0001527166-23-000077 | 10-Q | XBRL Viewer

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Intangible Assets

The following table summarizes the carrying amount of intangible assets as of June 30, 2023 and December 31, 2022:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Acquired contractual rights	$	923.8	$	920.2

Accumulated amortization	(192.5)		(126.3)
Finite-lived intangible assets, net	731.3		793.9
Goodwill	104.0		103.9
Intangible Assets, net	$	835.3	$	897.8

Schedule of Estimated Amortization Expense

The following table summarizes the expected amortization expense for 2023 through 2027 and thereafter (Dollars in millions):


Year ending December 31,
2023 (excluding the six months ended June 30, 2023)	$	65.9
2024	131.8
2025	131.7
2026	131.6
2027	121.5
Thereafter	148.8
	$	731.3

Accrued Compensation and Benefits - Components (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2018
Business Acquisition [Line Items]
Accrued performance allocations and incentive fee related compensation	$ 3,363.2	$ 3,625.3
Accrued bonuses	275.9	466.6
Employment-based contingent cash consideration	2.4	76.5
Accrued pension liability	7.0	9.5
Other	153.1	143.0
Total	3,801.6	4,320.9
Make-whole cash incentive awards granted	9.7
Realized performance allocations and incentive fee-related compensation not yet paid	52.0	$ 26.7
Carlyle Aviation Partners/Apollo Aviation Group
Business Acquisition [Line Items]
Contingent consideration, estimated maximum range			$ 150.0
Payments for earn out	68.6
Earnout payable	2.4
Abingworth
Business Acquisition [Line Items]
Contingent consideration, estimated maximum range	$ 130.0

Accrued Compensation and Benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Accrued Compensation and Benefits

7. Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Accrued performance allocations and incentive fee related compensation	$	3,363.2	$	3,625.3
Accrued bonuses(1)	275.9		466.6
Employment-based contingent cash consideration(2)	2.4		76.5
Accrued pension liability	7.0		9.5
Other(3)	153.1		143.0
Total	$	3,801.6	$	4,320.9

(1) Includes $9.7 million related to make-whole cash incentive awards granted in connection with the appointment of the Company’s Chief Executive Officer as of June 30, 2023.

(2) The acquisition of 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 was payable upon the achievement of certain revenue and earnings performance targets during 2020 through 2025, which was accounted for as compensation expense. During the three months ended March 31, 2023, the Company entered into a termination and settlement agreement with respect to the earn-out, pursuant to which the Company paid $68.6 million, based on Carlyle Aviation’s performance, and will pay an aggregate $2.4 million in installments in 2024 and 2025. The acquisition of Abingworth LLP (“Abingworth”) in August 2022 included an earn-out of up to $130.0 million payable upon the achievement of certain revenue and earnings performance targets during 2023 through 2028, which is accounted for as compensation expense. No amount has been accrued as of June 30, 2023. See Note 4 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on the Abingworth acquisition.

(3) Includes $52.0 million and $26.7 million of realized performance allocations and incentive fee related compensation not yet paid to participants as of June 30, 2023 and December 31, 2022, respectively.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Realized	$	193.5	$	262.1	$	297.1	$	399.7
Unrealized	(285.7)		(55.1)		(283.6)		178.0
Total	$	(92.2)	$	207.0	$	13.5	$	577.7

Segment Reporting - Total Segments to Partnership Income Before Provision for Taxes Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 462.1	$ 1,049.0	$ 1,321.1	$ 2,630.8
Expenses	547.7	725.8	1,250.7	1,567.7
Other income (loss)	15.6	(23.5)	19.2	(20.7)
Distributable earnings	(70.0)	299.7	89.6	1,042.4
Total assets	21,381.0		21,381.0		$ 21,403.0
Total Reportable Segments
Segment Reporting Information [Line Items]
Revenues	977.9	1,161.2	1,732.1	1,940.7
Expenses	589.1	632.4	1,071.7	1,109.1
Other income (loss)	0.0	0.0	0.0	0.0
Distributable earnings	388.8	528.8	660.4	831.6
Total assets	13,838.7		13,838.7
Consolidated Funds \| Consolidated Funds
Segment Reporting Information [Line Items]
Revenues	137.1	63.2	259.0	124.9
Expenses	116.3	51.1	213.5	104.0
Other income (loss)	15.6	(23.5)	19.2	(20.7)
Distributable earnings	36.4	(11.4)	64.7	0.2
Total assets	8,172.3		8,172.3		$ 7,213.3
Reconciling Items
Segment Reporting Information [Line Items]
Revenues	(652.9)	(175.4)	(670.0)	565.2
Expenses	(157.7)	42.3	(34.5)	354.6
Other income (loss)	0.0	0.0	0.0	0.0
Distributable earnings	(495.2)	$ (217.7)	(635.5)	$ 210.6
Total assets	$ (630.0)		$ (630.0)

Investments - Interest and Other Income of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments [Abstract]
Interest income from investments	$ 122.1	$ 59.2	$ 231.9	$ 115.7
Other income	15.0	4.0	27.1	9.2
Total	$ 137.1	$ 63.2	$ 259.0	$ 124.9

Related Party Transactions - Amounts Due to Affiliates (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliates	$ 294.7	$ 362.5
Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	294.7	362.5
Affiliated Entity \| Consolidated Funds
Related Party Transaction [Line Items]
Due to affiliates	5.1	16.4
Affiliated Entity \| Due to non-consolidated affiliates
Related Party Transaction [Line Items]
Due to affiliates	115.1	87.1
Affiliated Entity \| Amounts owed under the tax receivable agreement
Related Party Transaction [Line Items]
Due to affiliates	79.6	100.0
Affiliated Entity \| Deferred consideration for Carlyle Holdings units
Related Party Transaction [Line Items]
Due to affiliates	65.9	134.4
Affiliated Entity \| Other
Related Party Transaction [Line Items]
Due to affiliates	$ 29.0	$ 24.6

Investments - Primary Drivers Of Performance Allocation (Details) - Performance Fee Revenue - Customer concentration risk - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Carlyle Partners VII, L.P
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	$ (331.7)		$ (262.9)
Carlyle Asia Partners V, L.P
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	$ (90.4)		(101.6)
Carlyle Partners VI, L.P.
Segment Reporting Information [Line Items]
Fund management fees and incentive fees		$ (361.8)	(53.5)	$ (377.5)
Carlyle US Equity Opportunities Fund II, L.P.
Segment Reporting Information [Line Items]
Fund management fees and incentive fees			$ 73.1
Carlyle Europe Technology Partners IV, L.P
Segment Reporting Information [Line Items]
Fund management fees and incentive fees		133.5
Carlyle Realty Partners VIII, L.P.
Segment Reporting Information [Line Items]
Fund management fees and incentive fees				$ 226.5
Carlyle Power Partners II, L.P
Segment Reporting Information [Line Items]
Fund management fees and incentive fees		$ 103.3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 62.6	$ 843.7
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	88.1	59.9
Equity-based compensation	122.4	85.1
Non-cash performance allocations and incentive fees, net	298.7	(89.8)
Non-cash principal investment income	2.7	(365.1)
Other non-cash amounts	19.9	(11.9)
Consolidated Funds related:
Realized/unrealized (gain) loss on investments of Consolidated Funds	(141.1)	248.1
Realized/unrealized (gain) loss from loans payable of Consolidated Funds	121.9	(227.4)
Purchases of investments by Consolidated Funds	(1,718.3)	(1,984.2)
Proceeds from sale and settlements of investments by Consolidated Funds	865.1	1,637.0
Non-cash interest income, net	(15.9)	(4.5)
Change in cash and cash equivalents held at Consolidated Funds	(354.8)	(82.9)
Change in other receivables held at Consolidated Funds	(10.3)	10.6
Change in other liabilities held at Consolidated Funds	262.6	(31.2)
Purchases of investments	(126.5)	(456.8)
Proceeds from the sale of investments	137.2	287.1
Payments of contingent consideration	(68.6)	(5.7)
Changes in deferred taxes, net	(91.6)	55.9
Change in due from affiliates and other receivables	(4.4)	(65.3)
Change in deposits and other	(49.0)	(7.1)
Change in accounts payable, accrued expenses and other liabilities	(39.7)	(67.2)
Change in accrued compensation and benefits	(201.6)	(372.1)
Change in due to affiliates	(8.4)	2.8
Change in lease right-of-use assets and lease liabilities	(5.0)	(4.6)
Change in deferred revenue	5.0	(12.9)
Net cash used in operating activities	(849.0)	(558.5)
Cash flows from investing activities
Purchases of corporate treasury investments	(145.2)	0.0
Proceeds from corporate treasury investments	122.4	0.0
Purchases of fixed assets, net	(32.5)	(17.4)
Purchase of CBAM intangibles and investments, net	0.0	(618.4)
Net cash used in investing activities	(55.3)	(635.8)
Cash flows from financing activities
Payments on CLO borrowings	(4.5)	(9.0)
Proceeds from CLO borrowings, net of financing costs	0.0	41.1
Net borrowings on loans payable of Consolidated Funds	876.1	405.9
Dividends to common stockholders	(245.1)	(207.1)
Payment of deferred consideration for Carlyle Holdings units	(68.8)	(68.8)
Contributions from non-controlling interest holders	55.5	166.9
Distributions to non-controlling interest holders	(34.1)	(156.6)
Common shares issued for performance allocations	0.0	36.5
Common shares repurchased	(160.8)	(105.3)
Change in due to/from affiliates financing activities	(10.3)	(27.7)
Net cash provided by financing activities	408.0	75.9
Effect of foreign exchange rate changes	10.5	(46.9)
Decrease in cash, cash equivalents and restricted cash	(485.8)	(1,165.3)
Cash, cash equivalents and restricted cash, beginning of period	1,361.5	2,475.1
Cash, cash equivalents and restricted cash, end of period	875.7	1,309.8
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	870.3	1,308.9
Restricted cash	5.4	0.9
Total cash, cash equivalents and restricted cash, end of period	875.7	1,309.8
Cash and cash equivalents held at Consolidated Funds	536.4	230.7
Consolidated Operating Entities
Cash flows from operating activities
Net income	14.3	814.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	88.1	59.9
Equity-based compensation	122.4	85.1
Non-cash performance allocations and incentive fees, net	295.7	(94.6)
Other non-cash amounts	19.9	(11.9)
Consolidated Funds related:
Purchases of investments	(144.3)	(470.3)
Proceeds from the sale of investments	141.6	298.2
Payments of contingent consideration	(68.6)	(5.7)
Changes in deferred taxes, net	(91.6)	55.9
Change in due from affiliates and other receivables	(4.4)	(64.8)
Change in deposits and other	(49.0)	(7.1)
Change in accounts payable, accrued expenses and other liabilities	(39.7)	(67.2)
Change in accrued compensation and benefits	(201.6)	(372.1)
Change in due to affiliates	(8.4)	2.8
Change in lease right-of-use assets and lease liabilities	(5.0)	(4.6)
Change in deferred revenue	5.0	(12.9)
Net cash used in operating activities	74.2	(113.7)
Cash flows from investing activities
Purchases of corporate treasury investments	(145.2)	0.0
Proceeds from corporate treasury investments	122.4	0.0
Purchases of fixed assets, net	(32.5)	(17.4)
Purchase of CBAM intangibles and investments, net	0.0	(618.4)
Net cash used in investing activities	(55.3)	(635.8)
Cash flows from financing activities
Payments on CLO borrowings	(4.5)	(9.0)
Proceeds from CLO borrowings, net of financing costs	0.0	41.1
Dividends to common stockholders	(245.1)	(207.1)
Payment of deferred consideration for Carlyle Holdings units	(68.8)	(68.8)
Contributions from non-controlling interest holders	5.2	4.4
Distributions to non-controlling interest holders	(25.8)	(36.6)
Common shares issued for performance allocations	0.0	36.5
Common shares repurchased	(160.8)	(105.3)
Change in due to/from affiliates financing activities	(13.2)	(27.8)
Net cash provided by financing activities	(513.0)	(372.6)
Effect of foreign exchange rate changes	8.3	(43.2)
Decrease in cash, cash equivalents and restricted cash	(485.8)	(1,165.3)
Cash, cash equivalents and restricted cash, beginning of period	1,361.5	2,475.1
Cash, cash equivalents and restricted cash, end of period	875.7	1,309.8
Supplemental non-cash disclosures
Issuance of common shares related to the acquisition of CBAM	0.0	194.5
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	870.3	1,308.9
Restricted cash	5.4	0.9
Total cash, cash equivalents and restricted cash, end of period	875.7	1,309.8
Cash and cash equivalents held at Consolidated Funds	$ 536.4	$ 230.7

Investments - Investments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Accrued performance allocations	$ 6,531.8	$ 7,117.7
Principal equity method investments, excluding performance allocations	2,951.2	2,922.0
Principal investments in CLOs	538.1	526.1
Other investments	196.5	202.1
Total	$ 10,217.6	$ 10,767.9

Segment Reporting - Reconciliation of Fund Level Fee Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total Reportable Segments
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	$ 606.4	$ 593.5	$ 1,157.8	$ 1,108.4
Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Adjustments	(98.6)	(47.0)	(149.2)	(111.4)
Fund management fees
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	507.8	546.5	1,008.6	997.0
Fund management fees \| Total Reportable Segments
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	515.0	516.2	1,021.2	970.4
Fund management fees \| Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	$ (7.3)	$ (6.5)	$ (14.9)	$ (12.9)

- 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

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+ Details

Organization and Basis of Presentation (Details) - segment	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3	3	3

Investments - Performance Allocations Included in Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Investments [Line Items]
Total	$ (246.8)	$ 337.9	$ (86.0)	$ 1,048.1
Global Private Equity
Schedule of Investments [Line Items]
Total	(327.6)	211.3	(331.4)	869.2
Global Credit
Schedule of Investments [Line Items]
Total	37.7	3.2	71.1	(30.8)
Global Investment Solutions
Schedule of Investments [Line Items]
Total	$ 43.1	$ 123.4	$ 174.3	$ 209.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment Reporting - Revenue Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 462.1	$ 1,049.0	$ 1,321.1	$ 2,630.8
Reconciling Items
Segment Reporting Information [Line Items]
Unrealized performance and fee related performance revenues	(600.5)	12.2	(621.2)	711.0
Unrealized principal investment income (loss)	30.4	(27.1)	1.4	(3.4)
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(4.1)	(3.0)	(7.5)	(6.1)
Tax expense associated with certain foreign performance revenues	0.0	0.0	0.0	(0.1)
Non-controlling interests and other adjustments to present certain costs on a net basis	43.9	13.7	94.7	31.6
Total revenues	(652.9)	(175.4)	(670.0)	565.2
Reconciling Items \| Fortitude Re
Segment Reporting Information [Line Items]
Principal investment loss from dilution of indirect investment in Fortitude	(104.0)	(176.9)	(104.0)	(176.9)
Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Total revenues	$ (18.6)	$ 5.7	$ (33.4)	$ 9.1

Borrowings - Senior Notes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Borrowings - Senior Notes (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2014	Mar. 31, 2013
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 2,298.4		$ 2,298.4		$ 2,296.7
Interest Expense	$ 17.4	$ 17.2	$ 34.6	$ 34.4
3.500% Senior Notes Due 9/19/2029
Debt Instrument [Line Items]
Interest rate (percent)	3.50%		3.50%
Aggregate Principal Amount	$ 425.0		$ 425.0		425.0
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Interest rate (percent)	5.625%		5.625%
Aggregate Principal Amount	$ 600.0		$ 600.0		600.0
5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Interest rate (percent)	5.65%		5.65%
Aggregate Principal Amount	$ 350.0		$ 350.0		350.0
Senior Notes \| 3.500% Senior Notes Due 9/19/2029
Debt Instrument [Line Items]
Interest rate (percent)	3.50%		3.50%
Aggregate Principal Amount	$ 425.0		$ 425.0
Fair Value	378.6		378.6		364.1
Interest Expense	3.9	3.8	7.7	7.6
Senior notes percentage of par value (percent)						99.841%
Senior Notes \| 5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Aggregate Principal Amount	600.0		600.0					$ 200.0	$ 400.0
Fair Value	540.7		540.7		545.8
Interest Expense	8.5	8.4	16.9	16.9
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	350.0		350.0
Fair Value	318.9		318.9		$ 322.2
Interest Expense	$ 5.0	$ 5.0	$ 10.0	$ 9.9
Senior notes percentage of par value (percent)							99.914%

Investments - Principal Investments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total	$ 2,951.2	$ 2,922.0
Global Private Equity
Segment Reporting Information [Line Items]
Total	1,878.5	1,853.5
Global Private Equity \| NGP Management
Segment Reporting Information [Line Items]
Total	1,048.1	1,015.7
Global Credit
Segment Reporting Information [Line Items]
Total	967.5	974.2
Global Credit \| Fortitude Group Holdings, LLC
Segment Reporting Information [Line Items]
Total	582.5	646.0
Global Investment Solutions
Segment Reporting Information [Line Items]
Total	$ 105.2	$ 94.3

Non-controlling Interests in Consolidated Entities - Non-Controlling Interests in Income (Loss) of Consolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Non-controlling interests in income of consolidated entities	$ 35.7	$ 3.5	$ 60.3	$ 26.7
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	31.1	4.6	48.3	29.7
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	5.0	(2.0)	10.5	(4.4)
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	$ (0.4)	$ 0.9	$ 1.5	$ 1.4

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

Borrowings (Tables)

6 Months Ended

Jun. 30, 2023

Debt Instrument [Line Items]

Schedule of Debt Obligations

The Company’s debt obligations consist of the following:


	June 30, 2023				December 31, 2022
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
	(Dollars in millions)


CLO Borrowings (See below)	$	423.4	$	419.9	$	421.7	$	418.1

3.500% Senior Notes Due 9/19/2029	425.0		422.2		425.0		422.0
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		346.4		350.0		346.3
4.625% Subordinated Notes Due 5/15/2061	500.0		484.9		500.0		484.7
Total debt obligations	$	2,298.4	$	2,274.0	$	2,296.7	$	2,271.7

Schedule of Loans Payable of Consolidated Funds

As of June 30, 2023 and December 31, 2022, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):


	As of June 30, 2023
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	6,339.5	$	6,153.4	5.74	%		9.46
Subordinated notes(1)	235.2		230.5		N/A		(3)	9.65

Total	$	6,574.7	$	6,383.9


	As of December 31, 2022
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes(2)	$	5,849.2	$	5,303.3	3.97	%		9.48
Subordinated notes(1)	234.0		188.3		N/A		(3)	9.69

Total	$	6,083.2	$	5,491.6

(1)Borrowing Outstanding as of June 30, 2023 and December 31, 2022 includes $115.7 million and $178.0 million, respectively, of revolving credit balances that are carried at amortized cost.

(2)Borrowing Outstanding as of December 31, 2022 includes $235.6 million of senior secured notes that are carried at par value. The fair value of these senior secured notes at December 31, 2022, approximated par value based on current market rates for similar debt instruments. These senior secured notes are classified as Level III within the fair value hierarchy.

(3)The subordinated notes 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 June 30, 2023		Borrowing Outstanding December 31, 2022		Maturity Date (1)	Interest Rate as of June 30, 2023
February 28, 2017	$	39.4	$	38.7	November 17, 2031	5.55%	(2)
June 29, 2017	52.3		54.8		July 20, 2030	6.48%	(4)
December 6, 2017	43.2		43.8		January 15, 2031	6.63%	(5)
March 15, 2019	1.8		1.8		March 15, 2032	11.63%	(3)
August 20, 2019	3.9		3.9		August 15, 2032	8.06%	(3)
September 15, 2020	19.4		19.1		April 15, 2033	4.76%	(3)
January 8, 2021	20.3		19.9		January 15, 2034	5.67%	(3)
March 9, 2021	18.1		19.1		August 15, 2030	4.71%	(3)
March 30, 2021	18.3		18.0		March 15, 2032	5.23%	(3)
April 21, 2021	3.5		3.4		April 15, 2033	9.03%	(3)
May 21, 2021	15.3		15.0		November 17, 2031	4.69%	(3)
June 4, 2021	20.4		20.0		January 16, 2034	5.46%	(3)
June 10, 2021	1.3		1.3		November 17, 2031	6.17%	(3)
July 15, 2021	15.3		15.0		July 15, 2034	5.47%	(3)
July 20, 2021	20.4		20.0		July 20, 2031	5.48%	(3)
August 4, 2021	16.5		16.2		August 15, 2032	5.07%	(3)
October 27, 2021	23.7		23.3		October 15, 2035	5.58%	(3)
November 5, 2021	14.1		13.8		January 14, 2034	5.26%	(3)
January 6, 2022	20.5		20.1		February 15, 2035	5.70%	(3)
February 22, 2022	20.5		20.1		November 10, 2035	5.73%	(3)
July 13, 2022	17.3		16.9		January 13, 2035	6.43%	(3)
October 25, 2022	17.9		17.5		October 25, 2035	7.03%	(3)
	$	423.4	$	421.7

(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 1.23%.

(5) Incurs interest at LIBOR plus 1.37%.

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 June 30,				Six Months Ended June 30,
	Aggregate Principal Amount		June 30, 2023		December 31, 2022		2023		2022		2023		2022
3.500% Senior Notes Due 9/19/2029 (2)	$	425.0	$	378.6	$	364.1	$	3.9	$	3.8	$	7.7	$	7.6
5.625% Senior Notes Due 3/30/2043 (3)	600.0		540.7		545.8		8.5		8.4		16.9		16.9
5.650% Senior Notes Due 9/15/2048 (4)	350.0		318.9		322.2		5.0		5.0		10.0		9.9
							$	17.4	$	17.2	$	34.6	$	34.4

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

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

(3) Issued $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.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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

Investments - Income (Loss) from Principal Investments (Details) - Principal investment income (loss) from equity method investments - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Investments [Line Items]
Principal investment income from equity method investments	$ (13.9)	$ 91.8	$ (5.6)	$ 419.9
Global Private Equity
Schedule of Investments [Line Items]
Principal investment income from equity method investments	62.8	245.9	80.6	574.1
Global Credit
Schedule of Investments [Line Items]
Principal investment income from equity method investments	(75.5)	(158.7)	(94.4)	(161.4)
Global Investment Solutions
Schedule of Investments [Line Items]
Principal investment income from equity method investments	$ (1.2)	$ 4.6	$ 8.2	$ 7.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Common Unit

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


	Three Months Ended June 30, 2023				Six Months Ended June 30, 2023
	Basic		Diluted		Basic		Diluted



Net income (loss) attributable to common shares	$	(98,400,000)	$	(98,400,000)	$	2,300,000	$	2,300,000
Weighted-average common shares outstanding	361,263,253		361,263,253		362,099,112		364,319,875
Net income (loss) per common share	$	(0.27)	$	(0.27)	$	0.01	$	0.01


	Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
	Basic		Diluted		Basic		Diluted



Net income attributable to common shares	$	245,400,000	$	245,400,000	$	817,000,000	$	817,000,000
Weighted-average common shares outstanding	361,445,630		366,311,757		359,520,927		364,671,713
Net income per common share	$	0.68	$	0.67	$	2.27	$	2.24

Schedule 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 June 30, 2023		Six Months Ended June 30, 2023
	Basic	Diluted	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	361,263,253	361,263,253	362,099,112	362,099,112
Unvested restricted stock units	—	—	—	1,509,304
Issuable common shares and performance-vesting restricted stock units	—	—	—	711,459



Weighted-average common shares outstanding	361,263,253	361,263,253	362,099,112	364,319,875


	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
	Basic	Diluted	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	361,445,630	361,445,630	359,520,927	359,520,927
Unvested restricted stock units	—	3,141,695	—	3,418,523
Issuable common shares and performance-vesting restricted stock units	—	1,724,432	—	1,732,263


Weighted-average common shares outstanding	361,445,630	366,311,757	359,520,927	364,671,713

Investments - Investments of Consolidated Funds (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) collateralized_Loan_obligation	Dec. 31, 2022 USD ($)
Schedule of Investments [Line Items]
Number of new collateralized loan obligations \| collateralized_Loan_obligation	2
Investments measured at net asset value		$ 7,577.8
Minimum percent of aggregate assets for individual investments with fair value	5.00%
Consolidated VIEs \| Equity securities
Schedule of Investments [Line Items]
Investments measured at net asset value	$ 386.1	$ 377.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

9. Related Party Transactions

Due from Affiliates and Other Receivables, Net

The Company had the following due from affiliates and other receivables at June 30, 2023 and December 31, 2022:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Accrued incentive fees	$	19.7	$	16.4
Unbilled receivable for giveback obligations from current and former employees	10.1		10.4
Notes receivable and accrued interest from affiliates	41.4		41.5
Management fee receivable, net	241.7		220.4
Reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	292.9		290.7
Total	$	605.8	$	579.4

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 7.02% as of June 30, 2023. 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 June 30, 2023 and December 31, 2022 also include interest-bearing loans of $25.0 million and $23.2 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% (7.25% as of June 30, 2023) 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 June 30, 2023 and December 31, 2022:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Due to affiliates of Consolidated Funds	$	5.1	$	16.4
Due to non-consolidated affiliates	115.1		87.1
Amounts owed under the tax receivable agreement	79.6		100.0
Deferred consideration for Carlyle Holdings units	65.9		134.4
Other	29.0		24.6
Total	$	294.7	$	362.5

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 four annual installment payments occurred in January in each of 2020, 2021, 2022 and 2023. 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 (see Note 11 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022). The Company terminated its remaining aircraft lease agreement in 2022 and had no active aircraft lease agreements in 2023. During the first quarter of 2023, the Company received a final reimbursement related to these aircraft totaling $0.4 million. During the three and six months ended June 30, 2022, the Company made net payments related to these aircraft totaling $0.6 million and $0.5 million, respectively. 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 of the 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 BDC Preferred Shares are convertible at the Company’s option, in whole or in part, into the number of shares of common stock equal to $25 per share plus any

accumulated but unpaid dividends divided by an initial conversion price of $9.50 per share, subject to certain adjustments. Effective May 5, 2023 and with the approval of its board of directors, CSL has the option to redeem the BDC Preferred Shares, in whole or in part. In such case, the Company has the right to convert its shares, in whole or in part, prior to the date of redemption. For the three and six months ended June 30, 2023, the Company recorded dividend income of $0.9 million and $1.8 million, respectively. For the three and six months ended June 30, 2022, the Company recorded dividend income of $0.9 million and $1.8 million, respectively. Dividend income from the BDC Preferred Shares 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 $79.2 million and $76.9 million as of June 30, 2023 and December 31, 2022, 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 or performance allocations, however, Carlyle professionals and employees are required to pay their portion of partnership expenses.

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

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

Substantially all revenue is earned from affiliates of Carlyle.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Investments - Accrued Performance Fees (Details) - financingVehicle	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Number of partnerships corporate private equity funds related to accrued performance fees	1
Carlyle Partners VI, L.P. \| Accrued performance allocations \| Customer concentration risk
Concentration Risk [Line Items]
Percentage of accrued performance fees related to certain Corporate Private Equity funds (percent)	12.00%	13.00%

Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

15. Segment Reporting

Carlyle conducts its operations through three reportable segments:

Global Private Equity – The Global Private Equity segment advises the Company’s buyout, middle market and growth capital funds, its U.S. and internationally focused real estate funds, and its infrastructure and natural resources funds. The segment also includes the NGP Carry Funds advised by NGP.

Global Credit – The Global Credit segment advises funds and vehicles that pursue investment strategies including loans and structured credit, direct lending, opportunistic credit, distressed credit, aircraft financing and servicing, infrastructure debt, insurance solutions and global capital markets.

Global Investment Solutions – The Global Investment Solutions segment advises global private equity programs and related co-investment and secondary activities.

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 earn-outs and contingent consideration including gains and losses associated with the estimated fair value of contingent considerations issued in conjunction with acquisitions or strategic investments, impairment charges associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract terminations and employee severance. 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 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. Fee Related Earnings includes fee related performance revenues and related compensation expense, which is generally approximately 45% of fee related performance revenues. Fee related performance revenues represent the realized portion of performance revenues that are measured and received on a recurring basis, are not dependent on realization events, and which have no risk of giveback.

The following tables present the financial data for the Company’s three reportable segments for the three and six months ended June 30, 2023:


	Three Months Ended June 30, 2023
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	330.2	$	126.9	$	57.9	$	515.0
Portfolio advisory and transaction fees, net and other	5.3		12.9		—		18.2
Fee related performance revenues	52.8		19.6		0.8		73.2
Total fund level fee revenues	388.3		159.4		58.7		606.4
Realized performance revenues	313.7		5.6		15.8		335.1
Realized principal investment income	13.2		8.2		0.7		22.1
Interest income	5.5		7.7		1.1		14.3
Total revenues	720.7		180.9		76.3		977.9
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	173.6		84.6		30.5		288.7
Realized performance revenues related compensation	144.6		2.7		12.7		160.0
Total compensation and benefits	318.2		87.3		43.2		448.7
General, administrative, and other indirect expenses	59.1		25.6		17.0		101.7
Depreciation and amortization expense	5.9		1.7		1.1		8.7
Interest expense	16.8		10.9		2.3		30.0
Total expenses	400.0		125.5		63.6		589.1
Distributable Earnings	$	320.7	$	55.4	$	12.7	$	388.8
(-) Realized net performance revenues	169.1		2.9		3.1		175.1
(-) Realized principal investment income	13.2		8.2		0.7		22.1
(+) Net interest	11.3		3.2		1.2		15.7
(=) Fee Related Earnings	$	149.7	$	47.5	$	10.1	$	207.3


	Six Months Ended June 30, 2023
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	657.1	$	249.5	$	114.6	$	1,021.2
Portfolio advisory and transaction fees, net and other	10.7		23.9		—		34.6
Fee related performance revenues	62.4		38.0		1.6		102.0
Total fund level fee revenues	730.2		311.4		116.2		1,157.8
Realized performance revenues	412.7		33.3		54.2		500.2
Realized principal investment income	25.1		17.2		3.6		45.9
Interest income	10.9		14.9		2.4		28.2
Total revenues	1,178.9		376.8		176.4		1,732.1
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	322.3		165.0		62.0		549.3
Realized performance revenues related compensation	190.9		15.4		49.3		255.6
Total compensation and benefits	513.2		180.4		111.3		804.9
General, administrative, and other indirect expenses	116.2		47.3		25.7		189.2
Depreciation and amortization expense	12.6		3.7		2.3		18.6
Interest expense	33.4		21.1		4.5		59.0
Total expenses	675.4		252.5		143.8		1,071.7
Distributable Earnings	$	503.5	$	124.3	$	32.6	$	660.4
(-) Realized Net Performance Revenues	221.8		17.9		4.9		244.6
(-) Realized Principal Investment Income	25.1		17.2		3.6		45.9
(+) Net Interest	22.5		6.2		2.1		30.8
(=) Fee Related Earnings	$	279.1	$	95.4	$	26.2	$	400.7
Segment assets as of June 30, 2023	$	8,813.9	$	3,074.9	$	1,949.9	$	13,838.7

The following tables present the financial data for the Company’s three reportable segments for the three and six months ended June 30, 2022:


	Three Months Ended June 30, 2022
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	337.0	$	123.7	$	55.5	$	516.2
Portfolio advisory and transaction fees, net and other	7.5		34.7		—		42.2
Fee related performance revenues	22.3		12.8		—		35.1
Total fund level fee revenues	366.8		171.2		55.5		593.5
Realized performance revenues	473.8		19.9		26.2		519.9
Realized principal investment income	34.2		8.7		0.9		43.8
Interest income	1.2		2.6		0.2		4.0
Total revenues	876.0		202.4		82.8		1,161.2
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	154.2		77.1		28.4		259.7
Realized performance revenues related compensation	214.5		9.4		25.1		249.0
Total compensation and benefits	368.7		86.5		53.5		508.7
General, administrative, and other indirect expenses	59.3		20.3		8.3		87.9
Depreciation and amortization expense	6.3		1.9		1.3		9.5
Interest expense	16.0		7.4		2.9		26.3
Total expenses	450.3		116.1		66.0		632.4
Distributable Earnings	$	425.7	$	86.3	$	16.8	$	528.8
(-) Realized Net Performance Revenues	259.3		10.5		1.1		270.9
(-) Realized Principal Investment Income	34.2		8.7		0.9		43.8
(+) Net Interest	14.8		4.8		2.7		22.3
(=) Fee Related Earnings	$	147.0	$	71.9	$	17.5	$	236.4


	Six Months Ended June 30, 2022
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	641.2	$	217.4	$	111.8	$	970.4
Portfolio advisory and transaction fees, net and other	13.6		44.8		—		58.4
Fee related performance revenues	52.9		26.7		—		79.6
Total fund level fee revenues	707.7		288.9		111.8		1,108.4
Realized performance revenues	673.7		33.6		48.9		756.2
Realized principal investment income	48.4		19.0		2.7		70.1
Interest income	1.6		4.1		0.3		6.0
Total revenues	1,431.4		345.6		163.7		1,940.7
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	307.2		144.3		54.0		505.5
Realized performance revenues related compensation	305.2		16.1		46.0		367.3
Total compensation and benefits	612.4		160.4		100.0		872.8
General, administrative, and other indirect expenses	104.8		43.8		15.6		164.2
Depreciation and amortization expense	12.6		3.9		2.5		19.0
Interest expense	31.8		15.6		5.7		53.1
Total expenses	761.6		223.7		123.8		1,109.1
Distributable Earnings	$	669.8	$	121.9	$	39.9	$	831.6
(-) Realized net performance revenues	368.5		17.5		2.9		388.9
(-) Realized principal investment income	48.4		19.0		2.7		70.1
(+) Net interest	30.2		11.5		5.4		47.1
(=) Fee Related Earnings	$	283.1	$	96.9	$	39.7	$	419.7

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the three months ended June 30, 2023 and 2022.


	Three Months Ended June 30, 2023
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	977.9	$	137.1	$	(652.9)	(a)	$	462.1
Expenses	$	589.1	$	116.3	$	(157.7)	(b)	$	547.7
Other income	$	—	$	15.6	$	—	(c)	$	15.6
Distributable earnings	$	388.8	$	36.4	$	(495.2)	(d)	$	(70.0)


	Three Months Ended June 30, 2022
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	1,161.2	$	63.2	$	(175.4)	(a)	$	1,049.0
Expenses	$	632.4	$	51.1	$	42.3	(b)	$	725.8
Other income	$	—	$	(23.5)	$	—	(c)	$	(23.5)
Distributable earnings	$	528.8	$	(11.4)	$	(217.7)	(d)	$	299.7

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the six months ended June 30, 2023 and 2022, and Total Assets as of June 30, 2023.


	Six Months Ended June 30, 2023
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	1,732.1	$	259.0	$	(670.0)	(a)	$	1,321.1
Expenses	$	1,071.7	$	213.5	$	(34.5)	(b)	$	1,250.7
Other income (loss)	$	—	$	19.2	$	—	(c)	$	19.2
Distributable earnings	$	660.4	$	64.7	$	(635.5)	(d)	$	89.6
Total assets	$	13,838.7	$	8,172.3	$	(630.0)	(e)	$	21,381.0


	Six Months Ended June 30, 2022
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	1,940.7	$	124.9	$	565.2	(a)	$	2,630.8
Expenses	$	1,109.1	$	104.0	$	354.6	(b)	$	1,567.7
Other income (loss)	$	—	$	(20.7)	$	—	(c)	$	(20.7)
Distributable earnings	$	831.6	$	0.2	$	210.6	(d)	$	1,042.4

(a)The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment income (loss) (including Fortitude), the principal investment loss from dilution of the indirect investment in 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Unrealized performance and fee related performance revenues	$	(600.5)	$	12.2	$	(621.2)	$	711.0
Unrealized principal investment income (loss)	30.4		(27.1)		1.4		(3.4)
Principal investment loss from dilution of indirect investment in Fortitude	(104.0)		(176.9)		(104.0)		(176.9)
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(4.1)		(3.0)		(7.5)		(6.1)
Tax expense associated with certain foreign performance revenues	—		—		—		(0.1)
Non-controlling interests and other adjustments to present certain costs on a net basis	43.9		13.7		94.7		31.6
Elimination of revenues of Consolidated Funds	(18.6)		5.7		(33.4)		9.1
	$	(652.9)	$	(175.4)	$	(670.0)	$	565.2

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 and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	606.4	$	593.5	$	1,157.8	$	1,108.4
Adjustments(1)	(98.6)		(47.0)		(149.2)		(111.4)
Carlyle Consolidated - Fund management fees	$	507.8	$	546.5	$	1,008.6	$	997.0

(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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense	$	(286.2)	$	(58.6)	$	(288.5)	$	173.6
Equity-based compensation	70.7		48.3		127.8		89.0
Acquisition or disposition-related charges (credits) and amortization of intangibles and impairment	33.7		53.4		62.4		82.5

Tax expense associated with certain foreign performance revenues related compensation	(0.1)		—		(0.6)		(0.7)
Non-controlling interests and other adjustments to present certain costs on a net basis	35.2		11.8		75.2		28.3


Other adjustments including severance	2.3		(2.3)		6.2		2.3
Elimination of expenses of Consolidated Funds	(13.3)		(10.3)		(17.0)		(20.4)
	$	(157.7)	$	42.3	$	(34.5)	$	354.6

(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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Income (loss) before provision for income taxes	$	(70.0)	$	299.7	$	89.6	$	1,042.4
Adjustments:
Net unrealized performance and fee related performance revenues	314.3		(70.8)		332.7		(537.4)
Unrealized principal investment (income) loss	(30.4)		27.1		(1.4)		3.4
Principal investment loss from dilution of indirect investment in Fortitude	104.0		176.9		104.0		176.9
Equity-based compensation(1)	70.7		48.3		127.8		89.0
Acquisition or disposition-related charges (credits), including amortization of intangibles and impairment	33.7		53.4		62.4		82.5

Tax expense associated with certain foreign performance revenues	(0.1)		—		(0.6)		(0.8)
Net income attributable to non-controlling interests in consolidated entities	(35.7)		(3.5)		(60.3)		(26.7)


Other adjustments including severance	2.3		(2.3)		6.2		2.3
Distributable Earnings	$	388.8	$	528.8	$	660.4	$	831.6
Realized performance revenues, net of related compensation(2)	175.1		270.9		244.6		388.9
Realized principal investment income(2)	22.1		43.8		45.9		70.1
Net interest	15.7		22.3		30.8		47.1
Fee Related Earnings	$	207.3	$	236.4	$	400.7	$	419.7

(1)Equity-based compensation for the three and six months ended June 30, 2023 and 2022 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 June 30, 2023
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	(246.8)	$	581.9	$	335.1
Performance revenues related compensation expense	(92.2)		252.2		160.0
Net performance revenues	$	(154.6)	$	329.7	$	175.1

Principal investment income (loss)	$	(7.2)	$	29.3	$	22.1

	Six Months Ended June 30, 2023
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	(86.0)	$	586.2	$	500.2
Performance revenues related compensation expense	13.5		242.1		255.6
Net performance revenues	$	(99.5)	$	344.1	$	244.6

Principal investment income (loss)	$	4.5	$	41.4	$	45.9


	Three Months Ended June 30, 2022
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	337.9	$	182.0	$	519.9
Performance revenues related compensation expense	207.0		42.0		249.0
Net performance revenues	$	130.9	$	140.0	$	270.9

Principal investment income (loss)	$	56.7	$	(12.9)	$	43.8

	Six Months Ended June 30, 2022
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	1,048.1	$	(291.9)	$	756.2
Performance revenues related compensation expense	577.7		(210.4)		367.3
Net performance revenues	$	470.4	$	(81.5)	$	388.9

Principal investment income (loss)	$	376.3	$	(306.2)	$	70.1

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

(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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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+ Details

Investments

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Investments

4. Investments

Investments consist of the following:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Accrued performance allocations	$	6,531.8	$	7,117.7
Principal equity method investments, excluding performance allocations	2,951.2		2,922.0
Principal investments in CLOs	538.1		526.1
Other investments	196.5		202.1
Total	$	10,217.6	$	10,767.9

Accrued Performance Allocations

The components of accrued performance allocations are as follows:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Global Private Equity	$	4,863.0	$	5,577.1

Global Credit	238.0		193.9
Global Investment Solutions	1,430.8		1,346.7
Total	$	6,531.8	$	7,117.7

Approximately 12% and 13% of accrued performance allocations at June 30, 2023 and December 31, 2022, 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 7), 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
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Global Private Equity	$	(18.4)	$	(18.4)

Global Credit	(22.5)		(22.5)
Total	$	(40.9)	$	(40.9)

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 investments

in Fortitude through a Carlyle-affiliated fund (included within Global Credit) and NGP (included within Global Private Equity), which are not consolidated. Principal investments are related to the following segments:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Global Private Equity(1)	$	1,878.5	$	1,853.5

Global Credit(2)	967.5		974.2
Global Investment Solutions	105.2		94.3
Total	$	2,951.2	$	2,922.0

(1) The balance includes $1,048.1 million and $1,015.7 million as of June 30, 2023 and December 31, 2022, respectively, related to the Company’s equity method investments in NGP.

(2) As of June 30, 2023 and December 31, 2022, the balance includes $582.5 million and $646.0 million, respectively, related to the Company’s investment in Fortitude.

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 will pay $95 million in additional deferred consideration by March 31, 2024. 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 by March 31, 2024.

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.

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 $100 million from the Company for additional equity capital in Fortitude. In May 2022, Fortitude called $1.1 billion of the capital raise. In connection with the capital raise and subsequent funding, the Company’s indirect ownership of Fortitude decreased from 19.9% to 13.5%. As a result of the dilution, the Company recorded a reduction in the carrying value of its equity method investment and corresponding loss of $176.9 million. In May 2023, Fortitude called the remaining $1 billion of the capital commitments and the Company’s indirect ownership of Fortitude further decreased from 13.5% to 10.5%. As a result of the dilution, the Company recorded an additional reduction in the carrying value of its equity method investment and corresponding loss of $104.0 million. As of June 30, 2023, 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 $582.5 million, relative to equity invested of $564.7 million.

The Company has an asset management relationship with Fortitude pursuant to which Fortitude committed to allocate assets in asset management strategies and vehicles of the Company and its affiliates. As of June 30, 2023, Fortitude Holdings and certain Fortitude reinsurance counterparties have committed approximately $10.3 billion of capital to-date to various Carlyle strategies. On April 1, 2022, the Company entered into a 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 provides Fortitude with certain services, including business development and growth, transaction origination and execution, and capital management services in exchange for a recurring management fee based on Fortitude’s general account assets, which adjusts within an agreed range based on Fortitude’s overall profitability. Third party investors who participated in the March 2022 capital raise also made a minority investment in CISM, which is reflected as non-controlling interest in consolidated entities in the unaudited condensed consolidated financial statements.

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 does not control NGP and 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 June 30, 2023 and December 31, 2022 are as follows:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Investment in NGP Management	$	371.6	$	369.7
Investments in NGP general partners - accrued performance allocations	599.5		564.5
Principal investments in NGP funds	77.0		81.5
Total investments in NGP	$	1,048.1	$	1,015.7

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 and NGP XI during the three and six months ended June 30, 2023 and 2022.

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 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 and six months ended June 30, 2023 and 2022 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Management fee related revenues from NGP Management	$	19.8	$	17.6	$	37.9	$	34.6
Expenses related to the investment in NGP Management	(4.1)		(2.6)		(7.5)		(5.4)
Amortization of basis differences from the investment in NGP Management	—		(0.4)		—		(0.7)
Net investment income from NGP Management	$	15.7	$	14.6	$	30.4	$	28.5

The difference between the Company’s remaining carrying value of its investment and its share of the underlying net assets of the investee was amortized over a period of 10 years from the initial investment date and was fully amortized as of December 31, 2022. 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 $34.8 million and $200.2 million of net investment earnings related to these performance allocations for the three months ended June 30, 2023 and 2022, respectively. The Company recognized $36.5 million and $450.6 million of net investment earnings related to these performance allocations for the six months ended June 30, 2023 and 2022, respectively.

Principal Investments in NGP Funds. The Company also holds principal investments in the NGP Carry Funds. The Company recognized net investment earnings (losses) related to principal investment income in its unaudited condensed consolidated statements of operations of $4.0 million and $15.4 million for the three months ended June 30, 2023 and 2022, respectively, and $3.9 million and $33.4 million for the six months ended June 30, 2023 and 2022, respectively.

Principal Investments in CLOs and Other Investments

Principal investments in CLOs as of June 30, 2023 and December 31, 2022 were $538.1 million and $526.1 million, respectively, and consisted of investments in CLO senior and subordinated notes. A portion of the Company’s principal investments in CLOs is collateral to CLO term loans (see Note 6). As of June 30, 2023 and December 31, 2022, other investments include the Company’s investment in the BDC Preferred Shares at fair value of $79.2 million and $76.9 million, respectively (see Note 9).

Investment Income (Loss)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Performance allocations
Realized	$	386.1	$	541.6	$	565.7	$	808.5
Unrealized	(632.9)		(203.7)		(651.7)		239.6
	(246.8)		337.9		(86.0)		1,048.1
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	(34.4)		(69.1)		4.1		(36.3)
Unrealized	20.5		160.9		(9.7)		456.2
	(13.9)		91.8		(5.6)		419.9
Principal investment income (loss) from investments in CLOs and other investments
Realized	1.0		0.9		(0.1)		3.2
Unrealized(1)	5.7		(36.0)		10.2		(46.8)
	6.7		(35.1)		10.1		(43.6)



Total	$	(254.0)	$	394.6	$	(81.5)	$	1,424.4

(1) The six months ended June 30, 2023 includes investment loss of $13.3 million associated with the remeasurement of a corporate investment resulting from observable price changes pursuant to ASC 321, Investments - Equity Securities.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Global Private Equity	$	(327.6)	$	211.3	$	(331.4)	$	869.2

Global Credit	37.7		3.2		71.1		(30.8)
Global Investment Solutions	43.1		123.4		174.3		209.7
Total	$	(246.8)	$	337.9	$	(86.0)	$	1,048.1

The following table summarizes the funds that are the primary drivers of performance allocations for the periods presented, as well as the total revenue recognized, including performance allocations as well as fund management fees and principal investment income:

Three Months Ended June 30, 2023

Six Months Ended June 30, 2023

(Dollars in millions)

Global Private Equity

Carlyle Partners VII, L.P

(331.7)

Global Private Equity

Carlyle Partners VII, L.P

(262.9)

Global Private Equity

Carlyle Asia Partners V, L.P.

(90.4)

Global Private Equity

Carlyle Asia Partners V, L.P.

(101.6)

Global Private Equity

Carlyle Partners VI, L.P.

(53.5)

Global Private Equity

Carlyle U.S. Equity Opportunities Fund II, L.P.

73.1

Three Months Ended June 30, 2022

Six Months Ended June 30, 2022

(Dollars in millions)

Global Private Equity

Carlyle Europe Technology Partners IV, L.P.

133.5

Global Private Equity

Carlyle Realty Partners VIII, L.P.

226.5

Global Private Equity

Carlyle Power Partners II, L.P.

103.3

Global Private Equity

Carlyle Partners VI, L.P.

(377.5)

Global Private Equity

Carlyle Partners VI, L.P.

(361.8)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Global Private Equity	$	62.8	$	245.9	$	80.6	$	574.1

Global Credit	(75.5)		(158.7)		(94.4)		(161.4)
Global Investment Solutions	(1.2)		4.6		8.2		7.2
Total	$	(13.9)	$	91.8	$	(5.6)	$	419.9

Principal investment loss for Global Credit during the three and six months ended June 30, 2023 includes an investment loss of $104.0 million on the Company’s equity method investment in Carlyle FRL related to the dilution of the Company’s indirect ownership in Fortitude from 13.5% to 10.5%. Principal investment loss for Global Credit during the three and six months ended June 30, 2022 includes an investment loss of $176.9 million on the Company’s equity method investment in Carlyle FRL related to the dilution of the Company’s indirect ownership in Fortitude from 19.9% to 13.5%.

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 six months ended June 30, 2023, the Company formed two new CLOs for which the Company is the primary beneficiary. Investments in Consolidated Funds as of June 30, 2023 also include $386.1 million related to investments that have been bridged by the Company to investment funds that are actively fundraising and are accounted for as consolidated VIEs.

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

Interest and Other Income of Consolidated Funds

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Interest income from investments	$	122.1	$	59.2	$	231.9	$	115.7
Other income	15.0		4.0		27.1		9.2
Total	$	137.1	$	63.2	$	259.0	$	124.9

Net Investment Income of Consolidated Funds

Net investment income (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 income (losses) of Consolidated Funds are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$	(3.9)	$	(204.7)	$	141.1	$	(248.1)
Gains (losses) from liabilities of CLOs	19.5		181.2		(121.9)		227.4

Total	$	15.6	$	(23.5)	$	19.2	$	(20.7)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Realized gains (losses)	$	(21.5)	$	(6.5)	$	(38.9)	$	(3.8)
Net change in unrealized gains (losses)	17.6		(198.2)		180.0		(244.3)
Total	$	(3.9)	$	(204.7)	$	141.1	$	(248.1)

Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (loss) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (299.3)	$ (322.2)
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	(299.0)	(322.0)
Unrealized losses on defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (0.3)	$ (0.2)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Investments - Net Investment Earnings (Loss) (Details) - NGP Management - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Management fee related revenues from NGP Management	$ 19.8	$ 17.6	$ 37.9	$ 34.6
Expenses related to the investment in NGP Management	(4.1)	(2.6)	(7.5)	(5.4)
Amortization of basis differences from the investment in NGP Management	0.0	(0.4)	0.0	(0.7)
Net investment income from NGP Management	$ 15.7	$ 14.6	$ 30.4	$ 28.5

Commitments and Contingencies - Additional Information (Details) R$ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) employee	Dec. 31, 2022 USD ($)	Aug. 31, 2021 BRL (R$)
Guarantor Obligations [Line Items]
Liability for potential repayment of previously received performance fees	$ 40.9	$ 40.9
Due from affiliates and other receivables, net	605.8	$ 579.4
Amount of accrued giveback obligation of various current and former senior Carlyle professionals and other limited partners of Carlyle Holdings partnerships	18.9
Amount of net accrued giveback obligation attributable to Carlyle Holdings	$ 22.0
Options to extend (up to)	5 years
Options to terminate (within)	1 year
Number of employees serving on board of directors \| employee	2
Proceeds from sale of investment	$ 87.5
Loss contingency accrual	$ 35.0
Minimum
Guarantor Obligations [Line Items]
Term of lease	1 year
Maximum
Guarantor Obligations [Line Items]
Term of lease	14 years
Guaranteed Employee Credit Facility
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 6.5
Contingent Obligations (Giveback)
Guarantor Obligations [Line Items]
Cash withheld from carried interest distributions for potential giveback obligations	151.9
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis	1,600.0
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis, responsibility of current and former senior Carlyle professionals	700.0
Indemnifications
Guarantor Obligations [Line Items]
Guaranteed loans, aggregate program limit	$ 20.9		R$ 100.0

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Accrued performance allocations and incentive fee related compensation	$ 3,363.2	$ 3,625.3
Securities transferred to counterparties under repurchase agreements	$ 288.5

- Definition

Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Fair Value Measurement

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

3. 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 June 30, 2023:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$	—	$	—	$	487.6	$	487.6
Bonds	—		—		548.4		548.4
Loans	—		—		5,858.4		5,858.4



	—		—		6,894.4		6,894.4
Investments in CLOs and other:
Investments in CLOs	—		—		538.1		538.1
Other investments(3)	1.6		42.1		81.5		125.2

	1.6		42.1		619.6		663.3
Corporate treasury investments:

Commercial paper and other	—		44.5		—		44.5
	—		44.5		—		44.5
Foreign currency forward contracts	—		3.6		—		3.6

Subtotal	$	1.6	$	90.2	$	7,514.0	$	7,605.8
Investments measured at net asset value							615.8
Total							$	8,221.6
Liabilities
Loans payable of Consolidated Funds(4)(5)	$	—	$	—	$	6,383.9	$	6,383.9




Foreign currency forward contracts	—		1.2		—		1.2
Total	$	—	$	1.2	$	6,383.9	$	6,385.1

(1)This balance excludes $615.8 million related to investments of consolidated funds that are included in investments measured at net asset value.

(2)This balance includes $386.1 million related to investments that have been bridged by the Company to investment funds and are accounted for as consolidated VIEs as of June 30, 2023.

(3)The Level III balance excludes $50.3 million related to three corporate investments in equity securities which the Company has elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to ASC 321, Investments – Equity Securities. As a non-recurring fair value measurement, the fair value of these equity securities is excluded from the tabular Level III rollforward disclosures.

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

(5)Loans payable of Consolidated Funds balance excludes a $115.7 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, 2022:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$	—	$	—	$	430.6	$	430.6
Bonds	—		—		594.9		594.9
Loans	—		—		5,352.9		5,352.9



	—		—		6,378.4		6,378.4
Investments in CLOs and other:
Investments in CLOs	—		—		526.1		526.1
Other investments(3)	1.6		41.6		79.4		122.6

	1.6		41.6		605.5		648.7
Corporate treasury investments:

Commercial paper and other	—		20.0		—		20.0
	—		20.0		—		20.0
Foreign currency forward contracts	—		2.2		—		2.2
Subtotal	$	1.6	$	63.8	$	6,983.9	$	7,049.3
Investments measured at net asset value							528.5
Total							$	7,577.8
Liabilities
Loans payable of Consolidated Funds(4)(5)	$	—	$	—	$	5,491.6	$	5,491.6



Foreign currency forward contracts	—		3.2		—		3.2
Total	$	—	$	3.2	$	5,491.6	$	5,494.8

(1)This balance excludes $516.0 million related to investments of consolidated funds that are included in investments measured at net asset value.

(2)This balance includes $377.4 million related to investments that have been bridged by the Company to investment funds and are accounted for as consolidated VIEs as of December 31, 2022.

(3)The Level III balance excludes $58.2 million related to two corporate investments in equity securities which the Company has elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to ASC 321, Investments – Equity Securities. As a non-recurring fair value measurement, the fair value of these equity securities is excluded from the tabular Level III rollforward disclosures.

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

(5)Loans payable of Consolidated Funds balance excludes $235.6 million of senior notes measured at amortized cost and a $178.0 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 June 30, 2023
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans		Investments in CLOs			Other investments			Total
Balance, beginning of period	$	435.5	$	593.2	$	5,481.7	$	544.8		$	76.1		$	7,131.3
Deconsolidation of funds(1)	(0.4)		—		(372.2)		—			—			(372.6)


Purchases	53.1		41.8		1,200.9		—			—			1,295.8
Sales and distributions	—		(81.3)		(265.3)		(12.8)			(0.8)			(360.2)
Settlements	—		(4.1)		(177.3)		—			—			(181.4)
Realized and unrealized gains (losses), net
Included in earnings	(0.6)		(3.3)		(22.7)		(3.2)			6.2			(23.6)
Included in other comprehensive income	—		2.1		13.3		9.3			—			24.7
Balance, end of period	$	487.6	$	548.4	$	5,858.4	$	538.1		$	81.5		$	7,514.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	(0.6)	$	(4.5)	$	(13.1)	$	(3.2)		$	5.4		$	(16.0)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	—	$	2.2	$	15.6	$	9.3		$	—		$	27.1

	Financial Assets
	Six Months Ended June 30, 2023
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans				Investments in CLOs			Other investments	Total
Balance, beginning of period	$	430.6	$	594.9	$	5,352.9	$	526.1		$	79.4		$	6,983.9
Deconsolidation of funds(1)	(0.4)		—		(372.2)		—			—			(372.6)


Purchases	58.5		71.6		1,438.2		—			—			1,568.3
Sales and distributions	—		(128.3)		(435.0)		(20.7)			(1.7)			(585.7)
Settlements	—		(8.2)		(278.9)		—			—			(287.1)
Realized and unrealized gains (losses), net
Included in earnings	(1.1)		8.1		93.3		15.9			3.8			120.0
Included in other comprehensive income	—		10.3		60.1		16.8			—			87.2
Balance, end of period	$	487.6	$	548.4	$	5,858.4	$	538.1		$	81.5		$	7,514.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	(1.0)	$	2.2	$	94.0	$	15.9		$	2.1		$	113.2
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	—	$	9.0	$	57.5	$	16.8		$	—		$	83.3

(1) As a result of the deconsolidation of one fund during the three and six months ended June 30, 2023.


	Financial Assets
	Three Months Ended June 30, 2022
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans		Investments in CLOs		Other investments		Total
Balance, beginning of period	$	11.3	$	565.2	$	5,612.5	$	560.4	$	76.0	$	6,825.4



Purchases	—		199.9		774.9		4.4		—		979.2
Sales and distributions	(0.4)		(40.7)		(283.1)		(14.8)		(0.9)		(339.9)
Settlements	—		—		(198.9)		—		—		(198.9)
Realized and unrealized gains (losses), net
Included in earnings	2.0		(24.2)		(193.5)		(15.4)		(10.0)		(241.1)
Included in other comprehensive income	(0.5)		(30.4)		(195.1)		(26.0)		—		(252.0)
Balance, end of period	$	12.4	$	669.8	$	5,516.8	$	508.6	$	65.1	$	6,772.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	1.6	$	(24.5)	$	(198.9)	$	(15.4)	$	(10.0)	$	(247.2)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	(0.6)	$	(27.5)	$	(182.4)	$	(26.0)	$	—	$	(236.5)

	Financial Assets
	Six Months Ended June 30, 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		382.4		1,540.9		232.0		0.9		2,156.3
Sales and distributions	(7.2)		(227.6)		(1,014.1)		(28.9)		(2.9)		(1,280.7)
Settlements	—		(0.3)		(361.7)		—		—		(362.0)
Realized and unrealized gains (losses), net
Included in earnings	2.4		(38.0)		(247.4)		(25.0)		(11.6)		(319.6)
Included in other comprehensive income	(0.8)		(46.2)		(299.0)		(30.6)		—		(376.6)
Balance, end of period	$	12.4	$	669.8	$	5,516.8	$	508.6	$	65.1	$	6,772.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	1.8	$	(37.1)	$	(252.8)	$	(25.0)	$	(11.6)	$	(324.7)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	(0.7)	$	(31.5)	$	(249.8)	$	(30.6)	$	—	$	(312.6)


	Financial Liabilities
	Loans Payable of Consolidated Funds
	Three Months Ended June 30,
	2023		2022
Balance, beginning of period	$	5,647.9	$	5,682.1

Borrowings	869.2		462.9
Paydowns	(46.9)		(1.9)
Sales	(82.5)		—
Realized and unrealized (gains) losses, net
Included in earnings	(19.7)		(181.3)
Included in other comprehensive income	15.9		(204.0)
Balance, end of period	$	6,383.9	$	5,757.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(18.1)	$	(181.3)
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$	16.1	$	(210.9)

	Financial Liabilities
	Loans Payable of Consolidated Funds
	Six Months Ended June 30,
	2023		2022
Balance, beginning of period	$	5,491.6	$	5,811.0

Borrowings	869.8		1,571.3
Paydowns	(49.0)		(417.3)
Sales	(120.6)		(669.5)
Realized and unrealized (gains) losses, net
Included in earnings	121.7		(227.5)
Included in other comprehensive income	70.4		(310.2)
Balance, end of period	$	6,383.9	$	5,757.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	126.7	$	(230.8)
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$	68.3	$	(320.2)

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 June 30, 2023:

Fair Value at

Valuation Technique(s)

Unobservable Input(s)

Range
(Weighted Average)

(Dollars in millions)

June 30, 2023

Assets

Investments of Consolidated Funds:

Equity securities

1.4

Consensus Pricing

Indicative Quotes ($ per share)

0.00 - 333.33 (0.05)

367.6

Discounted Cash Flow

Discount Rates

10% - 10% (10%)

Terminal Growth Rate

0% - 7% (5%)

Comparable Multiple

EBITDA Multiple

12.7x - 12.7x (12.7x)

TCF Multiple

24.4x - 24.4x (24.4x)

50.2

Discounted Cash Flow

Discount Rates

10% - 10% (10%)

Terminal Growth Rate

0% - 7% (5%)

Comparable Multiple

TCF Multiple

24.4x - 24.4x (24.4x)

68.4

Other(1)

N/A

Bonds

548.4

Consensus Pricing

Indicative Quotes (% of Par)

21 - 108 (88)

Loans

5,831.9

Consensus Pricing

Indicative Quotes (% of Par)

0 - 102 (94)

11.5

Discounted Cash Flow

Discount Rates

8% - 9% (9%)

11.2

Consensus Pricing

Indicative Quotes (% of Par)

92 - 92 (92)

3.8

Other(1)

N/A

6,894.4

Investments in CLOs:

Senior secured notes

472.8

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

73 - 100 (95)

Discount Margins (Basis Points)

185 - 1,350 (367)

Default Rates

2% - 3% (2%)

Recovery Rates

60% - 60% (60%)

Subordinated notes and preferred shares

65.3

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

1 - 83 (53)

Discount Rates

18% - 28% (23%)

Default Rates

2% - 3% (2%)

Recovery Rates

60% - 60% (60%)

Other investments:

BDC preferred shares

79.2

Market Yield Analysis

Market Yields

12% - 12% (12%)

Aviation subordinated notes

2.3

Discounted Cash Flow

Discount Rates

21% - 21% (21%)

Total

7,514.0

Liabilities

Loans payable of Consolidated Funds:

Senior secured notes

6,153.4

Other(2)

N/A

Subordinated notes and preferred shares

230.5

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

18 - 97 (36)

Discount Rates

18% - 28% (23%)

Default Rates

2% - 3% (3%)

Recovery Rates

60% - 60% (60%)

Total

6,383.9

(1) Fair value approximates transaction price that was in close proximity to the reporting date.

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

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

Fair Value at

Valuation Technique(s)

Unobservable Input(s)

Range
(Weighted Average)

(Dollars in millions)

December 31, 2022

Assets

Investments of Consolidated Funds:

Equity securities

3.1

Consensus Pricing

Indicative Quotes ($ per share)

0.00 - 4.73 (0.18)

363.5

Discounted Cash Flow

Discount Rates

10% - 10% (10%)

Terminal Growth Rate

0% - 7% (5%)

Comparable Multiple

EBITDA Multiple

12.7x - 12.7x (12.7x)

TCF Multiple

23.8x - 23.8x (23.8x)

64.0

Other(1)

N/A

Bonds

594.9

Consensus Pricing

Indicative Quotes (% of Par)

46 - 105 (88)

Loans

5,043.4

Consensus Pricing

Indicative Quotes (% of Par)

0 - 100 (91)

11.8

Discounted Cash Flow

Discount Rates

0% - 9% (1%)

248.7

Discounted Cash Flow

Discount Rates

7% - 10% (8%)

37.4

Consensus Pricing

Indicative Quotes (% of Par)

97% - 98% (97%)

11.1

Consensus Pricing

Indicative Quotes (% of Par)

91% - 91% (91%)

0.5

Other(1)

N/A

6,378.4

Investments in CLOs:

Senior secured notes

462.1

Discounted Cash Flow with Consensus Pricing

Indicative Quotes (% of Par)

67 - 100 (93)

Discount Margins (Basis Points)

170 - 1,800 (386)

Default Rates

2% - 3% (2%)

Recovery Rates

50% - 70% (60%)

Subordinated notes and preferred shares

64.0

Discounted Cash Flow with Consensus Pricing

Indicative Quotes (% of Par)

0 - 82 (40)

Discount Rate

15% - 25% (20%)

Default Rates

2% - 3% (2%)

Recovery Rates

50% - 70% (60%)

Other investments:

BDC preferred shares

76.9

Market Yield Analysis

Market Yields

11% - 11% (11%)

Aviation subordinated notes

2.5

Discounted Cash Flow

Discount Rates

21% - 21% (21%)

Total

6,983.9

Liabilities

Loans payable of Consolidated Funds:

Senior secured notes

5,303.3

Other(2)

N/A

Subordinated notes and preferred shares

188.3

Discounted Cash Flow with Consensus Pricing

Indicative Quotes (% of Par)

21 - 96 (38)

Discount Rates

15% - 25% (20%)

Default Rates

2% - 3% (3%)

Recovery Rates

50% - 70% (60%)

Total

5,491.6

(1) Fair value approximates transaction price that was in close proximity to the reporting date.

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 discount rates, default rates, recovery rates and indicative quotes. Significant increases in discount rates or default rates in isolation would result in a significantly lower fair value measurement. Significant decreases in recovery rates or indicative quotes 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

Fair Value Measurement - Changes in Level III Financial Assets Measured at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity securities
Realized and unrealized gains (losses), net
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Bonds
Realized and unrealized gains (losses), net
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Loans
Realized and unrealized gains (losses), net
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Investments in CLOs
Realized and unrealized gains (losses), net
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Other investments
Realized and unrealized gains (losses), net
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 7,131.3	$ 6,825.4	$ 6,983.9	$ 6,955.3
Deconsolidation/consolidation of funds	(372.6)		(372.6)
Purchases	1,295.8	979.2	1,568.3	2,156.3
Sales and distributions	(360.2)	(339.9)	(585.7)	(1,280.7)
Settlements	(181.4)	(198.9)	(287.1)	(362.0)
Realized and unrealized gains (losses), net
Included in earnings	(23.6)	(241.1)	120.0	(319.6)
Included in other comprehensive income	24.7	(252.0)	87.2	(376.6)
Balance, end of period	7,514.0	6,772.7	7,514.0	6,772.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(16.0)	(247.2)	113.2	(324.7)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	27.1	(236.5)	83.3	(312.6)
Level III \| Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	435.5	11.3	430.6	17.9
Deconsolidation/consolidation of funds	(0.4)		(0.4)
Purchases	53.1	0.0	58.5	0.1
Sales and distributions	0.0	(0.4)	0.0	(7.2)
Settlements	0.0	0.0	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	(0.6)	2.0	(1.1)	2.4
Included in other comprehensive income	0.0	(0.5)	0.0	(0.8)
Balance, end of period	487.6	12.4	487.6	12.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(0.6)	1.6	(1.0)	1.8
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	0.0	(0.6)	0.0	(0.7)
Level III \| Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	593.2	565.2	594.9	599.5
Deconsolidation/consolidation of funds	0.0		0.0
Purchases	41.8	199.9	71.6	382.4
Sales and distributions	(81.3)	(40.7)	(128.3)	(227.6)
Settlements	(4.1)	0.0	(8.2)	(0.3)
Realized and unrealized gains (losses), net
Included in earnings	(3.3)	(24.2)	8.1	(38.0)
Included in other comprehensive income	2.1	(30.4)	10.3	(46.2)
Balance, end of period	548.4	669.8	548.4	669.8
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(4.5)	(24.5)	2.2	(37.1)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	2.2	(27.5)	9.0	(31.5)
Level III \| Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	5,481.7	5,612.5	5,352.9	5,898.1
Deconsolidation/consolidation of funds	(372.2)		(372.2)
Purchases	1,200.9	774.9	1,438.2	1,540.9
Sales and distributions	(265.3)	(283.1)	(435.0)	(1,014.1)
Settlements	(177.3)	(198.9)	(278.9)	(361.7)
Realized and unrealized gains (losses), net
Included in earnings	(22.7)	(193.5)	93.3	(247.4)
Included in other comprehensive income	13.3	(195.1)	60.1	(299.0)
Balance, end of period	5,858.4	5,516.8	5,858.4	5,516.8
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(13.1)	(198.9)	94.0	(252.8)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	15.6	(182.4)	57.5	(249.8)
Level III \| Investments in CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	544.8	560.4	526.1	361.1
Deconsolidation/consolidation of funds	0.0		0.0
Purchases	0.0	4.4	0.0	232.0
Sales and distributions	(12.8)	(14.8)	(20.7)	(28.9)
Settlements	0.0	0.0	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	(3.2)	(15.4)	15.9	(25.0)
Included in other comprehensive income	9.3	(26.0)	16.8	(30.6)
Balance, end of period	538.1	508.6	538.1	508.6
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(3.2)	(15.4)	15.9	(25.0)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	9.3	(26.0)	16.8	(30.6)
Level III \| Other investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	76.1	76.0	79.4	78.7
Deconsolidation/consolidation of funds	0.0		0.0
Purchases	0.0	0.0	0.0	0.9
Sales and distributions	(0.8)	(0.9)	(1.7)	(2.9)
Settlements	0.0	0.0	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	6.2	(10.0)	3.8	(11.6)
Included in other comprehensive income	0.0	0.0	0.0	0.0
Balance, end of period	81.5	65.1	81.5	65.1
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	5.4	(10.0)	2.1	(11.6)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule 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 June 30, 2023:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$	—	$	—	$	487.6	$	487.6
Bonds	—		—		548.4		548.4
Loans	—		—		5,858.4		5,858.4



	—		—		6,894.4		6,894.4
Investments in CLOs and other:
Investments in CLOs	—		—		538.1		538.1
Other investments(3)	1.6		42.1		81.5		125.2

	1.6		42.1		619.6		663.3
Corporate treasury investments:

Commercial paper and other	—		44.5		—		44.5
	—		44.5		—		44.5
Foreign currency forward contracts	—		3.6		—		3.6

Subtotal	$	1.6	$	90.2	$	7,514.0	$	7,605.8
Investments measured at net asset value							615.8
Total							$	8,221.6
Liabilities
Loans payable of Consolidated Funds(4)(5)	$	—	$	—	$	6,383.9	$	6,383.9




Foreign currency forward contracts	—		1.2		—		1.2
Total	$	—	$	1.2	$	6,383.9	$	6,385.1

(1)This balance excludes $615.8 million related to investments of consolidated funds that are included in investments measured at net asset value.

(2)This balance includes $386.1 million related to investments that have been bridged by the Company to investment funds and are accounted for as consolidated VIEs as of June 30, 2023.

(5)Loans payable of Consolidated Funds balance excludes a $115.7 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, 2022:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$	—	$	—	$	430.6	$	430.6
Bonds	—		—		594.9		594.9
Loans	—		—		5,352.9		5,352.9



	—		—		6,378.4		6,378.4
Investments in CLOs and other:
Investments in CLOs	—		—		526.1		526.1
Other investments(3)	1.6		41.6		79.4		122.6

	1.6		41.6		605.5		648.7
Corporate treasury investments:

Commercial paper and other	—		20.0		—		20.0
	—		20.0		—		20.0
Foreign currency forward contracts	—		2.2		—		2.2
Subtotal	$	1.6	$	63.8	$	6,983.9	$	7,049.3
Investments measured at net asset value							528.5
Total							$	7,577.8
Liabilities
Loans payable of Consolidated Funds(4)(5)	$	—	$	—	$	5,491.6	$	5,491.6



Foreign currency forward contracts	—		3.2		—		3.2
Total	$	—	$	3.2	$	5,491.6	$	5,494.8

(1)This balance excludes $516.0 million related to investments of consolidated funds that are included in investments measured at net asset value.

(2)This balance includes $377.4 million related to investments that have been bridged by the Company to investment funds and are accounted for as consolidated VIEs as of December 31, 2022.

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

Schedule of 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 June 30, 2023
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans		Investments in CLOs			Other investments			Total
Balance, beginning of period	$	435.5	$	593.2	$	5,481.7	$	544.8		$	76.1		$	7,131.3
Deconsolidation of funds(1)	(0.4)		—		(372.2)		—			—			(372.6)


Purchases	53.1		41.8		1,200.9		—			—			1,295.8
Sales and distributions	—		(81.3)		(265.3)		(12.8)			(0.8)			(360.2)
Settlements	—		(4.1)		(177.3)		—			—			(181.4)
Realized and unrealized gains (losses), net
Included in earnings	(0.6)		(3.3)		(22.7)		(3.2)			6.2			(23.6)
Included in other comprehensive income	—		2.1		13.3		9.3			—			24.7
Balance, end of period	$	487.6	$	548.4	$	5,858.4	$	538.1		$	81.5		$	7,514.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	(0.6)	$	(4.5)	$	(13.1)	$	(3.2)		$	5.4		$	(16.0)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	—	$	2.2	$	15.6	$	9.3		$	—		$	27.1

	Financial Assets
	Six Months Ended June 30, 2023
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans				Investments in CLOs			Other investments	Total
Balance, beginning of period	$	430.6	$	594.9	$	5,352.9	$	526.1		$	79.4		$	6,983.9
Deconsolidation of funds(1)	(0.4)		—		(372.2)		—			—			(372.6)


Purchases	58.5		71.6		1,438.2		—			—			1,568.3
Sales and distributions	—		(128.3)		(435.0)		(20.7)			(1.7)			(585.7)
Settlements	—		(8.2)		(278.9)		—			—			(287.1)
Realized and unrealized gains (losses), net
Included in earnings	(1.1)		8.1		93.3		15.9			3.8			120.0
Included in other comprehensive income	—		10.3		60.1		16.8			—			87.2
Balance, end of period	$	487.6	$	548.4	$	5,858.4	$	538.1		$	81.5		$	7,514.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	(1.0)	$	2.2	$	94.0	$	15.9		$	2.1		$	113.2
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	—	$	9.0	$	57.5	$	16.8		$	—		$	83.3

(1) As a result of the deconsolidation of one fund during the three and six months ended June 30, 2023.


	Financial Assets
	Three Months Ended June 30, 2022
	Investments of Consolidated Funds
	Equity securities		Bonds		Loans		Investments in CLOs		Other investments		Total
Balance, beginning of period	$	11.3	$	565.2	$	5,612.5	$	560.4	$	76.0	$	6,825.4



Purchases	—		199.9		774.9		4.4		—		979.2
Sales and distributions	(0.4)		(40.7)		(283.1)		(14.8)		(0.9)		(339.9)
Settlements	—		—		(198.9)		—		—		(198.9)
Realized and unrealized gains (losses), net
Included in earnings	2.0		(24.2)		(193.5)		(15.4)		(10.0)		(241.1)
Included in other comprehensive income	(0.5)		(30.4)		(195.1)		(26.0)		—		(252.0)
Balance, end of period	$	12.4	$	669.8	$	5,516.8	$	508.6	$	65.1	$	6,772.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	1.6	$	(24.5)	$	(198.9)	$	(15.4)	$	(10.0)	$	(247.2)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	(0.6)	$	(27.5)	$	(182.4)	$	(26.0)	$	—	$	(236.5)

	Financial Assets
	Six Months Ended June 30, 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		382.4		1,540.9		232.0		0.9		2,156.3
Sales and distributions	(7.2)		(227.6)		(1,014.1)		(28.9)		(2.9)		(1,280.7)
Settlements	—		(0.3)		(361.7)		—		—		(362.0)
Realized and unrealized gains (losses), net
Included in earnings	2.4		(38.0)		(247.4)		(25.0)		(11.6)		(319.6)
Included in other comprehensive income	(0.8)		(46.2)		(299.0)		(30.6)		—		(376.6)
Balance, end of period	$	12.4	$	669.8	$	5,516.8	$	508.6	$	65.1	$	6,772.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	1.8	$	(37.1)	$	(252.8)	$	(25.0)	$	(11.6)	$	(324.7)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$	(0.7)	$	(31.5)	$	(249.8)	$	(30.6)	$	—	$	(312.6)

Schedule of Changes in Level III Financial Liabilities Measured at Fair Value


	Financial Liabilities
	Loans Payable of Consolidated Funds
	Three Months Ended June 30,
	2023		2022
Balance, beginning of period	$	5,647.9	$	5,682.1

Borrowings	869.2		462.9
Paydowns	(46.9)		(1.9)
Sales	(82.5)		—
Realized and unrealized (gains) losses, net
Included in earnings	(19.7)		(181.3)
Included in other comprehensive income	15.9		(204.0)
Balance, end of period	$	6,383.9	$	5,757.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(18.1)	$	(181.3)
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$	16.1	$	(210.9)

	Financial Liabilities
	Loans Payable of Consolidated Funds
	Six Months Ended June 30,
	2023		2022
Balance, beginning of period	$	5,491.6	$	5,811.0

Borrowings	869.8		1,571.3
Paydowns	(49.0)		(417.3)
Sales	(120.6)		(669.5)
Realized and unrealized (gains) losses, net
Included in earnings	121.7		(227.5)
Included in other comprehensive income	70.4		(310.2)
Balance, end of period	$	6,383.9	$	5,757.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	126.7	$	(230.8)
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$	68.3	$	(320.2)

Schedule of Quantitative Information About Level III Inputs

The following table summarizes quantitative information about the Company’s Level III inputs as of June 30, 2023:

Fair Value at

Valuation Technique(s)

Unobservable Input(s)

Range
(Weighted Average)

(Dollars in millions)

June 30, 2023

Assets

Investments of Consolidated Funds:

Equity securities

1.4

Consensus Pricing

Indicative Quotes ($ per share)

0.00 - 333.33 (0.05)

367.6

Discounted Cash Flow

Discount Rates

10% - 10% (10%)

Terminal Growth Rate

0% - 7% (5%)

Comparable Multiple

EBITDA Multiple

12.7x - 12.7x (12.7x)

TCF Multiple

24.4x - 24.4x (24.4x)

50.2

Discounted Cash Flow

Discount Rates

10% - 10% (10%)

Terminal Growth Rate

0% - 7% (5%)

Comparable Multiple

TCF Multiple

24.4x - 24.4x (24.4x)

68.4

Other(1)

N/A

Bonds

548.4

Consensus Pricing

Indicative Quotes (% of Par)

21 - 108 (88)

Loans

5,831.9

Consensus Pricing

Indicative Quotes (% of Par)

0 - 102 (94)

11.5

Discounted Cash Flow

Discount Rates

8% - 9% (9%)

11.2

Consensus Pricing

Indicative Quotes (% of Par)

92 - 92 (92)

3.8

Other(1)

N/A

6,894.4

Investments in CLOs:

Senior secured notes

472.8

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

73 - 100 (95)

Discount Margins (Basis Points)

185 - 1,350 (367)

Default Rates

2% - 3% (2%)

Recovery Rates

60% - 60% (60%)

Subordinated notes and preferred shares

65.3

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

1 - 83 (53)

Discount Rates

18% - 28% (23%)

Default Rates

2% - 3% (2%)

Recovery Rates

60% - 60% (60%)

Other investments:

BDC preferred shares

79.2

Market Yield Analysis

Market Yields

12% - 12% (12%)

Aviation subordinated notes

2.3

Discounted Cash Flow

Discount Rates

21% - 21% (21%)

Total

7,514.0

Liabilities

Loans payable of Consolidated Funds:

Senior secured notes

6,153.4

Other(2)

N/A

Subordinated notes and preferred shares

230.5

Consensus Pricing with Discounted Cash Flow

Indicative Quotes (% of Par)

18 - 97 (36)

Discount Rates

18% - 28% (23%)

Default Rates

2% - 3% (3%)

Recovery Rates

60% - 60% (60%)

Total

6,383.9

(1) Fair value approximates transaction price that was in close proximity to the reporting date.

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

Fair Value at

Valuation Technique(s)

Unobservable Input(s)

Range
(Weighted Average)

(Dollars in millions)

December 31, 2022

Assets

Investments of Consolidated Funds:

Equity securities

3.1

Consensus Pricing

Indicative Quotes ($ per share)

0.00 - 4.73 (0.18)

363.5

Discounted Cash Flow

Discount Rates

10% - 10% (10%)

Terminal Growth Rate

0% - 7% (5%)

Comparable Multiple

EBITDA Multiple

12.7x - 12.7x (12.7x)

TCF Multiple

23.8x - 23.8x (23.8x)

64.0

Other(1)

N/A

Bonds

594.9

Consensus Pricing

Indicative Quotes (% of Par)

46 - 105 (88)

Loans

5,043.4

Consensus Pricing

Indicative Quotes (% of Par)

0 - 100 (91)

11.8

Discounted Cash Flow

Discount Rates

0% - 9% (1%)

248.7

Discounted Cash Flow

Discount Rates

7% - 10% (8%)

37.4

Consensus Pricing

Indicative Quotes (% of Par)

97% - 98% (97%)

11.1

Consensus Pricing

Indicative Quotes (% of Par)

91% - 91% (91%)

0.5

Other(1)

N/A

6,378.4

Investments in CLOs:

Senior secured notes

462.1

Discounted Cash Flow with Consensus Pricing

Indicative Quotes (% of Par)

67 - 100 (93)

Discount Margins (Basis Points)

170 - 1,800 (386)

Default Rates

2% - 3% (2%)

Recovery Rates

50% - 70% (60%)

Subordinated notes and preferred shares

64.0

Discounted Cash Flow with Consensus Pricing

Indicative Quotes (% of Par)

0 - 82 (40)

Discount Rate

15% - 25% (20%)

Default Rates

2% - 3% (2%)

Recovery Rates

50% - 70% (60%)

Other investments:

BDC preferred shares

76.9

Market Yield Analysis

Market Yields

11% - 11% (11%)

Aviation subordinated notes

2.5

Discounted Cash Flow

Discount Rates

21% - 21% (21%)

Total

6,983.9

Liabilities

Loans payable of Consolidated Funds:

Senior secured notes

5,303.3

Other(2)

N/A

Subordinated notes and preferred shares

188.3

Discounted Cash Flow with Consensus Pricing

Indicative Quotes (% of Par)

21 - 96 (38)

Discount Rates

15% - 25% (20%)

Default Rates

2% - 3% (3%)

Recovery Rates

50% - 70% (60%)

Total

5,491.6

(1) Fair value approximates transaction price that was in close proximity to the reporting date.

Segment Reporting - Expense Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Unrealized performance and fee related performance revenue compensation expense	$ (285.7)	$ (55.1)	$ (283.6)	$ 178.0
Equity-based compensation	68.0	45.4	122.4	85.1
Expenses	547.7	725.8	1,250.7	1,567.7
Total Reportable Segments
Segment Reporting Information [Line Items]
Unrealized performance and fee related performance revenue compensation expense	(286.2)	(58.6)	(288.5)	173.6
Expenses	589.1	632.4	1,071.7	1,109.1
Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation	70.7	48.3	127.8	89.0
Acquisition or disposition-related charges (credits) and amortization of intangibles and impairment	33.7	53.4	62.4	82.5
Tax expense associated with certain foreign performance revenues related compensation	(0.1)	0.0	(0.6)	(0.7)
Non-controlling interests and other adjustments to present certain costs on a net basis	35.2	11.8	75.2	28.3
Other adjustments including severance	2.3	(2.3)	6.2	2.3
Expenses	(157.7)	42.3	(34.5)	354.6
Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Equity-based compensation	0.0	0.0	0.0	0.0
Expenses	$ (13.3)	$ (10.3)	$ (17.0)	$ (20.4)

Investments - Investment in Fortitude (Details) - USD ($) $ in Millions				1 Months Ended				6 Months Ended
	Mar. 31, 2024	Jun. 02, 2020	Nov. 13, 2018	May 31, 2023	May 31, 2022	Mar. 31, 2022	May 31, 2020	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investment								$ 2,951.2	$ 2,922.0
Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage acquired			19.90%
Purchase of investment in Fortitude Re			$ 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 \| Carlyle FRL
Schedule of Equity Method Investments [Line Items]
Ownership interest transferred		19.90%
Fortitude Group Holdings, LLC \| Fortitude Re \| Maximum
Schedule of Equity Method Investments [Line Items]
Committed capital								10,300.0
Fortitude Group Holdings, LLC \| Forecast
Schedule of Equity Method Investments [Line Items]
Purchase price adjustment, payable upon inability to make distribution	$ 19.9
Fortitude Group Holdings, LLC \| Carlyle FRL
Schedule of Equity Method Investments [Line Items]
Ownership percentage acquired		51.60%
Ownership percentage		71.50%
Fortitude Group Holdings, LLC \| T&D
Schedule of Equity Method Investments [Line Items]
Ownership percentage acquired		25.00%
Fortitude Group Holdings, LLC \| Carlyle FRL and T&D
Schedule of Equity Method Investments [Line Items]
Ownership percentage		96.50%
Fortitude Re \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage			100.00%
Carlyle FRL
Schedule of Equity Method Investments [Line Items]
Equity capital raised				$ 1,000.0	$ 1,100.0	$ 2,000.0
Investment loss					$ 176.9			104.0
Investment								582.5
Investment, cost								$ 564.7
Carlyle FRL \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				10.50%	13.50%
Carlyle FRL \| Fortitude Group Holdings, LLC \| Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage					19.90%
Carlyle FRL \| Fortitude Group Holdings, LLC \| Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage					13.50%
Carlyle FRL \| T&D
Schedule of Equity Method Investments [Line Items]
Investment company, committed capital						$ 100.0

Earnings Per Common Share - Basic and Diluted Net Income Per Common Unit (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic
Net income (loss) attributable to common shares	$ (98,400,000)	$ 245,400,000	$ 2,300,000	$ 817,000,000
Weighted-average common shares outstanding (in shares)	361,263,253	361,445,630	362,099,112	359,520,927
Net income (loss) per common share (in dollars per share)	$ (0.27)	$ 0.68	$ 0.01	$ 2.27
Diluted
Net income (loss) attributable to common shares	$ (98,400,000)	$ 245,400,000	$ 2,300,000	$ 817,000,000
Weighted-average common shares outstanding (in shares)	361,263,253	366,311,757	364,319,875	364,671,713
Net income (loss) per common share (in dollars per share)	$ (0.27)	$ 0.67	$ 0.01	$ 2.24

- Definition

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

+ References

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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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.

+ References + Details

Earnings Per Common Share - Weighted-Average Common Units Outstanding, Basic and Diluted (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic (in shares)	361,263,253	361,445,630	362,099,112	359,520,927
Weighted-average common shares outstanding, diluted (in shares)	361,263,253	366,311,757	364,319,875	364,671,713
The Carlyle Group Inc. weighted-average common shares outstanding
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic (in shares)	361,263,253	361,445,630
Weighted-average common shares outstanding, diluted (in shares)	361,263,253	361,445,630
Unvested restricted stock units
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)	0	3,141,695
Issuable common shares and performance-vesting restricted stock units
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)	0	1,724,432
The Carlyle Group Inc. weighted-average common shares outstanding
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic (in shares)			362,099,112	359,520,927
Weighted-average common shares outstanding, diluted (in shares)			362,099,112	359,520,927
Unvested restricted stock units
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)			1,509,304	3,418,523
Issuable common shares and performance-vesting restricted stock units
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)			711,459	1,732,263

Related Party Transactions - Amounts Due from Affiliates and Other Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	$ 605.8	$ 579.4
Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	605.8	579.4
Accrued incentive fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	19.7	16.4
Unbilled receivable for giveback obligations from current and former employees \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	10.1	10.4
Notes receivable and accrued interest from affiliates \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	41.4	41.5
Management fee receivable, net \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	241.7	220.4
Reimbursable expenses and other receivables from unconsolidated funds and affiliates, net \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	$ 292.9	$ 290.7

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2023
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 and conducts its operations through three reportable segments: Global Private Equity, Global Credit and Global Investment Solutions (see Note 15). 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, private credit, real assets credit, and other credit such as insurance solutions, loan syndication and capital markets. The Global Investment Solutions segment provides investment opportunities and resources for investors and clients through secondary purchases and financing of existing portfolios, managed co-investment programs and primary fund investments. Carlyle typically serves as the general partner, investment manager or collateral manager, making day-to-day investment decisions concerning the assets of these products. 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 2. 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 condensed consolidated financial statements (see Note 2). 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, 2022 filed with the United States 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.

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, 2021		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)	(2,400,000)	(2,400,000)
Shares repurchased	$ (105.3)			(105.3)
Equity-based compensation	$ 85.0		85.0
Shares issued for equity-based awards (in shares)		3,300,000
Shares issued for performance allocations (in shares)	771,157	700,000
Shares issued for performance allocations	$ 36.5		36.5
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	166.9					166.9
Dividends and distributions	(363.7)			(207.1)		(156.6)
Net income (loss)	843.7			817.0		26.7
Currency translation adjustments	(127.5)				(109.3)	(18.2)
Defined benefit plans, net	(4.0)				(4.0)
Ending balance (in shares) at Jun. 30, 2022		361,200,000
Ending balance at Jun. 30, 2022	6,432.3	$ 3.6	3,033.6	3,309.9	(360.8)	446.0
Beginning balance (in shares) at Mar. 31, 2022		361,700,000
Beginning balance at Mar. 31, 2022	6,354.3	$ 3.6	2,982.4	3,207.0	(283.0)	444.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)		(700,000)
Shares repurchased	(24.9)			(24.9)
Equity-based compensation	$ 46.0		46.0
Shares issued for equity-based awards (in shares)		100,000
Shares issued for performance allocations (in shares)	134,696	100,000
Shares issued for performance allocations	$ 5.2		5.2
Contributions	20.1					20.1
Dividends and distributions	(127.1)			(117.6)		(9.5)
Net income (loss)	248.9			245.4		3.5
Currency translation adjustments	(87.7)				(75.3)	(12.4)
Defined benefit plans, net	(2.5)				(2.5)
Ending balance (in shares) at Jun. 30, 2022		361,200,000
Ending balance at Jun. 30, 2022	$ 6,432.3	$ 3.6	3,033.6	3,309.9	(360.8)	446.0
Beginning balance (in shares) at Dec. 31, 2022	362,298,650	362,300,000
Beginning balance at Dec. 31, 2022	$ 6,821.3	$ 3.6	3,138.5	3,401.1	(322.2)	600.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)	(5,200,000)	(5,200,000)
Shares repurchased	$ (160.8)			(160.8)
Equity-based compensation	123.4		123.4
Shares issued for equity-based awards (in shares)		2,900,000
Dividend-equivalent rights on certain equity-based awards	0.0		4.6	(4.6)
Deconsolidation of Consolidated Entities	$ (7.1)					(7.1)
Shares issued for performance allocations (in shares)	0
Contributions	$ 55.5					55.5
Dividends and distributions	(279.2)			(245.1)		(34.1)
Net income (loss)	62.6			2.3		60.3
Currency translation adjustments	29.0				23.0	6.0
Defined benefit plans, net	$ (0.1)				(0.1)
Ending balance (in shares) at Jun. 30, 2023	359,952,112	360,000,000.0
Ending balance at Jun. 30, 2023	$ 6,644.6	$ 3.6	3,266.5	2,992.9	(299.3)	680.9
Beginning balance (in shares) at Mar. 31, 2023		362,100,000
Beginning balance at Mar. 31, 2023	6,811.5	$ 3.6	3,195.5	3,280.9	(305.2)	636.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)		(2,200,000)
Shares repurchased	(60.5)			(60.5)
Equity-based compensation	68.6		68.6
Shares issued for equity-based awards (in shares)		100,000
Dividend-equivalent rights on certain equity-based awards	0.0		2.4	(2.4)
Deconsolidation of Consolidated Entities	$ (7.1)					(7.1)
Shares issued for performance allocations (in shares)	0
Contributions	$ 36.8					36.8
Dividends and distributions	(150.9)			(126.7)		(24.2)
Net income (loss)	(62.7)			(98.4)		35.7
Currency translation adjustments	9.2				6.2	3.0
Defined benefit plans, net	$ (0.3)				(0.3)
Ending balance (in shares) at Jun. 30, 2023	359,952,112	360,000,000.0
Ending balance at Jun. 30, 2023	$ 6,644.6	$ 3.6	$ 3,266.5	$ 2,992.9	$ (299.3)	$ 680.9

Fair Value Measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Subtotal	$ 8,221.6
Investments measured at net asset value		$ 7,577.8
Liabilities
Loans payable of Consolidated Funds	6,383.9	5,491.6
Foreign currency forward contracts	1.2	3.2
Total	6,385.1	5,494.8
Revolving Credit Facility
Liabilities
Loans payable of Consolidated Funds	115.7	178.0
Total	115.7	178.0
Senior secured notes
Liabilities
Loans payable of Consolidated Funds		235.6
Total		235.6
Equity securities \| Consolidated VIEs
Assets
Investments measured at net asset value	386.1	377.4
Investments In CLOs and other, and Partnership and LLC interests
Assets
Investments	663.3
Fair Value, Inputs, Level 1, 2 and 3
Assets
Subtotal	7,605.8	7,049.3
Fair Value, Inputs, Level 1, 2 and 3 \| Equity securities
Assets
Investments	487.6	430.6
Fair Value, Inputs, Level 1, 2 and 3 \| Bonds
Assets
Investments	548.4	594.9
Fair Value, Inputs, Level 1, 2 and 3 \| Loans
Assets
Investments	5,858.4	5,352.9
Fair Value, Inputs, Level 1, 2 and 3 \| Investments of Consolidated Funds
Assets
Investments	6,894.4	6,378.4
Fair Value, Inputs, Level 1, 2 and 3 \| Investments in CLOs
Assets
Investments	538.1	526.1
Fair Value, Inputs, Level 1, 2 and 3 \| Other investments
Assets
Investments	125.2	122.6
Fair Value, Inputs, Level 1, 2 and 3 \| Investments In CLOs and other, and Partnership and LLC interests
Assets
Investments		648.7
Fair Value, Inputs, Level 1, 2 and 3 \| Commercial paper and other
Assets
Subtotal	44.5	20.0
Fair Value, Inputs, Level 1, 2 and 3 \| Corporate treasury investments
Assets
Subtotal	44.5	20.0
Fair Value, Inputs, Level 1, 2 and 3 \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	3.6	2.2
Level I
Assets
Subtotal	1.6	1.6
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	1.6	1.6
Level I \| Investments In CLOs and other, and Partnership and LLC interests
Assets
Investments	1.6	1.6
Level I \| Commercial paper and other
Assets
Subtotal	0.0	0.0
Level I \| Corporate treasury investments
Assets
Subtotal	0.0	0.0
Level I \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	0.0	0.0
Level II
Assets
Subtotal	90.2	63.8
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Foreign currency forward contracts	1.2	3.2
Total	1.2	3.2
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	42.1	41.6
Level II \| Investments In CLOs and other, and Partnership and LLC interests
Assets
Investments	42.1	41.6
Level II \| Commercial paper and other
Assets
Subtotal	44.5	20.0
Level II \| Corporate treasury investments
Assets
Subtotal	44.5	20.0
Level II \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	3.6	2.2
Level III
Assets
Subtotal	7,514.0	6,983.9
Liabilities
Loans payable of Consolidated Funds	6,383.9	5,491.6
Foreign currency forward contracts	0.0	0.0
Total	6,383.9	5,491.6
Level III \| Equity securities
Assets
Investments	487.6	430.6
Subtotal	68.4
Investments measured at net asset value	50.3	58.2
Level III \| Bonds
Assets
Investments	548.4	594.9
Level III \| Loans
Assets
Investments	5,858.4	5,352.9
Level III \| Investments of Consolidated Funds
Assets
Investments	6,894.4	6,378.4
Subtotal	6,894.4	6,378.4
Level III \| Investments in CLOs
Assets
Investments	538.1	526.1
Level III \| Other investments
Assets
Investments	81.5	79.4
Level III \| Investments In CLOs and other, and Partnership and LLC interests
Assets
Investments	619.6	605.5
Level III \| Commercial paper and other
Assets
Subtotal	0.0	0.0
Level III \| Corporate treasury investments
Assets
Subtotal	0.0	0.0
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	615.8	528.5
Fair Value Measured at NAV \| Investments of Consolidated Funds
Assets
Investments	$ 615.8	$ 516.0

Non-controlling Interests in Consolidated Entities

6 Months Ended

Jun. 30, 2023

Noncontrolling Interest [Abstract]

Non-controlling Interests in Consolidated Entities

11. Non-controlling Interests in Consolidated Entities

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


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	495.3	$	412.0
Non-Carlyle interests in majority-owned subsidiaries	188.7		186.9
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	(3.1)		1.4
Non-controlling interests in consolidated entities	$	680.9	$	600.3

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	31.1	$	4.6	$	48.3	$	29.7
Non-Carlyle interests in majority-owned subsidiaries	5.0		(2.0)		10.5		(4.4)
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	(0.4)		0.9		1.5		1.4



Non-controlling interests in income of consolidated entities	$	35.7	$	3.5	$	60.3	$	26.7

Commitments and Contingencies - Unfunded Commitments (Details)	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Unfunded Commitments	$ 3,911,100,000
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	3,296,100,000
Global Credit
Segment Reporting Information [Line Items]
Unfunded Commitments	425,100,000
Global Investment Solutions
Segment Reporting Information [Line Items]
Unfunded Commitments	$ 189,900,000

Supplemental Financial Information - Financial Position (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 870.3		$ 1,360.7	$ 1,308.9
Cash and cash equivalents held at Consolidated Funds	536.4		209.0	230.7
Restricted cash	5.4		0.8	0.9
Corporate treasury investments	44.5		20.0
Investments, including accrued performance allocations of $6,531.8 million and $7,117.7 million as of June 30, 2023 and December 31, 2022, respectively	10,217.6		10,767.9
Investments of Consolidated Funds	7,510.2		6,894.4
Due from affiliates and other receivables, net	605.8		579.4
Due from affiliates and other receivables of Consolidated Funds, net	116.7		101.9
Fixed assets, net	150.5		139.9
Lease right-of-use assets, net	347.9		337.0
Deposits and other	126.2		78.4
Intangible assets, net	835.3		897.8
Deferred tax assets	14.2		15.8
Total assets	21,381.0		21,403.0
Liabilities and equity
Debt obligations	2,274.0		2,271.7
Loans payable of Consolidated Funds	6,499.6		5,905.2
Accounts payable, accrued expenses and other liabilities	327.5		369.2
Accrued compensation and benefits	3,801.6		4,320.9
Due to affiliates	294.7		362.5
Deferred revenue	132.0		126.4
Deferred tax liabilities	310.4		402.7
Other liabilities of Consolidated Funds	546.2		279.3
Lease liabilities	509.5		502.9
Accrued giveback obligations	40.9		40.9
Total liabilities	14,736.4		14,581.7
Common stock	3.6		3.6
Additional paid-in capital	3,266.5		3,138.5
Retained earnings	2,992.9		3,401.1
Accumulated other comprehensive loss	(299.3)		(322.2)
Non-controlling interests in consolidated entities	680.9		600.3
Total equity	6,644.6	$ 6,811.5	6,821.3	6,432.3	$ 6,354.3	$ 5,706.2
Total liabilities and equity	21,381.0		21,403.0
Performance allocations	6,531.8		7,117.7
Consolidated Operating Entities
Assets
Cash and cash equivalents	870.3			1,308.9
Cash and cash equivalents held at Consolidated Funds	536.4			230.7
Restricted cash	5.4			$ 0.9
Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Assets
Cash and cash equivalents	870.3		1,360.7
Cash and cash equivalents held at Consolidated Funds	0.0		0.0
Restricted cash	5.4		0.8
Corporate treasury investments	44.5		20.0
Investments, including accrued performance allocations of $6,531.8 million and $7,117.7 million as of June 30, 2023 and December 31, 2022, respectively	10,460.8		10,989.9
Investments of Consolidated Funds	0.0		0.0
Due from affiliates and other receivables, net	990.2		960.5
Due from affiliates and other receivables of Consolidated Funds, net	0.0		0.0
Fixed assets, net	150.5		139.9
Lease right-of-use assets, net	347.9		337.0
Deposits and other	119.6		70.4
Intangible assets, net	835.3		897.8
Deferred tax assets	14.2		15.8
Total assets	13,838.7		14,792.8
Liabilities and equity
Debt obligations	2,274.0		2,271.7
Loans payable of Consolidated Funds	0.0		0.0
Accounts payable, accrued expenses and other liabilities	327.5		369.2
Accrued compensation and benefits	3,801.6		4,320.9
Due to affiliates	289.6		346.1
Deferred revenue	132.0		126.4
Deferred tax liabilities	310.4		402.7
Other liabilities of Consolidated Funds	0.0		0.0
Lease liabilities	509.5		502.9
Accrued giveback obligations	40.9		40.9
Total liabilities	7,685.5		8,380.8
Common stock	3.6		3.6
Additional paid-in capital	3,266.5		3,138.5
Retained earnings	2,992.9		3,401.1
Accumulated other comprehensive loss	(295.4)		(319.5)
Non-controlling interests in consolidated entities	185.6		188.3
Total equity	6,153.2		6,412.0
Total liabilities and equity	13,838.7		14,792.8
Consolidated Entities and Consolidated Funds \| Consolidated Funds
Assets
Cash and cash equivalents	0.0		0.0
Cash and cash equivalents held at Consolidated Funds	536.4		209.0
Restricted cash	0.0		0.0
Corporate treasury investments	0.0		0.0
Investments, including accrued performance allocations of $6,531.8 million and $7,117.7 million as of June 30, 2023 and December 31, 2022, respectively	0.0		0.0
Investments of Consolidated Funds	7,510.2		6,894.4
Due from affiliates and other receivables, net	0.0		0.0
Due from affiliates and other receivables of Consolidated Funds, net	119.1		101.9
Fixed assets, net	0.0		0.0
Lease right-of-use assets, net	0.0		0.0
Deposits and other	6.6		8.0
Intangible assets, net	0.0		0.0
Deferred tax assets	0.0		0.0
Total assets	8,172.3		7,213.3
Liabilities and equity
Debt obligations	0.0		0.0
Loans payable of Consolidated Funds	6,877.2		6,279.7
Accounts payable, accrued expenses and other liabilities	0.0		0.0
Accrued compensation and benefits	0.0		0.0
Due to affiliates	7.5		16.5
Deferred revenue	0.0		0.0
Deferred tax liabilities	0.0		0.0
Other liabilities of Consolidated Funds	546.2		279.7
Lease liabilities	0.0		0.0
Accrued giveback obligations	0.0		0.0
Total liabilities	7,430.9		6,575.9
Common stock	0.0		0.0
Additional paid-in capital	257.7		238.7
Retained earnings	0.0		0.0
Accumulated other comprehensive loss	(11.6)		(13.3)
Non-controlling interests in consolidated entities	495.3		412.0
Total equity	741.4		637.4
Total liabilities and equity	8,172.3		7,213.3
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
Corporate treasury investments	0.0		0.0
Investments, including accrued performance allocations of $6,531.8 million and $7,117.7 million as of June 30, 2023 and December 31, 2022, respectively	(243.2)		(222.0)
Investments of Consolidated Funds	0.0		0.0
Due from affiliates and other receivables, net	(384.4)		(381.1)
Due from affiliates and other receivables of Consolidated Funds, net	(2.4)		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	(630.0)		(603.1)
Liabilities and equity
Debt obligations	0.0		0.0
Loans payable of Consolidated Funds	(377.6)		(374.5)
Accounts payable, accrued expenses and other liabilities	0.0		0.0
Accrued compensation and benefits	0.0		0.0
Due to affiliates	(2.4)		(0.1)
Deferred revenue	0.0		0.0
Deferred tax liabilities	0.0		0.0
Other liabilities of Consolidated Funds	0.0		(0.4)
Lease liabilities	0.0		0.0
Accrued giveback obligations	0.0		0.0
Total liabilities	(380.0)		(375.0)
Common stock	0.0		0.0
Additional paid-in capital	(257.7)		(238.7)
Retained earnings	0.0		0.0
Accumulated other comprehensive loss	7.7		10.6
Non-controlling interests in consolidated entities	0.0		0.0
Total equity	(250.0)		(228.1)
Total liabilities and equity	$ (630.0)		$ (603.1)

Borrowings - Additional Information (Details) € in Millions		3 Months Ended		6 Months Ended
Borrowings - Additional Information (Details) € in Millions	Dec. 17, 2018	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	May 31, 2021 USD ($)	Feb. 05, 2019 EUR (€)	Feb. 28, 2017 EUR (€)	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)
Debt Instrument [Line Items]
Interest expense		$ 30,700,000	$ 26,900,000	$ 60,400,000	$ 54,700,000
Borrowings		2,298,400,000		2,298,400,000			$ 2,296,700,000
Interest expense		17,400,000	17,200,000	34,600,000	34,400,000
Fair value of collateralized loan obligation assets		7,000,000,000		$ 7,000,000,000			6,200,000,000
Senior Notes
Debt Instrument [Line Items]
Debt redemption price percentage (percent)				100.00%
CLO Borrowings
Debt Instrument [Line Items]
Interest expense		5,900,000	2,300,000	$ 11,100,000	4,000,000
Borrowings		423,400,000		423,400,000			421,700,000
CLO Term Loan Maturing November 2031
Debt Instrument [Line Items]
Borrowings \| €											€ 36.1
Outstanding borrowings		$ 39,400,000		$ 39,400,000
CLO Term Loan Maturing November 2031 \| Euribor
Debt Instrument [Line Items]
Interest rate under credit facility		5.55%		5.55%		5.55%
Master Credit Agreements - Term Loans
Debt Instrument [Line Items]
Outstanding borrowings		$ 95,400,000		$ 95,400,000
CLO Financing Facility
Debt Instrument [Line Items]
Borrowing capacity \| €										€ 100.0
Outstanding borrowings		220,900,000		220,900,000		€ 202.3
CBAM CLO Financing Facility
Debt Instrument [Line Items]
Borrowing capacity \| €						100.0
Outstanding borrowings		67,600,000		67,600,000		€ 61.9
5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Borrowings		$ 350,000,000.0		$ 350,000,000.0			350,000,000.0
Interest rate (percent)		5.65%		5.65%		5.65%
5.650% Senior Notes Due 9/15/2048 \| Senior Notes
Debt Instrument [Line Items]
Borrowings		$ 350,000,000.0		$ 350,000,000.0
Interest expense		5,000,000.0	5,000,000.0	10,000,000.0	9,900,000
Fair value of debt		318,900,000		$ 318,900,000			322,200,000
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]
Borrowings		$ 600,000,000.0		$ 600,000,000.0			600,000,000.0
Interest rate (percent)		5.625%		5.625%		5.625%
5.625% Senior Notes Due 3/30/2043 \| Senior Notes
Debt Instrument [Line Items]
Borrowings		$ 600,000,000.0		$ 600,000,000.0								$ 200,000,000	$ 400,000,000
Interest expense		8,500,000	8,400,000	16,900,000	16,900,000
Fair value of debt		540,700,000		$ 540,700,000			545,800,000
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]
Borrowings		$ 425,000,000.0		$ 425,000,000.0			425,000,000.0
Interest rate (percent)		3.50%		3.50%		3.50%
3.500% Senior Notes Due 9/19/2029 \| Senior Notes
Debt Instrument [Line Items]
Borrowings		$ 425,000,000.0		$ 425,000,000.0
Interest rate (percent)		3.50%		3.50%		3.50%
Interest expense		$ 3,900,000	3,800,000	$ 7,700,000	7,600,000
Fair value of debt		378,600,000		$ 378,600,000			364,100,000
3.500% Senior Notes Due 9/19/2029 \| Treasury rate \| Senior Notes
Debt Instrument [Line Items]
Discount rate, spread on variable rate				0.30%
4.625% Subordinated Notes Due 5/15/2061
Debt Instrument [Line Items]
Interest expense		5,900,000	5,900,000	$ 11,800,000	11,800,000
Borrowings		$ 500,000,000.0		$ 500,000,000.0			500,000,000.0	$ 65,000,000	$ 435,000,000
Debt redemption price percentage (percent)				102.00%
Interest rate (percent)		4.625%		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		$ 362,600,000		$ 362,600,000			$ 323,800,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 1,000,000,000	$ 775,000,000	$ 1,000,000,000	$ 775,000,000
Interest rate under credit facility		6.24%		6.24%		6.24%
Borrowings under credit facilities		$ 0		$ 0
Repayments under credit facility		0		0
Outstanding borrowings		0		$ 0
Revolving Credit Facility \| Base rate
Debt Instrument [Line Items]
Margin spread on interest rate (percent)			0.50%	0.50%
Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Margin spread on interest rate (percent)				0.10%
Revolving Credit Facility \| SOFR \| Maximum
Debt Instrument [Line Items]
Margin spread on interest rate (percent)				1.50%
Revolving Credit Facility \| 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		$ 250,000,000
Outstanding borrowings		0		0
Borrowings under credit facility		$ 0		$ 0
Revolving Credit Facility \| Global Credit Revolving Credit Facility \| Base rate
Debt Instrument [Line Items]
Margin spread on interest rate (percent)	1.00%

Accrued Compensation and Benefits - Performance Allocations and Incentive Fee Related Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Realized	$ 193.5	$ 262.1	$ 297.1	$ 399.7
Unrealized	(285.7)	(55.1)	(283.6)	178.0
Total	$ (92.2)	$ 207.0	$ 13.5	$ 577.7

Investments - Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments [Abstract]
Realized gains (losses)	$ (21.5)	$ (6.5)	$ (38.9)	$ (3.8)
Net change in unrealized gains (losses)	17.6	(198.2)	180.0	(244.3)
Total	$ (3.9)	$ (204.7)	$ 141.1	$ (248.1)

Investments - Components of Accrued Giveback Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (40.9)	$ (40.9)
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	$ (22.5)	$ (22.5)

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Reportable Segments Financial Data

The following tables present the financial data for the Company’s three reportable segments for the three and six months ended June 30, 2023:


	Three Months Ended June 30, 2023
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	330.2	$	126.9	$	57.9	$	515.0
Portfolio advisory and transaction fees, net and other	5.3		12.9		—		18.2
Fee related performance revenues	52.8		19.6		0.8		73.2
Total fund level fee revenues	388.3		159.4		58.7		606.4
Realized performance revenues	313.7		5.6		15.8		335.1
Realized principal investment income	13.2		8.2		0.7		22.1
Interest income	5.5		7.7		1.1		14.3
Total revenues	720.7		180.9		76.3		977.9
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	173.6		84.6		30.5		288.7
Realized performance revenues related compensation	144.6		2.7		12.7		160.0
Total compensation and benefits	318.2		87.3		43.2		448.7
General, administrative, and other indirect expenses	59.1		25.6		17.0		101.7
Depreciation and amortization expense	5.9		1.7		1.1		8.7
Interest expense	16.8		10.9		2.3		30.0
Total expenses	400.0		125.5		63.6		589.1
Distributable Earnings	$	320.7	$	55.4	$	12.7	$	388.8
(-) Realized net performance revenues	169.1		2.9		3.1		175.1
(-) Realized principal investment income	13.2		8.2		0.7		22.1
(+) Net interest	11.3		3.2		1.2		15.7
(=) Fee Related Earnings	$	149.7	$	47.5	$	10.1	$	207.3


	Six Months Ended June 30, 2023
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	657.1	$	249.5	$	114.6	$	1,021.2
Portfolio advisory and transaction fees, net and other	10.7		23.9		—		34.6
Fee related performance revenues	62.4		38.0		1.6		102.0
Total fund level fee revenues	730.2		311.4		116.2		1,157.8
Realized performance revenues	412.7		33.3		54.2		500.2
Realized principal investment income	25.1		17.2		3.6		45.9
Interest income	10.9		14.9		2.4		28.2
Total revenues	1,178.9		376.8		176.4		1,732.1
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	322.3		165.0		62.0		549.3
Realized performance revenues related compensation	190.9		15.4		49.3		255.6
Total compensation and benefits	513.2		180.4		111.3		804.9
General, administrative, and other indirect expenses	116.2		47.3		25.7		189.2
Depreciation and amortization expense	12.6		3.7		2.3		18.6
Interest expense	33.4		21.1		4.5		59.0
Total expenses	675.4		252.5		143.8		1,071.7
Distributable Earnings	$	503.5	$	124.3	$	32.6	$	660.4
(-) Realized Net Performance Revenues	221.8		17.9		4.9		244.6
(-) Realized Principal Investment Income	25.1		17.2		3.6		45.9
(+) Net Interest	22.5		6.2		2.1		30.8
(=) Fee Related Earnings	$	279.1	$	95.4	$	26.2	$	400.7
Segment assets as of June 30, 2023	$	8,813.9	$	3,074.9	$	1,949.9	$	13,838.7

The following tables present the financial data for the Company’s three reportable segments for the three and six months ended June 30, 2022:


	Three Months Ended June 30, 2022
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	337.0	$	123.7	$	55.5	$	516.2
Portfolio advisory and transaction fees, net and other	7.5		34.7		—		42.2
Fee related performance revenues	22.3		12.8		—		35.1
Total fund level fee revenues	366.8		171.2		55.5		593.5
Realized performance revenues	473.8		19.9		26.2		519.9
Realized principal investment income	34.2		8.7		0.9		43.8
Interest income	1.2		2.6		0.2		4.0
Total revenues	876.0		202.4		82.8		1,161.2
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	154.2		77.1		28.4		259.7
Realized performance revenues related compensation	214.5		9.4		25.1		249.0
Total compensation and benefits	368.7		86.5		53.5		508.7
General, administrative, and other indirect expenses	59.3		20.3		8.3		87.9
Depreciation and amortization expense	6.3		1.9		1.3		9.5
Interest expense	16.0		7.4		2.9		26.3
Total expenses	450.3		116.1		66.0		632.4
Distributable Earnings	$	425.7	$	86.3	$	16.8	$	528.8
(-) Realized Net Performance Revenues	259.3		10.5		1.1		270.9
(-) Realized Principal Investment Income	34.2		8.7		0.9		43.8
(+) Net Interest	14.8		4.8		2.7		22.3
(=) Fee Related Earnings	$	147.0	$	71.9	$	17.5	$	236.4


	Six Months Ended June 30, 2022
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	641.2	$	217.4	$	111.8	$	970.4
Portfolio advisory and transaction fees, net and other	13.6		44.8		—		58.4
Fee related performance revenues	52.9		26.7		—		79.6
Total fund level fee revenues	707.7		288.9		111.8		1,108.4
Realized performance revenues	673.7		33.6		48.9		756.2
Realized principal investment income	48.4		19.0		2.7		70.1
Interest income	1.6		4.1		0.3		6.0
Total revenues	1,431.4		345.6		163.7		1,940.7
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	307.2		144.3		54.0		505.5
Realized performance revenues related compensation	305.2		16.1		46.0		367.3
Total compensation and benefits	612.4		160.4		100.0		872.8
General, administrative, and other indirect expenses	104.8		43.8		15.6		164.2
Depreciation and amortization expense	12.6		3.9		2.5		19.0
Interest expense	31.8		15.6		5.7		53.1
Total expenses	761.6		223.7		123.8		1,109.1
Distributable Earnings	$	669.8	$	121.9	$	39.9	$	831.6
(-) Realized net performance revenues	368.5		17.5		2.9		388.9
(-) Realized principal investment income	48.4		19.0		2.7		70.1
(+) Net interest	30.2		11.5		5.4		47.1
(=) Fee Related Earnings	$	283.1	$	96.9	$	39.7	$	419.7

Schedule of Reconciliation of Total Segments to Income Before Provision for Taxes

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the three months ended June 30, 2023 and 2022.


	Three Months Ended June 30, 2023
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	977.9	$	137.1	$	(652.9)	(a)	$	462.1
Expenses	$	589.1	$	116.3	$	(157.7)	(b)	$	547.7
Other income	$	—	$	15.6	$	—	(c)	$	15.6
Distributable earnings	$	388.8	$	36.4	$	(495.2)	(d)	$	(70.0)


	Three Months Ended June 30, 2022
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	1,161.2	$	63.2	$	(175.4)	(a)	$	1,049.0
Expenses	$	632.4	$	51.1	$	42.3	(b)	$	725.8
Other income	$	—	$	(23.5)	$	—	(c)	$	(23.5)
Distributable earnings	$	528.8	$	(11.4)	$	(217.7)	(d)	$	299.7

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the six months ended June 30, 2023 and 2022, and Total Assets as of June 30, 2023.


	Six Months Ended June 30, 2023
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	1,732.1	$	259.0	$	(670.0)	(a)	$	1,321.1
Expenses	$	1,071.7	$	213.5	$	(34.5)	(b)	$	1,250.7
Other income (loss)	$	—	$	19.2	$	—	(c)	$	19.2
Distributable earnings	$	660.4	$	64.7	$	(635.5)	(d)	$	89.6
Total assets	$	13,838.7	$	8,172.3	$	(630.0)	(e)	$	21,381.0


	Six Months Ended June 30, 2022
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	1,940.7	$	124.9	$	565.2	(a)	$	2,630.8
Expenses	$	1,109.1	$	104.0	$	354.6	(b)	$	1,567.7
Other income (loss)	$	—	$	(20.7)	$	—	(c)	$	(20.7)
Distributable earnings	$	831.6	$	0.2	$	210.6	(d)	$	1,042.4


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Unrealized performance and fee related performance revenues	$	(600.5)	$	12.2	$	(621.2)	$	711.0
Unrealized principal investment income (loss)	30.4		(27.1)		1.4		(3.4)
Principal investment loss from dilution of indirect investment in Fortitude	(104.0)		(176.9)		(104.0)		(176.9)
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(4.1)		(3.0)		(7.5)		(6.1)
Tax expense associated with certain foreign performance revenues	—		—		—		(0.1)
Non-controlling interests and other adjustments to present certain costs on a net basis	43.9		13.7		94.7		31.6
Elimination of revenues of Consolidated Funds	(18.6)		5.7		(33.4)		9.1
	$	(652.9)	$	(175.4)	$	(670.0)	$	565.2


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	606.4	$	593.5	$	1,157.8	$	1,108.4
Adjustments(1)	(98.6)		(47.0)		(149.2)		(111.4)
Carlyle Consolidated - Fund management fees	$	507.8	$	546.5	$	1,008.6	$	997.0


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense	$	(286.2)	$	(58.6)	$	(288.5)	$	173.6
Equity-based compensation	70.7		48.3		127.8		89.0
Acquisition or disposition-related charges (credits) and amortization of intangibles and impairment	33.7		53.4		62.4		82.5

Tax expense associated with certain foreign performance revenues related compensation	(0.1)		—		(0.6)		(0.7)
Non-controlling interests and other adjustments to present certain costs on a net basis	35.2		11.8		75.2		28.3


Other adjustments including severance	2.3		(2.3)		6.2		2.3
Elimination of expenses of Consolidated Funds	(13.3)		(10.3)		(17.0)		(20.4)
	$	(157.7)	$	42.3	$	(34.5)	$	354.6

(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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Income (loss) before provision for income taxes	$	(70.0)	$	299.7	$	89.6	$	1,042.4
Adjustments:
Net unrealized performance and fee related performance revenues	314.3		(70.8)		332.7		(537.4)
Unrealized principal investment (income) loss	(30.4)		27.1		(1.4)		3.4
Principal investment loss from dilution of indirect investment in Fortitude	104.0		176.9		104.0		176.9
Equity-based compensation(1)	70.7		48.3		127.8		89.0
Acquisition or disposition-related charges (credits), including amortization of intangibles and impairment	33.7		53.4		62.4		82.5

Tax expense associated with certain foreign performance revenues	(0.1)		—		(0.6)		(0.8)
Net income attributable to non-controlling interests in consolidated entities	(35.7)		(3.5)		(60.3)		(26.7)


Other adjustments including severance	2.3		(2.3)		6.2		2.3
Distributable Earnings	$	388.8	$	528.8	$	660.4	$	831.6
Realized performance revenues, net of related compensation(2)	175.1		270.9		244.6		388.9
Realized principal investment income(2)	22.1		43.8		45.9		70.1
Net interest	15.7		22.3		30.8		47.1
Fee Related Earnings	$	207.3	$	236.4	$	400.7	$	419.7

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


	Three Months Ended June 30, 2023
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	(246.8)	$	581.9	$	335.1
Performance revenues related compensation expense	(92.2)		252.2		160.0
Net performance revenues	$	(154.6)	$	329.7	$	175.1

Principal investment income (loss)	$	(7.2)	$	29.3	$	22.1

	Six Months Ended June 30, 2023
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	(86.0)	$	586.2	$	500.2
Performance revenues related compensation expense	13.5		242.1		255.6
Net performance revenues	$	(99.5)	$	344.1	$	244.6

Principal investment income (loss)	$	4.5	$	41.4	$	45.9


	Three Months Ended June 30, 2022
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	337.9	$	182.0	$	519.9
Performance revenues related compensation expense	207.0		42.0		249.0
Net performance revenues	$	130.9	$	140.0	$	270.9

Principal investment income (loss)	$	56.7	$	(12.9)	$	43.8

	Six Months Ended June 30, 2022
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	1,048.1	$	(291.9)	$	756.2
Performance revenues related compensation expense	577.7		(210.4)		367.3
Net performance revenues	$	470.4	$	(81.5)	$	388.9

Principal investment income (loss)	$	376.3	$	(306.2)	$	70.1

(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.

Equity - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended		6 Months Ended
Equity - Additional Information (Details) - USD ($)	Aug. 31, 2022	Mar. 31, 2022	Oct. 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 28, 2023
Equity, Class of Treasury Stock [Line Items]
Amount authorized for repurchase			$ 400,000,000					$ 500,000,000
Payments to repurchase units						$ 160,800,000	$ 105,300,000
Shares/units repurchased (in shares)						5,200,000	2,400,000
Remaining authorized amount				$ 440,000,000		$ 440,000,000
Realized performance allocations and incentive fee related compensation, percentage			20.00%
Newly issued shares, fully vested in period (in shares)				0	134,696	0	771,157
Realized performance allocations and incentive fee related compensation					$ 5,200,000		$ 36,500,000
Management Contracts
Equity, Class of Treasury Stock [Line Items]
Newly issued common shares (in shares)	600,000	4,200,000
Purchase price paid for acquisition of management contracts related portfolio of assets	$ 25,000,000	$ 194,500,000

Borrowings - Outstanding Loans Payable of Consolidated Funds (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 6,385.1	$ 5,494.8
Senior secured notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of liabilities		235.6
Revolving Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	115.7	178.0
Loans Payable of Consolidated Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	6,574.7	6,083.2
Fair Value	6,383.9	5,491.6
Senior secured notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	6,339.5	5,849.2
Fair Value	$ 6,153.4	$ 5,303.3
Weighted Average Interest Rate	5.74%	3.97%
Weighted Average Remaining Maturity in Years	9 years 5 months 15 days	9 years 5 months 23 days
Subordinated notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 235.2	$ 234.0
Fair Value	$ 230.5	$ 188.3
Weighted Average Remaining Maturity in Years	9 years 7 months 24 days	9 years 8 months 8 days

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Dividends In August 2023, the Company’s Board of Directors declared a quarterly dividend of $0.35 per share of common stock to common stockholders of record at the close of business on August 15, 2023, payable on August 23, 2023.

Commitments and Contingencies - Lease Cost, Cash Flows and Other Supplemental Information - Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 14.8	$ 14.0	$ 28.9	$ 28.0
Sublease income	(1.4)	(1.4)	(2.9)	(2.9)
Total operating lease cost	13.4	12.6	26.0	25.1
Cash paid for amounts included in the measurement of operating lease liabilities	$ 17.1	$ 16.0	$ 34.2	$ 32.0
Weighted-average remaining lease term	11 years	11 years 7 months 6 days	11 years	11 years 7 months 6 days
Weighted-average discount rate	4.28%	4.10%	4.28%	4.10%

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

5. Intangible Assets and Goodwill

The following table summarizes the carrying amount of intangible assets as of June 30, 2023 and December 31, 2022:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Acquired contractual rights	$	923.8	$	920.2

Accumulated amortization	(192.5)		(126.3)
Finite-lived intangible assets, net	731.3		793.9
Goodwill	104.0		103.9
Intangible Assets, net	$	835.3	$	897.8

As discussed in Note 2, 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, and considers factors including, but not limited to, expected cash flows from its interest in future management fees and the ability to raise new funds. No impairment losses were recorded during the three and six months ended June 30, 2023. For the three months ended June 30, 2022, the Company recorded no impairment losses. For the six months ended June 30, 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.

Intangible asset amortization expense was $32.8 million and $29.7 million for the three months ended June 30, 2023 and 2022, respectively, and $65.6 million and $38.6 million for the six months ended June 30, 2023 and 2022, respectively, and is included in general, administrative, and other expenses in the unaudited condensed consolidated statements of operations. Certain intangible assets are held by entities of which the functional currency is not the U.S. dollar. Any corresponding currency translation is recorded in other comprehensive income.

The following table summarizes the expected amortization expense for 2023 through 2027 and thereafter (Dollars in millions):


Year ending December 31,
2023 (excluding the six months ended June 30, 2023)	$	65.9
2024	131.8
2025	131.7
2026	131.6
2027	121.5
Thereafter	148.8
	$	731.3

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Investment income (loss)	$ (254.0)	$ 394.6	$ (81.5)	$ 1,424.4
Interest and other income	50.2	31.2	94.2	57.0
Interest and other income of Consolidated Funds	137.1	63.2	259.0	124.9
Total revenues	462.1	1,049.0	1,321.1	2,630.8
Compensation and benefits
Cash-based compensation and benefits	270.6	274.0	530.8	528.3
Equity-based compensation	68.0	45.4	122.4	85.1
Performance allocations and incentive fee related compensation	(92.2)	207.0	13.5	577.7
Total compensation and benefits	246.4	526.4	666.7	1,191.1
General, administrative and other expenses	168.5	131.7	327.7	238.0
Interest	30.7	26.9	60.4	54.7
Interest and other expenses of Consolidated Funds	102.1	40.6	195.8	83.4
Other non-operating expenses	0.0	0.2	0.1	0.5
Total expenses	547.7	725.8	1,250.7	1,567.7
Other income
Net investment income (loss) of Consolidated Funds	15.6	(23.5)	19.2	(20.7)
Income (loss) before provision for income taxes	(70.0)	299.7	89.6	1,042.4
Provision (benefit) for income taxes	(7.3)	50.8	27.0	198.7
Net income (loss)	(62.7)	248.9	62.6	843.7
Net income attributable to non-controlling interests in consolidated entities	35.7	3.5	60.3	26.7
Net income (loss) attributable to The Carlyle Group Inc.	$ (98.4)	$ 245.4	$ 2.3	$ 817.0
Net income (loss) attributable to The Carlyle Group Inc. per common share (see Note 12)
Basic (in dollars per share)	$ (0.27)	$ 0.68	$ 0.01	$ 2.27
Diluted (in dollars per share)	$ (0.27)	$ 0.67	$ 0.01	$ 2.24
Weighted-average common shares
Basic (in shares)	361,263,253	361,445,630	362,099,112	359,520,927
Diluted (in shares)	361,263,253	366,311,757	364,319,875	364,671,713
Fund management fees
Revenues
Fund management fees and incentive fees	$ 507.8	$ 546.5	$ 1,008.6	$ 997.0
Incentive fees
Revenues
Fund management fees and incentive fees	21.0	13.5	40.8	27.5
Performance allocations
Revenues
Investment income (loss)	(246.8)	337.9	(86.0)	1,048.1
Principal investment income
Revenues
Investment income (loss)	$ (7.2)	$ 56.7	$ 4.5	$ 376.3

Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Supplemental Financial Position


	As of June 30, 2023
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	870.3	$	—	$	—	$	870.3
Cash and cash equivalents held at Consolidated Funds	—		536.4		—		536.4
Restricted cash	5.4		—		—		5.4

Corporate treasury investments	44.5		—		—		44.5

Investments, including performance allocations of $6,531.8 million	10,460.8		—		(243.2)		10,217.6
Investments of Consolidated Funds	—		7,510.2		—		7,510.2
Due from affiliates and other receivables, net	990.2		—		(384.4)		605.8
Due from affiliates and other receivables of Consolidated Funds, net	—		119.1		(2.4)		116.7

Fixed assets, net	150.5		—		—		150.5
Lease right-of-use assets, net	347.9		—		—		347.9
Deposits and other	119.6		6.6		—		126.2

Intangible assets, net	835.3		—		—		835.3
Deferred tax assets	14.2		—		—		14.2
Total assets	$	13,838.7	$	8,172.3	$	(630.0)	$	21,381.0
Liabilities and equity
Debt obligations	$	2,274.0	$	—	$	—	$	2,274.0
Loans payable of Consolidated Funds	—		6,877.2		(377.6)		6,499.6

Accounts payable, accrued expenses and other liabilities	327.5		—		—		327.5
Accrued compensation and benefits	3,801.6		—		—		3,801.6
Due to affiliates	289.6		7.5		(2.4)		294.7
Deferred revenue	132.0		—		—		132.0
Deferred tax liabilities	310.4		—		—		310.4
Other liabilities of Consolidated Funds	—		546.2		—		546.2

Lease liabilities	509.5		—		—		509.5
Accrued giveback obligations	40.9		—		—		40.9

Total liabilities	7,685.5		7,430.9		(380.0)		14,736.4

Common stock	3.6		—		—		3.6
Additional paid-in capital	3,266.5		257.7		(257.7)		3,266.5
Retained earnings	2,992.9		—		—		2,992.9
Accumulated other comprehensive loss	(295.4)		(11.6)		7.7		(299.3)

Non-controlling interests in consolidated entities	185.6		495.3		—		680.9

Total equity	6,153.2		741.4		(250.0)		6,644.6
Total liabilities and equity	$	13,838.7	$	8,172.3	$	(630.0)	$	21,381.0


	As of December 31, 2022
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,360.7	$	—	$	—	$	1,360.7
Cash and cash equivalents held at Consolidated Funds	—		209.0		—		209.0
Restricted cash	0.8		—		—		0.8

Corporate treasury investments	20.0		—		—		20.0

Investments, including performance allocations of $7,117.7 million	10,989.9		—		(222.0)		10,767.9
Investments of Consolidated Funds	—		6,894.4		—		6,894.4
Due from affiliates and other receivables, net	960.5		—		(381.1)		579.4
Due from affiliates and other receivables of Consolidated Funds, net	—		101.9		—		101.9

Fixed assets, net	139.9		—		—		139.9
Lease right-of-use assets, net	337.0		—		—		337.0
Deposits and other	70.4		8.0		—		78.4

Intangible assets, net	897.8		—		—		897.8
Deferred tax assets	15.8		—		—		15.8
Total assets	$	14,792.8	$	7,213.3	$	(603.1)	$	21,403.0
Liabilities and equity
Debt obligations	$	2,271.7	$	—	$	—	$	2,271.7
Loans payable of Consolidated Funds	—		6,279.7		(374.5)		5,905.2

Accounts payable, accrued expenses and other liabilities	369.2		—		—		369.2
Accrued compensation and benefits	4,320.9		—		—		4,320.9
Due to affiliates	346.1		16.5		(0.1)		362.5
Deferred revenue	126.4		—		—		126.4
Deferred tax liabilities	402.7		—		—		402.7
Other liabilities of Consolidated Funds	—		279.7		(0.4)		279.3

Lease liabilities	502.9		—		—		502.9
Accrued giveback obligations	40.9		—		—		40.9
Total liabilities	8,380.8		6,575.9		(375.0)		14,581.7

Common stock	3.6		—		—		3.6
Additional paid-in capital	3,138.5		238.7		(238.7)		3,138.5
Retained earnings	3,401.1		—		—		3,401.1
Accumulated other comprehensive loss	(319.5)		(13.3)		10.6		(322.2)

Non-controlling interests in consolidated entities	188.3		412.0		—		600.3

Total equity	6,412.0		637.4		(228.1)		6,821.3
Total liabilities and equity	$	14,792.8	$	7,213.3	$	(603.1)	$	21,403.0

Schedule of Supplemental Results of Operations



	Three Months Ended June 30, 2023
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	515.1	$	—	$	(7.3)	$	507.8
Incentive fees	20.9		—		0.1		21.0



Investment income (loss)
Performance allocations	(245.4)		—		(1.4)		(246.8)


Principal investment income (loss)	(0.6)		—		(6.6)		(7.2)


Total investment income (loss)	(246.0)		—		(8.0)		(254.0)
Interest and other income	53.6		—		(3.4)		50.2
Interest and other income of Consolidated Funds	—		137.1		—		137.1

Total revenues	343.6		137.1		(18.6)		462.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	270.6		—		—		270.6
Equity-based compensation	68.0		—		—		68.0
Performance allocations and incentive fee related compensation	(92.2)		—		—		(92.2)


Total compensation and benefits	246.4		—		—		246.4
General, administrative and other expenses	167.6		—		0.9		168.5
Interest	30.7		—		—		30.7
Interest and other expenses of Consolidated Funds	—		116.3		(14.2)		102.1


Total expenses	444.7		116.3		(13.3)		547.7
Other income
Net investment income of Consolidated Funds	—		15.6		—		15.6
Income (loss) before provision for income taxes	(101.1)		36.4		(5.3)		(70.0)
Benefit for income taxes	(7.3)		—		—		(7.3)
Net income (loss)	(93.8)		36.4		(5.3)		(62.7)
Net income attributable to non-controlling interests in consolidated entities	4.6		—		31.1		35.7


Net income (loss) attributable to The Carlyle Group Inc.	$	(98.4)	$	36.4	$	(36.4)	$	(98.4)


	Six Months Ended June 30, 2023
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,023.5	$	—	$	(14.9)	$	1,008.6
Incentive fees	40.8		—		—		40.8



Investment income (loss)
Performance allocations	(83.1)		—		(2.9)		(86.0)


Principal investment income (loss)	14.1		—		(9.6)		4.5


Total investment income (loss)	(69.0)		—		(12.5)		(81.5)
Interest and other income	100.2		—		(6.0)		94.2
Interest and other income of Consolidated Funds	—		259.0		—		259.0

Total revenues	1,095.5		259.0		(33.4)		1,321.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	530.8		—		—		530.8
Equity-based compensation	122.4		—		—		122.4
Performance allocations and incentive fee related compensation	13.5		—		—		13.5


Total compensation and benefits	666.7		—		—		666.7
General, administrative and other expenses	327.0		—		0.7		327.7
Interest	60.4		—		—		60.4
Interest and other expenses of Consolidated Funds	—		213.5		(17.7)		195.8

Other non-operating expenses	0.1		—		—		0.1
Total expenses	1,054.2		213.5		(17.0)		1,250.7
Other income
Net investment income of Consolidated Funds	—		19.2		—		19.2
Income before provision for income taxes	41.3		64.7		(16.4)		89.6
Provision for income taxes	27.0		—		—		27.0
Net income	14.3		64.7		(16.4)		62.6
Net income attributable to non-controlling interests in consolidated entities	12.0		—		48.3		60.3


Net income attributable to The Carlyle Group Inc.	$	2.3	$	64.7	$	(64.7)	$	2.3


	Three Months Ended June 30, 2022
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	553.0	$	—	$	(6.5)	$	546.5
Incentive fees	13.5		—		—		13.5



Investment income
Performance allocations	342.7		—		(4.8)		337.9


Principal investment income	34.0		—		22.7		56.7


Total investment income	376.7		—		17.9		394.6
Interest and other income	36.9		—		(5.7)		31.2
Interest and other income of Consolidated Funds	—		63.2		—		63.2

Total revenues	980.1		63.2		5.7		1,049.0
Expenses
Compensation and benefits
Cash-based compensation and benefits	274.0		—		—		274.0
Equity-based compensation	45.4		—		—		45.4
Performance allocations and incentive fee related compensation	207.0		—		—		207.0


Total compensation and benefits	526.4		—		—		526.4
General, administrative and other expenses	131.5		—		0.2		131.7
Interest	26.9		—		—		26.9
Interest and other expenses of Consolidated Funds	—		51.1		(10.5)		40.6

Other non-operating expenses	0.2		—		—		0.2
Total expenses	685.0		51.1		(10.3)		725.8
Other income (loss)
Net investment loss of Consolidated Funds	—		(23.5)		—		(23.5)
Income (loss) before provision for income taxes	295.1		(11.4)		16.0		299.7
Provision for income taxes	50.8		—		—		50.8
Net income (loss)	244.3		(11.4)		16.0		248.9
Net income (loss) attributable to non-controlling interests in consolidated entities	(1.1)		—		4.6		3.5
Net income (loss) attributable to The Carlyle Group Inc.	$	245.4	$	(11.4)	$	11.4	$	245.4


	Six Months Ended June 30, 2022
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,009.9	$	—	$	(12.9)	$	997.0
Incentive fees	27.5		—		—		27.5



Investment income
Performance allocations	1,052.9		—		(4.8)		1,048.1


Principal investment income	336.3		—		40.0		376.3


Total investment income	1,389.2		—		35.2		1,424.4
Interest and other income	70.2		—		(13.2)		57.0
Interest and other income of Consolidated Funds	—		124.9		—		124.9

Total revenues	2,496.8		124.9		9.1		2,630.8
Expenses
Compensation and benefits
Cash-based compensation and benefits	528.3		—		—		528.3
Equity-based compensation	85.1		—		—		85.1
Performance allocations and incentive fee related compensation	577.7		—		—		577.7


Total compensation and benefits	1,191.1		—		—		1,191.1
General, administrative and other expenses	237.8		—		0.2		238.0
Interest	54.7		—		—		54.7
Interest and other expenses of Consolidated Funds	—		104.0		(20.6)		83.4

Other non-operating expenses	0.5		—		—		0.5
Total expenses	1,484.1		104.0		(20.4)		1,567.7
Other income (loss)
Net investment loss of Consolidated Funds	—		(20.7)		—		(20.7)
Income before provision for income taxes	1,012.7		0.2		29.5		1,042.4
Provision for income taxes	198.7		—		—		198.7
Net income	814.0		0.2		29.5		843.7
Net income (loss) attributable to non-controlling interests in consolidated entities	(3.0)		—		29.7		26.7
Net income attributable to The Carlyle Group Inc.	$	817.0	$	0.2	$	(0.2)	$	817.0

Schedule of Supplemental Statement of Cash Flows


	Six Months Ended June 30,
	2023		2022
	(Dollars in millions)
Cash flows from operating activities
Net income	$	14.3	$	814.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	88.1		59.9

Equity-based compensation	122.4		85.1

Non-cash performance allocations and incentive fees	295.7		(94.6)
Non-cash principal investment income	(0.2)		(318.4)
Other non-cash amounts	19.9		(11.9)
Purchases of investments	(144.3)		(470.3)
Proceeds from the sale of investments	141.6		298.2
Payments of contingent consideration	(68.6)		(5.7)


Change in deferred taxes, net	(91.6)		55.9
Change in due from affiliates and other receivables	(4.4)		(64.8)

Change in deposits and other	(49.0)		(7.1)

Change in accounts payable, accrued expenses and other liabilities	(39.7)		(67.2)
Change in accrued compensation and benefits	(201.6)		(372.1)
Change in due to affiliates	(8.4)		2.8

Change in lease right-of-use asset and lease liability	(5.0)		(4.6)
Change in deferred revenue	5.0		(12.9)
Net cash provided by (used in) operating activities	74.2		(113.7)
Cash flows from investing activities
Purchases of corporate treasury investments	(145.2)		—
Proceeds from corporate treasury investments	122.4		—
Purchases of fixed assets, net	(32.5)		(17.4)

Purchase of CBAM intangibles and investments, net	—		(618.4)


Net cash used in investing activities	(55.3)		(635.8)
Cash flows from financing activities









Payments on CLO borrowings	(4.5)		(9.0)
Proceeds from CLO borrowings, net of financing costs	—		41.1



Dividends to common stockholders	(245.1)		(207.1)


Payment of deferred consideration for Carlyle Holdings units	(68.8)		(68.8)
Contributions from non-controlling interest holders	5.2		4.4
Distributions to non-controlling interest holders	(25.8)		(36.6)
Common shares issued for performance allocations	—		36.5
Common shares repurchased	(160.8)		(105.3)
Change in due to/from affiliates financing activities	(13.2)		(27.8)
Net cash used in financing activities	(513.0)		(372.6)
Effect of foreign exchange rate changes	8.3		(43.2)
Decrease in cash, cash equivalents and restricted cash	(485.8)		(1,165.3)
Cash, cash equivalents and restricted cash, beginning of period	1,361.5		2,475.1
Cash, cash equivalents and restricted cash, end of period	$	875.7	$	1,309.8

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

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$	870.3	$	1,308.9
Restricted cash	5.4		0.9
Total cash, cash equivalents and restricted cash, end of period	$	875.7	$	1,309.8

Cash and cash equivalents held at Consolidated Funds	$	536.4	$	230.7

Borrowings - Debt Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2021	May 31, 2021
Debt Instrument [Line Items]
Borrowing Outstanding	$ 2,298.4	$ 2,296.7
Carrying Value	2,274.0	2,271.7
CLO Borrowings
Debt Instrument [Line Items]
Borrowing Outstanding	423.4	421.7
Carrying Value	$ 419.9	418.1
3.500% Senior Notes Due 9/19/2029
Debt Instrument [Line Items]
Interest rate (percent)	3.50%
Borrowing Outstanding	$ 425.0	425.0
Carrying Value	$ 422.2	422.0
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	$ 346.4	346.3
4.625% Subordinated Notes Due 5/15/2061
Debt Instrument [Line Items]
Interest rate (percent)	4.625%			4.625%
Borrowing Outstanding	$ 500.0	500.0	$ 65.0	$ 435.0
Carrying Value	$ 484.9	$ 484.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Supplemental Financial Information

6 Months Ended

Jun. 30, 2023

Condensed Financial Information Disclosure [Abstract]

Supplemental Financial Information

17. Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial position as of June 30, 2023 and December 31, 2022 and results of operations for the three and six months ended June 30, 2023 and 2022. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.


	As of June 30, 2023
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	870.3	$	—	$	—	$	870.3
Cash and cash equivalents held at Consolidated Funds	—		536.4		—		536.4
Restricted cash	5.4		—		—		5.4

Corporate treasury investments	44.5		—		—		44.5

Investments, including performance allocations of $6,531.8 million	10,460.8		—		(243.2)		10,217.6
Investments of Consolidated Funds	—		7,510.2		—		7,510.2
Due from affiliates and other receivables, net	990.2		—		(384.4)		605.8
Due from affiliates and other receivables of Consolidated Funds, net	—		119.1		(2.4)		116.7

Fixed assets, net	150.5		—		—		150.5
Lease right-of-use assets, net	347.9		—		—		347.9
Deposits and other	119.6		6.6		—		126.2

Intangible assets, net	835.3		—		—		835.3
Deferred tax assets	14.2		—		—		14.2
Total assets	$	13,838.7	$	8,172.3	$	(630.0)	$	21,381.0
Liabilities and equity
Debt obligations	$	2,274.0	$	—	$	—	$	2,274.0
Loans payable of Consolidated Funds	—		6,877.2		(377.6)		6,499.6

Accounts payable, accrued expenses and other liabilities	327.5		—		—		327.5
Accrued compensation and benefits	3,801.6		—		—		3,801.6
Due to affiliates	289.6		7.5		(2.4)		294.7
Deferred revenue	132.0		—		—		132.0
Deferred tax liabilities	310.4		—		—		310.4
Other liabilities of Consolidated Funds	—		546.2		—		546.2

Lease liabilities	509.5		—		—		509.5
Accrued giveback obligations	40.9		—		—		40.9

Total liabilities	7,685.5		7,430.9		(380.0)		14,736.4

Common stock	3.6		—		—		3.6
Additional paid-in capital	3,266.5		257.7		(257.7)		3,266.5
Retained earnings	2,992.9		—		—		2,992.9
Accumulated other comprehensive loss	(295.4)		(11.6)		7.7		(299.3)

Non-controlling interests in consolidated entities	185.6		495.3		—		680.9

Total equity	6,153.2		741.4		(250.0)		6,644.6
Total liabilities and equity	$	13,838.7	$	8,172.3	$	(630.0)	$	21,381.0


	As of December 31, 2022
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,360.7	$	—	$	—	$	1,360.7
Cash and cash equivalents held at Consolidated Funds	—		209.0		—		209.0
Restricted cash	0.8		—		—		0.8

Corporate treasury investments	20.0		—		—		20.0

Investments, including performance allocations of $7,117.7 million	10,989.9		—		(222.0)		10,767.9
Investments of Consolidated Funds	—		6,894.4		—		6,894.4
Due from affiliates and other receivables, net	960.5		—		(381.1)		579.4
Due from affiliates and other receivables of Consolidated Funds, net	—		101.9		—		101.9

Fixed assets, net	139.9		—		—		139.9
Lease right-of-use assets, net	337.0		—		—		337.0
Deposits and other	70.4		8.0		—		78.4

Intangible assets, net	897.8		—		—		897.8
Deferred tax assets	15.8		—		—		15.8
Total assets	$	14,792.8	$	7,213.3	$	(603.1)	$	21,403.0
Liabilities and equity
Debt obligations	$	2,271.7	$	—	$	—	$	2,271.7
Loans payable of Consolidated Funds	—		6,279.7		(374.5)		5,905.2

Accounts payable, accrued expenses and other liabilities	369.2		—		—		369.2
Accrued compensation and benefits	4,320.9		—		—		4,320.9
Due to affiliates	346.1		16.5		(0.1)		362.5
Deferred revenue	126.4		—		—		126.4
Deferred tax liabilities	402.7		—		—		402.7
Other liabilities of Consolidated Funds	—		279.7		(0.4)		279.3

Lease liabilities	502.9		—		—		502.9
Accrued giveback obligations	40.9		—		—		40.9
Total liabilities	8,380.8		6,575.9		(375.0)		14,581.7

Common stock	3.6		—		—		3.6
Additional paid-in capital	3,138.5		238.7		(238.7)		3,138.5
Retained earnings	3,401.1		—		—		3,401.1
Accumulated other comprehensive loss	(319.5)		(13.3)		10.6		(322.2)

Non-controlling interests in consolidated entities	188.3		412.0		—		600.3

Total equity	6,412.0		637.4		(228.1)		6,821.3
Total liabilities and equity	$	14,792.8	$	7,213.3	$	(603.1)	$	21,403.0



	Three Months Ended June 30, 2023
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	515.1	$	—	$	(7.3)	$	507.8
Incentive fees	20.9		—		0.1		21.0



Investment income (loss)
Performance allocations	(245.4)		—		(1.4)		(246.8)


Principal investment income (loss)	(0.6)		—		(6.6)		(7.2)


Total investment income (loss)	(246.0)		—		(8.0)		(254.0)
Interest and other income	53.6		—		(3.4)		50.2
Interest and other income of Consolidated Funds	—		137.1		—		137.1

Total revenues	343.6		137.1		(18.6)		462.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	270.6		—		—		270.6
Equity-based compensation	68.0		—		—		68.0
Performance allocations and incentive fee related compensation	(92.2)		—		—		(92.2)


Total compensation and benefits	246.4		—		—		246.4
General, administrative and other expenses	167.6		—		0.9		168.5
Interest	30.7		—		—		30.7
Interest and other expenses of Consolidated Funds	—		116.3		(14.2)		102.1


Total expenses	444.7		116.3		(13.3)		547.7
Other income
Net investment income of Consolidated Funds	—		15.6		—		15.6
Income (loss) before provision for income taxes	(101.1)		36.4		(5.3)		(70.0)
Benefit for income taxes	(7.3)		—		—		(7.3)
Net income (loss)	(93.8)		36.4		(5.3)		(62.7)
Net income attributable to non-controlling interests in consolidated entities	4.6		—		31.1		35.7


Net income (loss) attributable to The Carlyle Group Inc.	$	(98.4)	$	36.4	$	(36.4)	$	(98.4)


	Six Months Ended June 30, 2023
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,023.5	$	—	$	(14.9)	$	1,008.6
Incentive fees	40.8		—		—		40.8



Investment income (loss)
Performance allocations	(83.1)		—		(2.9)		(86.0)


Principal investment income (loss)	14.1		—		(9.6)		4.5


Total investment income (loss)	(69.0)		—		(12.5)		(81.5)
Interest and other income	100.2		—		(6.0)		94.2
Interest and other income of Consolidated Funds	—		259.0		—		259.0

Total revenues	1,095.5		259.0		(33.4)		1,321.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	530.8		—		—		530.8
Equity-based compensation	122.4		—		—		122.4
Performance allocations and incentive fee related compensation	13.5		—		—		13.5


Total compensation and benefits	666.7		—		—		666.7
General, administrative and other expenses	327.0		—		0.7		327.7
Interest	60.4		—		—		60.4
Interest and other expenses of Consolidated Funds	—		213.5		(17.7)		195.8

Other non-operating expenses	0.1		—		—		0.1
Total expenses	1,054.2		213.5		(17.0)		1,250.7
Other income
Net investment income of Consolidated Funds	—		19.2		—		19.2
Income before provision for income taxes	41.3		64.7		(16.4)		89.6
Provision for income taxes	27.0		—		—		27.0
Net income	14.3		64.7		(16.4)		62.6
Net income attributable to non-controlling interests in consolidated entities	12.0		—		48.3		60.3


Net income attributable to The Carlyle Group Inc.	$	2.3	$	64.7	$	(64.7)	$	2.3


	Three Months Ended June 30, 2022
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	553.0	$	—	$	(6.5)	$	546.5
Incentive fees	13.5		—		—		13.5



Investment income
Performance allocations	342.7		—		(4.8)		337.9


Principal investment income	34.0		—		22.7		56.7


Total investment income	376.7		—		17.9		394.6
Interest and other income	36.9		—		(5.7)		31.2
Interest and other income of Consolidated Funds	—		63.2		—		63.2

Total revenues	980.1		63.2		5.7		1,049.0
Expenses
Compensation and benefits
Cash-based compensation and benefits	274.0		—		—		274.0
Equity-based compensation	45.4		—		—		45.4
Performance allocations and incentive fee related compensation	207.0		—		—		207.0


Total compensation and benefits	526.4		—		—		526.4
General, administrative and other expenses	131.5		—		0.2		131.7
Interest	26.9		—		—		26.9
Interest and other expenses of Consolidated Funds	—		51.1		(10.5)		40.6

Other non-operating expenses	0.2		—		—		0.2
Total expenses	685.0		51.1		(10.3)		725.8
Other income (loss)
Net investment loss of Consolidated Funds	—		(23.5)		—		(23.5)
Income (loss) before provision for income taxes	295.1		(11.4)		16.0		299.7
Provision for income taxes	50.8		—		—		50.8
Net income (loss)	244.3		(11.4)		16.0		248.9
Net income (loss) attributable to non-controlling interests in consolidated entities	(1.1)		—		4.6		3.5
Net income (loss) attributable to The Carlyle Group Inc.	$	245.4	$	(11.4)	$	11.4	$	245.4


	Six Months Ended June 30, 2022
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,009.9	$	—	$	(12.9)	$	997.0
Incentive fees	27.5		—		—		27.5



Investment income
Performance allocations	1,052.9		—		(4.8)		1,048.1


Principal investment income	336.3		—		40.0		376.3


Total investment income	1,389.2		—		35.2		1,424.4
Interest and other income	70.2		—		(13.2)		57.0
Interest and other income of Consolidated Funds	—		124.9		—		124.9

Total revenues	2,496.8		124.9		9.1		2,630.8
Expenses
Compensation and benefits
Cash-based compensation and benefits	528.3		—		—		528.3
Equity-based compensation	85.1		—		—		85.1
Performance allocations and incentive fee related compensation	577.7		—		—		577.7


Total compensation and benefits	1,191.1		—		—		1,191.1
General, administrative and other expenses	237.8		—		0.2		238.0
Interest	54.7		—		—		54.7
Interest and other expenses of Consolidated Funds	—		104.0		(20.6)		83.4

Other non-operating expenses	0.5		—		—		0.5
Total expenses	1,484.1		104.0		(20.4)		1,567.7
Other income (loss)
Net investment loss of Consolidated Funds	—		(20.7)		—		(20.7)
Income before provision for income taxes	1,012.7		0.2		29.5		1,042.4
Provision for income taxes	198.7		—		—		198.7
Net income	814.0		0.2		29.5		843.7
Net income (loss) attributable to non-controlling interests in consolidated entities	(3.0)		—		29.7		26.7
Net income attributable to The Carlyle Group Inc.	$	817.0	$	0.2	$	(0.2)	$	817.0


	Six Months Ended June 30,
	2023		2022
	(Dollars in millions)
Cash flows from operating activities
Net income	$	14.3	$	814.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	88.1		59.9

Equity-based compensation	122.4		85.1

Non-cash performance allocations and incentive fees	295.7		(94.6)
Non-cash principal investment income	(0.2)		(318.4)
Other non-cash amounts	19.9		(11.9)
Purchases of investments	(144.3)		(470.3)
Proceeds from the sale of investments	141.6		298.2
Payments of contingent consideration	(68.6)		(5.7)


Change in deferred taxes, net	(91.6)		55.9
Change in due from affiliates and other receivables	(4.4)		(64.8)

Change in deposits and other	(49.0)		(7.1)

Change in accounts payable, accrued expenses and other liabilities	(39.7)		(67.2)
Change in accrued compensation and benefits	(201.6)		(372.1)
Change in due to affiliates	(8.4)		2.8

Change in lease right-of-use asset and lease liability	(5.0)		(4.6)
Change in deferred revenue	5.0		(12.9)
Net cash provided by (used in) operating activities	74.2		(113.7)
Cash flows from investing activities
Purchases of corporate treasury investments	(145.2)		—
Proceeds from corporate treasury investments	122.4		—
Purchases of fixed assets, net	(32.5)		(17.4)

Purchase of CBAM intangibles and investments, net	—		(618.4)


Net cash used in investing activities	(55.3)		(635.8)
Cash flows from financing activities









Payments on CLO borrowings	(4.5)		(9.0)
Proceeds from CLO borrowings, net of financing costs	—		41.1



Dividends to common stockholders	(245.1)		(207.1)


Payment of deferred consideration for Carlyle Holdings units	(68.8)		(68.8)
Contributions from non-controlling interest holders	5.2		4.4
Distributions to non-controlling interest holders	(25.8)		(36.6)
Common shares issued for performance allocations	—		36.5
Common shares repurchased	(160.8)		(105.3)
Change in due to/from affiliates financing activities	(13.2)		(27.8)
Net cash used in financing activities	(513.0)		(372.6)
Effect of foreign exchange rate changes	8.3		(43.2)
Decrease in cash, cash equivalents and restricted cash	(485.8)		(1,165.3)
Cash, cash equivalents and restricted cash, beginning of period	1,361.5		2,475.1
Cash, cash equivalents and restricted cash, end of period	$	875.7	$	1,309.8

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

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$	870.3	$	1,308.9
Restricted cash	5.4		0.9
Total cash, cash equivalents and restricted cash, end of period	$	875.7	$	1,309.8

Cash and cash equivalents held at Consolidated Funds	$	536.4	$	230.7

Summary of Significant Accounting Policies - Fixed Assets (Details)	Jun. 30, 2023
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

Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of 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 10, 2022	May 17, 2022	$	0.325	$	117.6
August 9, 2022	August 16, 2022	0.325		118.3
November 18, 2022	November 25, 2022	0.325		118.2
February 22, 2023	March 1, 2023	0.325		118.4
Total 2022 Dividend Year		$	1.30	$	472.5

May 16, 2023	May 23, 2023	$	0.35	$	126.7
August 15, 2023	August 23, 2023	0.35		126.6


Total 2023 Dividend Year (through Q2 2023)		$	0.70	$	253.3

Subsequent Events (Details)	Aug. 31, 2023 $ / shares
Subsequent event
Subsequent Event [Line Items]
Distribution payable (in dollars per share)	$ 0.35

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Status of Non-Vested Equity-Based Awards

A summary of the status of the Company’s non-vested equity-based awards as of June 30, 2023 and a summary of changes for the six months ended June 30, 2023, 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, 2022	10,865,248	$	35.78	452,880	$	39.73
Granted(2)	17,041,914	$	30.15	258,579	$	34.65
Vested	2,815,080	$	28.09	—	$	—
Forfeited	733,301	$	32.19	—	$	—
Balance, June 30, 2023	24,358,781	$	32.84	711,459	$	37.88

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

(2) Includes 6,762,219 shares related to equity inducement awards granted in connection with the appointment of the Company’s Chief Executive Officer, as well as 149,572 shares reserved for issuance upon the settlement of dividend-equivalent rights carried by certain restricted stock units concurrently with the settlement of the restricted stock units for shares.

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Schedule of Investments

Investments consist of the following:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Accrued performance allocations	$	6,531.8	$	7,117.7
Principal equity method investments, excluding performance allocations	2,951.2		2,922.0
Principal investments in CLOs	538.1		526.1
Other investments	196.5		202.1
Total	$	10,217.6	$	10,767.9

Schedule of Components of Accrued Performance Fees

The components of accrued performance allocations are as follows:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Global Private Equity	$	4,863.0	$	5,577.1

Global Credit	238.0		193.9
Global Investment Solutions	1,430.8		1,346.7
Total	$	6,531.8	$	7,117.7

Schedule of Components of Accrued Giveback Obligations

The components of the accrued giveback obligations are as follows:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Global Private Equity	$	(18.4)	$	(18.4)

Global Credit	(22.5)		(22.5)
Total	$	(40.9)	$	(40.9)

Schedule of Equity Method Investments

Principal investments are related to the following segments:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Global Private Equity(1)	$	1,878.5	$	1,853.5

Global Credit(2)	967.5		974.2
Global Investment Solutions	105.2		94.3
Total	$	2,951.2	$	2,922.0

(1) The balance includes $1,048.1 million and $1,015.7 million as of June 30, 2023 and December 31, 2022, respectively, related to the Company’s equity method investments in NGP.

(2) As of June 30, 2023 and December 31, 2022, the balance includes $582.5 million and $646.0 million, respectively, related to the Company’s investment in Fortitude.

The Company’s investments in NGP as of June 30, 2023 and December 31, 2022 are as follows:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Investment in NGP Management	$	371.6	$	369.7
Investments in NGP general partners - accrued performance allocations	599.5		564.5
Principal investments in NGP funds	77.0		81.5
Total investments in NGP	$	1,048.1	$	1,015.7

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Global Private Equity	$	62.8	$	245.9	$	80.6	$	574.1

Global Credit	(75.5)		(158.7)		(94.4)		(161.4)
Global Investment Solutions	(1.2)		4.6		8.2		7.2
Total	$	(13.9)	$	91.8	$	(5.6)	$	419.9

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 and six months ended June 30, 2023 and 2022 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Management fee related revenues from NGP Management	$	19.8	$	17.6	$	37.9	$	34.6
Expenses related to the investment in NGP Management	(4.1)		(2.6)		(7.5)		(5.4)
Amortization of basis differences from the investment in NGP Management	—		(0.4)		—		(0.7)
Net investment income from NGP Management	$	15.7	$	14.6	$	30.4	$	28.5

Schedule of Components of Investment Income (Loss)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Performance allocations
Realized	$	386.1	$	541.6	$	565.7	$	808.5
Unrealized	(632.9)		(203.7)		(651.7)		239.6
	(246.8)		337.9		(86.0)		1,048.1
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	(34.4)		(69.1)		4.1		(36.3)
Unrealized	20.5		160.9		(9.7)		456.2
	(13.9)		91.8		(5.6)		419.9
Principal investment income (loss) from investments in CLOs and other investments
Realized	1.0		0.9		(0.1)		3.2
Unrealized(1)	5.7		(36.0)		10.2		(46.8)
	6.7		(35.1)		10.1		(43.6)



Total	$	(254.0)	$	394.6	$	(81.5)	$	1,424.4

Schedule of Performance Allocations Included in Revenues

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Global Private Equity	$	(327.6)	$	211.3	$	(331.4)	$	869.2

Global Credit	37.7		3.2		71.1		(30.8)
Global Investment Solutions	43.1		123.4		174.3		209.7
Total	$	(246.8)	$	337.9	$	(86.0)	$	1,048.1

Three Months Ended June 30, 2023

Six Months Ended June 30, 2023

(Dollars in millions)

Global Private Equity

Carlyle Partners VII, L.P

(331.7)

Global Private Equity

Carlyle Partners VII, L.P

(262.9)

Global Private Equity

Carlyle Asia Partners V, L.P.

(90.4)

Global Private Equity

Carlyle Asia Partners V, L.P.

(101.6)

Global Private Equity

Carlyle Partners VI, L.P.

(53.5)

Global Private Equity

Carlyle U.S. Equity Opportunities Fund II, L.P.

73.1

Three Months Ended June 30, 2022

Six Months Ended June 30, 2022

(Dollars in millions)

Global Private Equity

Carlyle Europe Technology Partners IV, L.P.

133.5

Global Private Equity

Carlyle Realty Partners VIII, L.P.

226.5

Global Private Equity

Carlyle Power Partners II, L.P.

103.3

Global Private Equity

Carlyle Partners VI, L.P.

(377.5)

Global Private Equity

Carlyle Partners VI, L.P.

(361.8)

Schedule of 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Interest income from investments	$	122.1	$	59.2	$	231.9	$	115.7
Other income	15.0		4.0		27.1		9.2
Total	$	137.1	$	63.2	$	259.0	$	124.9

Schedule of Components of Net Investment Gains (Losses) of Consolidated Funds

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$	(3.9)	$	(204.7)	$	141.1	$	(248.1)
Gains (losses) from liabilities of CLOs	19.5		181.2		(121.9)		227.4

Total	$	15.6	$	(23.5)	$	19.2	$	(20.7)

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Realized gains (losses)	$	(21.5)	$	(6.5)	$	(38.9)	$	(3.8)
Net change in unrealized gains (losses)	17.6		(198.2)		180.0		(244.3)
Total	$	(3.9)	$	(204.7)	$	141.1	$	(248.1)

Segment Reporting - Reportable Segments Financial Data (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fund level fee revenues
Investment income (loss)	$ (254.0)	$ 394.6	$ (81.5)	$ 1,424.4
Interest income	50.2	31.2	94.2	57.0
Total revenues	462.1	1,049.0	1,321.1	2,630.8
Compensation and benefits
Cash-based compensation and benefits	270.6	274.0	530.8	528.3
Realized performance revenues related compensation	(92.2)	207.0	13.5	577.7
Total compensation and benefits	246.4	526.4	666.7	1,191.1
General, administrative, and other indirect expenses	168.5	131.7	327.7	238.0
Interest expense	30.7	26.9	60.4	54.7
Total expenses	547.7	725.8	1,250.7	1,567.7
Realized net performance revenues	(154.6)	130.9	(99.5)	470.4
Segment assets	21,381.0		21,381.0		$ 21,403.0
Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	606.4	593.5	1,157.8	1,108.4
Interest income	14.3	4.0	28.2	6.0
Total revenues	977.9	1,161.2	1,732.1	1,940.7
Compensation and benefits
Cash-based compensation and benefits	288.7	259.7	549.3	505.5
Realized performance revenues related compensation	160.0	249.0	255.6	367.3
Total compensation and benefits	448.7	508.7	804.9	872.8
General, administrative, and other indirect expenses	101.7	87.9	189.2	164.2
Depreciation and amortization expense	8.7	9.5	18.6	19.0
Interest expense	30.0	26.3	59.0	53.1
Total expenses	589.1	632.4	1,071.7	1,109.1
Distributable Earnings	388.8	528.8	660.4	831.6
Realized net performance revenues	175.1	270.9	244.6	388.9
Realized principal investment income	22.1	43.8	45.9	70.1
Net interest	15.7	22.3	30.8	47.1
Fee Related Earnings	207.3	236.4	400.7	419.7
Segment assets	13,838.7		13,838.7
Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Total fund level fee revenues	388.3	366.8	730.2	707.7
Interest income	5.5	1.2	10.9	1.6
Total revenues	720.7	876.0	1,178.9	1,431.4
Compensation and benefits
Cash-based compensation and benefits	173.6	154.2	322.3	307.2
Realized performance revenues related compensation	144.6	214.5	190.9	305.2
Total compensation and benefits	318.2	368.7	513.2	612.4
General, administrative, and other indirect expenses	59.1	59.3	116.2	104.8
Depreciation and amortization expense	5.9	6.3	12.6	12.6
Interest expense	16.8	16.0	33.4	31.8
Total expenses	400.0	450.3	675.4	761.6
Distributable Earnings	320.7	425.7	503.5	669.8
Realized net performance revenues	169.1	259.3	221.8	368.5
Realized principal investment income	13.2	34.2	25.1	48.4
Net interest	11.3	14.8	22.5	30.2
Fee Related Earnings	149.7	147.0	279.1	283.1
Segment assets	8,813.9		8,813.9
Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	159.4	171.2	311.4	288.9
Interest income	7.7	2.6	14.9	4.1
Total revenues	180.9	202.4	376.8	345.6
Compensation and benefits
Cash-based compensation and benefits	84.6	77.1	165.0	144.3
Realized performance revenues related compensation	2.7	9.4	15.4	16.1
Total compensation and benefits	87.3	86.5	180.4	160.4
General, administrative, and other indirect expenses	25.6	20.3	47.3	43.8
Depreciation and amortization expense	1.7	1.9	3.7	3.9
Interest expense	10.9	7.4	21.1	15.6
Total expenses	125.5	116.1	252.5	223.7
Distributable Earnings	55.4	86.3	124.3	121.9
Realized net performance revenues	2.9	10.5	17.9	17.5
Realized principal investment income	8.2	8.7	17.2	19.0
Net interest	3.2	4.8	6.2	11.5
Fee Related Earnings	47.5	71.9	95.4	96.9
Segment assets	3,074.9		3,074.9
Total Reportable Segments \| Global Investment Solutions
Fund level fee revenues
Total fund level fee revenues	58.7	55.5	116.2	111.8
Interest income	1.1	0.2	2.4	0.3
Total revenues	76.3	82.8	176.4	163.7
Compensation and benefits
Cash-based compensation and benefits	30.5	28.4	62.0	54.0
Realized performance revenues related compensation	12.7	25.1	49.3	46.0
Total compensation and benefits	43.2	53.5	111.3	100.0
General, administrative, and other indirect expenses	17.0	8.3	25.7	15.6
Depreciation and amortization expense	1.1	1.3	2.3	2.5
Interest expense	2.3	2.9	4.5	5.7
Total expenses	63.6	66.0	143.8	123.8
Distributable Earnings	12.7	16.8	32.6	39.9
Realized net performance revenues	3.1	1.1	4.9	2.9
Realized principal investment income	0.7	0.9	3.6	2.7
Net interest	1.2	2.7	2.1	5.4
Fee Related Earnings	10.1	17.5	26.2	39.7
Segment assets	1,949.9		1,949.9
Fund management fees
Fund level fee revenues
Total fund level fee revenues	507.8	546.5	1,008.6	997.0
Fund management fees \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	515.0	516.2	1,021.2	970.4
Fund management fees \| Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Total fund level fee revenues	330.2	337.0	657.1	641.2
Fund management fees \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	126.9	123.7	249.5	217.4
Fund management fees \| Total Reportable Segments \| Global Investment Solutions
Fund level fee revenues
Total fund level fee revenues	57.9	55.5	114.6	111.8
Portfolio advisory and transaction fees, net and other \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	18.2	42.2	34.6	58.4
Portfolio advisory and transaction fees, net and other \| Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Total fund level fee revenues	5.3	7.5	10.7	13.6
Portfolio advisory and transaction fees, net and other \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	12.9	34.7	23.9	44.8
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	0.0	0.0	0.0
Fee related performance revenues \| Global Investment Solutions
Fund level fee revenues
Total fund level fee revenues		0.0
Fee related performance revenues \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	73.2	35.1	102.0	79.6
Fee related performance revenues \| Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Total fund level fee revenues	52.8	22.3	62.4	52.9
Fee related performance revenues \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	19.6	12.8	38.0	26.7
Fee related performance revenues \| Total Reportable Segments \| Global Investment Solutions
Fund level fee revenues
Total fund level fee revenues	0.8		1.6	0.0
Performance allocations
Fund level fee revenues
Investment income (loss)	(246.8)	337.9	(86.0)	1,048.1
Performance allocations \| Total Reportable Segments
Fund level fee revenues
Investment income (loss)	335.1	519.9	500.2	756.2
Performance allocations \| Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Investment income (loss)	313.7	473.8	412.7	673.7
Performance allocations \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Investment income (loss)	5.6	19.9	33.3	33.6
Performance allocations \| Total Reportable Segments \| Global Investment Solutions
Fund level fee revenues
Investment income (loss)	15.8	26.2	54.2	48.9
Principal investment income
Fund level fee revenues
Investment income (loss)	(7.2)	56.7	4.5	376.3
Principal investment income \| Total Reportable Segments
Fund level fee revenues
Investment income (loss)	22.1	43.8	45.9	70.1
Principal investment income \| Total Reportable Segments \| Global Private Equity
Fund level fee revenues
Investment income (loss)	13.2	34.2	25.1	48.4
Principal investment income \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Investment income (loss)	8.2	8.7	17.2	19.0
Principal investment income \| Total Reportable Segments \| Global Investment Solutions
Fund level fee revenues
Investment income (loss)	$ 0.7	$ 0.9	$ 3.6	$ 2.7

Investments - Investments in NGP (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total	$ 2,951.2	$ 2,922.0
Investment in NGP Management
Schedule of Equity Method Investments [Line Items]
Total	371.6	369.7
Investments in NGP general partners - accrued performance allocations
Schedule of Equity Method Investments [Line Items]
Total	599.5	564.5
Principal investments in NGP funds
Schedule of Equity Method Investments [Line Items]
Total	$ 77.0	$ 81.5

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
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 June 30, 2023, assets and liabilities of the consolidated VIEs reflected in the unaudited condensed consolidated balance sheets were $8.0 billion and $7.0 billion, respectively. As of December 31, 2022, assets and liabilities of the consolidated VIEs reflected in the unaudited condensed consolidated balance sheets were $7.2 billion and $6.2 billion, respectively. Except to the extent of the consolidated assets of the VIEs, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Company. The Company’s Consolidated Funds are primarily CLOs, which are VIEs that issue loans payable that are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, the Company earns investment management fees, including in some cases subordinated management fees and contingent incentive fees. In cases where the Company consolidates the CLOs (primarily because of a retained interest that is significant to the CLO), those management fees and contingent incentive fees have been eliminated as intercompany transactions. As of June 30, 2023, the Company held $120.3 million of investments in these CLOs which represents its maximum risk of loss. The Company’s investments in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs have no recourse against the Company for any losses sustained in the CLO structure. The Company’s Consolidated Funds also include certain investment funds in our Global Private Equity segment that are accounted for as consolidated VIEs due to the Company providing financing to bridge investment purchases. As of June 30, 2023, the Company held $377.6 million of notes receivable from these investment funds which represents its maximum risk of loss. The Company’s Consolidated Funds also include certain funds in our Global Credit and Global Investment Solutions segments that are accounted for as consolidated VIEs due to the Company having a significant indirect interest in these funds via the Company’s investment in Fortitude. 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 4 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, interest expense and other expenses of the Consolidated Funds, and net investment income (losses) of 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance allocations and incentive fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the 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 collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. The Company accounts for performance allocations that represent a performance-based capital allocation from fund limited partners to the Company (commonly known as “carried interest”) as earnings from financial assets within the scope of ASC 323, Investments — Equity Method and Joint Ventures, and therefore are not in the scope of ASC 606. In accordance with ASC 323, the Company records equity method income (losses) as a component of investment income based on the change in its proportionate claim on net assets of the investment fund, including performance allocations, assuming the investment fund was liquidated as of each reporting date pursuant to each fund’s governing agreements. See Note 4 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 3, Fair Value Measurement. While the determination of who is the customer in a contractual arrangement will be made on a contract-by-contract basis, the customer will generally be the investment fund for the Company’s significant management and advisory contracts. The customer determination impacts the Company’s analysis of the accounting for contract costs. Fund Management Fees The Company provides management services to funds in which it holds a general partner interest or to funds or certain portfolio companies with which it has an investment advisory or investment management agreement. The Company considers the performance obligations in its contracts with its funds to be the promise to provide (or to arrange for third parties to provide) investment management services related to the management, policies and operations of the funds. As it relates to the Company’s performance obligation to provide investment management services, the Company typically satisfies this performance obligation over time as the services are rendered, 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 generally due quarterly in arrears 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 1.0% 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. Under the strategic advisory services agreement with Fortitude, the Company earns a recurring management fee based on Fortitude’s general account assets, which adjusts within an agreed range based on Fortitude’s overall profitability and which is due quarterly in arrears. 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 in advance and recognized over the related quarter. The Company also provides transaction advisory and portfolio advisory services to the portfolio companies, and where covered by separate contractual agreements, recognizes fees for these services when the performance obligation has been satisfied and collection is reasonably assured. The Company is generally required to offset its fund management fees earned by a percentage of the transaction and advisory fees earned, which is referred to as the “rebate offset,” which generally ranges from 80% to 100%. The Company also recognizes underwriting fees from the Company’s loan syndication and capital markets business, Carlyle Global Capital Markets.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, and external co-investment vehicles. Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Company recognizes revenues attributable to performance allocations based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as investment income for performance allocations reflects the Company’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair 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. Principal investment income (loss) is realized when the Company redeems all or a portion of its investment or when the Company receives or is due cash income, such as dividends or distributions. Unrealized principal investment income (loss) results from the Company’s proportionate share of the investee’s unrealized earnings, including changes in the fair value of the underlying investment, as well as the reversal of unrealized gain (loss) at the time an investment is realized. As it relates to the Company’s investments in NGP (see Note 4), 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. Deferred Revenue Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not yet been earned. Deferred revenue also includes transaction and portfolio advisory fees received by the Company that are required to offset fund management fees pursuant to the related fund agreements. The increase in the deferred revenue balance for the six months ended June 30, 2023 was primarily driven by cash payments received in advance of the Company satisfying its performance obligations, partially offset by revenues recognized that were included in the deferred revenue balance at the beginning of the period.
Credit Losses	Credit Losses The Company measures all expected credit losses for financial assets held at the reporting date in accordance with ASC 326, Financial Instruments — Credit Losses, based on historical experience, current conditions, and reasonable and supportable forecasts. The Company assesses the collection risk characteristics of the outstanding amounts in its due from affiliates balance into the following pools of receivables: •Reimbursable fund expenses receivables, •Management fee receivables, •Incentive fee receivables, •Transaction fee receivables, •Portfolio fee receivables, and •Notes receivable. The Company generally utilizes either historical credit loss information or discounted cash flows to calculate expected credit losses for each pool. The Company’s receivables are predominantly with its investment funds, which have low risk of credit loss based on the Company’s historical experience. Historical credit loss data may be adjusted for current conditions and reasonable and supportable forecasts, including the Company’s expectation of near-term realization based on the liquidity of the affiliated investment funds.
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. Certain equity-based awards contain dividend-equivalent rights, which are subject to the same terms and conditions, including with respect to vesting and settlement, that apply to the related award. Dividend-equivalents are accounted for as a reclassification from retained earnings to additional paid-in capital at the time dividends are declared and do not result in incremental compensation expense. Equity-based awards issued to non-employees are generally recognized as general, administrative and other expenses, except to the extent they are recognized as part of the Company’s equity method earnings because they are issued to employees of equity method investees. The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. 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 June 30, 2023 and December 31, 2022, the Company had recorded a liability of $3.4 billion and $3.6 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.
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. In addition, 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. The Company accounts for the valuation allowance assessment on its deferred tax assets and without regard to the Company’s potential future corporate alternative minimum tax (“CAMT”) status. 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 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	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 generally valued as its proportionate share of the most recent net asset value provided by the third-party general partners of the underlying fund partnerships, adjusted for subsequent cash flows received from or distributed to the underlying fund partnerships. The Company also adjusts for any changes in the market prices of public securities held by the underlying fund partnerships and may also apply a market adjustment to reflect the estimated change in the fair value of the underlying fund partnerships’ non-public investments from the date of the most recent net asset value provided by the third-party general partners. Investment professionals with responsibility for the underlying investments are responsible for preparing the investment valuations pursuant to the policies, methodologies and templates prepared by the Company’s valuation group, which is a team made up of dedicated valuation professionals reporting to the Company’s chief accounting officer. The valuation group is responsible for maintaining the Company’s valuation policy and related guidance, templates and systems that are designed to be consistent with the guidance found in ASC 820. These valuations, inputs and preliminary conclusions are reviewed by the fund 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 and Corporate Treasury Investments	Investments, at Fair Value Investments include (i) the Company’s ownership interests (typically general partner interests) in the Funds, including the Company’s investment in Fortitude, (which are accounted for as equity method investments) (ii) the Company’s investment in NGP (which is accounted for as an equity method investment), (iii) the investments held by the Consolidated Funds (which are presented at fair value in the Company’s 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. Corporate Treasury Investments Corporate treasury investments represent investments in U.S. Treasury and government agency obligations, commercial paper, certificates of deposit, other investment grade securities and other investments with original maturities of greater than three months when purchased. These investments are accounted for as trading securities in which changes in the fair value of each investment are recorded through investment income (loss). Any interest earned on debt investments is recorded through interest and other income.
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 the Company’s investment in NGP, using the equity method of accounting. The carrying value of equity method investments is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee (including performance allocations) allocated based on the respective partnership agreement, less distributions received. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.
Cash and Cash Equivalents	Cash and Cash 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 June 30, 2023, $288.5 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.
Fixed Assets	Fixed Assets Fixed assets consist of furniture, fixtures and equipment, leasehold improvements, computer hardware and software, and fractional shares in corporate aircraft, and are stated at cost, less accumulated depreciation and amortization. Depreciation is recognized on a straight-line method over the assets’ estimated useful lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, and three to seven years for other fixed assets. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Leases	Leases The Company accounts for its leases in accordance with ASC 842, Leases, 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, customer relationships, and acquired trademarks. Finite-lived intangible assets are amortized over their estimated useful lives, which range from four to eight years, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 1 and between annual tests when events and circumstances indicate that impairment may have occurred.
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 TranslationNon-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.
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 June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company does not expect the impact of this guidance to be material to its consolidated financial statements.

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 (Dollars in millions):


	Unfunded Commitments
Global Private Equity	$	3,296.1
Global Credit	425.1
Global Investment Solutions	189.9
Total	$	3,911.1

Schedule of 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 June 30,				Six Months Ended June 30,
	2023		2022		2023			2022
Operating lease cost	$	14.8	$	14.0	$	28.9		$	28.0
Sublease income	(1.4)		(1.4)		(2.9)			(2.9)
Total operating lease cost	$	13.4	$	12.6	$	26.0		$	25.1

Cash paid for amounts included in the measurement of operating lease liabilities	$	17.1	$	16.0	$	34.2		$	32.0

Weighted-average remaining lease term					11.0 years			11.6 years
Weighted-average discount rate					4.28		%	4.1		%

Schedule of Maturities of Operating Lease Liabilities

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


Year ending December 31,
2023 (excluding the six months ended June 30, 2023)	$	34.3
2024	66.1
2025	62.8
2026	60.7
2027	61.3
Thereafter	346.5
Total lease payments	$	631.7

Less imputed interest	(122.2)
Total lease liabilities	$	509.5

Intangible Assets and Goodwill - Carrying Amount of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired contractual rights	$ 923.8	$ 920.2
Accumulated amortization	(192.5)	(126.3)
Finite-lived intangible assets, net	731.3	793.9
Goodwill	104.0	103.9
Intangible Assets, net	$ 835.3	$ 897.8

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 870.3	$ 1,360.7
Cash and cash equivalents held at Consolidated Funds	536.4	209.0
Restricted cash	5.4	0.8
Corporate treasury investments	44.5	20.0
Investments, including accrued performance allocations of $6,531.8 million and $7,117.7 million as of June 30, 2023 and December 31, 2022, respectively	10,217.6	10,767.9
Investments of Consolidated Funds	7,510.2	6,894.4
Due from affiliates and other receivables, net	605.8	579.4
Due from affiliates and other receivables of Consolidated Funds, net	116.7	101.9
Fixed assets, net	150.5	139.9
Lease right-of-use assets, net	347.9	337.0
Deposits and other	126.2	78.4
Intangible assets, net	835.3	897.8
Deferred tax assets	14.2	15.8
Total assets	21,381.0	21,403.0
Liabilities and equity
Debt obligations	2,274.0	2,271.7
Loans payable of Consolidated Funds	6,499.6	5,905.2
Accounts payable, accrued expenses and other liabilities	327.5	369.2
Accrued compensation and benefits	3,801.6	4,320.9
Due to affiliates	294.7	362.5
Deferred revenue	132.0	126.4
Deferred tax liabilities	310.4	402.7
Other liabilities of Consolidated Funds	546.2	279.3
Lease liabilities	509.5	502.9
Accrued giveback obligations	40.9	40.9
Total liabilities	14,736.4	14,581.7
Commitments and contingencies
Common stock, $0.01 par value, 100,000,000,000 shares authorized (359,952,112 and 362,298,650 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	3.6	3.6
Additional paid-in-capital	3,266.5	3,138.5
Retained earnings	2,992.9	3,401.1
Accumulated other comprehensive loss	(299.3)	(322.2)
Non-controlling interests in consolidated entities	680.9	600.3
Total equity	6,644.6	6,821.3
Total liabilities and equity	$ 21,381.0	$ 21,403.0

Borrowings

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Borrowings

6. 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:


	June 30, 2023				December 31, 2022
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
	(Dollars in millions)


CLO Borrowings (See below)	$	423.4	$	419.9	$	421.7	$	418.1

3.500% Senior Notes Due 9/19/2029	425.0		422.2		425.0		422.0
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		346.4		350.0		346.3
4.625% Subordinated Notes Due 5/15/2061	500.0		484.9		500.0		484.7
Total debt obligations	$	2,298.4	$	2,274.0	$	2,296.7	$	2,271.7

Senior Credit Facility

As of June 30, 2023, the senior credit facility, which was amended on April 29, 2022, included $1.0 billion in a revolving credit facility. The Company’s borrowing capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill their respective obligations under the revolving credit facility. The revolving credit facility is scheduled to mature on April 29, 2027, 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 SOFR (or similar benchmark for non-U.S. dollar borrowings) plus a 0.10% adjustment and an applicable margin not to exceed 1.50% (at June 30, 2023, the interest rate was 6.24%). Prior to the April 2022 amendment, the size of the revolving credit facility was $775.0 million, which was scheduled to mature February 11, 2024, and accrued interest 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%. The Company made no borrowings under the revolving credit facility during the three and six months ended June 30, 2023 and there were no amounts outstanding at June 30, 2023.

Global Credit Revolving Credit Facility

Certain subsidiaries of the Company are parties to a revolving line of credit, primarily intended to support certain lending activities within the Global Credit segment. The credit facility, as amended, is scheduled to mature in September 2024, and has a capacity of $250.0 million. The Company’s borrowing capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill their respective obligations under the credit facility. Principal amounts outstanding under the facility accrue interest at an alternate base rate plus an applicable margin not to exceed 1.00%. The Company made no borrowings under the credit facility during the three and six months ended June 30, 2023, and there was no balance outstanding as of June 30, 2023.

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 June 30, 2023		Borrowing Outstanding December 31, 2022		Maturity Date (1)	Interest Rate as of June 30, 2023
February 28, 2017	$	39.4	$	38.7	November 17, 2031	5.55%	(2)
June 29, 2017	52.3		54.8		July 20, 2030	6.48%	(4)
December 6, 2017	43.2		43.8		January 15, 2031	6.63%	(5)
March 15, 2019	1.8		1.8		March 15, 2032	11.63%	(3)
August 20, 2019	3.9		3.9		August 15, 2032	8.06%	(3)
September 15, 2020	19.4		19.1		April 15, 2033	4.76%	(3)
January 8, 2021	20.3		19.9		January 15, 2034	5.67%	(3)
March 9, 2021	18.1		19.1		August 15, 2030	4.71%	(3)
March 30, 2021	18.3		18.0		March 15, 2032	5.23%	(3)
April 21, 2021	3.5		3.4		April 15, 2033	9.03%	(3)
May 21, 2021	15.3		15.0		November 17, 2031	4.69%	(3)
June 4, 2021	20.4		20.0		January 16, 2034	5.46%	(3)
June 10, 2021	1.3		1.3		November 17, 2031	6.17%	(3)
July 15, 2021	15.3		15.0		July 15, 2034	5.47%	(3)
July 20, 2021	20.4		20.0		July 20, 2031	5.48%	(3)
August 4, 2021	16.5		16.2		August 15, 2032	5.07%	(3)
October 27, 2021	23.7		23.3		October 15, 2035	5.58%	(3)
November 5, 2021	14.1		13.8		January 14, 2034	5.26%	(3)
January 6, 2022	20.5		20.1		February 15, 2035	5.70%	(3)
February 22, 2022	20.5		20.1		November 10, 2035	5.73%	(3)
July 13, 2022	17.3		16.9		January 13, 2035	6.43%	(3)
October 25, 2022	17.9		17.5		October 25, 2035	7.03%	(3)
	$	423.4	$	421.7

(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 1.23%.

(5) Incurs interest at LIBOR plus 1.37%.

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 June 30, 2023 and 2022 was $5.9 million and $2.3 million, respectively. Interest expense for the six months ended June 30, 2023 and 2022 was $11.1 million and $4.0 million, respectively. The fair value of the outstanding balance of the CLO term loans at June 30, 2023 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 provided a €36.1 million term loan ($39.4 million at June 30, 2023) 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 (5.55% at June 30, 2023).

Master Credit Agreement - Term Loans

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 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022). 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 generally bear interest at LIBOR plus a weighted average spread over LIBOR on the CLO notes, which is due quarterly. As of June 30, 2023, term loans under these agreements had $95.4 million outstanding. The master credit agreements mature in July 2030 and January 2031, respectively. Beginning in the third quarter of 2023, the interest rate base is anticipated to transition from LIBOR to SOFR.

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 initial maximum facility amount is €100.0 million, which has been, and may further 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 June 30, 2023, €202.3 million ($220.9 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 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022). 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 June 30, 2023, €61.9 million ($67.6 million) was outstanding under the CBAM CLO Financing Facility.

Each transaction entered into under the CLO Financing Facility provides for payment netting and, in the case of a default or similar event with respect to the counterparty to the CLO Financing Facility, provides for netting across transactions. Generally, upon a counterparty default, the Company can terminate all transactions under the CLO Financing Facility 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 Facility; 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 Facility, 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 Facility 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 June 30,				Six Months Ended June 30,
	Aggregate Principal Amount		June 30, 2023		December 31, 2022		2023		2022		2023		2022
3.500% Senior Notes Due 9/19/2029 (2)	$	425.0	$	378.6	$	364.1	$	3.9	$	3.8	$	7.7	$	7.6
5.625% Senior Notes Due 3/30/2043 (3)	600.0		540.7		545.8		8.5		8.4		16.9		16.9
5.650% Senior Notes Due 9/15/2048 (4)	350.0		318.9		322.2		5.0		5.0		10.0		9.9
							$	17.4	$	17.2	$	34.6	$	34.4

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

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

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

The issuers may redeem the senior notes, in whole at any time or in part from time to time, at a price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semiannual basis at the Treasury Rate plus 40 basis points (30 basis points in the case of the 3.500% senior notes), plus in each case accrued and unpaid interest on the principal amounts being redeemed.

Subordinated Notes

In May 2021, an indirect subsidiary of the Company issued $435.0 million aggregate principal amount of 4.625% Subordinated Notes due May 15, 2061 (the “Subordinated Notes”), on which interest is payable quarterly accruing from May 11, 2021. In June 2021, an additional $65.0 million aggregate principal amount of these Subordinated Notes were issued and are treated as a single series with the already outstanding $435.0 million aggregate principal amount. The Subordinated Notes are unsecured and subordinated obligations of the issuer, and are fully and unconditionally guaranteed (the “Guarantees”), jointly and severally, on a subordinated basis, by the Company, each of the Carlyle Holdings partnerships, and CG Subsidiary Holdings L.L.C., an indirect subsidiary of the Company (collectively, the “Guarantors”). The Consolidated Funds are not guarantors, and as such, the assets of the Consolidated Funds are not available to service the Subordinated Notes under the Guarantee. The Subordinated Notes may be redeemed at the issuer’s option in whole 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 June 30, 2023 and December 31, 2022, the fair value of the Subordinated Notes was $362.6 million and $323.8 million, respectively. Fair value is based on active market quotes and the notes are classified as Level I within the fair value hierarchy. For both the three months ended June 30, 2023 and 2022, the Company incurred $5.9 million of interest expense on the Subordinated Notes. For both the six months ended June 30, 2023 and 2022, the Company incurred $11.8 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 notes. The Company was in compliance with all financial and non-financial covenants under its various loan agreements as of June 30, 2023.

Loans Payable of Consolidated Funds

Loans payable of Consolidated Funds primarily represent amounts due to holders of debt securities issued by the CLOs. As of June 30, 2023 and December 31, 2022, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):


	As of June 30, 2023
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	6,339.5	$	6,153.4	5.74	%		9.46
Subordinated notes(1)	235.2		230.5		N/A		(3)	9.65

Total	$	6,574.7	$	6,383.9


	As of December 31, 2022
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes(2)	$	5,849.2	$	5,303.3	3.97	%		9.48
Subordinated notes(1)	234.0		188.3		N/A		(3)	9.69

Total	$	6,083.2	$	5,491.6

(1)Borrowing Outstanding as of June 30, 2023 and December 31, 2022 includes $115.7 million and $178.0 million, respectively, of revolving credit balances that are carried at amortized cost.

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

Loans payable of the CLOs are collateralized by the assets held by the CLOs and the assets of one CLO may not be used to satisfy the liabilities of another. This collateral consisted of cash and cash equivalents, corporate loans, corporate bonds and other securities. As of June 30, 2023 and December 31, 2022, the fair value of the CLO assets was $7.0 billion and $6.2 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Supplemental Financial Information - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	$ (254.0)	$ 394.6	$ (81.5)	$ 1,424.4
Interest and other income	50.2	31.2	94.2	57.0
Interest and other income of Consolidated Funds	137.1	63.2	259.0	124.9
Total revenues	462.1	1,049.0	1,321.1	2,630.8
Compensation and benefits
Cash-based compensation and benefits	270.6	274.0	530.8	528.3
Equity-based compensation	68.0	45.4	122.4	85.1
Realized performance revenues related compensation	(92.2)	207.0	13.5	577.7
Total compensation and benefits	246.4	526.4	666.7	1,191.1
General, administrative and other expenses	168.5	131.7	327.7	238.0
Interest	30.7	26.9	60.4	54.7
Interest and other expenses of Consolidated Funds	102.1	40.6	195.8	83.4
Other non-operating expenses	0.0	0.2	0.1	0.5
Total expenses	547.7	725.8	1,250.7	1,567.7
Other income
Net investment income (loss) of Consolidated Funds	15.6	(23.5)	19.2	(20.7)
Income (loss) before provision for income taxes	(70.0)	299.7	89.6	1,042.4
Provision (benefit) for income taxes	(7.3)	50.8	27.0	198.7
Net income (loss)	(62.7)	248.9	62.6	843.7
Net income attributable to non-controlling interests in consolidated entities	35.7	3.5	60.3	26.7
Net income attributable to The Carlyle Group Inc.	(98.4)	245.4	2.3	817.0
Consolidated Operating Entities
Compensation and benefits
Equity-based compensation			122.4	85.1
Other income
Net income (loss)			14.3	814.0
Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	(246.0)	376.7	(69.0)	1,389.2
Interest and other income	53.6	36.9	100.2	70.2
Interest and other income of Consolidated Funds	0.0	0.0	0.0	0.0
Total revenues	343.6	980.1	1,095.5	2,496.8
Compensation and benefits
Cash-based compensation and benefits	270.6	274.0	530.8	528.3
Equity-based compensation	68.0	45.4	122.4	85.1
Realized performance revenues related compensation	(92.2)	207.0	13.5	577.7
Total compensation and benefits	246.4	526.4	666.7	1,191.1
General, administrative and other expenses	167.6	131.5	327.0	237.8
Interest	30.7	26.9	60.4	54.7
Interest and other expenses of Consolidated Funds	0.0	0.0	0.0	0.0
Other non-operating expenses		0.2	0.1	0.5
Total expenses	444.7	685.0	1,054.2	1,484.1
Other income
Net investment income (loss) of Consolidated Funds	0.0	0.0	0.0	0.0
Income (loss) before provision for income taxes	(101.1)	295.1	41.3	1,012.7
Provision (benefit) for income taxes	(7.3)	50.8	27.0	198.7
Net income (loss)	(93.8)	244.3	14.3	814.0
Net income attributable to non-controlling interests in consolidated entities	4.6	(1.1)	12.0	(3.0)
Net income attributable to The Carlyle Group Inc.	(98.4)	245.4	2.3	817.0
Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	0.0	0.0	0.0	0.0
Interest and other income	0.0	0.0	0.0	0.0
Interest and other income of Consolidated Funds	137.1	63.2	259.0	124.9
Total revenues	137.1	63.2	259.0	124.9
Compensation and benefits
Cash-based compensation and benefits	0.0	0.0	0.0	0.0
Equity-based compensation	0.0	0.0	0.0	0.0
Realized performance revenues related compensation	0.0	0.0	0.0	0.0
Total compensation and benefits	0.0	0.0	0.0	0.0
General, administrative and other expenses	0.0	0.0	0.0	0.0
Interest	0.0	0.0	0.0	0.0
Interest and other expenses of Consolidated Funds	116.3	51.1	213.5	104.0
Other non-operating expenses		0.0	0.0	0.0
Total expenses	116.3	51.1	213.5	104.0
Other income
Net investment income (loss) of Consolidated Funds	15.6	(23.5)	19.2	(20.7)
Income (loss) before provision for income taxes	36.4	(11.4)	64.7	0.2
Provision (benefit) for income taxes	0.0	0.0	0.0	0.0
Net income (loss)	36.4	(11.4)	64.7	0.2
Net income attributable to non-controlling interests in consolidated entities	0.0	0.0	0.0	0.0
Net income attributable to The Carlyle Group Inc.	36.4	(11.4)	64.7	0.2
Eliminations
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	(8.0)	17.9	(12.5)	35.2
Interest and other income	(3.4)	(5.7)	(6.0)	(13.2)
Interest and other income of Consolidated Funds	0.0	0.0	0.0	0.0
Total revenues	(18.6)	5.7	(33.4)	9.1
Compensation and benefits
Cash-based compensation and benefits	0.0	0.0	0.0	0.0
Equity-based compensation	0.0	0.0	0.0	0.0
Realized performance revenues related compensation	0.0	0.0	0.0	0.0
Total compensation and benefits	0.0	0.0	0.0	0.0
General, administrative and other expenses	0.9	0.2	0.7	0.2
Interest	0.0	0.0	0.0	0.0
Interest and other expenses of Consolidated Funds	(14.2)	(10.5)	(17.7)	(20.6)
Other non-operating expenses		0.0	0.0	0.0
Total expenses	(13.3)	(10.3)	(17.0)	(20.4)
Other income
Net investment income (loss) of Consolidated Funds	0.0	0.0	0.0	0.0
Income (loss) before provision for income taxes	(5.3)	16.0	(16.4)	29.5
Provision (benefit) for income taxes	0.0	0.0	0.0	0.0
Net income (loss)	(5.3)	16.0	(16.4)	29.5
Net income attributable to non-controlling interests in consolidated entities	31.1	4.6	48.3	29.7
Net income attributable to The Carlyle Group Inc.	(36.4)	11.4	(64.7)	(0.2)
Fund management fees
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	507.8	546.5	1,008.6	997.0
Fund management fees \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	515.1	553.0	1,023.5	1,009.9
Fund management fees \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	0.0	0.0	0.0	0.0
Fund management fees \| Eliminations
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	(7.3)	(6.5)	(14.9)	(12.9)
Incentive fees
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	21.0	13.5	40.8	27.5
Incentive fees \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	20.9	13.5	40.8	27.5
Incentive fees \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	0.0	0.0	0.0	0.0
Incentive fees \| Eliminations
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	0.1	0.0	0.0	0.0
Performance allocations
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	(246.8)	337.9	(86.0)	1,048.1
Performance allocations \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	(245.4)	342.7	(83.1)	1,052.9
Performance allocations \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	0.0	0.0	0.0	0.0
Performance allocations \| Eliminations
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	(1.4)	(4.8)	(2.9)	(4.8)
Principal investment income
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	(7.2)	56.7	4.5	376.3
Principal investment income \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	(0.6)	34.0	14.1	336.3
Principal investment income \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	0.0	0.0	0.0	0.0
Principal investment income \| Eliminations
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	$ (6.6)	$ 22.7	$ (9.6)	$ 40.0

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Foreign currency transaction (loss) gain	$ (10.7)	$ 16.8	$ (22.5)	$ 23.2

Investments - Components of Accrued Performance Fees (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 6,531.8	$ 7,117.7
Global Private Equity
Segment Reporting Information [Line Items]
Accrued performance allocations	4,863.0	5,577.1
Global Credit
Segment Reporting Information [Line Items]
Accrued performance allocations	238.0	193.9
Global Investment Solutions
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 1,430.8	$ 1,346.7

Investments - Components of Investment Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Income [Line Items]
Investment income (loss)	$ (254.0)	$ 394.6	$ (81.5)	$ 1,424.4
Performance allocations - realized
Net Investment Income [Line Items]
Investment income (loss)	386.1	541.6	565.7	808.5
Performance allocations - unrealized
Net Investment Income [Line Items]
Investment income (loss)	(632.9)	(203.7)	(651.7)	239.6
Performance allocations
Net Investment Income [Line Items]
Investment income (loss)	(246.8)	337.9	(86.0)	1,048.1
Principal investment income (loss) from equity method investments (excluding performance allocations) - realized
Net Investment Income [Line Items]
Investment income (loss)	(34.4)	(69.1)	4.1	(36.3)
Principal investment income (loss) from equity method investments (excluding performance allocations) - unrealized
Net Investment Income [Line Items]
Investment income (loss)	20.5	160.9	(9.7)	456.2
Principal investment income (loss) from equity method investments
Net Investment Income [Line Items]
Investment income (loss)	(13.9)	91.8	(5.6)	419.9
Principal investment income (loss) from investments in CLOs and other investments - realized
Net Investment Income [Line Items]
Investment income (loss)	1.0	0.9	(0.1)	3.2
Principal investment income (loss) from investments in CLOs and other investments - unrealized
Net Investment Income [Line Items]
Investment income (loss)	5.7	(36.0)	10.2	(46.8)
Principal investment income (loss) from investments in CLOs and other investments - unrealized \| Corporate Investment
Net Investment Income [Line Items]
Investment income (loss)			13.3
Principal investment income (loss) from investments in CLOs and other investments
Net Investment Income [Line Items]
Investment income (loss)	$ 6.7	$ (35.1)	$ 10.1	$ (43.6)

Equity-Based Compensation - Status of Non-Vested Equity-Based Awards (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Weighted- Average Grant Date Fair Value
Shares reserved for issuance	149,572
Restricted Stock Units
Unvested Units
Beginning balance (in shares)	10,865,248
Granted (in shares)	17,041,914
Vested (in shares)	2,815,080
Forfeited (in shares)	733,301
Ending balance (in shares)	24,358,781
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 35.78
Granted (in dollars per share) \| $ / shares	30.15
Vested (in dollars per share) \| $ / shares	28.09
Forfeited (in dollars per share) \| $ / shares	32.19
Ending balance (in dollars per share) \| $ / shares	$ 32.84
Restricted Stock Units \| Chief Executive Officer
Unvested Units
Granted (in shares)	6,762,219
Unvested Common Shares
Unvested Units
Beginning balance (in shares)	452,880
Granted (in shares)	258,579
Vested (in shares)	0
Forfeited (in shares)	0
Ending balance (in shares)	711,459
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 39.73
Granted (in dollars per share) \| $ / shares	34.65
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 37.88

Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

13. Equity

Stock Repurchase Program

In October 2021, the Board of Directors of the Company authorized the repurchase of up to $400 million of common stock. In February 2023, the Board of Directors replenished the repurchase program and expanded the limit to $500 million of common stock in aggregate, effective March 31, 2023. 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 six months ended June 30, 2023 and 2022, the Company paid an aggregate of $160.8 million and $105.3 million, respectively, to repurchase and retire approximately 5.2 million and 2.4 million shares, respectively, with all of the repurchases done via open market and brokered transactions. As of June 30, 2023, $440.0 million of repurchase capacity remained under the program.

The IRA also enacted a 1% excise tax on certain actual and deemed stock repurchases by publicly traded U.S. corporations effective January 1, 2023. The value of repurchases subject to the tax is reduced by the value of any stock issued by the corporation during the tax year, including stock issued or provided to the employees of the corporation. The excise tax is accounted for in equity as an additional repurchase cost.

Shares Issued in Connection with Acquisitions

In August 2022, the Company issued 0.6 million shares of common stock, which represented $25.0 million of the purchase price paid in the acquisition of Abingworth. 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. See Note 4 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

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. Shares issued under the program are accounted for as performance allocations and incentive fee related compensation and do not result in incremental compensation expense. In the third quarter of 2022, the Company paused the issuance of shares pursuant to this program and the Company did not issue shares for performance allocation related compensation during the three and six months ended June 30, 2023. During the three and six months ended June 30, 2022, the Company distributed 134,696 and 771,157, fully vested, newly issued common shares, respectively, related to previously accrued performance allocations and incentive fee related compensation of $5.2 million and $36.5 million, respectively.

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 10, 2022	May 17, 2022	$	0.325	$	117.6
August 9, 2022	August 16, 2022	0.325		118.3
November 18, 2022	November 25, 2022	0.325		118.2
February 22, 2023	March 1, 2023	0.325		118.4
Total 2022 Dividend Year		$	1.30	$	472.5

May 16, 2023	May 23, 2023	$	0.35	$	126.7
August 15, 2023	August 23, 2023	0.35		126.6


Total 2023 Dividend Year (through Q2 2023)		$	0.70	$	253.3

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 equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Investments - Investment in NGP (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Performance allocations, percentage (percent)			47.50%
Amortization period of basis difference			10 years
Investment in NGP Management
Schedule of Equity Method Investments [Line Items]
Performance allocations, percentage (percent)			47.50%
NGP Management
Schedule of Equity Method Investments [Line Items]
Net investment earnings related to performance allocations	$ 34.8	$ 200.2	$ 36.5	$ 450.6
Net investment (losses) earnings related to principal investment income	$ 4.0	$ 15.4	$ 3.9	$ 33.4
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 \| Investment in NGP Management
Schedule of Equity Method Investments [Line Items]
Management fee-related revenues, allocation percentage (percent)			55.00%

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
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%
Transaction and advisory fees	$ 16.5	$ 43.2	$ 29.9	$ 57.8
Incentive Fees
Performance fees allocation percentage to partnership (percent)			20.00%
Accrued giveback obligations	40.9		$ 40.9		$ 40.9
Interest Income
Interest income from investments	$ 122.1	$ 59.2	$ 231.9	$ 115.7
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 funds of funds following the expiration of the weighted average investment period			0.25%
Transaction and portfolio advisory fee, rebate offset percentage	80.00%		80.00%
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 funds of funds following the expiration of the weighted average investment period			1.00%
Transaction and portfolio advisory fee, rebate offset percentage	100.00%		100.00%
Incentive Fees
Percentage of allocation based performance fees related to fund of funds vehicles (percent)			12.50%
Percent of preferred returns (percent)			9.00%

Intangible Assets and Goodwill - Estimated Amortization Expense (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 65.9
2024	131.8
2025	131.7
2026	131.6
2027	121.5
Thereafter	148.8
Finite-lived intangible assets, net	$ 731.3	$ 793.9

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Assets Recognized in Consolidated Balance Sheets Related to Non-Consolidated VIEs

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


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)

Investments	$	1,083.4	$	1,124.0
Accrued performance allocations	441.2		406.0
Management fee receivables	47.3		49.6
Total	$	1,571.9	$	1,579.6

Schedule of Components of Accumulated Other Comprehensive Income (loss)

The components of accumulated other comprehensive income (loss) as of June 30, 2023 and December 31, 2022 were as follows:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)

Currency translation adjustments	$	(299.0)	$	(322.0)
Unrealized losses on defined benefit plans	(0.3)		(0.2)

Total	$	(299.3)	$	(322.2)

- 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

Summary of Significant Accounting Policies - Variable Interest Entities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Consolidated VIEs, assets	$ 21,381.0	$ 21,403.0
Consolidated VIEs, liabilities	14,736.4	14,581.7
Investment fund	377.6
Collateralized Loan Obligations
Variable Interest Entity [Line Items]
Investments in CLOs	120.3
Consolidated VIEs
Variable Interest Entity [Line Items]
Consolidated VIEs, assets	8,000.0	7,200.0
Consolidated VIEs, liabilities	$ 7,000.0	$ 6,200.0

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ References + Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Capital Commitments

The Company and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of June 30, 2023 (Dollars in millions):


	Unfunded Commitments
Global Private Equity	$	3,296.1
Global Credit	425.1
Global Investment Solutions	189.9
Total	$	3,911.1

Of the $3.9 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 June 30, 2023, 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 total of net asset value of the guarantor subsidiaries plus any uncalled capital of the applicable general partner, and was approximately $6.5 million as of June 30, 2023. 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 $40.9 million at June 30, 2023 was 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 June 30, 2023. However, the ultimate giveback obligation, if any, generally is not paid until the end of a fund’s life or earlier if the giveback becomes fixed and early payment is agreed upon by the fund’s partners (see Note 2). The Company had $10.1 million of unbilled receivables from former and current employees and senior Carlyle professionals as of June 30, 2023 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, $151.9 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of June 30, 2023. 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 unaudited condensed consolidated balance sheets. Current and former senior Carlyle professionals and employees are personally responsible for their giveback obligations. As of June 30, 2023, approximately $18.9 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 $22.0 million.

If, at June 30, 2023, 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 largest offices in Washington, D.C., New York City, London and Hong Kong. These leases have remaining lease terms of one year to 14 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 June 30,				Six Months Ended June 30,
	2023		2022		2023			2022
Operating lease cost	$	14.8	$	14.0	$	28.9		$	28.0
Sublease income	(1.4)		(1.4)		(2.9)			(2.9)
Total operating lease cost	$	13.4	$	12.6	$	26.0		$	25.1

Cash paid for amounts included in the measurement of operating lease liabilities	$	17.1	$	16.0	$	34.2		$	32.0

Weighted-average remaining lease term					11.0 years			11.6 years
Weighted-average discount rate					4.28		%	4.1		%

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


Year ending December 31,
2023 (excluding the six months ended June 30, 2023)	$	34.3
2024	66.1
2025	62.8
2026	60.7
2027	61.3
Thereafter	346.5
Total lease payments	$	631.7

Less imputed interest	(122.2)
Total lease liabilities	$	509.5

Legal Matters

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

The Authentix Matter

Authentix, Inc. (“Authentix”) was a majority-owned portfolio company in one of the Company’s investment funds, Carlyle U.S. Growth Fund III, L.P. (“CGF III”). When Authentix was owned by CGF III, two of the Company’s employees served on Authentix’s board of directors. After a lengthy sale process, Authentix was sold for an aggregate sale price of $87.5 million. On August 7, 2020, certain of the former minority shareholders in Authentix filed suit in Delaware Chancery Court, alleging that the Authentix board of directors, CGF III, and the Company breached various fiduciary duties by agreeing to a sale of Authentix at an inopportune time and at a price that was too low. Plaintiffs seek damages for a portion of the lost profits from the sale—the difference between the actual sale price and the purported maximum amount for which Authentix could have sold, multiplied by plaintiff’s ownership percentage. Plaintiffs also seek disgorgement of any profits received by the Company stemming from the sale. A trial is scheduled to begin in Delaware in October 2023. The former directors of Authentix are covered by indemnification from Authentix and an Authentix insurance policy. The defendants intend to contest the claims vigorously.

The Tax Receivable Agreement Matter

The Company came into existence on January 1, 2020, when its predecessor, The Carlyle Group, L.P. (the “PTP”), converted from a partnership into a corporation (the “Conversion”). On July 29, 2022, an alleged stockholder of the Company,

the City of Pittsburgh Comprehensive Municipal Trust Fund (the “Plaintiff”), filed suit in the Delaware Court of Chancery, alleging a direct claim against the Company for breach of its certificate of incorporation and a derivative claim on behalf of the Company against certain current and former officers and directors of the Company. Plaintiff challenges the receipt, by certain officers of the PTP and certain directors of the general partner of the PTP, of a right to cash payments associated with the elimination of a tax receivable agreement in connection with the Conversion. Plaintiff is seeking monetary damages, restitution, and an injunction preventing the Company from making any future cash payments for the elimination of the tax receivable agreement in connection with the Conversion. By virtue of the derivative nature of the primary claims (i.e., that the claims are aimed primarily at certain officers and directors), it is remote that the Company itself will pay material damage awards based on the Plaintiff’s claims, although the Company is expected to incur legal defense fees to the extent not covered by insurance. The defendants filed a motion to dismiss the complaint on October 28, 2022. The Plaintiff amended its complaint on January 31, 2023. The officer and director defendants intend to contest the claims vigorously.

SEC Investigation

As part of a sweep investigation of financial services and investment advisory firms, in October 2022, the Company received from the SEC a request for information related to the preservation of certain types of electronic business communications (e.g., text messages and messages on WhatsApp, WeChat, and similar applications). The Company intends to cooperate fully with the SEC’s inquiry.

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 June 30, 2023, 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 ($20.9 million as of June 30, 2023) 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, and/or result in the impairment of intangible assets and/or goodwill the case of the Company’s acquired businesses. Such events are beyond the Company’s control, and the likelihood that they may occur and the effect on the Company cannot be predicted.

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

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

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

Additionally, the Company encounters credit risk. Credit risk is the risk of default by a counterparty in the Company’s investments in debt securities, loans, leases and derivatives that result from a borrower’s, lessee’s or derivative counterparty’s inability or unwillingness to make required or expected payments. The Company is subject to credit risk should a financial institution be unable to fulfill its obligations.

The Company considers cash, cash equivalents, securities, receivables, principal equity method investments, accounts payable, accrued expenses, other liabilities, loans, senior notes, assets and liabilities of Consolidated Funds and contingent and other consideration for acquisitions to be its financial instruments. Except for the senior notes, subordinated notes and compensatory contingent and other consideration for acquisitions, the carrying amounts reported in the 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 6.

Summary of Significant Accounting Policies - Assets Recognized in Consolidated Balance Sheets Related to Non-Consolidated VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Investments	$ 10,217.6	$ 10,767.9
Total assets	21,381.0	21,403.0
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Investments	1,083.4	1,124.0
Accrued performance allocations	441.2	406.0
Management fee receivables	47.3	49.6
Total assets	$ 1,571.9	$ 1,579.6

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Equity - Quarterly Distributions on Common Units (Details) - USD ($) $ / shares in Units, $ in Millions							3 Months Ended	10 Months Ended
	Aug. 23, 2023	May 23, 2023	Mar. 01, 2023	Nov. 25, 2022	Aug. 16, 2022	May 17, 2022	Aug. 23, 2023	Mar. 01, 2023
Asset Acquisition [Line Items]
Dividend per Common Share (in dollars per share)		$ 0.35	$ 0.325	$ 0.325	$ 0.325	$ 0.325		$ 1.30
Dividend to Common Stockholders		$ 126.7	$ 118.4	$ 118.2	$ 118.3	$ 117.6		$ 472.5
Subsequent event
Asset Acquisition [Line Items]
Dividend per Common Share (in dollars per share)	$ 0.35						$ 0.70
Dividend to Common Stockholders	$ 126.6						$ 253.3

Non-controlling Interests in Consolidated Entities (Tables)

6 Months Ended

Jun. 30, 2023

Noncontrolling Interest [Abstract]

Schedule of 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
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	495.3	$	412.0
Non-Carlyle interests in majority-owned subsidiaries	188.7		186.9
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	(3.1)		1.4
Non-controlling interests in consolidated entities	$	680.9	$	600.3

Schedule of 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	31.1	$	4.6	$	48.3	$	29.7
Non-Carlyle interests in majority-owned subsidiaries	5.0		(2.0)		10.5		(4.4)
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	(0.4)		0.9		1.5		1.4



Non-controlling interests in income of consolidated entities	$	35.7	$	3.5	$	60.3	$	26.7

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. 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 June 30, 2023, assets and liabilities of the consolidated VIEs reflected in the unaudited condensed consolidated balance sheets were $8.0 billion and $7.0 billion, respectively. As of December 31, 2022, assets and liabilities of the consolidated VIEs reflected in the unaudited condensed consolidated balance sheets were $7.2 billion and $6.2 billion, respectively. Except to the extent of the consolidated assets of the VIEs, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Company.

The Company’s Consolidated Funds are primarily CLOs, which are VIEs that issue loans payable that are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, the Company earns investment management fees, including in some cases subordinated management fees and contingent incentive fees. In cases where the Company consolidates the CLOs (primarily because of a retained interest that is significant to the CLO), those management fees and contingent incentive fees have been eliminated as intercompany transactions. As of June 30, 2023, the Company held $120.3 million of investments in these CLOs which represents its maximum risk of loss. The Company’s investments in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs have no recourse against the Company for any losses sustained in the CLO structure. The Company’s Consolidated Funds also include certain investment funds in our Global Private Equity segment that are accounted for as consolidated VIEs due to the Company providing financing to bridge investment purchases. As of June 30, 2023, the Company held $377.6 million of notes receivable from these investment funds which represents its maximum risk of loss. The Company’s Consolidated Funds also include certain funds in our Global Credit and Global Investment Solutions segments that are accounted for as consolidated VIEs due to the Company having a significant indirect interest in these funds via the Company’s investment in Fortitude.

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


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)

Investments	$	1,083.4	$	1,124.0
Accrued performance allocations	441.2		406.0
Management fee receivables	47.3		49.6
Total	$	1,571.9	$	1,579.6

These amounts represent the Company’s maximum exposure to loss related to the unconsolidated VIEs as of June 30, 2023 and December 31, 2022.

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, interest expense and other expenses of the Consolidated Funds, and net investment income (losses) of 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance allocations and incentive fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the 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 collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation.

The Company accounts for performance allocations that represent a performance-based capital allocation from fund limited partners to the Company (commonly known as “carried interest”) as earnings from financial assets within the scope of ASC 323, Investments — Equity Method and Joint Ventures, and therefore are not in the scope of ASC 606. In accordance with ASC 323, the Company records equity method income (losses) as a component of investment income based on the change in its proportionate claim on net assets of the investment fund, including performance allocations, assuming the investment fund was liquidated as of each reporting date pursuant to each fund’s governing agreements. See Note 4 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 3, Fair Value Measurement.

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

Fund Management Fees

The Company provides management services to funds in which it holds a general partner interest or to funds or certain portfolio companies with which it has an investment advisory or investment management agreement. The Company considers

the performance obligations in its contracts with its funds to be the promise to provide (or to arrange for third parties to provide) investment management services related to the management, policies and operations of the funds.

As it relates to the Company’s performance obligation to provide investment management services, the Company typically satisfies this performance obligation over time as the services are rendered, 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 generally due quarterly in arrears 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 1.0% 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. Under the strategic advisory services agreement with Fortitude, the Company earns a recurring management fee based on Fortitude’s general account assets, which adjusts within an agreed range based on Fortitude’s overall profitability and which is due quarterly in arrears.

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 in advance and recognized over the related quarter.

The Company also provides transaction advisory and portfolio advisory services to the portfolio companies, and where covered by separate contractual agreements, recognizes fees for these services when the performance obligation has been satisfied and collection is reasonably assured. The Company is generally required to offset its fund management fees earned by a percentage of the transaction and advisory fees earned, which is referred to as the “rebate offset,” which generally ranges from 80% to 100%. 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 $16.5 million and $43.2 million for the three months ended June 30, 2023 and 2022, respectively, and $29.9 million and $57.8 million for the six months ended June 30, 2023 and 2022, respectively, net of rebate 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, and external co-investment vehicles. Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Company recognizes revenues attributable to performance allocations based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as investment income for performance allocations reflects the Company’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair 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 June 30, 2023 and December 31, 2022, the Company has accrued $40.9 million and $40.9 million, respectively, for giveback obligations.

Principal investment income (loss) is realized when the Company redeems all or a portion of its investment or when the Company receives or is due cash income, such as dividends or distributions. Unrealized principal investment income (loss) results from the Company’s proportionate share of the investee’s unrealized earnings, including changes in the fair value of the underlying investment, as well as the reversal of unrealized gain (loss) at the time an investment is realized. As it relates to the Company’s investments in NGP (see Note 4), 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 $122.1 million and $59.2 million for the three months ended June 30, 2023 and 2022, respectively, and $231.9 million and $115.7 million for the six months ended June 30, 2023 and 2022, respectively, and is included in interest and other income of Consolidated Funds in the accompanying unaudited condensed consolidated statements of operations.

Credit Losses

The Company measures all expected credit losses for financial assets held at the reporting date in accordance with ASC 326, Financial Instruments — Credit Losses, based on historical experience, current conditions, and reasonable and supportable forecasts. The Company assesses the collection risk characteristics of the outstanding amounts in its due from affiliates balance into the following pools of receivables:

•Reimbursable fund expenses receivables,

•Management fee receivables,

•Incentive fee receivables,

•Transaction fee receivables,

•Portfolio fee receivables, and

•Notes receivable.

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

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.

Certain equity-based awards contain dividend-equivalent rights, which are subject to the same terms and conditions, including with respect to vesting and settlement, that apply to the related award. Dividend-equivalents are accounted for as a reclassification from retained earnings to additional paid-in capital at the time dividends are declared and do not result in incremental compensation expense.

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

The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. 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 June 30, 2023 and December 31, 2022, the Company had recorded a liability of $3.4 billion and $3.6 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.

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. In addition, 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. The Company accounts for the valuation allowance assessment on its deferred tax assets and without regard to the Company’s potential future corporate alternative minimum tax (“CAMT”) status. 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 generally valued as its proportionate share of the most recent net asset value provided by the third-party general partners of the underlying fund partnerships, adjusted for subsequent cash flows received from or distributed to the underlying fund partnerships. The Company also adjusts for any changes in the market prices of public securities held by the underlying fund partnerships and may also apply a market adjustment to reflect the estimated change in the fair value of the underlying fund partnerships’ non-public investments from the date of the most recent net asset value provided by the third-party general partners.

Investment professionals with responsibility for the underlying investments are responsible for preparing the investment valuations pursuant to the policies, methodologies and templates prepared by the Company’s valuation group, which is a team made up of dedicated valuation professionals reporting to the Company’s chief accounting officer. The valuation group is responsible for maintaining the Company’s valuation policy and related guidance, templates and systems that are designed to be consistent with the guidance found in ASC 820. These valuations, inputs and preliminary conclusions are reviewed by the fund 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, including the Company’s investment in Fortitude, (which are accounted for as equity method investments) (ii) the Company’s investment in NGP (which is accounted for as an equity method investment), (iii) the investments held by the Consolidated Funds (which are presented at fair value in the Company’s 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 the Company’s investment in NGP, using the equity method of accounting. The carrying value of equity method investments is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee (including performance allocations) allocated based on the respective partnership agreement, less distributions received. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

Cash and Cash Equivalents

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

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.

Corporate Treasury Investments

Corporate treasury investments represent investments in U.S. Treasury and government agency obligations, commercial paper, certificates of deposit, other investment grade securities and other investments with original maturities of greater than three months when purchased. These investments are accounted for as trading securities in which changes in the fair value of each investment are recorded through investment income (loss). Any interest earned on debt investments is recorded through interest and other income.

Derivative Instruments

The Company uses derivative instruments primarily to reduce its exposure to changes in foreign currency exchange rates. Derivative instruments are recognized at fair value in the 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 June 30, 2023, $288.5 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. See Note 6 for additional information.

Fixed Assets

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

Leases

The Company accounts for its leases in accordance with ASC 842, Leases, and recognizes a lease liability and right-of-use 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, customer relationships, and acquired trademarks. Finite-lived intangible assets are amortized over their estimated useful lives, which range from four to eight years, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

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

Deferred Revenue

Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not yet been earned. Deferred revenue also includes transaction and portfolio advisory fees received by the Company that are required to offset fund management fees pursuant to the related fund agreements. The increase in the deferred revenue balance for the six months ended June 30, 2023 was primarily driven by cash payments received in advance of the Company satisfying its performance obligations, partially offset by revenues recognized 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 June 30, 2023 and December 31, 2022 were as follows:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)

Currency translation adjustments	$	(299.0)	$	(322.0)
Unrealized losses on defined benefit plans	(0.3)		(0.2)

Total	$	(299.3)	$	(322.2)

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 $(10.7) million and $16.8 million for the three months ended June 30, 2023 and 2022, respectively, and $(22.5) million and $23.2 million for the six months ended June 30, 2023 and 2022, 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 June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company does not expect the impact of this guidance to be material to its consolidated financial statements.

Equity-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

14. 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 stock available for grant and reset the total number of shares of common stock available for grant to 16,000,000 shares of common stock for awards granted under the plan after June 1, 2021. On May 30, 2023, the shareholders of the Company approved a further amended and restated Equity Incentive Plan which increased the total number of shares of common stock available for the grant of awards under the Equity Incentive Plan after June 1, 2021 by an additional 23,800,000 shares of common stock (from 16,000,000 shares of common stock to 39,800,000 shares of common stock). As of June 30, 2023, the total number of shares of the Company’s common stock available for grant under the amended and restated Equity Incentive Plan was 27,481,128.

A summary of the status of the Company’s non-vested equity-based awards as of June 30, 2023 and a summary of changes for the six months ended June 30, 2023, 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, 2022	10,865,248	$	35.78	452,880	$	39.73
Granted(2)	17,041,914	$	30.15	258,579	$	34.65
Vested	2,815,080	$	28.09	—	$	—
Forfeited	733,301	$	32.19	—	$	—
Balance, June 30, 2023	24,358,781	$	32.84	711,459	$	37.88

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

The Company recorded compensation expense, net of forfeitures, for restricted stock units of $68.0 million and $45.4 million for the three months ended June 30, 2023 and 2022, respectively, with $10.9 million and $9.4 million of corresponding deferred tax benefits, respectively. The Company recorded compensation expense, net of forfeitures, for restricted stock units of $122.4 million and $85.1 million for the six months ended June 30, 2023 and 2022, respectively, with $20.5 million and $17.4 million of corresponding deferred tax benefits, respectively. As of June 30, 2023, the total unrecognized equity-based compensation expense related to unvested restricted stock units was $598.3 million, which is expected to be recognized over a weighted-average term of 2.6 years.

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Amounts Due from Affiliates and Other Receivables

The Company had the following due from affiliates and other receivables at June 30, 2023 and December 31, 2022:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Accrued incentive fees	$	19.7	$	16.4
Unbilled receivable for giveback obligations from current and former employees	10.1		10.4
Notes receivable and accrued interest from affiliates	41.4		41.5
Management fee receivable, net	241.7		220.4
Reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	292.9		290.7
Total	$	605.8	$	579.4

Schedule of Amounts Due to Affiliates

The Company had the following due to affiliates balances at June 30, 2023 and December 31, 2022:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Due to affiliates of Consolidated Funds	$	5.1	$	16.4
Due to non-consolidated affiliates	115.1		87.1
Amounts owed under the tax receivable agreement	79.6		100.0
Deferred consideration for Carlyle Holdings units	65.9		134.4
Other	29.0		24.6
Total	$	294.7	$	362.5

Investments - Principal Investments in CLOs and Other Investments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
TCG BDC, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Trading securities	$ 79.2	$ 76.9
CLO Senior and Subordinated Notes and Derivative Instruments
Debt and Equity Securities, FV-NI [Line Items]
Trading securities	$ 538.1	$ 526.1

Non-controlling Interests in Consolidated Entities - Non-Controlling Interests in Consolidated Entities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ 680.9	$ 600.3
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	495.3	412.0
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	188.7	186.9
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ (3.1)	$ 1.4

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Supplemental Financial Information - Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities
Net income (loss)	$ (62.7)	$ 248.9	$ 62.6	$ 843.7
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			88.1	59.9
Equity-based compensation	68.0	45.4	122.4	85.1
Non-cash performance allocations and incentive fees, net			298.7	(89.8)
Other non-cash amounts			19.9	(11.9)
Purchases of investments			(126.5)	(456.8)
Proceeds from the sale of investments			137.2	287.1
Payments of contingent consideration			(68.6)	(5.7)
Changes in deferred taxes, net			(91.6)	55.9
Change in due from affiliates and other receivables			(4.4)	(65.3)
Change in deposits and other			(49.0)	(7.1)
Change in accounts payable, accrued expenses and other liabilities			(39.7)	(67.2)
Change in accrued compensation and benefits			(201.6)	(372.1)
Change in due to affiliates			(8.4)	2.8
Change in lease right-of-use assets and lease liabilities			(5.0)	(4.6)
Change in deferred revenue			5.0	(12.9)
Net cash used in operating activities			(849.0)	(558.5)
Cash flows from investing activities
Purchases of corporate treasury investments			(145.2)	0.0
Proceeds from corporate treasury investments			122.4	0.0
Purchases of fixed assets, net			(32.5)	(17.4)
Purchase of CBAM intangibles and investments, net			0.0	(618.4)
Net cash used in investing activities			(55.3)	(635.8)
Cash flows from financing activities
Payments on CLO borrowings			(4.5)	(9.0)
Proceeds from CLO borrowings, net of financing costs			0.0	41.1
Dividends to common stockholders			(245.1)	(207.1)
Payment of deferred consideration for Carlyle Holdings units			(68.8)	(68.8)
Contributions from non-controlling interest holders			55.5	166.9
Distributions to non-controlling interest holders			(34.1)	(156.6)
Common shares issued for performance allocations			0.0	36.5
Common shares repurchased			(160.8)	(105.3)
Change in due to/from affiliates financing activities			(10.3)	(27.7)
Net cash provided by financing activities			408.0	75.9
Effect of foreign exchange rate changes			10.5	(46.9)
Decrease in cash, cash equivalents and restricted cash			(485.8)	(1,165.3)
Cash, cash equivalents and restricted cash, beginning of period			1,361.5	2,475.1
Cash, cash equivalents and restricted cash, end of period	875.7	1,309.8	875.7	1,309.8
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	870.3	1,308.9	870.3	1,308.9	$ 1,360.7
Restricted cash	5.4	0.9	5.4	0.9	0.8
Total cash, cash equivalents and restricted cash, end of period	875.7	1,309.8	875.7	1,309.8	1,361.5
Cash and cash equivalents held at Consolidated Funds	536.4	230.7	536.4	230.7	209.0
Consolidated Operating Entities
Cash flows from operating activities
Net income (loss)			14.3	814.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			88.1	59.9
Equity-based compensation			122.4	85.1
Non-cash performance allocations and incentive fees, net			295.7	(94.6)
Non-cash principal investment income			(0.2)	(318.4)
Other non-cash amounts			19.9	(11.9)
Purchases of investments			(144.3)	(470.3)
Proceeds from the sale of investments			141.6	298.2
Payments of contingent consideration			(68.6)	(5.7)
Changes in deferred taxes, net			(91.6)	55.9
Change in due from affiliates and other receivables			(4.4)	(64.8)
Change in deposits and other			(49.0)	(7.1)
Change in accounts payable, accrued expenses and other liabilities			(39.7)	(67.2)
Change in accrued compensation and benefits			(201.6)	(372.1)
Change in due to affiliates			(8.4)	2.8
Change in lease right-of-use assets and lease liabilities			(5.0)	(4.6)
Change in deferred revenue			5.0	(12.9)
Net cash used in operating activities			74.2	(113.7)
Cash flows from investing activities
Purchases of corporate treasury investments			(145.2)	0.0
Proceeds from corporate treasury investments			122.4	0.0
Purchases of fixed assets, net			(32.5)	(17.4)
Purchase of CBAM intangibles and investments, net			0.0	(618.4)
Net cash used in investing activities			(55.3)	(635.8)
Cash flows from financing activities
Payments on CLO borrowings			(4.5)	(9.0)
Proceeds from CLO borrowings, net of financing costs			0.0	41.1
Dividends to common stockholders			(245.1)	(207.1)
Payment of deferred consideration for Carlyle Holdings units			(68.8)	(68.8)
Contributions from non-controlling interest holders			5.2	4.4
Distributions to non-controlling interest holders			(25.8)	(36.6)
Common shares issued for performance allocations			0.0	36.5
Common shares repurchased			(160.8)	(105.3)
Change in due to/from affiliates financing activities			(13.2)	(27.8)
Net cash provided by financing activities			(513.0)	(372.6)
Effect of foreign exchange rate changes			8.3	(43.2)
Decrease in cash, cash equivalents and restricted cash			(485.8)	(1,165.3)
Cash, cash equivalents and restricted cash, beginning of period			1,361.5	2,475.1
Cash, cash equivalents and restricted cash, end of period	875.7	1,309.8	875.7	1,309.8
Supplemental non-cash disclosures
Issuance of common shares related to the acquisition of CBAM			0.0	194.5
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	870.3	1,308.9	870.3	1,308.9
Restricted cash	5.4	0.9	5.4	0.9
Total cash, cash equivalents and restricted cash, end of period	875.7	1,309.8	875.7	1,309.8	$ 1,361.5
Cash and cash equivalents held at Consolidated Funds	$ 536.4	$ 230.7	$ 536.4	$ 230.7

Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

12. Earnings Per Common Share

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


	Three Months Ended June 30, 2023				Six Months Ended June 30, 2023
	Basic		Diluted		Basic		Diluted



Net income (loss) attributable to common shares	$	(98,400,000)	$	(98,400,000)	$	2,300,000	$	2,300,000
Weighted-average common shares outstanding	361,263,253		361,263,253		362,099,112		364,319,875
Net income (loss) per common share	$	(0.27)	$	(0.27)	$	0.01	$	0.01


	Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
	Basic		Diluted		Basic		Diluted



Net income attributable to common shares	$	245,400,000	$	245,400,000	$	817,000,000	$	817,000,000
Weighted-average common shares outstanding	361,445,630		366,311,757		359,520,927		364,671,713
Net income per common share	$	0.68	$	0.67	$	2.27	$	2.24

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


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
	Basic	Diluted	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	361,263,253	361,263,253	362,099,112	362,099,112
Unvested restricted stock units	—	—	—	1,509,304
Issuable common shares and performance-vesting restricted stock units	—	—	—	711,459



Weighted-average common shares outstanding	361,263,253	361,263,253	362,099,112	364,319,875


	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
	Basic	Diluted	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	361,445,630	361,445,630	359,520,927	359,520,927
Unvested restricted stock units	—	3,141,695	—	3,418,523
Issuable common shares and performance-vesting restricted stock units	—	1,724,432	—	1,732,263


Weighted-average common shares outstanding	361,445,630	366,311,757	359,520,927	364,671,713

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, 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 13 to the unaudited condensed consolidated financial statements). For the three months ended June 30, 2023, all such awards are antidilutive and excluded from the computation of diluted earnings per share given the net loss attributable to common stockholders.

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 10, 2023, each of Charles E. Andrews, Jr., Chief Accounting Officer, Curtis L. Buser, Chief Financial Officer, Christopher Finn, Chief Operating Officer, Bruce M. Larson, Chief Human Resources Officer, and on May 11, 2023, Jeffrey W. Ferguson, General Counsel (Messrs. Andrews, Buser, Finn, Larson, and Ferguson, collectively, the “officers”), entered into “sell-to-cover” arrangements that constitute non-Rule 10b5-1 trading arrangements. Such trading arrangements authorized the pre-arranged sale of shares solely to satisfy the tax withholding obligations of the Company arising from the vesting, on August 1, 2023, of 13,407; 51,754; 51,754; 26,878; and 24,002 restricted stock units, respectively, previously granted to the officers under The Carlyle Group Inc. Amended and Restated 2012 Equity Incentive Plan. The trading arrangements were entered into by the officers during an open trading window and will terminate following the completion of the applicable “sell-to-cover” transactions.
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Curtis L. Buser [Member]
Trading Arrangements, by Individual
Name	Curtis L. Buser
Title	Chief Financial Officer
Non-Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 10, 2023
Arrangement Duration	83 days
Aggregate Available	51,754	51,754
Christopher Finn [Member]
Trading Arrangements, by Individual
Name	Christopher Finn
Title	Chief Operating Officer
Non-Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 10, 2023
Arrangement Duration	83 days
Aggregate Available	51,754	51,754
Charles E. Andrews, Jr. [Member]
Trading Arrangements, by Individual
Name	Charles E. Andrews, Jr.
Title	Chief Accounting Officer
Non-Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 10, 2023
Arrangement Duration	83 days
Aggregate Available	13,407	13,407
Bruce M. Larson [Member]
Trading Arrangements, by Individual
Name	Bruce M. Larson
Title	Chief Human Resources Officer
Non-Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 10, 2023
Arrangement Duration	83 days
Aggregate Available	26,878	26,878
Jeffrey W. Ferguson [Member]
Trading Arrangements, by Individual
Name	Jeffrey W. Ferguson
Title	General Counsel
Non-Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 11, 2023
Arrangement Duration	82 days
Aggregate Available	24,002	24,002

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (62.7)	$ 248.9	$ 62.6	$ 843.7
Other comprehensive income (loss)
Foreign currency translation adjustments	9.2	(87.7)	29.0	(127.5)
Defined benefit plans
Unrealized loss for the period	(0.3)	(2.7)	0.0	(4.5)
Less: reclassification adjustment for gain (loss) during the period, included in cash-based compensation and benefits expense	0.0	0.2	(0.1)	0.5
Other comprehensive income (loss)	8.9	(90.2)	28.9	(131.5)
Comprehensive income (loss)	(53.8)	158.7	91.5	712.2
Comprehensive income (loss) attributable to non-controlling interests in consolidated entities	38.7	(8.9)	66.3	8.5
Comprehensive income (loss) attributable to The Carlyle Group Inc.	$ (92.5)	$ 167.6	$ 25.2	$ 703.7

Commitments and Contingencies - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 34.3
2024	66.1
2025	62.8
2026	60.7
2027	61.3
Thereafter	346.5
Total lease payments	631.7
Less imputed interest	(122.2)
Total lease liabilities	$ 509.5	$ 502.9

Investments - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Carlyle FRL
Segment Reporting Information [Line Items]
Investment loss		$ 176.9			$ 104.0
Carlyle FRL \| Fortitude Group Holdings, LLC
Segment Reporting Information [Line Items]
Ownership percentage	10.50%	13.50%
Carlyle FRL \| Global Credit
Segment Reporting Information [Line Items]
Investment loss			$ 104.0		$ 104.0
Carlyle FRL \| Maximum \| Fortitude Group Holdings, LLC
Segment Reporting Information [Line Items]
Ownership percentage		19.90%
Carlyle FRL \| Maximum \| Global Credit \| Fortitude Group Holdings, LLC
Segment Reporting Information [Line Items]
Ownership percentage			13.50%	19.90%
Carlyle FRL \| Minimum \| Fortitude Group Holdings, LLC
Segment Reporting Information [Line Items]
Ownership percentage		13.50%
Carlyle FRL \| Minimum \| Global Credit \| Fortitude Group Holdings, LLC
Segment Reporting Information [Line Items]
Ownership percentage					10.50%	13.50%
Fortitude Group Holdings, LLC \| Global Credit
Segment Reporting Information [Line Items]
Investment loss				$ 176.9		$ 176.9

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	May 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares)	39,800,000	27,481,128		27,481,128		16,000,000
Additional shares of common stock (in shares)	23,800,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense		$ 68.0	$ 45.4	$ 122.4	$ 85.1
Tax benefits related to equity-based compensation expense		10.9	$ 9.4	20.5	$ 17.4
Unrecognized equity-based compensation expense		$ 598.3		$ 598.3
Weighted-average term for unrecognized compensation expense to be recognized				2 years 7 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income attributable to The Carlyle Group Inc.	$ (98.4)	$ 245.4	$ 2.3	$ 817.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Investments - Net Investment Gains (Losses) of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments [Abstract]
Gains (losses) from investments of Consolidated Funds	$ (3.9)	$ (204.7)	$ 141.1	$ (248.1)
Gains (losses) from liabilities of CLOs	19.5	181.2	(121.9)	227.4
Total	$ 15.6	$ (23.5)	$ 19.2	$ (20.7)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 31, 2023
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-35538
Entity Registrant Name	Carlyle Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2832612
Entity Address, Address Line One	1001 Pennsylvania Avenue, NW
Entity Address, City or Town	Washington
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20004-2505
City Area Code	202
Local Phone Number	729-5626
Entity Common Stock, Shares Outstanding		359,952,112
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001527166
Current Fiscal Year End Date	--12-31
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	CG
Security Exchange Name	NASDAQ
4.625% Subordinated Notes due 2061 of Carlyle Finance L.L.C.
Entity Listings [Line Items]
Title of 12(b) Security	4.625% Subordinated Notes due 2061 of Carlyle Finance L.L.C.
Trading Symbol	CGABL
Security Exchange Name	NASDAQ

Borrowings - CLO Borrowings (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)
CLO Term Loan Maturing November 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 39.4	€ 36.1	$ 38.7
CLO Term Loan Maturing November 2031 \| Euribor
Debt Instrument [Line Items]
Interest Rate	5.55%	5.55%
CLO Term Loan June 2017 Maturing July 20, 2030
Debt Instrument [Line Items]
Borrowing Outstanding	$ 52.3		54.8
CLO Term Loan June 2017 Maturing July 20, 2030 \| LIBOR
Debt Instrument [Line Items]
Interest Rate	6.48%	6.48%
Margin spread on interest rate (percent)	1.23%
CLO Term Loan December 2017 Maturing January 15, 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 43.2		43.8
CLO Term Loan December 2017 Maturing January 15, 2031 \| LIBOR
Debt Instrument [Line Items]
Interest Rate	6.63%	6.63%
Margin spread on interest rate (percent)	1.37%
CLO Term Loan March 2019 Maturing March 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1.8		1.8
CLO Term Loan March 2019 Maturing March 2032 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	11.63%	11.63%
CLO Term Loan August 2019 Maturing August 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 3.9		3.9
CLO Term Loan August 2019 Maturing August 2032 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	8.06%	8.06%
CLO Term Loan September 2020 Maturing April 2033
Debt Instrument [Line Items]
Borrowing Outstanding	$ 19.4		19.1
CLO Term Loan September 2020 Maturing April 2033 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.76%	4.76%
CLO Term Loan Maturing January 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20.3		19.9
CLO Term Loan Maturing January 2034 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	5.67%	5.67%
CLO Term Loan Maturing August 2030
Debt Instrument [Line Items]
Borrowing Outstanding	$ 18.1		19.1
CLO Term Loan Maturing August 2030 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.71%	4.71%
CLO Term Loan March 2021 Maturing March 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 18.3		18.0
CLO Term Loan March 2021 Maturing March 2032 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	5.23%	5.23%
CLO Term Loan Maturing April 2033
Debt Instrument [Line Items]
Borrowing Outstanding	$ 3.5		3.4
CLO Term Loan Maturing April 2033 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	9.03%	9.03%
CLO Term Loan May2021 Maturing November2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 15.3		15.0
CLO Term Loan May2021 Maturing November2031 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.69%	4.69%
CLO Term Loan June 2021 Maturing January 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20.4		20.0
CLO Term Loan June 2021 Maturing January 2034 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	5.46%	5.46%
CLO Term Loan Maturing November 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1.3		1.3
CLO Term Loan Maturing November 2031 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	6.17%	6.17%
CLO Term Loan July 2021 Maturing July 15, 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 15.3		15.0
CLO Term Loan July 2021 Maturing July 15, 2034 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	5.47%	5.47%
CLO Term Loan July 2021 Maturing July 20, 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20.4		20.0
CLO Term Loan July 2021 Maturing July 20, 2031 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	5.48%	5.48%
CLO Term Loan August 2021 Maturing August 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 16.5		16.2
CLO Term Loan August 2021 Maturing August 2032 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	5.07%	5.07%
CLO Term Loan October 2021 Maturing October 2035
Debt Instrument [Line Items]
Borrowing Outstanding	$ 23.7		23.3
CLO Term Loan October 2021 Maturing October 2035 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	5.58%	5.58%
CLO Term Loan November 2021 Maturing January 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 14.1		13.8
CLO Term Loan November 2021 Maturing January 2034 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	5.26%	5.26%
CLO Term Loan January 2022 Maturing February 15, 2035
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20.5		20.1
CLO Term Loan January 2022 Maturing February 15, 2035 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	5.70%	5.70%
CLO Term Loan February 2022 Maturing November 10, 2035
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20.5		20.1
CLO Term Loan February 2022 Maturing November 10, 2035 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	5.73%	5.73%
CLO Term Loan July 2022 Maturing January 13, 2035
Debt Instrument [Line Items]
Borrowing Outstanding	$ 17.3		16.9
CLO Term Loan July 2022 Maturing January 13, 2035 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	6.43%	6.43%
CLO Term Loan October 2022 Maturing October 2035
Debt Instrument [Line Items]
Borrowing Outstanding	$ 17.9		17.5
CLO Term Loan October 2022 Maturing October 2035 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate	7.03%	7.03%
CLO Borrowings
Debt Instrument [Line Items]
Borrowing Outstanding	$ 423.4		$ 421.7
CLO Term Loan Various \| Average Effective Interest Rate
Debt Instrument [Line Items]
Margin spread on interest rate (percent)	0.50%

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Performance allocations	$ 6,531.8	$ 7,117.7
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)	359,952,112	362,298,650
Common stock, outstanding (in shares)	359,952,112	362,298,650

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit) provision	$ (7.3)	$ 50.8	$ 27.0	$ 198.7
Effective tax rate (percent)	10.00%	17.00%	30.00%	19.00%
Income taxes payable	$ 63.4		$ 63.4		$ 39.7

- Definition

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

+ References + Details

Accrued Compensation and Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Schedule of Components of Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:


	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Accrued performance allocations and incentive fee related compensation	$	3,363.2	$	3,625.3
Accrued bonuses(1)	275.9		466.6
Employment-based contingent cash consideration(2)	2.4		76.5
Accrued pension liability	7.0		9.5
Other(3)	153.1		143.0
Total	$	3,801.6	$	4,320.9

(1) Includes $9.7 million related to make-whole cash incentive awards granted in connection with the appointment of the Company’s Chief Executive Officer as of June 30, 2023.

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in millions)
Realized	$	193.5	$	262.1	$	297.1	$	399.7
Unrealized	(285.7)		(55.1)		(283.6)		178.0
Total	$	(92.2)	$	207.0	$	13.5	$	577.7

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 0	$ 0	$ 0	$ 4,000,000
Intangible asset amortization expense	$ 32,800,000	$ 29,700,000	$ 65,600,000	$ 38,600,000

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended			6 Months Ended
	May 05, 2020	Jan. 01, 2020	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Maximum percentage of interest on amounts due from affiliates (percent)						7.02%
Tax receivable agreement termination, cash payments per partnership unit exchanged (in dollars 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 (in dollars 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				$ 0.4	$ 0.6		$ 0.5
Interest and other income			$ 50.2		31.2	$ 94.2	57.0
Fair value of assets			8,221.6			8,221.6
Level III
Related Party Transaction [Line Items]
Fair value of assets			7,514.0			7,514.0		$ 6,983.9
Level III \| BDC preferred shares
Related Party Transaction [Line Items]
Fair value of assets			79.2			79.2		76.9
Affiliated Entity
Related Party Transaction [Line Items]
Notes receivable and accrued interest from affiliates			$ 25.0			$ 25.0		$ 23.2
Floor rate			3.50%			3.50%
Actual rate			0.0725			0.0725
Affiliated Entity \| WSJ Prime Rate
Related Party Transaction [Line Items]
Accrued interest percentage			1.00%			1.00%
Carlyle Secured Lending, Inc. \| Related Party
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%
Initial conversion price (in usd per share)	$ 9.50
Interest and other income			$ 0.9		$ 0.9	$ 1.8	$ 1.8

Segment Reporting - Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Investment income (loss)	$ (254.0)	$ 394.6	$ (81.5)	$ 1,424.4
Performance revenues related compensation expense	(92.2)	207.0	13.5	577.7
Net performance revenues	(154.6)	130.9	(99.5)	470.4
Adjustments
Segment Reporting Information [Line Items]
Performance revenues related compensation expense	252.2	42.0	242.1	(210.4)
Net performance revenues	329.7	140.0	344.1	(81.5)
Total Reportable Segments
Segment Reporting Information [Line Items]
Performance revenues related compensation expense	160.0	249.0	255.6	367.3
Net performance revenues	175.1	270.9	244.6	388.9
Performance allocations
Segment Reporting Information [Line Items]
Investment income (loss)	(246.8)	337.9	(86.0)	1,048.1
Performance allocations \| Adjustments
Segment Reporting Information [Line Items]
Investment income (loss)	581.9	182.0	586.2	(291.9)
Performance allocations \| Total Reportable Segments
Segment Reporting Information [Line Items]
Investment income (loss)	335.1	519.9	500.2	756.2
Principal investment income
Segment Reporting Information [Line Items]
Investment income (loss)	(7.2)	56.7	4.5	376.3
Principal investment income \| Adjustments
Segment Reporting Information [Line Items]
Investment income (loss)	29.3	(12.9)	41.4	(306.2)
Principal investment income \| Total Reportable Segments
Segment Reporting Information [Line Items]
Investment income (loss)	$ 22.1	$ 43.8	$ 45.9	$ 70.1

Segment Reporting - Additional Information (Details) - segment	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Number of reportable segments	3	3	3
Fee related performance revenues
Segment Reporting Information [Line Items]
Percentage of fee related earnings		45.00%

Segment Reporting - Reconciliation of Income Before Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Income (loss) before provision for income taxes	$ (70.0)	$ 299.7	$ 89.6	$ 1,042.4
Adjustments:
Unrealized principal investment (income) loss	254.0	(394.6)	81.5	(1,424.4)
Net income attributable to non-controlling interests in consolidated entities	35.7	3.5	60.3	26.7
Realized net performance revenues	(154.6)	130.9	(99.5)	470.4
Total Reportable Segments
Adjustments:
Net unrealized performance and fee related performance revenues	314.3	(70.8)	332.7	(537.4)
Distributable Earnings	388.8	528.8	660.4	831.6
Realized net performance revenues	175.1	270.9	244.6	388.9
Realized principal investment income	22.1	43.8	45.9	70.1
Net interest	15.7	22.3	30.8	47.1
Fee Related Earnings	207.3	236.4	400.7	419.7
Reconciling Items
Adjustments:
Equity-based compensation	70.7	48.3	127.8	89.0
Acquisition or disposition-related charges (credits) and amortization of intangibles and impairment	33.7	53.4	62.4	82.5
Tax expense associated with certain foreign performance revenues	(0.1)	0.0	(0.6)	(0.8)
Net income attributable to non-controlling interests in consolidated entities	(35.7)	(3.5)	(60.3)	(26.7)
Other adjustments including severance	2.3	(2.3)	6.2	2.3
Unrealized principal investment income (loss) \| Reconciling Items
Adjustments:
Unrealized principal investment (income) loss	(30.4)	27.1	(1.4)	3.4
Unrealized principal investment income (loss) \| Reconciling Items \| Fortitude Group Holdings, LLC
Adjustments:
Principal investment loss from dilution of indirect investment in Fortitude	$ 104.0	$ 176.9	$ 104.0	$ 176.9

Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details)	Jun. 30, 2023
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	8 years

Fair Value Measurement - Level III Financial Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Realized and unrealized (gains) losses, net
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Level III \| Loans Payable of Consolidated Funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 5,647.9	$ 5,682.1	$ 5,491.6	$ 5,811.0
Borrowings	869.2	462.9	869.8	1,571.3
Paydowns	(46.9)	(1.9)	(49.0)	(417.3)
Sales	(82.5)	0.0	(120.6)	(669.5)
Realized and unrealized (gains) losses, net
Included in earnings	(19.7)	(181.3)	121.7	(227.5)
Included in other comprehensive income	15.9	(204.0)	70.4	(310.2)
Balance, end of period	6,383.9	5,757.8	6,383.9	5,757.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(18.1)	(181.3)	126.7	(230.8)
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$ 16.1	$ (210.9)	$ 68.3	$ (320.2)

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company’s provision (benefit) for income taxes was $(7.3) million and $50.8 million for the three months ended June 30, 2023 and 2022, respectively, and $27.0 million and $198.7 million for the six months ended June 30, 2023 and 2022, respectively. The Company’s effective tax rate was approximately 10% and 17% for the three months ended June 30, 2023 and 2022, respectively, and 30% and 19% for the six months ended June 30, 2023 and 2022, respectively. The effective tax rate for the six months ended June 30, 2023 and 2022 is primarily comprised of the 21% U.S. federal corporate income tax rate plus U.S. state and foreign corporate income taxes, non-controlling interest, and disallowed executive compensation. The effective tax rate for the six months ended June 30, 2022 also reflects a deferred tax benefit resulting from a reduction in future foreign withholding taxes. As of June 30, 2023 and December 31, 2022, the Company had federal, state, local and foreign taxes payable of $63.4 million and $39.7 million, respectively, which is recorded as a component of accounts payable, accrued expenses and other liabilities on the accompanying unaudited condensed consolidated balance sheets. In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. As of June 30, 2023, the Company’s U.S. federal income tax returns for the years 2019 through 2021 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 2017 to 2021. Foreign tax returns are generally subject to audit from 2011 to 2022. Certain of the Company’s affiliates are currently under audit by federal, state and foreign tax authorities. The Company does not believe that the outcome of the audits will require it to record material reserves for uncertain tax positions or that the outcome will have a material impact on the 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. On July 1, 2022, the State of New York issued proposed regulations, related to its 2015 law change, that may require corporate managers of investment funds (non-broker dealers) to change how they source income to New York state, which may result in an increase in the Company’s taxable income to New York. These regulations will not be effective until promulgated. The Company has not yet determined the effect of these proposed regulations on its tax provision. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA enacted a 15% corporate alternative minimum tax (“CAMT”) on the “adjusted financial statement income” of certain large corporations, which became effective on January 1, 2023. The Company does not expect the IRA to have a material impact to its provision (benefit) for income taxes given that any current year payments that would be made under CAMT would be permitted to be carried forward and used as credits in future years resulting in a deferred tax benefit. The Company will continue to monitor as additional guidance is released by the U.S. Department of the Treasury, the IRS, and other standard-setting bodies.

- 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

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+ Details