0001527166-24-000079 | 10-Q | XBRL Viewer

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Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Capital Commitments The Company and its unconsolidated affiliates have unfunded commitments totaling $4.3 billion as of September 30, 2024, of which approximately $3.6 billion is subscribed individually by senior Carlyle professionals, advisors and other professionals. In addition to these unfunded commitments, the Company may from time to time exercise its right to purchase additional interests in its investment funds that become available in the ordinary course of their operations. Under the Carlyle Global Capital Markets platform, certain subsidiaries of the Company may act as an underwriter, syndicator or placement agent for security offerings and loan originations. The Company earns fees in connection with these activities and bears the risk of the sale of such securities and placement of such loans, which may be longer dated. As of September 30, 2024, the Company had no material commitments related to the origination and syndication of loans and securities under the Carlyle Global Capital Markets platform. Guaranteed Loans From time to time, the Company or its subsidiaries may enter into agreements to guarantee certain obligations of the investment funds related to, for example, credit facilities or equity commitments. Certain consolidated subsidiaries of the Company are the guarantors of revolving credit facilities for certain funds in the 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 $3.5 million as of September 30, 2024. 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 $43.9 million at September 30, 2024 was shown as accrued giveback obligations in the condensed consolidated balance sheets, representing the giveback obligation that would need to be paid if the funds were liquidated at their current fair values at September 30, 2024. However, the ultimate giveback obligation, if any, generally is not paid until the end of a fund’s life or earlier if the giveback becomes fixed and early payment is agreed upon by the fund’s partners (see Note 2, Summary of Significant Accounting Policies). The Company had $11.5 million of unbilled receivables from former and current employees and senior Carlyle professionals as of September 30, 2024 related to giveback obligations. Any such receivables are collateralized by investments made by individual senior Carlyle professionals and employees in Carlyle-sponsored funds. In addition, $153.2 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of September 30, 2024. Such amounts are held on behalf of the respective current and former Carlyle employees to satisfy any givebacks they may owe and are held by entities not included in the accompanying condensed consolidated balance sheets. Current and former senior Carlyle professionals and employees are personally responsible for their giveback obligations. As of September 30, 2024, approximately $20.2 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 $23.7 million. If, at September 30, 2024, all of the investments held by the Company’s Funds were deemed worthless, a possibility that management views as remote, the amount of realized and distributed carried interest subject to potential giveback would be $1.5 billion, on an after-tax basis where applicable, of which approximately $0.6 billion would be the responsibility of current and former senior Carlyle professionals. 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 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 their percentage ownership share of the hypothetical extra gain they allege could have been realized on the sale. Plaintiffs also seek disgorgement of any profits received by the Company stemming from the sale. A trial before the Delaware Court of Chancery was completed in early February 2024. A decision from the court is expected later this year, following post-trial briefing. The former directors of Authentix are covered by indemnification from Authentix and an Authentix insurance policy. The defendants expect to continue 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 unlikely 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 Delaware Court issued a ruling on the defendant’s motion to dismiss on April 24, 2024, dismissing some of the Plaintiff’s claims but allowing most of the claims to proceed to discovery and possibly to trial. The Company intends to contest the direct claims vigorously, and the officer and director defendants intend to continue contesting 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) as part of the Company’s books and records. The Company has cooperated with the investigation and has engaged in discussions with the Enforcement Division about potential resolution. The Company has previously accrued an estimated liability for this matter. The Company currently is and expects to continue to be, from time to time, subject to examinations, formal and informal inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to, the SEC, Department of Justice, state attorneys general, FINRA, National Futures Association and the U.K. Financial Conduct Authority. The Company routinely cooperates with such examinations, inquiries and investigations, and they may result in the commencement of civil, criminal, or administrative or other proceedings against the Company or its personnel. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings and employment- related matters, and some of the matters discussed above involve claims for potentially large and/or indeterminate amounts of damages. Based on information known by management, management does not believe that as of the date of this filing the final resolutions of the matters above will have a material effect upon the Company’s condensed consolidated financial statements. However, given the potentially large and/or indeterminate amounts of damages sought in certain of these matters and the inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s financial results in any particular period. The Company accrues an estimated loss contingency liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. As of September 30, 2024, the Company had recorded liabilities aggregating to approximately $70 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 ($18.4 million as of September 30, 2024) 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 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, Borrowings.

Non-controlling Interests in Consolidated Entities - Non-Controlling Interests in Income (Loss) of Consolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest [Line Items]
Non-controlling interests in income of consolidated entities	$ 20.0	$ 29.7	$ 54.3	$ 90.0
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	8.3	20.4	16.7	68.7
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	11.7	8.7	37.6	19.2
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	$ 0.0	$ 0.6	$ 0.0	$ 2.1

- Definition

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

+ References

+ Details

Supplemental Financial Information

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023 and results of operations for the three and nine

months ended September 30, 2024 and 2023. The supplemental statement of cash flows is presented without effects of the

Consolidated Funds.


	As of September 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,376.8	$—	$—	$1,376.8
Cash and cash equivalents held at Consolidated Funds	—	488.5	—	488.5
Restricted cash	2.1	—	—	2.1
Investments, including performance allocations of $7,210.8	11,407.5	—	(312.5)	11,095.0
Investments of Consolidated Funds	—	7,427.9	—	7,427.9
Due from affiliates and other receivables, net	1,061.5	—	(304.3)	757.2
Due from affiliates and other receivables of Consolidated Funds, net	—	218.3	—	218.3
Fixed assets, net	174.1	—	—	174.1
Lease right-of-use assets, net	353.6	—	—	353.6
Deposits and other	69.9	1.9	—	71.8
Intangible assets, net	670.6	—	—	670.6
Deferred tax assets	22.5	—	—	22.5
Total assets	$15,138.6	$8,136.6	$(616.8)	$22,658.4
Liabilities and equity
Debt obligations	$2,211.0	$—	$—	$2,211.0
Loans payable of Consolidated Funds	—	6,830.3	(298.9)	6,531.4
Accounts payable, accrued expenses and other liabilities	349.9	—	—	349.9
Accrued compensation and benefits	5,434.8	—	—	5,434.8
Due to affiliates	214.4	5.4	—	219.8
Deferred revenue	379.5	—	—	379.5
Deferred tax liabilities	150.5	—	—	150.5
Other liabilities of Consolidated Funds	—	497.7	(0.1)	497.6
Lease liabilities	504.6	—	—	504.6
Accrued giveback obligations	43.9	—	—	43.9
Total liabilities	9,288.6	7,333.4	(299.0)	16,323.0
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,774.5	334.1	(334.1)	3,774.5
Retained earnings	2,034.5	—	—	2,034.5
Accumulated other comprehensive loss	(278.3)	(3.9)	16.3	(265.9)
Non-controlling interests in consolidated entities	315.7	473.0	—	788.7
Total equity	5,850.0	803.2	(317.8)	6,335.4
Total liabilities and equity	$15,138.6	$8,136.6	$(616.8)	$22,658.4


	As of December 31, 2023
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,440.3	$—	$—	$1,440.3
Cash and cash equivalents held at Consolidated Funds	—	346.0	—	346.0
Restricted cash	1.8	—	—	1.8
Investments, including performance allocations of $6,169.9	10,104.5	—	(149.2)	9,955.3
Investments of Consolidated Funds	—	7,313.9	(60.8)	7,253.1
Due from affiliates and other receivables, net	1,009.2	—	(317.6)	691.6
Due from affiliates and other receivables of Consolidated Funds, net	—	141.0	—	141.0
Fixed assets, net	161.5	—	—	161.5
Lease right-of-use assets, net	332.2	—	—	332.2
Deposits and other	66.0	4.6	—	70.6
Intangible assets, net	766.1	—	—	766.1
Deferred tax assets	16.5	—	—	16.5
Total assets	$13,898.1	$7,805.5	$(527.6)	$21,176.0
Liabilities and equity
Debt obligations	$2,281.0	$—	$—	$2,281.0
Loans payable of Consolidated Funds	—	6,796.4	(309.9)	6,486.5
Accounts payable, accrued expenses and other liabilities	333.8	—	—	333.8
Accrued compensation and benefits	4,922.2	—	—	4,922.2
Due to affiliates	269.6	6.3	—	275.9
Deferred revenue	140.3	—	—	140.3
Deferred tax liabilities	45.3	—	—	45.3
Other liabilities of Consolidated Funds	—	374.4	—	374.4
Lease liabilities	488.1	—	—	488.1
Accrued giveback obligations	44.0	—	—	44.0
Total liabilities	8,524.3	7,177.1	(309.9)	15,391.5
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,403.0	223.8	(223.8)	3,403.0
Retained earnings	2,082.1	—	—	2,082.1
Accumulated other comprehensive loss	(292.7)	(10.7)	6.1	(297.3)
Non-controlling interests in consolidated entities	177.8	415.3	—	593.1
Total equity	5,373.8	628.4	(217.7)	5,784.5
Total liabilities and equity	$13,898.1	$7,805.5	$(527.6)	$21,176.0


	Three Months Ended September 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$539.1	$—	$(6.4)	$532.7
Incentive fees	38.9	—	(0.2)	38.7
Investment income
Performance allocations	1,786.3	—	(0.8)	1,785.5
Principal investment income	47.4	—	(1.4)	46.0
Total investment income	1,833.7	—	(2.2)	1,831.5
Interest and other income	55.7	—	(3.5)	52.2
Interest and other income of Consolidated Funds	—	180.1	—	180.1
Total revenues	2,467.4	180.1	(12.3)	2,635.2
Expenses
Compensation and benefits
Cash-based compensation and benefits	207.5	—	—	207.5
Equity-based compensation	121.6	—	—	121.6
Performance allocations and incentive fee related compensation	1,151.0	—	—	1,151.0
Total compensation and benefits	1,480.1	—	—	1,480.1
General, administrative and other expenses	176.6	—	—	176.6
Interest	30.3	—	—	30.3
Interest and other expenses of Consolidated Funds	—	160.6	1.4	162.0
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,686.9	160.6	1.4	1,848.9
Other income
Net investment income of Consolidated Funds	—	2.5	—	2.5
Income before provision for income taxes	780.5	22.0	(13.7)	788.8
Provision for income taxes	173.1	—	—	173.1
Net income	607.4	22.0	(13.7)	615.7
Net income attributable to non-controlling interests in consolidated entities	11.7	—	8.3	20.0
Net income attributable to The Carlyle Group Inc.	$595.7	$22.0	$(22.0)	$595.7



	Nine Months Ended September 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,610.1	$—	$(19.4)	$1,590.7
Incentive fees	96.7	—	(0.5)	96.2
Investment income
Performance allocations	1,827.8	—	(1.1)	1,826.7
Principal investment income	217.8	—	(10.6)	207.2
Total investment income	2,045.6	—	(11.7)	2,033.9
Interest and other income	175.9	—	(14.0)	161.9
Interest and other income of Consolidated Funds	—	510.6	—	510.6
Total revenues	3,928.3	510.6	(45.6)	4,393.3
Expenses
Compensation and benefits
Cash-based compensation and benefits	635.7	—	—	635.7
Equity-based compensation	355.1	—	—	355.1
Performance allocations and incentive fee related compensation	1,222.4	—	—	1,222.4
Total compensation and benefits	2,213.2	—	—	2,213.2
General, administrative and other expenses	512.2	—	—	512.2
Interest	91.5	—	—	91.5
Interest and other expenses of Consolidated Funds	—	464.6	(25.9)	438.7
Other non-operating income	(0.2)	—	—	(0.2)
Total expenses	2,816.7	464.6	(25.9)	3,255.4
Other income (loss)
Net investment loss of Consolidated Funds	—	(9.6)	—	(9.6)
Income before provision for income taxes	1,111.6	36.4	(19.7)	1,128.3
Provision for income taxes	264.5	—	—	264.5
Net income	847.1	36.4	(19.7)	863.8
Net income attributable to non-controlling interests in consolidated entities	37.6	—	16.7	54.3
Net income attributable to The Carlyle Group Inc.	$809.5	$36.4	$(36.4)	$809.5


	Three Months Ended September 30, 2023
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$511.5	$—	$(8.9)	$502.6
Incentive fees	23.6	—	(2.5)	21.1
Investment income (loss)
Performance allocations	(118.9)	—	0.6	(118.3)
Principal investment income	108.8	—	(8.2)	100.6
Total investment loss	(10.1)	—	(7.6)	(17.7)
Interest and other income	59.5	—	(1.6)	57.9
Interest and other income of Consolidated Funds	—	152.7	—	152.7
Total revenues	584.5	152.7	(20.6)	716.6
Expenses
Compensation and benefits
Cash-based compensation and benefits	267.6	—	—	267.6
Equity-based compensation	64.4	—	—	64.4
Performance allocations and incentive fee related compensation	(53.9)	—	—	(53.9)
Total compensation and benefits	278.1	—	—	278.1
General, administrative and other expenses	143.1	—	(0.1)	143.0
Interest	31.4	—	—	31.4
Interest and other expenses of Consolidated Funds	—	111.2	(8.7)	102.5
Other non-operating expenses	0.1	—	—	0.1
Total expenses	452.7	111.2	(8.8)	555.1
Other income (loss)
Net investment loss of Consolidated Funds	—	(9.3)	—	(9.3)
Income before provision for income taxes	131.8	32.2	(11.8)	152.2
Provision for income taxes	41.2	—	—	41.2
Net income	90.6	32.2	(11.8)	111.0
Net income attributable to non-controlling interests in consolidated entities	9.3	—	20.4	29.7
Net income attributable to The Carlyle Group Inc.	$81.3	$32.2	$(32.2)	$81.3



	Nine Months Ended September 30, 2023
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,535.0	$—	$(23.8)	$1,511.2
Incentive fees	64.4	—	(2.5)	61.9
Investment income (loss)
Performance allocations	(202.0)	—	(2.3)	(204.3)
Principal investment income	122.9	—	(17.8)	105.1
Total investment loss	(79.1)	—	(20.1)	(99.2)
Interest and other income	159.7	—	(7.6)	152.1
Interest and other income of Consolidated Funds	—	411.7	—	411.7
Total revenues	1,680.0	411.7	(54.0)	2,037.7
Expenses
Compensation and benefits
Cash-based compensation and benefits	798.4	—	—	798.4
Equity-based compensation	186.8	—	—	186.8
Performance allocations and incentive fee related compensation	(40.4)	—	—	(40.4)
Total compensation and benefits	944.8	—	—	944.8
General, administrative and other expenses	470.1	—	0.6	470.7
Interest	91.8	—	—	91.8
Interest and other expenses of Consolidated Funds	—	324.7	(26.4)	298.3
Other non-operating expenses	0.2	—	—	0.2
Total expenses	1,506.9	324.7	(25.8)	1,805.8
Other income
Net investment income of Consolidated Funds	—	9.9	—	9.9
Income before provision for income taxes	173.1	96.9	(28.2)	241.8
Provision for income taxes	68.2	—	—	68.2
Net income	104.9	96.9	(28.2)	173.6
Net income attributable to non-controlling interests in consolidated entities	21.3	—	68.7	90.0
Net income attributable to The Carlyle Group Inc.	$83.6	$96.9	$(96.9)	$83.6


	Nine Months Ended September 30,
	2024	2023
	(Dollars in millions)
Cash flows from operating activities
Net income	$847.1	$104.9
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	137.0	137.0
Equity-based compensation	355.1	186.8
Non-cash performance allocations and incentive fees	(389.1)	425.0
Non-cash principal investment income	(182.0)	(100.0)
Other non-cash amounts	15.8	8.1
Purchases of investments	(479.4)	(244.9)
Proceeds from the sale of investments	435.7	351.8
Payments of contingent consideration	(4.0)	(68.6)
Change in deferred taxes, net	98.3	(103.3)
Change in due from affiliates and other receivables	(38.2)	16.9
Change in deposits and other	(5.4)	(38.5)
Change in accounts payable, accrued expenses and other liabilities	15.4	(101.8)
Change in accrued compensation and benefits	(170.8)	(128.3)
Change in due to affiliates	(0.9)	(8.8)
Change in lease right-of-use asset and lease liability	(5.4)	(7.5)
Change in deferred revenue	238.1	290.0
Net cash provided by operating activities	867.3	718.8
Cash flows from investing activities
Purchases of corporate treasury investments	(5.0)	(187.3)
Proceeds from corporate treasury investments	5.1	152.4
Purchases of fixed assets, net	(51.0)	(49.6)
Net cash used in investing activities	(50.9)	(84.5)
Cash flows from financing activities
Borrowings under credit facilities	10.4	—
Repayments under credit facilities	(10.4)	—
Payments on CLO borrowings	(73.3)	(7.3)
Proceeds from CLO borrowings, net of financing costs	0.5	10.0
Dividends to common stockholders	(377.8)	(371.4)
Payment of deferred consideration for Carlyle Holdings units	(68.8)	(68.8)
Contributions from non-controlling interest holders	155.2	7.9
Distributions to non-controlling interest holders	(58.9)	(48.9)
Common shares repurchased and net share settlement of equity awards	(478.8)	(203.7)
Change in due to/from affiliates financing activities	13.3	(36.4)
Net cash used in financing activities	(888.6)	(718.6)
Effect of foreign exchange rate changes	9.0	(5.0)
Decrease in cash, cash equivalents and restricted cash	(63.2)	(89.3)
Cash, cash equivalents and restricted cash, beginning of period	1,442.1	1,361.5
Cash, cash equivalents and restricted cash, end of period	$1,378.9	$1,272.2

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$1,376.8	$1,267.7
Restricted cash	2.1	4.5
Total cash, cash equivalents and restricted cash, end of period	$1,378.9	$1,272.2

Cash and cash equivalents held at Consolidated Funds	$488.5	$352.3

Investments - Accrued Performance Fees (Details) - financingVehicle	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Number of partnerships corporate private equity funds related to accrued performance fees		0
Carlyle Partners VII, L.P \| Revenue Benchmark \| Customer concentration risk
Segment Reporting Information [Line Items]
Percentage of accrued performance fees related to certain Corporate Private Equity funds (percent)	17.00%

Segment Reporting - Reconciliation of Fund Level Fee Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total Reportable Segments \| Global Segments
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	$ 590.2	$ 552.7	$ 1,749.1	$ 1,710.5
Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Adjustments	(57.5)	(50.1)	(158.4)	(199.3)
Fund management fees
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	532.7	502.6	1,590.7	1,511.2
Fund management fees \| Total Reportable Segments \| Global Segments
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	526.5	518.1	1,567.6	1,539.3
Fund management fees \| Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	$ (6.4)	$ (8.9)	$ (19.4)	$ (23.8)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Investments - Net Investment Earnings (Loss) (Details) - NGP Management - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Management fee related revenues from NGP Management	$ 20.8	$ 20.5	$ 57.3	$ 58.4
Expenses related to the investment in NGP Management	(3.5)	(3.5)	(10.5)	(11.0)
Net investment income from NGP Management	$ 17.3	$ 17.0	$ 46.8	$ 47.4

Accrued Compensation and Benefits - Performance Allocations and Incentive Fee Related Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Realized	$ 196.8	$ 40.4	$ 578.5	$ 337.5
Unrealized	954.2	(94.3)	643.9	(377.9)
Total	$ 1,151.0	$ (53.9)	$ 1,222.4	$ (40.4)

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non- controlling Interests in Consolidated Entities
Beginning balance (in shares) at Dec. 31, 2022		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)	(6,505,037)	(6,500,000)
Shares repurchased	$ (203.7)			(203.7)
Net shares issued for equity-based awards (in shares)		4,900,000
Equity-based compensation	192.3		192.3
Deconsolidation of a Consolidated Entity	(110.4)					(110.4)
Dividend-equivalent rights on certain equity-based awards	0.0		7.0	(7.0)
Contributions	99.0					99.0
Dividends and distributions	(471.1)			(371.4)		(99.7)
Net income (loss)	173.6			83.6		90.0
Currency translation adjustments	4.9				(0.6)	5.5
Defined benefit plans, net	(1.1)				(1.1)
Ending balance (in shares) at Sep. 30, 2023		360,700,000
Ending balance at Sep. 30, 2023	6,504.8	$ 3.6	3,337.8	2,902.6	(323.9)	584.7
Beginning balance (in shares) at Jun. 30, 2023		360,000,000.0
Beginning balance at Jun. 30, 2023	$ 6,644.6	$ 3.6	3,266.5	2,992.9	(299.3)	680.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)	(1,343,419)	(1,300,000)
Shares repurchased	$ (42.9)			(42.9)
Net shares issued for equity-based awards (in shares)		2,000,000.0
Equity-based compensation	68.9		68.9
Deconsolidation of a Consolidated Entity	(103.3)					(103.3)
Dividend-equivalent rights on certain equity-based awards	0.0		2.4	(2.4)
Contributions	43.5					43.5
Dividends and distributions	(191.9)			(126.3)		(65.6)
Net income (loss)	111.0			81.3		29.7
Currency translation adjustments	(24.1)				(23.6)	(0.5)
Defined benefit plans, net	(1.0)				(1.0)
Ending balance (in shares) at Sep. 30, 2023		360,700,000
Ending balance at Sep. 30, 2023	$ 6,504.8	$ 3.6	3,337.8	2,902.6	(323.9)	584.7
Beginning balance (in shares) at Dec. 31, 2023	361,326,172	361,300,000
Beginning balance at Dec. 31, 2023	$ 5,784.5	$ 3.6	3,403.0	2,082.1	(297.3)	593.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)	(8,029,148)	(8,000,000.0)
Shares repurchased	$ (345.7)	$ (0.1)		(345.6)
Net shares issued for equity-based awards (in shares)		4,400,000
Net shares issued for equity-based awards	(133.2)			(133.2)
Equity-based compensation	362.0	$ 0.1	361.9
Dividend-equivalent rights on certain equity-based awards	0.0		9.6	(9.6)
Contributions	219.2					219.2
Dividends and distributions	(450.8)			(377.8)		(73.0)
Net income (loss)	863.8			809.5		54.3
Currency translation adjustments	34.8				30.6	4.2
Change in ownership interests of a Consolidated Entity	0.0			9.1		(9.1)
Defined benefit plans, net	$ 0.8				0.8
Ending balance (in shares) at Sep. 30, 2024	357,681,261	357,700,000
Ending balance at Sep. 30, 2024	$ 6,335.4	$ 3.6	3,774.5	2,034.5	(265.9)	788.7
Beginning balance (in shares) at Jun. 30, 2024		356,400,000
Beginning balance at Jun. 30, 2024	$ 5,729.4	$ 3.6	3,642.6	1,707.7	(324.0)	699.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)	(1,670,245)	(1,700,000)
Shares repurchased	$ (63.4)	$ (0.1)		(63.3)
Net shares issued for equity-based awards (in shares)		3,000,000.0
Net shares issued for equity-based awards	(85.5)			(85.5)
Equity-based compensation	128.3	$ 0.1	128.2
Dividend-equivalent rights on certain equity-based awards	0.0		3.7	(3.7)
Contributions	98.8					98.8
Dividends and distributions	(152.9)			(125.5)		(27.4)
Net income (loss)	615.7			595.7		20.0
Currency translation adjustments	64.7				57.8	6.9
Change in ownership interests of a Consolidated Entity	0.0			9.1		(9.1)
Defined benefit plans, net	$ 0.3				0.3
Ending balance (in shares) at Sep. 30, 2024	357,681,261	357,700,000
Ending balance at Sep. 30, 2024	$ 6,335.4	$ 3.6	$ 3,774.5	$ 2,034.5	$ (265.9)	$ 788.7

Equity-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

14. Equity-Based Compensation

The Carlyle Group Inc. Amended and Restated 2012 Equity Incentive Plan (the “Equity Incentive Plan,” initially adopted

in May 2012 and as most recently amended and restated on May 29, 2024) is a source of equity-based awards permitting the

Company to grant to Carlyle employees, directors and consultants non-qualified options, share appreciation rights, common

shares, restricted stock units and other awards based on the Company’s shares of common stock. Following the amendment and

restatement of the Equity Incentive Plan on May 29, 2024, a total of 58,800,000 shares of common stock were authorized for

the grant of awards under the Equity Incentive Plan. As of September 30, 2024, there was a total of 29,762,302 shares of the

Company’s common stock remaining available for grant under the Equity Incentive Plan.

A summary of the status of the Company’s non-vested equity-based awards as of September 30, 2024 and a summary of

changes for the nine months ended September 30, 2024, are presented below:


Unvested Shares	Performance- Vesting Restricted Stock Units(1)	Weighted- Average Grant Date Fair Value	Restricted Stock Units	Weighted- Average Grant Date Fair Value	Unvested Common Shares(2)	Weighted- Average Grant Date Fair Value
Balance, December 31, 2023	4,941,317	$23.19	17,232,330	$34.68	458,929	$37.87
Granted (3)	13,260,872	$26.50	5,552,640	$40.71	247,293	$40.08
Vested (4)	995,848	$29.86	5,974,186	$33.62	247,316	$34.52
Forfeited	125,251	$26.11	1,594,969	$33.77	—	$—
Balance, September 30, 2024	17,081,090	$25.35	15,215,815	$37.40	458,906	$39.95

(1)Includes restricted stock units granted to certain senior Carlyle professionals, including equity inducement awards granted in connection

with the appointment of the Company’s Chief Executive Officer, which are subject to vesting based on the achievement of stock price

performance conditions over a service period.

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

(3)Includes shares reserved for issuance upon settlement of dividend-equivalent rights carried by certain restricted stock units concurrently

with the settlement of the restricted stock units for shares.

(4)Includes 2,833,113 shares which were retired in connection with the net share settlement of equity-based awards. The Company paid

$133.2 million of taxes related to the net share settlement of equity-based awards during the nine months ended September 30, 2024,

which is included within Financing activities in the condensed consolidated statements of cash flows.

In February 2024, the Company granted 13.2 million restricted stock units to certain senior Carlyle professionals that are

eligible to vest in three tranches based on the achievement of stock price performance conditions over service periods of one,

two and three years. Equity-based compensation expense for each tranche is recognized on a straight-line basis over its

respective service period. These awards had a grant date fair value of approximately $347 million, which was derived using the

Monte Carlo simulation model.

The Company recorded compensation expense, net of forfeitures, for restricted stock units of $121.6 million and

$64.4 million for the three months ended September 30, 2024 and 2023, respectively, with $23.1 million and $10.2 million of

corresponding deferred tax benefits, respectively. The Company recorded compensation expense, net of forfeitures, for

restricted stock units of $355.1 million and $186.8 million for the nine months ended September 30, 2024 and 2023,

respectively, with $66.9 million and $30.7 million of corresponding deferred tax benefits, respectively. As of September 30,

2024, the total unrecognized equity-based compensation expense related to unvested restricted stock units was $624.5 million,

which is expected to be recognized over a weighted-average term of 2.0 years.

Investments - Components of Accrued Giveback Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (43.9)	$ (44.0)
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	$ (25.5)	$ (25.6)

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024		Nine Months Ended September 30, 2024
	Basic	Diluted	Basic	Diluted
Net income attributable to common shares	$595,700,000	$595,700,000	$809,500,000	$809,500,000
Weighted-average common shares outstanding	357,689,521	364,789,752	358,966,961	367,073,705
Net income per common share	$1.67	$1.63	$2.26	$2.21


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
	Basic	Diluted	Basic	Diluted
Net income attributable to common shares	$81,300,000	$81,300,000	$83,600,000	$83,600,000
Weighted-average common shares outstanding	360,568,375	363,655,647	361,583,260	364,092,860
Net income per common share	$0.23	$0.22	$0.23	$0.23

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 September 30, 2024		Nine Months Ended September 30, 2024
	Basic	Diluted	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	357,689,521	357,689,521	358,966,961	358,966,961
Unvested restricted stock units	—	5,692,912	—	6,766,273
Issuable common shares and performance-vesting restricted stock units	—	1,407,319	—	1,340,471
Weighted-average common shares outstanding	357,689,521	364,789,752	358,966,961	367,073,705


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
	Basic	Diluted	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	360,568,375	360,568,375	361,583,260	361,583,260
Unvested restricted stock units	—	2,588,908	—	1,869,172
Issuable common shares and performance-vesting restricted stock units	—	498,364	—	640,428
Weighted-average common shares outstanding	360,568,375	363,655,647	361,583,260	364,092,860

Segment Reporting - Expense Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Unrealized performance and fee related performance revenue compensation expense	$ 954.2	$ (94.3)	$ 643.9	$ (377.9)
Equity-based compensation	121.6	64.4	355.1	186.8
Expenses	1,848.9	555.1	3,255.4	1,805.8
Total Reportable Segments
Segment Reporting Information [Line Items]
Unrealized performance and fee related performance revenue compensation expense	930.7	(90.3)	634.5	(378.8)
Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation	122.0	67.3	360.4	195.1
Acquisition or disposition-related charges and amortization of intangibles and impairment	37.4	50.6	103.5	113.0
Tax (expense) benefit associated with certain foreign performance revenues related compensation	(0.2)	(0.2)	(1.4)	(0.8)
Non-controlling interests and other adjustments to present certain costs on a net basis	63.8	10.7	108.6	85.9
Other adjustments	5.3	5.4	45.8	11.6
Expenses	1,160.4	34.7	1,225.5	0.2
Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Equity-based compensation	0.0	0.0	0.0	0.0
Expenses	$ 1.4	$ (8.8)	$ (25.9)	$ (25.8)

Investments - Net Investment Gains (Losses) of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments [Abstract]
Gains (losses) from investments of Consolidated Funds	$ (24.9)	$ 121.6	$ 58.1	$ 262.7
Gains (losses) from liabilities of CLOs	27.4	(130.9)	(67.7)	(252.8)
Total	$ 2.5	$ (9.3)	$ (9.6)	$ 9.9

Investments - Primary Drivers Of Performance Allocation (Details) - Performance Fee Revenue - Customer concentration risk - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Carlyle Partners VII, L.P
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	$ 1,228.8	$ (112.0)	$ 1,258.9	$ (374.9)
Carlyle Partners VI, L.P.
Segment Reporting Information [Line Items]
Fund management fees and incentive fees		$ (148.5)		$ (202.0)

- Definition

+ References

+ Details

Non-controlling Interests in Consolidated Entities

9 Months Ended

Sep. 30, 2024

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
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$473.0	$415.3
Non-Carlyle interests in majority-owned subsidiaries	322.7	184.5
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	(7.0)	(6.7)
Non-controlling interests in consolidated entities	$788.7	$593.1

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$8.3	$20.4	$16.7	$68.7
Non-Carlyle interests in majority-owned subsidiaries	11.7	8.7	37.6	19.2
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	—	0.6	—	2.1
Non-controlling interests in income of consolidated entities	$20.0	$29.7	$54.3	$90.0

Summary of Significant Accounting Policies - Assets Recognized in Consolidated Balance Sheets Related to Non-Consolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments	$ 11,095.0	$ 9,955.3
Total assets	22,658.4	21,176.0
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Investments	1,047.9	1,118.4
Accrued performance allocations	586.6	492.3
Management fee receivables	99.9	65.1
Total assets	$ 1,734.4	$ 1,675.8

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ References + Details

Investments - Income (Loss) from Principal Investments (Details) - Principal investment income (loss) from equity method investments - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Investments [Line Items]
Principal investment income from equity method investments	$ 103.5	$ 92.6	$ 207.1	$ 87.0
Global Private Equity
Schedule of Investments [Line Items]
Principal investment income from equity method investments	58.0	77.2	124.1	157.8
Global Credit
Schedule of Investments [Line Items]
Principal investment income from equity method investments	30.5	15.0	61.5	(79.4)
Global Investment Solutions
Schedule of Investments [Line Items]
Principal investment income from equity method investments	$ 15.0	$ 0.4	$ 21.5	$ 8.6

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

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+ Details

Accrued Compensation and Benefits

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Accrued Compensation and Benefits

7. Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Accrued performance allocations and incentive fee related compensation	$4,924.3	$4,255.8
Accrued bonuses	237.6	498.2
Accrued pension liability	10.4	13.1
Other(1)(2)	262.5	155.1
Total	$5,434.8	$4,922.2

(1)Includes $17.0 million and $44.5 million of realized performance allocations and incentive fee related compensation not yet paid to

participants as of September 30, 2024 and December 31, 2023, respectively.

(2)Includes $139.2 million of realized performance allocations related compensation associated with the Company’s updated

compensation program (see Note 2, Summary of Significant Accounting Policies) not yet paid as of September 30, 2024.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Realized	$196.8	$40.4	$578.5	$337.5
Unrealized	954.2	(94.3)	643.9	(377.9)
Total	$1,151.0	$(53.9)	$1,222.4	$(40.4)

Investments - Components of Accrued Performance Fees (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 7,210.8	$ 6,169.9
Global Private Equity
Segment Reporting Information [Line Items]
Accrued performance allocations	5,048.4	4,310.7
Global Credit
Segment Reporting Information [Line Items]
Accrued performance allocations	476.6	323.4
Global Investment Solutions
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 1,685.8	$ 1,535.8

Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Debt Instrument [Line Items]

Schedule of Debt Obligations

The

Company’s debt obligations consist of the following:


	September 30, 2024		December 31, 2023
	Borrowing Outstanding	Carrying Value	Borrowing Outstanding	Carrying Value
	(Dollars in millions)
CLO Borrowings (See below)	$358.7	$355.8	$431.7	$426.4
3.500% Senior Notes Due 9/19/2029	425.0	422.8	425.0	422.5
5.625% Senior Notes Due 3/30/2043	600.0	600.5	600.0	600.6
5.650% Senior Notes Due 9/15/2048	350.0	346.5	350.0	346.4
4.625% Subordinated Notes Due 5/15/2061	500.0	485.4	500.0	485.1
Total debt obligations	$2,233.7	$2,211.0	$2,306.7	$2,281.0

Schedule of Loans Payable of Consolidated Funds

As of September 30, 2024 and December 31, 2023, the following borrowings were outstanding (Dollars in millions):


	As of September 30, 2024
	Borrowing Outstanding	Fair Value	Weighted Average Interest Rate		Weighted Average Remaining Maturity in Years
Senior secured notes	$6,328.9	$6,171.6	6.42%		9.36
Subordinated notes	179.8	173.7	N/A	(4)	9.11
Revolving credit facilities(3)	186.1	186.1	6.80%		4.17
Total	$6,694.8	$6,531.4


	As of December 31, 2023
	Borrowing Outstanding	Fair Value	Weighted Average Interest Rate		Weighted Average Remaining Maturity in Years
Senior secured notes(1)	$6,171.9	$6,097.9	6.32%		8.99
Subordinated notes(2)	173.5	210.7	N/A	(4)	9.16
Revolving credit facilities(3)	177.9	177.9	6.46%		5.05
Total	$6,523.3	$6,486.5

(1)Borrowing Outstanding and Fair Value as of December 31, 2023 includes $7.8 million of senior secured notes that are carried at par

value.

(2)Borrowing Outstanding and Fair Value as of December 31, 2023 includes $2.2 million of subordinated notes that are carried at par

value.

(3)Fair Value as of September 30, 2024 and December 31, 2023 reflects the amortized cost of outstanding revolving credit balances

which approximates fair value.

(4)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 September 30, 2024	Borrowing Outstanding December 31, 2023	Maturity Date (1)	Interest Rate as of September 30, 2024
February 28, 2017	$27.3	$39.9	September 21, 2029	6.32%	(2)
June 29, 2017	29.8	45.6	July 20, 2030	6.72%	(4)
December 6, 2017	29.3	41.1	January 15, 2031	7.02%	(5)
March 15, 2019	1.8	1.8	March 15, 2032	11.83%	(3)
August 20, 2019	4.0	4.0	August 15, 2032	8.56%	(3)
September 15, 2020	19.8	19.7	April 15, 2033	5.49%	(3)
January 8, 2021	20.7	20.6	January 15, 2034	6.40%	(3)
March 9, 2021	9.0	16.8	August 15, 2030	5.48%	(3)
March 30, 2021	18.1	18.6	March 15, 2032	5.44%	(3)
April 21, 2021	3.6	3.6	April 15, 2033	9.75%	(3)
May 21, 2021	13.6	15.5	November 17, 2031	5.21%	(3)
June 4, 2021	20.8	20.7	January 16, 2034	6.19%	(3)
June 10, 2021	1.3	1.3	November 17, 2031	6.68%	(3)
July 15, 2021	15.6	15.5	July 15, 2034	6.20%	(3)
July 20, 2021	20.8	20.6	July 20, 2031	6.17%	(3)
August 4, 2021	16.8	16.7	August 15, 2032	5.57%	(3)
October 27, 2021	24.2	24.0	October 15, 2035	6.31%	(3)
November 5, 2021	14.4	14.3	January 14, 2034	5.99%	(3)
January 6, 2022	20.9	20.7	February 15, 2035	6.21%	(3)
February 22, 2022	21.0	20.8	November 10, 2035	6.27%	(3)
July 13, 2022	—	17.5	N/A	N/A	(7)
October 25, 2022	—	18.1	N/A	N/A	(6)
September 5, 2023	7.4	14.3	August 28, 2031	5.49%	(3)
April 25, 2024	18.5	—	April 25, 2037	6.76%	(3)
	$358.7	$431.7

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

(2)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 SOFR plus 1.44%.

(5)Incurs interest at SOFR plus 1.72%.

(6)This term loan was fully repaid in April 2024.

(7)This term loan was fully repaid in July 2024.

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 September 30,		Nine Months Ended September 30,
	Aggregate Principal Amount	September 30, 2024	December 31, 2023	2024	2023	2024	2023
3.500% Senior Notes Due 9/19/2029 (2)	$425.0	$409.0	$401.9	$3.8	$3.8	$11.5	$11.5
5.625% Senior Notes Due 3/30/2043 (3)	600.0	613.7	594.6	8.4	8.4	25.3	25.3
5.650% Senior Notes Due 9/15/2048 (4)	350.0	357.3	336.0	4.9	4.9	14.9	14.9
				$17.1	$17.1	$51.7	$51.7

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

value hierarchy.

(2)Issued in 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

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+ Details

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2024

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

fair value hierarchy levels as disclosed in Note 2, Summary of Significant Accounting Policies, as of September 30, 2024:


(Dollars in millions)	Level I	Level II	Level III	Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$—	$—	$486.9	$486.9
Bonds	—	—	503.1	503.1
Loans	—	—	5,920.5	5,920.5
	—	—	6,910.5	6,910.5
Investments in CLOs and other:
Investments in CLOs	—	—	464.5	464.5
Other investments(3)	41.8	21.5	53.4	116.7
	41.8	21.5	517.9	581.2
Foreign currency forward contracts	—	1.7	—	1.7
Subtotal	$41.8	$23.2	$7,428.4	$7,493.4
Investments measured at net asset value				527.0
Total				$8,020.4
Liabilities
Loans payable of Consolidated Funds(4)(5)	$—	$—	$6,345.3	$6,345.3
Total	$—	$—	$6,345.3	$6,345.3

(1)This balance excludes $517.4 million of Investments of Consolidated Funds that are included in Investments measured at net asset

value, which relate to certain consolidated investment fund of funds in the Company’s Global Investment Solutions segment.

(2)This balance includes $371.9 million related to investments that have been bridged by the Company to investment funds and are

accounted for as consolidated VIEs as of September 30, 2024.

(3)The Level III balance excludes $56.2 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 $186.1 million revolving credit balance.

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, 2023:


(Dollars in millions)	Level I	Level II	Level III	Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$—	$—	$377.6	$377.6
Bonds	—	—	522.5	522.5
Loans	—	—	5,862.1	5,862.1
	—	—	6,762.2	6,762.2
Investments in CLOs and other:
Investments in CLOs	—	—	532.6	532.6
Other investments(3)	38.7	42.8	84.6	166.1
Subtotal	$38.7	$42.8	$7,379.4	$7,460.9
Investments measured at net asset value				502.0
Total				$7,962.9
Liabilities
Loans payable of Consolidated Funds(4)(5)	$—	$—	$6,298.6	$6,298.6
Total	$—	$—	$6,298.6	$6,298.6

(1)This balance excludes $490.9 million of Investments of Consolidated Funds that are included in Investments measured at net asset

value, which relate to certain consolidated investment fund of funds in the Company’s Global Investment Solutions segment.

(2)This balance includes $322.0 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, 2023.

(3)The Level III balance excludes $50.4 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 a $177.9 million revolving credit balance and $10.0 million of senior notes

and subordinated notes.

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 September 30, 2024
	Investments of Consolidated Funds
	Equity securities	Bonds	Loans	Investments in CLOs	Other investments	Total
Balance, beginning of period	$420.0	$489.5	$7,024.0	$494.6	$108.6	$8,536.7
Deconsolidation of funds(1)	—	(34.1)	(1,190.3)	2.3	—	(1,222.1)
Purchases	76.7	147.0	888.5	0.8	—	1,113.0
Sales and distributions	(1.2)	(123.1)	(310.9)	(51.1)	(8.2)	(494.5)
Settlements	—	—	(570.2)	—	—	(570.2)
Realized and unrealized gains (losses), net
Included in earnings	(8.6)	7.4	(33.4)	(2.7)	(47.0)	(84.3)
Included in other comprehensive income	—	16.4	112.8	20.6	—	149.8
Balance, end of period	$486.9	$503.1	$5,920.5	$464.5	$53.4	$7,428.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$(9.4)	$5.6	$(28.0)	$(3.6)	$(48.1)	$(83.5)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$—	$13.2	$96.7	$19.8	$—	$129.7

	Financial Assets
	Nine Months Ended September 30, 2024
	Investments of Consolidated Funds
	Equity securities	Bonds	Loans	Investments in CLOs	Other investments	Total
Balance, beginning of period	$377.6	$522.5	$5,862.1	$532.6	$84.6	$7,379.4
Deconsolidation of funds(1)	—	(34.1)	(1,190.3)	2.3	—	(1,222.1)
Purchases	139.7	265.1	4,565.6	1.8	7.2	4,979.4
Sales and distributions	(11.3)	(265.9)	(1,841.6)	(111.6)	(9.1)	(2,239.5)
Settlements	—	—	(1,555.6)	—	—	(1,555.6)
Realized and unrealized gains (losses), net
Included in earnings	(19.1)	13.3	60.1	23.2	(29.3)	48.2
Included in other comprehensive income	—	2.2	20.2	16.2	—	38.6
Balance, end of period	$486.9	$503.1	$5,920.5	$464.5	$53.4	$7,428.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$(22.2)	$9.8	$9.1	$22.3	$(31.3)	$(12.3)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$—	$2.5	$19.6	$15.4	$—	$37.5


	Financial Assets
	Three Months Ended September 30, 2023
	Investments of Consolidated Funds
	Equity securities	Bonds	Loans	Investments in CLOs	Other investments	Total
Balance, beginning of period	$487.6	$548.4	$5,858.4	$538.1	$81.5	$7,514.0
Deconsolidation of funds(1)	(18.4)	—	—	—	—	(18.4)
Purchases	6.3	56.4	465.7	1.0	—	529.4
Sales and distributions	(109.0)	(116.2)	(422.7)	(16.7)	(0.9)	(665.5)
Settlements	—	—	(172.3)	—	—	(172.3)
Realized and unrealized gains (losses), net
Included in earnings	3.2	5.2	113.0	17.2	1.2	139.8
Included in other comprehensive income	—	(15.1)	(95.3)	(14.9)	—	(125.3)
Balance, end of period	$369.7	$478.7	$5,746.8	$524.7	$81.8	$7,201.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$(1.5)	$4.4	$117.0	$17.2	$0.3	$137.4
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$—	$(12.7)	$(90.9)	$(14.9)	$—	$(118.5)

	Financial Assets
	Nine Months Ended September 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)	(18.8)	—	(372.2)	—	—	(391.0)
Purchases	64.8	128.0	1,903.9	1.0	—	2,097.7
Sales and distributions	(109.0)	(244.5)	(857.7)	(37.4)	(2.6)	(1,251.2)
Settlements	—	(8.2)	(451.2)	—	—	(459.4)
Realized and unrealized gains (losses), net
Included in earnings	2.1	13.3	206.3	33.1	5.0	259.8
Included in other comprehensive income	—	(4.8)	(35.2)	1.9	—	(38.1)
Balance, end of period	$369.7	$478.7	$5,746.8	$524.7	$81.8	$7,201.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$(2.8)	$7.1	$184.6	$33.1	$2.4	$224.4
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$—	$(5.1)	$(40.5)	$1.9	$—	$(43.7)

(1) As a result of the deconsolidation of three funds during each of the three and nine months ended September 30, 2024 and one fund during each

of the three and nine months ended September 30, 2023.

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


	Financial Liabilities
	Loans Payable of Consolidated Funds
	Three Months Ended September 30,
	2024	2023
Balance, beginning of period	$7,623.4	$6,383.9
Deconsolidation of funds(1)	(1,269.3)	—
Borrowings	591.6	5.4
Paydowns	(707.9)	(2.0)
Sales	—	(156.2)
Realized and unrealized (gains) losses, net
Included in earnings	(27.5)	131.0
Included in other comprehensive income	135.0	(112.4)
Balance, end of period	$6,345.3	$6,249.7
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$(19.1)	$132.9
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$135.2	$(112.1)

	Financial Liabilities
	Loans Payable of Consolidated Funds
	Nine Months Ended September 30,
	2024	2023
Balance, beginning of period	$6,298.6	$5,491.6
Deconsolidation of funds(1)	(1,269.3)	—
Borrowings	4,138.5	875.2
Paydowns	(1,174.3)	(51.0)
Sales	(1,741.9)	(276.8)
Realized and unrealized (gains) losses, net
Included in earnings	67.7	252.7
Included in other comprehensive income	26.0	(42.0)
Balance, end of period	$6,345.3	$6,249.7
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$71.1	$225.5
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$30.2	$(36.1)

(1) As a result of the deconsolidation of three funds during each of the three and nine months ended September 30, 2024.

Schedule of Quantitative Information About Level III Inputs

The following table summarizes quantitative information about the Company’s Level III inputs as of September 30, 2024:


	Fair Value at	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	September 30, 2024	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$4.1	Consensus Pricing	Indicative Quotes ($ per share)	0.00 - 130.17 (0.00)
	416.3	Discounted Cash Flow	Discount Rates	10% - 12% (11%)
			Terminal Growth Rate	0% - 7% (5%)
		Comparable Multiple	EBITDA Multiple	7.5x - 23.9x (12.6x)
			TCF Multiple	26.5x - 26.5x (26.5x)
	10.2	Discounted Cash Flow	Discount Rates	17% - 17% (17%)
			Constant Prepayment Rate	6% - 6% (6%)
			Constant Default Rate	1% - 2% (1%)
			Severity	60% - 60% (60%)
			Recovery Rate	40% - 40% (40%)
	56.3	Other(1)	N/A	N/A

Bonds	503.1	Consensus Pricing	Indicative Quotes (% of Par)	29 - 103 (92)
Loans	5,843.5	Consensus Pricing	Indicative Quotes (% of Par)	0 - 103 (97)
	63.7	Discounted Cash Flow	Discount Rates	7% - 19% (13%)
	7.0	Discounted Cash Flow	Discount Rates	16% - 16% (16%)
			Constant Prepayment Rate	8% - 14% (11%)
			Constant Default Rate	1% - 1% (1%)
			Recovery Rate	0% - 0% (0%)
	6.3	Other(1)	N/A	N/A
	6,910.5
Investments in CLOs:
Senior secured notes	407.6	Consensus Pricing with Discounted Cash Flow	Indicative Quotes (% of Par)	79 - 102 (99)
			Discount Margins (Basis Points)	108 - 1,500 (234)
			Default Rates	2% - 2% (2%)
			Recovery Rates	60% - 60% (60%)
Subordinated notes and preferred shares	56.9	Consensus Pricing with Discounted Cash Flow	Indicative Quotes (% of Par)	1 - 107 (37)
			Discount Rates	9% - 35% (18%)
			Default Rates	1% - 2% (2%)
			Recovery Rates	60% - 60% (60%)
Other investments:
BDC preferred shares	50.3	Other(2)	Net Asset Value per Share	16.85 - 16.85 (16.85)
Aviation subordinated notes	3.1	Discounted Cash Flow	Discount Rates	21% - 21% (21%)
Total	$7,428.4
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$6,171.6	Other(3)	N/A	N/A
Subordinated notes and preferred shares	163.5	Consensus Pricing with Discounted Cash Flow	Indicative Quotes (% of Par)	11 - 89 (54)
			Discount Rates	5% - 35% (14%)
			Default Rates	1% - 2% (2%)
			Recovery Rates	60% - 60% (60%)
	10.2	Other(1)	N/A	N/A
Total	$6,345.3

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

(2)The valuation technique for the investment in BDC preferred shares changed at September 30, 2024 due to a proposed merger between

CSL and another Carlyle-advised BDC (see Note 9, Related Party Transactions, for more information).

(3)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, 2023:


	Fair Value at	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	December 31, 2023	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$3.3	Consensus Pricing	Indicative Quotes ($ per share)	0.00 - 208.38 (0.11)
	366.5	Discounted Cash Flow	Discount Rates	10% - 11% (10%)
			Terminal Growth Rate	0% - 7% (5%)
		Comparable Multiple	EBITDA Multiple	12.7x - 12.7x (12.7x)
			TCF Multiple	24.3x - 24.3x (24.3x)
	7.8	Other(1)	N/A	N/A

Bonds	522.5	Consensus Pricing	Indicative Quotes (% of Par)	30 - 105 (90)
Loans	5,829.3	Consensus Pricing	Indicative Quotes (% of Par)	0 - 102 (95)
	11.0	Discounted Cash Flow	Discount Rates	7% - 16% (15%)
	9.4	Discounted Cash Flow	Discount Rates	17% - 17% (17%)
			Constant Prepayment Rate	8% - 8% (8%)
			Constant Default Rate	1% - 1% (1%)
			Recovery Rate	0% - 0% (0%)
Other	12.4	Other(1)	N/A	N/A
	6,762.2
Investments in CLOs
Senior secured notes	472.2	Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	72 - 101 (96)
			Discount Margins (Basis Points)	139 - 1,600 (319)
			Default Rates	2% - 2% (2%)
			Recovery Rates	60% - 60% (60%)
Subordinated notes and preferred shares	59.4	Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	6 - 90 (40)
			Discount Rate	11% - 40% (21%)
			Default Rates	1% - 2% (2%)
			Recovery Rates	60% - 60% (60%)
	1.0	Other(1)	N/A	N/A
Other investments:
BDC preferred shares	81.7	Market Yield Analysis	Market Yields	11% - 11% (11%)
Aviation subordinated notes	2.9	Discounted Cash Flow	Discount Rates	21% - 21% (21%)
Total	$7,379.4
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$6,090.1	Other(2)	N/A	N/A
Subordinated notes and preferred shares	190.0	Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	16 - 103 (41)
			Discount Rates	14% - 30% (21%)
			Default Rates	2% - 2% (2%)
			Recovery Rates	60% - 60% (60%)
	18.5	Other(1)	N/A	N/A
Total	$6,298.6

(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.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

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 September 30, 2024, assets and liabilities of the consolidated VIEs reflected in the condensed consolidated balance

sheets were $8.2 billion and $7.0 billion, respectively. As of December 31, 2023, assets and liabilities of the consolidated VIEs

reflected in the consolidated balance sheets were $7.8 billion and $6.9 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 September 30, 2024, the Company held $220.8 million of investments in these CLOs which represents its

maximum risk of loss. The Company’s investments in these CLOs are generally subordinated to other interests in the entities

and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs

have no recourse against the Company for any losses sustained in the CLO structure. The Company’s Consolidated Funds also

include certain investment funds in the Global Private Equity segment that are accounted for as consolidated VIEs due to the

Company providing financing to bridge investment purchases. As of September 30, 2024, the Company held $353.9 million of

notes receivable and investments related to these investment funds which represents its maximum risk of loss. The Company’s

Consolidated Funds also include certain funds in the 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 (see Note 4, Investments).

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 credit vehicles 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,

Investments, 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 condensed consolidated balance sheets related to the Company’s variable

interests in these non-consolidated VIEs were as follows:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Investments	$1,047.9	$1,118.4
Accrued performance allocations	586.6	492.3
Management fee receivables	99.9	65.1
Total	$1,734.4	$1,675.8

These amounts represent the Company’s maximum exposure to loss related to the unconsolidated VIEs as of

September 30, 2024 and December 31, 2023.

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

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 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 condensed 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.

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 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, Investments, 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 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 segment, management fees generally range from 1.0% to 2.0% of

limited partners’ capital commitments during the fund’s commitment period. For closed-end carry funds in the Global Credit

segment, management fees generally range from 1.0% to 2.0% of limited partners’ invested capital. 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, generally five to ten years after issuance, including after the CLO redemption date until all eligible assets are

disposed of or at such time the collateral manager waives fees at its discretion. 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 CTAC are due monthly in arrears at the annual rate of 1.0%

of the month-end value of the CTAC’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 upon range based

on Fortitude’s overall profitability and is due quarterly in arrears. Managed accounts across the Global Credit segment have

varying management fee arrangements depending on the strategy of the particular account.

Management fees for the Company’s carry fund vehicles in the Global Investment Solutions segment generally range

from 0.25% to 1.5% 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 1.5% 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 investment advisers to the CAPM funds are entitled to receive a monthly management

fee equal to 1.25% on an annualized basis of the fund’s net asset value as of the last day of the month.

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

from the funds that have invested in the portfolio companies to which the service has been provided by a percentage of the

transaction and advisory fees allocable to those funds. This amount is referred to as the “rebate offset,” and is generally 100%.

Transaction and advisory fees allocable to funds that do not pay fund management fees do not have a rebate offset. 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

$25.1 million and $9.4 million for the three months ended September 30, 2024 and 2023, respectively, and $75.1 million and

$39.3 million for the nine months ended September 30, 2024 and 2023, respectively, net of rebate offsets as defined in the

respective fund limited 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 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 condensed

consolidated statements of operations and the expense in general, administrative and other expenses or cash-based

compensation and benefits expenses in the 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 September 30, 2024 and December 31, 2023, the

Company accrued $43.9 million and $44.0 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, Investments), principal investment income includes 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

condensed consolidated statements of operations. Interest income of the Consolidated Funds was $158.0 million and $135.2

million for the three months ended September 30, 2024 and 2023, respectively, and $449.9 million and $367.1 million for the

nine months ended September 30, 2024 and 2023, respectively, and is included in interest and other income of Consolidated

Funds in the accompanying 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. 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 for awards that vest based on service and/or performance conditions. 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 condensed consolidated statements of operations.

For awards with a market condition (e.g., achievement of certain stock price hurdles) that are forfeited due to the market

condition not being achieved, the related equity-based compensation expense is not reversed.

Performance Allocations and Incentive Fee Related Compensation – A portion of the performance allocations and

incentive fees and certain other interests earned is due to employees and advisors of the Company. These amounts are

accounted for as profit sharing interests in compensation expense in a systematic and rational manner 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. The liability is measured assuming the hypothetical liquidation of the

associated funds’ underlying investments as of the measurement date. Accordingly, upon a reversal of performance allocations

or incentive fee revenue, the related compensation expense, if any, is also reversed. As any vesting requirement is accelerated

upon realization, the service period is not considered substantive when recording the liability based on the hypothetical

liquidation value. Effective December 31, 2023, the Company updated its compensation and incentives program, resulting in a

higher proportion of our performance allocations revenue being used to compensate its personnel; accordingly, Performance

allocations and incentive fee related compensation during the three and nine months ended September 30, 2024 will not

meaningfully compare to the three and nine months ended September 30, 2023. As of September 30, 2024 and December 31,

2023, the Company had recorded a liability of $4.9 billion and $4.3 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 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 or global minimum tax status under the Pillar

Two Global Anti-Base Erosion (“GloBE”) model rules of the Organization for Economic Co-operation and Development

(“OECD”). Therefore, the Company accounts for CAMT and the global minimum tax in the period as incurred. 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 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

management 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 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. The Company is subject to credit risk should a financial institution be

unable to fulfil its obligations and if balances held at a financial institution exceed insured limits.

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 condensed consolidated balance sheets with changes in fair value

recognized in the 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 September 30, 2024, $272.3 million of securities were transferred to

counterparties under repurchase agreements and are included within investments in the condensed consolidated balance sheets.

Cash received under repurchase agreements is recognized as a liability within debt obligations in the condensed consolidated

balance sheets. See Note 6, Borrowings, 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 (“ROU”) 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. ROU 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 ROU assets and lease liabilities are recognized at lease commencement

based on the present value of lease payments over the lease term. Lease ROU 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 ROU 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 ROU 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.

ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount

of an asset may not be recoverable.

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.

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 September 30, 2024 and December 31, 2023 were as follows:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Currency translation adjustments	$(262.2)	$(292.8)
Unrealized losses on defined benefit plans	(3.7)	(4.5)
Total	$(265.9)	$(297.3)

Foreign Currency Translation

Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the 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 $(10.2) million and $19.6 million for the

three months ended September 30, 2024 and 2023, respectively, and $(9.2) million and $(2.8) million for the nine months ended

September 30, 2024 and 2023, respectively, are included in general, administrative and other expenses in the 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 condensed consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting–Improvements to Reportable Segment

Disclosures, which requires, among other things, disclosure of significant segment expense categories and amounts for each

reportable segment on an interim and annual basis. The guidance is effective for fiscal years beginning after December 15,

2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does

not expect the impact of this guidance to be material to its condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosure, which requires disclosure

of disaggregated information about a reporting entity’s effective tax rate reconciliation, using both percentages and reporting

currency amounts for specific standardized categories, as well as disclosure of income taxes paid disaggregated by jurisdiction.

The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company

does not expect the impact of this guidance to be material to its condensed consolidated financial statements.

Related Party Transactions - Amounts Due from Affiliates and Other Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	$ 757.2	$ 691.6
Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	757.2	691.6
Accrued incentive fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	25.8	22.9
Unbilled receivable for giveback obligations from current and former employees \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	11.5	11.5
Notes receivable and accrued interest from affiliates \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	35.5	44.2
Management fee receivable, net \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	309.8	277.8
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	$ 374.6	$ 335.2

Summary of Significant Accounting Policies - Fixed Assets (Details)	Sep. 30, 2024
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

Investments - Principal Investments in CLOs and Other Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
CLO Senior and Subordinated Notes and Derivative Instruments
Debt and Equity Securities, FV-NI [Line Items]
Trading securities	$ 464.5	$ 532.6

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading).

+ References + Details

Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Shares Repurchased or Retired

The following table presents

the Company’s shares that have been repurchased or retired as a result of net share settlement of equity-based awards during the

three and nine months ended September 30, 2024 and 2023. Dollar amounts exclude the impact of excise taxes.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
(Dollars in millions)	Shares	$	Shares	$	Shares	$	Shares	$
Shares repurchased	1,670,245	$65.0	1,343,419	$43.2	8,029,148	$345.6	6,505,037	$203.7
Shares retired in connection with the net share settlement of equity- based awards	1,717,966	85.5	—	—	2,833,113	133.2	—	—
Total	3,388,211	$150.5	1,343,419	$43.2	10,862,261	$478.8	6,505,037	$203.7

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 16, 2023	May 23, 2023	$0.35	$126.7
August 15, 2023	August 23, 2023	0.35	126.3
November 21, 2023	November 29, 2023	0.35	126.3
February 23, 2024	March 1, 2024	0.35	126.7
Total 2023 Dividend Year		$1.40	$506.0

May 14, 2024	May 21, 2024	$0.35	$125.6
August 16, 2024	August 26, 2024	0.35	125.5
November 18, 2024	November 25, 2024	0.35	125.3
Total 2024 Dividend Year (through Q3 2024)		$1.05	$376.4

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
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%
Percentage of monthly management fee			1.25%
Transaction and portfolio advisory fee, rebate offset percentage	100.00%		100.00%
Transaction and advisory fees	$ 25.1	$ 9.4	$ 75.1	$ 39.3
Incentive Fees
Performance fees allocation percentage to partnership (percent)			20.00%
Accrued giveback obligations	43.9		$ 43.9		$ 44.0
Interest Income
Interest income from investments	$ 158.0	$ 135.2	$ 449.9	$ 367.1
Minimum
Net Investment Income [Line Items]
Percentage of management fees earned			1.00%
Percentage of management fees earned from invested capital			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%
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%
Percentage of management fees earned from invested capital			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			1.50%
Percentage of management fees from funds of funds following the expiration of the weighted average investment period			1.50%
Incentive Fees
Percentage of allocation based performance fees related to fund of funds vehicles (percent)			12.50%
Percent of preferred returns (percent)			9.00%

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Schedule of Investments

Investments consist of the following:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Accrued performance allocations	$7,210.8	$6,169.9
Principal equity method investments, excluding performance allocations	3,234.2	3,024.1
Principal investments in CLOs	464.5	532.6
Other investments	185.5	228.7
Total	$11,095.0	$9,955.3

Schedule of Components of Accrued Performance Fees

The components of accrued performance allocations are as follows:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Global Private Equity	$5,048.4	$4,310.7
Global Credit	476.6	323.4
Global Investment Solutions	1,685.8	1,535.8
Total	$7,210.8	$6,169.9

Schedule of Components of Accrued Giveback Obligations

The components of the accrued giveback obligations are as

follows:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Global Private Equity	$(18.4)	$(18.4)
Global Credit	(25.5)	(25.6)
Total	$(43.9)	$(44.0)

Schedule of Equity Method Investments

Principal investments are related to the following segments:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Global Private Equity(1)	$1,808.5	$1,798.3
Global Credit(2)	1,156.7	987.4
Global Investment Solutions	269.0	238.4
Total	$3,234.2	$3,024.1

(1)The balance includes $915.7 million and $916.2 million as of September 30, 2024 and December 31, 2023, respectively, related to

the Company’s equity method investments in NGP.

(2)The balance includes $741.5 million and $595.4 million as of September 30, 2024 and December 31, 2023, respectively, related to

the Company’s investment in Fortitude.

The Company’s investments in NGP as of September 30, 2024 and December 31, 2023 are as follows:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Investment in NGP Management	$373.3	$370.5
Investments in NGP general partners - accrued performance allocations	487.8	484.4
Principal investments in NGP funds	54.6	61.3
Total investments in NGP	$915.7	$916.2

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Global Private Equity	$58.0	$77.2	$124.1	$157.8
Global Credit	30.5	15.0	61.5	(79.4)
Global Investment Solutions	15.0	0.4	21.5	8.6
Total	$103.5	$92.6	$207.1	$87.0

Schedule of Net Investment Income (Loss)

The net investment income (loss) recognized in the Company’s condensed

consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Management fee related revenues from NGP Management	$20.8	$20.5	$57.3	$58.4
Expenses related to the investment in NGP Management	(3.5)	(3.5)	(10.5)	(11.0)
Net investment income from NGP Management	$17.3	$17.0	$46.8	$47.4

Schedule of Components of Investment Income (Loss)

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Performance allocations
Realized	$266.4	$49.1	$804.0	$614.8
Unrealized	1,519.1	(167.4)	1,022.7	(819.1)
	1,785.5	(118.3)	1,826.7	(204.3)
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	38.1	177.8	135.5	181.9
Unrealized	65.4	(85.2)	71.6	(94.9)
	103.5	92.6	207.1	87.0
Principal investment income (loss) from investments in CLOs and other investments
Realized	(4.7)	0.5	4.5	0.4
Unrealized(1)	(52.8)	7.5	(4.4)	17.7
	(57.5)	8.0	0.1	18.1
Total	$1,831.5	$(17.7)	$2,033.9	$(99.2)

(1)The three and nine months ended September 30, 2024 each include the reversal of $48.5 million of previously recorded unrealized

investment income on the BDC Preferred Shares (see Note 9, Related Party Transactions for more information). The nine months

ended September 30, 2024 and 2023 include investment gain (loss) of $5.3 million and $(13.3) million, respectively, associated

with the remeasurement of corporate investments, resulting from observable price changes pursuant to ASC 321, Investments–

Equity Securities.

Schedule of Performance Allocations Included in Revenues

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Global Private Equity	$1,625.8	$(188.2)	$1,447.3	$(519.6)
Global Credit	58.7	45.3	170.0	116.4
Global Investment Solutions	101.0	24.6	209.4	198.9
Total	$1,785.5	$(118.3)	$1,826.7	$(204.3)

The following table summarizes the funds that are the primary drivers of performance allocations for the periods

presented and the total revenue recognized, including performance allocations as well as fund management fees and principal

investment income:


Three Months Ended September 30, 2024			Nine Months Ended September 30, 2024
(Dollars in millions)			(Dollars in millions)
Global Private Equity	Carlyle Partners VII, L.P.	$1,228.8	Global Private Equity	Carlyle Partners VII, L.P.	$1,258.9


Three Months Ended September 30, 2023			Nine Months Ended September 30, 2023
(Dollars in millions)			(Dollars in millions)
Global Private Equity	Carlyle Partners VI, L.P.	$(148.5)	Global Private Equity	Carlyle Partners VII, L.P.	$(374.9)
Global Private Equity	Carlyle Partners VII, L.P.	(112.0)	Global Private Equity	Carlyle Partners VI, L.P.	(202.0)

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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Interest income from investments	$158.0	$135.2	$449.9	$367.1
Other income	22.1	17.5	60.7	44.6
Total	$180.1	$152.7	$510.6	$411.7

Schedule of Components of Net Investment Income (losses) of Consolidated Funds

The components of Net

investment income (loss) of Consolidated Funds are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$(24.9)	$121.6	$58.1	$262.7
Gains (losses) from liabilities of CLOs	27.4	(130.9)	(67.7)	(252.8)
Total	$2.5	$(9.3)	$(9.6)	$9.9

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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Realized losses	$(4.5)	$(24.1)	$(49.1)	$(63.0)
Net change in unrealized gains (losses)	(20.4)	145.7	107.2	325.7
Total	$(24.9)	$121.6	$58.1	$262.7

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31,

2023:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Acquired contractual rights	$927.9	$924.1
Accumulated amortization	(361.4)	(262.0)
Finite-lived intangible assets, net	566.5	662.1
Goodwill	104.1	104.0
Intangible Assets, net	$670.6	$766.1

As discussed in Note 2, Summary of Significant Accounting Policies, 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. The Company recorded no impairment losses during any of the periods presented.

Intangible asset amortization expense was $32.7 million and $36.7 million for the three months ended September 30,

2024 and 2023, respectively, and $98.0 million and $102.4 million for the nine months ended September 30, 2024 and 2023,

respectively, and is included in general, administrative, and other expenses in the 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 accumulated other comprehensive income (loss).

The following table summarizes the expected amortization expense for 2024 through 2028 and thereafter (Dollars in

millions):


Year ending December 31,
2024 (excluding the nine months ended September 30, 2024)	$33.0
2025	131.7
2026	131.6
2027	121.5
2028	114.4
Thereafter	34.3
	$566.5

Accrued Compensation and Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Accrued performance allocations and incentive fee related compensation	$4,924.3	$4,255.8
Accrued bonuses	237.6	498.2
Accrued pension liability	10.4	13.1
Other(1)(2)	262.5	155.1
Total	$5,434.8	$4,922.2

(1)Includes $17.0 million and $44.5 million of realized performance allocations and incentive fee related compensation not yet paid to

participants as of September 30, 2024 and December 31, 2023, respectively.

(2)Includes $139.2 million of realized performance allocations related compensation associated with the Company’s updated

compensation program (see Note 2, Summary of Significant Accounting Policies) not yet paid as of September 30, 2024.

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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Realized	$196.8	$40.4	$578.5	$337.5
Unrealized	954.2	(94.3)	643.9	(377.9)
Total	$1,151.0	$(53.9)	$1,222.4	$(40.4)

Fair Value Measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Subtotal	$ 8,020.4
Investments measured at net asset value		$ 7,962.9
Liabilities
Loans payable of Consolidated Funds	6,345.3	6,298.6
Total	6,345.3	6,298.6
Senior And Subordinated Notes
Liabilities
Loans payable of Consolidated Funds		10.0
Revolving Credit Facility
Liabilities
Loans payable of Consolidated Funds	186.1	177.9
Equity securities \| Consolidated VIEs
Assets
Investments measured at net asset value	371.9	322.0
Investments In CLOs and other
Assets
Investments	581.2
Fair Value, Inputs, Level 1, 2 and 3
Assets
Subtotal	7,493.4	7,460.9
Fair Value, Inputs, Level 1, 2 and 3 \| Investments of Consolidated Funds
Assets
Investments	6,910.5	6,762.2
Fair Value, Inputs, Level 1, 2 and 3 \| Equity securities
Assets
Investments	486.9	377.6
Fair Value, Inputs, Level 1, 2 and 3 \| Bonds
Assets
Investments	503.1	522.5
Fair Value, Inputs, Level 1, 2 and 3 \| Loans
Assets
Investments	5,920.5	5,862.1
Fair Value, Inputs, Level 1, 2 and 3 \| Investments in CLOs
Assets
Investments	464.5	532.6
Fair Value, Inputs, Level 1, 2 and 3 \| Other investments
Assets
Investments	116.7	166.1
Fair Value, Inputs, Level 1, 2 and 3 \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	1.7
Level I
Assets
Subtotal	41.8	38.7
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Total	0.0	0.0
Level I \| Investments of Consolidated Funds
Assets
Investments	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 In CLOs and other
Assets
Investments	41.8
Level I \| Investments in CLOs
Assets
Investments	0.0	0.0
Level I \| Other investments
Assets
Investments	41.8	38.7
Level I \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	0.0
Level II
Assets
Subtotal	23.2	42.8
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Total	0.0	0.0
Level II \| Investments of Consolidated Funds
Assets
Investments	0.0	0.0
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 In CLOs and other
Assets
Investments	21.5
Level II \| Investments in CLOs
Assets
Investments	0.0	0.0
Level II \| Other investments
Assets
Investments	21.5	42.8
Level II \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	1.7
Level III
Assets
Subtotal	7,428.4	7,379.4
Liabilities
Loans payable of Consolidated Funds	6,345.3	6,298.6
Total	6,345.3	6,298.6
Level III \| Investments of Consolidated Funds
Assets
Investments	6,910.5	6,762.2
Subtotal	6,910.5	6,762.2
Level III \| Equity securities
Assets
Investments	486.9	377.6
Subtotal	56.3
Investments measured at net asset value	56.2	50.4
Level III \| Bonds
Assets
Investments	503.1	522.5
Level III \| Loans
Assets
Investments	5,920.5	5,862.1
Level III \| Investments In CLOs and other
Assets
Investments	517.9
Level III \| Investments in CLOs
Assets
Investments	464.5	532.6
Level III \| Other investments
Assets
Investments	53.4	84.6
Level III \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	0.0
Fair Value Measured at NAV
Assets
Investments measured at net asset value	527.0	502.0
Fair Value Measured at NAV \| Investments of Consolidated Funds
Assets
Investments	$ 517.4	$ 490.9

Investments - Investment in NGP (Additional Information) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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			$ 14.9	$ 51.2	$ 33.2	$ 87.7
Net investment (losses) earnings related to principal investment income			$ 2.5	$ 6.7	5.2	10.6
Carlyle FRL
Schedule of Equity Method Investments [Line Items]
Investment loss		$ 176.9			$ 104.0
Carlyle FRL \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	10.50%	13.50%
Carlyle FRL \| Global Credit
Schedule of Equity Method Investments [Line Items]
Investment loss						$ 104.0
Carlyle FRL \| Global Credit \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Prior ownership percentage						13.50%
Ownership percentage						10.50%
Minimum
Schedule of Equity Method Investments [Line Items]
Performance allocations, carry funds, percentage (percent)					40.00%
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%
Minimum \| Carlyle FRL \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		13.50%
Maximum
Schedule of Equity Method Investments [Line Items]
Performance allocations, carry funds, percentage (percent)					42.75%
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%
Maximum \| Carlyle FRL \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		19.90%
Management Fee Related Revenues \| Investment in NGP Management
Schedule of Equity Method Investments [Line Items]
Management fee-related revenues, allocation percentage (percent)					55.00%

Segment Reporting

9 Months Ended

Sep. 30, 2024

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, asset-backed lending, 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 the chief operating decision maker (“CODM”) in making resource deployment and

compensation decisions and in assessing performance of the Company’s three reportable segments. The CODM also uses DE in

budgeting, forecasting, and the overall management of the Company’s segments. The CODM believes that reporting DE is

helpful to understanding the Company’s business and that investors should review the same supplemental financial measure

that the CODM uses to analyze the Company’s segment performance. DE is intended to show the amount of net realized

earnings without the effects of the consolidation of the Consolidated Funds. DE is derived from the Company’s segment

reported results and is used to assess performance.

Distributable Earnings differs from income (loss) before provision for income taxes computed in accordance with U.S.

GAAP in that it includes certain tax expenses associated with certain foreign performance revenues (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 that affect

period-to-period comparability and are not reflective of the Company’s operational performance. Charges (credits) related to

Carlyle corporate actions and non-recurring items include: charges (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, certain general, administrative and other expenses when the timing of any future payment is uncertain, and non-

recurring items that affect period-to-period comparability and are not reflective of the Company’s operating performance.

Management believes the inclusion or exclusion of these items provides investors with a meaningful indication of the

Company’s core operating performance.

Fee Related Earnings. Fee Related Earnings, or “FRE,” is a component of DE and is used to assess the ability of the

business to cover base compensation and operating expenses from total fee revenues. FRE adjusts DE to exclude net realized

performance revenues, realized principal investment income, and net interest (interest income less interest expense). Fee

Related Earnings includes fee related performance revenues and related compensation expense, which is generally 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.

Total assets by segment is not disclosed because this information is not used by the CODM to make resource deployment

decisions or evaluate the performance of the Company’s segments.

The following tables present the financial data for the Company’s three reportable segments for the three and nine months

ended September 30, 2024:


	Three Months Ended September 30, 2024
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$298.6	$142.8	$85.1	$526.5
Portfolio advisory and transaction fees, net and other	5.9	21.4	0.1	27.4
Fee related performance revenues	—	29.0	7.3	36.3
Total fund level fee revenues	304.5	193.2	92.5	590.2
Realized performance revenues	225.2	11.5	39.2	275.9
Realized principal investment income (loss)	10.0	(2.8)	1.9	9.1
Interest income	7.7	9.8	2.3	19.8
Total revenues	547.4	211.7	135.9	895.0
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	101.1	76.5	30.0	207.6
Realized performance revenues related compensation	141.5	6.9	36.9	185.3
Total compensation and benefits	242.6	83.4	66.9	392.9
General, administrative, and other indirect expenses	48.5	31.2	13.2	92.9
Depreciation and amortization expense	6.7	3.3	1.8	11.8
Interest expense	14.1	13.3	2.9	30.3
Total expenses	311.9	131.2	84.8	527.9
(=) Distributable Earnings	$235.5	$80.5	$51.1	$367.1
(-) Realized Net Performance Revenues	83.7	4.6	2.3	90.6
(-) Realized Principal Investment Income (Loss)	10.0	(2.8)	1.9	9.1
(+) Net Interest	6.4	3.5	0.6	10.5
(=) Fee Related Earnings	$148.2	$82.2	$47.5	$277.9


	Nine Months Ended September 30, 2024
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$908.4	$420.5	$238.7	$1,567.6
Portfolio advisory and transaction fees, net and other	16.8	66.0	0.2	83.0
Fee related performance revenues	6.9	81.2	10.4	98.5
Total fund level fee revenues	932.1	567.7	249.3	1,749.1
Realized performance revenues	728.7	19.0	82.5	830.2
Realized principal investment income	35.7	30.2	3.5	69.4
Interest income	21.8	30.6	5.8	58.2
Total revenues	1,718.3	647.5	341.1	2,706.9
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	314.3	227.3	85.6	627.2
Realized performance revenues related compensation	457.2	11.5	73.2	541.9
Total compensation and benefits	771.5	238.8	158.8	1,169.1
General, administrative, and other indirect expenses	137.3	96.1	37.1	270.5
Depreciation and amortization expense	19.6	9.6	5.0	34.2
Interest expense	42.2	40.6	8.7	91.5
Total expenses	970.6	385.1	209.6	1,565.3
(=) Distributable Earnings	$747.7	$262.4	$131.5	$1,141.6
(-) Realized Net Performance Revenues	271.5	7.5	9.3	288.3
(-) Realized Principal Investment Income	35.7	30.2	3.5	69.4
(+) Net Interest	20.4	10.0	2.9	33.3
(=) Fee Related Earnings	$460.9	$234.7	$121.6	$817.2

The following tables present the financial data for the Company’s three reportable segments for the three and nine months

ended September 30, 2023:


	Three Months Ended September 30, 2023
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$330.1	$128.9	$59.1	$518.1
Portfolio advisory and transaction fees, net and other	4.0	7.2	—	11.2
Fee related performance revenues	0.7	21.1	1.6	23.4
Total fund level fee revenues	334.8	157.2	60.7	552.7
Realized performance revenues	164.6	2.7	13.1	180.4
Realized principal investment income	14.4	8.0	1.0	23.4
Interest income	8.8	9.7	1.6	20.1
Total revenues	522.6	177.6	76.4	776.6
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	142.3	81.3	32.4	256.0
Realized performance revenues related compensation	18.2	1.4	10.8	30.4
Total compensation and benefits	160.5	82.7	43.2	286.4
General, administrative, and other indirect expenses	46.0	26.2	9.4	81.6
Depreciation and amortization expense	7.1	2.1	1.2	10.4
Interest expense	16.8	11.8	2.2	30.8
Total expenses	230.4	122.8	56.0	409.2
(=) Distributable Earnings	$292.2	$54.8	$20.4	$367.4
(-) Realized Net Performance Revenues	146.4	1.3	2.3	150.0
(-) Realized Principal Investment Income	14.4	8.0	1.0	23.4
(+) Net Interest	8.0	2.1	0.6	10.7
(=) Fee Related Earnings	$139.4	$47.6	$17.7	$204.7


	Nine Months Ended September 30, 2023
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$987.2	$378.4	$173.7	$1,539.3
Portfolio advisory and transaction fees, net and other	14.7	31.1	—	45.8
Fee related performance revenues	63.1	59.1	3.2	125.4
Total fund level fee revenues	1,065.0	468.6	176.9	1,710.5
Realized performance revenues	577.3	36.0	67.3	680.6
Realized principal investment income	39.5	25.2	4.6	69.3
Interest income	19.7	24.6	4.0	48.3
Total revenues	1,701.5	554.4	252.8	2,508.7
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	464.6	246.3	94.4	805.3
Realized performance revenues related compensation	209.1	16.8	60.1	286.0
Total compensation and benefits	673.7	263.1	154.5	1,091.3
General, administrative, and other indirect expenses	162.2	73.5	35.1	270.8
Depreciation and amortization expense	19.7	5.8	3.5	29.0
Interest expense	50.2	32.9	6.7	89.8
Total expenses	905.8	375.3	199.8	1,480.9
(=) Distributable Earnings	$795.7	$179.1	$53.0	$1,027.8
(-) Realized Net Performance Revenues	368.2	19.2	7.2	394.6
(-) Realized Principal Investment Income	39.5	25.2	4.6	69.3
(+) Net Interest	30.5	8.3	2.7	41.5
(=) Fee Related Earnings	$418.5	$143.0	$43.9	$605.4

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the

three months ended September 30, 2024 and 2023.


	Three Months Ended September 30, 2024
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$895.0	$180.1	$1,560.1	(a)	$2,635.2
Expenses	$527.9	$160.6	$1,160.4	(b)	$1,848.9
Other income (loss)	$—	$2.5	$—	(c)	$2.5
Distributable earnings	$367.1	$22.0	$399.7	(d)	$788.8



	Three Months Ended September 30, 2023
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$776.6	$152.7	$(212.7)	(a)	$716.6
Expenses	$409.2	$111.2	$34.7	(b)	$555.1
Other income (loss)	$—	$(9.3)	$—	(c)	$(9.3)
Distributable earnings	$367.4	$32.2	$(247.4)	(d)	$152.2

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the

nine months ended September 30, 2024 and 2023.


	Nine Months Ended September 30, 2024
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$2,706.9	$510.6	$1,175.8	(a)	$4,393.3
Expenses	$1,565.3	$464.6	$1,225.5	(b)	$3,255.4
Other income (loss)	$—	$(9.6)	$—	(c)	$(9.6)
Distributable earnings	$1,141.6	$36.4	$(49.7)	(d)	$1,128.3


	Nine Months Ended September 30, 2023
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$2,508.7	$411.7	$(882.7)	(a)	$2,037.7
Expenses	$1,480.9	$324.7	$0.2	(b)	$1,805.8
Other income (loss)	$—	$9.9	$—	(c)	$9.9
Distributable earnings	$1,027.8	$96.9	$(882.9)	(d)	$241.8

(a)The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment

income (loss) (including Fortitude), revenues earned from the Consolidated Funds which were eliminated in

consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controlling

interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management

and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect

the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses

associated with certain foreign performance revenues, as detailed below:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Unrealized performance and fee related performance revenues	$1,495.1	$(229.2)	$1,020.9	$(850.4)
Unrealized principal investment income (loss)	1.8	17.1	54.3	18.5
Principal investment loss from dilution of indirect investment in Fortitude	—	—	—	(104.0)
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(3.5)	(3.5)	(10.5)	(11.0)
Non-controlling interests and other adjustments to present certain costs on a net basis	79.0	23.5	156.7	118.2
Elimination of revenues of Consolidated Funds	(12.3)	(20.6)	(45.6)	(54.0)
	$1,560.1	$(212.7)	$1,175.8	$(882.7)

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 nine months ended September 30, 2024

and 2023.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$590.2	$552.7	$1,749.1	$1,710.5
Adjustments(1)	(57.5)	(50.1)	(158.4)	(199.3)
Carlyle Consolidated - Fund management fees	$532.7	$502.6	$1,590.7	$1,511.2

(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 Funds which were eliminated in consolidation to arrive at the

Company’s fund management fees, and the reclassification of certain amounts included in portfolio advisory

fees, net and other in the segment results that are included in interest and other income in the U.S. GAAP results.

(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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense	$930.7	$(90.3)	$634.5	$(378.8)
Equity-based compensation	122.0	67.3	360.4	195.1
Acquisition or disposition-related charges and amortization of intangibles and impairment	37.4	50.6	103.5	113.0
Tax (expense) benefit associated with certain foreign performance revenues related compensation	(0.2)	(0.2)	(1.4)	(0.8)
Non-controlling interests and other adjustments to present certain costs on a net basis	63.8	10.7	108.6	85.9
Other adjustments	5.3	5.4	45.8	11.6
Elimination of expenses of Consolidated Funds	1.4	(8.8)	(25.9)	(25.8)
	$1,160.4	$34.7	$1,225.5	$0.2

(c)The Other Income (Loss) adjustment results from the Consolidated Funds that were eliminated in consolidation to

arrive at the Company’s total Other Income (Loss).

(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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Income (loss) before provision for income taxes	$788.8	$152.2	$1,128.3	$241.8
Adjustments:
Net unrealized performance and fee related performance revenues	(564.4)	138.9	(386.4)	471.6
Unrealized principal investment (income) loss	(1.8)	(17.1)	(54.3)	(18.5)
Principal investment loss from dilution of indirect investment in Fortitude	—	—	—	104.0
Equity-based compensation(1)	122.0	67.3	360.4	195.1
Acquisition or disposition-related charges, including amortization of intangibles and impairment	37.4	50.6	103.5	113.0
Tax expense associated with certain foreign performance revenues	(0.2)	(0.2)	(1.4)	(0.8)
Net income attributable to non-controlling interests in consolidated entities	(20.0)	(29.7)	(54.3)	(90.0)
Other adjustments(2)	5.3	5.4	45.8	11.6
Distributable Earnings	$367.1	$367.4	$1,141.6	$1,027.8
Realized performance revenues, net of related compensation(3)	90.6	150.0	288.3	394.6
Realized principal investment income(3)	9.1	23.4	69.4	69.3
Net interest	10.5	10.7	33.3	41.5
Fee Related Earnings	$277.9	$204.7	$817.2	$605.4

(1)Equity-based compensation for the three and nine months ended September 30, 2024 and 2023 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)Includes charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period

comparability and are not reflective of the Company’s operating performance.

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


	Three Months Ended September 30, 2024
	Carlyle Consolidated	Adjustments (4)	Total Reportable Segments
	(Dollars in millions)
Performance revenues	$1,785.5	$(1,509.6)	$275.9
Performance revenues related compensation expense	1,151.0	(965.7)	185.3
Net performance revenues	$634.5	$(543.9)	$90.6

Principal investment income (loss)	$46.0	$(36.9)	$9.1

	Nine Months Ended September 30, 2024
	Carlyle Consolidated	Adjustments (4)	Total Reportable Segments
	(Dollars in millions)
Performance revenues	$1,826.7	$(996.5)	$830.2
Performance revenues related compensation expense	1,222.4	(680.5)	541.9
Net performance revenues	$604.3	$(316.0)	$288.3

Principal investment income (loss)	$207.2	$(137.8)	$69.4


	Three Months Ended September 30, 2023
	Carlyle Consolidated	Adjustments (4)	Total Reportable Segments
	(Dollars in millions)
Performance revenues	$(118.3)	$298.7	$180.4
Performance revenues related compensation expense	(53.9)	84.3	30.4
Net performance revenues	$(64.4)	$214.4	$150.0

Principal investment income (loss)	$100.6	$(77.2)	$23.4

	Nine Months Ended September 30, 2023
	Carlyle Consolidated	Adjustments (4)	Total Reportable Segments
	(Dollars in millions)
Performance revenues	$(204.3)	$884.9	$680.6
Performance revenues related compensation expense	(40.4)	326.4	286.0
Net performance revenues	$(163.9)	$558.5	$394.6

Principal investment income (loss)	$105.1	$(35.8)	$69.3

(4) Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations

net of related compensation expense and unrealized principal investment income, which are excluded from the segment

results, (ii) amounts earned from the Consolidated Funds, which 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.

- 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/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Performance allocations	$ 7,210.8	$ 6,169.9
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)	357,681,261	361,326,172
Common stock, outstanding (in shares)	357,681,261	361,326,172

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Performance revenues	$ 1,831.5	$ (17.7)	$ 2,033.9	$ (99.2)
Interest and other income	52.2	57.9	161.9	152.1
Interest and other income of Consolidated Funds	180.1	152.7	510.6	411.7
Total revenues	2,635.2	716.6	4,393.3	2,037.7
Compensation and benefits
Cash-based compensation and benefits	207.5	267.6	635.7	798.4
Equity-based compensation	121.6	64.4	355.1	186.8
Performance allocations and incentive fee related compensation	1,151.0	(53.9)	1,222.4	(40.4)
Total compensation and benefits	1,480.1	278.1	2,213.2	944.8
General, administrative and other expenses	176.6	143.0	512.2	470.7
Interest	30.3	31.4	91.5	91.8
Interest and other expenses of Consolidated Funds	162.0	102.5	438.7	298.3
Other non-operating (income) expenses	(0.1)	0.1	(0.2)	0.2
Total expenses	1,848.9	555.1	3,255.4	1,805.8
Other income (loss)
Net investment income (loss) of Consolidated Funds	2.5	(9.3)	(9.6)	9.9
Income before provision for income taxes	788.8	152.2	1,128.3	241.8
Provision for income taxes	173.1	41.2	264.5	68.2
Net income	615.7	111.0	863.8	173.6
Net income attributable to non-controlling interests in consolidated entities	20.0	29.7	54.3	90.0
Net income attributable to The Carlyle Group Inc.	$ 595.7	$ 81.3	$ 809.5	$ 83.6
Net income attributable to The Carlyle Group Inc. per common share (see Note 12)
Basic (in dollars per share)	$ 1.67	$ 0.23	$ 2.26	$ 0.23
Diluted (in dollars per share)	$ 1.63	$ 0.22	$ 2.21	$ 0.23
Weighted-average common shares
Basic (in shares)	357,689,521	360,568,375	358,966,961	361,583,260
Diluted (in shares)	364,789,752	363,655,647	367,073,705	364,092,860
Fund management fees
Revenues
Fund management fees and incentive fees	$ 532.7	$ 502.6	$ 1,590.7	$ 1,511.2
Incentive fees
Revenues
Fund management fees and incentive fees	38.7	21.1	96.2	61.9
Performance allocations
Revenues
Performance revenues	1,785.5	(118.3)	1,826.7	(204.3)
Principal investment income (loss)
Revenues
Performance revenues	$ 46.0	$ 100.6	$ 207.2	$ 105.1

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Foreign currency transaction gain (loss)	$ (10.2)	$ 19.6	$ (9.2)	$ (2.8)

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Amounts Due from Affiliates and Other Receivables

The Company had the following due from affiliates and other receivables at September 30, 2024 and December 31,

2023:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Accrued incentive fees	$25.8	$22.9
Unbilled receivable for giveback obligations from current and former employees	11.5	11.5
Notes receivable and accrued interest from affiliates	35.5	44.2
Management fee receivable, net	309.8	277.8
Reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	374.6	335.2
Total	$757.2	$691.6

Schedule of Amounts Due to Affiliates

The Company had the following due to affiliates balances at September 30, 2024 and December 31, 2023:


	As of
	September 30, 2024	December 31, 2023
	(Dollars in millions)
Due to affiliates of Consolidated Funds	$5.4	$6.3
Due to non-consolidated affiliates	114.8	97.0
Amounts owed under the tax receivable agreement	76.2	79.3
Deferred consideration for Carlyle Holdings units	—	68.4
Other	23.4	24.9
Total	$219.8	$275.9

Investments - Performance Allocations Included in Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Investments [Line Items]
Total	$ 1,785.5	$ (118.3)	$ 1,826.7	$ (204.3)
Global Private Equity
Schedule of Investments [Line Items]
Total	1,625.8	(188.2)	1,447.3	(519.6)
Global Credit
Schedule of Investments [Line Items]
Total	58.7	45.3	170.0	116.4
Global Investment Solutions
Schedule of Investments [Line Items]
Total	$ 101.0	$ 24.6	$ 209.4	$ 198.9

- 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

Subsequent Events (Details) - $ / shares	1 Months Ended	3 Months Ended							9 Months Ended	12 Months Ended
Subsequent Events (Details) - $ / shares	Oct. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share)		$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 1.05	$ 1.40
Subsequent event
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.35

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

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 nine months

ended September 30, 2024:


	Three Months Ended September 30, 2024
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$298.6	$142.8	$85.1	$526.5
Portfolio advisory and transaction fees, net and other	5.9	21.4	0.1	27.4
Fee related performance revenues	—	29.0	7.3	36.3
Total fund level fee revenues	304.5	193.2	92.5	590.2
Realized performance revenues	225.2	11.5	39.2	275.9
Realized principal investment income (loss)	10.0	(2.8)	1.9	9.1
Interest income	7.7	9.8	2.3	19.8
Total revenues	547.4	211.7	135.9	895.0
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	101.1	76.5	30.0	207.6
Realized performance revenues related compensation	141.5	6.9	36.9	185.3
Total compensation and benefits	242.6	83.4	66.9	392.9
General, administrative, and other indirect expenses	48.5	31.2	13.2	92.9
Depreciation and amortization expense	6.7	3.3	1.8	11.8
Interest expense	14.1	13.3	2.9	30.3
Total expenses	311.9	131.2	84.8	527.9
(=) Distributable Earnings	$235.5	$80.5	$51.1	$367.1
(-) Realized Net Performance Revenues	83.7	4.6	2.3	90.6
(-) Realized Principal Investment Income (Loss)	10.0	(2.8)	1.9	9.1
(+) Net Interest	6.4	3.5	0.6	10.5
(=) Fee Related Earnings	$148.2	$82.2	$47.5	$277.9


	Nine Months Ended September 30, 2024
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$908.4	$420.5	$238.7	$1,567.6
Portfolio advisory and transaction fees, net and other	16.8	66.0	0.2	83.0
Fee related performance revenues	6.9	81.2	10.4	98.5
Total fund level fee revenues	932.1	567.7	249.3	1,749.1
Realized performance revenues	728.7	19.0	82.5	830.2
Realized principal investment income	35.7	30.2	3.5	69.4
Interest income	21.8	30.6	5.8	58.2
Total revenues	1,718.3	647.5	341.1	2,706.9
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	314.3	227.3	85.6	627.2
Realized performance revenues related compensation	457.2	11.5	73.2	541.9
Total compensation and benefits	771.5	238.8	158.8	1,169.1
General, administrative, and other indirect expenses	137.3	96.1	37.1	270.5
Depreciation and amortization expense	19.6	9.6	5.0	34.2
Interest expense	42.2	40.6	8.7	91.5
Total expenses	970.6	385.1	209.6	1,565.3
(=) Distributable Earnings	$747.7	$262.4	$131.5	$1,141.6
(-) Realized Net Performance Revenues	271.5	7.5	9.3	288.3
(-) Realized Principal Investment Income	35.7	30.2	3.5	69.4
(+) Net Interest	20.4	10.0	2.9	33.3
(=) Fee Related Earnings	$460.9	$234.7	$121.6	$817.2

The following tables present the financial data for the Company’s three reportable segments for the three and nine months

ended September 30, 2023:


	Three Months Ended September 30, 2023
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$330.1	$128.9	$59.1	$518.1
Portfolio advisory and transaction fees, net and other	4.0	7.2	—	11.2
Fee related performance revenues	0.7	21.1	1.6	23.4
Total fund level fee revenues	334.8	157.2	60.7	552.7
Realized performance revenues	164.6	2.7	13.1	180.4
Realized principal investment income	14.4	8.0	1.0	23.4
Interest income	8.8	9.7	1.6	20.1
Total revenues	522.6	177.6	76.4	776.6
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	142.3	81.3	32.4	256.0
Realized performance revenues related compensation	18.2	1.4	10.8	30.4
Total compensation and benefits	160.5	82.7	43.2	286.4
General, administrative, and other indirect expenses	46.0	26.2	9.4	81.6
Depreciation and amortization expense	7.1	2.1	1.2	10.4
Interest expense	16.8	11.8	2.2	30.8
Total expenses	230.4	122.8	56.0	409.2
(=) Distributable Earnings	$292.2	$54.8	$20.4	$367.4
(-) Realized Net Performance Revenues	146.4	1.3	2.3	150.0
(-) Realized Principal Investment Income	14.4	8.0	1.0	23.4
(+) Net Interest	8.0	2.1	0.6	10.7
(=) Fee Related Earnings	$139.4	$47.6	$17.7	$204.7


	Nine Months Ended September 30, 2023
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$987.2	$378.4	$173.7	$1,539.3
Portfolio advisory and transaction fees, net and other	14.7	31.1	—	45.8
Fee related performance revenues	63.1	59.1	3.2	125.4
Total fund level fee revenues	1,065.0	468.6	176.9	1,710.5
Realized performance revenues	577.3	36.0	67.3	680.6
Realized principal investment income	39.5	25.2	4.6	69.3
Interest income	19.7	24.6	4.0	48.3
Total revenues	1,701.5	554.4	252.8	2,508.7
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	464.6	246.3	94.4	805.3
Realized performance revenues related compensation	209.1	16.8	60.1	286.0
Total compensation and benefits	673.7	263.1	154.5	1,091.3
General, administrative, and other indirect expenses	162.2	73.5	35.1	270.8
Depreciation and amortization expense	19.7	5.8	3.5	29.0
Interest expense	50.2	32.9	6.7	89.8
Total expenses	905.8	375.3	199.8	1,480.9
(=) Distributable Earnings	$795.7	$179.1	$53.0	$1,027.8
(-) Realized Net Performance Revenues	368.2	19.2	7.2	394.6
(-) Realized Principal Investment Income	39.5	25.2	4.6	69.3
(+) Net Interest	30.5	8.3	2.7	41.5
(=) Fee Related Earnings	$418.5	$143.0	$43.9	$605.4

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 September 30, 2024 and 2023.


	Three Months Ended September 30, 2024
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$895.0	$180.1	$1,560.1	(a)	$2,635.2
Expenses	$527.9	$160.6	$1,160.4	(b)	$1,848.9
Other income (loss)	$—	$2.5	$—	(c)	$2.5
Distributable earnings	$367.1	$22.0	$399.7	(d)	$788.8



	Three Months Ended September 30, 2023
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$776.6	$152.7	$(212.7)	(a)	$716.6
Expenses	$409.2	$111.2	$34.7	(b)	$555.1
Other income (loss)	$—	$(9.3)	$—	(c)	$(9.3)
Distributable earnings	$367.4	$32.2	$(247.4)	(d)	$152.2

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the

nine months ended September 30, 2024 and 2023.


	Nine Months Ended September 30, 2024
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$2,706.9	$510.6	$1,175.8	(a)	$4,393.3
Expenses	$1,565.3	$464.6	$1,225.5	(b)	$3,255.4
Other income (loss)	$—	$(9.6)	$—	(c)	$(9.6)
Distributable earnings	$1,141.6	$36.4	$(49.7)	(d)	$1,128.3


	Nine Months Ended September 30, 2023
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$2,508.7	$411.7	$(882.7)	(a)	$2,037.7
Expenses	$1,480.9	$324.7	$0.2	(b)	$1,805.8
Other income (loss)	$—	$9.9	$—	(c)	$9.9
Distributable earnings	$1,027.8	$96.9	$(882.9)	(d)	$241.8

(a)The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment

income (loss) (including Fortitude), revenues earned from the Consolidated Funds which were eliminated in

consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controlling

interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management

and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect

the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses

associated with certain foreign performance revenues, as detailed below:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Unrealized performance and fee related performance revenues	$1,495.1	$(229.2)	$1,020.9	$(850.4)
Unrealized principal investment income (loss)	1.8	17.1	54.3	18.5
Principal investment loss from dilution of indirect investment in Fortitude	—	—	—	(104.0)
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(3.5)	(3.5)	(10.5)	(11.0)
Non-controlling interests and other adjustments to present certain costs on a net basis	79.0	23.5	156.7	118.2
Elimination of revenues of Consolidated Funds	(12.3)	(20.6)	(45.6)	(54.0)
	$1,560.1	$(212.7)	$1,175.8	$(882.7)

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 nine months ended September 30, 2024

and 2023.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$590.2	$552.7	$1,749.1	$1,710.5
Adjustments(1)	(57.5)	(50.1)	(158.4)	(199.3)
Carlyle Consolidated - Fund management fees	$532.7	$502.6	$1,590.7	$1,511.2