaudited condensed consolidated balance sheets were $6.9 billion and $6.6 billion, respectively. Except to the extent of the consolidated assets of the VIEs, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Company. The Company’s Consolidated Funds are primarily CLOs, which are VIEs that issue loans payable that are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, the Company earns investment management fees, including in some cases subordinated management fees and contingent incentive fees. In cases where the Company consolidates the CLOs (primarily because of a retained interest that is significant to the CLO), those management fees have been eliminated as intercompany transactions. As of March 31, 2022, the Company held $137.8 million of investments in these CLOs which represents its maximum risk of loss. The Company’s investments in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs have no recourse against the Company for any losses sustained in the CLO structure. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities. Under the voting interest entity model, the Company consolidates those entities it controls through a majority voting interest. All significant inter-entity transactions and balances of entities consolidated have been eliminated.
Investments in Unconsolidated Variable Interest Entities	Investments in Unconsolidated Variable Interest Entities The Company holds variable interests in certain VIEs that are not consolidated because the Company is not the primary beneficiary, including its investments in certain CLOs and certain AlpInvest vehicles, as well as its strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 6 for information on the strategic investment in NGP. The Company’s involvement with such entities is in the form of direct or indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by the Company relating to its variable interests in these unconsolidated entities.
Basis of Accounting	Basis of Accounting The accompanying financial statements are prepared in accordance with U.S. GAAP. Management has determined that the Company’s Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP for an investment company requires investments to be recorded at estimated fair value and the unrealized gains and/or losses in an investment’s fair value are recognized on a current basis in the statements of operations. Additionally, the Funds do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). In the preparation of these unaudited condensed consolidated financial statements, the Company has retained the specialized accounting for the Funds. All of the investments held and notes issued by the Consolidated Funds are presented at their estimated fair values in the Company’s condensed consolidated balance sheets. Interest and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Company’s unaudited condensed consolidated statements of operations.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance allocations involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements and the resulting impact on performance allocations and incentive fees. Actual results could differ from these estimates and such differences could be material.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.
Revenue Recognition and Deferred Revenue	Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. ASC 606 includes a five-step framework that requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectibility of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. The Company accounts for performance allocations that represent a performance-based capital allocation from fund limited partners to the Company (commonly known as “carried interest”) as earnings from financial assets within the scope of ASC 323, Investments - Equity Method and Joint Ventures, and therefore are not in the scope of ASC 606. In accordance with ASC 323, the Company records equity method income (losses) as a component of investment income based on the change in its proportionate claim on net assets of the investment fund, including performance allocations, assuming the investment fund was liquidated as of each reporting date pursuant to each fund’s governing agreements. See Note 6 for additional information on the components of investments and investment income. Performance fees that do not meet the definition of performance-based capital allocations are in the scope of ASC 606 and are included in incentive fees in the unaudited condensed consolidated statements of operations. The calculation of unrealized performance revenues utilizes investment valuations of the funds’ underlying investments, which are derived using the policies, methodologies and templates prepared by the Company’s valuation group, as described in Note 5, Fair Value Measurement. While the determination of who is the customer in a contractual arrangement will be made on a contract-by-contract basis, the customer will generally be the investment fund for the Company’s significant management and advisory contracts. The customer determination impacts the Company’s analysis of the accounting for contract costs. Fund Management Fees The Company provides management services to funds in which it holds a general partner interest or has a management agreement. The Company considers the performance obligations in its contracts with its funds to be the promise to provide (or to arrange for third parties to provide) investment management services related to the management, policies and operations of the funds. As it relates to the Company’s performance obligation to provide investment management services, the Company typically satisfies this performance obligation over time as the services are rendered, since the funds simultaneously receive and consume the benefits provided as the Company performs the service. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the funds. Management fees earned from each investment management contract over the contract life represent variable consideration because the consideration the Company is entitled to varies based on fluctuations in the basis for the management fee, for example fund net asset value (“NAV”) or assets under management (“AUM”). Given that the management fee basis is susceptible to market factors outside of the Company’s influence, management fees are constrained and, therefore, estimates of future period management fees are generally not included in the transaction price. Revenue recognized for the investment management services provided is generally the amount determined at the end of the period because that is when the uncertainty for that period is resolved. For closed-end carry funds in the Global Private Equity and Global Credit segments, management fees generally range from 1.0% to 2.0% of commitments during the fund’s investment period based on limited partners’ capital commitments to the funds. Following the expiration or termination of the investment period, management fees generally are based on the lower of cost or fair value of invested capital and the rate charged may also be reduced. These terms may vary for certain separately managed accounts, longer-dated carry funds, and other closed-end funds. The Company will receive management fees during a specified period of time, which is generally ten years from the initial closing date, or, in some instances, from the final closing date, but such termination date may be earlier in certain limited circumstances or later if extended for successive one-year periods, typically up to a maximum of two years. Depending upon the contracted terms of investment advisory or investment management and related agreements, these fees are generally called semi-annually in advance and are recognized as earned over the subsequent six month period. For certain longer-dated carry funds and certain other closed-end funds, management fees are called quarterly over the life of the funds. Within the Global Credit segment, for CLOs and other structured products, management fees generally range from 0.4% to 0.5% based on the total par amount of assets or the aggregate principal amount of the notes in the CLO and are due quarterly based on the terms and recognized over the respective period. Management fees for the CLOs and other structured products are governed by indentures and collateral management agreements. The Company will receive management fees for the CLOs until redemption of the securities issued by the CLOs, which is generally five to ten years after issuance. Management fees for the business development companies are due quarterly in arrears at annual rates that range from 1.00% of capital under management to 1.5% of gross assets, excluding cash and cash equivalents. Management fees for the Interval Fund are due monthly in arrears at the annual rate of 1.0% of the month-end value of the Interval Fund’s net assets. Carlyle Aviation Partners’ funds have varying management fee arrangements depending on the strategy of the particular fund. Management fees for the Company’s carry fund vehicles in the Global Investment Solutions segment generally range from 0.25% to 1.0% of the vehicle’s capital commitments during the commitment fee period of the relevant fund. Following the expiration of the commitment fee period, the management fees generally range from 0.25% to 1.0% on (i) the net invested capital; (ii) the lower of cost or net asset value of the capital invested, or (iii) the net asset value for unrealized investments. Management fees for the Global Investment Solutions carry fund vehicles are generally due quarterly and recognized over the related quarter. As of March 31, 2022 and December 31, 2021, management fee receivables, net of allowances for credit losses, were $78.4 million and $164.5 million, respectively, and are included in due from affiliates and other receivables, net, in the unaudited condensed consolidated balance sheets. The Company also provides transaction advisory and portfolio advisory services to the portfolio companies, and where covered by separate contractual agreements, recognizes fees for these services when the performance obligation has been satisfied and collection is reasonably assured. The Company also recognizes underwriting fees from the Company’s loan syndication and capital markets business, Carlyle Global Capital Markets. Fund management fees include transaction and portfolio advisory fees, as well as capital markets fees, of $14.6 million and $18.0 million for the three months ended March 31, 2022 and 2021, respectively, net of any offsets as defined in the respective partnership agreements. Fund management fees exclude the reimbursement of any partnership expenses paid by the Company on behalf of the Carlyle funds pursuant to the limited partnership agreements, including amounts related to the pursuit of actual, proposed, or unconsummated investments, professional fees, expenses associated with the acquisition, holding and disposition of investments, and other fund administrative expenses. For the professional fees that the Company arranges for the investment funds, the Company concluded that the nature of its promise is to arrange for the services to be provided and it does not control the services provided by third parties before they are transferred to the customer. Therefore, the Company concluded it is acting in the capacity of an agent. Accordingly, the reimbursement for these professional fees paid on behalf of the investment funds is presented on a net basis in general, administrative and other expenses in the unaudited condensed consolidated statements of operations. The Company also incurs certain costs, primarily employee travel and entertainment costs, employee compensation and systems costs, for which it receives reimbursement from the investment funds in connection with its performance obligation to provide investment and management services. For reimbursable travel, compensation and systems costs, the Company concluded it controls the services provided by its employees and the resources used to develop applicable systems before they are transferred to the customer and therefore is a principal. Accordingly, the reimbursement for these costs incurred by the Company to manage the fund limited partnerships are presented on a gross basis in interest and other income in the unaudited condensed consolidated statements of operations and the expense in general, administrative and other expenses or cash-based compensation and benefits expenses in the unaudited condensed consolidated statements of operations. Incentive Fees In connection with management contracts from certain of its Global Credit funds, the Company is also entitled to receive performance-based incentive fees when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, incentive fees are recognized when the performance benchmark has been achieved. Incentive fees are variable consideration because they are contingent upon the investment vehicle achieving stipulated investment return hurdles. Investment returns are highly susceptible to market factors outside of the Company’s influence. Accordingly, incentive fees are constrained until all uncertainty is resolved. Estimates of future period incentive fees are generally not included in the transaction price because these estimates are constrained. The transaction price for incentive fees is generally the amount determined at the end of each accounting period to which they relate because that is when the uncertainty for that period is resolved, as these fees are not subject to clawback. Investment Income (Loss), including Performance Allocations Investment income (loss) represents the unrealized and realized gains and losses resulting from the Company’s equity method investments, including any associated general partner performance allocations, and other principal investments, including CLOs. General partner performance allocations consist of the allocation of profits from certain of the funds to which the Company is entitled (commonly known as carried interest). For closed-end carry funds in the Global Private Equity and Global Credit segments, the Company is generally entitled to a 20% allocation (or approximately 2% to 12.5% for most of the Global Investment Solutions segment carry fund vehicles) of the net realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns of generally 7% to 9% and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership agreement). These terms may vary on longer-dated funds, certain credit funds, or external co-investment vehicles. Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Company recognizes revenues attributable to performance allocations based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as investment income for performance allocations reflects the Company’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return and (iv) the Company has decided to collect carry rather than return additional capital to limited partner investors. Realized carried interest may be required to be returned by the Company in future periods if the fund’s investment values decline below certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized performance allocations are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance allocations can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then-current fair values, previously recognized and distributed carried interest would be required to be returned, a liability is established for the potential giveback obligation. As of March 31, 2022 and December 31, 2021, the Company has accrued $40.4 million and $30.2 million, respectively, for giveback obligations. Principal investment income (loss) is realized when the Company redeems all or a portion of its investment or when the Company receives or is due cash income, such as dividends or distributions. Unrealized principal investment income (loss) results from the Company’s proportionate share of the investee’s unrealized earnings, including changes in the fair value of the underlying investment, as well as the reversal of unrealized gain (loss) at the time an investment is realized. As it relates to the Company’s investments in NGP (see Note 6), principal investment income includes the related amortization of the basis difference between the Company’s carrying value of its investment and the Company’s share of underlying net assets of the investee, as well as the compensation expense associated with compensatory arrangements provided by the Company to employees of its equity method investee. Interest Income Interest income is recognized when earned. For debt securities representing non-investment grade beneficial interests in securitizations, the effective yield is determined based on the estimated cash flows of the security. Changes in the effective yield of these securities due to changes in estimated cash flows are recognized on a prospective basis as adjustments to interest income in future periods. Interest income earned by the Company is included in interest and other income in the accompanying unaudited condensed consolidated statements of operations. Interest income of the Consolidated Funds was $56.5 million and $56.9 million for the three months ended March 31, 2022 and 2021, respectively, and is included in interest and other income of Consolidated Funds in the accompanying unaudited condensed consolidated statements of operations. Deferred Revenue Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not yet been earned. The increase in the deferred revenue balance for the three months ended March 31, 2022 was primarily driven by cash payments received in advance of the Company satisfying its performance obligations, partially offset by revenues that were included in the deferred revenue balance at the beginning of the period.
Credit Losses	Credit Losses Under ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), the Company is required to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company assesses the collection risk characteristics of the outstanding amounts in its due from affiliates balance into the following pools of receivables: •Reimbursable fund expenses receivables, •Management fee receivables, •Incentive fee receivables, •Transaction fee receivables, •Portfolio fee receivables, and •Notes receivable. The Company generally utilizes either historical credit loss information or discounted cash flows to calculate expected credit losses for each pool. The Company’s receivables are predominantly with its investment funds, which have low risk of credit loss based on the Company’s historical experience. Historical credit loss data may be adjusted for current conditions and reasonable and supportable forecasts, including the Company’s expectation of near-term realization based on the liquidity of the affiliated investment funds.
Compensation and Benefits	Compensation and Benefits Cash-based Compensation and Benefits – Cash-based compensation and benefits includes salaries, bonuses (discretionary awards and guaranteed amounts), performance payment arrangements and benefits paid and payable to Carlyle employees. Bonuses are accrued over the service period to which they relate. Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards is measured at fair value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis. The compensation expense for awards that do not require future service is recognized immediately. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved; in certain instances, such compensation expense may be recognized prior to the grant date of the award. The compensation expense for awards that contain market conditions is based on a grant-date fair value that factors in the probability that the market conditions will be achieved and is recognized over the requisite service period on a straight-line basis. Equity-based awards issued to non-employees are generally recognized as general, administrative and other expenses, except to the extent they are recognized as part of the Company’s equity method earnings because they are issued to employees of equity method investees. The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Company recognizes all excess tax benefits and deficiencies as income tax benefit or expense in the unaudited condensed consolidated statements of operations. Performance Allocations and Incentive Fee Related Compensation – A portion of the performance allocations and incentive fees earned is due to employees and advisors of the Company. These amounts are accounted for as compensation expense in conjunction with the recognition of the related performance allocations and incentive fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon a reversal of performance allocations or incentive fee revenue, the related compensation expense, if any, is also reversed. As of March 31, 2022 and December 31, 2021, the Company had recorded a liability of $4.3 billion and $4.1 billion, respectively, related to the portion of accrued performance allocations and incentive fees due to employees and advisors, respectively, which was included in accrued compensation and benefits in the accompanying unaudited condensed consolidated balance sheets. In October 2021, the Company commenced a program under which, at the Company’s discretion, up to 20% of the realized performance allocation related compensation over a threshold amount may be distributed in fully vested, newly issued shares of the Company’s common stock. These shares are accounted for as performance allocations and incentive fee related compensation and do not result in incremental compensation expense.
Income Taxes	Income Taxes The Carlyle Group Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local corporate income taxes. Tax positions taken by the Company are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities. The interim provision for income taxes is calculated using the discrete effective tax rate method as allowed by ASC 740, Accounting for Income Taxes. The discrete method is applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The discrete method treats the year to date period as if it was the annual period and determines the income tax expense or benefit on that basis. The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement reporting and the tax basis of assets and liabilities using enacted tax rates in effect for the period in which the difference is expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Company’s gross deferred tax assets when it is “more likely than not” that such asset will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Lastly, the Company accounts for the tax on global intangible low-taxed income (“GILTI”) as incurred and therefore has not recorded deferred taxes related to GILTI on its foreign subsidiaries. Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is “more likely than not” to be sustained upon examination. The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Company determines that uncertainties in tax positions exist, a liability is established, which is included in accounts payable, accrued expenses and other liabilities in the unaudited condensed consolidated financial statements. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in the provision for income taxes.
Non-controlling Interests	Non-controlling Interests Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third-party investors. These interests are adjusted for general partner allocations which occur during the reporting period. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a subsidiary are recorded as a direct charge to equity.
Earnings Per Common Share	Earnings Per Common ShareThe Company computes earnings per common share in accordance with ASC 260, Earnings Per Share. Basic earnings per common share is calculated by dividing net income (loss) attributable to the common shares of the Company by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share reflects the assumed conversion of all dilutive securities.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The underlying entities that the Company manages and invests in (and in certain cases, consolidates) are primarily investment companies which account for their investments at estimated fair value. The fair value measurement accounting guidance under ASC Topic 820, Fair Value Measurement (“ASC 820”), establishes a hierarchical disclosure framework which ranks the observability of market price inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, will generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: •Level I – inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The type of financial instruments in this category include unrestricted securities, such as equities and derivatives, listed in active markets. The Company does not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. •Level II – inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. •Level III – inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately-held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. In certain cases, debt and equity securities (including corporate treasury investments) are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. In the absence of observable market prices, the Company values its investments and its funds’ investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist. Management’s determination of fair value is then based on the best information available in the circumstances and may incorporate management’s own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity and debt of operating companies and real assets, CLO investments and CLO loans payable and fund investments. The valuation technique for each of these investments is described below: Investments in Operating Companies and Real Assets – The fair values of private investments in operating companies and real assets are generally determined by reference to the income approach (including the discounted cash flow method and the income capitalization method) and the market approach (including the comparable publicly traded company method and the comparable transaction method). Valuations under these approaches are typically derived by reference to investment-specific inputs (such as projected cash flows, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and net operating income) combined with market-based inputs (such as discount rates, EBITDA multiples and capitalization rates). In many cases the investment-specific inputs are unaudited at the time received. Management may also adjust the market-based inputs to account for differences between the subject investment and the companies, asset or investments used to derive the market-based inputs. Adjustments to observable valuation measures are frequently made upon the initial investment to calibrate the initial investment valuation to industry observable inputs. Such adjustments are made to align the investment to observable industry inputs for differences in size, profitability, projected growth rates, geography, capital structure, and other factors as applicable. The adjustments are then reviewed with each subsequent valuation to assess how the investment has evolved relative to the observable inputs. Additionally, the investment may be subject to certain specific risks and/or development milestones which are also taken into account in the valuation assessment. Option pricing models and similar tools may also be considered but do not currently drive a significant portion of operating company or real asset valuations and are used primarily to value warrants, derivatives, certain restrictions and other atypical investment instruments. Credit-Oriented Investments – The fair values of credit-oriented investments (including corporate treasury investments) are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. Specifically, for investments in distressed debt and corporate loans and bonds, the fair values are generally determined by valuations of comparable investments. In some instances, the Company may utilize other valuation techniques, including the discounted cash flow method. CLO Investments and CLO Loans Payable – The Company measures the financial liabilities of its consolidated CLOs based on the fair value of the financial assets of its consolidated CLOs, as the Company believes the fair value of the financial assets are more observable. The fair values of the CLO loan and bond assets are primarily based on quotations from reputable dealers or relevant pricing services. In situations where valuation quotations are unavailable, the assets are valued based on similar securities, market index changes, and other factors. The Company performs certain procedures to ensure the reliability of the quotations from pricing services for its CLO assets and CLO structured asset positions, which generally includes corroborating prices with a discounted cash flow analysis. Generally, the loan and bond assets of the CLOs are not publicly traded and are classified as Level III. The fair values of the CLO structured asset positions are determined based on both discounted cash flow analyses and third party quotes. Those analyses consider the position size, liquidity, current financial condition of the CLOs, the third party financing environment, reinvestment rates, recovery lags, discount rates and default forecasts and are compared to broker quotations from market makers and third party dealers. The Company measures the CLO loan payables held by third party beneficial interest holders on the basis of the fair value of the financial assets of the CLO and the beneficial interests held by the Company. The Company continues to measure the CLO loans payable that it holds at fair value based on relevant pricing services or discounted cash flow analyses, as described above. Fund Investments – The Company’s primary and secondary investments in external funds are valued based on its proportionate share of the net assets provided by the third party general partners of the underlying fund partnerships based on the most recent available information which typically has a lag of up to 90 days. The terms of the investments generally preclude the ability to redeem the investment. Distributions from these investments will be received as the underlying assets in the funds are liquidated, the timing of which cannot be readily determined. Investment professionals with responsibility for the underlying investments are responsible for preparing the investment valuations pursuant to the policies, methodologies and templates prepared by the Company’s valuation group, which is a team made up of dedicated valuation professionals reporting to the Company’s chief accounting officer. The valuation group is responsible for maintaining the Company’s valuation policy and related guidance, templates and systems that are designed to be consistent with the guidance found in ASC 820. These valuations, inputs and preliminary conclusions are reviewed by the fund accounting teams. The valuations are then reviewed and approved by the respective fund valuation subcommittees, which include the respective fund head(s), segment head, chief financial officer and chief accounting officer, as well as members of the valuation group. The valuation group compiles the aggregate results and significant matters and presents them for review and approval by the global valuation committee, which includes the Company’s chief executive officer, chief risk officer, chief financial officer, chief accounting officer, and the business segment heads, and observed by the chief compliance officer, the director of internal audit, the Company’s audit committee and others. Additionally, each quarter a sample of valuations are reviewed by external valuation firms. Valuations of the funds’ investments are used in the calculation of accrued performance allocations, or “carried interest”.
Investments, at Fair Value	Investments, at Fair Value Investments include (i) the Company’s ownership interests (typically general partner interests) in the Funds, (ii) strategic investments made by the Company (both of which are accounted for as equity method investments), (iii) the investments held by the Consolidated Funds (which are presented at fair value in the Company’s unaudited condensed consolidated financial statements), and (iv) certain credit-oriented investments, including investments in the CLOs and the preferred securities of Carlyle Secured Lending, Inc. (“CSL,” formerly known as “TCG BDC, Inc.”, the preferred securities of which are referred to as the “BDC Preferred Shares”) (which are accounted for as trading securities). Upon the sale of a security or other investment, the realized net gain or loss is computed on a weighted average cost basis, with the exception of the investments held by the CLOs, which compute the realized net gain or loss on a first in, first out basis. Securities transactions are recorded on a trade date basis.
Equity Method Investments	Equity Method Investments The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, including investments in the unconsolidated Funds and strategic investments, using the equity method of accounting. The carrying value of equity method investments is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee (including performance allocations) allocated based on the respective partnership agreement, less distributions received. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents include cash held at banks and cash held for distributions, including investments with original maturities of less than three months when purchased.
Cash and Cash Equivalents Held at Consolidated Funds	Cash and Cash Equivalents Held at Consolidated Funds Cash and cash equivalents held at Consolidated Funds consists of cash and cash equivalents held by the Consolidated Funds, which, although not legally restricted, is not available to fund the general liquidity needs of the Company.
Restricted Cash	Restricted CashRestricted cash primarily represents cash held by the Company’s foreign subsidiaries due to certain government regulatory capital requirements as well as certain amounts held on behalf of Carlyle funds.
Derivative Instruments	Derivative InstrumentsThe Company uses derivative instruments primarily to reduce its exposure to changes in foreign currency exchange rates. Derivative instruments are recognized at fair value in the unaudited condensed consolidated balance sheets with changes in fair value recognized in the unaudited condensed consolidated statements of operations for all derivatives not designated as hedging instruments.
Securities Sold Under Agreements to Repurchase	Securities Sold Under Agreements to Repurchase As it relates to certain European CLOs sponsored by the Company, securities sold under agreements to repurchase (“repurchase agreements”) are accounted for as collateralized financing transactions. The Company provides securities to counterparties to collateralize amounts borrowed under repurchase agreements on terms that permit the counterparties to repledge or resell the securities to others. As of March 31, 2022, $258.7 million of securities were transferred to counterparties under repurchase agreements and are included within investments in the unaudited condensed consolidated balance sheets. Cash received under repurchase agreements is recognized as a liability within debt obligations in the unaudited condensed consolidated balance sheets. Interest expense is recognized on an effective yield basis and is included within interest expense in the unaudited condensed consolidated statements of operations.
Fixed Assets	Fixed Assets Fixed assets consist of furniture, fixtures and equipment, leasehold improvements, and computer hardware and software and are stated at cost, less accumulated depreciation and amortization. Depreciation is recognized on a straight-line method over the assets’ estimated useful lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, and three to seven years for other fixed assets. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Leases	Leases The Company accounts for its leases in accordance with ASU 2016-2, Leases (Topic 842), and recognizes a lease liability and right-of-use asset in the condensed consolidated balance sheet for contracts that it determines are leases or contain a lease. The Company’s leases primarily consist of operating leases for office space in various countries around the world. The Company also has operating leases for office equipment and vehicles, which are not significant. The Company does not separate non-lease components from lease components for its office space and equipment operating leases and instead accounts for each separate lease component and its associated non-lease component as a single lease component. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The Company’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company does not recognize a lease liability or right-of-use asset on the balance sheet for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases.
Intangible Assets and Goodwill	Intangible Assets and Goodwill The Company’s intangible assets consist of acquired contractual rights to earn future fee income, including management and advisory fees, and customer relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which range from four to seven years, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 1st and between annual tests when events and circumstances indicate that impairment may have occurred.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)The Company’s accumulated other comprehensive income (loss) is comprised of foreign currency translation adjustments and gains and losses on defined benefit plans sponsored by AlpInvest.
Foreign Currency Translation	Foreign Currency Translation Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the unaudited condensed consolidated statements of operations are translated at rates of exchange in effect throughout the period. Foreign currency gains (losses) resulting from transactions outside of the functional currency of an entity of $6.4 million and $(6.1) million for the three months ended March 31, 2022 and 2021, respectively, are included in general, administrative and other expenses in the unaudited condensed consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. An entity may elect to adopt the amendments in ASU 2020-04 and ASU 2021-01 at any time after March 12, 2020 but no later than December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Organization and Basis of Presentation (Details) - segment	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3	3

Non-controlling Interests in Consolidated Entities - Non-Controlling Interests in Income (Loss) of Consolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	$ 0.5	$ 2.6
Non-controlling interests in income of consolidated entities	$ 23.2	$ 21.6

Commitments and Contingencies - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022 (excluding the three months ended March 31, 2022)	$ 48.7
2023	62.3
2024	57.8
2025	55.2
2026	53.7
Thereafter	380.2
Total lease payments	657.9
Less imputed interest	(133.3)
Total lease liabilities	$ 524.6	$ 537.8

Related Party Transactions - Due from Affiliates and Other Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Accrued incentive fees	$ 14.0	$ 12.2
Unbilled receivable for giveback obligations from current and former employees	9.9	0.0
Notes receivable and accrued interest from affiliates	38.2	25.3
Management fee, reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	302.7	342.1
Total	$ 364.8	$ 379.6

Borrowings - Additional Information (Details)		1 Months Ended	3 Months Ended
Borrowings - Additional Information (Details)	Dec. 17, 2018	Nov. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Oct. 22, 2021 USD ($)	Jun. 30, 2021 USD ($)	May 31, 2021 USD ($)	Aug. 06, 2020 EUR (€)	Feb. 05, 2019 EUR (€)	Feb. 28, 2017 EUR (€)	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)
Debt Instrument [Line Items]
Interest expense			$ 27,800,000	$ 23,000,000.0
Outstanding borrowings			2,255,000,000			$ 2,071,600,000
Interest Expense			17,200,000	19,700,000
Fair value of collateralized loan obligation assets			$ 6,500,000,000			6,700,000,000
Senior Notes
Debt Instrument [Line Items]
Debt redemption price percentage (percent)			100.00%
Interest Expense		$ 10,100,000
CLO Borrowings
Debt Instrument [Line Items]
Interest expense			$ 1,700,000	1,900,000
Outstanding borrowings			402,200,000			219,000,000.0
CLO Term Loan Maturing November 2031
Debt Instrument [Line Items]
Debt principal amount \| €												€ 36,100,000
Outstanding borrowings			$ 40,000,000
CLO Term Loan Maturing November 2031 \| Euribor
Debt Instrument [Line Items]
Interest rate under credit facility			2.33%		2.33%
CLO Financing Facility
Debt Instrument [Line Items]
Borrowing capacity \| €											€ 100,000,000
Outstanding borrowings			$ 208,300,000		€ 188,000,000
Master Credit Agreements - Term Loans
Debt Instrument [Line Items]
Outstanding borrowings			98,600,000
CBAM CLO Financing Facility
Debt Instrument [Line Items]
Borrowing capacity \| €										€ 100,000,000
Outstanding borrowings			50,500,000		€ 45,600,000
5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Outstanding borrowings			$ 346,200,000			346,100,000
Interest rate (percent)			5.65%		5.65%
5.650% Senior Notes Due 9/15/2048 \| Senior Notes
Debt Instrument [Line Items]
Debt principal amount			$ 350,000,000.0
Interest Expense			5,000,000.0	5,000,000.0
Fair value of debt			$ 408,700,000			484,700,000
5.650% Senior Notes Due 9/15/2048 \| Treasury rate \| Senior Notes
Debt Instrument [Line Items]
Discount rate, spread on variable rate			0.40%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Outstanding borrowings			$ 600,600,000			600,600,000
Interest rate (percent)			5.625%		5.625%
5.625% Senior Notes Due 3/30/2043 \| Senior Notes
Debt Instrument [Line Items]
Debt principal amount			$ 600,000,000.0										$ 200,000,000	$ 400,000,000
Interest Expense			8,400,000	8,400,000
Fair value of debt			$ 671,200,000			795,500,000
5.625% Senior Notes Due 3/30/2043 \| Treasury rate \| Senior Notes
Debt Instrument [Line Items]
Discount rate, spread on variable rate			0.40%
3.500% Senior Notes Due 9/19/2029
Debt Instrument [Line Items]
Outstanding borrowings			$ 421,700,000			421,600,000
Interest rate (percent)			3.50%		3.50%
3.500% Senior Notes Due 9/19/2029 \| Senior Notes
Debt Instrument [Line Items]
Debt principal amount			$ 425,000,000.0
Interest rate (percent)			3.50%		3.50%
Interest Expense			$ 3,800,000	3,800,000
Fair value of debt			$ 418,700,000			457,400,000
3.500% Senior Notes Due 9/19/2029 \| Treasury rate \| Senior Notes
Debt Instrument [Line Items]
Discount rate, spread on variable rate			0.30%
3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Interest rate (percent)			3.875%		3.875%
3.875% Senior Notes Due 2/01/2023 \| Senior Notes
Debt Instrument [Line Items]
Debt principal amount			$ 0				$ 250,000,000
Interest rate (percent)			3.875%		3.875%
Interest Expense			$ 0	$ 2,500,000
Fair value of debt			$ 0			0
3.875% Senior Notes Due 2/01/2023 \| Treasury rate \| Senior Notes
Debt Instrument [Line Items]
Discount rate, spread on variable rate			0.30%
4.625% Subordinated Notes Due 5/15/2061
Debt Instrument [Line Items]
Interest expense			$ 5,900,000
Debt principal amount								$ 65,000,000	$ 435,000,000
Outstanding borrowings			$ 484,300,000			484,300,000
Debt redemption price percentage (percent)			102.00%
Interest rate (percent)			4.625%		4.625%				4.625%
Period from Tax Redemption Event that debt may be redeemed			120 days
Period from rating agency event that debt may be redeemed			90 days
Fair value of debt			$ 435,600,000			$ 506,000,000
3.875% Senior Notes Due November 2021
Debt Instrument [Line Items]
Interest rate (percent)							3.875%
Revolving Credit Facility \| Senior Credit Facility Due 2/11/2024
Debt Instrument [Line Items]
Borrowing capacity			$ 775,000,000
Interest rate under credit facility			1.58%		1.58%
Borrowings under credit facilities			$ 0
Repayments under credit facility			0
Outstanding borrowings			$ 0
Revolving Credit Facility \| Senior Credit Facility Due 2/11/2024 \| Base rate
Debt Instrument [Line Items]
Margin spread on interest rate (percent)			0.50%
Revolving Credit Facility \| Senior Credit Facility Due 2/11/2024 \| LIBOR
Debt Instrument [Line Items]
Margin spread on interest rate (percent)			1.50%
Revolving Credit Facility \| Global Credit Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity			$ 250,000,000
Borrowings under credit facility			0
Outstanding borrowings			$ 0
Revolving Credit Facility \| Global Credit Revolving Credit Facility \| Base rate
Debt Instrument [Line Items]
Margin spread on interest rate (percent)	1.00%
Revolving Credit Facility \| Global Credit Revolving Credit Facility \| Eurocurrency
Debt Instrument [Line Items]
Margin spread on interest rate (percent)	2.00%

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill [Line Items]
Impairment of intangible assets	$ 4.0	$ 0.0
Intangible asset amortization expense	$ 4.9	$ 3.3

Borrowings - CLO Borrowings (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Borrowing Outstanding	$ 2,280.1		$ 2,097.6
CLO Term Loan Maturing November 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 40.0	€ 36.1	51.3
CLO Term Loan Maturing November 2031 \| Euribor
Debt Instrument [Line Items]
Interest rate (percent)	2.33%	2.33%
CLO Term Loan June 2017 Maturing July 20, 2030
Debt Instrument [Line Items]
Borrowing Outstanding	$ 54.8		0.0
CLO Term Loan June 2017 Maturing July 20, 2030 \| LIBOR
Debt Instrument [Line Items]
Interest rate (percent)	1.88%	1.88%
Margin spread on interest rate (percent)	1.63%
CLO Term Loan December 2017 Maturing January 15, 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 43.8		0.0
CLO Term Loan December 2017 Maturing January 15, 2031 \| LIBOR
Debt Instrument [Line Items]
Interest rate (percent)	1.61%	1.61%
Margin spread on interest rate (percent)	1.37%
CLO Term Loan Maturing March 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1.8		1.9
CLO Term Loan Maturing March 2032 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	8.11%	8.11%
CLO Term Loan August 2021 Maturing August 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 4.0		4.1
CLO Term Loan August 2021 Maturing August 2032 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	4.74%	4.74%
CLO Term Loan Maturing April 2033
Debt Instrument [Line Items]
Borrowing Outstanding	$ 19.7		20.3
CLO Term Loan Maturing April 2033 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	1.59%	1.59%
CLO Term Loan Maturing January 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20.7		21.3
CLO Term Loan Maturing January 2034 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	2.49%	2.49%
CLO Term Loan Maturing August 2030
Debt Instrument [Line Items]
Borrowing Outstanding	$ 19.8		20.3
CLO Term Loan Maturing August 2030 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	1.37%	1.37%
CLO Term Loan Maturing March 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 18.6		19.1
CLO Term Loan Maturing March 2032 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	1.71%	1.71%
CLO Term Loan Maturing April 2033
Debt Instrument [Line Items]
Borrowing Outstanding	$ 3.6		3.7
CLO Term Loan Maturing April 2033 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	5.85%	5.85%
CLO Term Loan April 2021 Maturing April 28, 2023
Debt Instrument [Line Items]
Borrowing Outstanding	$ 7.8		0.0
CLO Term Loan April 2021 Maturing April 28, 2023 \| Euribor
Debt Instrument [Line Items]
Interest rate (percent)	0.80%	0.80%
Margin spread on interest rate (percent)	0.80%
CLO Term Loan Maturing November 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 15.5		15.9
CLO Term Loan Maturing November 2031 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	1.36%	1.36%
CLO Term Loan Maturing January 16 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20.7		21.3
CLO Term Loan Maturing January 16 2034 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	2.28%	2.28%
CLO Term Loan Maturing November 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1.3		1.4
CLO Term Loan Maturing November 2031 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	2.85%	2.85%
CLO Term Loan July 2021 Maturing July 15, 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 15.5		0.0
CLO Term Loan July 2021 Maturing July 15, 2034 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	2.30%	2.30%
CLO Term Loan July 2021 Maturing July 20, 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20.7		0.0
CLO Term Loan July 2021 Maturing July 20, 2031 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	2.28%	2.28%
CLO Term Loan Maturing August 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 16.7		17.2
CLO Term Loan Maturing August 2032 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	1.98%	1.98%
CLO Term Loan October 2021 Maturing October 2035
Debt Instrument [Line Items]
Borrowing Outstanding	$ 24.2		24.8
CLO Term Loan October 2021 Maturing October 2035 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	2.40%	2.40%
CLO Term Loan November 2021 Maturing January 14, 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 14.3		0.0
CLO Term Loan November 2021 Maturing January 14, 2034 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	2.09%	2.09%
CLO Term Loan January 2022 Maturing February 15, 2035
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20.8		0.0
CLO Term Loan January 2022 Maturing February 15, 2035 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	2.38%	2.38%
CLO Term Loan February 2022 Maturing November 10, 2035
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20.8		0.0
CLO Term Loan February 2022 Maturing November 10, 2035 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate (percent)	2.45%	2.45%
CLO Borrowings
Debt Instrument [Line Items]
Borrowing Outstanding	$ 405.1		$ 222.6
CLO Term Loan Various \| Average effective interest rate
Debt Instrument [Line Items]
Margin spread on interest rate (percent)	0.50%

Non-controlling Interests in Consolidated Entities

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

Non-controlling Interests in Consolidated Entities

13. Non-controlling Interests in Consolidated Entities

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


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	225.9	$	180.1
Non-Carlyle interests in majority-owned subsidiaries	215.5		234.4
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	2.9		12.7
Non-controlling interests in consolidated entities	$	444.3	$	427.2

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Non-Carlyle interests in Consolidated Funds		$	25.1	$	(0.1)
Non-Carlyle interests in majority-owned subsidiaries		(2.4)		19.1
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions		0.5		2.6



Non-controlling interests in income of consolidated entities		$	23.2	$	21.6

Equity - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended		3 Months Ended
	Mar. 21, 2022	Mar. 31, 2022	Oct. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Realized performance allocations and incentive fee related compensation, percentage			20.00%
Newly issued shares, fully vested in period (in shares)				636,461
Realized performance allocations and incentive fee related compensation				$ 31.3
Amount authorized for repurchase			$ 400.0
Remaining authorized amount		$ 319.6		319.6
Payments to repurchase units				$ 80.4	$ 10.0
Shares/units repurchased (in shares)				1,700,000	300,000
Management Contracts
Equity, Class of Treasury Stock [Line Items]
Purchase price paid for acquisition of management contracts related portfolio of assets		$ 194.5
Newly issued common shares (in shares)	4,200,000	4,200,000

Commitments and Contingencies - Unfunded Commitments (Details)	Mar. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Unfunded Commitments	$ 4,097,500,000
Unfunded commitment subscribed individually by senior Carlyle professionals, operating executives and other professionals	3,300,000,000
Unfunded commitments related to origination and syndication of loans and securities	0
Global Private Equity
Segment Reporting Information [Line Items]
Unfunded Commitments	3,379,800,000
Global Credit
Segment Reporting Information [Line Items]
Unfunded Commitments	478,800,000
Global Investment Solutions
Segment Reporting Information [Line Items]
Unfunded Commitments	$ 238,900,000

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	May 05, 2020	Jan. 01, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Maximum percentage of interest on amounts due from affiliates (percent)			7.00%
Tax receivable agreement termination, cash payments per partnership unit exchanged (usd per share)		$ 1.50
Tax receivable agreement termination, term of annual installments		5 years
Tax receivable agreement termination, annual cash payments per partnership unit exchanged (usd per share)		$ 0.30
Conversion of units, deferred consideration obligation, discount		$ 11.3
Percentage of estimated realizable tax benefit to be paid by corporate taxpayers on exchange transactions			85.00%
Payment of aircraft related expenses			$ 0.1	$ 0.4
Fair value of assets			7,112.3		$ 7,003.8
Level III
Related Party Transaction [Line Items]
Fair value of assets			6,825.4		6,955.3
Affiliated Entity
Related Party Transaction [Line Items]
Interest-bearing loans			$ 18.1		$ 18.2
Floor rate			3.50%
Actual rate			0.0250
Affiliated Entity \| WSJ Prime Rate
Related Party Transaction [Line Items]
Accrued interest percentage			1.00%
Carlyle Secured Lending, Inc. \| Affiliated Entity
Related Party Transaction [Line Items]
Purchase of investment (in shares)	2,000,000
Purchase of investment (in dollars per share)	$ 25
Dividend rate, percentage	7.00%
Dividend rate, payable in shares, percentage	9.00%
Interest income			$ 0.9	$ 0.9

Non-controlling Interests in Consolidated Entities (Tables)

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

Components of non-controlling interests in consolidated entities

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


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	225.9	$	180.1
Non-Carlyle interests in majority-owned subsidiaries	215.5		234.4
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	2.9		12.7
Non-controlling interests in consolidated entities	$	444.3	$	427.2

Components of non-controlling interests in income (loss) of consolidated entities

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Non-Carlyle interests in Consolidated Funds		$	25.1	$	(0.1)
Non-Carlyle interests in majority-owned subsidiaries		(2.4)		19.1
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions		0.5		2.6



Non-controlling interests in income of consolidated entities		$	23.2	$	21.6

Investments - Investments of Consolidated Funds (Details)	3 Months Ended
	Mar. 31, 2022
Investments [Abstract]
Minimum percent of aggregate assets for individual investments with fair value	500.00%

Segment Reporting - Expense Adjustments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Unrealized performance and fee related performance revenue compensation expense	$ 233.1	$ 773.9
Equity-based compensation	39.7	32.4
Expenses	841.9	1,285.2
Total Reportable Segments
Segment Reporting Information [Line Items]
Unrealized performance and fee related performance revenue compensation expense	232.2	775.3
Expenses	476.7	397.6
Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation	40.7	34.9
Acquisition or disposition-related charges (credits) and amortization of intangibles and impairment	29.1	19.0
Tax expense associated with certain foreign performance revenues related compensation	(0.7)	(5.9)
Non-controlling interests and other adjustments to present certain costs on a net basis	16.5	19.9
Other adjustments including severance	4.6	2.0
Expenses	312.3	831.1
Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Equity-based compensation	0.0	0.0
Expenses	$ (10.1)	$ (14.1)

Fair Value Measurement

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

5. Fair Value Measurement

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of March 31, 2022:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	11.3	$	11.3
Bonds	—		—		565.2		565.2
Loans	—		—		5,612.5		5,612.5



	—		—		6,189.0		6,189.0

Investments in CLOs	—		—		560.4		560.4
Other investments(1)	1.5		44.9		76.0		122.4






Foreign currency forward contracts	—		2.1		—		2.1

Subtotal	$	1.5	$	47.0	$	6,825.4	$	6,873.9
Investments measured at net asset value(2)							238.4
Total							$	7,112.3
Liabilities
Loans payable of Consolidated Funds(3)	$	—	$	—	$	5,682.1	$	5,682.1




Foreign currency forward contracts	—		1.3		—		1.3
Total(4)	$	—	$	1.3	$	5,682.1	$	5,683.4

(4)Total liabilities balance excludes a $33.7 million revolving credit balance related to loans payable of consolidated funds.

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2021:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	17.9	$	17.9
Bonds	—		—		599.5		599.5
Loans	—		—		5,898.1		5,898.1



	—		—		6,515.5		6,515.5

Investments in CLOs	—		—		361.1		361.1
Other investments(1)	1.5		45.6		78.7		125.8






Foreign currency forward contracts	—		1.4		—		1.4
Subtotal	$	1.5	$	47.0	$	6,955.3	$	7,003.8
Investments measured at net asset value(2)							161.7
Total							$	7,165.5
Liabilities
Loans payable of Consolidated Funds(3)	$	—	$	—	$	5,811.0	$	5,811.0



Foreign currency forward contracts	—		0.7		—		0.7
Total(4)	$	—	$	0.7	$	5,811.0	$	5,811.7

(4)Total liabilities balance excludes a $79.0 million revolving credit balance related to loans payable of consolidated funds.

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




















	Financial Assets
	Three Months Ended March 31, 2022
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans				Investments in CLOs			Other investments	Total
Balance, beginning of period	$	17.9	$	599.5	$	5,898.1	$	361.1		$	78.7		$	6,955.3



Purchases	0.1		182.5		766.0		227.6			0.9			1,177.1
Sales and distributions	(6.8)		(186.9)		(731.0)		(14.1)			(2.0)			(940.8)
Settlements	—		(0.3)		(162.8)		—			—			(163.1)
Realized and unrealized gains (losses), net
Included in earnings	0.4		(13.8)		(53.9)		(9.6)			(1.6)			(78.5)
Included in other comprehensive income	(0.3)		(15.8)		(103.9)		(4.6)			—			(124.6)
Balance, end of period	$	11.3	$	565.2	$	5,612.5	$	560.4		$	76.0		$	6,825.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.3	$	(14.5)	$	(59.4)	$	(9.6)		$	(1.6)		$	(84.8)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	(0.2)	$	(10.8)	$	(87.0)	$	(4.6)		$	—		$	(102.6)




















	Financial Assets
	Three Months Ended March 31, 2021
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans		Investments in CLOs		Other investments(1)		Total
Balance, beginning of period	$	9.4	$	550.4	$	5,497.1	$	489.4	$	81.4	$	6,627.7



Purchases	0.1		151.0		755.3		29.0		—		935.4
Sales and distributions	(0.6)		(155.4)		(676.2)		(54.8)		(15.2)		(902.2)
Settlements	—		(3.6)		(238.3)		—		—		(241.9)
Realized and unrealized gains (losses), net
Included in earnings	0.9		4.4		87.2		(4.0)		9.4		97.9
Included in other comprehensive income	(0.3)		(21.6)		(154.1)		3.3		—		(172.7)
Balance, end of period	$	9.5	$	525.2	$	5,271.0	$	462.9	$	75.6	$	6,344.2
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.7	$	3.2	$	79.1	$	(4.0)	$	9.1	$	88.1
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	(0.3)	$	(16.6)	$	(134.3)	$	3.3	$	—	$	(147.9)


















	Financial Liabilities
	Loans Payable of Consolidated Funds
	Three Months Ended March 31,
	2022		2021
Balance, beginning of period	$	5,811.0	$	5,563.0

Borrowings	1,108.4		105.4
Paydowns	(415.4)		(144.4)
Sales	(669.5)		—
Realized and unrealized (gains) losses, net
Included in earnings	(46.2)		77.0
Included in other comprehensive income	(106.2)		(160.3)
Balance, end of period	$	5,682.1	$	5,440.7
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(49.8)	$	77.0
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$	(102.6)	$	(158.3)

Realized and unrealized gains and losses included in earnings for Level III investments for investments in CLOs and other investments are included in investment income (loss), and such gains and losses for investments of Consolidated Funds and loans payable of the Consolidated Funds are included in net investment gains (losses) of Consolidated Funds in the unaudited condensed consolidated statements of operations.

Gains and losses included in other comprehensive income for all Level III financial asset and liabilities are included in accumulated other comprehensive loss and non-controlling interests in consolidated entities.

The following table summarizes quantitative information about the Company’s Level III inputs as of March 31, 2022:

Fair Value at

Valuation Technique(s)

Unobservable Input(s)

Range
(Weighted Average)

(Dollars in millions)

March 31, 2022

Assets

Investments of Consolidated Funds:

Equity securities

11.3

Consensus Pricing

Indicative Quotes ($ per share)

0.00 - 0.42 (0.42)

Bonds

565.2

Consensus Pricing

Indicative Quotes (% of Par)

86 - 112 (96)

Loans

5,580.0

Consensus Pricing

Indicative Quotes (% of Par)

25 - 105 (97)

32.5

Discounted Cash Flow

Discount Rates

5% - 8% (6%)

6,189.0

Investments in CLOs:

Senior secured notes

470.7

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

84 - 100 (98)

Discount Margins (Basis Points)

20 - 1,430 (236)

Default Rates

1% - 2% (1%)

Recovery Rates

50% - 70% (60%)

Subordinated notes and preferred shares

89.7

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

39 - 85 (69)

Discount Rates

14% - 22% (19%)

Default Rates

1% - 2% (1%)

Recovery Rates

50% - 70% (60%)

Other investments:

BDC preferred shares

73.3

Market Yield Analysis

Market Yield

9% - 9% (9%)

Aviation subordinated notes

2.7

Discounted Cash Flow

Discount Rates

21% - 21% (21%)

Total

6,825.4

Liabilities

Loans payable of Consolidated Funds:

Senior secured notes

5,470.1

Other (1)

N/A

Subordinated notes and preferred shares

212.0

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

32 - 108 (55)

Discount Rates

15% - 25% (21%)

Default Rates

2% - 2% (2%)

Recovery Rates

50% - 70% (60%)

Total

5,682.1

The following table summarizes quantitative information about the Company’s Level III inputs as of December 31, 2021:


	Fair Value at		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	December 31, 2021
Assets
Investments of Consolidated Funds:
Equity securities	$	17.9	Consensus Pricing	Indicative Quotes ($ per share)	0.00 - 84.22 (0.63)

Bonds	599.5		Consensus Pricing	Indicative Quotes (% of Par)	93 - 107 (99)
Loans	5,766.0		Consensus Pricing	Indicative Quotes (% of Par)	35 - 106 (98)
	65.1		Discounted Cash Flow	Discount Rates	4% - 8% (5%)
	67.0		Market Yield Analysis	Market Yields	3% - 8% (5%)

	6,515.5
Investments in CLOs:
Senior secured notes	289.7		Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	86 - 101 (99)
				Discount Margins (Basis Points)	50 - 1,330 (245)
				Default Rates	1% - 2% (1%)
				Recovery Rates	50% - 70% (60%)
Subordinated notes and preferred shares	71.5		Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	46 - 97 (63)
				Discount Rate	14% - 22% (19%)
				Default Rates	1% - 2% (1%)
				Recovery Rates	50% - 70% (60%)
Other investments:
BDC preferred shares	72.5		Market Yield Analysis	Market Yield	7% - 7% (7%)
Aviation subordinated notes	6.1		Discounted Cash Flow	Discount Rates	18% - 18% (18%)

Total	$	6,955.3
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	5,561.1	Other (1)	N/A	N/A

Subordinated notes and preferred shares	249.9		Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	40 - 97 (61)
				Discount Rates	14% - 22% (19%)
				Default Rates	1% - 2% (1%)
				Recovery Rates	50% - 70% (60%)

Total	$	5,811.0

The significant unobservable inputs used in the fair value measurement of investments of the Company’s consolidated funds are indicative quotes. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement.

The significant unobservable inputs used in the fair value measurement of the Company’s investments in CLOs and other investments include indicative quotes, discount margins, discount rates, default rates, and recovery rates. Significant decreases in indicative quotes or recovery rates in isolation would result in a significantly lower fair value measurement. Significant increases in discount margins, discount rates or default rates in isolation would result in a significantly lower fair value measurement.

The significant unobservable inputs used in the fair value measurement of the Company’s loans payable of Consolidated Funds are indicative quotes, discount rates, default rates, and recovery rates. Significant increases in discount rates or default rates in isolation would result in a significantly lower fair value measurement. Significant decreases in indicative quotes or recovery rates in isolation would result in a significantly lower fair value measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Gain (loss) from investments		$ 710.2	$ 1,786.1
Carlyle FRL
Segment Reporting Information [Line Items]
Investment Company, Committed Capital	$ 100.0
Performance Fee Revenue \| Customer concentration risk
Segment Reporting Information [Line Items]
Percentage of performance fees related to certain Corporate Private Equity funds (percent)		49.00%	53.00%
Gain (loss) from investments		$ 80.3	$ 424.4

Investments - Principal Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total	$ 2,652.5	$ 2,128.6
Global Private Equity
Segment Reporting Information [Line Items]
Total	1,555.4	1,231.2
Global Credit
Segment Reporting Information [Line Items]
Total	1,016.2	819.7
Global Investment Solutions
Segment Reporting Information [Line Items]
Total	80.9	77.7
Fortitude Group Holdings, LLC
Segment Reporting Information [Line Items]
Total	724.8	$ 715.7
iStar
Segment Reporting Information [Line Items]
Total	$ 186.3

Fair Value Measurement - Additional Information (Details)	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Maximum lag period for which the partnership investments in funds are valued	90 days	90 days

Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Quarterly distributions on common units

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


Dividend Record Date	Dividend Payment Date	Dividend per Common Share		Dividend to Common Stockholders
		(Dollars in millions, except per share data)
May 11, 2021	May 19, 2021	$	0.250	$	88.7
August 10, 2021	August 17, 2021	0.250		89.3
November 9, 2021	November 17, 2021	0.250		89.1
February 15, 2022	February 23, 2022	0.250		89.5
Total 2021 Dividend Year		$	1.000	$	356.6

May 10, 2022	May 17, 2022	$	0.325	$	117.6



Total 2022 Dividend Year (through Q1 2022)		$	0.325	$	117.6

Equity-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

16. Equity-Based Compensation

In May 2012, Carlyle Group Management L.L.C., the general partner of the Partnership, adopted the Equity Incentive Plan. The Equity Incentive Plan, which was amended on January 1, 2020 in connection with the Conversion to reflect shares of the Company’s common stock, is a source of equity-based awards permitting the Company to grant to Carlyle employees, directors and consultants non-qualified options, share appreciation rights, common shares, restricted stock units and other awards based on the Company’s common shares. On June 1, 2021, the shareholders of the Company approved an amended and restated Equity Incentive Plan that removed a provision providing for the automatic increase in the number of the Company’s common shares available for grant and reset the total number of shares of common stock available for grant to 16,000,000 for awards granted under the plan after June 1, 2021. As of March 31, 2022, the total number of the Company’s common shares available for grant under the amended and restated Equity Incentive Plan was 12,470,828.

A summary of the status of the Company’s non-vested equity-based awards as of March 31, 2022 and a summary of changes for the three months ended March 31, 2022, are presented below:




Unvested Shares	Restricted Stock Units	Weighted- Average Grant Date Fair Value		Unvested Common Shares (1)	Weighted- Average Grant Date Fair Value
Balance, December 31, 2021	14,775,651	$	30.70	635,430	$	29.27
Granted	2,821,101	$	44.42	188,223	$	49.06
Vested	3,212,182	$	29.76	—	$	—
Forfeited	30,638	$	28.57	—	$	—
Balance, March 31, 2022	14,353,932	$	33.61	823,653	$	33.79

(1) Includes common shares issued in connection with the Company’s strategic investment in NGP.

The Company recorded compensation expense, net of forfeitures, for restricted stock units of $39.7 million and $32.4 million for the three months ended March 31, 2022 and 2021, respectively, with $7.9 million and $6.7 million of corresponding deferred tax benefits, respectively. As of March 31, 2022, the total unrecognized equity-based compensation expense related to unvested restricted stock units was $402.4 million, which is expected to be recognized over a weighted-average term of 2.5 years.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The Company’s provision (benefit) for income taxes was $147.9 million and $273.4 million for the three months ended March 31, 2022 and 2021, respectively. The Company’s effective tax rate was approximately 20% and 23% for the three months ended March 31, 2022 and 2021, respectively. The effective tax rate for the three months ended March 31, 2022 and 2021 is primarily comprised of the 21% U.S. federal corporate income tax rate plus U.S. state and foreign corporate income taxes and tax deductions resulting from the vesting of restricted stock units during the period, the impact of which was greater during the three months ended March 31, 2022 due to a larger number of vested units and a higher share price. The effective tax rate for the three months ended March 31, 2022 also reflects a deferred tax benefit resulting from a reduction in certain future foreign withholding taxes. As of March 31, 2022 and December 31, 2021, the Company had federal, state, local and foreign taxes payable of $100.0 million and $93.3 million, respectively, which is recorded as a component of accounts payable, accrued expenses and other liabilities on the accompanying condensed consolidated balance sheet. In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. With a few exceptions, as of March 31, 2022, the Company’s U.S. federal income tax returns for years 2018 through 2020 are open under the normal three-year statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2016 to 2020. Foreign tax returns are generally subject to audit from 2011 to 2020. Certain of the Company’s affiliates are currently under audit by federal, state and foreign tax authorities. The Company does not believe that the outcome of these audits will require it to record material reserves for uncertain tax positions or that the outcome will have a material impact on the consolidated financial statements. The Company does not believe that it has any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

7. Intangible Assets and Goodwill

The following table summarizes the carrying amount of intangible assets as of March 31, 2022 and December 31, 2021:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Acquired contractual rights	$	838.3	$	48.0

Accumulated amortization	(31.3)		(26.4)
Finite-lived intangible assets, net	807.0		21.6
Goodwill	13.1		13.3
Intangible Assets, net	$	820.1	$	34.9

As discussed in Note 3, the Company reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. During the three months ended March 31, 2022, the Company recorded an impairment charge of $4.0 million on certain acquired contractual rights related to Carlyle Aviation Partners as a result of impaired income streams from aircraft under lease in Russia. No impairment losses were recorded during the three months ended March 31, 2021.

Intangible asset amortization expense was $4.9 million and $3.3 million for three months ended March 31, 2022 and 2021, respectively, and is included in general, administrative, and other expenses in the unaudited condensed consolidated statements of operations.

The following table summarizes the expected amortization expense for 2022 through 2026 and thereafter (Dollars in millions):


2022 (excluding the three months ended March 31, 2022)	$	89.5
2023	117.1
2024	117.1
2025	117.1
2026	117.0
Thereafter	249.2
	$	807.0

Investments

3 Months Ended

Mar. 31, 2022

Investments [Abstract]

Investments

6. Investments

Investments consist of the following:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Accrued performance allocations	$	8,504.8	$	8,133.0
Principal equity method investments, excluding performance allocations	2,652.5		2,128.6
Principal investments in CLOs	560.4		361.1
Other investments	205.3		209.3
Total	$	11,923.0	$	10,832.0

Accrued Performance Allocations

The components of accrued performance allocations are as follows:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Global Private Equity	$	6,833.5	$	6,412.8

Global Credit	276.6		300.3
Global Investment Solutions (1)	1,394.7		1,419.9
Total	$	8,504.8	$	8,133.0

(1) The Company’s primary and secondary investments in external funds are generally valued based on its proportionate share of the net assets provided by the third party general partners of the underlying fund partnerships based on the most recent available information which typically has a lag of up to 90 days. As a result, amounts presented may not include the impact of economic activity in the current quarter.

Approximately 22% and 25% of accrued performance allocations at March 31, 2022 and December 31, 2021, respectively, are related to Carlyle Partners VI, L.P., one of the Company’s Global Private Equity funds.

Accrued performance allocations are shown gross of the Company’s accrued performance allocations and incentive fee-related compensation (see Note 9), and accrued giveback obligations, which are separately presented in the unaudited condensed consolidated balance sheets. The components of the accrued giveback obligations are as follows:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Global Private Equity	$	(18.4)	$	(18.4)

Global Credit	(22.0)		(11.8)
Total	$	(40.4)	$	(30.2)

Principal Equity Method Investments, Excluding Performance Allocations

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


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Global Private Equity	$	1,555.4	$	1,231.2

Global Credit (1)	1,016.2		819.7
Global Investment Solutions	80.9		77.7
Total	$	2,652.5	$	2,128.6

(1) As of March 31, 2022, the balance includes $724.8 million and $186.3 million, respectively, related to the Company’s strategic investments in Fortitude and iStar through Carlyle-affiliated investment funds. As of December 31, 2021, the balance includes $715.7 million related to the Company’s strategic investment in Fortitude.

Strategic Investment in Fortitude

On November 13, 2018, the Company acquired a 19.9% interest in Fortitude Group Holdings, LLC (“Fortitude Holdings”), a wholly owned subsidiary of American International Group, Inc. (“AIG”) (“the Minority Transaction”), pursuant to a Membership Interest Purchase Agreement by and among the Company, AIG and Fortitude Holdings, dated as of July 31, 2018 (the “2018 MIPA”). Fortitude Holdings owns 100% of the outstanding common shares of Fortitude Reinsurance Company Ltd., a Bermuda domiciled reinsurer (“Fortitude Re”, f/k/a “DSA Re”) established to reinsure a portfolio of AIG’s legacy life, annuity and property and casualty liabilities.

The Company paid $381 million in cash at closing of the Minority Transaction (the “Initial Purchase Price”) and expects to pay up to $95 million in additional deferred consideration following December 31, 2023. In May 2020, the Initial Purchase Price was adjusted upward by $99.5 million in accordance with the 2018 MIPA as Fortitude Holdings chose not to distribute a planned non-pro rata dividend to AIG prior to May 13, 2020. The Company paid $79.6 million of such adjustment in May 2020 and will pay the remaining $19.9 million following December 31, 2023.

On June 2, 2020, Carlyle FRL, L.P. (“Carlyle FRL”), a Carlyle-affiliated investment fund, acquired a 51.6% ownership interest in Fortitude Holdings from AIG (the “Control Transaction”) and T&D United Capital Co., Ltd. (“T&D”), a subsidiary of T&D Holdings, Inc., purchased a 25.0% ownership interest as a strategic third-party investor pursuant to a Membership Interest Purchase Agreement by and among the Company, AIG, Carlyle FRL, and T&D, dated as of November 25, 2019 (the “2019 MIPA”). At closing, the Company contributed its existing 19.9% interest in Fortitude Holdings to Carlyle FRL, such that Carlyle FRL held a 71.5% interest in Fortitude Holdings. Taken together, Carlyle FRL and T&D had 96.5% ownership of Fortitude Holdings. On October 1, 2021, Carlyle FRL, T&D and AIG effected a restructuring of the ownership of Fortitude Holdings that interposed FGH Parent, L.P. (“FGH Parent”), as the direct parent company of Fortitude Holdings (the “Restructuring”). Each of Carlyle FRL, T&D and AIG contributed the entirety of their interest in Fortitude Holdings to FGH Parent in exchange for an equivalent ownership interest in FGH Parent. References to “Fortitude” prior to the Restructuring refer to Fortitude Holdings. For periods subsequent to the Restructuring, references to “Fortitude” refer to FGH Parent. As of March 31, 2022, the carrying value of the Company’s investment in Carlyle FRL, which is an investment company that accounts for its investment in Fortitude at fair value, was $724.8 million, relative to its cost of $465.4 million.

In March 2022, the Company raised $2.0 billion in third-party equity capital from certain investors in Carlyle FRL and T&D, and committed up to $100 million from the Company for additional equity capital in Fortitude. Fortitude is expected to call the capital in two drawdowns during 2022. In connection with the capital raise and subsequent funding, the Company’s indirect ownership of Fortitude will decrease from 19.9% to 10.5%. As a result of the dilution, the Company expects to record a reduction in the carrying value of its equity method investment and corresponding loss of approximately $277 million based on the carrying value as of March 31, 2022, subject to change based on the timing of the dilution and changes in the carrying value of the investment.

The Company has a strategic asset management relationship with Fortitude pursuant to which Fortitude committed to allocate assets in asset management strategies and vehicles of the Company and its affiliates. As of March 31, 2022, Fortitude

Holdings and certain Fortitude reinsurance counterparties have committed approximately $7.6 billion of capital to-date to various Carlyle strategies. On April 1, 2022, the Company entered into a new strategic advisory services agreement with certain subsidiaries of Fortitude through a newly-formed investment advisor, Carlyle Insurance Solutions Management L.L.C. (“CISM”). Under the agreement, CISM will provide Fortitude with certain services, including M&A, transaction origination and execution, and capital management services in exchange for a recurring fee based on Fortitude’s general account assets, which will adjust within an agreed range based on Fortitude’s overall profitability.

Strategic Investment in NGP

The Company has equity interests in NGP Management Company, L.L.C. (“NGP Management”), the general partners of certain carry funds advised by NGP, and principal investments in certain NGP funds. The Company accounts for its investments in NGP under the equity method of accounting, and includes these investments in the Global Private Equity segment. These interests entitle the Company to an allocation of income equal to 55.0% of the management fee-related revenues of NGP Management which serves as the investment advisor to certain NGP funds as well as 47.5% of the performance allocations received by certain current and future NGP fund general partners.

The Company’s investments in NGP as of March 31, 2022 and December 31, 2021 are as follows:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Investment in NGP Management	$	369.9	$	371.8
Investments in NGP general partners - accrued performance allocations	254.2		3.8
Principal investments in NGP funds	74.6		61.3
Total investments in NGP	$	698.7	$	436.9

Investment in NGP Management. The Company’s equity interests in NGP Management entitle the Company to an allocation of income equal to 55.0% of the management fee-related revenues of NGP Management, which serves as the investment advisor to the NGP Energy Funds. Management fees are generally calculated as 1.0% to 2.0% of the limited partners’ commitments during the fund’s investment period, and 0.5% to 2.0% based on the lower of cost or fair market value of invested capital following the expiration or termination of the investment period. Management fee-related revenues from NGP Management are primarily driven by NGP XII, NGP XI and NGP X during the three months ended March 31, 2022 and 2021.

The Company records investment income (loss) for its equity income allocation from NGP management fee-related revenues and also records its share of any allocated expenses from NGP Management, expenses associated with the compensatory elements of the strategic investment, and the amortization of the basis differences related to the definite-lived identifiable intangible assets of NGP Management. The net investment income (loss) recognized in the Company’s unaudited condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 were as follows:


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Management fee-related revenues from NGP Management		$	17.0	$	18.3
Expenses related to the investment in NGP Management		(2.8)		(2.9)
Amortization of basis differences from the investment in NGP Management		(0.3)		(0.7)
Net investment income from NGP Management		$	13.9	$	14.7

The difference between the Company’s remaining carrying value of its investment and its share of the underlying net assets of the investee was $1.1 million and $1.4 million as of March 31, 2022 and December 31, 2021, respectively; these differences are amortized over a period of 10 years from the initial investment date. The Company assesses the remaining carrying value of its equity method investment for impairment whenever events or circumstances indicate that the carrying

value may not be recoverable, and considers factors including, but not limited to, expected cash flows from its interest in future management fees and NGP’s ability to raise new funds.

Investment in the General Partners of NGP Carry Funds. The Company’s investment in the general partners of the NGP Carry Funds entitle it to 47.5% of the performance allocations received by certain current and future NGP fund general partners. The Company records its equity income allocation from NGP performance allocations in principal investment income (loss) from equity method investments rather than performance allocations in its unaudited condensed consolidated statements of operations. The Company recognized $250.4 million of net investment earnings related to these performance allocations for the three months ended March 31, 2022 primarily driven by NGP XI and NGP XII. There were no net investment earnings (losses) related to these performance allocations for the three months ended March 31, 2021.

Principal Investments in NGP Funds. The Company also holds principal investments in the NGP Carry Funds. The Company recognized net investment earnings (losses) of $18.0 million and $6.0 million for the three months ended March 31, 2022 and 2021, respectively, related to these investments and which are included in principal investment income in its unaudited condensed consolidated statements of operations.

Principal Investments in CLOs and Other Investments

Principal investments in CLOs as of March 31, 2022 and December 31, 2021 were $560.4 million and $361.1 million, respectively, and consisted of investments in CLO senior and subordinated notes. A portion of these investments is collateral to CLO term loans (see Note 8). As of March 31, 2022 and December 31, 2021, other investments includes the Company’s investment in the BDC Preferred Shares at fair value of $73.3 million and $72.5 million, respectively (see Note 11).

Investment Income (Loss)

The components of investment income (loss) are as follows:


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Performance allocations
Realized		$	266.9	$	170.9
Unrealized		443.3		1,615.2
		710.2		1,786.1
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized		32.8		41.2
Unrealized		295.3		123.6
		328.1		164.8
Principal investment income (loss) from investments in CLOs and other investments
Realized		2.3		(0.9)
Unrealized		(10.8)		15.2
		(8.5)		14.3



Total		$	1,029.8	$	1,965.2

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Global Private Equity		$	657.9	$	1,566.5

Global Credit		(34.0)		21.0
Global Investment Solutions		86.3		198.6
Total		$	710.2	$	1,786.1

Approximately 49%, or $350.4 million, of performance allocations for the three months ended March 31, 2022 are related to the following funds along with total revenue recognized (total revenue includes performance allocations, fund management fees, and principal investment income):

•Carlyle Realty Partners VIII, L.P. (Global Private Equity segment) - $148.0 million,

•Carlyle Partners VII, L.P. (Global Private Equity segment) - $122.6 million,

•Carlyle International Energy Partners I (Global Private Equity segment) - $82.9 million, and

•Carlyle Europe Partners IV, L.P. (Global Private Equity segment) - $80.3 million.

Approximately 53%, or $940.9 million, of performance allocations for the three months ended March 31, 2021 are related to the following funds along with total revenue recognized (total revenue includes performance allocations, fund management fees, and principal investment income):

•Carlyle Partners VI, L.P. (Global Private Equity segment) - $576.4 million, and

•Carlyle Europe Partners IV, L.P. (Global Private Equity segment) - $424.4 million.

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Global Private Equity		$	328.2	$	105.6

Global Credit		(2.7)		53.6
Global Investment Solutions		2.6		5.6
Total		$	328.1	$	164.8

Investments of Consolidated Funds

The Company consolidates the financial positions and results of operations of certain CLOs in which it is the primary beneficiary. During the three months ended March 31, 2022, the Company did not form any new CLOs for which the Company is the primary beneficiary.

There were no individual investments with a fair value greater than five percent of the Company’s total assets for any period presented.

Interest and Other Income of Consolidated Funds

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Interest income from investments		$	56.5	$	56.9
Other income		5.2		4.2
Total		$	61.7	$	61.1

Net Investment Gains (Losses) of Consolidated Funds

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Gains (losses) from investments of Consolidated Funds		$	(43.4)	$	89.3
Gains (losses) from liabilities of CLOs		46.2		(77.0)

Total		$	2.8	$	12.3

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Realized gains		$	2.7	$	4.7
Net change in unrealized gains (losses)		(46.1)		84.6
Total		$	(43.4)	$	89.3

Accrued Compensation and Benefits - Performance Allocations and Incentive Fee Related Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Realized	$ 137.6	$ 92.7
Unrealized	233.1	773.9
Total	$ 370.7	$ 866.6

Commitments and Contingencies - Additional Information (Details) R$ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2021 BRL (R$)
Guarantor Obligations [Line Items]
Liability for potential repayment of previously received performance fees	$ 40.4	$ 30.2
Unbilled receivable for giveback obligations from current and former employees	9.9	$ 0.0
Amount of accrued giveback obligation of various current and former senior Carlyle professionals and other limited partners of Carlyle Holdings partnerships	18.7
Amount of net accrued giveback obligation attributable to Carlyle Holdings	$ 21.7
Options to extend (up to)	5 years
Options to terminate (within)	1 year
Loss contingency accrual	$ 35.0
Minimum
Guarantor Obligations [Line Items]
Term of lease	1 year
Maximum
Guarantor Obligations [Line Items]
Term of lease	15 years
Guaranteed Employee Credit Facility
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 3.2
Contingent Obligations (Giveback)
Guarantor Obligations [Line Items]
Cash withheld from carried interest distributions for potential giveback obligations	139.3
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis	1,600.0
Contingent Obligations (Giveback) \| Current and Former Senior Carlyle Professionals
Guarantor Obligations [Line Items]
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis	700.0
Indemnifications
Guarantor Obligations [Line Items]
Guaranteed loans, aggregate program limit	$ 21.1		R$ 100.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 569.7	$ 891.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	19.4	13.4
Equity-based compensation	39.7	32.4
Non-cash performance allocations and incentive fees	(300.8)	(865.4)
Non-cash principal investment income	(295.4)	(186.5)
Other non-cash amounts	5.3	8.5
Consolidated Funds related:
Realized/unrealized (gain) loss on investments of Consolidated Funds	43.4	(89.3)
Realized/unrealized (gain) loss from loans payable of Consolidated Funds	(46.2)	77.0
Purchases of investments by Consolidated Funds	(1,025.9)	(925.5)
Proceeds from sale and settlements of investments by Consolidated Funds	1,113.7	1,074.1
Non-cash interest income, net	(2.7)	(3.2)
Change in cash and cash equivalents held at Consolidated Funds	(21.1)	(30.9)
Change in other receivables held at Consolidated Funds	(6.0)	(84.3)
Change in other liabilities held at Consolidated Funds	(34.1)	(7.3)
Purchases of investments	(294.1)	(71.6)
Proceeds from the sale of investments	169.5	164.3
Payments of contingent consideration	(5.7)	(49.9)
Changes in deferred taxes, net	110.9	260.3
Change in due from affiliates and other receivables	(8.8)	(5.4)
Change in deposits and other	(39.8)	(1.4)
Change in accounts payable, accrued expenses and other liabilities	(14.3)	(69.1)
Change in accrued compensation and benefits	(580.1)	(328.0)
Change in due to affiliates	(0.2)	(0.4)
Change in lease right-of-use assets and lease liabilities	(2.5)	2.6
Change in deferred revenue	254.5	255.8
Net cash provided by (used in) operating activities	(372.7)	50.6
Cash flows from investing activities
Purchases of fixed assets, net	(12.3)	(9.7)
Purchase of CBAM intangibles and investments, net	(618.4)	0.0
Net cash used in investing activities	(630.7)	(9.7)
Cash flows from financing activities
Payments on CLO borrowings	(8.9)	(66.6)
Proceeds from CLO borrowings, net of financing costs	40.8	43.4
Net payments on loans payable of Consolidated Funds	(21.8)	(20.0)
Dividends to common stockholders	(89.5)	(88.7)
Payment of deferred consideration for Carlyle Holdings units	(68.8)	(68.8)
Contributions from non-controlling interest holders	5.8	3.7
Distributions to non-controlling interest holders	(27.1)	(15.3)
Common shares issued for performance allocations	31.3	0.0
Common shares repurchased	(80.4)	(10.0)
Change in due to/from affiliates financing activities	33.1	71.1
Net cash used in financing activities	(163.7)	(131.2)
Effect of foreign exchange rate changes	(17.2)	(12.3)
Decrease in cash, cash equivalents and restricted cash	(1,184.3)	(102.6)
Cash, cash equivalents and restricted cash, beginning of period	2,475.1	989.6
Cash, cash equivalents and restricted cash, end of period	1,290.8	887.0
Supplemental non-cash disclosures
Issuance of common shares related to the acquisition of CBAM intangibles and investments	194.5	0.0
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	1,290.2	880.4
Restricted cash	0.6	6.6
Total cash, cash equivalents and restricted cash, end of period	1,290.8	887.0
Cash and cash equivalents held at Consolidated Funds	$ 168.9	$ 174.6

Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity

15. Equity

Shares Issued for Performance Allocation Related Compensation

In October 2021, the Company commenced a program under which, at the Company’s discretion, up to 20% of realized performance allocations and incentive fee related compensation over a certain threshold amount may be distributed in fully vested, newly issued shares of the Company’s common stock. During the three months ended March 31, 2022, the Company distributed 636,461 fully vested, newly issued common shares, related to previously accrued performance allocations and incentive fee related compensation of $31.3 million.

Stock Repurchase Program

In October 2021, the Board of Directors of the Company authorized the repurchase of up to $400.0 million of common stock, which replaced an authorization provided in February 2021 effective January 1, 2022. Under this repurchase program, shares of 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, price, and economic and market conditions. This repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the three months ended March 31, 2022 and 2021, the Company paid an aggregate of $80.4 million and $10.0 million, respectively, to repurchase and retire approximately 1.7 million and 0.3 million shares, respectively, with all of the repurchases done via open market and brokered transactions. As of March 31, 2022, $319.6 million of repurchase capacity remained under the program.

Shares Issued in Connection with Acquisition

In March 2022, the Company issued 4.2 million shares of common stock, which represented $194.5 million of the purchase price paid in the acquisition of management contracts related to a portfolio of assets from CBAM, as described in Note 4 to the unaudited condensed consolidated financial statements.

Dividends

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


Dividend Record Date	Dividend Payment Date	Dividend per Common Share		Dividend to Common Stockholders
		(Dollars in millions, except per share data)
May 11, 2021	May 19, 2021	$	0.250	$	88.7
August 10, 2021	August 17, 2021	0.250		89.3
November 9, 2021	November 17, 2021	0.250		89.1
February 15, 2022	February 23, 2022	0.250		89.5
Total 2021 Dividend Year		$	1.000	$	356.6

May 10, 2022	May 17, 2022	$	0.325	$	117.6



Total 2022 Dividend Year (through Q1 2022)		$	0.325	$	117.6

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

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
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-Subparagraph (SX 210.3-04)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions - Additional Information (Details) - Management Contracts - USD ($) shares in Millions, $ in Millions		1 Months Ended
	Mar. 21, 2022	Mar. 31, 2022
Asset Acquisition [Line Items]
Purchase price	$ 812.9
Payments for acquisition	$ 618.4
Newly issued common shares (in shares)	4.2	4.2
Newly issued common shares	$ 194.5
Business acquisition costs	3.4
Acquired CLO senior and subordinated notes	$ 175.9
Amortization period	7 years
Contractual Rights
Asset Acquisition [Line Items]
Acquired contractual rights	$ 794.3

Investments - Components of Accrued Giveback Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (40.4)	$ (30.2)
Global Private Equity
Segment Reporting Information [Line Items]
Accrued giveback obligations	(18.4)	(18.4)
Global Credit
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (22.0)	$ (11.8)

Investments - Schedule of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Accrued performance allocations	$ 8,504.8	$ 8,133.0
Principal equity method investments, excluding performance allocations	2,652.5	2,128.6
Principal investments in CLOs	560.4	361.1
Other investments	205.3	209.3
Total	$ 11,923.0	$ 10,832.0

Related Party Transactions

3 Months Ended

Mar. 31, 2022

Related Party Transactions

11. Related Party Transactions

Due from Affiliates and Other Receivables, Net

The Company had the following due from affiliates and other receivables at March 31, 2022 and December 31, 2021:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Accrued incentive fees	$	14.0	$	12.2
Unbilled receivable for giveback obligations from current and former employees	9.9		—
Notes receivable and accrued interest from affiliates	38.2		25.3
Management fee, reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	302.7		342.1
Total	$	364.8	$	379.6

Reimbursable expenses and other receivables from certain of the unconsolidated funds and portfolio companies relate to management fees receivable from limited partners, advisory fees receivable and expenses paid on behalf of these entities. These costs represent costs related to the pursuit of actual or proposed investments, professional fees and expenses associated with the acquisition, holding and disposition of the investments. The affiliates are obligated at the discretion of the Company to reimburse the expenses. Based on management’s determination, the Company accrues and charges interest on amounts due from affiliate accounts at interest rates ranging up to 7.00% as of March 31, 2022. The accrued and charged interest to the affiliates was not significant for any period presented.

Notes receivable includes loans that the Company has provided to certain unconsolidated funds to meet short-term obligations to purchase investments. Notes receivable as of March 31, 2022 and December 31, 2021 also include interest-bearing loans of $18.1 million and $18.2 million, respectively, to certain eligible Carlyle employees, which excludes Section 16 officers and other members of senior management, to finance their investments in certain Carlyle sponsored funds. These advances accrue interest at the WSJ Prime Rate minus 1.00% floating with a floor rate of 3.50% (versus an actual rate of 2.50% as of March 31, 2022) and are collateralized by each borrower’s interest in the Carlyle sponsored funds.

These receivables are assessed regularly for collectability and amounts determined to be uncollectible are charged directly to general, administrative and other expenses in the condensed consolidated statements of operations. A corresponding allowance for doubtful accounts is recorded and such amounts were not significant for any period presented.

Due to Affiliates

The Company had the following due to affiliates balances at March 31, 2022 and December 31, 2021:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)

Due to non-consolidated affiliates	$	67.6	$	60.5
Deferred consideration for Carlyle Holdings units	132.7		200.5
Amounts owed under the tax receivable agreement	101.9		101.9
Other	30.7		25.2
Total	$	332.9	$	388.1

The Company has recorded obligations for amounts due to certain of its affiliates. The Company periodically offsets expenses it has paid on behalf of its affiliates against these obligations.

Deferred consideration for Carlyle Holdings units relates to the remaining obligation to the holders of Carlyle Holdings partnership units who will receive cash payments aggregating to $1.50 per Carlyle Holdings partnership unit exchanged in connection with the Conversion, payable in five annual installments of $0.30. The first three annual installment payments

occurred in January 2020, January 2021, and January 2022, respectively. The obligation was initially recorded at fair value, net of a discount of $11.3 million and measured using Level III inputs in the fair value hierarchy.

In connection with the Company’s initial public offering, the Company entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships whereby certain subsidiaries of the Partnership agreed to pay to the limited partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax realized as a result of increases in tax basis resulting from exchanges of Carlyle Holdings Partnership units for common units of The Carlyle Group L.P.

Other Related Party Transactions

In the normal course of business, the Company has made use of aircraft owned by entities controlled by senior Carlyle professionals. The senior Carlyle professionals paid for their purchases of aircraft and bear all operating, personnel and maintenance costs associated with their operation for personal use. Payment by the Company for the business use of these aircraft by senior Carlyle professionals and other employees is made at market rates throughout the year based on budgeted business usage. When actual business use exceeds budgeted aircraft use, the Company makes additional payments to the aircraft owner and/or the aircraft management company, as appropriate. Similarly, when the aggregate amount paid for budgeted aircraft use exceeds the calculated costs of actual business use, or results in rates which exceed market aircraft charter rates, we receive reimbursement of such excess payments from the aircraft owner and/or the aircraft management company, as appropriate. These adjustments are calculated annually and payments or reimbursements are generally made after year-end. During the three months ended March 31, 2022, the Company received net reimbursements totaling $0.1 million and during the three months ended March 31, 2021, the Company made payments totaling $0.4 million related to these aircraft. The accrual of aircraft fees is included in general, administrative, and other expenses in the unaudited condensed consolidated statements of operations.

On May 5, 2020, the Company purchased 2,000,000 shares of BDC Preferred Shares from CSL in a private placement at a price of $25 per share. Dividends are payable on a quarterly basis in an initial amount equal to 7.0% per annum payable in cash, or, at CSL’s option, 9.0% per annual payable in additional BDC Preferred Shares. The Company recorded dividend income of $0.9 million and $0.9 million during the three months ended March 31, 2022 and 2021, respectively, which is included in interest and other income in the unaudited condensed consolidated statements of operations. The Company’s investment in the BDC Preferred Shares, which is recorded at fair value, was $73.3 million and $72.5 million as of March 31, 2022 and December 31, 2021, respectively, and is included in investments, including accrued performance allocations, in the unaudited condensed consolidated balance sheets.

Senior Carlyle professionals and employees are permitted to participate in co-investment entities that invest in Carlyle funds or alongside Carlyle funds. In many cases, participation is limited by law to individuals who qualify under applicable legal requirements. These co-investment entities generally do not require senior Carlyle professionals and employees to pay management fees or performance allocations, however, Carlyle professionals and employees are required to pay their portion of partnership expenses.

Carried interest income from the funds can be distributed to senior Carlyle professionals and employees on a current basis, but is subject to repayment by the subsidiary of the Company that acts as general partner of the fund in the event that certain specified return thresholds are not ultimately achieved. The senior Carlyle professionals and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligation of these subsidiaries in respect of this general partner obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions received.

The Company does business with some of its portfolio companies; all such arrangements are on a negotiated basis.

Substantially all revenue is earned from affiliates of Carlyle.

Investments - Net Investment Gains (Losses) of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments [Abstract]
Gains (losses) from investments of Consolidated Funds	$ (43.4)	$ 89.3
Gains (losses) from liabilities of CLOs	46.2	(77.0)
Total	$ 2.8	$ 12.3

Fair Value Measurement - Level III Financial Assets Measured at Fair Value (Details) - Level III - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 6,955.3	$ 6,627.7
Purchases	1,177.1	935.4
Sales and distributions	(940.8)	(902.2)
Settlements	(163.1)	(241.9)
Realized and unrealized gains (losses), net
Included in earnings	(78.5)	97.9
Included in other comprehensive income	(124.6)	(172.7)
Balance, end of period	6,825.4	6,344.2
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(84.8)	88.1
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	(102.6)	(147.9)
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	17.9	9.4
Purchases	0.1	0.1
Sales and distributions	(6.8)	(0.6)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	0.4	0.9
Included in other comprehensive income	(0.3)	(0.3)
Balance, end of period	11.3	9.5
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	0.3	0.7
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	(0.2)	(0.3)
Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	599.5	550.4
Purchases	182.5	151.0
Sales and distributions	(186.9)	(155.4)
Settlements	(0.3)	(3.6)
Realized and unrealized gains (losses), net
Included in earnings	(13.8)	4.4
Included in other comprehensive income	(15.8)	(21.6)
Balance, end of period	565.2	525.2
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(14.5)	3.2
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	(10.8)	(16.6)
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	5,898.1	5,497.1
Purchases	766.0	755.3
Sales and distributions	(731.0)	(676.2)
Settlements	(162.8)	(238.3)
Realized and unrealized gains (losses), net
Included in earnings	(53.9)	87.2
Included in other comprehensive income	(103.9)	(154.1)
Balance, end of period	5,612.5	5,271.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(59.4)	79.1
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	(87.0)	(134.3)
Investments in CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	361.1	489.4
Purchases	227.6	29.0
Sales and distributions	(14.1)	(54.8)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	(9.6)	(4.0)
Included in other comprehensive income	(4.6)	3.3
Balance, end of period	560.4	462.9
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(9.6)	(4.0)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	(4.6)	3.3
Other investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	78.7	81.4
Purchases	0.9	0.0
Sales and distributions	(2.0)	(15.2)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	(1.6)	9.4
Included in other comprehensive income	0.0	0.0
Balance, end of period	76.0	75.6
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(1.6)	9.1
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$ 0.0	$ 0.0

Investments - Additional Information, Accrued Performance Fees (Details) - fund	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Number Of Partnerships Corporate Private Equity funds related to accrued performance fees	1	1
Carlyle Partners VI, L.P. \| Customer concentration risk \| Accrued performance allocations
Concentration Risk [Line Items]
Percentage of accrued performance fees related to certain Corporate Private Equity funds (percent)	22.00%	25.00%

Investments - Schedule of Performance Allocations Included in Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Investments [Line Items]
Total	$ 710.2	$ 1,786.1
Global Private Equity
Schedule of Investments [Line Items]
Total	657.9	1,566.5
Global Credit
Schedule of Investments [Line Items]
Total	(34.0)	21.0
Global Investment Solutions
Schedule of Investments [Line Items]
Total	$ 86.3	$ 198.6

Accrued Compensation and Benefits (Tables)

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Components of accrued compensation and benefits

Accrued compensation and benefits consist of the following:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Accrued performance allocations and incentive fee related compensation	$	4,269.1	$	4,087.8
Accrued bonuses	125.9		521.4
Employment-based contingent cash consideration (1)	20.5		6.3
Accrued pension liability (2)	30.4		27.4
Other (3)	96.7		312.1
Total	$	4,542.6	$	4,955.0

(2) Certain employees of AlpInvest are covered by defined benefit pension plans sponsored by AlpInvest. No other employees of the Company are covered by defined benefit pension plans.

Schedule of performance allocations and incentive fee related compensation

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Realized		$	137.6	$	92.7
Unrealized		233.1		773.9
Total		$	370.7	$	866.6

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares)	12,470,828		16,000,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	2,821,101
Allocated share based compensation expense	$ 39.7	$ 32.4
Tax benefits related to equity-based compensation expense	7.9	$ 6.7
Unrecognized equity-based compensation expense	$ 402.4
Weighted-average term for unrecognized compensation expense to be recognized	2 years 6 months

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Assets recognized in consolidated balance sheets related to non-consolidated VIEs

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


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)

Investments	$	1,115.0	$	901.9
Accrued performance revenues	373.7		368.7
Management fee receivables	27.1		27.2
Total	$	1,515.8	$	1,297.8

Components of accumulated other comprehensive income (loss)

The components of accumulated other comprehensive income (loss) as of March 31, 2022 and December 31, 2021 were as follows:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)

Currency translation adjustments	$	(265.8)	$	(231.8)
Unrealized losses on defined benefit plans	(17.2)		(15.7)

Total	$	(283.0)	$	(247.5)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Reportable segments financial data

The following tables present the financial data for the Company’s three reportable segments for the three months ended March 31, 2022:


	Three Months Ended March 31, 2022
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	304.2	$	93.7	$	56.3	$	454.2
Portfolio advisory and transaction fees, net and other	6.1		10.1		—		16.2
Fee related performance revenues	30.6		13.9		—		44.5
Total fund level fee revenues	340.9		117.7		56.3		514.9
Realized performance revenues	199.9		13.7		22.7		236.3
Realized principal investment income	14.2		10.3		1.8		26.3
Interest income	0.4		1.5		0.1		2.0
Total revenues	555.4		143.2		80.9		779.5
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	153.0		67.2		25.6		245.8
Realized performance revenues related compensation	90.7		6.7		20.9		118.3
Total compensation and benefits	243.7		73.9		46.5		364.1
General, administrative, and other indirect expenses	45.5		23.5		7.3		76.3
Depreciation and amortization expense	6.3		2.0		1.2		9.5
Interest expense	15.8		8.2		2.8		26.8
Total expenses	311.3		107.6		57.8		476.7
Distributable Earnings	$	244.1	$	35.6	$	23.1	$	302.8
(-) Realized Net Performance Revenues	109.2		7.0		1.8		118.0
(-) Realized Principal Investment Income	14.2		10.3		1.8		26.3
(+) Net Interest	15.4		6.7		2.7		24.8
(=) Fee Related Earnings	136.1		25.0		22.2		183.3
Segment assets as of March 31, 2022	$	9,948.6	$	3,352.2	$	1,860.0	$	15,160.8

The following tables present the financial data for the Company’s three reportable segments for the three months ended March 31, 2021:


	Three Months Ended March 31, 2021
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	260.2	$	70.6	$	52.0	$	382.8
Portfolio advisory and transaction fees, net and other	10.6		8.8		0.3		19.7
Fee related performance revenues	—		9.4		—		9.4
Total fund level fee revenues	270.8		88.8		52.3		411.9
Realized performance revenues	134.1		0.1		34.2		168.4
Realized principal investment income	23.7		5.9		0.4		30.0
Interest income	0.2		2.0		—		2.2
Total revenues	428.8		96.8		86.9		612.5
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	129.1		53.7		29.4		212.2
Realized performance revenues related compensation	60.2		—		32.2		92.4
Total compensation and benefits	189.3		53.7		61.6		304.6
General, administrative, and other indirect expenses	41.4		11.8		8.4		61.6
Depreciation and amortization expense	6.1		1.9		1.1		9.1
Interest expense	13.8		6.3		2.2		22.3
Total expenses	250.6		73.7		73.3		397.6
Distributable Earnings	$	178.2	$	23.1	$	13.6	$	214.9
(-) Realized Net Performance Revenues	73.9		0.1		2.0		76.0
(-) Realized Principal Investment Income	23.7		5.9		0.4		30.0
(+) Net Interest	13.6		4.3		2.2		20.1
(=) Fee Related Earnings	$	94.2	$	21.4	$	13.4	$	129.0

Reconciliation of total segments to income before provision for taxes


	Three Months Ended March 31, 2022
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	779.5	$	61.7	$	740.6	(a)	$	1,581.8
Expenses	$	476.7	$	52.9	$	312.3	(b)	$	841.9
Other income (loss)	$	—	$	2.8	$	—	(c)	$	2.8
Distributable earnings	$	302.8	$	11.6	$	428.3	(d)	$	742.7
Total assets	$	15,160.8	$	6,723.9	$	(148.3)	(e)	$	21,736.4


	Three Months Ended March 31, 2021
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	612.5	$	61.1	$	1,763.6	(a)	$	2,437.2
Expenses	$	397.6	$	56.5	$	831.1	(b)	$	1,285.2
Other income (loss)	$	—	$	12.3	$	—	(c)	$	12.3
Distributable earnings	$	214.9	$	16.9	$	932.5	(d)	$	1,164.3


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Unrealized performance and fee related performance revenues		$	698.8	$	1,621.8
Unrealized principal investment income		23.7		131.3

Adjustments related to expenses associated with investments in NGP Management and its affiliates		(3.1)		(3.6)
Tax expense associated with certain foreign performance revenues		(0.1)		(0.1)
Non-controlling interests and other adjustments to present certain costs on a net basis		17.9		45.3
Elimination of revenues of Consolidated Funds		3.4		(31.1)
		$	740.6	$	1,763.6


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Total Reportable Segments - Fund level fee revenues		$	514.9	$	411.9
Adjustments (1)		(64.4)		(30.9)
Carlyle Consolidated - Fund management fees		$	450.5	$	381.0


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense		$	232.2	$	775.3
Equity-based compensation		40.7		34.9
Acquisition or disposition-related charges (credits) and amortization of intangibles and impairment		29.1		19.0

Tax expense associated with certain foreign performance revenues related compensation		(0.7)		(5.9)
Non-controlling interests and other adjustments to present certain costs on a net basis		16.5		19.9


Other adjustments including severance		4.6		2.0
Elimination of expenses of Consolidated Funds		(10.1)		(14.1)
		$	312.3	$	831.1

(c)The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at the Company’s total Other Income (Loss).

(d)The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings and to Fee Related Earnings:


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Income (loss) before provision for income taxes		$	742.7	$	1,164.3
Adjustments:
Net unrealized performance and fee related performance revenues		(466.6)		(846.4)
Unrealized principal investment income (loss)		(23.7)		(131.3)

Equity-based compensation (1)		40.7		34.9
Acquisition or disposition-related charges (credits), including amortization of intangibles and impairment		29.1		19.0

Tax expense associated with certain foreign performance revenues		(0.8)		(6.0)
Net income attributable to non-controlling interests in consolidated entities		(23.2)		(21.6)


Other adjustments including severance		4.6		2.0
Distributable Earnings		$	302.8	$	214.9
Realized performance revenues, net of related compensation (2)		118.0		76.0
Realized principal investment income (2)		26.3		30.0
Net interest		24.8		20.1
Fee Related Earnings		$	183.3	$	129.0

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











	Three Months Ended March 31, 2022
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	710.2	$	(473.9)	$	236.3
Performance revenues related compensation expense	370.7		(252.4)		118.3
Net performance revenues	$	339.5	$	(221.5)	$	118.0

Principal investment income (loss)	$	319.6	$	(293.3)	$	26.3











	Three Months Ended March 31, 2021
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	1,786.1	$	(1,617.7)	$	168.4
Performance revenues related compensation expense	866.6		(774.2)		92.4
Net performance revenues	$	919.5	$	(843.5)	$	76.0

Principal investment income (loss)	$	179.1	$	(149.1)	$	30.0

(e) The Total Assets adjustment represents the addition of the assets of the Consolidated Funds that were eliminated in consolidation to arrive at the Company’s total assets.

Segment Reporting - Reportable Segments Financial Data (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fund level fee revenues
Investment income	$ 1,029.8	$ 1,965.2
Interest income	25.8	20.4
Total revenues	1,581.8	2,437.2
Compensation and benefits
Cash-based compensation and benefits	254.3	228.5
Realized performance revenues related compensation	370.7	866.6
Total compensation and benefits	664.7	1,127.5
General, administrative and other expenses	106.3	91.7
Interest	27.8	23.0
Total expenses	841.9	1,285.2
Realized net performance revenues	339.5	919.5
Consolidated VIEs, assets	21,736.4		$ 21,250.4
Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	514.9	411.9
Interest income	2.0	2.2
Total revenues	779.5	612.5
Compensation and benefits
Cash-based compensation and benefits	245.8	212.2
Realized performance revenues related compensation	118.3	92.4
Total compensation and benefits	364.1	304.6
General, administrative and other expenses	76.3	61.6
Depreciation and amortization expense	9.5	9.1
Interest	26.8	22.3
Total expenses	476.7	397.6
Distributable Earnings	302.8	214.9
Realized net performance revenues	118.0	76.0
Realized principal investment income (loss)	26.3	30.0
Net interest	24.8	20.1
Fee Related Earnings	183.3	129.0
Consolidated VIEs, assets	15,160.8
Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Total fund level fee revenues	340.9	270.8
Interest income	0.4	0.2
Total revenues	555.4	428.8
Compensation and benefits
Cash-based compensation and benefits	153.0	129.1
Realized performance revenues related compensation	90.7	60.2
Total compensation and benefits	243.7	189.3
General, administrative and other expenses	45.5	41.4
Depreciation and amortization expense	6.3	6.1
Interest	15.8	13.8
Total expenses	311.3	250.6
Distributable Earnings	244.1	178.2
Realized net performance revenues	109.2	73.9
Realized principal investment income (loss)	14.2	23.7
Net interest	15.4	13.6
Fee Related Earnings	136.1	94.2
Consolidated VIEs, assets	9,948.6
Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	117.7	88.8
Interest income	1.5	2.0
Total revenues	143.2	96.8
Compensation and benefits
Cash-based compensation and benefits	67.2	53.7
Realized performance revenues related compensation	6.7	0.0
Total compensation and benefits	73.9	53.7
General, administrative and other expenses	23.5	11.8
Depreciation and amortization expense	2.0	1.9
Interest	8.2	6.3
Total expenses	107.6	73.7
Distributable Earnings	35.6	23.1
Realized net performance revenues	7.0	0.1
Realized principal investment income (loss)	10.3	5.9
Net interest	6.7	4.3
Fee Related Earnings	25.0	21.4
Consolidated VIEs, assets	3,352.2
Total Reportable Segments \| Global Investment Solutions
Fund level fee revenues
Total fund level fee revenues	56.3	52.3
Interest income	0.1	0.0
Total revenues	80.9	86.9
Compensation and benefits
Cash-based compensation and benefits	25.6	29.4
Realized performance revenues related compensation	20.9	32.2
Total compensation and benefits	46.5	61.6
General, administrative and other expenses	7.3	8.4
Depreciation and amortization expense	1.2	1.1
Interest	2.8	2.2
Total expenses	57.8	73.3
Distributable Earnings	23.1	13.6
Realized net performance revenues	1.8	2.0
Realized principal investment income (loss)	1.8	0.4
Net interest	2.7	2.2
Fee Related Earnings	22.2	13.4
Consolidated VIEs, assets	1,860.0
Fund management fees
Fund level fee revenues
Total fund level fee revenues	450.5	381.0
Fund management fees \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	454.2	382.8
Fund management fees \| Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Total fund level fee revenues	304.2	260.2
Fund management fees \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	93.7	70.6
Fund management fees \| Total Reportable Segments \| Global Investment Solutions
Fund level fee revenues
Total fund level fee revenues	56.3	52.0
Portfolio advisory and transaction fees, net and other \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	16.2	19.7
Portfolio advisory and transaction fees, net and other \| Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Total fund level fee revenues	6.1	10.6
Portfolio advisory and transaction fees, net and other \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	10.1	8.8
Portfolio advisory and transaction fees, net and other \| Total Reportable Segments \| Global Investment Solutions
Fund level fee revenues
Total fund level fee revenues	0.0	0.3
Fee related performance revenues \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	44.5	9.4
Fee related performance revenues \| Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Total fund level fee revenues	30.6	0.0
Fee related performance revenues \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	13.9	9.4
Fee related performance revenues \| Total Reportable Segments \| Global Investment Solutions
Fund level fee revenues
Total fund level fee revenues	0.0	0.0
Performance allocations
Fund level fee revenues
Investment income	710.2	1,786.1
Performance allocations \| Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Investment income	199.9	134.1
Performance allocations \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Investment income	13.7	0.1
Performance allocations \| Total Reportable Segments \| Global Investment Solutions
Fund level fee revenues
Investment income	22.7	34.2
Principal investment income
Fund level fee revenues
Investment income	319.6	179.1
Principal investment income \| Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Investment income	14.2	23.7
Principal investment income \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Investment income	10.3	5.9
Principal investment income \| Total Reportable Segments \| Global Investment Solutions
Fund level fee revenues
Investment income	$ 1.8	$ 0.4

Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments [Abstract]

Schedule of investments

Investments consist of the following:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Accrued performance allocations	$	8,504.8	$	8,133.0
Principal equity method investments, excluding performance allocations	2,652.5		2,128.6
Principal investments in CLOs	560.4		361.1
Other investments	205.3		209.3
Total	$	11,923.0	$	10,832.0

Components of accrued performance fees

The components of accrued performance allocations are as follows:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Global Private Equity	$	6,833.5	$	6,412.8

Global Credit	276.6		300.3
Global Investment Solutions (1)	1,394.7		1,419.9
Total	$	8,504.8	$	8,133.0

Components of accrued giveback obligations

The components of the accrued giveback obligations are as follows:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Global Private Equity	$	(18.4)	$	(18.4)

Global Credit	(22.0)		(11.8)
Total	$	(40.4)	$	(30.2)

Schedule of equity method investments

Principal investments are related to the following segments:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Global Private Equity	$	1,555.4	$	1,231.2

Global Credit (1)	1,016.2		819.7
Global Investment Solutions	80.9		77.7
Total	$	2,652.5	$	2,128.6

The Company’s investments in NGP as of March 31, 2022 and December 31, 2021 are as follows:


	As of
	March 31, 2022		December 31, 2021
	(Dollars in millions)
Investment in NGP Management	$	369.9	$	371.8
Investments in NGP general partners - accrued performance allocations	254.2		3.8
Principal investments in NGP funds	74.6		61.3
Total investments in NGP	$	698.7	$	436.9

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Global Private Equity		$	328.2	$	105.6

Global Credit		(2.7)		53.6
Global Investment Solutions		2.6		5.6
Total		$	328.1	$	164.8

Schedule of net investment income (loss)

The net investment income (loss) recognized in the Company’s unaudited condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 were as follows:


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Management fee-related revenues from NGP Management		$	17.0	$	18.3
Expenses related to the investment in NGP Management		(2.8)		(2.9)
Amortization of basis differences from the investment in NGP Management		(0.3)		(0.7)
Net investment income from NGP Management		$	13.9	$	14.7

Components of investment income (loss)

The components of investment income (loss) are as follows:


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Performance allocations
Realized		$	266.9	$	170.9
Unrealized		443.3		1,615.2
		710.2		1,786.1
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized		32.8		41.2
Unrealized		295.3		123.6
		328.1		164.8
Principal investment income (loss) from investments in CLOs and other investments
Realized		2.3		(0.9)
Unrealized		(10.8)		15.2
		(8.5)		14.3



Total		$	1,029.8	$	1,965.2

Performance allocations included in revenues

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Global Private Equity		$	657.9	$	1,566.5

Global Credit		(34.0)		21.0
Global Investment Solutions		86.3		198.6
Total		$	710.2	$	1,786.1

Components of interest and other income of consolidated funds

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Interest income from investments		$	56.5	$	56.9
Other income		5.2		4.2
Total		$	61.7	$	61.1

Components of net investment gains (losses) of consolidated funds

The components of net investment gains (losses) of Consolidated Funds are as follows:


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Gains (losses) from investments of Consolidated Funds		$	(43.4)	$	89.3
Gains (losses) from liabilities of CLOs		46.2		(77.0)

Total		$	2.8	$	12.3

Schedule of realized and unrealized gains (losses) earned from investments of consolidated funds

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


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions)
Realized gains		$	2.7	$	4.7
Net change in unrealized gains (losses)		(46.1)		84.6
Total		$	(43.4)	$	89.3

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Summary of basic and diluted net income (loss) per common unit

Basic and diluted net income (loss) per common share are calculated as follows:


	Three Months Ended March 31, 2022
		Basic		Diluted



Net income attributable to common shares		$	571,600,000	$	571,600,000
Weighted-average common shares outstanding		357,574,838		363,010,282
Net income per common share		$	1.60	$	1.57


	Three Months Ended March 31, 2021
		Basic		Diluted



Net loss attributable to common shares		$	869,300,000	$	869,300,000
Weighted-average common shares outstanding		354,230,092		360,504,780
Net income (loss) per common share		$	2.45	$	2.41

Summary of weighted-average common units outstanding, basic and diluted

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


	Three Months Ended March 31, 2022
		Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding		357,574,838	357,574,838
Unvested restricted stock units		—	3,695,350
Issuable common shares and performance-vesting restricted stock units		—	1,740,094



Weighted-average common shares outstanding		357,574,838	363,010,282


	Three Months Ended March 31, 2021
		Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding		354,230,092	354,230,092
Unvested restricted stock units		—	4,422,988
Issuable common shares and performance-vesting restricted stock units		—	1,851,700


Weighted-average common shares outstanding		354,230,092	360,504,780

Segment Reporting - Total Segments to Partnership Income Before Provision for Taxes Reconciliation (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 1,581.8	$ 2,437.2
Expenses	841.9	1,285.2
Other income (loss)	2.8	12.3
Distributable earnings	742.7	1,164.3
Consolidated VIEs, assets	21,736.4		$ 21,250.4
Total Reportable Segments
Segment Reporting Information [Line Items]
Revenues	779.5	612.5
Expenses	476.7	397.6
Other income (loss)	0.0	0.0
Distributable earnings	302.8	214.9
Consolidated VIEs, assets	15,160.8
Consolidated Funds
Segment Reporting Information [Line Items]
Revenues	61.7	61.1
Expenses	52.9	56.5
Other income (loss)	2.8	12.3
Distributable earnings	11.6	16.9
Consolidated VIEs, assets	6,723.9		$ 6,948.0
Reconciling Items
Segment Reporting Information [Line Items]
Revenues	740.6	1,763.6
Expenses	312.3	831.1
Other income (loss)	0.0	0.0
Distributable earnings	428.3	$ 932.5
Consolidated VIEs, assets	$ (148.3)

Recent Transactions	3 Months Ended
Recent Transactions	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Recent Transactions	2. Recent Transactions During the three months ended March 31, 2022, the Company announced several transactions as outlined below. Acquisition of iStar Triple Net Lease Portfolio (See Note 6) In March 2022, Carlyle Net Leasing Income, L.P., a Carlyle-affiliated investment fund, acquired a diversified portfolio of triple net leases for an enterprise value of $3 billion, which was funded using $2 billion in debt and $1 billion in equity. The investment fund is not consolidated by the Company and the debt is non-recourse to the Company. Carlyle, as general partner of the investment fund, contributed $200 million as a minority interest balance sheet investment, which is included in the Company’s Global Credit principal equity method investments. Fortitude Capital Raise and Strategic Advisory Services Agreement (See Note 6) In March 2022, the Company raised $2.0 billion in third-party equity capital from certain investors in Carlyle FRL and T&D, and committed up to $100 million from the Company to Carlyle FRL for additional equity capital in Fortitude. Fortitude is expected to call the capital in two drawdowns during 2022. In connection with the capital raise and subsequent funding, the Company’s indirect ownership of Fortitude will decrease from 19.9% to 10.5%. On April 1, 2022, the Company entered into a new strategic advisory services agreement with certain subsidiaries of Fortitude through a newly-formed investment advisor, Carlyle Insurance Solutions Management L.L.C. (“CISM”). Under the agreement, CISM will provide Fortitude with certain services, including M&A, transaction origination and execution, and capital management services in exchange for a recurring fee based on Fortitude’s general account assets, which will adjust within an agreed range based on Fortitude’s overall profitability. Acquisition of CLO Management Contracts from CBAM Partners LLC (See Note 4) On March 21, 2022, the Company acquired the management contracts related to a portfolio of assets primarily comprised of U.S. and European CLOs as well as other assets across private credit from CBAM Partners LLC (“CBAM”) for a purchase price of $812.9 million. In connection with the acquisition of the CLO management contracts, the Company acquired CLO senior and subordinated notes of $175.9 million, a portion of which is financed through term loans and other financing arrangements. Acquisition of Abingworth LLP In April 2022, the Company announced an agreement to acquire Abingworth LLP (“Abingworth”), a life sciences investment firm. Consideration for Abingworth includes a base purchase price of $187.5 million, of which up to $47.5 million may be settled with newly-issued shares of the Company’s common stock, as well as up to $130 million in future incentive payments on the achievement of certain performance targets. The acquisition includes the rights to 15% of performance revenues generated by Abingworth’s two most recent active investment funds, Abingworth Bioventures 8 LP and Abingworth Clinical Co-Development Fund 2 LP. The transaction is expected to close in 2022.

Segment Reporting - Reconciliation of Income Before Provision for Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Income (loss) before provision for income taxes	$ 742.7	$ 1,164.3
Adjustments:
Investment Income, Net	(1,029.8)	(1,965.2)
Equity-based compensation	39.7	32.4
Net income attributable to non-controlling interests in consolidated entities	23.2	21.6
Realized performance revenues, net of related compensation	339.5	919.5
Total Reportable Segments
Adjustments:
Net unrealized performance and fee related performance revenues	(466.6)	(846.4)
Distributable Earnings	302.8	214.9
Realized performance revenues, net of related compensation	118.0	76.0
Realized principal investment income	26.3	30.0
Net interest	24.8	20.1
Fee Related Earnings	183.3	129.0
Reconciling Items
Adjustments:
Equity-based compensation	40.7	34.9
Acquisition or disposition-related charges (credits) and amortization of intangibles and impairment	29.1	19.0
Tax expense associated with certain foreign performance revenues	(0.8)	(6.0)
Net income attributable to non-controlling interests in consolidated entities	(23.2)	(21.6)
Other adjustments including severance	4.6	2.0
Unrealized principal investment income (loss) \| Reconciling Items
Adjustments:
Investment Income, Net	$ (23.7)	$ (131.3)

Intangible Assets and Goodwill - Estimated Amortization Expense (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (excluding the three months ended March 31, 2022)	$ 89.5
2023	117.1
2024	117.1
2025	117.1
2026	117.0
Thereafter	249.2
Finite-lived intangible assets, net	$ 807.0	$ 21.6

Fair Value Measurement - Summary of Quantitative Information about Level III Inputs (Details) $ in Millions	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / shares
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 7,112.3	$ 7,003.8
Fair value of liabilities	5,683.4	5,811.7
Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	6,825.4	6,955.3
Fair value of liabilities	5,682.1	5,811.0
Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	5,470.1	5,561.1
Investments of Consolidated Funds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	6,189.0	6,515.5
Consensus Pricing \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	11.3	17.9
Consensus Pricing \| Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	565.2	599.5
Consensus Pricing \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 5,580.0	$ 5,766.0
Consensus Pricing \| Indicative Quotes \| Minimum \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.00	0.00
Consensus Pricing \| Indicative Quotes \| Minimum \| Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	86	0.93
Consensus Pricing \| Indicative Quotes \| Minimum \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.25	0.35
Consensus Pricing \| Indicative Quotes \| Maximum \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.42	84.22
Consensus Pricing \| Indicative Quotes \| Maximum \| Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	1.12	1.07
Consensus Pricing \| Indicative Quotes \| Maximum \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	1.05	1.06
Consensus Pricing \| Indicative Quotes \| Weighted Average \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.42	0.63
Consensus Pricing \| Indicative Quotes \| Weighted Average \| Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.96	0.99
Consensus Pricing \| Indicative Quotes \| Weighted Average \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.97	0.98
Consensus Pricing with Discounted Cash Flow \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 212.0	$ 249.9
Consensus Pricing with Discounted Cash Flow \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	470.7	289.7
Consensus Pricing with Discounted Cash Flow \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 89.7	$ 71.5
Consensus Pricing with Discounted Cash Flow \| Indicative Quotes \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.32	0.40
Consensus Pricing with Discounted Cash Flow \| Indicative Quotes \| Minimum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.84	0.86
Consensus Pricing with Discounted Cash Flow \| Indicative Quotes \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.39	0.46
Consensus Pricing with Discounted Cash Flow \| Indicative Quotes \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	1.08	0.97
Consensus Pricing with Discounted Cash Flow \| Indicative Quotes \| Maximum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	1	1.01
Consensus Pricing with Discounted Cash Flow \| Indicative Quotes \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.85	0.97
Consensus Pricing with Discounted Cash Flow \| Indicative Quotes \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.55	0.61
Consensus Pricing with Discounted Cash Flow \| Indicative Quotes \| Weighted Average \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.98	0.99
Consensus Pricing with Discounted Cash Flow \| Indicative Quotes \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.69	0.63
Consensus Pricing with Discounted Cash Flow \| Discount Margins \| Minimum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.0020	0.0050
Consensus Pricing with Discounted Cash Flow \| Discount Margins \| Maximum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.1430	0.1330
Consensus Pricing with Discounted Cash Flow \| Discount Margins \| Weighted Average \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.0236	0.0245
Consensus Pricing with Discounted Cash Flow \| Default Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.02	0.01
Consensus Pricing with Discounted Cash Flow \| Default Rates \| Minimum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.01	0.01
Consensus Pricing with Discounted Cash Flow \| Default Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.01	0.01
Consensus Pricing with Discounted Cash Flow \| Default Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.02	0.02
Consensus Pricing with Discounted Cash Flow \| Default Rates \| Maximum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.02	0.02
Consensus Pricing with Discounted Cash Flow \| Default Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.02	0.02
Consensus Pricing with Discounted Cash Flow \| Default Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.02	0.01
Consensus Pricing with Discounted Cash Flow \| Default Rates \| Weighted Average \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.01	0.01
Consensus Pricing with Discounted Cash Flow \| Default Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.01	0.01
Consensus Pricing with Discounted Cash Flow \| Recovery Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.50	0.50
Consensus Pricing with Discounted Cash Flow \| Recovery Rates \| Minimum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.50	0.50
Consensus Pricing with Discounted Cash Flow \| Recovery Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.50	0.50
Consensus Pricing with Discounted Cash Flow \| Recovery Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.70	0.70
Consensus Pricing with Discounted Cash Flow \| Recovery Rates \| Maximum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.70	0.70
Consensus Pricing with Discounted Cash Flow \| Recovery Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.70	0.70
Consensus Pricing with Discounted Cash Flow \| Recovery Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.60	0.60
Consensus Pricing with Discounted Cash Flow \| Recovery Rates \| Weighted Average \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.60	0.60
Consensus Pricing with Discounted Cash Flow \| Recovery Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.60	0.60
Consensus Pricing with Discounted Cash Flow \| Discount Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.15	0.14
Consensus Pricing with Discounted Cash Flow \| Discount Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.14	0.14
Consensus Pricing with Discounted Cash Flow \| Discount Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.25	0.22
Consensus Pricing with Discounted Cash Flow \| Discount Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.22	0.22
Consensus Pricing with Discounted Cash Flow \| Discount Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.21	0.19
Consensus Pricing with Discounted Cash Flow \| Discount Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.19	0.19
Market Yield Analysis \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets		$ 67.0
Market Yield Analysis \| BDC preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 73.3	$ 72.5
Market Yield Analysis \| Market Yields \| Minimum \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input \| $ / shares		0.03
Market Yield Analysis \| Market Yields \| Minimum \| BDC preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.09	0.07
Market Yield Analysis \| Market Yields \| Maximum \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input \| $ / shares		0.08
Market Yield Analysis \| Market Yields \| Maximum \| BDC preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.09	0.07
Market Yield Analysis \| Market Yields \| Weighted Average \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input \| $ / shares		0.05
Market Yield Analysis \| Market Yields \| Weighted Average \| BDC preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.09	0.07
Discounted Cash Flow \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 32.5	$ 65.1
Discounted Cash Flow \| Aviation subordinated notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 2.7	$ 6.1
Discounted Cash Flow \| Discount Rates \| Minimum \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.05	0.04
Discounted Cash Flow \| Discount Rates \| Minimum \| Aviation subordinated notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.21	0.18
Discounted Cash Flow \| Discount Rates \| Maximum \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.08	0.08
Discounted Cash Flow \| Discount Rates \| Maximum \| Aviation subordinated notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.21	0.18
Discounted Cash Flow \| Discount Rates \| Weighted Average \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.06	0.05
Discounted Cash Flow \| Discount Rates \| Weighted Average \| Aviation subordinated notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.21	0.18